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   }
  },
  "f20766": {
   "value": "-32964000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ACK:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBondsMember",
    "unit": "iso4217:EUR"
   }
  },
  "f20771": {
   "value": "129000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ACK:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeSharesMember",
    "unit": "iso4217:EUR"
   }
  },
  "f20775": {
   "value": "59938000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:EUR"
   }
  },
  "f20779": {
   "value": "-23375000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
    "unit": "iso4217:EUR"
   }
  },
  "f20783": {
   "value": "8673000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:EUR"
   }
  },
  "f20787": {
   "value": "-40597000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:EUR"
   }
  },
  "f20791": {
   "value": "4633633000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:EUR"
   }
  },
  "f20795": {
   "value": "1368824000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:EUR"
   }
  },
  "f20799": {
   "value": "6002456000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "pp-value-1-1": {
   "value": "Note 1:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>IFRS valuat<span class=\"_ _3\"></span>ion rule<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls26 ws1dc\">Stat<span class=\"_ _0\"></span>ement<span class=\"ls1 ws1\"> <span class=\"ls3a ws20c\">of complianc<span class=\"_ _3\"></span>e</span> </span></span>The consolidated annual account<span class=\"_ _0\"></span>s are pre<span class=\"_ _3\"></span>par<span class=\"_ _0\"></span>ed in accordance with the Interna<span class=\"_ _9f\"></span>tional Finan<span class=\"_ _0\"></span>cial Re<span class=\"_ _0\"></span>porting S<span class=\"_ _0\"></span>tandar<span class=\"_ _0\"></span>ds and IF<span class=\"_ _0\"></span>RIC interp<span class=\"_ _0\"></span>retatio<span class=\"_ _0\"></span>ns effec<span class=\"_ _9f\"></span>tive on 31 December 20<span class=\"ls1 ws1\">22<span class=\"ls40\">, as approved </span><span class=\"ws1ed\">by the</span> <span class=\"ws1f6\">European Com<span class=\"_ _0\"></span>mission.<span class=\"ws1\"> </span></span></span>New and amended sta<span class=\"_ _0\"></span>ndards and interpret<span class=\"_ _0\"></span>ations<span class=\"ls1 ws1\"> </span>Following new standard<span class=\"_ _0\"></span>s and amendments to existing standards p<span class=\"_ _0\"></span>ublished by the<span class=\"ws1\"> </span>IASB, ar<span class=\"_ _0\"></span>e applied a<span class=\"_ _0\"></span>s from Janu<span class=\"_ _9f\"></span>ary 1, 202<span class=\"ls1 ws1\">2<span class=\"_ _0\"></span>. </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ws1ed\">Amendments to IFRS <span class=\"_ _3\"></span>3 Business combinat<span class=\"_ _0\"></span>ions<span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls25 ws1eb\">Amendm<span class=\"_ _0\"></span>ents to I<span class=\"_ _0\"></span>AS 16 <span class=\"ls34 ws1f5\">Prope<span class=\"_ _3\"></span>rty<span class=\"_ _3\"></span>, Pla<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span> and Eq<span class=\"_ _3\"></span>uipm<span class=\"_ _3\"></span>ent<span class=\"ls1 ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ws21f\">Amendments to IAS 37 Provis<span class=\"_ _0\"></span>ions, Contingent Liabil<span class=\"_ _0\"></span>ities and Contingent </span></span>Asse<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ws1f6\">Annual Improvement 2018 <span class=\"ws1\">- <span class=\"ls24 ws1da\">2020<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>The application of t<span class=\"_ _0\"></span>he new and amende<span class=\"_ _0\"></span>d standards and interpret<span class=\"_ _0\"></span>ations has no significant impact on the <span class=\"_ _0\"></span>group\u2019s financ<span class=\"ls25 ws1eb\">ial<span class=\"_ _0\"></span> statemen<span class=\"_ _9f\"></span>ts. <span class=\"ls1 ws1\"> </span></span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws10d\">Main assumpti<span class=\"_ _3\"></span>ons and estim<span class=\"_ _3\"></span>ates</span> The prep<span class=\"_ _0\"></span>aratio<span class=\"_ _0\"></span>n of f<span class=\"_ _0\"></span>inancial st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ents un<span class=\"_ _0\"></span>der IFRS r<span class=\"_ _0\"></span>equir<span class=\"_ _0\"></span>es estima<span class=\"_ _0\"></span>tes to be u<span class=\"_ _0\"></span>sed and assumptions to <span class=\"_ _0\"></span>be made that affect th<span class=\"_ _0\"></span>e amounts shown in th<span class=\"_ _0\"></span>e financial state<span class=\"_ _0\"></span>ments, par<span class=\"_ _0\"></span>ticul<span class=\"_ _0\"></span>arly as rega<span class=\"_ _0\"></span>rds the <span class=\"ls35 ws1ec\">foll<span class=\"_ _0\"></span>owing it<span class=\"_ _0\"></span>ems:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the period over which non<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls25 ws1db\">current a<span class=\"_ _0\"></span>ssets are dep<span class=\"_ _0\"></span>recia<span class=\"_ _0\"></span>ted or amorti<span class=\"_ _0\"></span>zed;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the measurement of prov<span class=\"_ _0\"></span>isions and pension obligat<span class=\"_ _0\"></span>ions;<span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws222\">the mea<span class=\"_ _0\"></span>suremen<span class=\"_ _9f\"></span>t of income o<span class=\"_ _9f\"></span>r losses <span class=\"_ _0\"></span>on cons<span class=\"_ _0\"></span>truct<span class=\"_ _0\"></span>ion con<span class=\"_ _0\"></span>tracts u<span class=\"_ _0\"></span>sing th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> </span></span>percentage of completio<span class=\"_ _0\"></span>n method;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls33 ws1f0\">est<span class=\"_ _3\"></span>imate<span class=\"ws204\">s<span class=\"_ _3\"></span> used in<span class=\"_ _3\"></span> impairme<span class=\"_ _3\"></span>nt test<span class=\"_ _3\"></span>s;<span class=\"ls1 ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws207\">the measu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t of<span class=\"ls1 ws1\"> </span>in<span class=\"_ _0\"></span>vestmen<span class=\"_ _9f\"></span>t <span class=\"_ _3\"></span>pro<span class=\"_ _0\"></span>perty a<span class=\"_ _0\"></span>nd<span class=\"ls1 ws1\"> <span class=\"ls35 ws223\">f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l instru<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> at fair v<span class=\"_ _0\"></span>alue;<span class=\"ls1 ws1\"> </span></span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">the as<span class=\"_ _0\"></span>sessmen<span class=\"_ _0\"></span>t of con<span class=\"_ _0\"></span>trol;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f8\">the qualification of a company acqui<span class=\"_ _0\"></span>sition as a business combination or an<span class=\"_ _0\"></span> </span></span>acqui<span class=\"_ _0\"></span>sition of as<span class=\"_ _0\"></span>sets;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb\"> <span class=\"ws1f7\">the assumptions used to<span class=\"_ _0\"></span> determine the f<span class=\"_ _0\"></span>inancial liabilities in <span class=\"_ _0\"></span>accordance with </span></span></span>IFRS 16.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws208\">The estim<span class=\"_ _9f\"></span>ates used in<span class=\"_ _0\"></span> the ass<span class=\"_ _0\"></span>essmen<span class=\"_ _0\"></span>t of inc<span class=\"_ _0\"></span>ome tax<span class=\"_ _0\"></span>es or unc<span class=\"_ _0\"></span>ertain <span class=\"_ _0\"></span>tax posi<span class=\"_ _0\"></span>tions.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span></span>These estimates<span class=\"_ _0\"></span> assume the operat<span class=\"_ _0\"></span>ion is a going conc<span class=\"_ _0\"></span>ern and are made<span class=\"_ _0\"></span> on the basis o<span class=\"_ _0\"></span>f the info<span class=\"_ _0\"></span>rmation<span class=\"_ _0\"></span> avail<span class=\"_ _0\"></span>able at th<span class=\"_ _0\"></span>e time. E<span class=\"_ _0\"></span>stimate<span class=\"_ _0\"></span>s may be r<span class=\"_ _0\"></span>evised if<span class=\"_ _0\"></span> the circumstances on wh<span class=\"_ _0\"></span>ich they were based alte<span class=\"_ _0\"></span>r or if new information becom<span class=\"_ _0\"></span>es availab<span class=\"_ _0\"></span>le. <span class=\"ls25 ws1eb\">Actua<span class=\"_ _9f\"></span>l results m<span class=\"_ _0\"></span>ay be dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>t from<span class=\"_ _0\"></span> these <span class=\"_ _0\"></span>estimat<span class=\"_ _0\"></span>es.<span class=\"ls1 ws1\"> </span></span>The va<span class=\"_ _0\"></span>luatio<span class=\"_ _0\"></span>n rule<span class=\"_ _0\"></span>s, wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re part<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e ann<span class=\"_ _0\"></span><span class=\"ls1 ws1f6\">ual report, a<span class=\"_ _0\"></span>re approved annually by<span class=\"_ _0\"></span> </span>AvH's board of directors. The most rec<span class=\"_ _0\"></span>ent deliberation on and approval of these valuation rules by <span class=\"_ _3\"></span>AvH's board <span class=\"ls40 ws1\">of directors took plac<span class=\"_ _0\"></span>e on March 22, 202<span class=\"ls1\">3. </span></span>Spe<span class=\"_ _3\"></span>cific topic<span class=\"ls1\">s <span class=\"ls44 ws227\">in 2022</span> </span>Since A<span class=\"_ _0\"></span>vH's di<span class=\"_ _0\"></span>rect exp<span class=\"_ _0\"></span>osure to<span class=\"_ _0\"></span> the mi<span class=\"_ _0\"></span>lita<span class=\"ls35 ws228\">ry co<span class=\"_ _0\"></span>nflict in U<span class=\"_ _0\"></span>kraine i<span class=\"_ _0\"></span>s limited,<span class=\"_ _0\"></span> the indir<span class=\"_ _0\"></span>ect </span>effects, including increa<span class=\"_ _0\"></span>sed commodity prices, disrup<span class=\"_ _0\"></span>tion of logistics chains, declining financial mar<span class=\"_ _0\"></span>kets and increased infla<span class=\"_ _0\"></span>tion are more likely to play a role.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>In a challenging env<span class=\"_ _0\"></span>ironment with steep cos<span class=\"_ _0\"></span>t <span class=\"ls33 ws224\">inc<span class=\"_ _3\"></span>reases<span class=\"_ _3\"></span>, deteri<span class=\"_ _3\"></span>oratin<span class=\"_ _3\"></span>g consu<span class=\"_ _3\"></span>mer </span>confidence and decreasing stock markets, the companies of the group have shown high r<span class=\"_ _0\"></span>esilie<span class=\"_ _0\"></span>nce with<span class=\"_ _9f\"></span> a result of<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> core p<span class=\"_ _0\"></span>articip<span class=\"_ _0\"></span>ations <span class=\"_ _0\"></span>in lin<span class=\"_ _0\"></span>e with<span class=\"_ _0\"></span> the re<span class=\"_ _0\"></span>cord r<span class=\"_ _0\"></span>esult achieved in 2021. The dive<span class=\"_ _0\"></span>rsified portfolio has also on<span class=\"_ _0\"></span>ce again proven its pertinence, amongst others through the positive impact of the increasing raw mater<span class=\"_ _0\"></span>ial pric<span class=\"_ _0\"></span>es on the resu<span class=\"_ _0\"></span>lts of SIPEF<span class=\"_ _0\"></span>. Our par<span class=\"_ _0\"></span>ticipa<span class=\"_ _0\"></span>tions can b<span class=\"_ _0\"></span>e \u2018part of th<span class=\"_ _0\"></span>e solution\u2019 in these challenging ma<span class=\"_ _0\"></span>rkets, amongst others becau<span class=\"_ _0\"></span>se they offer innov<span class=\"ws1f6\">ative and cost</span>-<span class=\"ls25 ws1eb\">eff<span class=\"_ _0\"></span>icient s<span class=\"_ _0\"></span>olution<span class=\"_ _9f\"></span>s to their cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>s or they con<span class=\"_ _0\"></span>tribu<span class=\"_ _0\"></span>te to the<span class=\"_ _0\"></span> </span>energy <span class=\"_ _0\"></span>trans<span class=\"_ _0\"></span>ition, f<span class=\"_ _0\"></span>or examp<span class=\"_ _0\"></span>le thro<span class=\"_ _0\"></span>ugh th<span class=\"_ _0\"></span>e insta<span class=\"_ _0\"></span>llatio<span class=\"_ _0\"></span>n of off<span class=\"_ _0\"></span>shore wi<span class=\"_ _0\"></span>nd park<span class=\"_ _0\"></span>s and biodigesters, the construction of smart b<span class=\"_ _0\"></span>uildings and the development of green hydrogen. For <span class=\"_ _3\"></span><span class=\"ls25 ws215\">abov<span class=\"_ _0\"></span>e topic<span class=\"_ _0\"></span>s and fo<span class=\"_ _0\"></span>r clim<span class=\"_ _0\"></span>ate rel<span class=\"_ _0\"></span>ated <span class=\"_ _0\"></span>matters,<span class=\"_ _0\"></span> refer<span class=\"_ _0\"></span>ence i<span class=\"_ _0\"></span>s made <span class=\"_ _0\"></span>to the N<span class=\"_ _0\"></span>otes: </span>Segmen<span class=\"_ _9f\"></span>t<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span>reporting <span class=\"ls46 ws22d\">(6), Goodwi<span class=\"_ _3\"></span>ll (8), Tangible as<span class=\"_ _3\"></span>sets (9), Investmen<span class=\"_ _3\"></span>t property (9), </span></span>Participations accounted for us<span class=\"_ _0\"></span>ing the equity method (11), Financial risk management and <span class=\"ls35 ws22f\">financia<span class=\"_ _0\"></span>l deriv<span class=\"_ _0\"></span>atives (<span class=\"_ _0\"></span>12), Bank<span class=\"_ _0\"></span>s: receivab<span class=\"_ _9f\"></span>les and deb<span class=\"_ _0\"></span>ts (14<span class=\"ls1 ws1\">\u2013<span class=\"ls24 ws1da\">20), </span></span></span>Financial debts (19) and Pe<span class=\"_ _3\"></span>nsion liabilities<span class=\"_ _0\"></span> (26).<span class=\"ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Principle<span class=\"_ _3\"></span>s of conso<span class=\"_ _3\"></span>lidatio<span class=\"_ _3\"></span>n</span> The consolidated annua<span class=\"_ _0\"></span>l accounts contain the f<span class=\"_ _0\"></span>inancial details of the par<span class=\"_ _0\"></span>ent AvH, its subsid<span class=\"_ _0\"></span>iaries and<span class=\"_ _0\"></span> jointly <span class=\"ls25 ws1eb\">con<span class=\"_ _0\"></span>trolle<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>panies, <span class=\"_ _0\"></span>as wel<span class=\"_ _0\"></span>l as the <span class=\"_ _0\"></span>share <span class=\"_ _0\"></span>of the g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> </span>in the r<span class=\"_ _0\"></span>esult<span class=\"_ _0\"></span>s of the a<span class=\"_ _0\"></span>ssoci<span class=\"_ _0\"></span>ated com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es.<span class=\"ls1 ws1\"> </span>3.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Subsidiaries<span class=\"ls1 ws1\"> </span></span>Subsidiaries are entitie<span class=\"_ _0\"></span>s which are controlled by <span class=\"_ _0\"></span>the group. Control exis<span class=\"_ _0\"></span>ts when AvH (<span class=\"_ _0\"></span>a) has pow<span class=\"_ _0\"></span>er over <span class=\"_ _0\"></span>the sub<span class=\"_ _0\"></span>sidiar<span class=\"_ _0\"></span>y; (b) is ex<span class=\"_ _0\"></span>posed<span class=\"_ _0\"></span>, or has <span class=\"ls1 ws1f3\">r<span class=\"_ _0\"></span>ights, to variable </span>return<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts involv<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>with the su<span class=\"_ _9f\"></span>bsidiar<span class=\"_ _0\"></span>y; and (c)<span class=\"_ _0\"></span> has the ab<span class=\"_ _0\"></span>ility to <span class=\"_ _0\"></span>affect<span class=\"_ _0\"></span> those r<span class=\"_ _0\"></span>eturn<span class=\"_ _0\"></span>s throug<span class=\"_ _0\"></span>h its pow<span class=\"_ _9f\"></span>er over th<span class=\"_ _0\"></span>e subsidi<span class=\"_ _0\"></span>ary. Th<span class=\"_ _0\"></span>e part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ing inte<span class=\"_ _0\"></span>rests i<span class=\"_ _0\"></span>n subsidiaries are conso<span class=\"_ _0\"></span>lidated in full as from the date of a<span class=\"_ _0\"></span>cquisition until the end of<span class=\"_ _0\"></span> the control.<span class=\"ls1 ws1\"> </span>Consolidation of a subsidiary b<span class=\"_ _0\"></span>egins when the Group obtains control ov<span class=\"_ _0\"></span>er the subsidiary and ceases whe<span class=\"_ _0\"></span>n the Group loses control of th<span class=\"_ _0\"></span>e subsidiary. Specifically, income and expense<span class=\"_ _0\"></span>s of a subsidiary acq<span class=\"_ _0\"></span>uired or disposed of dur<span class=\"ws1fe\">i<span class=\"_ _0\"></span>ng the year a<span class=\"_ _3\"></span>re </span>included in the consolidated statement of<span class=\"_ _0\"></span> profit or l<span class=\"_ _3\"></span>oss and other compr<span class=\"_ _0\"></span>ehensive income from the date <span class=\"_ _0\"></span>the Group gains control until th<span class=\"_ _0\"></span>e date when the Group<span class=\"_ _0\"></span> cease<span class=\"_ _0\"></span>s to con<span class=\"_ _0\"></span>trol th<span class=\"_ _0\"></span>e subsi<span class=\"_ _0\"></span>diary.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Profit o<span class=\"_ _0\"></span>r loss an<span class=\"_ _0\"></span>d each com<span class=\"_ _0\"></span>ponent o<span class=\"_ _0\"></span>f other c<span class=\"_ _0\"></span>ompre<span class=\"_ _0\"></span>hensiv<span class=\"_ _0\"></span>e income a<span class=\"_ _0\"></span>re attr<span class=\"_ _0\"></span>ibuted<span class=\"_ _0\"></span> to the owners<span class=\"_ _0\"></span> of the Group <span class=\"_ _0\"></span>and to the non<span class=\"ws1\">-<span class=\"ls25 ws235\">c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>lling int<span class=\"_ _0\"></span>erests.<span class=\"_ _9f\"></span> Total </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive inco<span class=\"_ _0\"></span>me of <span class=\"_ _0\"></span>subsid<span class=\"_ _0\"></span>iaries i<span class=\"_ _0\"></span>s attrib<span class=\"_ _9f\"></span>uted to th<span class=\"_ _0\"></span>e own<span class=\"_ _0\"></span>ers of th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> to the non<span class=\"ls1\">-<span class=\"ws1ed\">controlling i<span class=\"ls33 ws204\">ntere<span class=\"_ _3\"></span>sts, eve<span class=\"_ _3\"></span>n if this<span class=\"_ _3\"></span> resul<span class=\"_ _3\"></span>ts in th<span class=\"_ _3\"></span>e non</span></span>-<span class=\"ls33 ws204\">co<span class=\"_ _3\"></span>ntrollin<span class=\"_ _3\"></span>g intere<span class=\"_ _3\"></span>sts </span></span>having a deficit balance. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>When <span class=\"_ _0\"></span>necess<span class=\"_ _0\"></span>ary, ad<span class=\"_ _0\"></span>justm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>are mad<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>ncial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>f subs<span class=\"_ _0\"></span>idiari<span class=\"_ _0\"></span>es to bring their accounting <span class=\"_ _0\"></span>policies in line with the Group'<span class=\"_ _0\"></span>s accounting policies. <span class=\"ws1\"> </span>Al<span class=\"ls1 ws21f\">l intragroup assets and liabil<span class=\"_ _0\"></span>ities, equity, income, expenses and ca<span class=\"_ _0\"></span>sh flows </span>relating to transactions between members of the Group are eliminated in full <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> the consolidated financial statements. <span class=\"ws1\"> </span>Changes in the Gr<span class=\"_ _0\"></span>oup's ownership inter<span class=\"_ _0\"></span>ests in subsidiaries <span class=\"ls25 ws208\">th<span class=\"_ _0\"></span>at do not r<span class=\"_ _0\"></span>esult in the<span class=\"_ _0\"></span> </span>Group<span class=\"_ _0\"></span> losing<span class=\"_ _0\"></span> contro<span class=\"_ _0\"></span>l ove<span class=\"_ _0\"></span>r the su<span class=\"_ _0\"></span>bsidia<span class=\"_ _0\"></span>ries <span class=\"_ _0\"></span>are a<span class=\"_ _0\"></span>ccounted<span class=\"_ _9f\"></span> for as equ<span class=\"_ _0\"></span>ity t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> The carrying amounts of the Group's interests and the non<span class=\"ws1\">-<span class=\"ls25 ws208\">c<span class=\"_ _0\"></span>ontrol<span class=\"_ _0\"></span>ling inte<span class=\"_ _0\"></span>rests ar<span class=\"_ _0\"></span>e </span></span>adjust<span class=\"_ _0\"></span>ed to refl<span class=\"_ _0\"></span>ect the chan<span class=\"_ _0\"></span>ges in<span class=\"_ _0\"></span> their rela<span class=\"_ _0\"></span>tive int<span class=\"_ _0\"></span>erests<span class=\"_ _0\"></span> i<span class=\"ls1 ws1f7\">n the subsidiaries. Any </span>difference between the amou<span class=\"_ _0\"></span>nt by which the non<span class=\"ws1\">-<span class=\"ls25 ws208\">cont<span class=\"_ _0\"></span>rolling<span class=\"_ _0\"></span> inter<span class=\"_ _0\"></span>ests are a<span class=\"_ _0\"></span>djust<span class=\"_ _0\"></span>ed </span></span>and th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>idera<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>aid or <span class=\"_ _0\"></span>receiv<span class=\"_ _0\"></span>ed is <span class=\"_ _0\"></span>recogni<span class=\"_ _0\"></span>sed d<span class=\"_ _0\"></span>irectly<span class=\"_ _9f\"></span> in equity and attributed to t<span class=\"_ _0\"></span>he owners of the Group. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>When the Group l<span class=\"ls25 ws1eb\">o<span class=\"_ _0\"></span>ses co<span class=\"_ _0\"></span>ntrol o<span class=\"_ _0\"></span>f a sub<span class=\"_ _9f\"></span>sidiary, a g<span class=\"_ _0\"></span>ain or l<span class=\"_ _0\"></span>oss i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nised<span class=\"_ _0\"></span> in prof<span class=\"_ _0\"></span>it </span>or loss a<span class=\"_ _9f\"></span>nd is calcu<span class=\"_ _0\"></span>lated <span class=\"_ _0\"></span>as the d<span class=\"_ _0\"></span>ifferen<span class=\"_ _0\"></span>ce be<span class=\"_ _0\"></span>tween (<span class=\"_ _0\"></span>i) the a<span class=\"_ _0\"></span>ggrega<span class=\"_ _0\"></span>te of th<span class=\"_ _0\"></span>e fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e of the <span class=\"_ _0\"></span>consid<span class=\"_ _0\"></span>eration<span class=\"_ _9f\"></span> received <span class=\"_ _0\"></span>and th<span class=\"_ _9f\"></span>e fair valu<span class=\"_ _9f\"></span>e of any re<span class=\"_ _0\"></span>tained<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest and<span class=\"_ _0\"></span> (ii) the previous carrying amount of<span class=\"_ _0\"></span> the assets (including goodwill), and liabilities<span class=\"_ _0\"></span> of the subsidiary<span class=\"_ _0\"></span> and any non<span class=\"ws1\">-</span>con<span class=\"_ _0\"></span>trolling interests. All<span class=\"_ _0\"></span> amounts previously<span class=\"_ _0\"></span> recognised in oth<span class=\"_ _0\"></span>er comprehensive inco<span class=\"_ _0\"></span>me in relation to that<span class=\"_ _0\"></span> subsidiary are accounted for as if the Group had dire<span class=\"_ _0\"></span>c<span class=\"ls33 ws1fb\">tly<span class=\"_ _3\"></span> dispo<span class=\"_ _3\"></span>sed of t<span class=\"_ _3\"></span>he rela<span class=\"_ _3\"></span>ted as<span class=\"_ _3\"></span>sets or </span>liabil<span class=\"_ _0\"></span>ities o<span class=\"_ _0\"></span>f the sub<span class=\"_ _0\"></span>sidiary (<span class=\"_ _0\"></span>i.e. r<span class=\"_ _0\"></span>eclassif<span class=\"_ _9f\"></span>ied to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss or tran<span class=\"_ _0\"></span>sferred<span class=\"_ _0\"></span> to ano<span class=\"_ _0\"></span>ther category of equity as sp<span class=\"_ _0\"></span>ecified/ permitted by app<span class=\"_ _0\"></span>licable IFRSs). <span class=\"ws1\"> </span>An inve<span class=\"_ _0\"></span>stment <span class=\"_ _0\"></span>retain<span class=\"_ _0\"></span>ed is i<span class=\"_ _0\"></span>nitially<span class=\"_ _0\"></span> measu<span class=\"_ _0\"></span>red at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e.<span class=\"ls1 ws1\"> <span class=\"ws1fe\">This fair value be<span class=\"_ _0\"></span>comes </span></span>the init<span class=\"_ _0\"></span>ial ca<span class=\"_ _0\"></span>rrying a<span class=\"_ _0\"></span>moun<span class=\"_ _0\"></span>t at the d<span class=\"_ _0\"></span>ate wh<span class=\"_ _0\"></span>en contro<span class=\"_ _9f\"></span>l is lost and f<span class=\"_ _0\"></span>or the pu<span class=\"_ _9f\"></span>rposes of<span class=\"_ _0\"></span> subseq<span class=\"_ _0\"></span>uently<span class=\"_ _9f\"></span> accountin<span class=\"_ _0\"></span>g for <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>retained<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest a<span class=\"_ _0\"></span>s an a<span class=\"_ _0\"></span>ssociat<span class=\"_ _0\"></span>e, join<span class=\"_ _9f\"></span>t ventur<span class=\"_ _0\"></span>e or financ<span class=\"_ _0\"></span>ial asset.<span class=\"ls1 ws1\"> </span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span><span class=\"ff3a\">J<span class=\"ls48 ws239\">ointly controlled sub<span class=\"_ _3\"></span>sidiaries and associated particip<span class=\"_ _3\"></span>ating </span></span></span>interests<span class=\"ls1 ws1\"> </span>Joint<span class=\"_ _3\"></span>ly controlle<span class=\"_ _3\"></span>d subsidiar<span class=\"_ _3\"></span>ies<span class=\"ls1\"> </span>Companies which are con<span class=\"_ _0\"></span>trolled jointly (defined as those entitie<span class=\"_ _0\"></span>s in which the group has joint<span class=\"_ _0\"></span> control, among oth<span class=\"_ _0\"></span>ers via the shareho<span class=\"_ _0\"></span>lders\u2019 percentage o<span class=\"_ _0\"></span>r via contr<span class=\"_ _0\"></span>actual a<span class=\"_ _0\"></span>greem<span class=\"_ _0\"></span>ent with<span class=\"_ _0\"></span> one o<span class=\"_ _0\"></span>r <span class=\"ws232\">more<span class=\"_ _0\"></span> of the o<span class=\"_ _0\"></span>ther sh<span class=\"_ _0\"></span>areho<span class=\"_ _0\"></span>lders an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>at are<span class=\"_ _0\"></span> </span>consi<span class=\"_ _0\"></span>dered to<span class=\"_ _0\"></span> be joi<span class=\"_ _0\"></span>nt ventu<span class=\"_ _0\"></span>res) ar<span class=\"_ _0\"></span>e inclu<span class=\"_ _0\"></span>ded on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of th<span class=\"_ _0\"></span>e equi<span class=\"_ _0\"></span>ty metho<span class=\"_ _0\"></span>d as from the date of acqu<span class=\"_ _0\"></span>isition until the end of the joint cont<span class=\"_ _0\"></span>rol.<span class=\"ws1\"> </span>Associ<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>articip<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> interes<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>Assoc<span class=\"_ _0\"></span>iated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pating<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">rests in which th<span class=\"_ _0\"></span>e group has <span class=\"_ _0\"></span>a significant influenc<span class=\"_ _0\"></span>e, </span>more specifically companies in w<span class=\"_ _0\"></span>hich AvH has the<span class=\"_ _3\"></span> pow<span class=\"_ _0\"></span>er to participate (without control) in the financi<span class=\"_ _0\"></span>al and operational <span class=\"_ _0\"></span>management decisions, are <span class=\"_ _0\"></span>included in accordance with the equity m<span class=\"_ _0\"></span>ethod, as from the date of acquisition unt<span class=\"_ _0\"></span>il the end of the significant influenc<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>The equity method<span class=\"ws1\"> </span>Asset<span class=\"_ _0\"></span>s, liabi<span class=\"_ _0\"></span>lities,<span class=\"_ _0\"></span> reven<span class=\"_ _0\"></span>ues an<span class=\"_ _0\"></span>d expen<span class=\"_ _0\"></span>ses f<span class=\"_ _0\"></span>rom join<span class=\"_ _0\"></span>tly con<span class=\"_ _0\"></span>trolled<span class=\"_ _0\"></span> subsi<span class=\"_ _0\"></span>diaries <span class=\"_ _0\"></span>and associates are accounted for und<span class=\"_ _0\"></span>er the equity method in the consolid<span class=\"_ _0\"></span>ated financial sta<span class=\"ls1 ws21a\">tements.<span class=\"_ _0\"></span> Under the equi<span class=\"_ _0\"></span>ty method, an inv<span class=\"_ _0\"></span>estment in a jo<span class=\"_ _0\"></span>int<span class=\"ls35 ws213\">ly</span><span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls40 ws218\">controlled </span></span></span>subsidiary <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">or a<span class=\"_ _0\"></span>ssociat<span class=\"_ _0\"></span>e is fir<span class=\"_ _0\"></span>stly rec<span class=\"_ _0\"></span>orded<span class=\"_ _0\"></span> at cost <span class=\"_ _0\"></span>in the con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l </span>state<span class=\"_ _0\"></span>ment<span class=\"ls1 ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f7\">and then adjusted to record <span class=\"_ _0\"></span>the share of the Group in the net result </span></span>and in the<span class=\"_ _3\"></span> comprehen<span class=\"_ _0\"></span>si<span class=\"ls30 ws23d\">ve inco<span class=\"_ _0\"></span>me of t<span class=\"_ _0\"></span>he <span class=\"ls25 ws204\">jo<span class=\"_ _0\"></span>intly con<span class=\"_ _9f\"></span>trolled su<span class=\"_ _0\"></span>bsidia<span class=\"_ _0\"></span>ry or a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>te<span class=\"ls31 ws206\">. </span></span></span>When th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span>'s share o<span class=\"_ _0\"></span>f losse<span class=\"_ _0\"></span>s of a<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span>jointly con<span class=\"_ _0\"></span>trolle<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>sidiary o<span class=\"_ _0\"></span>r assoc<span class=\"_ _0\"></span>iate<span class=\"ls1 ws1\"> </span>exceed<span class=\"_ _0\"></span>s the Grou<span class=\"_ _0\"></span>p's int<span class=\"_ _0\"></span>erest in th<span class=\"_ _9f\"></span>at jointly <span class=\"_ _0\"></span>control<span class=\"_ _0\"></span>led sub<span class=\"_ _0\"></span>sidiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">(wh<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>h </span></span>includes any long<span class=\"ws1\">-<span class=\"ls25 ws1f9\">term<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rests <span class=\"_ _0\"></span>that, <span class=\"_ _0\"></span>in su<span class=\"_ _0\"></span>bstanc<span class=\"_ _0\"></span>e, form<span class=\"_ _0\"></span> part o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> Group'<span class=\"_ _9f\"></span>s net </span></span>investm<span class=\"_ _9f\"></span>ent in the <span class=\"ws208\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary o<span class=\"_ _0\"></span>r asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws20b\">), th<span class=\"_ _0\"></span>e Group discontinues<span class=\"_ _0\"></span> </span></span>recogn<span class=\"_ _0\"></span>ising i<span class=\"_ _0\"></span>ts share o<span class=\"_ _0\"></span>f furth<span class=\"_ _0\"></span>er loss<span class=\"_ _0\"></span>es. Additio<span class=\"_ _9f\"></span>nal losse<span class=\"_ _0\"></span>s are reco<span class=\"_ _0\"></span>gnised<span class=\"_ _0\"></span> only to th<span class=\"_ _0\"></span>e extent th<span class=\"_ _9f\"></span>at the Group h<span class=\"_ _0\"></span>as incur<span class=\"_ _0\"></span>red leg<span class=\"_ _0\"></span>al or cons<span class=\"_ _0\"></span>tructiv<span class=\"_ _0\"></span>e obliga<span class=\"_ _0\"></span>tions o<span class=\"_ _0\"></span>r made<span class=\"_ _0\"></span> payments on behalf of<span class=\"_ _0\"></span> the <span class=\"ls25 ws1eb\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls40 ws218\">. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>According to the equity me<span class=\"_ _0\"></span>thod, the participating int<span class=\"_ _0\"></span>erests are initially record<span class=\"_ _0\"></span>ed at cost.  An<span class=\"_ _0\"></span>y surplu<span class=\"_ _0\"></span>s between<span class=\"_ _0\"></span> the co<span class=\"_ _0\"></span>st of the inve<span class=\"_ _0\"></span>stme<span class=\"ls1 ws1f3\">nt and the share in the fair </span>val<span class=\"_ _3\"></span>ue of net as<span class=\"_ _3\"></span>sets of the<span class=\"_ _3\"></span> entity is re<span class=\"_ _3\"></span>corded<span class=\"_ _3\"></span> as goodwil<span class=\"_ _3\"></span>l inclu<span class=\"_ _3\"></span>ded in the c<span class=\"_ _3\"></span>arryin<span class=\"_ _3\"></span>g amount of the investment. The carryin<span class=\"_ _0\"></span>g amount is subsequently modified to inclu<span class=\"_ _0\"></span>de the sh<span class=\"_ _0\"></span>are of<span class=\"_ _0\"></span> the grou<span class=\"_ _9f\"></span>p in the pro<span class=\"_ _0\"></span>fit or l<span class=\"_ _0\"></span>oss of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipat<span class=\"_ _9f\"></span><span class=\"ls33 ws215\">i<span class=\"_ _3\"></span>ng inte<span class=\"_ _3\"></span>rest, as </span>from th<span class=\"_ _0\"></span>e dat<span class=\"_ _0\"></span>e of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>e. The f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al state<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>ese com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es are prepared for the same <span class=\"_ _0\"></span>reporting period a<span class=\"_ _0\"></span>s AvH and uniform IFRS valua<span class=\"_ _0\"></span>tion rules ar<span class=\"_ _3\"></span>e ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d. Un<span class=\"_ _3\"></span>real<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d int<span class=\"_ _3\"></span>ra-group p<span class=\"_ _0\"></span>rofits <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>sses on<span class=\"_ _0\"></span> tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span>s are elimin<span class=\"_ _0\"></span>ated<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">to th<span class=\"_ _0\"></span>e extent of th<span class=\"_ _0\"></span>e interest in th<span class=\"_ _0\"></span>e compan<span class=\"_ _0\"></span>y.<span class=\"ls1 ws1\"> </span></span></span>The Group continu<span class=\"_ _0\"></span>es to use the equ<span class=\"_ _0\"></span>ity method when an<span class=\"_ _0\"></span> investment in an <span class=\"_ _0\"></span>associate becomes an investment in a jo<span class=\"_ _0\"></span>intly controlled subsidary or an investmen<span class=\"_ _0\"></span>t in a jointly controlled subsidiary beco<span class=\"_ _0\"></span>mes an investment <span class=\"_ _9c\"> </span>in an as<span class=\"_ _0\"></span>sociat<span class=\"_ _0\"></span>e. Ther<span class=\"_ _0\"></span>e is no<span class=\"_ _0\"></span> remeasurement to fair va<span class=\"_ _0\"></span>lue upon such changes in ownership <span class=\"_ _0\"></span>interests. When the Group<span class=\"_ _0\"></span> reduc<span class=\"_ _0\"></span>es its ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span> in an <span class=\"_ _0\"></span>associa<span class=\"_ _0\"></span>te or a<span class=\"_ _0\"></span> jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subsidiary but <span class=\"_ _0\"></span>the Group continues<span class=\"_ _0\"></span> to use the <span class=\"_ _0\"></span>equity method, the <span class=\"_ _0\"></span>Group<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls33 ws1f0\">r<span class=\"_ _3\"></span>eclassi<span class=\"_ _3\"></span>fies </span></span>to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _9f\"></span>ss the pro<span class=\"_ _0\"></span>portion<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e gain o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>had prev<span class=\"_ _0\"></span>iously<span class=\"_ _0\"></span> been<span class=\"_ _0\"></span> re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d in o<span class=\"_ _3\"></span>ther<span class=\"_ _3\"></span> comp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome<span class=\"_ _3\"></span> rela<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g to tha<span class=\"_ _3\"></span>t re<span class=\"_ _3\"></span>duct<span class=\"_ _3\"></span>ion i<span class=\"_ _3\"></span>n own<span class=\"_ _3\"></span>ers<span class=\"_ _3\"></span>hip inter<span class=\"_ _0\"></span>est if tha<span class=\"_ _0\"></span>t gain o<span class=\"_ _0\"></span>r loss w<span class=\"_ _0\"></span>ould be <span class=\"_ _0\"></span>reclas<span class=\"_ _0\"></span>sified to<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss on the d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>s<span class=\"ls4a ws22c\">a<span class=\"_ _3\"></span>l o<span class=\"_ _3\"></span>f </span>the rela<span class=\"_ _0\"></span>ted assets o<span class=\"_ _0\"></span>r liabili<span class=\"_ _0\"></span>ties.<span class=\"ls1 ws1\"> </span>Joint op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ons<span class=\"ls1 ws1\"> </span>A joint o<span class=\"_ _0\"></span>peratio<span class=\"_ _0\"></span>n is a joi<span class=\"_ _0\"></span>nt arran<span class=\"_ _0\"></span>gemen<span class=\"_ _0\"></span>t in wh<span class=\"_ _0\"></span>ich the part<span class=\"_ _0\"></span>ies (join<span class=\"_ _9f\"></span>t operator<span class=\"_ _0\"></span>s) have<span class=\"_ _0\"></span> direct <span class=\"_ _0\"></span>rights ov<span class=\"_ _9f\"></span>er the asset<span class=\"_ _0\"></span>s and dire<span class=\"_ _0\"></span>ct obl<span class=\"_ _0\"></span>igatio<span class=\"_ _0\"></span>ns with re<span class=\"_ _0\"></span>spect <span class=\"_ _0\"></span>to the ent<span class=\"_ _0\"></span>ity\u2019s<span class=\"_ _0\"></span> liabil<span class=\"_ _0\"></span>ities. Joi<span class=\"_ _0\"></span>nt control is t<span class=\"ls1 ws247\">he contractu<span class=\"_ _0\"></span>ally agreed sharing <span class=\"_ _3\"></span>of control of an </span>arrang<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>me<span class=\"_ _0\"></span>nt, wh<span class=\"_ _0\"></span>ich exi<span class=\"_ _0\"></span>sts on<span class=\"_ _0\"></span>ly when<span class=\"_ _0\"></span> decis<span class=\"_ _0\"></span>ions abo<span class=\"_ _0\"></span>ut th<span class=\"_ _0\"></span>e releva<span class=\"_ _0\"></span>nt act<span class=\"_ _0\"></span>iviti<span class=\"_ _0\"></span>es requi<span class=\"_ _0\"></span>re unanimous consen<span class=\"_ _0\"></span>t of the parties sharing control.<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws1db\">When<span class=\"_ _0\"></span> a sub<span class=\"_ _0\"></span>sidiary o<span class=\"_ _0\"></span>f AvH <span class=\"_ _0\"></span>starts<span class=\"_ _0\"></span> </span></span>a join<span class=\"_ _0\"></span>t opera<span class=\"_ _0\"></span>tion, th<span class=\"_ _0\"></span>at <span class=\"ls33 ws204\">subsid<span class=\"_ _3\"></span>iary rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>s:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">its asse<span class=\"_ _0\"></span>ts, inc<span class=\"_ _0\"></span>ludin<span class=\"_ _0\"></span>g its sha<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span> of<span class=\"_ _0\"></span> any ass<span class=\"_ _0\"></span>ets h<span class=\"_ _0\"></span>eld join<span class=\"_ _0\"></span>tly;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws223\">its liabilit<span class=\"_ _0\"></span>ies, includ<span class=\"_ _9f\"></span>ing its share of any liab<span class=\"_ _0\"></span>ilities inc<span class=\"_ _0\"></span>urred held<span class=\"_ _0\"></span> jointly;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fc\">its rev<span class=\"_ _0\"></span>enue fro<span class=\"_ _0\"></span>m the <span class=\"_ _0\"></span>sale of i<span class=\"_ _0\"></span>ts sha<span class=\"_ _0\"></span>re of<span class=\"_ _0\"></span> the outp<span class=\"_ _0\"></span>ut aris<span class=\"_ _0\"></span>ing fro<span class=\"_ _0\"></span>m the <span class=\"_ _0\"></span>joint </span>ope<span class=\"_ _3\"></span>ration;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws20a\">its sh<span class=\"_ _0\"></span>a<span class=\"ls30 ws248\">re of th<span class=\"_ _9f\"></span>e revenu<span class=\"_ _0\"></span>e from<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le of<span class=\"_ _0\"></span> its sh<span class=\"_ _0\"></span>are of t<span class=\"_ _0\"></span>he ou<span class=\"_ _0\"></span>tput by<span class=\"_ _9f\"></span> the joint<span class=\"_ _0\"></span> </span></span></span>ope<span class=\"_ _3\"></span>ration;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">its expenses, including its s<span class=\"_ _3\"></span>hare of any expenses incurred jointly.<span class=\"ws1\"> </span></span></span>4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Business c<span class=\"_ _3\"></span>ombinatio<span class=\"_ _3\"></span>ns</span> Acquisitions of busine<span class=\"_ _0\"></span>sses are accounted f<span class=\"_ _0\"></span>or using the acquisition method. <span class=\"_ _0\"></span>The consideration transferr<span class=\"_ _0\"></span>ed in a business combination is measured at fair value, which is calculated as the sum of the acquis<span class=\"_ _0\"></span>ition<span class=\"ws1\">-<span class=\"ls25 ws20a\">date f<span class=\"_ _0\"></span>air value<span class=\"_ _0\"></span>s of the a<span class=\"_ _0\"></span>ssets </span></span>transf<span class=\"_ _0\"></span>erred by th<span class=\"ls1 ws1f6\">e <span class=\"_ _0\"></span>Group, liabilities incurred by the Group to t<span class=\"_ _0\"></span>he former owners of </span>the acquiree and t<span class=\"_ _0\"></span>he equity interests <span class=\"_ _0\"></span>issued by the Gro<span class=\"_ _0\"></span>up in exchange for c<span class=\"_ _0\"></span>ontrol of the acquiree. Acquisit<span class=\"_ _0\"></span>ion<span class=\"ws1\">-</span>related costs are gener<span class=\"_ _0\"></span>ally recognised in the incom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>ment as <span class=\"ls34 ws1ea\">opera<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span><span class=\"ls30\">ex<span class=\"ls34 ws1f5\">pense<span class=\"_ _3\"></span>s as<span class=\"_ _3\"></span> incu<span class=\"_ _3\"></span>rred<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span></span></span>Goodw<span class=\"_ _0\"></span>ill is ini<span class=\"_ _0\"></span>tiall<span class=\"_ _0\"></span>y measu<span class=\"_ _0\"></span>red at co<span class=\"_ _0\"></span>st (be<span class=\"_ _0\"></span>ing the ex<span class=\"_ _0\"></span>cess of<span class=\"_ _0\"></span> the ag<span class=\"_ _0\"></span>grega<span class=\"_ _0\"></span>te of the<span class=\"_ _0\"></span> consideration transferred and th<span class=\"_ _0\"></span>e amount recognised for non<span class=\"ws1\">-<span class=\"ls25 ws1eb\">con<span class=\"_ _0\"></span>trollin<span class=\"_ _0\"></span>g inter<span class=\"_ _0\"></span>ests </span></span>and an<span class=\"_ _0\"></span>y prev<span class=\"_ _0\"></span>ious in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>held ov<span class=\"_ _9f\"></span>er the n<span class=\"_ _0\"></span>et identif<span class=\"_ _9f\"></span>iable as<span class=\"_ _0\"></span>sets acq<span class=\"_ _0\"></span>uired <span class=\"_ _0\"></span><span class=\"ls34 ws1ea\">an<span class=\"_ _3\"></span>d </span>liabil<span class=\"_ _0\"></span>ities as<span class=\"_ _0\"></span>sumed). A<span class=\"_ _0\"></span>fter in<span class=\"_ _0\"></span>itial r<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on, go<span class=\"_ _0\"></span>odwill is <span class=\"_ _0\"></span>measured<span class=\"_ _0\"></span> at cos<span class=\"_ _0\"></span>t less any<span class=\"_ _0\"></span> accumulated impairment loss<span class=\"_ _0\"></span>es. For the purpose of impairment testing, goodwi<span class=\"_ _0\"></span>ll acquired in a busin<span class=\"_ _0\"></span>ess combination is, from th<span class=\"_ _0\"></span>e acquisition date, allocated t<span class=\"_ _0\"></span>o each of<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ls25 ws249\">the Grou<span class=\"_ _0\"></span>p\u2019s cash<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ws1f1\">generating units that are expect<span class=\"_ _0\"></span>ed to benefit from the </span></span></span></span>combin<span class=\"_ _0\"></span>ation,<span class=\"_ _0\"></span> irres<span class=\"_ _0\"></span>pectiv<span class=\"_ _0\"></span>e of wh<span class=\"_ _0\"></span>ether <span class=\"_ _0\"></span>other a<span class=\"_ _0\"></span>ssets o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es of the<span class=\"_ _0\"></span> acquir<span class=\"_ _0\"></span>ee are<span class=\"_ _0\"></span> assign<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>ose un<span class=\"_ _0\"></span>its. <span class=\"ls1 ws1\"> </span>Where goodwill has been al<span class=\"_ _0\"></span>located to a cash<span class=\"ws1\">-</span>generating un<span class=\"_ _0\"></span>it (CGU) and pa<span class=\"ls4a ws24a\">rt<span class=\"_ _3\"></span> of </span>the op<span class=\"_ _0\"></span>eration<span class=\"_ _0\"></span> within <span class=\"_ _0\"></span>that un<span class=\"_ _9f\"></span>it is dispo<span class=\"_ _0\"></span>sed of<span class=\"_ _0\"></span>, the goo<span class=\"_ _0\"></span>dwill a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>ted with<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> disposed operation is includ<span class=\"_ _0\"></span>ed in the carrying amount of the oper<span class=\"_ _0\"></span>ation when determining the gain or loss on disposal.  Goodwil<span class=\"_ _0\"></span>l disposed in these circumstances is measu<span class=\"_ _0\"></span>re<span class=\"ls1 ws219\">d based on <span class=\"_ _0\"></span>the relative value<span class=\"_ _0\"></span>s of the disposed<span class=\"_ _0\"></span> operation and the po<span class=\"_ _0\"></span>rtion </span>of the c<span class=\"_ _0\"></span>ash<span class=\"ls1 ws1\">-<span class=\"ws1ed\">gene<span class=\"_ _0\"></span>rating <span class=\"_ _3\"></span>unit retained.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws244\">contro<span class=\"_ _0\"></span>lling i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>ests tha<span class=\"_ _0\"></span>t rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span> owner<span class=\"_ _0\"></span>ship in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span>s and en<span class=\"_ _0\"></span>title t<span class=\"_ _0\"></span>heir </span></span>holde<span class=\"_ _0\"></span>rs to a prop<span class=\"_ _0\"></span>ortion<span class=\"_ _0\"></span>ate sh<span class=\"_ _0\"></span>are of the en<span class=\"_ _0\"></span>tity's n<span class=\"_ _9f\"></span>et assets in th<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ws241\">event of liquidation </span></span>may be init<span class=\"_ _0\"></span>ially measu<span class=\"_ _0\"></span>red eith<span class=\"_ _0\"></span>er at fair valu<span class=\"_ _0\"></span>e or at the non<span class=\"ls1 ws1\">-<span class=\"ls33 ws23a\">contro<span class=\"_ _3\"></span>lling<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>sts' </span></span>proportionate share of th<span class=\"_ _0\"></span>e recognised amount<span class=\"_ _0\"></span>s of the acquiree's identifiable n<span class=\"_ _0\"></span>et assets.<span class=\"_ _0\"></span> The ch<span class=\"_ _0\"></span>oic<span class=\"_ _0\"></span>e of mea<span class=\"_ _0\"></span>surem<span class=\"_ _0\"></span>ent ba<span class=\"_ _0\"></span>sis is ma<span class=\"_ _0\"></span>de on a<span class=\"_ _0\"></span> trans<span class=\"_ _0\"></span>action<span class=\"ls1 ws1\">-<span class=\"_ _0\"></span>by-t<span class=\"ls33 ws1f0\">ransa<span class=\"_ _3\"></span>ction </span></span>basis.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>When the consideration transferred by the Group in a business combinat<span class=\"_ _0\"></span>ion inclu<span class=\"_ _0\"></span>des asse<span class=\"_ _0\"></span>ts or lia<span class=\"_ _0\"></span>bilitie<span class=\"_ _0\"></span>s resu<span class=\"_ _0\"></span>lting fro<span class=\"_ _0\"></span>m a conti<span class=\"_ _0\"></span>ngent c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n arrang<span class=\"_ _0\"></span>ement,<span class=\"_ _0\"></span> the con<span class=\"_ _0\"></span>tingen<span class=\"_ _0\"></span>t consid<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>ra<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s measure<span class=\"_ _0\"></span>d at its a<span class=\"_ _0\"></span>cquisi<span class=\"_ _0\"></span>tion<span class=\"ls1 ws1\">-<span class=\"ls42 ws24d\">dat<span class=\"_ _0\"></span>e fair val<span class=\"_ _0\"></span>ue an<span class=\"ls34 ws1ea\">d </span></span></span>inclu<span class=\"_ _0\"></span>ded as pa<span class=\"_ _0\"></span>rt of th<span class=\"_ _0\"></span>e consid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n tran<span class=\"_ _0\"></span>sferred<span class=\"_ _0\"></span> in a busin<span class=\"_ _0\"></span>ess comb<span class=\"_ _9f\"></span>ination.<span class=\"_ _0\"></span> <span class=\"_ _23\"></span> Changes in the fair v<span class=\"_ _0\"></span>alue of the contingent con<span class=\"_ _0\"></span>sideration that qualify a<span class=\"_ _0\"></span>s measur<span class=\"_ _0\"></span>ement pe<span class=\"_ _0\"></span>riod adju<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>ts are adju<span class=\"_ _0\"></span>sted retro<span class=\"_ _0\"></span>spectiv<span class=\"_ _9f\"></span>ely, with corre<span class=\"_ _0\"></span>spond<span class=\"_ _0\"></span>ing adjustm<span class=\"_ _9f\"></span>ents agains<span class=\"_ _0\"></span>t goodwi<span class=\"_ _0\"></span>ll. Meas<span class=\"_ _0\"></span>uremen<span class=\"_ _0\"></span>t period adju<span class=\"_ _9f\"></span>stments ar<span class=\"_ _0\"></span>e adjustm<span class=\"_ _0\"></span>ents that arise from addi<span class=\"_ _0\"></span>tional information ob<span class=\"_ _0\"></span>tained during the \u2018m<span class=\"_ _0\"></span>easurement period\u2019 (which cannot ex<span class=\"_ _0\"></span>ceed one year from <span class=\"_ _0\"></span>the acquisition da<span class=\"_ _0\"></span>te) about facts and<span class=\"_ _0\"></span> circumstances that existed at the ac<span class=\"_ _3\"></span>quis<span class=\"_ _0\"></span>ition da<span class=\"ls33 ws1f0\">te<span class=\"_ _3\"></span>.</span><span class=\"ws1\"> </span>The subsequent accounting f<span class=\"_ _0\"></span>or changes in the fair value of the contingent consideration that do<span class=\"_ _0\"></span> not qualify a<span class=\"_ _0\"></span>s measurement period <span class=\"_ _0\"></span>adjustments depend<span class=\"_ _0\"></span>s on how the contingent considera<span class=\"_ _0\"></span>tion is classified. Contingent consideration that is<span class=\"_ _0\"></span> classif<span class=\"_ _0\"></span>ied as an a<span class=\"ls33 ws1fa\">sset or a lia<span class=\"_ _3\"></span>bility is<span class=\"_ _3\"></span> remeas<span class=\"_ _3\"></span>ured at sub<span class=\"_ _3\"></span>sequen<span class=\"_ _3\"></span>t report<span class=\"_ _3\"></span>ing dates i<span class=\"_ _3\"></span>n </span>accord<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith IF<span class=\"_ _0\"></span>RS 9, o<span class=\"_ _0\"></span>r IAS 37<span class=\"_ _0\"></span> provi<span class=\"_ _0\"></span>sions,<span class=\"_ _0\"></span> contin<span class=\"_ _0\"></span>gent l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ities and<span class=\"_ _9f\"></span> conting<span class=\"_ _0\"></span>ent assets, as appropr<span class=\"_ _0\"></span>iate, with the corresponding g<span class=\"_ _0\"></span>ain or loss being r<span class=\"_ _0\"></span>ecognised in profit o<span class=\"_ _9f\"></span>r loss. <span class=\"ls1 ws1\"> </span>When a b<span class=\"ls25 ws1f9\">usin<span class=\"_ _0\"></span>ess com<span class=\"_ _0\"></span>binatio<span class=\"_ _0\"></span>n is ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>d in stage<span class=\"_ _0\"></span>s, the G<span class=\"_ _0\"></span>roup'<span class=\"_ _0\"></span>s previou<span class=\"_ _9f\"></span>sly held </span>equity i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st in the acqu<span class=\"_ _9f\"></span>iree is reme<span class=\"_ _0\"></span>asured<span class=\"_ _0\"></span> to its acqu<span class=\"_ _0\"></span>isitio<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls42 ws24e\">date fai<span class=\"_ _0\"></span>r value and<span class=\"_ _0\"></span> </span></span>the r<span class=\"_ _0\"></span>esulting g<span class=\"_ _9f\"></span>ain or lo<span class=\"_ _0\"></span>ss, if a<span class=\"_ _0\"></span>ny, is<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ised in p<span class=\"_ _0\"></span>rofit <span class=\"_ _0\"></span>or loss.<span class=\"_ _0\"></span> Amoun<span class=\"_ _0\"></span>ts aris<span class=\"_ _0\"></span>ing from<span class=\"_ _3\"></span> interest<span class=\"_ _3\"></span>s <span class=\"ls25 ws20a\">in th<span class=\"_ _0\"></span>e acqu<span class=\"_ _0\"></span>iree p<span class=\"_ _0\"></span>rior to<span class=\"_ _0\"></span> the a<span class=\"_ _0\"></span>cquisi<span class=\"_ _0\"></span>tion d<span class=\"_ _0\"></span>ate th<span class=\"_ _0\"></span>at hav<span class=\"_ _0\"></span>e prev<span class=\"_ _0\"></span>iously<span class=\"_ _0\"></span> </span>been r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ised <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>preh<span class=\"_ _0\"></span>ensive<span class=\"_ _0\"></span> incom<span class=\"_ _9f\"></span>e are rec<span class=\"_ _0\"></span>lassif<span class=\"_ _0\"></span>ied to<span class=\"_ _0\"></span> profi<span class=\"_ _9f\"></span>t or loss<span class=\"_ _0\"></span> wher<span class=\"_ _0\"></span>e such t<span class=\"_ _0\"></span>reatmen<span class=\"_ _0\"></span>t would b<span class=\"_ _9f\"></span>e appropri<span class=\"_ _0\"></span>ate if th<span class=\"_ _0\"></span>at inte<span class=\"_ _0\"></span>rest w<span class=\"_ _0\"></span>ere disp<span class=\"_ _0\"></span>osed of<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>If the initial accounting for a<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">business combination is incompl<span class=\"_ _0\"></span>ete by the end of the </span></span>reporting period <span class=\"_ _0\"></span>in which the combina<span class=\"_ _0\"></span>tion occurs, the Group<span class=\"_ _0\"></span> reports provisional<span class=\"_ _0\"></span> amounts for <span class=\"_ _0\"></span>the items for which <span class=\"_ _0\"></span>the accounting i<span class=\"_ _0\"></span>s incomplete. Those p<span class=\"_ _0\"></span>rovisional amount<span class=\"_ _0\"></span>s are adjust<span class=\"_ _0\"></span>ed retro<span class=\"_ _0\"></span>spect<span class=\"_ _0\"></span>ively duri<span class=\"_ _0\"></span>n<span class=\"ws1eb\">g the <span class=\"_ _0\"></span>measure<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>eriod (<span class=\"_ _0\"></span>see abo<span class=\"_ _0\"></span>ve), </span>or add<span class=\"_ _0\"></span>itional <span class=\"_ _0\"></span>assets o<span class=\"_ _9f\"></span>r liabiliti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ised, to <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t new in<span class=\"_ _0\"></span>forma<span class=\"_ _0\"></span>tion obtained about fa<span class=\"_ _0\"></span>cts and circumstance<span class=\"_ _0\"></span>s that existed at th<span class=\"_ _0\"></span>e acquisition dat<span class=\"_ _0\"></span>e that, if known, would hav<span class=\"_ _0\"></span>e affected the amounts recogni<span class=\"_ _0\"></span>sed at t<span class=\"ls4b ws24e\">hat d<span class=\"_ _3\"></span>ate.</span><span class=\"ws1\"> </span>As current IFRSs do not <span class=\"_ _0\"></span>specify recognition and m<span class=\"_ _0\"></span>easurement principles in resp<span class=\"_ _0\"></span>ect  of business comb<span class=\"_ _0\"></span>inations between <span class=\"_ _0\"></span>entities under common <span class=\"_ _0\"></span>control (these <span class=\"_ _0\"></span>are excluded from the scope of IFRS 3 business comb<span class=\"_ _0\"></span>inations), the Group applies predec<span class=\"_ _9f\"></span>essor a<span class=\"ls1 ws1f5\">ccount<span class=\"_ _0\"></span>ing. This <span class=\"_ _3\"></span>mean<span class=\"_ _0\"></span>s that the<span class=\"_ _3\"></span> assets and liabilities of the acquiree </span>are in<span class=\"_ _0\"></span>itially<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nised <span class=\"_ _0\"></span>at the<span class=\"_ _0\"></span>ir carr<span class=\"_ _0\"></span>ying am<span class=\"_ _9f\"></span>ount witho<span class=\"_ _0\"></span>ut fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e adju<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">T<span class=\"_ _3\"></span>he </span></span>difference between <span class=\"_ _0\"></span>the acquisition/selling <span class=\"_ _0\"></span>price and the carrying <span class=\"_ _0\"></span>amount of the net assets <span class=\"_ _0\"></span>acquir<span class=\"_ _0\"></span>ed/<span class=\"ls1 ws1f7\">disposed of is accounted for in equity as a<span class=\"_ _3\"></span> compensation to the </span>shareholder. 5.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Intangible<span class=\"_ _3\"></span> fixed as<span class=\"_ _3\"></span>sets</span> Intang<span class=\"_ _0\"></span>ible fix<span class=\"_ _9f\"></span>ed assets wi<span class=\"_ _0\"></span>th a fini<span class=\"_ _0\"></span>te usef<span class=\"_ _0\"></span>ul life a<span class=\"_ _0\"></span>re stat<span class=\"_ _0\"></span>ed at cost,<span class=\"_ _0\"></span> less a<span class=\"_ _0\"></span>ccumul<span class=\"_ _0\"></span>ated amortisation and any ac<span class=\"_ _0\"></span>cumulated impairment loss<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>Intangible fixed<span class=\"ws1\"> <span class=\"_ _7\"> </span><span class=\"ls33 ws222\">asse<span class=\"_ _3\"></span>ts are amo<span class=\"_ _3\"></span>rtised on a<span class=\"_ _3\"></span> straigh<span class=\"_ _3\"></span>t</span>-<span class=\"ws21f\">line basis over the useful </span></span>economic life. <span class=\"_ _0\"></span>The useful economic<span class=\"_ _0\"></span> life is reviewed p<span class=\"_ _0\"></span>er annum and thi<span class=\"_ _0\"></span>s is also the<span class=\"_ _0\"></span> case fo<span class=\"_ _0\"></span>r any re<span class=\"_ _0\"></span>sidual va<span class=\"_ _0\"></span>lue. Th<span class=\"_ _0\"></span>e residu<span class=\"_ _0\"></span>al valu<span class=\"_ _0\"></span>e is assum<span class=\"_ _0\"></span>ed to be <span class=\"_ _0\"></span>zero.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Intangible fixed assets with indefinite<span class=\"ws1\"> <span class=\"ls25 ws1eb\">us<span class=\"_ _0\"></span>eful life,<span class=\"_ _0\"></span> stated a<span class=\"_ _0\"></span>t cost, a<span class=\"_ _0\"></span>re not amor<span class=\"_ _0\"></span>tised<span class=\"_ _9f\"></span> </span></span>but are subject to <span class=\"_ _0\"></span>an impairment test on <span class=\"_ _0\"></span>an annual basis and wh<span class=\"_ _0\"></span>enever indications<span class=\"_ _0\"></span> of a po<span class=\"_ _0\"></span>ssible i<span class=\"_ _0\"></span>mpairm<span class=\"_ _0\"></span>ent occ<span class=\"_ _0\"></span>ur.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Costs f<span class=\"_ _0\"></span>or st<span class=\"_ _0\"></span>arting u<span class=\"_ _0\"></span>p new a<span class=\"_ _0\"></span>ctiviti<span class=\"_ _0\"></span>es are i<span class=\"_ _0\"></span>nclud<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss at th<span class=\"_ _0\"></span>e tim<span class=\"_ _0\"></span>e they occu<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">. </span>Resear<span class=\"_ _0\"></span>ch exp<span class=\"_ _0\"></span>enses a<span class=\"_ _0\"></span>re taken<span class=\"_ _0\"></span> into p<span class=\"_ _0\"></span>rofit o<span class=\"_ _9f\"></span>r loss in th<span class=\"_ _0\"></span>e period <span class=\"_ _0\"></span>in whic<span class=\"_ _0\"></span>h they a<span class=\"_ _0\"></span>rise. Deve<span class=\"_ _0\"></span>lopmen<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>enses <span class=\"_ _0\"></span>that m<span class=\"_ _0\"></span>eet <span class=\"_ _0\"></span>the se<span class=\"_ _0\"></span>vere <span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span> criter<span class=\"_ _0\"></span>ia of<span class=\"_ _0\"></span> IAS 3<span class=\"_ _0\"></span>8 ar<span class=\"_ _0\"></span>e capitalised and amortised over the useful li<span class=\"_ _3\"></span>fe.<span class=\"ws1\"> </span>6.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Goodwill</span> Goodwil<span class=\"_ _0\"></span>l arisin<span class=\"_ _0\"></span>g from a <span class=\"ls1 ws20b\">bu<span class=\"_ _0\"></span>siness combination is recogni<span class=\"_ _0\"></span>sed as an asset on the date </span>on which control was obtained (the acquisition date). Goodw<span class=\"_ _0\"></span>ill is measured at cost being the excess of the consideration transferr<span class=\"_ _0\"></span>ed, the non<span class=\"ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>ts in </span></span>th<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>quire<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpan<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span><span class=\"ls1 ws1f6\">air valu<span class=\"_ _0\"></span>e of the s<span class=\"_ _0\"></span>take already owned by<span class=\"_ _0\"></span> the Group </span>in the acquired company (if any) over the net amount of identif<span class=\"_ _0\"></span>iable assets acquired and liabilities assumed on <span class=\"_ _3\"></span>the acquisition dat<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling <span class=\"_ _0\"></span>inter<span class=\"_ _0\"></span>ests a<span class=\"_ _0\"></span>re initi<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ed eithe<span class=\"_ _0\"></span>r at fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue, o<span class=\"_ _0\"></span><span class=\"ws204\">r at the non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-</span></span></span></span>controlling interests' <span class=\"_ _0\"></span>share of the acquiree'<span class=\"_ _0\"></span>s recognised identifiable net as<span class=\"_ _0\"></span>sets. The basis o<span class=\"_ _0\"></span>f mea<span class=\"_ _0\"></span>suremen<span class=\"_ _0\"></span>t is se<span class=\"_ _0\"></span>lected o<span class=\"_ _0\"></span>n a tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-by-<span class=\"ls33 ws204\">transa<span class=\"_ _3\"></span>ction ba<span class=\"_ _3\"></span>sis.</span> </span>If, after reassessment, the net balance, at the acquisition date, of identifia<span class=\"_ _0\"></span>ble as<span class=\"ls1 ws219\">sets acquired and liabilities assumed is higher than the sum of the c<span class=\"_ _3\"></span>on<span class=\"_ _0\"></span>sideration </span>transf<span class=\"_ _0\"></span>erred, n<span class=\"_ _0\"></span>on<span class=\"ls1 ws1\">-<span class=\"ws219\">con<span class=\"_ _0\"></span>trolling interests in th<span class=\"_ _0\"></span>e acquiree and the fair<span class=\"_ _0\"></span> value of the stake </span></span>in the acquiree prev<span class=\"_ _0\"></span>iously owned by the Group (if <span class=\"_ _0\"></span>any), the surplus is r<span class=\"_ _0\"></span>ecognised im<span class=\"_ _3\"></span>med<span class=\"ls25 ws1eb\">iately in<span class=\"_ _0\"></span> the in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tatemen<span class=\"_ _0\"></span>t as a<span class=\"_ _0\"></span> gain fro<span class=\"_ _0\"></span>m a barg<span class=\"_ _0\"></span>ain pu<span class=\"_ _0\"></span>rchase.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>Goodwill is not amortised but is subj<span class=\"_ _0\"></span>ect to impairment tests taking place annua<span class=\"_ _0\"></span>lly or mor<span class=\"_ _0\"></span>e frequ<span class=\"_ _0\"></span>ently <span class=\"_ _0\"></span>if ther<span class=\"_ _0\"></span>e is an i<span class=\"_ _0\"></span>ndica<span class=\"_ _0\"></span>tion tha<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>ash<span class=\"ls1 ws1\">-<span class=\"ws1f5\">genera<span class=\"_ _0\"></span>ting unit to which </span></span>it is alloc<span class=\"_ _0\"></span>ated coul<span class=\"_ _0\"></span>d h<span class=\"ls1 ws20b\">ave suffered a loss of value. Goodwill is stated on the balance </span>sheet<span class=\"_ _0\"></span> at co<span class=\"_ _0\"></span>st less <span class=\"_ _0\"></span>accum<span class=\"_ _0\"></span>ulated<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>irment lo<span class=\"_ _9f\"></span>sses, if <span class=\"_ _0\"></span>any. Im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ent of <span class=\"_ _0\"></span>goodw<span class=\"_ _0\"></span>ill is not reversed in future p<span class=\"_ _0\"></span>eriods. <span class=\"ws1\"> </span>If the G<span class=\"_ _0\"></span>roup lo<span class=\"_ _0\"></span>ses con<span class=\"_ _0\"></span>trol ov<span class=\"_ _0\"></span>er a sub<span class=\"_ _0\"></span>sidiar<span class=\"_ _0\"></span>y, it der<span class=\"_ _0\"></span>ecogni<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>e relat<span class=\"_ _0\"></span>ed a<span class=\"ls33 ws1f0\">ssets </span>(including goodwill), liabili<span class=\"_ _0\"></span>ties, noncontrolling interest and oth<span class=\"_ _0\"></span>er components of equity, while any resultant gain or <span class=\"_ _0\"></span>loss is recognised in profit or loss. Any investm<span class=\"_ _9f\"></span>ent retain<span class=\"_ _0\"></span>ed is r<span class=\"_ _0\"></span>ecognis<span class=\"_ _0\"></span>ed at f<span class=\"_ _0\"></span>air valu<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>7.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Tangible f<span class=\"_ _3\"></span>ixed asset<span class=\"_ _3\"></span>s</span> Tangible <span class=\"_ _7\"> </span><span class=\"ls33 ws1fb\">fi<span class=\"_ _3\"></span>xed asset<span class=\"_ _3\"></span>s are carr<span class=\"_ _3\"></span>ied at co<span class=\"_ _3\"></span>st or pr<span class=\"_ _3\"></span>oduction<span class=\"_ _3\"></span> cost less<span class=\"_ _3\"></span> accumul<span class=\"_ _3\"></span>ated </span>amorti<span class=\"_ _0\"></span>sation<span class=\"_ _9f\"></span>s <span class=\"_ _3\"></span>and any im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ents.<span class=\"ls1 ws1\"> </span>Tan<span class=\"_ _3\"></span>gible fi<span class=\"_ _3\"></span>xed asse<span class=\"_ _3\"></span>ts are a<span class=\"_ _3\"></span>mortise<span class=\"_ _3\"></span>d on a str<span class=\"_ _3\"></span>aight<span class=\"ls1 ws1\">-<span class=\"ls25 ws244\">line ba<span class=\"_ _0\"></span>sis ove<span class=\"_ _0\"></span>r the usef<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span> </span></span>econom<span class=\"_ _0\"></span>ic lif<span class=\"_ _0\"></span>e. The u<span class=\"_ _0\"></span>seful l<span class=\"_ _0\"></span>ife is<span class=\"_ _0\"></span> reviewed<span class=\"_ _9f\"></span> on a year<span class=\"_ _0\"></span>ly bas<span class=\"_ _0\"></span>is and th<span class=\"_ _9f\"></span>is is al<span class=\"ls25 ws1db\">so<span class=\"_ _0\"></span> the case </span>for any <span class=\"_ _0\"></span>residual v<span class=\"_ _0\"></span>alue.<span class=\"ls1 ws1\"> </span>The depreciation p<span class=\"_ _0\"></span>eriods as defined b<span class=\"_ _0\"></span>y DEME of the flo<span class=\"_ _0\"></span>ating and other cons<span class=\"_ _0\"></span>truction mater<span class=\"_ _0\"></span>ials ran<span class=\"_ _0\"></span>ge fro<span class=\"_ _0\"></span>m 3 ye<span class=\"_ _0\"></span>ars (su<span class=\"_ _0\"></span>ch as f<span class=\"_ _9f\"></span>or pipelin<span class=\"_ _0\"></span>es) to<span class=\"_ _0\"></span> 21 yea<span class=\"_ _0\"></span>rs. Th<span class=\"_ _0\"></span>e prin<span class=\"_ _0\"></span>cipal component of trailing suction hopp<span class=\"_ _0\"></span>er dredgers and cutter <span class=\"ls33 ws1fc\">suctio<span class=\"_ _3\"></span>n dred<span class=\"_ _3\"></span>gers is </span>deprec<span class=\"_ _0\"></span>iated ov<span class=\"_ _9f\"></span>er a period o<span class=\"_ _0\"></span>f 18 ye<span class=\"_ _0\"></span>ars. F<span class=\"_ _0\"></span>or new hop<span class=\"_ _0\"></span>per dred<span class=\"_ _9f\"></span>gers, cutt<span class=\"_ _0\"></span>er sucti<span class=\"_ _0\"></span>on dredg<span class=\"_ _0\"></span>ers, cab<span class=\"_ _0\"></span>le lay v<span class=\"_ _0\"></span>essels a<span class=\"_ _0\"></span>nd DP3 <span class=\"_ _0\"></span>Offs<span class=\"_ _0\"></span>hore cran<span class=\"_ _0\"></span>e vesse<span class=\"_ _0\"></span>ls in pro<span class=\"_ _0\"></span>ducti<span class=\"_ _0\"></span>on sinc<span class=\"_ _0\"></span>e 2019 the principal componen<span class=\"_ _0\"></span>t is depreciated over a period of 20 years and a se<span class=\"ls1 ws220\">cond component is <span class=\"ls30 ws1eb\">dep<span class=\"_ _9f\"></span>reciated<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls40 ws255\">over a period of 10 year<span class=\"_ _0\"></span>s. For major jack<span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">up </span></span></span></span></span></span>vessels this depreciation r<span class=\"_ _0\"></span>ule was already applic<span class=\"_ _0\"></span>able. The principal compon<span class=\"_ _0\"></span>ent mainly includes the hull and machinery and the second component relates to parts of a vesse<span class=\"_ _3\"></span>l for which<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws220\">the lifespan is<span class=\"_ _0\"></span> shorter than the e<span class=\"_ _0\"></span>conomic life cycle of t<span class=\"_ _0\"></span>he </span></span>vess<span class=\"_ _3\"></span>el. <span class=\"ls1 ws1\"> </span>Repai<span class=\"_ _0\"></span>r and m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>enanc<span class=\"_ _0\"></span>e expen<span class=\"_ _0\"></span>ses fo<span class=\"_ _0\"></span>r tan<span class=\"_ _0\"></span>gibl<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s are<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized a<span class=\"_ _0\"></span>s an ex<span class=\"_ _9f\"></span>pense in the period in which they occur, unless<span class=\"_ _0\"></span> they result in an increase of the future economic benefit of th<span class=\"ls25 ws1fb\">e re<span class=\"_ _0\"></span>spectiv<span class=\"_ _0\"></span>e tang<span class=\"_ _0\"></span>ible fix<span class=\"_ _0\"></span>ed ass<span class=\"_ _0\"></span>ets, wh<span class=\"_ _0\"></span>ich jus<span class=\"_ _0\"></span>tifies th<span class=\"_ _9f\"></span>eir </span>capita<span class=\"_ _0\"></span>lisation<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _0\"></span>s under co<span class=\"_ _9f\"></span>nstructio<span class=\"_ _0\"></span>n are a<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>sed as f<span class=\"_ _0\"></span>rom the <span class=\"_ _0\"></span>time th<span class=\"_ _0\"></span>ey are t<span class=\"_ _0\"></span>aken in<span class=\"_ _0\"></span>to use. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>8.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Impairme<span class=\"_ _3\"></span>nt of fixe<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span></span> On each closing date, th<span class=\"_ _0\"></span>e group verifies whether ther<span class=\"_ _0\"></span>e are indications t<span class=\"ls33 ws208\">hat <span class=\"_ _3\"></span>an ass<span class=\"_ _3\"></span>et </span>is subjec<span class=\"_ _0\"></span>t to an impai<span class=\"_ _0\"></span>rment. In th<span class=\"_ _0\"></span>e event that su<span class=\"_ _0\"></span>ch indicat<span class=\"_ _0\"></span>ions are p<span class=\"_ _0\"></span>resent, a<span class=\"_ _0\"></span>n estimation is made <span class=\"_ _0\"></span>of the recoverable am<span class=\"_ _0\"></span>ount. When the carrying <span class=\"_ _0\"></span>amount of an asset i<span class=\"_ _0\"></span>s high<span class=\"_ _9f\"></span>er than <span class=\"_ _0\"></span>the rec<span class=\"_ _0\"></span>overab<span class=\"_ _0\"></span>le amou<span class=\"_ _9f\"></span>nt, an im<span class=\"_ _0\"></span>pairmen<span class=\"_ _9f\"></span>t is recor<span class=\"_ _0\"></span>ded in<span class=\"_ _0\"></span> orde<span class=\"_ _0\"></span>r to<span class=\"_ _0\"></span> bri<span class=\"ls25 ws1eb\">ng the <span class=\"_ _0\"></span>carryi<span class=\"_ _0\"></span>ng amou<span class=\"_ _0\"></span>nt of th<span class=\"_ _9f\"></span>e asset ba<span class=\"_ _0\"></span>ck to th<span class=\"_ _0\"></span>e recov<span class=\"_ _0\"></span>erabl<span class=\"_ _0\"></span>e amount.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>The re<span class=\"_ _0\"></span>coverab<span class=\"_ _0\"></span>le amou<span class=\"_ _0\"></span>nt of an<span class=\"_ _0\"></span> asset i<span class=\"_ _0\"></span>s defined<span class=\"_ _0\"></span> as the h<span class=\"_ _0\"></span>igher of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r value m<span class=\"_ _0\"></span>inus<span class=\"_ _0\"></span> costs to sell (ass<span class=\"_ _0\"></span>uming a voluntary <span class=\"_ _0\"></span>sale) and the valu<span class=\"_ _0\"></span>e in use (based upo<span class=\"_ _0\"></span>n the net presen<span class=\"_ _0\"></span>t value o<span class=\"_ _0\"></span>f the est<span class=\"_ _0\"></span>imated<span class=\"_ _0\"></span> future ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows). A<span class=\"_ _0\"></span>ny result<span class=\"_ _0\"></span>ing impai<span class=\"_ _0\"></span>rments a<span class=\"_ _0\"></span>re charg<span class=\"_ _0\"></span>ed to the profi<span class=\"_ _0\"></span>t and loss acc<span class=\"_ _0\"></span>ount.<span class=\"ls1 ws1\"> </span>Previously recorded impairmen<span class=\"_ _0\"></span>ts, except on goodwill, are reversed th<span class=\"_ _0\"></span>rough the profit and loss account wh<span class=\"_ _0\"></span>en they are no longer val<span class=\"_ _0\"></span>id.<span class=\"ws1\"> </span>9.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls36 ws200\">Leases </span> 9.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls4e ws25a\">Lessor<span class=\"_ _0\"></span> accounti<span class=\"ls4f ws25b\">ng<span class=\"ls1 ws1\"> </span></span></span>When th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> acts as a l<span class=\"_ _0\"></span>esso<span class=\"_ _0\"></span>r, it deter<span class=\"_ _0\"></span>mines a<span class=\"_ _0\"></span>t lease in<span class=\"_ _0\"></span>ceptio<span class=\"_ _0\"></span>n wheth<span class=\"_ _9f\"></span>er a lease<span class=\"_ _0\"></span> is a f<span class=\"_ _0\"></span>inanc<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se or an<span class=\"_ _0\"></span> ope<span class=\"_ _0\"></span>rating <span class=\"_ _0\"></span>leas<span class=\"_ _0\"></span>e. To c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fy each<span class=\"_ _0\"></span> lea<span class=\"_ _0\"></span>se, th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> make<span class=\"_ _0\"></span>s an over<span class=\"_ _0\"></span>all asse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>t of wheth<span class=\"_ _9f\"></span>er the lea<span class=\"_ _0\"></span>se transf<span class=\"_ _0\"></span>ers su<span class=\"_ _0\"></span>bstanti<span class=\"_ _0\"></span>ally al<span class=\"_ _0\"></span>l of the r<span class=\"_ _0\"></span>isks and rewards incid<span class=\"_ _0\"></span>ental to ownership of t<span class=\"_ _0\"></span>he underlying asset. If t<span class=\"_ _0\"></span>his is the case, then th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> lea<span class=\"_ _0\"></span>se is c<span class=\"_ _9f\"></span>onsidere<span class=\"_ _0\"></span>d a fina<span class=\"_ _0\"></span>nce l<span class=\"_ _0\"></span>ease. As<span class=\"_ _0\"></span> part of<span class=\"_ _0\"></span> the a<span class=\"_ _0\"></span>ssessm<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _0\"></span>t, the <span class=\"_ _0\"></span>Group<span class=\"_ _0\"></span> consi<span class=\"_ _0\"></span>ders c<span class=\"_ _0\"></span>ertain<span class=\"_ _0\"></span> indic<span class=\"_ _0\"></span>ators su<span class=\"_ _9f\"></span>ch as whe<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span> the le<span class=\"_ _0\"></span>ase is<span class=\"_ _0\"></span> for th<span class=\"_ _9f\"></span>e major p<span class=\"_ _0\"></span>art of <span class=\"_ _0\"></span>the econom<span class=\"_ _0\"></span>ic lif<span class=\"ls25 ws1db\">e of the asse<span class=\"_ _0\"></span>t. <span class=\"ls1 ws1\"> </span></span>If the lease agreement contains both lea<span class=\"_ _0\"></span>se and non<span class=\"ws1\">-</span>lease components, the Group<span class=\"_ _0\"></span> appli<span class=\"_ _0\"></span>es IFRS 1<span class=\"_ _0\"></span>5 to al<span class=\"_ _0\"></span>locat<span class=\"_ _0\"></span>e the con<span class=\"_ _0\"></span>sider<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> in the con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t. <span class=\"ls1 ws1\"> </span>9.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls4e ws25a\">Lessee a<span class=\"_ _0\"></span>ccounting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>IFRS 16 s<span class=\"_ _0\"></span>ets out t<span class=\"_ _0\"></span>he princ<span class=\"_ _0\"></span>iples f<span class=\"_ _0\"></span>or the re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ition, m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>ment, p<span class=\"_ _0\"></span>resen<span class=\"_ _0\"></span>tation<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">a<span class=\"_ _3\"></span>nd </span></span>disclosure of leases and requires lessees to account for all leases under a single on<span class=\"ls1 ws1\">-<span class=\"ls30 ws1f4\">balan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et mod<span class=\"_ _0\"></span>el. IF<span class=\"_ _0\"></span>RS 16 r<span class=\"_ _0\"></span>eplac<span class=\"_ _0\"></span>es IAS 1<span class=\"_ _0\"></span>7 \u201cLea<span class=\"_ _0\"></span>ses\u201d, IF<span class=\"_ _9f\"></span>RIC 4 \u201cDet<span class=\"_ _0\"></span>ermin<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span> </span></span>Whether an Ar<span class=\"_ _0\"></span>rangement Contains a<span class=\"_ _0\"></span> Lease\u201d, SIC 15<span class=\"_ _0\"></span> \u201cOperating L<span class=\"_ _0\"></span>eases <span class=\"ws1\">\u2013 </span>Incentives\u201d and S<span class=\"_ _0\"></span>IC <span class=\"ls34 ws233\">27 \u201c<span class=\"_ _3\"></span>Eval<span class=\"_ _3\"></span>uat<span class=\"_ _3\"></span>ing t<span class=\"_ _3\"></span>he S<span class=\"_ _3\"></span>ubst<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e of Tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>acti<span class=\"_ _3\"></span>ons i<span class=\"_ _3\"></span>n the<span class=\"_ _3\"></span> Leg<span class=\"_ _3\"></span>al </span>Form of a Lease\u201d.<span class=\"ls1\"> </span>Under IF<span class=\"_ _9f\"></span>RS 16, a contr<span class=\"_ _0\"></span>act is, o<span class=\"_ _0\"></span>r cont<span class=\"_ _0\"></span>ains, a le<span class=\"_ _0\"></span>ase if th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ct conv<span class=\"_ _0\"></span>eys a ri<span class=\"_ _0\"></span>ght to<span class=\"_ _0\"></span> control the use of an <span class=\"_ _3\"></span>identified asset fo<span class=\"_ _0\"></span>r <span class=\"_ _3\"></span>a period of time in exchange for consideration. The <span class=\"_ _0\"></span><span class=\"ws20b\">Group recognises a right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws207\">us<span class=\"_ _0\"></span>e asset <span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span> corresp<span class=\"_ _0\"></span>onding<span class=\"_ _9f\"></span> lease l<span class=\"_ _0\"></span>iability<span class=\"_ _9f\"></span> at the </span></span></span>lease co<span class=\"_ _0\"></span>mmenc<span class=\"_ _0\"></span>ement date.<span class=\"_ _0\"></span> Assets a<span class=\"_ _0\"></span>nd liabil<span class=\"_ _0\"></span>ities ar<span class=\"_ _0\"></span>ising from<span class=\"_ _0\"></span> a lease are in<span class=\"_ _9f\"></span>it<span class=\"_ _3\"></span>ia<span class=\"_ _0\"></span>lly measured on a present value basis, di<span class=\"_ _0\"></span>scounted using the incremental borrow<span class=\"_ _0\"></span>ing rate of<span class=\"_ _0\"></span> the l<span class=\"_ _0\"></span><span class=\"ls30 ws25f\">essee.<span class=\"_ _9f\"></span> <span class=\"_ _3\"></span>The rig<span class=\"_ _0\"></span>ht<span class=\"ls1 ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws222\">u<span class=\"_ _0\"></span>se ass<span class=\"_ _0\"></span>et is su<span class=\"_ _0\"></span>bseque<span class=\"_ _0\"></span>ntly d<span class=\"_ _0\"></span>eprec<span class=\"_ _0\"></span>iated an<span class=\"_ _0\"></span>d/or<span class=\"_ _0\"></span> </span></span></span>impaired when deem<span class=\"_ _0\"></span>ed necessary. The right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws1fc\">u<span class=\"_ _0\"></span>se asse<span class=\"_ _0\"></span>t is also<span class=\"_ _0\"></span> adju<span class=\"_ _0\"></span>sted fo<span class=\"_ _0\"></span>r </span></span>certa<span class=\"_ _0\"></span>in rem<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e lease <span class=\"_ _0\"></span>liabil<span class=\"_ _0\"></span>ity.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The lease liability i<span class=\"_ _0\"></span>s subsequently increas<span class=\"_ _0\"></span>ed by the <span class=\"ls35 ws260\">inter<span class=\"_ _0\"></span>est cost on the le<span class=\"_ _0\"></span>ase liabil<span class=\"_ _0\"></span>ity </span>and reduced by lease payment made. It is remea<span class=\"_ _0\"></span>sured when there is a change in future lease payments arising from a cha<span class=\"_ _0\"></span>nge in an i<span class=\"_ _3\"></span>ndex or rat<span class=\"_ _0\"></span>e, a change in the estim<span class=\"_ _0\"></span>ate of<span class=\"_ _0\"></span> the am<span class=\"_ _0\"></span>ount <span class=\"_ _0\"></span>expec<span class=\"_ _9f\"></span>ted to be<span class=\"_ _0\"></span> payab<span class=\"_ _9f\"></span>le, or a c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e i<span class=\"ls33 ws215\">n the <span class=\"_ _3\"></span>reasse<span class=\"_ _3\"></span>ssment </span>of whether a purchase or extension option<span class=\"_ _0\"></span> is reasonably certain to be exercised (or a termination option cur<span class=\"_ _0\"></span>tained not to be exercised). <span class=\"_ _0\"></span>The Group has applied judge<span class=\"_ _0\"></span>ment to det<span class=\"_ _0\"></span>ermin<span class=\"_ _0\"></span>e the leas<span class=\"_ _0\"></span>e term fo<span class=\"_ _0\"></span>r lease con<span class=\"_ _0\"></span>tracts co<span class=\"_ _0\"></span>ntain<span class=\"_ _0\"></span>ing renew<span class=\"_ _0\"></span>al o<span class=\"ls25 ws1ec\">ption<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span></span>In acc<span class=\"_ _0\"></span>ordanc<span class=\"_ _0\"></span>e with<span class=\"_ _0\"></span> the <span class=\"_ _0\"></span>standa<span class=\"_ _0\"></span>rd on <span class=\"_ _0\"></span>lease<span class=\"_ _0\"></span> contra<span class=\"_ _0\"></span>cts, <span class=\"_ _0\"></span>the Gro<span class=\"_ _0\"></span>up el<span class=\"_ _0\"></span>ected <span class=\"_ _0\"></span>to use<span class=\"_ _0\"></span> following exemptions wh<span class=\"_ _0\"></span>en applying IFRS 16 accounting f<span class=\"_ _0\"></span>or:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls33 ws1f0\">sho<span class=\"_ _3\"></span>rt<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">term l<span class=\"_ _0\"></span>eases,<span class=\"_ _0\"></span> i.e. con<span class=\"_ _9f\"></span>tracts wi<span class=\"_ _0\"></span>th a dur<span class=\"_ _0\"></span>ation o<span class=\"_ _0\"></span>f less th<span class=\"_ _0\"></span>an one <span class=\"_ _0\"></span>year;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">leases for which the underl<span class=\"_ _0\"></span>ying asset i<span class=\"ls40 ws1\">s of low value;<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">intang<span class=\"_ _0\"></span>ible asse<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span></span></span>The mo<span class=\"_ _0\"></span>st impo<span class=\"_ _0\"></span>rtant j<span class=\"_ _0\"></span>udge<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>nd assu<span class=\"_ _9f\"></span>mptions i<span class=\"_ _0\"></span>n determ<span class=\"_ _0\"></span>ining<span class=\"_ _0\"></span> the lea<span class=\"_ _0\"></span>se ass<span class=\"_ _0\"></span>et and liab<span class=\"_ _0\"></span>ility a<span class=\"_ _0\"></span>re as fo<span class=\"_ _0\"></span>llows: <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fa\">The leas<span class=\"_ _0\"></span>e paymen<span class=\"_ _9f\"></span>ts are disco<span class=\"_ _0\"></span>unted us<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e intere<span class=\"_ _0\"></span>st rate im<span class=\"_ _0\"></span>plici<span class=\"_ _0\"></span>t in the l<span class=\"_ _0\"></span>ease </span></span>agreem<span class=\"_ _0\"></span>ent. If<span class=\"_ _0\"></span> that rat<span class=\"_ _0\"></span>e cannot b<span class=\"_ _9f\"></span>e<span class=\"ls1 ws1\"> <span class=\"ls30 ws257\">re<span class=\"_ _0\"></span>adily d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ined, w<span class=\"_ _0\"></span>hich i<span class=\"_ _0\"></span>s gener<span class=\"_ _0\"></span>ally th<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span> </span></span>for leases in the group, <span class=\"_ _0\"></span>the lessee has used judgemen<span class=\"_ _0\"></span>t to determine its<span class=\"_ _0\"></span> incremental borrowing rate, being the rate<span class=\"_ _0\"></span> that t<span class=\"_ _3\"></span>he individua<span class=\"_ _0\"></span>l lessee would have to pay<span class=\"_ _0\"></span> to bor<span class=\"_ _0\"></span>row th<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>s neces<span class=\"_ _0\"></span>sary to<span class=\"_ _0\"></span> obtai<span class=\"_ _0\"></span>n an as<span class=\"_ _0\"></span>set of <span class=\"_ _0\"></span>simil<span class=\"_ _0\"></span>ar valu<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e ri<span class=\"_ _3\"></span>ght<span class=\"ls1 ws1\">-<span class=\"_ _3\"></span><span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws208\">u<span class=\"_ _0\"></span>se asset in a s<span class=\"_ _0\"></span>imila<span class=\"_ _0\"></span>r econo<span class=\"_ _0\"></span>mic  enviro<span class=\"_ _0\"></span>nmen<span class=\"_ _0\"></span>t with simil<span class=\"_ _0\"></span>ar ter<span class=\"_ _0\"></span>ms, secu<span class=\"_ _0\"></span>rity </span></span>and conditions. <span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws261\">In dete<span class=\"_ _0\"></span>rmining<span class=\"_ _9f\"></span> the leas<span class=\"_ _0\"></span>e term,<span class=\"_ _0\"></span> man<span class=\"_ _0\"></span>agemen<span class=\"_ _0\"></span>t consid<span class=\"_ _0\"></span>ers al<span class=\"_ _0\"></span>l facts<span class=\"_ _0\"></span> and </span></span>circ<span class=\"_ _3\"></span>umsta<span class=\"_ _3\"></span>nces that<span class=\"_ _3\"></span> create a<span class=\"_ _3\"></span>n incen<span class=\"_ _3\"></span>tive to<span class=\"_ _3\"></span> exercise<span class=\"_ _3\"></span> an <span class=\"ls40 ws262\">extension option, (or not<span class=\"_ _0\"></span> </span>exerci<span class=\"_ _0\"></span>se a ter<span class=\"_ _0\"></span>minatio<span class=\"_ _0\"></span>n opti<span class=\"_ _0\"></span>on). Ex<span class=\"_ _0\"></span>tension<span class=\"_ _0\"></span> option<span class=\"_ _9f\"></span>s (or perio<span class=\"_ _0\"></span>ds afte<span class=\"_ _0\"></span>r termin<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> options) are only included<span class=\"_ _0\"></span> in the lease ter<span class=\"_ _0\"></span>m if the lease agreement is <span class=\"_ _0\"></span>reasonably certain to be extended (or no<span class=\"_ _0\"></span>t terminated).<span class=\"ws1\"> </span>10.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls50 wscc\">In<span class=\"_ _0\"></span>vestment property <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">le<span class=\"ls2f ws1e\">ased buildings <span class=\"_ _3\"></span>and </span></span></span></span>proj<span class=\"_ _0\"></span>ect develo<span class=\"_ _0\"></span>pments<span class=\"ls1 ws1\"> </span>These <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ments co<span class=\"_ _0\"></span>ver bui<span class=\"_ _0\"></span>lding<span class=\"_ _0\"></span>s which a<span class=\"_ _0\"></span>re ready to<span class=\"_ _0\"></span> be lea<span class=\"_ _0\"></span>sed (rea<span class=\"_ _0\"></span>l estat<span class=\"_ _0\"></span>e investm<span class=\"_ _9f\"></span>ents) as w<span class=\"_ _0\"></span>ell as bu<span class=\"_ _0\"></span>ildings un<span class=\"_ _0\"></span>der co<span class=\"_ _9f\"></span>nstruction<span class=\"_ _0\"></span> or bein<span class=\"_ _0\"></span>g develo<span class=\"_ _0\"></span>ped fo<span class=\"_ _0\"></span>r future<span class=\"_ _0\"></span> use as oper<span class=\"_ _0\"></span>ative rea<span class=\"_ _0\"></span>l estate inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>ts (proj<span class=\"_ _0\"></span>ect develop<span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">m<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>).<span class=\"ls1 ws1\"> </span></span>Inves<span class=\"_ _0\"></span>tment p<span class=\"_ _0\"></span>roper<span class=\"_ _0\"></span>ty is measu<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span>at fair v<span class=\"_ _0\"></span>alue thro<span class=\"_ _9f\"></span>ugh profi<span class=\"_ _0\"></span>t or los<span class=\"_ _0\"></span>s. On a yea<span class=\"_ _0\"></span>rly basis, the fair value of the leas<span class=\"_ _0\"></span>ed buildings is determined based upon v<span class=\"_ _0\"></span>aluation report<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>11.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws10d\">Financial instr<span class=\"_ _3\"></span>uments </span> 11.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Recogniti<span class=\"_ _0\"></span>on and der<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on of financ<span class=\"_ _0\"></span>ial instr<span class=\"_ _0\"></span>uments<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">Financial assets and liabilities <span class=\"_ _0\"></span>are recognized when the Group b<span class=\"_ _0\"></span>ecomes a party </span></span>to the c<span class=\"_ _0\"></span>ontrac<span class=\"_ _9f\"></span>tual prov<span class=\"_ _0\"></span>isions o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>instru<span class=\"_ _0\"></span>ment. F<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts boug<span class=\"_ _0\"></span>ht an<span class=\"_ _0\"></span>d sold<span class=\"_ _0\"></span> in accordance with standard mar<span class=\"_ _0\"></span>ket conventions are recognized on the transa<span class=\"_ _0\"></span>ction d<span class=\"_ _0\"></span>ate. <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb\">Financ<span class=\"ls25 ws236\">ial a<span class=\"_ _0\"></span>ssets <span class=\"_ _0\"></span>are de<span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized w<span class=\"_ _0\"></span>hen t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>ractua<span class=\"_ _0\"></span>l righ<span class=\"_ _0\"></span>ts to r<span class=\"_ _0\"></span>eceiv<span class=\"_ _0\"></span>e cash<span class=\"_ _0\"></span> </span></span></span>flow<span class=\"_ _0\"></span>s from the a<span class=\"_ _9f\"></span>ssets have ex<span class=\"_ _0\"></span>pired<span class=\"_ _0\"></span> or hav<span class=\"_ _0\"></span>e been t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred and <span class=\"_ _0\"></span>the Grou<span class=\"_ _0\"></span>p has transf<span class=\"_ _0\"></span>erred a<span class=\"_ _0\"></span>ll risk<span class=\"_ _0\"></span>s and rew<span class=\"_ _9f\"></span>ards of ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip of th<span class=\"_ _0\"></span>ose ass<span class=\"_ _0\"></span>ets.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">Financial liabilities ar<span class=\"_ _0\"></span>e derecognized when the ob<span class=\"_ _0\"></span>ligation specified in th<span class=\"_ _0\"></span>e </span></span>contr<span class=\"_ _0\"></span>act is di<span class=\"_ _0\"></span>scharg<span class=\"_ _0\"></span>ed, ca<span class=\"_ _0\"></span>ncelled<span class=\"_ _0\"></span>, or exp<span class=\"_ _0\"></span>ires.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial asse<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span></span>When another fin<span class=\"_ _0\"></span>ancial asset is acqui<span class=\"_ _0\"></span>red or invested in, th<span class=\"_ _0\"></span>e contractual term<span class=\"_ _0\"></span>s determine whether it i<span class=\"_ _0\"></span>s an equity instrument <span class=\"ls25 ws1eb\">o<span class=\"_ _0\"></span>r a debt <span class=\"_ _0\"></span>instrum<span class=\"_ _0\"></span>ent. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Equity<span class=\"_ _0\"></span> instrum<span class=\"_ _9f\"></span>ents give<span class=\"_ _0\"></span> entitl<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>to th<span class=\"_ _0\"></span>e remain<span class=\"_ _0\"></span>ing in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e net as<span class=\"_ _0\"></span>sets of<span class=\"_ _0\"></span> anot<span class=\"_ _3\"></span>her e<span class=\"_ _3\"></span>ntity.<span class=\"_ _3\"></span> <span class=\"ls1 ws1\"> </span>Clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>ication <span class=\"_ _0\"></span>and m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ement o<span class=\"_ _0\"></span>f deb<span class=\"_ _0\"></span>t ins<span class=\"_ _0\"></span>trume<span class=\"_ _0\"></span>nts<span class=\"ls1 ws1\"> </span>The a<span class=\"ls25 ws215\">sse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>t of the co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>tual ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span> charact<span class=\"_ _0\"></span>eristic<span class=\"_ _0\"></span>s or SPP<span class=\"_ _0\"></span>I test <span class=\"_ _0\"></span>is <span class=\"ls34 ws1ea\">ca<span class=\"_ _3\"></span>rrie<span class=\"_ _3\"></span>d </span></span>out pe<span class=\"_ _0\"></span>r produc<span class=\"_ _0\"></span>t group (<span class=\"_ _0\"></span>finan<span class=\"_ _0\"></span>cial ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>ith simi<span class=\"_ _0\"></span>lar ca<span class=\"_ _0\"></span>sh flow ch<span class=\"_ _9f\"></span>aracteris<span class=\"_ _0\"></span>tics) o<span class=\"_ _0\"></span>r, wher<span class=\"_ _0\"></span>e necessa<span class=\"_ _0\"></span>ry, on an in<span class=\"_ _0\"></span>dividu<span class=\"_ _9f\"></span>al basis.<span class=\"_ _0\"></span> It is asses<span class=\"_ _0\"></span>sed wheth<span class=\"_ _9f\"></span>er the instru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> genera<span class=\"_ _0\"></span>tes ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _9f\"></span>s on spec<span class=\"_ _0\"></span>ified d<span class=\"_ _0\"></span>ates <span class=\"_ _0\"></span>that a<span class=\"_ _0\"></span>re sol<span class=\"_ _0\"></span>ely pa<span class=\"_ _0\"></span>yment<span class=\"_ _0\"></span>s of prin<span class=\"_ _9f\"></span>cipal and<span class=\"_ _0\"></span> int<span class=\"ws1f3\">erest on the principal amount outstanding (SPPI: sole<span class=\"_ _0\"></span>ly payments of principal </span>and interest).<span class=\"ws1\"> <span class=\"ls25 ws215\">It is also inv<span class=\"_ _9f\"></span>estigated<span class=\"_ _0\"></span> how th<span class=\"_ _0\"></span>ese cash f<span class=\"_ _0\"></span>lows fi<span class=\"_ _0\"></span>t in with <span class=\"_ _0\"></span>the busin<span class=\"_ _9f\"></span>ess </span></span>model of the<span class=\"_ _3\"></span> entity in question.<span class=\"ws1\"> </span>The rel<span class=\"_ _0\"></span>evant c<span class=\"_ _0\"></span>lassif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ion and me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t metho<span class=\"_ _0\"></span>d follow<span class=\"_ _0\"></span>s f<span class=\"ls25 ws265\">rom<span class=\"_ _0\"></span> thos<span class=\"_ _0\"></span>e </span>assessm<span class=\"_ _9f\"></span>ents:<span class=\"ls1 ws1\"> </span>i) <span class=\"_ _24\"></span><span class=\"ff3b ls25 ws267\">meas<span class=\"_ _0\"></span>ured at amo<span class=\"_ _9f\"></span>rtised cost (A<span class=\"_ _0\"></span>C)<span class=\"ff3a ls1 ws1ef\">: debt instrum<span class=\"_ _0\"></span>ents that pass the SPPI<span class=\"_ _0\"></span> </span></span>test and are he<span class=\"_ _0\"></span>ld under an HTC bu<span class=\"_ _0\"></span>siness model<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls52 ws24e\">(H<span class=\"_ _3\"></span>eld</span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls4c ws268\">collect)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls35 ws269\">At initia<span class=\"_ _0\"></span>l </span></span></span></span>recogn<span class=\"_ _0\"></span>ition, th<span class=\"_ _9f\"></span>ey are measu<span class=\"_ _0\"></span>red at fai<span class=\"_ _0\"></span>r value p<span class=\"_ _0\"></span>lus tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span> costs th<span class=\"_ _0\"></span>at are dire<span class=\"_ _3\"></span>ctly<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws232\">attrib<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>le to the<span class=\"_ _0\"></span>ir acqui<span class=\"_ _0\"></span>sition. <span class=\"_ _0\"></span>Subsequ<span class=\"_ _9f\"></span>ently, the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st </span></span>rate method is applied where the difference betwe<span class=\"_ _0\"></span>en the measurement at initial recognition and the repaymen<span class=\"_ _0\"></span>t value is recognized pro rata temporis in profit o<span class=\"_ _9f\"></span>r loss on th<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span><span class=\"ws1db\">e effectiv<span class=\"_ _0\"></span>e intere<span class=\"_ _0\"></span>st rate.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>ii) <span class=\"_ _24\"></span><span class=\"ff3b ls3f ws26a\">fair v<span class=\"_ _0\"></span>alue me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t with v<span class=\"_ _0\"></span>alue c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>zed in o<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span> </span>compr<span class=\"_ _3\"></span>ehensive inc<span class=\"_ _3\"></span>ome (FVOCI<span class=\"_ _3\"></span>)<span class=\"ff3a ls25 ws1db\">: deb<span class=\"_ _0\"></span>t instrum<span class=\"_ _0\"></span>ents tha<span class=\"_ _0\"></span>t pass the<span class=\"_ _0\"></span> SPPI test<span class=\"_ _0\"></span> </span>and are held unde<span class=\"_ _0\"></span>r an HTC&amp;S busine<span class=\"_ _0\"></span>ss model<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls52 ws24e\">(Held<span class=\"_ _3\"></span></span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls35 ws26b\">co<span class=\"_ _0\"></span>llect &amp; sell)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">O<span class=\"_ _3\"></span>n </span></span></span></span>disposal, the cumula<span class=\"ls25 ws1eb\">tiv<span class=\"_ _9f\"></span>e fair valu<span class=\"_ _0\"></span>e chan<span class=\"_ _0\"></span>ges are r<span class=\"_ _0\"></span>ecla<span class=\"_ _0\"></span>ssified<span class=\"_ _0\"></span> to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span></span>iii) <span class=\"_ _0\"></span><span class=\"ff3b ls3f ws26c\">fair v<span class=\"_ _0\"></span>alue m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nt with<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> chang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gniz<span class=\"_ _0\"></span>ed in pro<span class=\"_ _0\"></span>fit or<span class=\"_ _0\"></span> </span>loss (FVPL)<span class=\"ff3a ls1 ws20b\">: debt instruments that fail th<span class=\"_ _0\"></span>e SPPI test and/or are no<span class=\"_ _0\"></span>t held under </span>an HTC or HTC&amp;S mod<span class=\"_ _0\"></span>el must mandatorily be mea<span class=\"_ _0\"></span>sured in this way.<span class=\"ws1\"> </span>Irresp<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e of thes<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>ts, one <span class=\"_ _13\"> </span><span class=\"ls30 ws26e\">can make an irrev<span class=\"_ _0\"></span>ocab<span class=\"_ _0\"></span>le elec<span class=\"_ _0\"></span>tion to<span class=\"_ _0\"></span> </span>design<span class=\"_ _0\"></span>ate, at <span class=\"_ _0\"></span>initi<span class=\"_ _0\"></span>al reco<span class=\"_ _0\"></span>gnition<span class=\"_ _0\"></span>, a fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l asset <span class=\"_ _0\"></span>as mea<span class=\"_ _0\"></span>sured <span class=\"_ _0\"></span>at FVTP<span class=\"_ _0\"></span>L (fair v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span> option) if doing so eliminates or significant<span class=\"_ _0\"></span>ly reduces a measurement or rec<span class=\"ws1\">ognition<span class=\"_ _0\"></span> </span>inconsistency (\u2018accounti<span class=\"_ _0\"></span>ng mismatch\u2019).<span class=\"ws1\"> </span>For the af<span class=\"_ _0\"></span>orem<span class=\"_ _0\"></span>ention<span class=\"_ _0\"></span>ed fina<span class=\"_ _0\"></span>ncial ass<span class=\"_ _0\"></span>ets th<span class=\"_ _0\"></span>at are mea<span class=\"_ _0\"></span>sured a<span class=\"_ _0\"></span>t amorti<span class=\"_ _0\"></span>sed cos<span class=\"_ _0\"></span>t and at fair value with value chang<span class=\"_ _0\"></span>es recognized in other comprehensive <span class=\"_ _0\"></span>income, a loss allowa<span class=\"_ _0\"></span>nce f<span class=\"_ _0\"></span>or exp<span class=\"_ _9f\"></span>ected c<span class=\"_ _0\"></span>redit lo<span class=\"_ _9f\"></span>sses is r<span class=\"_ _0\"></span>equired<span class=\"_ _9f\"></span> (see sec<span class=\"_ _9f\"></span>tion 6. Im<span class=\"_ _9f\"></span>pairment<span class=\"_ _0\"></span> of<span class=\"_ _0\"></span> financ<span class=\"_ _0\"></span>ial assets). <span class=\"ls1 ws1\"> </span>Classific<span class=\"_ _0\"></span>ation and measurement of equi<span class=\"_ _0\"></span>ty instruments<span class=\"ls1 ws1\"> </span>Equity<span class=\"_ _0\"></span> instru<span class=\"_ _0\"></span>ments h<span class=\"_ _0\"></span>eld for tra<span class=\"_ _0\"></span>ding mu<span class=\"_ _0\"></span>st mand<span class=\"_ _0\"></span>atorily<span class=\"_ _0\"></span> be measu<span class=\"_ _9f\"></span>red at fair v<span class=\"_ _0\"></span>alue with value changes r<span class=\"_ _0\"></span>ecognized in profit or loss (FVTPL).<span class=\"_ _0\"></span><span class=\"ws1\"> </span>For othe<span class=\"_ _0\"></span>r <span class=\"ls1 ws219\">equity instrument<span class=\"_ _0\"></span>s, the Group can make an irrevocable election, at init<span class=\"_ _0\"></span>ial </span>recogn<span class=\"_ _0\"></span>ition, <span class=\"_ _0\"></span>to mea<span class=\"_ _0\"></span>sure tho<span class=\"_ _0\"></span>se in<span class=\"_ _0\"></span>strum<span class=\"_ _0\"></span>ents at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alue with<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e chang<span class=\"_ _0\"></span>es recognized in other comprehen<span class=\"_ _0\"></span>sive income (FVTOCI). This el<span class=\"_ _0\"></span>ection can be made instrument by instrument (per <span class=\"_ _7\"> </span><span class=\"ls35 ws270\">share). On<span class=\"_ _0\"></span> disposa<span class=\"_ _0\"></span>l, the cumu<span class=\"_ _0\"></span>lativ<span class=\"_ _0\"></span>e fair valu<span class=\"_ _0\"></span>e </span>changes must not b<span class=\"_ _0\"></span>e reclassified to profi<span class=\"_ _0\"></span>t or loss. Only dividen<span class=\"_ _0\"></span>d income may be<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized i<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span>For equ<span class=\"_ _0\"></span>ity in<span class=\"_ _0\"></span>strume<span class=\"_ _0\"></span>nts, no l<span class=\"_ _0\"></span>oss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e is req<span class=\"_ _0\"></span>uired f<span class=\"_ _0\"></span>or exp<span class=\"_ _0\"></span>ected c<span class=\"_ _0\"></span>redit l<span class=\"_ _0\"></span>osses.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.3<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial liabilit<span class=\"_ _3\"></span>ies<span class=\"ls1 ws1\"> </span></span>For th<span class=\"_ _0\"></span>e classif<span class=\"_ _9f\"></span>ication an<span class=\"_ _0\"></span>d mea<span class=\"_ _0\"></span>sureme<span class=\"_ _0\"></span>nt of f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s, othe<span class=\"_ _0\"></span>r than<span class=\"_ _0\"></span> derivat<span class=\"_ _0\"></span>ives, t<span class=\"_ _0\"></span>here ar<span class=\"_ _0\"></span>e the fol<span class=\"_ _0\"></span>lowing po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ilities:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">fair v<span class=\"_ _0\"></span>alue mea<span class=\"_ _0\"></span>surem<span class=\"_ _0\"></span>ent wit<span class=\"_ _0\"></span>h valu<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nges re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss (F<span class=\"_ _0\"></span>VTPL):<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls46 ws22c\">i<span class=\"_ _3\"></span>f the f</span><span class=\"ws1f6\">inancial liability is held for tr<span class=\"_ _0\"></span>ading;<span class=\"ws1\"> </span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws204\">if the Group o<span class=\"_ _0\"></span>pts for th<span class=\"_ _0\"></span>is method (<span class=\"_ _0\"></span>fair v<span class=\"_ _0\"></span>alue optio<span class=\"_ _0\"></span>n), mo<span class=\"_ _0\"></span>re specif<span class=\"_ _0\"></span>ic rega<span class=\"_ _0\"></span>rding </span>Bank Van<span class=\"_ _0\"></span> Breda) <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">measur<span class=\"_ _0\"></span>ement at amo<span class=\"_ _9f\"></span>rtised cost: at in<span class=\"_ _0\"></span>itial reco<span class=\"_ _0\"></span>gnitio<span class=\"_ _0\"></span>n, they a<span class=\"_ _0\"></span>re measured<span class=\"_ _0\"></span> at fair </span></span>valu<span class=\"_ _0\"></span>e, less t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tion cos<span class=\"_ _0\"></span>ts tha<span class=\"_ _0\"></span>t are <span class=\"ws1db\">dir<span class=\"_ _0\"></span>ectly at<span class=\"_ _0\"></span>tribut<span class=\"_ _0\"></span>able to their is<span class=\"_ _0\"></span>sue.<span class=\"ls1 ws1\"> </span></span>11.4<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Derivative financial in<span class=\"_ _3\"></span>struments<span class=\"ls1 ws1\"> </span></span>The operational sub<span class=\"_ _0\"></span>sidiaries belonging <span class=\"_ _0\"></span>to the AvH<span class=\"ws1\">-<span class=\"ls33 ws1fa\">group are re<span class=\"_ _3\"></span>sponsi<span class=\"_ _3\"></span>ble for t<span class=\"_ _3\"></span>heir </span></span>risk<span class=\"_ _3\"></span> manag<span class=\"_ _3\"></span>ement,<span class=\"_ _3\"></span> such a<span class=\"_ _3\"></span>s ex<span class=\"_ _3\"></span>change r<span class=\"_ _3\"></span>isk,<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>st ri<span class=\"_ _3\"></span>sk, cre<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>risk, <span class=\"_ _3\"></span>commodi<span class=\"_ _3\"></span>ty risk<span class=\"_ _3\"></span>, etc. Th<span class=\"_ _9f\"></span>e risks v<span class=\"_ _0\"></span>ary<span class=\"ls1 ws1\"> <span class=\"ls25 ws204\">accord<span class=\"_ _0\"></span>ing to the par<span class=\"_ _0\"></span>ticular bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> where the sub<span class=\"_ _0\"></span>sidia<span class=\"_ _0\"></span>ries are<span class=\"_ _0\"></span> </span></span>active and therefore <span class=\"_ _0\"></span>they are not managed cen<span class=\"_ _0\"></span>trally at group level. The re<span class=\"_ _0\"></span>spective execut<span class=\"_ _0\"></span>ive com<span class=\"_ _0\"></span>mittee<span class=\"_ _0\"></span>s repor<span class=\"_ _0\"></span>t to their b<span class=\"_ _0\"></span>oard of<span class=\"_ _0\"></span> directo<span class=\"_ _0\"></span>rs or audi<span class=\"_ _0\"></span>t comm<span class=\"_ _0\"></span>ittee<span class=\"_ _0\"></span> regarding their hedging pol<span class=\"_ _0\"></span>icy.<span class=\"ws1\"> </span>D<span class=\"ls25 ws236\">erivat<span class=\"_ _0\"></span>ive ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts are re<span class=\"_ _0\"></span>corded<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet a<span class=\"_ _0\"></span>t their fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e; the </span>changes in fai<span class=\"_ _0\"></span>r value are reported i<span class=\"_ _0\"></span>n the income <span class=\"_ _0\"></span>statement unless <span class=\"_ _0\"></span>these instrum<span class=\"_ _9f\"></span>ents are pa<span class=\"_ _0\"></span>rt of h<span class=\"_ _0\"></span>edging<span class=\"_ _0\"></span> transac<span class=\"_ _9f\"></span>tions.<span class=\"ls1 ws1\"> </span>The recognition of deriva<span class=\"_ _0\"></span>tive instruments is in accord<span class=\"_ _0\"></span>anc<span class=\"ls49 ws272\">e wit<span class=\"_ _3\"></span>h</span><span class=\"ws1\"> <span class=\"ls30 ws253\">IFRS 9<span class=\"_ _0\"></span>, excep<span class=\"_ _0\"></span>t for<span class=\"_ _0\"></span> </span></span>macro hedge accounting f<span class=\"_ _0\"></span>or which<span class=\"ws1\"> <span class=\"ls54 ws206\">IAS<span class=\"_ _3\"></span> 39 <span class=\"ls35 ws1ec\">is applied</span></span>.<span class=\"_ _0\"></span> </span>Cash flow hedges<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The valu<span class=\"_ _9f\"></span>e fluctua<span class=\"_ _0\"></span>tions of<span class=\"_ _0\"></span> a deriv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nancia<span class=\"_ _0\"></span>l inst<span class=\"_ _0\"></span>rument <span class=\"_ _0\"></span>that com<span class=\"_ _0\"></span>plies w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e stric<span class=\"_ _0\"></span>t condi<span class=\"_ _0\"></span>tions f<span class=\"_ _0\"></span>or reco<span class=\"_ _9f\"></span>gnition<span class=\"_ _0\"></span> as a c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w hedg<span class=\"_ _9f\"></span>e are reco<span class=\"_ _0\"></span>rded <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r c<span class=\"ls30 ws273\">ompr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _0\"></span>e for the eff<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e part. Th<span class=\"_ _0\"></span>e ineffec<span class=\"_ _0\"></span>tive pa<span class=\"_ _0\"></span>rt is record<span class=\"_ _0\"></span>ed </span>directly in the profit and lo<span class=\"_ _0\"></span>ss account. The hedging results a<span class=\"_ _0\"></span>re transferred from of<span class=\"_ _0\"></span> 'other comprehens<span class=\"_ _0\"></span>ive income' into the pro<span class=\"_ _0\"></span>fit and loss account at <span class=\"_ _0\"></span>the same moment the hedged transact<span class=\"_ _0\"></span>ion has impact on the result.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _9f\"></span>es<span class=\"ls1 ws1\"> </span>Chang<span class=\"_ _0\"></span>es in fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of a deriv<span class=\"_ _9f\"></span>ative ins<span class=\"_ _0\"></span>trument <span class=\"_ _0\"></span>that i<span class=\"_ _0\"></span>s formall<span class=\"_ _0\"></span>y alloc<span class=\"_ _0\"></span>ated to h<span class=\"_ _9f\"></span>edge the cha<span class=\"_ _0\"></span>nges o<span class=\"_ _0\"></span>f fair <span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>e of reco<span class=\"_ _0\"></span>rded a<span class=\"_ _0\"></span>ssets an<span class=\"_ _0\"></span>d liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es, ar<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized<span class=\"_ _0\"></span> in the<span class=\"_ _0\"></span> profit an<span class=\"_ _9f\"></span>d loss accou<span class=\"_ _0\"></span>nt toget<span class=\"_ _0\"></span>her with<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>fits and<span class=\"_ _0\"></span> losses c<span class=\"_ _0\"></span>aused b<span class=\"_ _0\"></span>y the fair v<span class=\"_ _0\"></span>alue re<span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _3\"></span>on of<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> hedge<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpone<span class=\"_ _3\"></span>nt.<span class=\"_ _3\"></span> The v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span> fl<span class=\"_ _3\"></span>uctua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns of<span class=\"_ _3\"></span> der<span class=\"_ _3\"></span>ivati<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> fina<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al instrum<span class=\"_ _9f\"></span>ents, wh<span class=\"_ _0\"></span>ich do no<span class=\"_ _9f\"></span>t meet th<span class=\"_ _0\"></span>e cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r fair<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> hedge <span class=\"_ _0\"></span>or ca<span class=\"_ _0\"></span>sh flow <span class=\"_ _0\"></span>hedge<span class=\"_ _0\"></span> are r<span class=\"_ _0\"></span>ecorded<span class=\"_ _0\"></span> direc<span class=\"_ _0\"></span>tly in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>rofit<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and loss account.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>11.5<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Cash a<span class=\"_ _0\"></span>nd cash equival<span class=\"_ _0\"></span>ents<span class=\"ls1 ws1\"> </span></span>Cash and cash<span class=\"_ _0\"></span> equivalents consist o<span class=\"_ _0\"></span>f cash and <span class=\"_ _0\"></span>short<span class=\"ws1\">-<span class=\"ls25 ws224\">term <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ments an<span class=\"_ _9f\"></span>d are </span></span>recorded on the balanc<span class=\"_ _0\"></span>e sheet at nominal valu<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>11.6<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Impairment o<span class=\"_ _3\"></span>f financial assets<span class=\"ls1 ws1\"> </span></span>Under <span class=\"_ _0\"></span>IFRS 9, <span class=\"_ _0\"></span>a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce is ma<span class=\"_ _0\"></span>de at <span class=\"ls1 ws1f7\">initia<span class=\"_ _0\"></span>l <span class=\"_ _3\"></span>recogni<span class=\"_ _0\"></span>tion <span class=\"_ _3\"></span>fo<span class=\"_ _0\"></span>r expected credit </span>losse<span class=\"_ _0\"></span>s (ECL<span class=\"_ _0\"></span>s) for:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">financ<span class=\"_ _0\"></span>ial assets m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>d at amorti<span class=\"_ _0\"></span>sed cost;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">debt instruments measured at fai<span class=\"_ _0\"></span>r value with value changes recognized <span class=\"_ _0\"></span>in other </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _9f\"></span>e;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls39 ws1f4\">fina<span class=\"_ _3\"></span>nce le<span class=\"_ _3\"></span>ase r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">loan <span class=\"ls1 ws1f6\">commitments and finan<span class=\"_ _0\"></span>cial guarantee contract<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">for the purpose of determining the loss allo<span class=\"_ _0\"></span>wance for expected credit losses, the </span></span>financ<span class=\"_ _0\"></span>ial asse<span class=\"_ _0\"></span>ts are classif<span class=\"_ _9f\"></span>ied in three stag<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>s:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws251\">Stage 1: perf<span class=\"_ _0\"></span>orming<span class=\"_ _0\"></span> asse<span class=\"_ _0\"></span>ts, for w<span class=\"_ _0\"></span>hich<span class=\"_ _0\"></span> at initial<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nition <span class=\"_ _0\"></span>a one<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">year </span></span></span>expec<span class=\"_ _3\"></span>t<span class=\"ls1 ws1f2\">ed credit loss <span class=\"_ _0\"></span>allowance is made b<span class=\"_ _0\"></span>ased on the probability that <span class=\"_ _0\"></span>events </span>will oc<span class=\"_ _0\"></span>cur with<span class=\"_ _0\"></span>in 12 mon<span class=\"_ _0\"></span>ths tha<span class=\"_ _0\"></span>t give r<span class=\"_ _0\"></span>ise to def<span class=\"_ _0\"></span>ault;<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ws1f8\">S<span class=\"_ _3\"></span>tage 2: underpe<span class=\"_ _0\"></span>rforming assets for which a lifetim<span class=\"_ _0\"></span>e expected credit loss </span>allowance is made if there has been a significa<span class=\"_ _0\"></span>nt increas<span class=\"ls35 ws1f0\">e in cre<span class=\"_ _0\"></span>dit risk s<span class=\"_ _0\"></span>ince </span>initia<span class=\"_ _0\"></span>l recogn<span class=\"_ _0\"></span>ition; <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls40 ws275\">S<span class=\"_ _3\"></span>tage 3: for non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws236\">perform<span class=\"_ _0\"></span>ing as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span> estim<span class=\"_ _0\"></span>ate is m<span class=\"_ _0\"></span>ade of<span class=\"_ _0\"></span> the rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble </span></span></span>amount. When the carrying am<span class=\"_ _0\"></span>ount of an asset is higher than the recove<span class=\"_ _0\"></span>rable amount,<span class=\"_ _0\"></span> an impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t is reco<span class=\"_ _0\"></span>rded in ord<span class=\"_ _9f\"></span>er to bring th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span><span class=\"ls1 ws1fe\">ing amount of </span>the as<span class=\"_ _0\"></span>set bac<span class=\"_ _0\"></span>k to the r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>able a<span class=\"_ _0\"></span>mount.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Changes in lo<span class=\"_ _0\"></span>ss allowances ar<span class=\"_ _0\"></span>e recognized under th<span class=\"_ _0\"></span>e item \u2018Impairmen<span class=\"_ _0\"></span>t losses\u2019 in profit an<span class=\"_ _0\"></span>d loss. <span class=\"ws1eb\">Th<span class=\"_ _0\"></span>e loss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e for ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es is pre<span class=\"_ _0\"></span>sented<span class=\"_ _0\"></span>: <span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">as deducted from th<span class=\"_ _0\"></span>e gross carrying amount<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls33 ws276\">of fi<span class=\"_ _3\"></span>nancial as<span class=\"_ _3\"></span>sets tha<span class=\"_ _3\"></span>t are </span></span></span></span>measur<span class=\"_ _0\"></span>ed at amor<span class=\"_ _0\"></span>tised cos<span class=\"_ _0\"></span>t (incl. lea<span class=\"_ _0\"></span>se receiva<span class=\"_ _0\"></span>bles);<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws244\">as a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce in oth<span class=\"_ _0\"></span>er comp<span class=\"_ _0\"></span>rehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>come fo<span class=\"_ _0\"></span>r debt ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts </span></span>measured at fair va<span class=\"_ _0\"></span>lue with value chang<span class=\"_ _0\"></span>es recognized in othe<span class=\"_ _0\"></span>r comprehensive in<span class=\"_ _3\"></span>come<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls42 ws277\">as a loss allowan<span class=\"ls25 ws224\">c<span class=\"_ _0\"></span>e under obl<span class=\"_ _0\"></span>igation<span class=\"_ _9f\"></span>s resulting f<span class=\"_ _0\"></span>rom loan com<span class=\"_ _0\"></span>mitmen<span class=\"_ _9f\"></span>ts and </span></span></span>financ<span class=\"_ _0\"></span>ial guarant<span class=\"_ _0\"></span>ee contr<span class=\"_ _0\"></span>acts.<span class=\"ls1 ws1\"> </span>The staging in the event of a significant increase (or decreas<span class=\"_ _0\"></span>e) in credit risk is done on an individual contract level (\u2018botto<span class=\"_ _0\"></span>m<span class=\"ws1\">-</span>up\u2019 staging) based on certain criteria <span class=\"ls34 ws1ea\">such </span>as paym<span class=\"_ _0\"></span>ent arre<span class=\"_ _0\"></span>ars, ren<span class=\"_ _0\"></span>egotia<span class=\"_ _0\"></span>tions, a<span class=\"_ _0\"></span>nd ratin<span class=\"_ _0\"></span>g catego<span class=\"_ _0\"></span>ry. Th<span class=\"_ _0\"></span>e internal<span class=\"_ _0\"></span> credit r<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> is used for the indiv<span class=\"_ _0\"></span>idual staging of loans. As <span class=\"_ _0\"></span>this is a criterion based on <span class=\"_ _0\"></span>past history<span class=\"_ _0\"></span>, a dist<span class=\"_ _0\"></span>inct \u2018coll<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e staging<span class=\"_ _0\"></span>\u2019 logic<span class=\"_ _0\"></span> is used as w<span class=\"_ _0\"></span>ell to tak<span class=\"_ _0\"></span>e into accou<span class=\"_ _9f\"></span>nt t<span class=\"ls34 ws1ea\">he </span>macroeconomic outlook.<span class=\"ls1\"> </span>For the bond por<span class=\"_ _0\"></span>tfolio, the \u2018low credit ri<span class=\"_ _0\"></span>sk exemption\u2019 is applied: <span class=\"_ _0\"></span>as long as bonds retain their investment grade rat<span class=\"_ _0\"></span>ing category, they remain in stage 1. On th<span class=\"_ _0\"></span>e basis of the low credit risk at the reporting dat<span class=\"_ _0\"></span>e it may be concluded that there has been<span class=\"_ _0\"></span> no significant increase in credit risk. <span class=\"_ _0\"></span>Should a bond migrate to a non<span class=\"ws1\">-<span class=\"ls33 ws1f0\">investm<span class=\"_ _3\"></span>ent </span></span>grade <span class=\"_ _0\"></span>rating<span class=\"_ _0\"></span> categ<span class=\"_ _0\"></span>ory, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> b<span class=\"_ _0\"></span>ank wi<span class=\"_ _0\"></span>ll eith<span class=\"_ _9f\"></span>er sell <span class=\"_ _0\"></span>the bond<span class=\"_ _9f\"></span> or tran<span class=\"_ _0\"></span>sfer it t<span class=\"_ _0\"></span>o stag<span class=\"_ _0\"></span>e 2 and determine an approp<span class=\"_ _0\"></span>riate lifetime ECL. <span class=\"ws1\"> </span>A valua<span class=\"_ _0\"></span>tion mod<span class=\"_ _0\"></span>el calc<span class=\"ls25 ws1f9\">u<span class=\"_ _0\"></span>lates <span class=\"_ _0\"></span>the exp<span class=\"_ _9f\"></span>ected cred<span class=\"_ _0\"></span>it loss<span class=\"_ _0\"></span>es for co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in st<span class=\"_ _0\"></span>ages 1<span class=\"_ _0\"></span> </span>and 2 in line with the litera<span class=\"_ _0\"></span>ture on IFRS9 ECL modelling. They ar<span class=\"_ _0\"></span>e determined withou<span class=\"_ _0\"></span>t any d<span class=\"_ _9f\"></span>eliberate o<span class=\"_ _0\"></span>ptimi<span class=\"_ _0\"></span>stic o<span class=\"_ _0\"></span>r conse<span class=\"_ _0\"></span>rvativ<span class=\"_ _0\"></span>e bias,<span class=\"_ _0\"></span> and ar<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ed on al<span class=\"_ _0\"></span>l reasonable and subst<span class=\"_ _0\"></span>antiated information <span class=\"ls25 ws224\">av<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le by ju<span class=\"_ _0\"></span>stifi<span class=\"_ _0\"></span>able co<span class=\"_ _0\"></span>st or ef<span class=\"_ _0\"></span>fort.<span class=\"_ _0\"></span> </span>This includes inf<span class=\"_ _0\"></span>ormation about past h<span class=\"_ _0\"></span>istory, present circumstan<span class=\"_ _0\"></span>ces and future<span class=\"_ _0\"></span> projec<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> They <span class=\"_ _0\"></span>also <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t the ex<span class=\"_ _9f\"></span>pected v<span class=\"_ _0\"></span>alue th<span class=\"_ _9f\"></span>at the b<span class=\"_ _0\"></span>ank dee<span class=\"_ _0\"></span>ms pos<span class=\"_ _0\"></span>sible<span class=\"_ _0\"></span> in the for<span class=\"_ _0\"></span>eseea<span class=\"_ _0\"></span>ble fu<span class=\"_ _0\"></span>ture.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span>These one<span class=\"ws1\">-<span class=\"ls30 ws278\">yea<span class=\"_ _0\"></span>r expect<span class=\"_ _0\"></span>ed credi<span class=\"_ _0\"></span><span class=\"ls25 ws1fc\">t loss<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> lifeti<span class=\"_ _0\"></span>me expe<span class=\"_ _0\"></span>cted cre<span class=\"_ _0\"></span>dit los<span class=\"_ _0\"></span>ses are<span class=\"_ _0\"></span> </span></span></span>calculated for each individual <span class=\"_ _0\"></span>contract on the basis of the future c<span class=\"_ _0\"></span>ash flows and the following model pa<span class=\"_ _0\"></span>rameters:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">PD stands for \u2018Probability of Default\u2019 in a<span class=\"_ _0\"></span> given period. The PD modelling has </span></span>been set up using m<span class=\"_ _0\"></span>igration matrice<span class=\"_ _0\"></span>s based on existing in<span class=\"_ _0\"></span>ternal credit ratings<span class=\"_ _0\"></span> for loans and supplied by <span class=\"_ _0\"></span>rating agency DBRS for the bond po<span class=\"_ _0\"></span>rtfolio.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">Loss <span class=\"_ _3\"></span><span class=\"ls1 ws1\">G<span class=\"ls54 ws279\">i<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span> <span class=\"_ _3\"></span></span>D<span class=\"ls25 ws1f9\">efau<span class=\"_ _9f\"></span>lt (LGD) s<span class=\"_ _0\"></span>tands f<span class=\"_ _0\"></span>or ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> loss in<span class=\"_ _9f\"></span> the even<span class=\"_ _0\"></span>t of def<span class=\"_ _0\"></span>ault.<span class=\"_ _0\"></span> The </span></span></span></span>LGD figure is obtained<span class=\"_ _0\"></span> from the \u2018exposure at d<span class=\"_ _0\"></span>efault\u2019 and the pledged coll<span class=\"_ _0\"></span>ateral.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws27a\">\u2018Surviv<span class=\"_ _0\"></span>al Probab<span class=\"_ _0\"></span>ility\u2019 is t<span class=\"_ _0\"></span>he prob<span class=\"_ _0\"></span>ability t<span class=\"_ _0\"></span>hat a contr<span class=\"_ _0\"></span>act is sti<span class=\"_ _0\"></span>ll liab<span class=\"_ _0\"></span>le to credi<span class=\"_ _0\"></span>t </span></span>losse<span class=\"_ _0\"></span>s. The <span class=\"_ _0\"></span>Survival <span class=\"_ _0\"></span>Prob<span class=\"_ _0\"></span>ability i<span class=\"_ _0\"></span>s dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ed on the b<span class=\"_ _0\"></span>asis of<span class=\"_ _0\"></span>:<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws232\">the probab<span class=\"_ _0\"></span>ility th<span class=\"_ _0\"></span>at a cont<span class=\"_ _0\"></span>ract ha<span class=\"_ _0\"></span>s not di<span class=\"_ _0\"></span>sappea<span class=\"_ _0\"></span>red fro<span class=\"_ _0\"></span>m the bal<span class=\"_ _0\"></span>ance <span class=\"ws1ec\">sh<span class=\"_ _0\"></span>eet </span></span>following an earlier d<span class=\"_ _0\"></span>efault, and <span class=\"ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws208\">the probabi<span class=\"_ _0\"></span>lity tha<span class=\"_ _0\"></span>t a contra<span class=\"_ _0\"></span>ct has no<span class=\"_ _0\"></span>t yet disap<span class=\"_ _0\"></span>peared<span class=\"_ _0\"></span> from the b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> sheet </span>follow<span class=\"_ _0\"></span>ing full e<span class=\"_ _0\"></span>arly rep<span class=\"_ _0\"></span>ayment.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws1fa\">Effective I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t Rate\u2019<span class=\"_ _0\"></span> (EIR)<span class=\"_ _0\"></span> is the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st rate a<span class=\"_ _0\"></span>t whic<span class=\"_ _0\"></span>h the lo<span class=\"_ _0\"></span>sses </span>are di<span class=\"_ _0\"></span>scounted<span class=\"_ _0\"></span>. For f<span class=\"_ _0\"></span>i<span class=\"ls31 ws206\">xed<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-</span></span>rat<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>acts thi<span class=\"_ _0\"></span>s is th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ctual <span class=\"_ _0\"></span>effectiv<span class=\"_ _9f\"></span>e interest<span class=\"_ _0\"></span> rate; for v<span class=\"_ _9f\"></span>ar<span class=\"_ _3\"></span>iab<span class=\"_ _0\"></span>le<span class=\"ls1 ws1\">-<span class=\"ls25 ws1db\">rate co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, the most rec<span class=\"_ _0\"></span>ent fixing<span class=\"_ _0\"></span> is used.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>On each closing date, <span class=\"ws1\">an <span class=\"_ _24\"></span><span class=\"ls35 ws213\">inv<span class=\"_ _0\"></span>estigat<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">ion is performed<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws232\">whet<span class=\"_ _3\"></span>her ther<span class=\"_ _3\"></span>e are<span class=\"_ _3\"></span> object<span class=\"_ _3\"></span>ive </span></span></span></span></span>indications that a financial ass<span class=\"_ _0\"></span>et is becoming non<span class=\"ws1\">-</span>performing an<span class=\"_ _0\"></span>d therefore transf<span class=\"_ _0\"></span>ers to s<span class=\"_ _0\"></span>tage 3<span class=\"ls34 ws1f5\">, base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls40\">on one of the following objectively observable ev<span class=\"_ _0\"></span>ents:<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">major f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al diffi<span class=\"_ _0\"></span>culti<span class=\"_ _0\"></span>es at the b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>er;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws27b\">breach of contract, in<span class=\"ls1 ws24b\">cluding failure to meet due date<span class=\"_ _0\"></span>s for principal and/or </span></span></span>inte<span class=\"_ _3\"></span>rest re<span class=\"_ _3\"></span>payments<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the granting by the bank of certain terms, for economic or lega<span class=\"_ _0\"></span>l reasons, which </span></span>the Group under norma<span class=\"_ _0\"></span>l circumstances would not grant t<span class=\"_ _0\"></span>o the borrower;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">the likelihood <span class=\"_ _3\"></span>of the <span class=\"ws1f6\">borrower going b<span class=\"_ _0\"></span>ankrupt or being restruc<span class=\"_ _0\"></span>tured;<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">for bonds, the e<span class=\"_ _0\"></span>xtinction of an ac<span class=\"_ _0\"></span>tive market due to<span class=\"_ _0\"></span> financial difficult<span class=\"_ _0\"></span>ies or other </span></span>indications threatening <span class=\"_ _0\"></span>the recoverability of<span class=\"_ _0\"></span> the acquisition value;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">objective criteria showing a m<span class=\"_ _0\"></span>easurable deterioration o<span class=\"ls30 ws27c\">f<span class=\"_ _0\"></span> the exp<span class=\"_ _0\"></span>ected f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e </span></span></span>cash flows from a <span class=\"_ _0\"></span>collective group of f<span class=\"_ _0\"></span>inancial assets, even though <span class=\"_ _0\"></span>such deterioration cannot b<span class=\"_ _0\"></span>e detected on an individu<span class=\"_ _0\"></span>al basis, or criteria indicating <span class=\"_ _0\"></span>a deter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on of <span class=\"_ _0\"></span>the cred<span class=\"_ _0\"></span>itwo<span class=\"_ _0\"></span>rthiness<span class=\"_ _0\"></span> or f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al cap<span class=\"_ _0\"></span>acity o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> borrow<span class=\"_ _0\"></span>ers of<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>the group, or national or<span class=\"_ _0\"></span> economic circumstances sp<span class=\"_ _0\"></span>ecific to that group of borrow<span class=\"_ _9f\"></span>ers.<span class=\"ls1 ws1\"> </span>For st<span class=\"_ _0\"></span>age 3 con<span class=\"_ _0\"></span>tracts, <span class=\"_ _0\"></span>an esti<span class=\"_ _0\"></span>mate is m<span class=\"_ _9f\"></span>ade of the <span class=\"_ _0\"></span>recove<span class=\"_ _0\"></span>rable am<span class=\"_ _0\"></span>ount. W<span class=\"_ _0\"></span>hen the<span class=\"_ _0\"></span> carrying amount of an asset is higher than<span class=\"_ _0\"></span> the recoverable amount, an impairment is reco<span class=\"_ _0\"></span>rd<span class=\"ls1 ws252\">ed in order to bring the c<span class=\"_ _0\"></span>arrying amount of the asset back to th<span class=\"_ _0\"></span>e </span>recoverable amount. <span class=\"ls1\"> </span>The net recoverab<span class=\"_ _0\"></span>le amount of an <span class=\"_ _0\"></span>asset is defined as the<span class=\"_ _0\"></span> higher of the followin<span class=\"_ _0\"></span>g va<span class=\"_ _3\"></span>lues<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the net sale price (assuming a vol<span class=\"_ _0\"></span>untary sale), and<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the value in us<span class=\"_ _0\"></span>e (based on the p<span class=\"_ _0\"></span>resent value of the e<span class=\"_ _0\"></span>xpected future cash<span class=\"_ _0\"></span> flows).<span class=\"ws1\"> </span></span></span>12.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls50 wscc\">In<span class=\"_ _0\"></span>ventories / con<span class=\"_ _0\"></span>struction contracts<span class=\"ls1 ws1\"> </span></span>Inven<span class=\"_ _0\"></span>tories a<span class=\"_ _0\"></span>re valu<span class=\"_ _0\"></span>ed at co<span class=\"_ _0\"></span>st (purch<span class=\"_ _9f\"></span>ase or produ<span class=\"_ _9f\"></span>ction co<span class=\"_ _0\"></span>st) or at n<span class=\"_ _0\"></span>et reali<span class=\"_ _0\"></span>sable<span class=\"_ _0\"></span> value w<span class=\"_ _0\"></span>hen this <span class=\"_ _0\"></span>is lower. <span class=\"_ _0\"></span>The produ<span class=\"_ _0\"></span>ction c<span class=\"_ _0\"></span>ost comp<span class=\"_ _0\"></span>rises a<span class=\"_ _0\"></span>ll direct <span class=\"_ _0\"></span>and indir<span class=\"_ _0\"></span>ect cost<span class=\"ls33 ws1f0\">s </span>incurred in bringing th<span class=\"_ _0\"></span>e inventories to the<span class=\"_ _0\"></span>ir completion at balance sh<span class=\"_ _0\"></span>eet date and this co<span class=\"_ _9f\"></span>rresponds<span class=\"_ _0\"></span> with th<span class=\"_ _9f\"></span>e estimat<span class=\"_ _0\"></span>ed sale<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>ces in n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>l circu<span class=\"_ _0\"></span>mstanc<span class=\"_ _0\"></span>es, min<span class=\"_ _0\"></span>us the handling, marketing <span class=\"_ _0\"></span>and distribution costs (net real<span class=\"_ _0\"></span>izable value). Construction<span class=\"_ _0\"></span> cont<span class=\"_ _3\"></span>rac<span class=\"ls1 ws1f5\">ts are valued according to the Perc<span class=\"_ _0\"></span>entage of Completion method where<span class=\"_ _0\"></span>by </span>the re<span class=\"_ _0\"></span>sult is <span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized in<span class=\"_ _0\"></span> acco<span class=\"_ _0\"></span>rdance<span class=\"_ _0\"></span> with pro<span class=\"_ _0\"></span>gress o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e works. <span class=\"_ _0\"></span><span class=\"ls33\">Expec<span class=\"_ _3\"></span>ted l<span class=\"_ _3\"></span>osses </span>are imm<span class=\"_ _9f\"></span>ediatel<span class=\"_ _0\"></span>y recogn<span class=\"_ _9f\"></span>ized as an <span class=\"_ _0\"></span>expen<span class=\"_ _0\"></span>se.<span class=\"ls1 ws1\"> </span>13.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Capital and re<span class=\"_ _3\"></span>serve<span class=\"_ _3\"></span>s</span> Costs which are related <span class=\"_ _0\"></span>to a capital transaction ar<span class=\"_ _0\"></span>e deducted from the capital.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>The purchase of <span class=\"_ _0\"></span>treasury shares i<span class=\"_ _0\"></span>s deducted from <span class=\"_ _0\"></span>equity at purchase p<span class=\"_ _0\"></span>rice. Sub<span class=\"_ _3\"></span>sequent sa<span class=\"_ _3\"></span>le or ca<span class=\"_ _3\"></span>ncellat<span class=\"_ _3\"></span>ion at a l<span class=\"_ _3\"></span>ater date<span class=\"_ _3\"></span> does not a<span class=\"_ _3\"></span>ffect th<span class=\"_ _3\"></span>e result<span class=\"_ _3\"></span>. Profit<span class=\"_ _3\"></span>s and loss<span class=\"_ _0\"></span>es with reg<span class=\"_ _0\"></span>ard to treasu<span class=\"_ _0\"></span>ry share<span class=\"_ _0\"></span>s are record<span class=\"_ _0\"></span>ed d<span class=\"ls1 ws1ed\">irectly in equity.<span class=\"ws1\"> </span></span>14.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Translation d<span class=\"_ _3\"></span>iffer<span class=\"_ _3\"></span>ences</span> Transactions in foreign currenc<span class=\"_ _0\"></span>y are recorded at the exchange rate on <span class=\"_ _0\"></span>the date of the transaction. Positive <span class=\"_ _0\"></span>and negative unrealised translation diff<span class=\"_ _0\"></span>erences, resulting from th<span class=\"_ _0\"></span>e calc<span class=\"_ _0\"></span>ulation<span class=\"_ _0\"></span> of mo<span class=\"_ _0\"></span>netary <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> and li<span class=\"_ _0\"></span><span class=\"ls35 ws24c\">abilit<span class=\"_ _0\"></span>ies at c<span class=\"_ _0\"></span>losing <span class=\"_ _0\"></span>rate on b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> </span>sheet<span class=\"_ _0\"></span> date,<span class=\"_ _0\"></span> are re<span class=\"_ _0\"></span>corded <span class=\"_ _0\"></span>as in<span class=\"_ _0\"></span>come or<span class=\"_ _0\"></span> cost<span class=\"_ _0\"></span> respec<span class=\"_ _0\"></span>tivel<span class=\"_ _0\"></span>y in th<span class=\"_ _0\"></span>e profi<span class=\"_ _0\"></span>t and lo<span class=\"_ _9f\"></span>ss account.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Based<span class=\"_ _0\"></span> upon<span class=\"_ _0\"></span> the clo<span class=\"_ _0\"></span>sing ra<span class=\"_ _0\"></span>te m<span class=\"_ _0\"></span>ethod, a<span class=\"_ _9f\"></span>ssets and<span class=\"_ _0\"></span> liabi<span class=\"_ _0\"></span>lities<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>olidat<span class=\"_ _0\"></span>ed subsidiary are conve<span class=\"_ _0\"></span>rted at closing rate, while th<span class=\"_ _0\"></span>e <span class=\"ls30 ws23d\">income st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent is conv<span class=\"_ _9f\"></span>erted </span>at the average ra<span class=\"_ _0\"></span>te of the period, w<span class=\"_ _0\"></span>hich results in tran<span class=\"_ _0\"></span>slation differences includ<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e consol<span class=\"_ _9f\"></span>idated 'o<span class=\"_ _0\"></span>ther c<span class=\"_ _0\"></span>ompreh<span class=\"_ _9f\"></span>ensive inc<span class=\"_ _0\"></span>ome'.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>15.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Provisions<span class=\"_ _3\"></span></span> A provision is recognized if a <span class=\"_ _0\"></span>company belonging to the grou<span class=\"_ _0\"></span>p has a (legal or co<span class=\"ls25 ws224\">nstru<span class=\"_ _0\"></span>ctive)<span class=\"_ _0\"></span> obliga<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>s a r<span class=\"_ _0\"></span>esult o<span class=\"_ _0\"></span>f a pas<span class=\"_ _0\"></span>t even<span class=\"_ _0\"></span>t, and i<span class=\"_ _0\"></span>t is p<span class=\"_ _0\"></span>robable<span class=\"_ _0\"></span> that<span class=\"_ _0\"></span> the </span>settlem<span class=\"_ _9f\"></span>ent of th<span class=\"_ _0\"></span>is obl<span class=\"_ _0\"></span>igatio<span class=\"_ _0\"></span>n will<span class=\"_ _0\"></span> requ<span class=\"_ _0\"></span>ire an o<span class=\"_ _0\"></span>utflow<span class=\"_ _0\"></span> and <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>amount o<span class=\"_ _0\"></span>f thi<span class=\"_ _0\"></span>s obligation can be determined in <span class=\"_ _3\"></span>a reliable manner. In the event that the difference betw<span class=\"_ _0\"></span>een the no<span class=\"_ _0\"></span>m<span class=\"ls34 ws23c\">ina<span class=\"_ _3\"></span>l an<span class=\"_ _3\"></span>d disc<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>ed va<span class=\"_ _3\"></span>lue<span class=\"_ _3\"></span> is sig<span class=\"_ _3\"></span>nif<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>nt, a pr<span class=\"_ _3\"></span>ovi<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n is re<span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>ded </span>for the amount of the discounted value of<span class=\"_ _0\"></span> the e<span class=\"_ _3\"></span>stimat<span class=\"_ _0\"></span>ed expenses. The resulting increa<span class=\"_ _0\"></span>se of th<span class=\"_ _9f\"></span>e provisio<span class=\"_ _0\"></span>n in p<span class=\"_ _0\"></span>roportio<span class=\"_ _0\"></span>n to <span class=\"_ _0\"></span>the tim<span class=\"_ _0\"></span>e is reco<span class=\"_ _9f\"></span>rded as an<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest cha<span class=\"_ _0\"></span>rge.<span class=\"ls1 ws1\"> </span>Rest<span class=\"_ _0\"></span>ructuri<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span>Provi<span class=\"_ _0\"></span>sions f<span class=\"_ _0\"></span>or restru<span class=\"_ _0\"></span>cturing<span class=\"_ _0\"></span> costs a<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span> on<span class=\"_ _0\"></span>ly reco<span class=\"_ _0\"></span>gnized<span class=\"_ _0\"></span> when th<span class=\"_ _0\"></span>e group <span class=\"_ _0\"></span>alread<span class=\"_ _0\"></span>y has a detailed and approved <span class=\"_ _0\"></span>restructuring plan and the pl<span class=\"_ _0\"></span>anned restructuring has<span class=\"_ _0\"></span> alread<span class=\"_ _0\"></span>y start<span class=\"_ _0\"></span>ed or b<span class=\"_ _0\"></span>een an<span class=\"_ _0\"></span>nounced<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>e relevan<span class=\"_ _9f\"></span>t staff m<span class=\"_ _0\"></span>embers.<span class=\"_ _0\"></span> No prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s are mad<span class=\"_ _0\"></span>e for c<span class=\"_ _0\"></span>osts<span class=\"ls1 ws1\"> <span class=\"ls35 ws1ec\">re<span class=\"_ _0\"></span>lating <span class=\"_ _0\"></span>to the nor<span class=\"_ _0\"></span>mal act<span class=\"_ _0\"></span>ivities of<span class=\"_ _0\"></span> the gro<span class=\"_ _0\"></span>up.<span class=\"ls1 ws1\"> </span></span></span>Guar<span class=\"_ _0\"></span>antees<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>A prov<span class=\"_ _0\"></span>ision i<span class=\"_ _0\"></span>s mad<span class=\"_ _0\"></span>e fo<span class=\"_ _0\"></span>r warra<span class=\"_ _0\"></span>nty ob<span class=\"_ _0\"></span>ligatio<span class=\"_ _0\"></span>ns re<span class=\"_ _0\"></span>lating<span class=\"_ _0\"></span> to deli<span class=\"_ _0\"></span>vered <span class=\"_ _0\"></span>produ<span class=\"_ _0\"></span>cts, <span class=\"_ _0\"></span>service<span class=\"_ _0\"></span>s and con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s, bas<span class=\"_ _0\"></span>ed upon <span class=\"_ _0\"></span>statist<span class=\"_ _0\"></span>ical da<span class=\"_ _0\"></span>ta from<span class=\"_ _0\"></span> the pa<span class=\"_ _0\"></span>st.<span class=\"ls1 ws1\"> </span>16.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Contingent a<span class=\"_ _3\"></span>ssets and <span class=\"_ _3\"></span>liabil<span class=\"_ _3\"></span>ities</span> Contin<span class=\"_ _0\"></span>gent as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws23f\">and liabilities are mentioned in the note \u201cRights and </span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s not ref<span class=\"_ _0\"></span>lected<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet\u201d<span class=\"_ _0\"></span>, if th<span class=\"_ _0\"></span>eir imp<span class=\"_ _0\"></span>act is im<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>ant.<span class=\"ls1 ws1\"> </span>17.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">Ta<span class=\"_ _0\"></span>xes<span class=\"ls1 ws1\"> </span></span>Taxes c<span class=\"_ _0\"></span>oncern b<span class=\"_ _0\"></span>oth cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>t taxes o<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>sult as <span class=\"_ _0\"></span>deferr<span class=\"_ _0\"></span>ed tax<span class=\"_ _0\"></span>es. Both <span class=\"_ _0\"></span>types of<span class=\"_ _0\"></span> taxes <span class=\"_ _0\"></span>are r<span class=\"_ _0\"></span>ecord<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e <span class=\"ls25 ws22a\">prof<span class=\"_ _0\"></span>it and<span class=\"_ _0\"></span> los<span class=\"_ _0\"></span>s accoun<span class=\"_ _0\"></span>ts exc<span class=\"_ _0\"></span>ept whe<span class=\"_ _0\"></span>n they<span class=\"_ _0\"></span> relate<span class=\"_ _0\"></span> to </span>components being part of the equ<span class=\"_ _0\"></span>ity and therefore allocated to the equity. Deferr<span class=\"_ _0\"></span>ed taxes are based upon the balance sheet <span class=\"_ _0\"></span>method applied on temporary differenc<span class=\"_ _0\"></span>es between the carrying amount of the asset<span class=\"_ _0\"></span>s<span class=\"ws1\"> </span>and liabilities of the balance sheet and their <span class=\"_ _0\"></span>tax ba<span class=\"_ _0\"></span>se. Th<span class=\"_ _0\"></span>e main<span class=\"_ _0\"></span> tempo<span class=\"_ _0\"></span>rary dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ces con<span class=\"_ _0\"></span>sist o<span class=\"_ _0\"></span>f diff<span class=\"_ _0\"></span>erent <span class=\"_ _0\"></span>amorti<span class=\"_ _0\"></span>sation<span class=\"_ _0\"></span> percen<span class=\"_ _0\"></span>tages<span class=\"_ _0\"></span> of tan<span class=\"_ _0\"></span>gible fi<span class=\"_ _0\"></span>xed as<span class=\"_ _0\"></span>sets, p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>ns for<span class=\"_ _0\"></span> pensio<span class=\"_ _0\"></span>ns<span class=\"ls40 ws218\">, <span class=\"_ _24\"></span></span><span class=\"ws1ec\">carry<span class=\"ls1 ws1\">-</span></span>f<span class=\"_ _0\"></span>orward t<span class=\"_ _0\"></span>ax loss<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and tax credits</span>. </span>Deferre<span class=\"_ _0\"></span>d tax li<span class=\"_ _0\"></span>abilitie<span class=\"_ _0\"></span>s are<span class=\"ls1 ws1\"> <span class=\"ws1f6\">r<span class=\"_ _0\"></span>ecognized for all taxable tempo<span class=\"_ _0\"></span>rary differences: <span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">except when the def<span class=\"_ _0\"></span>erred tax liability arises fr<span class=\"_ _0\"></span>om the original recogni<span class=\"_ _0\"></span>tion of </span></span>goodw<span class=\"_ _0\"></span>ill or th<span class=\"_ _0\"></span>e initia<span class=\"_ _0\"></span>l recor<span class=\"_ _0\"></span>ding of <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> and liab<span class=\"_ _9f\"></span>ilities in <span class=\"_ _0\"></span>a transa<span class=\"_ _0\"></span>ction t<span class=\"_ _0\"></span>hat is not a business combination and that at t<span class=\"ls33 ws208\">he t<span class=\"_ _3\"></span>ime of <span class=\"_ _3\"></span>the t<span class=\"_ _3\"></span>ransac<span class=\"_ _3\"></span>tion has<span class=\"_ _3\"></span> no i<span class=\"_ _3\"></span>mpact </span>on the taxable profit;<span class=\"_ _0\"></span><span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws27f\">except w<span class=\"_ _9f\"></span>ith rega<span class=\"_ _0\"></span>rd to inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> subsid<span class=\"_ _9f\"></span>iaries, jo<span class=\"_ _0\"></span>int an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ciated<span class=\"_ _0\"></span> </span></span>compan<span class=\"_ _0\"></span>ies, w<span class=\"_ _0\"></span>here th<span class=\"_ _0\"></span>e grou<span class=\"_ _0\"></span>p is ab<span class=\"_ _0\"></span>le to c<span class=\"_ _0\"></span>ontrol<span class=\"_ _0\"></span> the dat<span class=\"_ _0\"></span>e when<span class=\"_ _0\"></span> the tem<span class=\"_ _0\"></span>pora<span class=\"_ _0\"></span>ry difference will be reversed, and i<span class=\"_ _0\"></span>t is not lik<span class=\"ls25 ws1eb\">ely that <span class=\"_ _0\"></span>the tem<span class=\"_ _0\"></span>porary d<span class=\"_ _0\"></span>iffer<span class=\"_ _0\"></span>ence wil<span class=\"_ _0\"></span>l </span>be rev<span class=\"_ _0\"></span>ersed <span class=\"_ _0\"></span>in the f<span class=\"_ _0\"></span>ores<span class=\"_ _0\"></span>eeabl<span class=\"_ _0\"></span>e future.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Defer<span class=\"_ _0\"></span>red tax a<span class=\"_ _0\"></span>ssets ar<span class=\"_ _0\"></span>e record<span class=\"_ _0\"></span>ed for al<span class=\"_ _0\"></span>l deductib<span class=\"_ _9f\"></span>le tempora<span class=\"_ _0\"></span>ry diffe<span class=\"_ _0\"></span>rences an<span class=\"_ _0\"></span>d on carr<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">-<span class=\"ls25 ws207\">forw<span class=\"_ _0\"></span>ard tax cred<span class=\"_ _0\"></span>its and tax lo<span class=\"_ _0\"></span>sses that ca<span class=\"_ _0\"></span>n be recover<span class=\"_ _0\"></span>ed, to the exten<span class=\"_ _9f\"></span>t <span class=\"_ _3\"></span>that it<span class=\"_ _0\"></span> </span></span>is probable<span class=\"ws1\"> <span class=\"ls25 ws204\">that th<span class=\"_ _0\"></span>ere wil<span class=\"_ _0\"></span>l be tax<span class=\"_ _0\"></span>able pro<span class=\"_ _0\"></span>fits in<span class=\"_ _0\"></span> the n<span class=\"_ _0\"></span>ear fut<span class=\"_ _0\"></span>ure in o<span class=\"_ _0\"></span>rder to b<span class=\"_ _0\"></span>e able<span class=\"_ _0\"></span> </span></span>to en<span class=\"_ _0\"></span>joy th<span class=\"_ _0\"></span>e tax b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t. Th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>moun<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e def<span class=\"_ _0\"></span>erred <span class=\"_ _0\"></span>tax a<span class=\"_ _0\"></span>ssets i<span class=\"_ _0\"></span>s veri<span class=\"_ _0\"></span>fied on every bal<span class=\"_ _0\"></span>ance sheet date a<span class=\"_ _0\"></span>nd impaired to th<span class=\"_ _0\"></span>e extent that i<span class=\"_ _0\"></span>t is no longer pro<span class=\"_ _0\"></span>bable that suff<span class=\"_ _0\"></span>ic<span class=\"ws1f9\">ien<span class=\"_ _0\"></span>t taxab<span class=\"_ _0\"></span>le profi<span class=\"_ _0\"></span>t will b<span class=\"_ _0\"></span>e avai<span class=\"_ _0\"></span>lable to<span class=\"_ _0\"></span> credit <span class=\"_ _0\"></span>all or p<span class=\"_ _0\"></span>art of<span class=\"_ _0\"></span> the def<span class=\"_ _0\"></span>erred<span class=\"_ _0\"></span> </span>taxes. D<span class=\"_ _0\"></span>eferr<span class=\"_ _0\"></span>ed tax as<span class=\"_ _0\"></span>sets and l<span class=\"_ _0\"></span>iabiliti<span class=\"_ _0\"></span>es shall b<span class=\"_ _0\"></span>e measur<span class=\"_ _0\"></span>ed at the t<span class=\"_ _0\"></span>ax rate<span class=\"_ _0\"></span>s that ar<span class=\"_ _0\"></span>e expect<span class=\"_ _0\"></span>ed to ap<span class=\"_ _0\"></span>ply to th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> when th<span class=\"_ _0\"></span>e asset is r<span class=\"_ _0\"></span>eali<span class=\"_ _0\"></span>sed or th<span class=\"_ _0\"></span>e liabi<span class=\"_ _0\"></span>lity is s<span class=\"_ _0\"></span>ettled,<span class=\"_ _9f\"></span> base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">on <span class=\"_ _0\"></span>tax ra<span class=\"_ _0\"></span>tes (and<span class=\"_ _9f\"></span> tax laws)<span class=\"_ _0\"></span> that h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en ena<span class=\"_ _0\"></span>cted or s<span class=\"_ _0\"></span>ubstan<span class=\"_ _9f\"></span>tively en<span class=\"_ _0\"></span>acted </span></span>by the end of the reporting <span class=\"_ _0\"></span>period.<span class=\"ws1\"> </span>IFRIC 23, which became effective as from January 1, 2019 onw<span class=\"_ _0\"></span>ards, clarifies how to apply the recognition and m<span class=\"_ _0\"></span>easurement requirements in IAS 12<span class=\"ws1\"> <span class=\"ls30 ws25c\">income tax<span class=\"_ _0\"></span>es </span></span>when an uncertainty over curre<span class=\"_ _0\"></span>nt and deferred income tax treatm<span class=\"_ _0\"></span>ents exists. The acceptability of a par<span class=\"_ _0\"></span>ticular tax treatment<span class=\"_ _0\"></span> under tax law may not be <span class=\"_ _0\"></span>known until the r<span class=\"_ _0\"></span>elevan<span class=\"_ _0\"></span>t taxati<span class=\"_ _0\"></span>on au<span class=\"_ _0\"></span>thority<span class=\"_ _0\"></span> or a <span class=\"_ _0\"></span>court t<span class=\"_ _0\"></span>akes a d<span class=\"_ _0\"></span>ecisio<span class=\"_ _0\"></span>n in th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re. In<span class=\"_ _0\"></span> ass<span class=\"ls34 ws1ea\">essi<span class=\"_ _3\"></span>ng </span>wheth<span class=\"_ _0\"></span>er and<span class=\"_ _0\"></span> how an<span class=\"_ _0\"></span> unce<span class=\"_ _0\"></span>rtain <span class=\"_ _0\"></span>tax trea<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span> affec<span class=\"_ _0\"></span>ts the d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>inatio<span class=\"_ _0\"></span>n of ta<span class=\"_ _0\"></span>xabl<span class=\"_ _0\"></span>e resul<span class=\"_ _0\"></span>ts, the Grou<span class=\"_ _0\"></span>p assume<span class=\"_ _0\"></span>s that a taxatio<span class=\"_ _9f\"></span>n <span class=\"_ _3\"></span>autho<span class=\"_ _9f\"></span>rity will exam<span class=\"_ _0\"></span>ine amoun<span class=\"_ _0\"></span>ts it has a right to examine and has full knowledge of all related information when m<span class=\"_ _0\"></span>aking those<span class=\"_ _3\"></span> e<span class=\"ls25 ws249\">xamin<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s. If th<span class=\"_ _0\"></span>e Group co<span class=\"_ _9f\"></span>ncludes it <span class=\"_ _0\"></span>is proba<span class=\"_ _0\"></span>ble th<span class=\"_ _0\"></span>at the <span class=\"_ _0\"></span>taxati<span class=\"_ _0\"></span>on </span>authority will accept <span class=\"_ _0\"></span>an uncertain ta<span class=\"ws1\">x <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">tre<span class=\"_ _0\"></span>atment, <span class=\"_ _0\"></span>it de<span class=\"_ _0\"></span>termine<span class=\"_ _0\"></span>s the t<span class=\"_ _0\"></span>axable<span class=\"_ _0\"></span> result<span class=\"_ _0\"></span> </span></span>consi<span class=\"_ _0\"></span>stently w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e tax treat<span class=\"_ _0\"></span>ment u<span class=\"_ _0\"></span>sed or p<span class=\"_ _0\"></span>lanned to<span class=\"_ _0\"></span> be used<span class=\"_ _0\"></span> in its in<span class=\"_ _0\"></span>come tax<span class=\"_ _0\"></span> fil<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>gs. I<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> Grou<span class=\"_ _3\"></span>p c<span class=\"ls25 ws204\">onclud<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at it i<span class=\"_ _0\"></span>s no<span class=\"_ _0\"></span>t probab<span class=\"_ _9f\"></span>le that a <span class=\"_ _0\"></span>taxat<span class=\"_ _0\"></span>ion au<span class=\"_ _0\"></span>thori<span class=\"_ _0\"></span>ty will<span class=\"_ _0\"></span> </span>accept <span class=\"_ _0\"></span>an un<span class=\"_ _0\"></span>certain<span class=\"_ _0\"></span> tax t<span class=\"_ _0\"></span>reatmen<span class=\"_ _9f\"></span>t, it refl<span class=\"_ _0\"></span>ects th<span class=\"_ _0\"></span>e eff<span class=\"_ _0\"></span>ect of un<span class=\"_ _0\"></span>certa<span class=\"_ _0\"></span>inty in<span class=\"_ _0\"></span> determining its accounting tax position. <span class=\"_ _0\"></span>If the possible outcomes are binary or concentrated to one value, the uncer<span class=\"_ _0\"></span><span class=\"ls25 ws204\">tain tax<span class=\"_ _0\"></span> posit<span class=\"_ _0\"></span>ion is me<span class=\"_ _0\"></span>asured u<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e most </span>likel<span class=\"_ _0\"></span>y amount.<span class=\"_ _0\"></span> In case th<span class=\"_ _0\"></span>ere exi<span class=\"_ _0\"></span>sts a rang<span class=\"_ _0\"></span>e of possib<span class=\"_ _0\"></span>le outco<span class=\"_ _0\"></span>mes tha<span class=\"_ _0\"></span>t are neith<span class=\"_ _0\"></span>er binary nor concentrated on on<span class=\"_ _0\"></span>e value, the sum of the weighted amounts in a range<span class=\"_ _0\"></span> of po<span class=\"_ _0\"></span>ssible ou<span class=\"_ _0\"></span>tcom<span class=\"_ _0\"></span>es might <span class=\"_ _0\"></span>best p<span class=\"_ _0\"></span>redict t<span class=\"_ _0\"></span>he reso<span class=\"_ _0\"></span><span class=\"ls34 ws1f5\">lu<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n of t<span class=\"_ _3\"></span>he u<span class=\"_ _3\"></span>ncer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>nty.<span class=\"ls1 ws1\"> </span></span>18.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">E<span class=\"_ _0\"></span>mployee b<span class=\"_ _0\"></span>enefits<span class=\"ls1 ws1\"> </span></span>Employee benefits cons<span class=\"_ _0\"></span>ist of short<span class=\"ws1\">-<span class=\"ls30 ws280\">ter<span class=\"_ _0\"></span>m emplo<span class=\"_ _0\"></span>yee ben<span class=\"_ _9f\"></span>efits, pos<span class=\"_ _0\"></span>templo<span class=\"_ _9f\"></span>yment </span></span>benefits, other long<span class=\"ws1\">-</span>term employe<span class=\"_ _0\"></span>e benefits, redundancy pay and rewards in equity instruments. The post<span class=\"ws1\">-<span class=\"ls30 ws281\">emplo<span class=\"_ _9f\"></span>yment ben<span class=\"_ _9f\"></span>efits incl<span class=\"_ _0\"></span>ude t<span class=\"_ _0\"></span>he p<span class=\"ls34 ws23f\">ensi<span class=\"_ _3\"></span>on pl<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>, li<span class=\"_ _3\"></span>fe </span></span></span>insurance policies and<span class=\"_ _0\"></span> insurance poli<span class=\"_ _0\"></span>cies for medical assis<span class=\"_ _0\"></span>tance. Pension plans w<span class=\"_ _0\"></span>ith fixed contribution or<span class=\"_ _0\"></span> defined benefit plan<span class=\"_ _0\"></span>s are provided <span class=\"_ _0\"></span>through separate fund<span class=\"_ _0\"></span>s or insurance plans. In addition, e<span class=\"_ _0\"></span>mployee benefits consisting of <span class=\"_ _0\"></span>equity <span class=\"ls25 ws1ec\">instru<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> </span>also exi<span class=\"_ _0\"></span>st.<span class=\"ls1 ws1\"> </span>Pension pl<span class=\"_ _0\"></span>ans<span class=\"ls1 ws1\"> </span>Defined Co<span class=\"_ _0\"></span>ntributio<span class=\"_ _0\"></span>n Plans<span class=\"ls1 ws1\"> </span>Several subsidiaries within the group hav<span class=\"_ _0\"></span>e taken out group insurance policies for the benefit of their employees. Since <span class=\"_ _0\"></span>Belgian subsidiaries are obliged to make<span class=\"_ _0\"></span> additional payments if <span class=\"_ _0\"></span>the average return on the em<span class=\"_ _0\"></span>ployers\u2019 contributions and o<span class=\"_ _0\"></span>n the e<span class=\"_ _3\"></span>mployees<span class=\"_ _3\"></span>\u2019<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">contributions is not atta<span class=\"_ _0\"></span>ined, those plans <span class=\"_ _0\"></span>should be treated as<span class=\"_ _0\"></span> </span></span>\u201cdefined benefit\u201d plans <span class=\"_ _0\"></span>in accordance with IAS19 (R<span class=\"_ _0\"></span>evised). <span class=\"ws1\"> </span>Defi<span class=\"_ _0\"></span>ned B<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t Plans<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The group has a number of defined benefit pension plans. The costs of the defined benefit pension plan<span class=\"_ _0\"></span>s are <span class=\"ls25 ws1f9\">actuar<span class=\"_ _0\"></span>ially d<span class=\"_ _0\"></span>etermin<span class=\"_ _9f\"></span>ed using th<span class=\"_ _0\"></span>e \u2018pro<span class=\"_ _0\"></span>jected u<span class=\"_ _0\"></span>nit cred<span class=\"_ _9f\"></span>it\u2019 </span>me<span class=\"_ _3\"></span>thod<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Reme<span class=\"_ _0\"></span>asuremen<span class=\"_ _9f\"></span>ts, compos<span class=\"_ _0\"></span>ed of ac<span class=\"_ _0\"></span>tuaria<span class=\"_ _0\"></span>l gains <span class=\"_ _0\"></span>and loss<span class=\"_ _0\"></span>es, th<span class=\"_ _0\"></span>e effect o<span class=\"_ _0\"></span>f chang<span class=\"_ _0\"></span>es to the asset ceiling and the return on plan<span class=\"_ _0\"></span> assets, are directly recognized in the balance sheet; a correspondin<span class=\"_ _0\"></span>g<span class=\"ws1\"> </span>amou<span class=\"_ _0\"></span>nt is credited or charg<span class=\"_ _0\"></span>ed to retained earnings through other comp<span class=\"_ _0\"></span>rehensive income in the period in whi<span class=\"_ _0\"></span>ch they arise. <span class=\"ws1\"> </span>Reme<span class=\"_ _0\"></span>asuremen<span class=\"_ _9f\"></span>ts are not reclas<span class=\"_ _0\"></span>sified to pr<span class=\"_ _0\"></span>ofit or loss in sub<span class=\"_ _9f\"></span>se<span class=\"_ _3\"></span>qu<span class=\"_ _0\"></span>ent period<span class=\"_ _9f\"></span>s.<span class=\"ls1 ws1\"> </span>Past se<span class=\"_ _0\"></span>rvice co<span class=\"_ _0\"></span>sts are r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ized in pro<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>r loss on t<span class=\"ls30 ws283\">h<span class=\"_ _0\"></span>e effec<span class=\"_ _9f\"></span>tive date o<span class=\"_ _0\"></span>f the ch<span class=\"_ _0\"></span>ange </span>or restriction of the pension plan or the date on which the group accoun<span class=\"_ _0\"></span>ts for reorgan<span class=\"_ _9f\"></span>ization co<span class=\"_ _0\"></span>sts, wh<span class=\"_ _0\"></span>icheve<span class=\"_ _0\"></span>r occu<span class=\"_ _0\"></span>rs firs<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Net interest is calculated by applying th<span class=\"_ _0\"></span>e discount rate to the net defined benefit asset o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>il<span class=\"ls1 ws1f6\">ity and is recognized <span class=\"_ _0\"></span>in consolidated profit or los<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span>Empl<span class=\"_ _0\"></span>oyee b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts in eq<span class=\"_ _0\"></span>uity<span class=\"_ _0\"></span> instr<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>On different level<span class=\"_ _0\"></span>s stock option plans exis<span class=\"_ _0\"></span>t within the AvH, giv<span class=\"_ _0\"></span>ing employees the right to<span class=\"_ _0\"></span> buy Av<span class=\"_ _0\"></span>H share<span class=\"_ _0\"></span>s or th<span class=\"_ _0\"></span>e shares o<span class=\"_ _0\"></span>f some su<span class=\"_ _9f\"></span>bsidiary <span class=\"_ _0\"></span>at a pred<span class=\"_ _0\"></span>efined p<span class=\"_ _9f\"></span>rice. <span class=\"ls52 ws24e\">This </span>price <span class=\"_ _0\"></span>is dete<span class=\"_ _0\"></span>rmined<span class=\"_ _0\"></span> at th<span class=\"_ _0\"></span>e time w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e optio<span class=\"_ _9f\"></span>ns are g<span class=\"_ _0\"></span>ranted a<span class=\"_ _0\"></span>nd it i<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on the mar<span class=\"_ _0\"></span>ket p<span class=\"_ _0\"></span>rice or th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> in<span class=\"_ _0\"></span>trinsic<span class=\"_ _0\"></span> value.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The pe<span class=\"_ _0\"></span>rform<span class=\"_ _0\"></span>ance of th<span class=\"_ _9f\"></span>e benefici<span class=\"_ _0\"></span>ary i<span class=\"_ _0\"></span>s measu<span class=\"_ _0\"></span>red (<span class=\"_ _0\"></span>at the mo<span class=\"_ _0\"></span>ment of<span class=\"_ _0\"></span> gran<span class=\"_ _0\"></span>ting) o<span class=\"_ _0\"></span>n the bas<span class=\"_ _0\"></span>is of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of the g<span class=\"_ _9f\"></span>ranted <span class=\"_ _0\"></span>options a<span class=\"_ _9f\"></span><span class=\"ls1 ws1fe\">nd warrants and recognized in<span class=\"_ _0\"></span> </span>profit <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>ss when <span class=\"_ _0\"></span>the serv<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>re ren<span class=\"_ _0\"></span>dered d<span class=\"_ _0\"></span>uring <span class=\"_ _0\"></span>the ve<span class=\"_ _0\"></span>sting pe<span class=\"_ _0\"></span>riod.<span class=\"ls1 ws1\"> </span>19.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls2f ws1e\">Revenue re<span class=\"_ _3\"></span>cognition (IFRS 1<span class=\"_ _3\"></span>5)</span> Revenue is recognised in accordanc<span class=\"_ _0\"></span>e with the IFRS standards, taking into account<span class=\"_ _0\"></span> the spe<span class=\"_ _0\"></span>cific a<span class=\"_ _0\"></span>ctivit<span class=\"_ _0\"></span>ies of ea<span class=\"_ _9f\"></span>ch segmen<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Revenu<span class=\"_ _0\"></span>e recognition <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Revenue is recognised when or as each performanc<span class=\"_ _0\"></span>e obligation is satisfied, at the amount<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e transa<span class=\"_ _0\"></span>ction<span class=\"_ _0\"></span> price a<span class=\"_ _0\"></span>llocat<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>at perf<span class=\"_ _0\"></span>orman<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igation<span class=\"_ _0\"></span>. Cont<span class=\"_ _0\"></span>rol of an ass<span class=\"_ _0\"></span>et refer<span class=\"_ _0\"></span>s to the abi<span class=\"_ _0\"></span>lity to d<span class=\"_ _0\"></span>irect th<span class=\"_ _0\"></span>e use of and<span class=\"_ _0\"></span> obtain su<span class=\"_ _0\"></span>bst<span class=\"ls35 ws1ec\">an<span class=\"_ _0\"></span>tially all th<span class=\"_ _9f\"></span>e </span>remain<span class=\"_ _0\"></span>ing benef<span class=\"_ _9f\"></span>its from the asse<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>When a performanc<span class=\"_ _0\"></span>e obligation is satisfi<span class=\"_ _0\"></span>ed by transferring a <span class=\"_ _0\"></span>promised good or servic<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er befo<span class=\"_ _0\"></span>re the <span class=\"_ _0\"></span>custom<span class=\"_ _0\"></span>er pays <span class=\"_ _0\"></span>consid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n or bef<span class=\"_ _0\"></span>ore pa<span class=\"_ _0\"></span>yment<span class=\"_ _0\"></span> is due,the Group presents the <span class=\"ls25 ws224\">con<span class=\"_ _9f\"></span>tract as a co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t asse<span class=\"_ _0\"></span>t, unles<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up's </span>rights to that amo<span class=\"_ _0\"></span>unt of consideration <span class=\"_ _0\"></span>are unconditional, in<span class=\"_ _0\"></span> which case the <span class=\"_ _0\"></span>Group recogn<span class=\"_ _0\"></span>ises a rece<span class=\"_ _0\"></span>ivable.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>When an a<span class=\"_ _0\"></span>mount o<span class=\"_ _0\"></span>f consid<span class=\"_ _9f\"></span>eration i<span class=\"_ _0\"></span>s recei<span class=\"_ _0\"></span>ved from a c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er prio<span class=\"_ _0\"></span>r to the G<span class=\"_ _0\"></span>roup transferring a good o<span class=\"ls25 ws1db\">r se<span class=\"_ _0\"></span>rvice to th<span class=\"_ _0\"></span>e customer, th<span class=\"_ _0\"></span>e Group pr<span class=\"_ _0\"></span>esents the co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span> as </span>a contract l<span class=\"_ _0\"></span>iability.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ma<span class=\"_ _0\"></span>in str<span class=\"_ _0\"></span>eams o<span class=\"_ _0\"></span>f rev<span class=\"_ _0\"></span>enue a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed if i<span class=\"_ _0\"></span>t meet<span class=\"_ _0\"></span>s the <span class=\"_ _0\"></span>criteri<span class=\"_ _0\"></span>a ou<span class=\"_ _0\"></span>tlined<span class=\"_ _0\"></span> below<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>Identi<span class=\"_ _0\"></span>fying t<span class=\"_ _0\"></span>he sepa<span class=\"_ _0\"></span>rate perf<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ance obli<span class=\"_ _0\"></span>gations<span class=\"_ _0\"></span> in a contr<span class=\"_ _0\"></span>act wit<span class=\"_ _0\"></span>h a cus<span class=\"_ _3\"></span>tomer<span class=\"ls1 ws1\"> </span>Most of t<span class=\"ls30 ws203\">he rev<span class=\"_ _0\"></span>enue r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ised b<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>struct<span class=\"_ _0\"></span>ion co<span class=\"_ _0\"></span>mpani<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span> the g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> relat<span class=\"_ _0\"></span>es </span>to cont<span class=\"_ _0\"></span>racts wi<span class=\"_ _0\"></span>th custo<span class=\"_ _0\"></span>mers f<span class=\"_ _0\"></span>or the sa<span class=\"_ _0\"></span>le of prope<span class=\"_ _0\"></span>rties an<span class=\"_ _0\"></span>d servic<span class=\"_ _9f\"></span>es revenue<span class=\"_ _0\"></span> generated from construc<span class=\"_ _0\"></span>tion, project management <span class=\"_ _0\"></span>and selling activities. In accoun<span class=\"_ _0\"></span>ting f<span class=\"_ _0\"></span>or these con<span class=\"_ _9f\"></span>tracts, <span class=\"ls1 ws1f7\">the Group is required to identify which good<span class=\"_ _0\"></span>s or </span>servic<span class=\"_ _0\"></span>es are d<span class=\"_ _0\"></span>istinct an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span>refore r<span class=\"_ _0\"></span>eprese<span class=\"_ _0\"></span>nt separ<span class=\"_ _0\"></span>ate perf<span class=\"_ _0\"></span>ormanc<span class=\"_ _0\"></span>e oblig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s to which revenue can be a<span class=\"_ _0\"></span>ssigned.<span class=\"ws1\"> </span>Manag<span class=\"_ _0\"></span>ement u<span class=\"_ _0\"></span>ses j<span class=\"_ _0\"></span>udgeme<span class=\"_ _0\"></span>nt to d<span class=\"_ _0\"></span>etermi<span class=\"_ _0\"></span>ne whe<span class=\"_ _0\"></span>ther a p<span class=\"_ _9f\"></span>romised go<span class=\"_ _0\"></span>od or<span class=\"_ _0\"></span> serv<span class=\"_ _0\"></span>ice is<span class=\"_ _0\"></span> dist<span class=\"_ _3\"></span>inct b<span class=\"_ _3\"></span>y asses<span class=\"ls25 ws232\">sing if th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r can b<span class=\"_ _0\"></span>enefit f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e good o<span class=\"_ _0\"></span>r servi<span class=\"_ _0\"></span>ce on i<span class=\"_ _0\"></span>ts </span>own or tog<span class=\"_ _0\"></span>ether<span class=\"_ _0\"></span> with othe<span class=\"_ _0\"></span>r resour<span class=\"_ _0\"></span>ces that ar<span class=\"_ _0\"></span>e readi<span class=\"_ _0\"></span>ly availab<span class=\"_ _9f\"></span>le to the custom<span class=\"_ _9f\"></span>er and by a<span class=\"_ _0\"></span>scertai<span class=\"_ _0\"></span>ning w<span class=\"_ _0\"></span>hether <span class=\"_ _0\"></span>the Grou<span class=\"_ _9f\"></span>p's promi<span class=\"_ _0\"></span>se to tran<span class=\"_ _9f\"></span>sfer the goo<span class=\"_ _0\"></span>d or se<span class=\"_ _0\"></span>rvice to the cu<span class=\"_ _9f\"></span>stomer i<span class=\"_ _0\"></span>s separa<span class=\"_ _0\"></span>tely id<span class=\"_ _0\"></span>entifi<span class=\"_ _0\"></span>able fro<span class=\"_ _0\"></span>m othe<span class=\"_ _0\"></span>r promis<span class=\"_ _0\"></span>es in <span class=\"_ _0\"></span>the cont<span class=\"_ _0\"></span>ract.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Deter<span class=\"_ _0\"></span>minati<span class=\"_ _0\"></span>on of tr<span class=\"_ _0\"></span>ansacti<span class=\"_ _0\"></span>on pri<span class=\"_ _0\"></span>ces for rev<span class=\"_ _0\"></span>enue <span class=\"_ _0\"></span>recogni<span class=\"_ _0\"></span>tion<span class=\"ls1 ws1\"> </span>The G<span class=\"_ _0\"></span>roup is <span class=\"_ _0\"></span>requi<span class=\"_ _0\"></span>red to<span class=\"_ _0\"></span> determi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>n pric<span class=\"_ _0\"></span>e in re<span class=\"_ _0\"></span>spect o<span class=\"_ _0\"></span>f each<span class=\"_ _0\"></span> of i<span class=\"_ _0\"></span>ts contr<span class=\"_ _0\"></span>acts w<span class=\"_ _0\"></span>ith cu<span class=\"_ _0\"></span>stomers.<span class=\"_ _9f\"></span> Where con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>ration <span class=\"_ _0\"></span>is va<span class=\"_ _0\"></span>riable d<span class=\"_ _0\"></span>ue to<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls34 ws1ef\">a per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e </span></span>bon<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>, the<span class=\"_ _3\"></span> Gr<span class=\"_ _3\"></span>oup e<span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>mate<span class=\"_ _3\"></span>s t<span class=\"_ _3\"></span>he a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span> of <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>iab<span class=\"_ _3\"></span>le c<span class=\"_ _3\"></span>onsi<span class=\"_ _3\"></span>dera<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n to<span class=\"_ _3\"></span> be<span class=\"_ _3\"></span> incl<span class=\"_ _3\"></span>ude<span class=\"_ _3\"></span>d in the t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tion pr<span class=\"_ _0\"></span>ice. <span class=\"ls1 ws1\"> </span>Allocation of transaction price to performance obli<span class=\"_ _0\"></span>gations in contracts with cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>rs <span class=\"ls1 ws1\"> </span>The Group us<span class=\"_ _0\"></span>es the stand<span class=\"ws1\">-<span class=\"ls35 ws269\">alon<span class=\"_ _0\"></span>e selling<span class=\"_ _0\"></span> price of<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls33 ws224\">the disti<span class=\"_ _3\"></span>nct good<span class=\"_ _3\"></span>s and servi<span class=\"_ _3\"></span>ces </span></span></span></span>underlying each performanc<span class=\"_ _0\"></span>e obligation to apportion the transaction price to id<span class=\"_ _3\"></span>enti<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> obl<span class=\"_ _3\"></span>igat<span class=\"_ _3\"></span>ions<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ws252\">This occurs for<span class=\"_ _0\"></span> a limited number of EPC<span class=\"_ _0\"></span>I </span></span>contracts in the \"Marine Engineering &amp; Contracting\" segment, where th<span class=\"ls39 ws1f4\">e multipl<span class=\"_ _3\"></span>e </span>perfor<span class=\"_ _0\"></span>mance ob<span class=\"_ _0\"></span>ligat<span class=\"_ _0\"></span>ions (procu<span class=\"_ _9f\"></span>rement act<span class=\"_ _0\"></span>ivities an<span class=\"_ _0\"></span>d insta<span class=\"_ _0\"></span>llation ac<span class=\"_ _0\"></span>tiviti<span class=\"_ _0\"></span>es) give ri<span class=\"_ _0\"></span>se to a sep<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>e revenu<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nition p<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>rn.<span class=\"ls1 ws1\">  </span>Satisfaction of perfo<span class=\"_ _0\"></span>rmance obligations for revenue recognition<span class=\"_ _0\"></span><span class=\"ws1\"> </span>The Grou<span class=\"_ _0\"></span>p asses<span class=\"_ _0\"></span>ses each<span class=\"_ _0\"></span> of its cu<span class=\"_ _0\"></span>stomer c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts to d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>e wheth<span class=\"_ _0\"></span>er perfor<span class=\"_ _0\"></span>mance o<span class=\"_ _0\"></span>bliga<span class=\"_ _0\"></span>tions a<span class=\"_ _0\"></span>re sati<span class=\"_ _0\"></span>sfied ov<span class=\"_ _0\"></span>er time o<span class=\"_ _0\"></span>r at a po<span class=\"_ _0\"></span>int in t<span class=\"_ _0\"></span>ime in ord<span class=\"_ _0\"></span>er to<span class=\"_ _0\"></span> determine when r<span class=\"_ _0\"></span>evenue is recognised. F<span class=\"_ _0\"></span>or sales of pro<span class=\"_ _0\"></span>perties under deve<span class=\"_ _0\"></span>lopment the Gro<span class=\"_ _0\"></span>up reco<span class=\"_ _9f\"></span>gnises rev<span class=\"_ _9f\"></span>enue over <span class=\"_ _0\"></span>time, <span class=\"_ _0\"></span>accord<span class=\"_ _0\"></span>ing to<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>ercen<span class=\"ls4a ws287\">tage<span class=\"_ _3\"></span> of </span>compl<span class=\"_ _0\"></span>etion me<span class=\"_ _0\"></span>thod, be<span class=\"_ _0\"></span>cause co<span class=\"_ _0\"></span>ntrol tr<span class=\"_ _0\"></span>ansf<span class=\"_ _0\"></span>ers ove<span class=\"_ _0\"></span>r time. It<span class=\"_ _0\"></span>s perform<span class=\"_ _0\"></span>ance cre<span class=\"_ _0\"></span>ates an ass<span class=\"_ _0\"></span>et tha<span class=\"_ _0\"></span>t the cu<span class=\"_ _0\"></span>stomer<span class=\"_ _0\"></span> contro<span class=\"_ _9f\"></span>ls as the a<span class=\"_ _0\"></span>sset i<span class=\"_ _0\"></span>s crea<span class=\"_ _0\"></span>ted. I<span class=\"_ _0\"></span>t does n<span class=\"_ _0\"></span>ot crea<span class=\"_ _9f\"></span>te<span class=\"_ _3\"></span> a<span class=\"_ _0\"></span>n asset <span class=\"_ _0\"></span>with alt<span class=\"_ _0\"></span>ernati<span class=\"_ _0\"></span>ve use a<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up has an <span class=\"_ _0\"></span>enforc<span class=\"_ _0\"></span>eable <span class=\"_ _0\"></span>right to p<span class=\"_ _0\"></span>aymen<span class=\"_ _0\"></span>t for perfo<span class=\"ls1 ws23f\">rmance completed to date. For the EPCI contracts, revenue on the </span>procu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t activiti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e recogni<span class=\"_ _0\"></span>sed at a<span class=\"_ _0\"></span> point in ti<span class=\"_ _0\"></span>me and th<span class=\"_ _0\"></span>e inst<span class=\"_ _0\"></span>allatio<span class=\"_ _0\"></span>n acti<span class=\"_ _3\"></span>vities<span class=\"_ _3\"></span> are rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d over ti<span class=\"_ _3\"></span>me.<span class=\"ls1 ws1\"> </span>Method of measuring progress<span class=\"_ _0\"></span> of completion of performance obligations and re<span class=\"ws1ec\">cognition of revenue <span class=\"ws1\"> </span></span>For perf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>nce oblig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>sfied ov<span class=\"_ _9f\"></span>er time, con<span class=\"_ _9f\"></span>tract reven<span class=\"_ _0\"></span>ue is re<span class=\"_ _0\"></span>cogniz<span class=\"_ _0\"></span>ed accord<span class=\"_ _0\"></span>ing to th<span class=\"_ _9f\"></span>e percentag<span class=\"_ _0\"></span>e of comp<span class=\"_ _0\"></span>letio<span class=\"_ _0\"></span>n of the co<span class=\"_ _0\"></span>ntract a<span class=\"_ _0\"></span>ctivit<span class=\"_ _0\"></span>y at the c<span class=\"_ _0\"></span>losing<span class=\"_ _9f\"></span> date by using an <span class=\"_ _0\"></span>input method calcu<span class=\"_ _0\"></span>lated as the propor<span class=\"_ _0\"></span>tion of contract c<span class=\"ls25 ws208\">o<span class=\"_ _9f\"></span>sts at the </span>closin<span class=\"_ _0\"></span>g dat<span class=\"_ _0\"></span>e and th<span class=\"_ _0\"></span>e estim<span class=\"_ _0\"></span>ated to<span class=\"_ _0\"></span>tal co<span class=\"_ _0\"></span>ntract <span class=\"_ _0\"></span>costs. A<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>ected lo<span class=\"_ _0\"></span>ss on a<span class=\"_ _0\"></span> cons<span class=\"_ _0\"></span>tructio<span class=\"_ _0\"></span>n contract is i<span class=\"_ _0\"></span>mmedi<span class=\"_ _0\"></span>ately reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d.<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> </span>Contr<span class=\"_ _0\"></span>acts for th<span class=\"_ _9f\"></span>e sale of pro<span class=\"_ _0\"></span>pertie<span class=\"_ _0\"></span>s conta<span class=\"_ _0\"></span>in cer<span class=\"_ _0\"></span>tain war<span class=\"_ _0\"></span>ranti<span class=\"_ _0\"></span>es cover<span class=\"_ _0\"></span>ing a per<span class=\"_ _0\"></span>iod of up t<span class=\"_ _3\"></span>o ten yea<span class=\"_ _3\"></span>rs afte<span class=\"_ _3\"></span>r compl<span class=\"_ _3\"></span>et<span class=\"ls25 ws1f9\">ion of<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>perty.<span class=\"_ _0\"></span> The Gro<span class=\"_ _0\"></span>up ass<span class=\"_ _0\"></span>essed tha<span class=\"_ _0\"></span>t the<span class=\"_ _0\"></span>se </span>condi<span class=\"_ _0\"></span>tions r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>t 'assuranc<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-</span>type'<span class=\"_ _0\"></span> warran<span class=\"_ _0\"></span>ties th<span class=\"_ _0\"></span>at are <span class=\"_ _0\"></span>legally<span class=\"_ _0\"></span> requir<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e provided as quality guarant<span class=\"_ _0\"></span>ees and will continue to be accounted fo<span class=\"_ _0\"></span>r under IAS 37, co<span class=\"_ _0\"></span>nsisten<span class=\"_ _0\"></span>t with <span class=\"_ _0\"></span>its curr<span class=\"_ _0\"></span>ent pra<span class=\"_ _0\"></span>ctic<span class=\"_ _0\"></span>e.<span class=\"ls1 ws1\"> </span>A v<span class=\"ls42 ws213\">ariation m<span class=\"_ _0\"></span>ay lead to an in<span class=\"_ _0\"></span>crease or a d<span class=\"_ _0\"></span>ecrease in con<span class=\"_ _0\"></span>tract revenu<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>. A v<span class=\"_ _0\"></span>ariation<span class=\"_ _0\"></span> </span>is an instruction by <span class=\"_ _0\"></span>the customer for a c<span class=\"_ _0\"></span>hange in the scope of th<span class=\"_ _0\"></span>e work to be perfor<span class=\"_ _0\"></span>med un<span class=\"_ _0\"></span>der th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>tract.<span class=\"_ _0\"></span> These<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>ract mo<span class=\"_ _0\"></span>dific<span class=\"_ _0\"></span>ations<span class=\"_ _0\"></span> form t<span class=\"_ _0\"></span>ypical<span class=\"_ _0\"></span>ly pa<span class=\"_ _0\"></span>rt of the performance <span class=\"ls25 ws236\">obl<span class=\"_ _0\"></span>igation th<span class=\"_ _9f\"></span>at is partia<span class=\"_ _0\"></span>lly satisf<span class=\"_ _0\"></span>ied at th<span class=\"_ _0\"></span>e date of th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act </span>modification, henc<span class=\"_ _0\"></span>e the effect is recognised as an adjus<span class=\"_ _0\"></span>tment to revenue.<span class=\"ws1\"> </span>Dividend revenue is recognised wh<span class=\"_ _0\"></span>en the<span class=\"_ _3\"></span> Group'<span class=\"_ _0\"></span>s right to receive the payment is esta<span class=\"_ _3\"></span>blishe<span class=\"_ _3\"></span>d.<span class=\"ls1 ws1\"> </span>Other r<span class=\"_ _0\"></span>evenu<span class=\"_ _0\"></span>e is recogn<span class=\"_ _9f\"></span>ised when it<span class=\"_ _0\"></span> is receiv<span class=\"_ _9f\"></span>ed or when th<span class=\"_ _0\"></span>e right to<span class=\"_ _0\"></span> receiv<span class=\"_ _0\"></span>e payment is established.<span class=\"ws1\"> </span>20.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Assets he<span class=\"_ _3\"></span>ld for sale a<span class=\"_ _3\"></span>nd disc<span class=\"_ _3\"></span>ontinued op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s</span> The Group classifies <span class=\"_ _3\"></span>non<span class=\"ws1\">-<span class=\"ls25 ws207\">cu<span class=\"_ _9f\"></span>rrent asse<span class=\"_ _0\"></span>ts and disp<span class=\"_ _0\"></span>osal<span class=\"_ _0\"></span> groups a<span class=\"_ _0\"></span>s held f<span class=\"_ _0\"></span>or sale i<span class=\"_ _0\"></span>f thei<span class=\"_ _0\"></span>r </span></span>carrying amounts will be recov<span class=\"_ _0\"></span>ered principally through a sale transaction rathe<span class=\"_ _0\"></span>r than through continuing use. Non<span class=\"ws1\">-<span class=\"ws1f6\">current as<span class=\"_ _0\"></span>sets and disposal group<span class=\"_ _0\"></span>s classified as </span></span>held fo<span class=\"_ _0\"></span>r sale a<span class=\"_ _0\"></span>re measur<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>r of their c<span class=\"_ _0\"></span>arrying<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t and fai<span class=\"_ _0\"></span>r value l<span class=\"_ _0\"></span>ess costs <span class=\"_ _0\"></span>to sel<span class=\"_ _0\"></span>l. Cost<span class=\"_ _0\"></span>s to sel<span class=\"_ _0\"></span>l are th<span class=\"_ _9f\"></span>e increm<span class=\"_ _0\"></span>ental c<span class=\"ws20a\">o<span class=\"_ _0\"></span>sts direc<span class=\"_ _0\"></span>tly att<span class=\"_ _0\"></span>ributab<span class=\"_ _0\"></span>le to the </span>disposal of an a<span class=\"_ _0\"></span>sset (disposal group)<span class=\"_ _0\"></span>, excluding finance <span class=\"_ _0\"></span>costs and income t<span class=\"_ _0\"></span>ax expense. The cri<span class=\"_ _0\"></span>teria f<span class=\"_ _0\"></span>or held f<span class=\"_ _0\"></span>or sal<span class=\"_ _0\"></span>e class<span class=\"_ _0\"></span>ificat<span class=\"_ _0\"></span>ion is r<span class=\"_ _0\"></span>egarded <span class=\"_ _0\"></span>as me<span class=\"_ _0\"></span>t only wh<span class=\"_ _0\"></span>en the <span class=\"_ _0\"></span>sale is<span class=\"_ _0\"></span> highly probable, and th<span class=\"_ _0\"></span>e asset or disposal group<span class=\"ws1\"> <span class=\"ls52 ws1f0\">is avai<span class=\"_ _3\"></span>lable<span class=\"_ _3\"></span> for imme<span class=\"_ _3\"></span>diate<span class=\"_ _3\"></span> sale<span class=\"_ _3\"></span> in </span></span>its pre<span class=\"_ _0\"></span>sent cond<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span>. Action<span class=\"_ _0\"></span>s requi<span class=\"_ _0\"></span>red to com<span class=\"_ _0\"></span>plete th<span class=\"_ _0\"></span>e sale sho<span class=\"_ _0\"></span>uld ind<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at it is unli<span class=\"_ _0\"></span>kely th<span class=\"_ _0\"></span>at sign<span class=\"_ _0\"></span>ifican<span class=\"_ _0\"></span>t chang<span class=\"_ _0\"></span>es to th<span class=\"_ _0\"></span>e sale w<span class=\"_ _0\"></span>ill be m<span class=\"_ _0\"></span>ade or <span class=\"_ _0\"></span>that the d<span class=\"_ _9f\"></span>ecision to<span class=\"_ _0\"></span> sell will b<span class=\"_ _0\"></span>e withdra<span class=\"_ _0\"></span>wn. Man<span class=\"_ _0\"></span>agem<span class=\"_ _0\"></span>ent must be co<span class=\"_ _0\"></span>mmit<span class=\"ls1 ws1ef\">ted <span class=\"_ _0\"></span>to the plan to sell t<span class=\"_ _0\"></span>he </span>asset and the sale expected to be completed within one yea<span class=\"_ _0\"></span>r from the date of the classif<span class=\"_ _0\"></span>icatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>21.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Events afte<span class=\"_ _3\"></span>r balance<span class=\"_ _3\"></span> sheet d<span class=\"_ _3\"></span>ate</span> Events may occur aft<span class=\"_ _0\"></span>er the balance sheet date whi<span class=\"_ _0\"></span>ch provide additional information with regard to the fin<span class=\"_ _0\"></span>ancial situation of the company at balan<span class=\"_ _0\"></span>ce sheet date (adjusting events). This information a<span class=\"_ _0\"></span>llows the adjustment of estimations and a better reflection of<span class=\"_ _0\"></span> the actual situation on the<span class=\"_ _0\"></span> balance sheet date. Thes<span class=\"_ _0\"></span>e events re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>n adj<span class=\"_ _3\"></span>ustm<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> ba<span class=\"_ _3\"></span>lan<span class=\"ls1 ws1f6\">ce sheet and the profit and loss acco<span class=\"_ _0\"></span>unt. Other </span>events <span class=\"_ _0\"></span>after ba<span class=\"_ _9f\"></span>lance sheet d<span class=\"_ _9f\"></span>ate are men<span class=\"_ _0\"></span>tioned<span class=\"_ _0\"></span> in the n<span class=\"_ _0\"></span>otes if <span class=\"_ _0\"></span>they hav<span class=\"_ _9f\"></span>e a signific<span class=\"_ _0\"></span>ant imp<span class=\"_ _3\"></span>act.<span class=\"ls1 ws1\"> </span>22.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls2f ws1e\">Earnings per sh<span class=\"_ _3\"></span>are</span> The group calculates bo<span class=\"_ _0\"></span>th the basic earnings per shar<span class=\"_ _0\"></span>e a<span class=\"ls34 ws1ea\">nd<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _3\"></span></span>the diluted earning<span class=\"_ _0\"></span>s per share in accordance with IAS 33. The<span class=\"_ _0\"></span> basic earnings per share are calculated on the basis of the we<span class=\"_ _0\"></span>ighted average number of<span class=\"_ _0\"></span> outstanding shares during th<span class=\"_ _0\"></span>e<span class=\"ws1\"> </span>period. Diluted earnings per share are calculated accord<span class=\"_ _0\"></span>ing to the average n<span class=\"ls34 ws1ea\">um<span class=\"_ _3\"></span>ber </span>of shares outstan<span class=\"_ _0\"></span>ding during the p<span class=\"_ _0\"></span>eriod plus the di<span class=\"_ _0\"></span>luted effect of the w<span class=\"_ _0\"></span>arrants and stock options outstand<span class=\"_ _0\"></span>ing during the period.<span class=\"ws1\"> </span>23.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">Segmen<span class=\"_ _0\"></span>t repo<span class=\"_ _0\"></span>rting<span class=\"ls1 ws1\"> </span></span>AvH is a d<span class=\"_ _0\"></span>ivers<span class=\"_ _0\"></span>ified grou<span class=\"_ _0\"></span>p which <span class=\"_ _0\"></span>is activ<span class=\"_ _0\"></span>e in the f<span class=\"_ _0\"></span>ollowin<span class=\"_ _0\"></span>g cor<span class=\"_ _0\"></span>e sector<span class=\"_ _0\"></span>s:<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _1\"></span><span class=\"ff3b ls49 ws205\">Marine E<span class=\"_ _3\"></span>ngineering &amp; <span class=\"ls25 ws1ec\">Contractin<span class=\"_ _0\"></span>g<span class=\"ff3a ls1 ws1\"> <span class=\"ws1ed\">wi<span class=\"_ _0\"></span>th DEME, one of the largest dr<span class=\"_ _0\"></span>edging </span></span></span></span></span>companies in the wor<span class=\"_ _0\"></span>ld, CFE a constructio<span class=\"_ _0\"></span>n group with headqua<span class=\"_ _0\"></span>rters in Belgium, Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ws1ed\">Port and Green Offshore.</span> </span>2. <span class=\"_ _2\"></span>Priv<span class=\"_ _0\"></span>ate B<span class=\"_ _0\"></span>anking<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws1f8\">with Delen Private Bank, one of th<span class=\"_ _0\"></span>e largest independent </span></span>priva<span class=\"_ _0\"></span>te asset mana<span class=\"_ _0\"></span>gers<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">in Belgium and asset manag<span class=\"_ _0\"></span>er JM Finn in the UK and </span></span>Bank Van<span class=\"_ _0\"></span> Breda,<span class=\"_ _0\"></span> a niche<span class=\"ls1 ws1\">-<span class=\"ws21f\">b<span class=\"_ _0\"></span>ank for entrepren<span class=\"_ _0\"></span>eurs and liberal profession<span class=\"_ _0\"></span>s in </span></span>Belgiu<span class=\"_ _0\"></span>m.3. <span class=\"_ _2\"></span>Real<span class=\"_ _0\"></span> Estat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span><span class=\"ls53 ws28c\">&amp; Se<span class=\"_ _3\"></span>nior Care</span><span class=\"ff3a\"> <span class=\"_ _4\"> </span>with <span class=\"_ _4\"></span><span class=\"ls33 ws1f0\">Nexte<span class=\"_ _3\"></span>nsa<span class=\"ls52 ws27a\">, a<span class=\"_ _3\"></span> listed<span class=\"_ _3\"></span></span></span> <span class=\"_ _24\"></span><span class=\"ls25 ws1ec\">integra<span class=\"_ _0\"></span>ted <span class=\"_ _24\"></span><span class=\"ws224\">real estate<span class=\"_ _0\"></span> </span></span></span>group.4.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _1\"></span><span class=\"ff3b ls3f ws262\">Energ<span class=\"_ _9f\"></span>y &amp; Resour<span class=\"_ _0\"></span>ces<span class=\"ff3a ls42 ws28e\">, SIP<span class=\"_ _0\"></span>EF, an agro<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-indust<span class=\"ls35 ws24c\">rial g<span class=\"_ _0\"></span>roup in t<span class=\"_ _0\"></span>ropica<span class=\"_ _0\"></span>l agricu<span class=\"_ _0\"></span>lture<span class=\"ls31 ws206\">, </span></span></span></span></span></span>Verdan<span class=\"_ _9f\"></span>t Biosci<span class=\"_ _0\"></span>ence <span class=\"ls1 ws1ed\">and Sagar Cements.<span class=\"ws1\"> </span></span>5.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _1\"></span><span class=\"ff3b ls49 ws205\">AvH &amp; Grow<span class=\"_ _3\"></span>th Capita<span class=\"_ _3\"></span>l<span class=\"ff3a ls1 ws1\"> <span class=\"ws219\">w<span class=\"_ _0\"></span>ith AvH G<span class=\"_ _3\"></span>row<span class=\"_ _0\"></span>th Capital a<span class=\"_ _3\"></span>nd their respective Growth </span></span></span></span>Capital participations.<span class=\"ws1\"> </span>The segment infor<span class=\"_ _0\"></span>mation in the financi<span class=\"_ _0\"></span>al statements of AvH <span class=\"_ _0\"></span>is published in line<span class=\"_ _0\"></span> wi<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span> IFR<span class=\"_ _3\"></span>S 8<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Note 2:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>subsidi<span class=\"_ _3\"></span>aries and jo<span class=\"_ _3\"></span>intly c<span class=\"_ _3\"></span>ontrolle<span class=\"_ _3\"></span>d subsidiar<span class=\"_ _3\"></span>ies<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Fully conso<span class=\"_ _3\"></span>lidate<span class=\"_ _3\"></span>d subsidi<span class=\"_ _3\"></span>aries</span> Beneficial Beneficial Minori<span class=\"_ _3\"></span>ty Minori<span class=\"_ _3\"></span>ty Registere<span class=\"_ _3\"></span>d Name of subs<span class=\"_ _3\"></span>idiary<span class=\"ls1 ws1\"> <span class=\"_ _11d\"> </span></span>Registration nr<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>CFE<span class=\"ls1 ws1\"> </span>(1) (2)0400.46<span class=\"_ _3\"></span>4.795<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>62.12%<span class=\"ls1 ws1\"> </span>62.10%<span class=\"ls1 ws1\"> </span>37.88%<span class=\"ls1 ws1\"> </span>37.90%<span class=\"ls1 ws1\"> </span>DEME<span class=\"ls1 ws1\"> </span>(1)0400.47<span class=\"_ _3\"></span>3.705<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>62.10%<span class=\"ls1 ws1\"> </span>37.90%<span class=\"ls1 ws1\"> </span>DEME Group<span class=\"ws1\"> </span>(1) (2)787,829,<span class=\"_ _3\"></span>347<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>62.12%<span class=\"ls1 ws1\"> </span>37.88%<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>(3)0885.56<span class=\"_ _3\"></span>5.854<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>International Port Engineering and Management (IPEM)<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>0441.086.318<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Infra Asia Consultancy and Pr<span class=\"_ _0\"></span>oject Management<span class=\"ls1 ws1\"> </span>0891.321.320<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Rent-A-<span class=\"ls2b ws1df\">Port Gre<span class=\"_ _3\"></span>en Energy</span> (4)0648.717.687<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>54.04%<span class=\"ls1 ws1\"> </span>45.96%<span class=\"ls1 ws1\"> </span>IPEM Holdings<span class=\"ls1 ws1\"> </span>Cyprus<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Port Management <span class=\"ws1e1\">Development<span class=\"ls1 ws1\"> </span></span>Cyprus<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Infra Asia Consultancy<span class=\"ls1 ws1\"> </span>Hong Kong<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>OK SPM FTZ Enterprise (liquidat<span class=\"_ _0\"></span>ed)<span class=\"ls1 ws1\"> </span>Nigeria<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Infra Asia Investments (subgrou<span class=\"_ _0\"></span>p Rent<span class=\"ls1 ws1\">-A-<span class=\"ls2b ws1dd\">Por<span class=\"_ _3\"></span>t)</span> </span>(3)IPEM <span class=\"ls3e ws1e2\">Reclamation<span class=\"ls1 ws1\"> </span></span>Cyprus<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Rent-A-<span class=\"ls2b ws1df\">Port Reclam<span class=\"_ _3\"></span>ation</span>  Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Infra Asia Investment<span class=\"_ _0\"></span> Green Utilities<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Infra Asia Investment<span class=\"_ _0\"></span> HK<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Warehousing Workshop Worldwide<span class=\"ls1 ws1\"> </span>Hong Kong<span class=\"ls1 ws1\"> </span>68.58%<span class=\"ls1 ws1\"> </span>44.80%<span class=\"ls1 ws1\"> </span>31.42%<span class=\"ls1 ws1\"> </span>55.20%<span class=\"ls1 ws1\"> </span>Deep C Blue (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>IPEM Vietnam<span class=\"ls1 ws1\"> </span>Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Dinh Vu Industrial Zone jsc<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>57.61%<span class=\"ls1 ws1\"> </span>40.72%<span class=\"ls1 ws1\"> </span>42.39%<span class=\"ls1 ws1\"> </span>59.28%<span class=\"ls1 ws1\"> </span>Hong Duc Industrial Zone jsc<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>76.30%<span class=\"ls1 ws1\"> </span>50.40%<span class=\"ls1 ws1\"> </span>23.70%<span class=\"ls1 ws1\"> </span>49.60%<span class=\"ls1 ws1\"> </span>Hai Phong Industrial Park jsc<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>76.25%<span class=\"ls1 ws1\"> </span>50.09%<span class=\"ls1 ws1\"> </span>23.75%<span class=\"ls1 ws1\"> </span>49.91%<span class=\"ls1 ws1\"> </span>Deep C Blue Hai Phong Company<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>DC Red Hai Phong<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>68.58%<span class=\"ls1 ws1\"> </span>44.80%<span class=\"ls1 ws1\"> </span>31.42%<span class=\"ls1 ws1\"> </span>55.20%<span class=\"ls1 ws1\"> </span>Deep C Management<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>0832.27<span class=\"_ _3\"></span>3.757<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking<span class=\"ls1 ws1\"> </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>0404.05<span class=\"_ _3\"></span>5.577<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>Van Breda <span class=\"ls5e ws202\">Immo Consult<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span></span>0726.963.530<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>FinAx<span class=\"ls1 ws1\"> </span>(5)0718.69<span class=\"_ _3\"></span>4.279<span class=\"ls1 ws1\"> <span class=\"_ _b7\"> </span><span class=\"ls2b ws1dd\">Belgium<span class=\"_ _3\"></span></span> </span>100.00%<span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span></span>100.<span class=\"_ _3\"></span>00%<span class=\"ls1 ws1\"> </span>Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>Nextensa (2)0436.32<span class=\"_ _3\"></span>3.915<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>58.53%<span class=\"ls1 ws1\"> </span>58.53%<span class=\"ls1 ws1\"> </span>41.47%<span class=\"ls1 ws1\"> </span>41.47%<span class=\"ls1 ws1\"> </span>Anima<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(6)0469.96<span class=\"_ _3\"></span>9.453<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Anima Vlaanderen<span class=\"ls1 ws1\"> </span>0698.940.725<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Gilman<span class=\"ls1 ws1\">  </span>0870.238.171<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Engagement<span class=\"ls1 ws1\">  </span>0462.433.147<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Le Gu<span class=\"_ _3\"></span>i<span class=\"ls1 ws1\"> </span>0455.218.624<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Anima Walloni\u00eb<span class=\"ls1 ws1\"> </span>0428.283.308<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Huize Philemon &amp; Baucis<span class=\"ls1 ws1\">  </span>0462.432.652<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Anima Cura<span class=\"ls1 ws1\"> </span>0480.262.143<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Glamar<span class=\"ls1 ws1\">  </span>0430.378.904<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws296\">On June 29, 2022, the Extraordinary G<span class=\"_ _0\"></span>eneral Meeting of Shareholders of C<span class=\"_ _0\"></span>FE approved the partial demerger of C<span class=\"_ _0\"></span>FE. On that date, CFE c<span class=\"_ _0\"></span>ontributed its 100% partic<span class=\"_ _0\"></span>ipation in DEME to a new company, </span>DEME Group, and transferred the shares of that company to its shareholders. The DEME Group shares were then listed on Euronext Brussels on June 30, 2022. Accordingly, as of June 30, 2<span class=\"_ _3\"></span>022, CFE and DEME Group are separ<span class=\"_ _0\"></span>ately listed companies. The partial demerger of CFE did not cha<span class=\"_ _0\"></span>nge AvH\u2019s economic interes<span class=\"_ _0\"></span>t in DEME/CFE: the only change is that<span class=\"_ _0\"></span>, as of June 30, 2022, AvH holds shares directly in the listed companies DEME Group (62.12%) and CFE (62.12%), wherea<span class=\"_ _3\"></span>s before that date DEME was a 100% participation of the listed company CFE, in whi<span class=\"_ _3\"></span>ch AvH held a 62.12% participation. Consequently<span class=\"_ _0\"></span>, this partial demerger has no consequences for the reporting of DEME (Group) by full c<span class=\"_ _0\"></span>onsolidation in the consolidated financial statements of AvH.<span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">For an overview of the participations held by the listed c<span class=\"_ _0\"></span>ompanies DEME Group, CFE and Nextensa, we refer to their respective<span class=\"ls1 ws1\"> </span>annual reports.<span class=\"ls1 ws1\"> </span></span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In December 2021, </span><span class=\"ff3a\">Rent-<span class=\"_ _3\"></span>A-<span class=\"ls29 ws1e0\">Port concluded an agreement to acquire an additional 32.6% stake in IAI, which brought its total participation to 94%. The <span class=\"_ _3\"></span>closing o<span class=\"_ _0\"></span>f the t<span class=\"_ _3\"></span>ransaction too<span class=\"_ _0\"></span>k<span class=\"_ _3\"></span> place in the </span></span>first quarter<span class=\"_ _0\"></span> of 2022.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">Following SRIW Environnement\u2019s entry into the <span class=\"_ _3\"></span>shareholding</span><span class=\"ff3a\"> <span class=\"ws297\">of BStor (formerl<span class=\"_ _3\"></span>y Rent</span>-A-<span class=\"ls29 ws298\">Port Green Energy), Rent</span>-A-<span class=\"ls29 ws211\">Port holds a 38% stake in BStor. With the Estor</span>-<span class=\"ls2b ws299\">Lux<span class=\"_ _3\"></span> project, Bs<span class=\"_ _3\"></span>tor respond<span class=\"_ _3\"></span>s to </span></span>the need for flexible solutions in t<span class=\"_ _0\"></span>he electricity markets. Bstor is now included in the ass<span class=\"_ _0\"></span>ociated participating interests<span class=\"ls1 ws1\"> <span class=\"ls28 ws20e\">(Note<span class=\"_ _3\"></span> 3).</span> </span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">AvH has, through its 100% subsidiary FinAx, a direct 78.75% stake in Delen Private Bank and Bank V<span class=\"_ _0\"></span>an Breda.<span class=\"ls1 ws1\"> </span></span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the beginning of July 2022, AvH and the management of Anima transferred 100% of t<span class=\"_ _0\"></span>he An<span class=\"_ _3\"></span>ima shares to<span class=\"_ _0\"></span> AG.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Beneficial Beneficial Minori<span class=\"_ _3\"></span>ty Minori<span class=\"_ _3\"></span>ty Registere<span class=\"_ _3\"></span>d Name of subs<span class=\"_ _3\"></span>idiary<span class=\"ls1 ws1\"> <span class=\"_ _11d\"> </span><span class=\"ls28 ws1de\">Registra<span class=\"_ _3\"></span>ti</span></span>on nr<span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e (continu<span class=\"_ _3\"></span>ed)<span class=\"ls1 ws1\"> </span>Zorgcentrum Lucia<span class=\"ls1 ws1\"> </span>0818.244.092<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidence Parc des <span class=\"ws1e1\">Princes<span class=\"ls1 ws1\"> </span></span>0431.555.572<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidenc<span class=\"_ _0\"></span>e St. James<span class=\"ls1 ws1\"> </span>0428.096.434<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Ch\u00e2teau d'Awans<span class=\"ls1 ws1\"> </span>0427.620.342<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Home Scheut<span class=\"ls1 ws1\"> </span>0458.643.516<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Le Birmingham<span class=\"ls1 ws1\">  </span>0428.227.284<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Zandsteen<span class=\"ls1 ws1\">  </span>0664.573.823<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Les R\u00e9sidences de l'Eden<span class=\"ls1 ws1\"> </span>0455.832.197<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidence Arcade<span class=\"ls1 ws1\"> </span>0835.637.281<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>La Roseraie<span class=\"ls1 ws1\"> </span>0466.582.668<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Patrium<span class=\"ls1 ws1\">  </span>0675.568.178<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Elenchus Invest<span class=\"ls1 ws1\">  </span>0478.953.930<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidence Edelweiss<span class=\"ls1 ws1\">  </span>0439.605.582<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidenc<span class=\"_ _0\"></span>e Neerveld<span class=\"ls1 ws1\">  </span>0427.883.628<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Villa 34<span class=\"ls1 ws1\">  </span>0432.423.822<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Le Rossignol<span class=\"ls1 ws1\">  </span>0432.049.381<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Immo Markant<span class=\"ls1 ws1\">  </span>0537.654.073<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Les 3 Arbres<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0435.646.893<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Saint<span class=\"ls1 ws1\">-</span>Vincent<span class=\"ls1 ws1\"> </span>0465.771.630<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>U74300DL2<span class=\"_ _3\"></span>001 AvH Resourc<span class=\"_ _3\"></span>es India<span class=\"ls1 ws1\">  </span>India<span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span><span class=\"ls27 ws1df\">100.00%</span> <span class=\"_ _61\"> </span><span class=\"ls27 ws1df\">100.<span class=\"_ _3\"></span>00%</span> </span>PTC11168<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\">  </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>AvH G<span class=\"_ _3\"></span>rowth <span class=\"_ _3\"></span>Capital<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  </span>0434.33<span class=\"_ _3\"></span>0.168<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Sofinim Luxemburg<span class=\"ls1 ws1\"> </span>2003.2218.661<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Agidens In<span class=\"_ _3\"></span>ternational<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0468.07<span class=\"_ _3\"></span>0.629<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Life Sciences<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>0411.592.279<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Proces Automation<span class=\"ls1 ws1\"> </span>0465.624.744<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Proces Automation BV<span class=\"ls1 ws1\">  </span>005469272B01<span class=\"ls1 ws1\"> </span>The Netherlands<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Life Sciences<span class=\"_ _0\"></span> BV<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>850983411B01<span class=\"ls1 ws1\"> </span>The Netherlands<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Inc<span class=\"ls1 ws1\">  </span>32.067.705.379<span class=\"ls1 ws1\"> </span>USA<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens SAS<span class=\"ls1 ws1\"> </span>10.813.818.424<span class=\"ls1 ws1\"> </span>Fran<span class=\"_ _3\"></span>ce<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens GmbH<span class=\"ls1 ws1\"> </span>76301<span class=\"ls1 ws1\"> </span>Germany<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens AG<span class=\"ls1 ws1\">  </span>539301<span class=\"ls1 ws1\"> </span>Switzerland<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Argus Technologies<span class=\"ls1 ws1\"> </span>0844.260.284<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Baarbeek Immo<span class=\"ls1 ws1\"> </span>651.662.133<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Biolec<span class=\"_ _3\"></span>tric G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0422.60<span class=\"_ _3\"></span>9.402<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>Biolectric<span class=\"ls1 ws1\">  </span>0879.126.440<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>Biolectric Ltd<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>UK<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>Subholdings<span class=\"_ _0\"></span> AvH<span class=\"ls1 ws1\"> </span>Anfima<span class=\"ls1 ws1\"> </span>0426.265.213<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>AvH Singapore<span class=\"ls1 ws1\"> </span>202118768G<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Brinvest<span class=\"ls1 ws1\"> </span>0431.697.411<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Profimolux<span class=\"ls1 ws1\"> </span>1992.2213.650<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Jointly contr<span class=\"_ _3\"></span>olled subsidi<span class=\"_ _3\"></span>aries acc<span class=\"_ _3\"></span>ounted for<span class=\"_ _3\"></span> using the equit<span class=\"_ _3\"></span>y method </span>\u2013 2022<span class=\"_ _3\"></span> Beneficial Minori<span class=\"_ _3\"></span>ty Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total (\u20ac 1,000<span class=\"_ _3\"></span>) Name of su<span class=\"_ _3\"></span>bsidiary<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>Infra Asia Investments (subgrou<span class=\"_ _0\"></span>p Rent<span class=\"ls1 ws1\">-A-<span class=\"ls2b ws1dd\">Por<span class=\"_ _3\"></span>t)</span> </span>(1)Euro Jetty (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span></span><span class=\"ws1e1\">38.10%<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>11.90%<span class=\"ls1 ws1\"> </span></span>17,401<span class=\"ls1 ws1\"> <span class=\"_ _5c\"> </span></span>10<span class=\"ls1 ws1\"> <span class=\"_ _19\"> </span></span>455<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>2,435<span class=\"ls1 ws1\"> </span>Deep C Green Energy (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>16,251<span class=\"ls1 ws1\"> </span>224<span class=\"ls1 ws1\"> </span>455<span class=\"ls1 ws1\"> </span>720<span class=\"ls1 ws1\"> </span>Deep C Gr<span class=\"_ _0\"></span>een Energy (Vietnam)<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>19,896<span class=\"ls1 ws1\"> </span>17,367<span class=\"ls1 ws1\"> </span>35,635<span class=\"ls1 ws1\"> </span>582<span class=\"ls1 ws1\"> </span>Euro Jetty (Vi<span class=\"_ _3\"></span>etnam) Compan<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>4,612<span class=\"ls1 ws1\"> </span>1,214<span class=\"ls1 ws1\"> </span>4,846<span class=\"ls1 ws1\"> </span>2,648<span class=\"ls1 ws1\"> </span>Tien Phong Industrial Zone<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">38.10%<span class=\"_ _3\"></span></span> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">11.90%<span class=\"_ _3\"></span></span> </span>27,988<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>8,857<span class=\"ls1 ws1\"> <span class=\"_ _6\"> </span>0 <span class=\"_ _e0\"> </span>-</span>1,206<span class=\"ls1 ws1\"> </span>Bac Tien Phong Industrial Zone<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>83,859<span class=\"ls1 ws1\"> </span>36,248<span class=\"ls1 ws1\"> </span>17,286<span class=\"ls1 ws1\"> </span>3,774<span class=\"ls1 ws1\"> </span>Hateco Deep <span class=\"_ _3\"></span>C Port<span class=\"ls1 ws1\"> </span>(2)Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>6 4 0 -9 Infra Asia Investments fund (<span class=\"_ _0\"></span>liquidated)<span class=\"ls1 ws1\"> </span>0648.714.620<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking<span class=\"ls1 ws1\"> </span>Delen Private Ba<span class=\"_ _3\"></span>nk<span class=\"ws1\"> </span>(3)0453.07<span class=\"_ _3\"></span>6.211<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>p. 98<span class=\"ls1 ws1\"> </span>2,582,45<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,503,86<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>512,143<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>160,623<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>SIPEF (USD 1.00<span class=\"_ _3\"></span>0)<span class=\"ws1\"> </span>(4)0404.49<span class=\"_ _3\"></span>1.285<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>36.81%<span class=\"ls1 ws1\"> </span>p. 112<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,062,22<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>244,420<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>527,460<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>108,157<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Verdant Bioscience (<span class=\"_ _3\"></span>USD 1.000)<span class=\"ws1\"> </span>(5)Singapore<span class=\"ls1 ws1\"> </span>42.00%<span class=\"ls1 ws1\"> </span>p. 116<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>32,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,087<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,905<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,288</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>The Amsteldijk<span class=\"_ _3\"></span> Beheer<span class=\"ls1 ws1\"> </span>33.080.4<span class=\"_ _3\"></span>56<span class=\"ls1 ws1\"> </span>Netherlands<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>5,349<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,711<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>592<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">56</span> Manuchar (USD<span class=\"_ _3\"></span> 1.000)<span class=\"ls1 ws1\"> </span>(6)0407.04<span class=\"_ _3\"></span>5.751<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>Turbo's Hoe<span class=\"_ _3\"></span>t Groep<span class=\"ls1 ws1\"> </span>0881.77<span class=\"_ _3\"></span>4.936<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>399,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>247,563<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>653,767<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>24,826<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Telemond<span class=\"ls1 ws202\">  <span class=\"_ _3\"></span><span class=\"ws1\"> </span></span>0893.55<span class=\"_ _3\"></span>2.617<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>99,490<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>128,408<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>15,156<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In December 2021, Rent</span><span class=\"ff3a\">-A-<span class=\"ls29 ws1e0\">Port concluded an a<span class=\"_ _3\"></span>greement to acq<span class=\"_ _0\"></span>uire an additional 32.6<span class=\"_ _3\"></span>% stake in IAI, which brought its total participation to 94%. The closing of the transaction took place in the<span class=\"_ _3\"></span> </span></span>first <span class=\"ls29 ws1e0\">quarter of 2022.<span class=\"ls1 ws1\"> </span></span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a\">Rent-A-<span class=\"ls29 ws1e0\">Port acquired 50% of the shares of H<span class=\"_ _0\"></span>ateco Deep C Port Jsc,<span class=\"_ _0\"></span> active in the development and management of a barge t<span class=\"_ _0\"></span>erminal for the Hai Pho<span class=\"_ _0\"></span>ng International Gateway Port Indus<span class=\"_ _0\"></span>trial Zone in </span></span>Cat Hai.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">FinAx holds a 78.75% stake in Delen Pri<span class=\"ls2b ws1df\">vate Ba<span class=\"_ _3\"></span>nk NV. </span>The shareholder agreements between AvH and the Jacques Delen family, which holds a 21.25% stake through Promofi NV, include, <span class=\"ws1e1\">among </span></span>other things, agreements concerning representation on the board of directors and decision<span class=\"ls1 ws1\">-</span>making at the level of the board of directors and the shareholders\u2019 meeting. The special majority requirements specified for c<span class=\"_ _0\"></span>ertain key decisions lead to joint control.<span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">The shareholders\u2019 agreement between the Baron Bracht family and AvH results<span class=\"_ _0\"></span> in joint control of SIPEF. AvH\u2019s stake in SIPEF increased from 35.13% to 36.81% in 2022.<span class=\"ls1 ws1\"> </span></span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">AvH holds 42% in Verdant Bioscience, a strategic investment in line with it<span class=\"_ _0\"></span>s 35.13% interest in SIPEF. SIPEF holds a 38% inte<span class=\"ls2b ws1df\">rest in VBS.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29c\">Early 2022, an agreement was signed with Lone Star Funds for</span><span class=\"ff3a\"> <span class=\"_ _3\"></span><span class=\"ls29 ws29c\">the sale of 100% of the share capital of Manuchar. In view of the announced sale of the participation in Manuchar, whic<span class=\"_ _0\"></span>h w<span class=\"_ _3\"></span>as </span></span>completed during the second quart<span class=\"_ _0\"></span>er of 2022, this participation was already reclassified to \u2018Assets held for s<span class=\"_ _0\"></span>ale\u2019 at year<span class=\"ls1 ws1\">-</span>end 202<span class=\"ws1e1\">1.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Jointly contr<span class=\"_ _3\"></span>olled subsidi<span class=\"_ _3\"></span>aries acc<span class=\"_ _3\"></span>ounted for<span class=\"_ _3\"></span> using the equit<span class=\"_ _3\"></span>y method </span>\u2013 2021<span class=\"_ _3\"></span> Beneficial Minori<span class=\"_ _3\"></span>ty Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total (\u20ac 1,000<span class=\"_ _3\"></span>) Name of su<span class=\"_ _3\"></span>bsidiary<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>Infra Asia Investments (subgrou<span class=\"_ _0\"></span>p Rent<span class=\"ls1 ws1\">-A-<span class=\"ls2b ws1dd\">Por<span class=\"_ _3\"></span>t)</span> </span>Euro Jetty (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span></span><span class=\"ws1e1\">24.89%<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>25.11%<span class=\"ls1 ws1\"> </span></span>14,132<span class=\"ls1 ws1\"> <span class=\"_ _6\"> </span>9 <span class=\"_ _19\"> </span></span>406<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>1,764<span class=\"ls1 ws1\"> </span>Deep C Green Energy (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong <span class=\"ls1 ws1\">Kong </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>14,642<span class=\"ls1 ws1\"> </span>211<span class=\"ls1 ws1\"> </span>406<span class=\"ls1 ws1\"> </span>411<span class=\"ls1 ws1\"> </span>Deep C Gr<span class=\"_ _0\"></span>een Energy (Vietnam)<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>14,495<span class=\"ls1 ws1\"> </span>12,687<span class=\"ls1 ws1\"> </span>26,307<span class=\"ls1 ws1\"> </span>374<span class=\"ls1 ws1\"> </span>Euro Jetty (Vi<span class=\"_ _3\"></span>etnam) Compan<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>4,453<span class=\"ls1 ws1\"> </span>1,687<span class=\"ls1 ws1\"> </span>4,133<span class=\"ls1 ws1\"> </span>2,200<span class=\"ls1 ws1\"> </span>Tien Phong Industrial Zone<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">24.89%<span class=\"_ _3\"></span></span> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">25.11%<span class=\"_ _3\"></span></span> </span>23,141<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>4,368<span class=\"ls1 ws1\"> <span class=\"_ _6\"> </span>0 <span class=\"_ _115\"> </span>-</span>680<span class=\"ls1 ws1\"> </span>Bac Tien Phong Industrial Zone<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>61,965<span class=\"ls1 ws1\"> </span>19,010<span class=\"ls1 ws1\"> </span>11,739<span class=\"ls1 ws1\"> </span>5,074<span class=\"ls1 ws1\"> </span>Infra Asia Investment<span class=\"_ _0\"></span> Fund<span class=\"ls1 ws1\"> </span>0648.714.620<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>40.53%<span class=\"ls1 ws1\"> </span>9.47%<span class=\"ls1 ws1\"> </span>32,182<span class=\"ls1 ws1\"> </span>30,787<span class=\"ls1 ws1\"> </span>0 17<span class=\"ls1 ws1\"> </span>ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">LUX</span>  </span>0749.614.317<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>24.32%<span class=\"ls1 ws1\"> </span>5.68%<span class=\"ls1 ws1\"> </span>9,689<span class=\"ls1 ws1\"> </span>7,792<span class=\"ls1 ws1\"> </span>432<span class=\"ls1 ws1\"> </span>158<span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking<span class=\"ls1 ws1\"> </span>Delen Private Ba<span class=\"_ _3\"></span>nk<span class=\"ws1\"> </span>0453.07<span class=\"_ _3\"></span>6.211<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>p. 98<span class=\"ls1 ws1\"> </span>2,429,15<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>1,406,70<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>506,760<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>167,556<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>SIPEF (USD 1.00<span class=\"_ _3\"></span>0)<span class=\"ws1\">  </span>0404.49<span class=\"_ _3\"></span>1.285<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>35.13%<span class=\"ls1 ws1\"> </span>p. 112<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>991,765<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264,436<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>416,053<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,749<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Verdant <span class=\"ls27\">Bi<span class=\"_ _3\"></span>oscience (<span class=\"_ _3\"></span>USD 1.000)<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span></span>Singapore<span class=\"ls1 ws1\"> </span>42.00%<span class=\"ls1 ws1\"> </span>p. 116<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,665<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22,475<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,319<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,514</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>The Amsteldijk<span class=\"_ _3\"></span> Beheer<span class=\"ls1 ws1\"> </span>33.080.4<span class=\"_ _3\"></span>56<span class=\"ls1 ws1\"> </span>Netherlands<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>5,529<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,835<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>847<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,160</span> Manuchar (USD<span class=\"_ _3\"></span> 1.000)<span class=\"ls1 ws1\">  </span>0407.04<span class=\"_ _3\"></span>5.751<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>30.00%<span class=\"ls1 ws1\"> </span>796,436<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>622,605<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,481,65<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>62,610<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Turbo's Hoe<span class=\"_ _3\"></span>t Groep<span class=\"ls1 ws1\"> </span>0881.77<span class=\"_ _3\"></span>4.936<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>352,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>220,069<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>620,486<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>18,083<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Telemond<span class=\"ls1 ws202\">  <span class=\"_ _3\"></span><span class=\"ws1\"> </span></span>0893.55<span class=\"_ _3\"></span>2.617<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>27,904<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>98,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,888<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Note 3:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>associate<span class=\"_ _3\"></span>d and <span class=\"ls1 ws1\">n<span class=\"ls60 ws145\">on</span>-</span>consoli<span class=\"_ _3\"></span>dated part<span class=\"_ _3\"></span>icipati<span class=\"_ _3\"></span>ons<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Associate<span class=\"_ _3\"></span>d particip<span class=\"_ _3\"></span>ating int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>sts accounte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the e<span class=\"_ _3\"></span>quity me<span class=\"_ _3\"></span>thod </span>- 2022 Beneficial Minori<span class=\"_ _3\"></span>ty (\u20ac 1,000<span class=\"_ _3\"></span>) Name of associa<span class=\"_ _3\"></span>ted partici<span class=\"_ _3\"></span>pating<span class=\"fc3 sc0\"> </span>Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>intere<span class=\"_ _3\"></span>st<span class=\"ls1 ws1\"> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>BSTOR<span class=\"ls1 ws1\"> </span>(1)0648.717.687<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>30.80%<span class=\"ls1 ws1\"> </span>5,200<span class=\"ls1 ws1\"> </span>1,739<span class=\"ls1 ws1\"> </span>499<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">413</span> ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">LUX</span> </span>(1)0749.614.317<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>23.10%<span class=\"ls1 ws1\"> </span>13,402<span class=\"ls1 ws1\"> </span>8,456<span class=\"ls1 ws1\"> </span>5,010<span class=\"ls1 ws1\"> </span>3,031<span class=\"ls1 ws1\"> </span>ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws1e7\">LUX II</span> </span>(1)0791.483.574<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>23.10%<span class=\"ls1 ws1\"> </span>684<span class=\"ls1 ws1\"> </span>192<span class=\"ls1 ws1\"> </span>0 -8 Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>(2)Rentel<span class=\"ls1 ws1\"> </span>0700.246.364<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>903,397<span class=\"ls1 ws1\"> </span>728,235<span class=\"ls1 ws1\"> </span>123,211<span class=\"ls1 ws1\"> </span>20,366<span class=\"ls1 ws1\"> </span>SeaMade<span class=\"ls1 ws1\"> </span>0543.401.324<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>7.09%<span class=\"ls1 ws1\"> </span>1.66%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>1,255,529<span class=\"ls1 ws1\"> </span>1,062,860<span class=\"ls1 ws1\"> </span>140,683<span class=\"ls1 ws1\"> </span>11,296<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y RS<span class=\"ls1 ws1\"> </span>0833.507.538<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>86,158<span class=\"ls1 ws1\"> </span>7,848<span class=\"ls1 ws1\"> </span>13,246<span class=\"ls1 ws1\"> </span>20,352<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y BIS<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0842.251.889<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>54,530<span class=\"ls1 ws1\"> </span>12<span class=\"ls1 ws1\"> </span>0 6,271<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>L26942AP<span class=\"_ _3\"></span>19 Sagar Ceme<span class=\"_ _3\"></span>nts (INR milli<span class=\"_ _3\"></span>on)<span class=\"ls1 ws1\"> </span>(3)81PLC002<span class=\"_ _3\"></span>887<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>19.64%<span class=\"ls1 ws1\"> </span>p. 117<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,535<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21,358<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21,097<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">830</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Axe In<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents<span class=\"ls1 ws1\"> </span>419,822,<span class=\"_ _3\"></span>730<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>48.34%<span class=\"ls1 ws1\"> </span>p. 123<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,622<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>503<span class=\"ls1 ws1\"> </span>403<span class=\"ls1 ws1\"> </span>Financi\u00e8re E<span class=\"_ _3\"></span>MG<span class=\"ls1 ws1\">  </span>801.720.<span class=\"_ _3\"></span>343<span class=\"ls1 ws1\"> </span>France<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22.73%<span class=\"ls1 ws1\"> </span>p. 125<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>352,915<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>281,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>359,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Mediahuis<span class=\"ls1 ws1\"> </span>(4)439.849.<span class=\"_ _3\"></span>666<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>13.93%<span class=\"ls1 ws1\"> </span>p. 126<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,179,89<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>696,270<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,222,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>65,264<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>OM Par<span class=\"_ _3\"></span>tners<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>428.328.<span class=\"_ _3\"></span>442<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>20.01%<span class=\"ls1 ws1\"> </span>p. 127<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>162,491<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>47,363<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>166,657<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,519<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Van Moer Gro<span class=\"_ _3\"></span>up<span class=\"ls1 ws1\"> </span>885.987.<span class=\"_ _3\"></span>706<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>21.74%<span class=\"ls1 ws1\"> </span>p. 130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>163,800<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>121,694<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>310,267<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,754<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">Following SRIW Environnement\u2019s entry into the <span class=\"_ _3\"></span>shareholding of BStor (formerly Rent</span><span class=\"ff3a\">-A-<span class=\"ls29 ws298\">Port Green Energy<span class=\"_ _0\"></span>), Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws211\">Port holds a 38% <span class=\"_ _3\"></span>stake in BStor. With the <span class=\"ls28 ws1de\">Estor<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls2b ws299\">Lux project,<span class=\"_ _3\"></span> Bstor respo<span class=\"_ _3\"></span>nds to<span class=\"_ _3\"></span> </span></span></span></span></span></span>the need for flexible solutions in t<span class=\"_ _0\"></span>he electricity markets.<span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws298\">The stakes in the offshore wind farms Rentel and SeaMade (and the intermediate holdings<span class=\"_ _0\"></span> Otary RS and Ot<span class=\"_ _0\"></span>ary BIS) are held through Green Offshore, which is a 50/<span class=\"_ _0\"></span>50 investment vehicle of AvH </span>and CFE. AvH has a (transitive) part<span class=\"_ _0\"></span>icipation of 10.13% in Rentel and 7.09% in SeaMade. When DEME\u2019s interests in Rentel and SeaMade are also taken into account,<span class=\"_ _0\"></span> the (beneficial) interests of AvH amount to 21.9% and 15.3% respec<span class=\"ws1e1\">tively<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span></span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29e\">As a result of a capital increase of Sagar Cements that was fully subscribed by a new shareholder, the participat<span class=\"_ _0\"></span>ion of AvH in Sagar Cement<span class=\"_ _3\"></span>s was diluted fr<span class=\"_ _0\"></span>om 21.85% (a<span class=\"_ _3\"></span>t year<span class=\"ls1 ws1\">-</span>end 2021) to </span>19.64%.<span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29e\">AvH has at the end of 2022 a 49.9% s<span class=\"_ _0\"></span>take in Mediac<span class=\"_ _0\"></span>ore, the controlling shareholder (<span class=\"_ _0\"></span>53,5%) in Mediahuis Partners. Mediahuis Partner<span class=\"_ _0\"></span>s has a controlling s<span class=\"_ _0\"></span>hare of 52.14% in Mediahui<span class=\"ls28 ws29f\">s. The<span class=\"_ _3\"></span> </span></span>participation perc<span class=\"_ _0\"></span>entage of AvH in Mediahuis is therefore 13.93%.<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Associate<span class=\"_ _3\"></span>d particip<span class=\"_ _3\"></span>ating int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>sts accounte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the</span> <span class=\"ls2f ws1e\">e<span class=\"_ _3\"></span>quity method </span>-<span class=\"_ _3\"></span> 2021 Beneficial Minori<span class=\"_ _3\"></span>ty (\u20ac 1,000) N<span class=\"_ _3\"></span>ame of associa<span class=\"_ _3\"></span>ted partici<span class=\"_ _3\"></span>pating<span class=\"fc3 sc0\"> </span>Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>intere<span class=\"_ _3\"></span>st<span class=\"ls1 ws1\"> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> <span class=\"ls56 ws13d\">Engi<span class=\"_ _0\"></span>neering &amp; Cont<span class=\"_ _0\"></span>racting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>Rentel<span class=\"ls1 ws1\"> </span>0700.246.364<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>933,616<span class=\"ls1 ws1\"> </span>837,698<span class=\"ls1 ws1\"> </span>138,307<span class=\"ls1 ws1\"> </span>29,698<span class=\"ls1 ws1\"> </span>SeaMade<span class=\"ls1 ws1\"> </span>0543.401.324<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>7.09%<span class=\"ls1 ws1\"> </span>1.66%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>1,373,451<span class=\"ls1 ws1\"> </span>1,322,510<span class=\"ls1 ws1\"> </span>145,762<span class=\"ls1 ws1\"> </span>12,220<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y RS<span class=\"ls1 ws1\"> </span>0833.507.538<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>84,142<span class=\"ls1 ws1\"> </span>1,551<span class=\"ls1 ws1\"> </span>10,254<span class=\"ls1 ws1\"> </span>18,605<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y BIS<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0842.251.889<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>54,330<span class=\"ls1 ws1\"> </span>171<span class=\"ls1 ws1\"> </span>0 8,437<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>L26942AP<span class=\"_ _3\"></span>19 Sagar Ceme<span class=\"_ _3\"></span>nts (INR milli<span class=\"_ _3\"></span>on)<span class=\"ls1 ws1\"> </span>81PLC002<span class=\"_ _3\"></span>887<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>21.85%<span class=\"ls1 ws1\"> </span>p. 117<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>32,605<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,840<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>15,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,278<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Axe In<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents<span class=\"ls1 ws1\"> </span>419,822,<span class=\"_ _3\"></span>730<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>48.34%<span class=\"ls1 ws1\"> </span>p. 123<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,230<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>47<span class=\"ls1 ws1\"> </span>542<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">223</span> Financi\u00e8re E<span class=\"_ _3\"></span>MG<span class=\"ls1 ws1\">  </span>801.720.<span class=\"_ _3\"></span>343<span class=\"ls1 ws1\"> </span>France<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22.51%<span class=\"ls1 ws1\"> </span>p. 125<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>381,248<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>310,442<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>366,845<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>152<span class=\"ls1 ws1\"> </span>Mediahuis<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>439.849.<span class=\"_ _3\"></span>666<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>13.51%<span class=\"ls1 ws1\"> </span>p. 126<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,107,53<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>625,059<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,130,79<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>117,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>OM Par<span class=\"_ _3\"></span>tners<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>428.328.<span class=\"_ _3\"></span>442<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>20.01%<span class=\"ls1 ws1\"> </span>p. 127<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>125,662<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>42,167<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>115,713<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,777<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Van Moer Gro<span class=\"_ _3\"></span>up<span class=\"ls1 ws1\"> </span>885.987.<span class=\"_ _3\"></span>706<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>21.74%<span class=\"ls1 ws1\"> </span>p. 130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>119,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>82,785<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>222,378<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Non</span>-<span class=\"ls3a ws20c\">consol<span class=\"_ _3\"></span>idated par<span class=\"_ _3\"></span>ticipat<span class=\"_ _3\"></span>ions</span> <span class=\"ls3a ws20c\">at f<span class=\"_ _3\"></span>air value<span class=\"_ _3\"></span></span> Registere<span class=\"_ _3\"></span>d Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 (\u20ac <span class=\"ls2b ws1e3\">1,000) Name of the partici<span class=\"_ _3\"></span>pation<span class=\"ls1 ws1\"> <span class=\"_ _15f\"> </span></span><span class=\"ws1e4\">Registration<span class=\"_ _3\"></span> nr<span class=\"ls1 ws1\"> </span></span></span>Activi<span class=\"_ _3\"></span>ty repo<span class=\"_ _3\"></span>rt<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>(1)0787.990.881<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 131<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>0508.931.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 132<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Bio Cap Invest (Epics Therapeutics)<span class=\"ls1 ws1\"> </span>0719.433.261<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>29.5%<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\">  </span>0666.442.557<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 133<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\">  </span>0742.910.132<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 134<span class=\"ls1 ws1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>0501.631.837<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 135<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>(2)160130<span class=\"ls1 ws1\"> </span>Mauritius<span class=\"ls1 ws1\"> </span>p. 136<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>U74999DL2019PTC352056<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>(3)U74999DL2019PTC352056<span class=\"ls1 ws1\"> <span class=\"_ _92\"> </span></span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>10.0%<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>(4)U51397MH2013PTC245092<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 138<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>(5)T21VC0008K<span class=\"ls1 ws1\">-</span>SF001<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>201906515N<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>0872.203.709<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>(6)0687.984.772<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0430.636.943<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>25.0%<span class=\"ls1 ws1\"> </span>Koffie F. Rombouts<span class=\"ws1\"> </span>(7)0404.850.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>68.887.590<span class=\"ls1 ws1\"> </span>The <span class=\"ls29 ws1e1\">Netherlands<span class=\"ls1 ws1\"> </span></span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>B0107957<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In August 2022, AvH announced its investment in AstriV<span class=\"_ _0\"></span>ax (AvH 5.8%), as part of the capital round that was organised by<span class=\"_ _0\"></span> the s<span class=\"ws1e1\">pin<span class=\"ls1 ws1\">-</span></span>off from KU Leuven. Over time, AvH will acquire a shareholding </span>of 7.7% in AstriVax. AstriVax has raised a total of 30 million euros of seed capital. The compan<span class=\"_ _3\"></span>y will develop new vaccines that are easier to produce, have less cold chain requirements, an<span class=\"ls1 ws1e4\">d offer </span>broad and long<span class=\"ls1 ws1\">-</span>lasting prot<span class=\"_ _0\"></span>ection against various viruses and other pathogens. <span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of October, AvH announced a partnership with Convergent Finance, a Mumbai</span><span class=\"ff3a\">-<span class=\"ls29 ws1e0\">based investment management and advisory partnership that focus<span class=\"_ _0\"></span>es on investments in well<span class=\"ls1 ws1\">-</span><span class=\"ws1e1\">established </span></span></span>and listed companies in India. A<span class=\"_ _0\"></span>vH invest<span class=\"ls2a ws1ee\">ed<span class=\"ls1 ws1\"> </span></span>6 million euros in the partn<span class=\"_ _0\"></span>ership. Convergent focuses on various sectors such as food &amp; beverages, specialty chemicals<span class=\"_ _0\"></span>, clean technology and healthcare.<span class=\"ls1 ws1\"> </span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29c\">In March 2022, HealthQuad completed t<span class=\"_ _0\"></span>he final closing of its second fund with 161 million USD c<span class=\"_ _0\"></span>ommitted funds. AvH participated as anc<span class=\"_ _0\"></span>hor investor with a commitment of 17.5 million USD. </span>HealthQuad Fund II has already<span class=\"_ _0\"></span> invested approximately 98 million USD in 11 companies. <span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Medikabazaar collected 65 million USD in a new capital round. Bes<span class=\"_ _0\"></span>ides the contribution of the current investors, which include AvH, Lighthouse India Fund III has also joined the c<span class=\"_ _0\"></span>apital. <span class=\"ls1 ws1\"> </span></span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">In June 2022, Venturi Fund I was closed with total commitments of 180 million USD. AvH part<span class=\"_ _0\"></span>icipated in the initial closing and is an anchor investor, with a co<span class=\"_ _0\"></span>mmitment of 20 million USD, to be </span>invested over a 4<span class=\"ls1 ws1\">-</span>year period. <span class=\"ls1 ws1\"> </span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of<span class=\"_ _3\"></span> 2022, Van Laere, a subsidiary of CFE, sold 65% <span class=\"_ _3\"></span>of its stake in Hofkouter (the company</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">whose sole property i<span class=\"_ _3\"></span>s Van Laere\u2019s former head office and workshops in Zwijndrecht) <span class=\"_ _3\"></span>to AvH. </span></span>The capital gain that CFE realised on t<span class=\"_ _0\"></span>his was eliminated at AvH level.<span class=\"ls1 ws1\"> </span>(7) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">The stake in Koffie Rombouts was further</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">reduced in 2022.</span></span>Note 4:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span><span class=\"ls2f ws1e\">business com<span class=\"_ _3\"></span>binations a<span class=\"_ _3\"></span>nd disposals<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Business c<span class=\"_ _3\"></span>ombinatio<span class=\"_ _3\"></span>ns</span> No business combination<span class=\"_ _0\"></span>s took place in 2022.<span class=\"ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls36 ws67\">Business disposals</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _160\"> </span><span class=\"ls28 ws1de\">Anima<span class=\"_ _3\"></span></span> </span>Balance sheet<span class=\"ws1\"> <span class=\"_ _161\"> </span><span class=\"fc23 ls27 ws1df\">30</span><span class=\"fc23\">-<span class=\"ls61 ws2a1\">06</span>-<span class=\"ls27 ws1df\">2022</span> </span></span>Goodwill and intangible assets<span class=\"ls1 ws1\"> </span>38,830<span class=\"ls1 ws1\"> </span>Tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _162\"> </span></span><span class=\"fc22 ws1e1\">211,722<span class=\"ls1 ws1\"> </span></span>Cash and cash equivalents<span class=\"ls1 ws1\"> </span>4,861<span class=\"ls1 ws1\"> </span>Other asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> <span class=\"_ _163\"> </span><span class=\"fc22 ls29 ws1e1\">29,928</span><span class=\"fc22\"> </span></span>Total assets<span class=\"ws1\"> </span>285,340<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Equity (group share AvH)<span class=\"ls1 ws1\"> <span class=\"_ _164\"> </span></span><span class=\"fc22 ws1e1\">68,235<span class=\"ls1 ws1\"> </span></span>Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> </span>5,734<span class=\"ls1 ws1\"> </span>Current and non<span class=\"ls1 ws1\">-</span>current fin<span class=\"_ _0\"></span>ancial <span class=\"ws1e1\">debts<span class=\"ls1 ws1\">  <span class=\"_ _165\"> </span></span><span class=\"fc22\">164,690<span class=\"ls1 ws1\"> </span></span></span>Other liabilities<span class=\"ls1 ws1\"> </span>46,682<span class=\"ls1 ws1\"> </span>Total equi<span class=\"_ _3\"></span>ty and liabili<span class=\"_ _3\"></span>ties<span class=\"ls1 ws1\"> </span>285,340<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tota<span class=\"_ _3\"></span>l asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> <span class=\"_ _166\"> </span><span class=\"fc22 ls29 ws1e1\">285,340</span><span class=\"fc22\"> </span></span>Total liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">211,372</span> Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> <span class=\"_ _167\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">5,734</span> </span></span>Net asset<span class=\"_ _0\"></span>s (91.8%)<span class=\"ls1 ws1\"> </span>68,235<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Sales price<span class=\"ws1\"> </span>308,163<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Provision <span class=\"ls1 ws1\">- <span class=\"ls2b ws1df\">Reps &amp; Warran<span class=\"_ _3\"></span>ties</span> </span>-<span class=\"ls29 ws1e1\">3,052</span> Capital gain<span class=\"ws1\"> </span>236,876<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income stat<span class=\"_ _3\"></span>ement<span class=\"ls1 ws1\"> <span class=\"_ _168\"> </span><span class=\"fc23 ls27 ws1df\">30</span><span class=\"fc23\">-<span class=\"ls61 ws2a1\">06</span>-<span class=\"ls27 ws1df\">2022</span> </span></span>Revenue<span class=\"ls1 ws1\"> </span>60,127<span class=\"ls1 ws1\"> </span>Operating expenses (<span class=\"ls1 ws1\">-) <span class=\"_ _169\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">54,271</span> </span></span>Profit (loss) on dis<span class=\"_ _0\"></span>posal of assets<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">245</span> Profit (loss) <span class=\"_ _3\"></span>from operating ac<span class=\"_ _3\"></span>tivities<span class=\"ls1\"> </span>5,611<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial result<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,442</span> Profit (<span class=\"_ _3\"></span>loss) be<span class=\"_ _3\"></span>fore tax<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,169<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,118</span> Profit <span class=\"_ _3\"></span>(loss<span class=\"_ _3\"></span>) of th<span class=\"_ _3\"></span>e peri<span class=\"_ _3\"></span>od<span class=\"ls1 ws1\"> </span>3,050<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">229</span> Share of the group<span class=\"ls1 ws1\"> </span>2,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Cash flow statemen<span class=\"_ _3\"></span>t<span class=\"ws1\"> <span class=\"_ _16a\"> </span><span class=\"fc23 ls27 ws1df\">30</span><span class=\"fc23\">-<span class=\"ls61 ws2a1\">06</span>-<span class=\"ls27 ws1df\">2022</span> </span></span>Cash and ca<span class=\"_ _3\"></span>sh equivale<span class=\"_ _3\"></span>nts <span class=\"ls1 ws1\">- </span>opening bal<span class=\"_ _3\"></span>ance on <span class=\"_ _3\"></span>January 1, 2<span class=\"_ _3\"></span>022<span class=\"ls1 ws1\"> </span>6,067<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Cash flow from operating <span class=\"ws1e1\">activities<span class=\"ls1 ws1\"> <span class=\"_ _16b\"> </span></span><span class=\"fc22\">6,695<span class=\"ls1 ws1\"> </span></span></span>Cash flow from investing<span class=\"_ _0\"></span> activities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,174</span> Cash flow from financial activit<span class=\"_ _0\"></span>ies<span class=\"ls1 ws1\"> <span class=\"_ _16c\"> </span></span><span class=\"fc22 ws1e1\">273<span class=\"ls1 ws1\"> </span></span>Cash and ca<span class=\"_ _3\"></span>sh equivale<span class=\"_ _3\"></span>nts <span class=\"ls1 ws1\">- </span><span class=\"ws1e3\">ending bala<span class=\"_ _3\"></span>nce on June 30, 2022<span class=\"ls1 ws1\"> </span></span>4,861<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>At the beginning of July 2022, AvH <span class=\"_ _0\"></span>and the managemen<span class=\"_ _0\"></span>t of Anima transferred 100% o<span class=\"_ _0\"></span>f the An<span class=\"_ _0\"></span>ima sh<span class=\"_ _0\"></span>ares to A<span class=\"_ _0\"></span>G. Th<span class=\"_ _0\"></span>e transac<span class=\"_ _0\"></span>tion r<span class=\"_ _0\"></span>epres<span class=\"_ _0\"></span>ents for A<span class=\"_ _0\"></span>vH a ca<span class=\"_ _0\"></span>sh revenue of 308.2 million euros and a capital gain<span class=\"_ _3\"></span> of 236.9 million euros.Note 5:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span><span class=\"ls36 ws200\">Assets and </span>liab<span class=\"_ _3\"></span>ilities<span class=\"_ _3\"></span> held for<span class=\"_ _3\"></span> sale<span class=\"ls1 ws1\"> </span>At ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ls24 ws28c\">end 2022, 62.5 million euros in assets held for <span class=\"_ _0\"></span>sale were recognised. </span></span>Approx<span class=\"_ _0\"></span>imatel<span class=\"_ _0\"></span>y half<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>at amoun<span class=\"_ _0\"></span>t rela<span class=\"_ _0\"></span>tes to on<span class=\"_ _9f\"></span>e of DEME\u2019<span class=\"_ _0\"></span>s ves<span class=\"_ _0\"></span>sels tha<span class=\"_ _0\"></span>t will<span class=\"_ _0\"></span> probably be sold in the second ha<span class=\"_ _0\"></span>lf of 2023 (Segment Marine Engin<span class=\"_ _0\"></span>eering &amp; Contracting), while the balance repr<span class=\"_ _0\"></span>esents the carrying amount of AvH\u2019s 50% participation in Telemond, which wa<span class=\"_ _0\"></span>s sold in Q1 2023 (Segment AvH &amp; Growth<span class=\"_ _0\"></span> Capital).End of 2021, the assets held for sale amo<span class=\"ls1 ws21f\">unted to 230.7 million euros <span class=\"_ _0\"></span>and </span>consisted of:<span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">DEME\u2019s o<span class=\"_ _0\"></span>ffsho<span class=\"_ _0\"></span>re ins<span class=\"_ _0\"></span>tallatio<span class=\"_ _0\"></span>n vess<span class=\"_ _0\"></span>el \u2018Tho<span class=\"_ _0\"></span>r\u2019<span class=\"ls1 ws1\">. </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">The partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> in Manuch<span class=\"_ _0\"></span>ar as a result of<span class=\"_ _0\"></span> the <span class=\"_ _3\"></span>(at ye<span class=\"_ _0\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ls24 ws206\">end 2021)</span> announced </span></span></span>sale<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">Three buildings of Nextensa, <span class=\"ws1\">(<span class=\"ls30 ws23d\">The C<span class=\"_ _0\"></span>resce<span class=\"_ _0\"></span>nt<span class=\"ls40 ws218\">, <span class=\"ls34 ws1ea\">M<span class=\"_ _3\"></span>onne<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> <span class=\"ws1f6\">and T<span class=\"_ _3\"></span>itanium<span class=\"ls46 ws266\">) <span class=\"ls49 ws2a4\">which we<span class=\"_ _3\"></span>re</span></span></span> </span></span></span></span></span></span></span>sold in <span class=\"_ _3\"></span>2022<span class=\"ls1 ws1\">. </span>Note 6:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>Segme<span class=\"_ _3\"></span>nt inform<span class=\"_ _3\"></span>ationSegme<span class=\"_ _3\"></span>nt 1<span class=\"ls1 ws1\"> </span>Marine Engi<span class=\"_ _0\"></span>neering &amp; Cont<span class=\"_ _0\"></span>racting: <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>DEME Group (full consolidation 62.12%), CFE (full consolidation 62.12%), Rent<span class=\"ls1 ws1\">-</span>A-<span class=\"ws22e\">Port (full consolid<span class=\"_ _0\"></span>ation 81.06%) and Gr<span class=\"_ _0\"></span>een Offshore (full con<span class=\"_ _0\"></span>solidation </span>81.06%).<span class=\"ls1 ws1\"> </span>On June 29, 2022, the Ex<span class=\"_ _0\"></span>traordinary General Meeting of Sha<span class=\"_ _0\"></span>reholders of CFE<span class=\"_ _0\"></span> approv<span class=\"_ _0\"></span>ed the p<span class=\"_ _0\"></span>artial d<span class=\"_ _0\"></span>emerg<span class=\"_ _0\"></span>er of CFE.<span class=\"_ _0\"></span> On that d<span class=\"_ _0\"></span>ate, CF<span class=\"_ _0\"></span>E contri<span class=\"_ _0\"></span>bu<span class=\"ls33 ws20a\">ted it<span class=\"_ _3\"></span>s 100% </span>participation in DEME to a new compan<span class=\"_ _0\"></span>y, DEME Group, and transferred th<span class=\"_ _0\"></span>e shares of that<span class=\"_ _0\"></span> comp<span class=\"_ _0\"></span>any to <span class=\"_ _0\"></span>its sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>ers. Th<span class=\"_ _0\"></span>e DEME<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span> share<span class=\"_ _0\"></span>s were<span class=\"_ _0\"></span> then l<span class=\"_ _0\"></span>isted o<span class=\"_ _0\"></span>n Euronext Brussels on June 30, 2022. Accordingly, as of June 30, 2022, CFE and DEME Gr<span class=\"ls1 ws1ed\">oup are separately listed companies. <span class=\"ws1\"> </span></span>The partial demerger of CFE di<span class=\"_ _0\"></span>d not change AvH\u2019s economic intere<span class=\"_ _0\"></span>st in DEME/CFE: the only change is that, as of June 30, 2022, AvH holds shares directly in the listed companies DEME Group (62.12%) and CF<span class=\"_ _0\"></span>E (62.12%), wher<span class=\"ls33 ws23a\">eas be<span class=\"_ _3\"></span>fore t<span class=\"_ _3\"></span>hat date </span>DEME was a 100% par<span class=\"_ _0\"></span>ticipation of the listed company <span class=\"_ _0\"></span>CFE, in which AvH held <span class=\"_ _0\"></span>a 62.12% participation.<span class=\"ls1 ws1\"> </span>Consequently, this par<span class=\"_ _0\"></span>tial demerger has no<span class=\"_ _0\"></span> consequences for the report<span class=\"_ _0\"></span>ing of DEME (Group) by full conso<span class=\"_ _0\"></span>lidation in the consolida<span class=\"_ _0\"></span>ted fina<span class=\"ls25 ws23e\">ncia<span class=\"_ _0\"></span>l statem<span class=\"_ _0\"></span>ents of<span class=\"_ _0\"></span> AvH<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span></span>Segme<span class=\"_ _3\"></span>nt 2 <span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking:<span class=\"ls1 ws1\"> </span>Delen Private Bank (<span class=\"_ _0\"></span>equity method 78.75<span class=\"_ _0\"></span>%), Bank Van Breda (<span class=\"ls35 ws24c\">f<span class=\"_ _0\"></span>ull con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>tion </span>78.75%) and FinAx (<span class=\"ls40 ws1\">full consolidation<span class=\"ls1\"> </span></span><span class=\"ws1da\">100%).<span class=\"ls1 ws1\"> </span></span>Segme<span class=\"_ _3\"></span>nt 3<span class=\"ls1 ws1\"> </span>Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e: <span class=\"ls1 ws1\"> </span>Nexten<span class=\"_ _0\"></span>sa (ful<span class=\"_ _0\"></span>l conso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>tion <span class=\"ls24 ws1da\">58.53%)<span class=\"ls1 ws1\"> </span></span>On<span class=\"_ _3\"></span> May 18<span class=\"_ _3\"></span>, 20<span class=\"_ _3\"></span>22, Av<span class=\"_ _3\"></span>H ann<span class=\"_ _3\"></span>ounc<span class=\"_ _3\"></span>ed an a<span class=\"_ _3\"></span>gree<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span> on t<span class=\"_ _3\"></span>he sal<span class=\"_ _3\"></span>e to A<span class=\"_ _3\"></span>G of its<span class=\"_ _3\"></span> inte<span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>t in Anima<span class=\"_ _0\"></span>. This tra<span class=\"_ _0\"></span>nsact<span class=\"_ _0\"></span>ion was clo<span class=\"_ _9f\"></span>sed in the f<span class=\"_ _0\"></span>irst half o<span class=\"_ _0\"></span>f July 202<span class=\"_ _0\"></span>2. As a re<span class=\"_ _0\"></span>sult, Anima\u2019<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>tributi<span class=\"_ _0\"></span>on rela<span class=\"_ _0\"></span>ting to<span class=\"_ _0\"></span> the fi<span class=\"_ _0\"></span>rst ha<span class=\"_ _0\"></span>lf of 20<span class=\"_ _0\"></span>22 is re<span class=\"_ _0\"></span>ported <span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e consolidated <span class=\"_ _0\"></span><span class=\"ws219\">income st<span class=\"_ _0\"></span>atement under \u201cPro<span class=\"_ _0\"></span>fit from discontinued op<span class=\"_ _0\"></span>erations\u201d. As a<span class=\"_ _0\"></span>t </span>30 June, 2022, t<span class=\"_ _0\"></span>he assets and liab<span class=\"_ _0\"></span>ilities of Anima in <span class=\"_ _0\"></span>the consolidated balan<span class=\"_ _0\"></span>ce sheet were summarised in one item unde<span class=\"_ _0\"></span>r \u201cAssets/liabilities h<span class=\"_ _0\"></span>eld for sale\u201d and were dereco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e seco<span class=\"_ _0\"></span><span class=\"ls1 ws1f6\">nd half of the yea<span class=\"_ _0\"></span>r<span class=\"ws1\">. </span></span>Segme<span class=\"_ _3\"></span>nt 4 <span class=\"ls1 ws1\"> </span>Energy &amp; Resources: <span class=\"ls1 ws1\"> </span>SIPEF (equity m<span class=\"_ _0\"></span>ethod 36.81%), Verdant<span class=\"_ _0\"></span> Bioscience (equity m<span class=\"_ _0\"></span>ethod 42%), AvH<span class=\"_ _0\"></span> India Resources (full consolida<span class=\"_ _0\"></span>tion 100%) and Sagar Cements (equity me<span class=\"_ _0\"></span>thod 19.64%).<span class=\"ls1 ws1\"> </span>In 2022, AvH incr<span class=\"_ _0\"></span>eased its participation <span class=\"_ _0\"></span>in S<span class=\"ls24 ws214\">IPEF from 35.13% to 36.81%, withou<span class=\"_ _0\"></span>t </span>this having an impact on the way in which this participat<span class=\"_ _0\"></span>ion is reported in the conso<span class=\"_ _0\"></span>lidat<span class=\"_ _0\"></span>ed financi<span class=\"_ _0\"></span>al statem<span class=\"_ _0\"></span>ents. <span class=\"ls1 ws1\"> </span>The same applie<span class=\"_ _0\"></span>s to the particip<span class=\"_ _0\"></span>ation in Sagar Cem<span class=\"_ _0\"></span>ents, which wa<span class=\"_ _0\"></span>s diluted from<span class=\"_ _0\"></span> 21.85% at year<span class=\"ls1 ws1\">-</span><span class=\"ws206\">end 2021 t<span class=\"ls25 ws215\">o 19.64<span class=\"_ _0\"></span>% in t<span class=\"_ _0\"></span>he firs<span class=\"_ _0\"></span>t half y<span class=\"_ _0\"></span>ear as a<span class=\"_ _0\"></span> resu<span class=\"_ _0\"></span>lt of a c<span class=\"_ _0\"></span>apita<span class=\"_ _0\"></span>l </span></span>increa<span class=\"_ _0\"></span>se of Sag<span class=\"_ _9f\"></span>ar Cemen<span class=\"_ _0\"></span>ts that w<span class=\"_ _0\"></span>as full<span class=\"_ _0\"></span>y subsc<span class=\"_ _9f\"></span>ribed by a new<span class=\"_ _0\"></span> sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>er.<span class=\"ls1 ws1\"> </span>AvH I<span class=\"_ _0\"></span>ndia Reso<span class=\"_ _0\"></span>urces h<span class=\"_ _0\"></span>olds n<span class=\"_ _0\"></span>o other p<span class=\"_ _9f\"></span>articipat<span class=\"_ _0\"></span>ions th<span class=\"_ _0\"></span>an in Sag<span class=\"_ _0\"></span>ar Cem<span class=\"_ _0\"></span>ents<span class=\"ls1 ws1\">.</span>Segme<span class=\"_ _3\"></span>nt 5 <span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital:<span class=\"_ _3\"></span> <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls45 ws289\">AvH, AvH <span class=\"ls1 ws1f6\">Growth Capital &amp; subholdings (full con<span class=\"_ _0\"></span>solidation 100%<span class=\"ls33 ws1f0\">Partic<span class=\"_ _3\"></span>ipatio<span class=\"_ _3\"></span>ns </span></span></span></span>fully consolidated: <span class=\"ls24 ws218\">Agidens (85.0%) and B<span class=\"_ _0\"></span>iolectri<span class=\"_ _3\"></span>c Group (55.8%)<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">Participations fully conso<span class=\"_ _0\"></span>lidated: Agidens (<span class=\"_ _0\"></span>85.0%) and Biolectric Group (<span class=\"_ _0\"></span>55.8%)<span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">Participations accounted for using the equ<span class=\"_ _0\"></span>i<span class=\"ls25 ws207\">ty method:<span class=\"_ _0\"></span> Amst<span class=\"_ _0\"></span>eldijk Be<span class=\"_ _0\"></span>heer (50<span class=\"_ _0\"></span>%), </span></span></span>Axe I<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nts (48.<span class=\"_ _3\"></span>3%), Fina<span class=\"_ _3\"></span>nci\u00e8re<span class=\"_ _3\"></span> EMG (22.<span class=\"_ _3\"></span>7%), Media<span class=\"_ _3\"></span>huis Pa<span class=\"_ _3\"></span>rtners (26.7%), Mediahuis (13.9%), MediaCore<span class=\"_ _3\"></span> (49.9%), OM Partners (20.0%), Telemond (50% <span class=\"ws1\">-<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span><span class=\"ls25 ws22a\">held<span class=\"_ _0\"></span> for sale)<span class=\"_ _0\"></span>, Turbo\u2019<span class=\"_ _0\"></span>s Hoet Groep<span class=\"_ _9f\"></span> <span class=\"_ _3\"></span>(50%)<span class=\"_ _0\"></span> and Van Mo<span class=\"_ _0\"></span>er </span></span>Logistics (21.<span class=\"ws1da\">7%)<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">consol<span class=\"_ _0\"></span>idate<span class=\"_ _0\"></span>d parti<span class=\"_ _0\"></span>cipati<span class=\"_ _0\"></span>ons: <span class=\"ls1 ws1\"> </span></span></span></span></span>-<span class=\"ff3c\"> <span class=\"ff3a ls40 ws2ab\">Life Science: Astrivax (5,8%), Biotalys (11.9%), Bio Cap In<span class=\"_ _3\"></span>ve<span class=\"_ _0\"></span>st (29.5%), </span></span>Indigo<span class=\"_ _0\"></span> Diab<span class=\"_ _0\"></span>etes (11.<span class=\"_ _0\"></span>9%),<span class=\"_ _0\"></span> MRM Hea<span class=\"_ _0\"></span>lth<span class=\"ls1 ws1\"> <span class=\"ls46 ws22c\">(15.9%), Onco<span class=\"_ _3\"></span>DNA (9.8%).</span> </span>-<span class=\"ff3c\"> <span class=\"ff3a ws1f8\">India / South<span class=\"ws1\">-</span>East Asia: HealthQuad Fu<span class=\"_ _0\"></span>nd I (36.3%),<span class=\"ws1\"> <span class=\"_ _4\"> </span></span>HealthQuad Fund II </span></span>(11.<span class=\"_ _0\"></span>0%), Med<span class=\"_ _0\"></span>ikabaz<span class=\"_ _0\"></span>aar (8.<span class=\"_ _0\"></span>9%), Ven<span class=\"_ _0\"></span>turi Pa<span class=\"_ _0\"></span>rtners F<span class=\"_ _0\"></span>und I (1<span class=\"_ _0\"></span>1.1%) an<span class=\"_ _0\"></span>d Convergent Finance (3<span class=\"_ _0\"></span>.1%).<span class=\"ws1\"> </span>Early F<span class=\"_ _9f\"></span>ebruary 20<span class=\"_ _0\"></span>23, af<span class=\"_ _0\"></span>ter a s<span class=\"_ _0\"></span>ucces<span class=\"_ _0\"></span>sful co<span class=\"_ _9f\"></span>llaboration<span class=\"_ _9f\"></span> of more <span class=\"_ _0\"></span>than 30<span class=\"_ _0\"></span> years,<span class=\"_ _0\"></span> AvH<span class=\"_ _0\"></span> sold its 50% pa<span class=\"_ _3\"></span>rticip<span class=\"_ _0\"></span>ation in Telemond to t<span class=\"_ _3\"></span>he German family M<span class=\"ls35 ws1f0\">aas, it<span class=\"_ _0\"></span>s long<span class=\"ls1 ws1\">-</span><span class=\"ls33\">term </span></span>partner. This sale <span class=\"_ _0\"></span>earned AvH a cash rev<span class=\"_ _0\"></span>enue of 55 million<span class=\"_ _0\"></span> euros and a capita<span class=\"_ _0\"></span>l gain of 19 million euros. Co<span class=\"_ _0\"></span>nsequently, Telemond w<span class=\"_ _0\"></span>as reclassified to \u201cAssets h<span class=\"_ _0\"></span>eld for sale\u201d as of December 31, 2022<span class=\"ls1 ws1\">. </span>Note 6: S<span class=\"ls26 ws1dc\">egment <span class=\"ls3a ws20c\">information</span></span> \u2013 <span class=\"ls26 ws1dc\">income st<span class=\"_ _0\"></span>atement <span class=\"ls1 ws1\">2022 </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,965,08<span class=\"_ _3\"></span>3</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">217,522<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">145,138</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">25<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">75,704<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,053<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,40<span class=\"_ _3\"></span>1,419<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,008</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,966</span> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">42</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _46\"> </span><span class=\"fc22 ls29 ws1e1\">85,392</span><span class=\"fc22\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">135,999</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>221,392<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">115,243</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>115,243<span class=\"ls1 ws1\"> </span>Fees and <span class=\"ws1e1\">commissions <span class=\"ls1 ws1\">- </span></span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">100,051</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>100,051<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,793,646<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>71,330<span class=\"ls1 ws1\"> <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _15e\"> </span></span>3,864,890<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">86,044<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,229<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>9,139<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>25<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>2,366<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>99,802<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,780,6<span class=\"_ _3\"></span>41</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">124,820<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">98,<span class=\"_ _3\"></span>500</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">106</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">106<span class=\"_ _3\"></span>,152</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,12<span class=\"_ _3\"></span>3</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,1<span class=\"_ _3\"></span>08,096</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,690,244</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">27,755</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">81,129</span> <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">106</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">52,260</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,123</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,849,372</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">20,047</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">20,047</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">712,607</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">58,161</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">9,204</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">40,310</span> </span>-<span class=\"ls29 ws1e1\">820,282</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">346,405</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,116</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,140</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,923</span> </span>-<span class=\"ls29 ws1e1\">359,585</span> Impairment losses (<span class=\"ls1 ws1\">-) <span class=\"_ _46\"> </span></span>2,388<span class=\"ls1 ws1\"> <span class=\"_ _8b\"> </span>-</span>925<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> </span>1,053<span class=\"ls1 ws1\"> </span>Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">29,818</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">13,693</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,170</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">774</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">51,455</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _177\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">3,955<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,878<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>552<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-</span>7,884<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">8,408</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">24,017<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">7,164<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 -<span class=\"ls27 ws1df\">16,854</span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and loss<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL) <span class=\"_ _27\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,397</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,164</span> </span>-<span class=\"ls29 ws1e1\">5,234</span> Investmen<span class=\"_ _3\"></span>t property<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">11,620</span> 0 0 -<span class=\"ls29 ws1e1\">11,620</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> <span class=\"_ _40\"> </span><span class=\"ls27 ws1df\">19,181</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">2,559</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">28,346<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">334,<span class=\"_ _3\"></span>433</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">379,402</span> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> </span>9,433<span class=\"ls1 ws1\"> </span>0 0 0 59<span class=\"ls1 ws1\"> </span>9,491<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property <span class=\"_ _178\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">28,346</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>28,346<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> </span>9,749<span class=\"ls1 ws1\"> </span>0 0 0 334,117<span class=\"ls1 ws1\"> </span>343,866<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,559</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">257</span> </span>-<span class=\"ls29 ws1e1\">2,301</span> Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>203,623<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>90,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50,966<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">81</span> 311,149<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>70<span class=\"ls1 ws1\"> </span>655,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">31,909</span> -<span class=\"ls27 ws1df\">1,578</span> 19,226<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>4,165<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">70</span> -<span class=\"ls27 ws1df\">10,156</span> Interest income<span class=\"_ _3\"></span> <span class=\"_ _16f\"> </span><span class=\"fc22 ls29 ws1e1\">12,302</span><span class=\"fc22\"> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">17</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">3,392</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">3,345</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,436</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">17,619</span> </span>Interest<span class=\"_ _0\"></span> expenses (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">25,914</span> 0 -<span class=\"ls29 ws1e1\">12,233</span> 0 -<span class=\"ls29 ws1e1\">653</span> 1,436<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,365</span> (Un)realised foreign curr<span class=\"_ _0\"></span>ency results <span class=\"_ _179\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">9,947</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span><span class=\"ls29 ws1e1\">11</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">716</span> </span>-<span class=\"ls29 ws1e1\">9,219</span> Other financial income (expenses<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,350</span> 218<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>0 757<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">70</span> -<span class=\"ls29 ws1e1\">7,114</span> Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,814</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">27,737</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 25,923<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">25,4<span class=\"_ _3\"></span>30</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">126,491<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">17,4<span class=\"_ _3\"></span>17</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">35,464<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">39,072</span> </span>243,874<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span>non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">operatin<span class=\"_ _3\"></span>g income<span class=\"ls1 ws1\"> <span class=\"_ _17a\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) </span></span>0 0 0 0 0 0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>197,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,056<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,610<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,393<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>354,386<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 889,590<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">44,236</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">21,<span class=\"_ _3\"></span>723</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">15,621</span> <span class=\"_ _6\"> </span>-<span class=\"ls27 ws1df\">50</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">449</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">82,<span class=\"_ _3\"></span>078</span> </span>Deferred t<span class=\"_ _0\"></span>axes<span class=\"ls1 ws1\"> </span>12,349<span class=\"ls1 ws1\"> </span>503<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,548</span> 0 -<span class=\"ls29 ws1e1\">54</span> 3,250<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">56,585</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,226</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">6,073</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">50</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">394</span> </span>-<span class=\"ls29 ws1e1\">85,328</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 807,512<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,050</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>3,050<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit <span class=\"_ _3\"></span><span class=\"ls2f ws1e8\">(loss) of the<span class=\"_ _3\"></span> period<span class=\"ls1 ws1\"> </span></span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>75,040<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 810,562<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> </span>58,343<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>29,702<span class=\"ls1 ws1\"> </span>1,020<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">357</span> 101,907<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">94,565<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>180,135<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>45,338<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>34,323<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>354,295<span class=\"ls1 ws1\"> </span></span>708,655<span class=\"ls1 ws1\"> </span>Comments<span class=\"_ _0\"></span> on the s<span class=\"_ _0\"></span>egment i<span class=\"_ _0\"></span>nforma<span class=\"_ _0\"></span>tion <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">income </span></span>statement <span class=\"ls1 ws1\"> </span>AvH reali<span class=\"_ _3\"></span>sed a <span class=\"ff3b ls1 ws1f0\">net profit<span class=\"ff3a ws1\"> <span class=\"ls24 ws206\">of 708.7 mil<span class=\"_ _3\"></span>lion euros (share of the group) over 2022. </span></span></span>This re<span class=\"_ _0\"></span>cord re<span class=\"_ _0\"></span>sult is du<span class=\"_ _0\"></span>e to the s<span class=\"_ _0\"></span>trong re<span class=\"_ _0\"></span>sults of<span class=\"_ _0\"></span> all divi<span class=\"_ _0\"></span>sions of<span class=\"_ _0\"></span> the AvH g<span class=\"_ _0\"></span>roup and<span class=\"_ _9f\"></span> to the ca<span class=\"_ _0\"></span>pital g<span class=\"_ _9f\"></span>ains that we<span class=\"_ _0\"></span>re real<span class=\"_ _0\"></span>ised on<span class=\"_ _0\"></span> the disp<span class=\"_ _0\"></span>osal of<span class=\"_ _0\"></span> the pa<span class=\"_ _0\"></span>rticipa<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>n Anim<span class=\"_ _0\"></span>a and Manuchar.<span class=\"ws1\"> </span>The sale of<span class=\"_ _0\"></span> <span class=\"ls1 ws20b\">M<span class=\"_ _3\"></span>anuch<span class=\"_ _0\"></span>ar was realised on June 30, 202<span class=\"_ _0\"></span>2 and that of Anima was closed </span>in July 2022. Since<span class=\"_ _0\"></span> the participation in <span class=\"_ _0\"></span>Manuchar had already been <span class=\"_ _0\"></span>reported as \u201cAss<span class=\"_ _0\"></span>ets held f<span class=\"_ _0\"></span>or sa<span class=\"_ _0\"></span>le\u201d in t<span class=\"_ _0\"></span>he 2021 f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncial st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nts, th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ibution<span class=\"_ _0\"></span> of Manuc<span class=\"_ _0\"></span>har to <span class=\"_ _0\"></span>the resu<span class=\"_ _0\"></span>lts of<span class=\"_ _0\"></span> 2022 <span class=\"ls35 ws22f\">con<span class=\"_ _0\"></span>sists <span class=\"_ _0\"></span>entirel<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e capita<span class=\"_ _0\"></span>l gain of<span class=\"_ _0\"></span> 97.2 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> </span>euros th<span class=\"_ _0\"></span>at was r<span class=\"_ _0\"></span>ealised o<span class=\"_ _0\"></span>n the sa<span class=\"_ _0\"></span>le. The s<span class=\"_ _0\"></span>ale of An<span class=\"_ _0\"></span>ima, ho<span class=\"_ _0\"></span>wever, to<span class=\"_ _0\"></span>ok plac<span class=\"_ _0\"></span>e in the<span class=\"_ _0\"></span> second<span class=\"_ _0\"></span> half o<span class=\"_ _0\"></span>f the yea<span class=\"_ _0\"></span>r. Cons<span class=\"_ _0\"></span>equen<span class=\"_ _0\"></span>tly, An<span class=\"_ _0\"></span>ima\u2019s r<span class=\"_ _0\"></span>esults f<span class=\"_ _0\"></span>or the fir<span class=\"_ _0\"></span>st half<span class=\"_ _0\"></span> of 202<span class=\"_ _0\"></span>2 were st<span class=\"_ _0\"></span>ill repo<span class=\"_ _0\"></span>rted in th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lts at<span class=\"ls1 ws1\"> <span class=\"_ _7\"> </span></span>June 30, y<span class=\"_ _0\"></span>et recla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>ed to \u201cProf<span class=\"_ _0\"></span>it fro<span class=\"_ _0\"></span>m discontinued op<span class=\"_ _0\"></span>erations\u201d In the second<span class=\"_ _0\"></span> half of the year,<span class=\"_ _0\"></span> a capital gain of 2<span class=\"_ _0\"></span>36.9 millio<span class=\"_ _0\"></span>n euros on thi<span class=\"_ _0\"></span>s exit wa<span class=\"_ _0\"></span>s recognis<span class=\"_ _0\"></span>ed in the grou<span class=\"_ _0\"></span>p result.<span class=\"_ _0\"></span> For the stru<span class=\"_ _0\"></span>cture of<span class=\"_ _0\"></span> the con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted incom<span class=\"_ _9f\"></span>e statemen<span class=\"_ _0\"></span>t, this <span class=\"_ _0\"></span>means th<span class=\"_ _9f\"></span><span class=\"ls24 ws206\">a<span class=\"_ _3\"></span>t in 2022 Nextensa is the only </span>fully consolidated<span class=\"_ _0\"></span> participation in <span class=\"_ _0\"></span>the \u201cReal Estate &amp;<span class=\"_ _0\"></span> Senior Care\u201d s<span class=\"_ _0\"></span>egment. However, Anima is <span class=\"_ _0\"></span>still fully reported in th<span class=\"_ _0\"></span>e comparative figure<span class=\"_ _0\"></span>s of 2021. The othe<span class=\"_ _0\"></span>r changes in the consolidation scope have o<span class=\"_ _0\"></span>nly a l<span class=\"_ _3\"></span>imited i<span class=\"_ _0\"></span>mpact <span class=\"ls34 ws219\">on<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> com<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>ty </span>of the 2<span class=\"_ _0\"></span>022 co<span class=\"_ _0\"></span>nsolida<span class=\"_ _0\"></span>ted in<span class=\"_ _0\"></span>come st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent with <span class=\"_ _0\"></span>that of<span class=\"_ _0\"></span> the pr<span class=\"_ _0\"></span>evious <span class=\"_ _0\"></span>year.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Despite the dereco<span class=\"_ _3\"></span>gnition of Anima\u2019s revenue in 2022 (2021: 106.1 milli<span class=\"_ _3\"></span>on euros), the <span class=\"_ _7\"> </span>rev<span class=\"_ _0\"></span>enues<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls24 ws2ad\">nevertheless increased by <span class=\"_ _3\"></span>89.0 million euros to <span class=\"_ _3\"></span>4,401.4 million </span></span>eu<span class=\"ls25 ws1db\">ros.<span class=\"_ _0\"></span> This in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e refl<span class=\"_ _0\"></span>ects the hi<span class=\"_ _0\"></span>gher tu<span class=\"_ _9f\"></span>rnover at D<span class=\"_ _0\"></span>EME, C<span class=\"_ _0\"></span>FE and R<span class=\"_ _0\"></span>ent<span class=\"ls1 ws1\">-A-<span class=\"ls33 ws1eb\">Port, as </span></span></span>well as the <span class=\"_ _3\"></span>highe<span class=\"_ _0\"></span>r interest and <span class=\"_ _3\"></span>commi<span class=\"_ _0\"></span>ssion income at Bank Van <span class=\"_ _3\"></span>Br<span class=\"_ _0\"></span>eda. The decreased revenue in \u201cAvH &amp; Grow<span class=\"_ _0\"></span>th Capital\u201d is primarily explain<span class=\"_ _0\"></span>ed by the decre<span class=\"_ _0\"></span>ase of th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> tu<span class=\"_ _0\"></span>rnover a<span class=\"_ _0\"></span>t <span class=\"ls1 ws1f6\">Agidens by 15.1<span class=\"_ _0\"></span> million euros.<span class=\"ws1\"> </span></span>In ord<span class=\"_ _0\"></span>er to rea<span class=\"_ _0\"></span>lise th<span class=\"_ _0\"></span>at hig<span class=\"_ _0\"></span>her rev<span class=\"_ _9f\"></span>enue, the <span class=\"_ _0\"></span><span class=\"ff3b ls1 ws260\">operating expenses<span class=\"ff3a ws1\"> <span class=\"_ _9f\"></span><span class=\"ls30 ws283\">increa<span class=\"_ _0\"></span>sed as wel<span class=\"_ _0\"></span>l </span></span></span>by 84.1 million euros, of wh<span class=\"_ _0\"></span>ich 168.2 million euros in \u201c<span class=\"_ _0\"></span>Marine Engineering &amp;<span class=\"_ _0\"></span> Contracting\u201d and 2.4 million <span class=\"_ _0\"></span>euros in \u201cPrivate Banking\u201d respective<span class=\"ls34\">ly. T<span class=\"_ _3\"></span>he </span>deconsolidation of Anima resulte<span class=\"_ _0\"></span>d in the elimination of 96.9 million euros<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>expens<span class=\"_ _0\"></span>es, wh<span class=\"_ _0\"></span>ile th<span class=\"_ _0\"></span>e low<span class=\"_ _0\"></span>er tur<span class=\"_ _0\"></span>nover <span class=\"_ _0\"></span>at Agid<span class=\"_ _9f\"></span>ens led to<span class=\"_ _0\"></span> a dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e of operating expenses by 12.8 <span class=\"_ _0\"></span>million euros.<span class=\"ws1\"> </span>Throughout the whole AvH g<span class=\"_ _0\"></span>roup, companies were confron<span class=\"ls24 ws21b\">t<span class=\"_ _0\"></span>ed in 2022 with rising </span>costs o<span class=\"_ _0\"></span>f raw m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s, labo<span class=\"_ _0\"></span>ur, en<span class=\"_ _0\"></span>ergy an<span class=\"_ _0\"></span>d other s<span class=\"_ _0\"></span>ervic<span class=\"_ _0\"></span>es. DEME\u2019<span class=\"_ _0\"></span>s inve<span class=\"_ _0\"></span>stment<span class=\"_ _0\"></span>s in its fleet resulted <span class=\"_ _0\"></span>in a higher <span class=\"ff3b ls34 ws237\">depr<span class=\"_ _3\"></span>ecia<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span> cost<span class=\"_ _3\"></span></span><span class=\"ls24 ws206\">. In 2022, an amount of 1 mi<span class=\"_ _0\"></span>llion </span>euros w<span class=\"_ _0\"></span>as r<span class=\"_ _0\"></span>eversed<span class=\"_ _0\"></span> on i<span class=\"_ _0\"></span>mpairm<span class=\"_ _0\"></span>ent lo<span class=\"_ _0\"></span>sses, a<span class=\"_ _0\"></span>s opp<span class=\"_ _0\"></span>osed to<span class=\"_ _9f\"></span> a cost of<span class=\"_ _9f\"></span> 45.8<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws213\">mil<span class=\"_ _0\"></span>lion </span></span>euros in 2021.<span class=\"ls1 ws1\"> </span>Following the conclu<span class=\"_ _0\"></span>sion of an agreemen<span class=\"_ _0\"></span>t, Bank Van Breda wa<span class=\"_ _0\"></span>s able to reverse<span class=\"_ _0\"></span> 2.9 million euros of the provision <span class=\"_ _7\"> </span>it had constituted in previou<span class=\"_ _0\"></span>s years. The operating expenses in \u201cAvH &amp;<span class=\"_ _0\"></span> Growth Capi<span class=\"_ _3\"></span>tal\u201d, on the oth<span class=\"_ _0\"></span>er hand, included in 2<span class=\"ls25 ws1db\">022 a c<span class=\"_ _0\"></span>ost of 7<span class=\"_ _0\"></span>.7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _9f\"></span>ros to cons<span class=\"_ _0\"></span>titu<span class=\"_ _0\"></span>te a pro<span class=\"_ _0\"></span>vision f<span class=\"_ _0\"></span>or l<span class=\"_ _0\"></span>iabiliti<span class=\"_ _0\"></span>es and <span class=\"_ _0\"></span>charge<span class=\"_ _0\"></span>s </span>which AvH might be asked to draw u<span class=\"_ _0\"></span>pon in the context of warranties and repre<span class=\"_ _0\"></span>sentatio<span class=\"_ _0\"></span>ns gi<span class=\"_ _0\"></span>ven.<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s/liabilitie<span class=\"_ _3\"></span>s designat<span class=\"_ _3\"></span>ed at fa<span class=\"_ _3\"></span>ir value<span class=\"ff3a ls1 ws1\"> <span class=\"_ _7\"> </span><span class=\"ws221\">made, on balance, a nega<span class=\"_ _0\"></span>tive </span></span>con<span class=\"ls25 ws204\">tribu<span class=\"_ _0\"></span>tion of 1<span class=\"_ _0\"></span>6.9 mi<span class=\"_ _0\"></span>llion e<span class=\"_ _0\"></span>uros to t<span class=\"_ _0\"></span>he resu<span class=\"_ _9f\"></span>lts in 2022.<span class=\"_ _0\"></span> In \u201cR<span class=\"_ _0\"></span>eal Esta<span class=\"_ _0\"></span>te &amp; Senio<span class=\"_ _9f\"></span>r </span>Care\u201d,<span class=\"_ _0\"></span> the v<span class=\"_ _0\"></span>alue of<span class=\"_ _0\"></span> the <span class=\"_ _0\"></span>Retail <span class=\"_ _0\"></span>Estate<span class=\"_ _0\"></span>s sha<span class=\"_ _0\"></span>res at <span class=\"_ _0\"></span>Nexten<span class=\"_ _0\"></span>sa was<span class=\"_ _0\"></span> decrea<span class=\"_ _0\"></span>sed by<span class=\"_ _0\"></span> 12.7<span class=\"_ _0\"></span> million euros in accordance wi<span class=\"_ _0\"></span>th the evolution of the share pri<span class=\"_ _0\"></span>ce during 2022, while a negat<span class=\"_ _0\"></span>ive<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws1f3\">fa<span class=\"_ _0\"></span>ir value adjustment of 11.6 <span class=\"_ _0\"></span>million euros was recorded on th<span class=\"_ _0\"></span>e real </span></span>estate portfolio based on external valuations. In \u201cAvH &amp; Growth Ca<span class=\"_ _3\"></span>pital\u201d, the<span class=\"_ _0\"></span> revaluation at fair value of AvH\u2019s <span class=\"_ _0\"></span>investment portfolio result<span class=\"_ _0\"></span>ed in a negative value adjustm<span class=\"_ _9f\"></span>ent of 6.6<span class=\"_ _9f\"></span> milli<span class=\"ls1 ws1ed\">on euro<span class=\"_ _0\"></span>s, while an upw<span class=\"_ _0\"></span>ard value adjustment <span class=\"_ _0\"></span>of 13.8 millio<span class=\"_ _0\"></span>n </span>euros was recognised on the non<span class=\"ws1\">-<span class=\"ls25 ws1fb\">con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted par<span class=\"_ _0\"></span>ticipa<span class=\"_ _0\"></span>tions o<span class=\"_ _0\"></span>f AvH Gro<span class=\"_ _0\"></span>wth </span></span>Capital.  As was already indicated above, <span class=\"_ _0\"></span><span class=\"ff3b ls49 ws2ae\">capita<span class=\"_ _3\"></span>l gains<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws207\">mad<span class=\"_ _0\"></span>e a subs<span class=\"_ _0\"></span>tantia<span class=\"_ _0\"></span>l contr<span class=\"_ _0\"></span>ibution t<span class=\"_ _0\"></span>o </span></span></span>the group results <span class=\"_ _0\"></span>in 2022. The dispo<span class=\"_ _0\"></span>sal of the participat<span class=\"_ _0\"></span>ions in Manuchar an<span class=\"_ _0\"></span>d Anima generated capital gains of 334.1 million euros in \u201cAvH &amp;<span class=\"_ _0\"></span> Growth Capital\u201d. The sal<span class=\"_ _0\"></span>e by Nex<span class=\"_ _0\"></span>tensa of<span class=\"_ _0\"></span> the Cre<span class=\"_ _0\"></span>scent, <span class=\"_ _0\"></span>Monnet a<span class=\"_ _0\"></span>nd Titan<span class=\"_ _9f\"></span>ium build<span class=\"_ _0\"></span>ings ea<span class=\"_ _0\"></span>rned<span class=\"_ _0\"></span> Nexten<span class=\"_ _0\"></span>sa a tota<span class=\"_ _0\"></span>l capita<span class=\"_ _0\"></span>l gain of 2<span class=\"_ _0\"></span>8.3 mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _9f\"></span>s. DE<span class=\"ls42 ws2af\">ME realise<span class=\"_ _0\"></span>d a capita<span class=\"_ _0\"></span>l gain of </span>7.3<span class=\"_ _3\"></span> mil<span class=\"_ _3\"></span>lio<span class=\"_ _3\"></span>n eur<span class=\"_ _3\"></span>os on t<span class=\"_ _3\"></span>he di<span class=\"_ _3\"></span>spos<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>f fix<span class=\"_ _3\"></span>ed as<span class=\"_ _3\"></span>sets<span class=\"_ _3\"></span> (inc<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>ding<span class=\"_ _3\"></span> the \u2018T<span class=\"_ _3\"></span>hor<span class=\"_ _3\"></span>\u2019),<span class=\"_ _3\"></span> and CF<span class=\"_ _3\"></span>E 2.1 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s. In<span class=\"_ _0\"></span> CFE\u2019s r<span class=\"_ _0\"></span>eal <span class=\"_ _0\"></span>estate d<span class=\"_ _9f\"></span>evelopmen<span class=\"_ _9f\"></span>t activi<span class=\"_ _0\"></span>ty, the<span class=\"_ _0\"></span> Wooden<span class=\"_ _0\"></span> pro<span class=\"_ _0\"></span>ject, in<span class=\"_ _9f\"></span> which CFE held a partic<span class=\"_ _0\"></span>ipating interest, was succ<span class=\"_ _0\"></span>essfully s<span class=\"ls40 ws218\">old.</span><span class=\"ws1\"> </span>As was <span class=\"_ _0\"></span>also th<span class=\"_ _0\"></span>e case in<span class=\"_ _0\"></span> prev<span class=\"_ _0\"></span>ious ye<span class=\"_ _0\"></span>ars, th<span class=\"_ _0\"></span>e <span class=\"ff3b ls64 ws2b0\">eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">-<span class=\"ls3f ws2ad\">accoun<span class=\"_ _0\"></span>ted in<span class=\"_ _0\"></span>vestm<span class=\"_ _9f\"></span>ents<span class=\"ff3a ls1 ws1\"> </span></span></span></span>made a s<span class=\"_ _0\"></span>ubstan<span class=\"_ _9f\"></span>tial contr<span class=\"_ _0\"></span>ibution<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>e group p<span class=\"_ _9f\"></span>rofit. In 20<span class=\"_ _0\"></span>22, th<span class=\"_ _0\"></span>is cont<span class=\"_ _0\"></span>ributio<span class=\"_ _0\"></span>n amounted to 243.9 million euros (2021: 255.2 million euros, inclu<span class=\"_ _3\"></span>ding <span class=\"_ _0\"></span>a contribution from Manuch<span class=\"_ _0\"></span>ar<span class=\"ls25 ws2b2\">). This p<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span> from equ<span class=\"_ _0\"></span>ity<span class=\"ls1 ws1\">-<span class=\"ws25d\">account<span class=\"_ _0\"></span>ed investments </span></span></span>compr<span class=\"_ _0\"></span>ises a.o<span class=\"_ _0\"></span>. th<span class=\"_ _0\"></span>e share<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e AvH g<span class=\"_ _0\"></span>roup in<span class=\"_ _0\"></span> the n<span class=\"_ _0\"></span>et prof<span class=\"_ _0\"></span>it of D<span class=\"_ _9f\"></span>elen Priv<span class=\"_ _0\"></span>ate Ban<span class=\"_ _0\"></span>k,<span class=\"_ _0\"></span> SIPEF, V<span class=\"_ _0\"></span>erdant Bio<span class=\"_ _9f\"></span>science, Sag<span class=\"_ _0\"></span>ar Cemen<span class=\"_ _0\"></span>ts and seve<span class=\"_ _0\"></span>ral \u201c<span class=\"ls42 ws28e\">AvH &amp; Growt<span class=\"_ _0\"></span>h Capital\u201d<span class=\"_ _9f\"></span> </span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span>s. The f<span class=\"_ _0\"></span>ull ov<span class=\"_ _0\"></span>erview o<span class=\"_ _0\"></span>f this<span class=\"_ _0\"></span> item i<span class=\"_ _0\"></span><span class=\"ls25 ws249\">s pre<span class=\"_ _0\"></span>sented i<span class=\"_ _0\"></span>n No<span class=\"_ _0\"></span>te 2. J<span class=\"_ _0\"></span>ointl<span class=\"_ _0\"></span>y </span>controlled subsidiarie<span class=\"_ _0\"></span>s and Note 3. Associated pa<span class=\"_ _0\"></span>rticipating interests. <span class=\"ws1\"> </span>The general incr<span class=\"_ _0\"></span>ease in interest rate<span class=\"_ _0\"></span>s did not lead to a <span class=\"_ _0\"></span>significant increase of <span class=\"_ _0\"></span>the inte<span class=\"_ _0\"></span>rest exp<span class=\"_ _9f\"></span>enses<span class=\"ff3a ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">in 2022, although<span class=\"_ _0\"></span> it had a po<span class=\"_ _0\"></span>sitive impact on t<span class=\"_ _0\"></span>he<span class=\"ws1\"> <span class=\"ls4a ws22c\">fai<span class=\"_ _3\"></span>r va<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>e of </span></span></span></span>hedging instruments a<span class=\"_ _0\"></span>t Nextensa. In 2022, foreign curr<span class=\"_ _0\"></span>ency results had a negativ<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t of 9.<span class=\"_ _0\"></span>2 mill<span class=\"_ _0\"></span>ion eu<span class=\"_ _0\"></span>ros (p<span class=\"_ _0\"></span>rimaril<span class=\"_ _0\"></span>y at <span class=\"_ _0\"></span>DEME) o<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span> group <span class=\"_ _0\"></span>resul<span class=\"_ _0\"></span>ts, wh<span class=\"_ _0\"></span>ereas i<span class=\"_ _0\"></span>n 2021 th<span class=\"_ _0\"></span>ey stil<span class=\"_ _0\"></span>l had a po<span class=\"_ _0\"></span>sitive ov<span class=\"_ _0\"></span>erall im<span class=\"_ _0\"></span>pact of<span class=\"_ _0\"></span> 7.1 milli<span class=\"_ _0\"></span>on euro<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>The <span class=\"ff3b ls54 ws279\">inco<span class=\"_ _3\"></span>me<span class=\"ls1 ws1\"> <span class=\"ls3f ws1f4\">taxes</span><span class=\"ff3a\"> <span class=\"ls35 ws1ec\">inc<span class=\"_ _0\"></span>reased s<span class=\"_ _0\"></span>lightly <span class=\"_ _0\"></span>to 82.1 mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s relativ<span class=\"_ _0\"></span>e to last ye<span class=\"_ _0\"></span>ar. In<span class=\"_ _0\"></span> </span></span></span></span>the ass<span class=\"_ _0\"></span>essmen<span class=\"_ _0\"></span>t of this f<span class=\"_ _0\"></span>igur<span class=\"_ _0\"></span>e in relatio<span class=\"_ _9f\"></span>n to the pro<span class=\"_ _0\"></span>fit bef<span class=\"_ _0\"></span>ore tax, a<span class=\"_ _0\"></span>t least th<span class=\"_ _9f\"></span>e following should be taken into <span class=\"_ _3\"></span>account:<span class=\"_ _0\"></span><span class=\"ws1\"> </span>i.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ff3a ws1f5\">the c<span class=\"_ _3\"></span>ont<span class=\"_ _0\"></span>ribution from the equity<span class=\"ws1\">-<span class=\"ls25 ws204\">a<span class=\"_ _0\"></span>ccounte<span class=\"_ _0\"></span>d inve<span class=\"_ _0\"></span>stments i<span class=\"_ _0\"></span>s rep<span class=\"ls33 ws215\">orted on t<span class=\"_ _3\"></span>he </span></span></span></span></span>basis o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> net re<span class=\"_ _0\"></span>sult, in o<span class=\"_ _9f\"></span>ther word<span class=\"_ _0\"></span>s, af<span class=\"_ _0\"></span>ter the <span class=\"_ _0\"></span>taxes <span class=\"_ _0\"></span>borne b<span class=\"_ _0\"></span>y thos<span class=\"_ _0\"></span>e entiti<span class=\"_ _0\"></span>es.<span class=\"ls1 ws1\"> </span>ii.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span></span><span class=\"ls25 ws204\">In 2022,<span class=\"_ _0\"></span> a substan<span class=\"_ _0\"></span>tial pa<span class=\"_ _0\"></span>rt of th<span class=\"_ _0\"></span>e result c<span class=\"_ _0\"></span>onsist<span class=\"_ _0\"></span>ed of gain<span class=\"_ _0\"></span>s on th<span class=\"_ _0\"></span>e dispos<span class=\"_ _0\"></span>al </span>of participations which AvH held over the long term and are exempt fro<span class=\"_ _0\"></span>m tax.<span class=\"ls1 ws1\"> </span>If the<span class=\"_ _3\"></span> <span class=\"ls40 ws275\">total tax expense of 82.1 million euros is compared with just the pre<span class=\"ls1 ws1\">-<span class=\"ls31 ws206\">ta<span class=\"_ _3\"></span>x </span></span></span>profit <span class=\"_ _0\"></span>after ad<span class=\"_ _0\"></span>justm<span class=\"_ _0\"></span>ent fo<span class=\"_ _0\"></span>r the ab<span class=\"_ _0\"></span>ove el<span class=\"_ _0\"></span>ements,<span class=\"_ _0\"></span> the tax<span class=\"_ _0\"></span> rate w<span class=\"_ _0\"></span>ould be 2<span class=\"_ _0\"></span>7.2%<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span> </span>Note 6: <span class=\"ls26 ws1dc\">Segment <span class=\"ls3a ws20c\">information </span></span>\u2013 <span class=\"ls36 ws200\">assets 20<span class=\"_ _3\"></span>22</span> (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Non<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls2d ws15b\">current as<span class=\"_ _3\"></span>sets</span> </span>3,631,13<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,119,53<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,465,50<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>341,798<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>445,377<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">34,840</span> 11,968,5<span class=\"_ _3\"></span>09<span class=\"ls1 ws1\"> </span>Intangible as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> <span class=\"_ _17e\"> </span><span class=\"ls27 ws1df\">115,515<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">396<span class=\"_ _3\"></span></span> <span class=\"_ _10\"> </span><span class=\"ls27 ws1df\">1,11<span class=\"_ _3\"></span>8</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">620<span class=\"_ _3\"></span></span> </span>117,649<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17f\"> </span><span class=\"ls27 ws1df\">173,980<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">134,<span class=\"_ _3\"></span>247</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">11,727<span class=\"_ _3\"></span></span> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tangible assets<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _180\"> </span><span class=\"ls27 ws1df\">2,632,21<span class=\"_ _3\"></span>1</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">53,009</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">6,71<span class=\"_ _3\"></span>9</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">28,7<span class=\"_ _3\"></span>69</span> </span>2,720,70<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Land and buildings<span class=\"ls1 ws1\"> <span class=\"_ _181\"> </span></span><span class=\"fc22 ws1e1\">181,802<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>45,625<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>19,355<span class=\"ls1 ws1\"> </span></span>246,782<span class=\"ls1 ws1\"> </span>Plant, machinery and equipment<span class=\"ls1 ws1\"> <span class=\"_ _182\"> </span></span><span class=\"fc22 ws1e1\">2,176,503<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,720<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,698<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span></span>3,266<span class=\"ls1 ws1\"> </span></span>2,183,188<span class=\"ls1 ws1\"> </span>Furniture and vehicles<span class=\"ls1 ws1\"> <span class=\"_ _180\"> </span></span><span class=\"fc22 ws1e1\">38,826<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>5,014<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>730<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span></span>4,726<span class=\"ls1 ws1\"> </span></span>49,296<span class=\"ls1 ws1\"> </span>Other tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _183\"> </span></span><span class=\"fc22 ws1e1\">4,116<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>449<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>4,291<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>454<span class=\"ls1 ws1\"> </span></span>9,310<span class=\"ls1 ws1\"> </span>Assets under construction<span class=\"ls1 ws1\">  <span class=\"_ _184\"> </span></span><span class=\"fc22 ws1e1\">230,964<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>200<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _8\"> </span></span>968<span class=\"ls1 ws1\"> </span></span>232,132<span class=\"ls1 ws1\"> </span>Investment<span class=\"_ _3\"></span> property<span class=\"ls1 ws1\"> <span class=\"_ _176\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">1,<span class=\"_ _3\"></span>278,716<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>1,278,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod<span class=\"ls1 ws1\"> <span class=\"_ _fd\"> </span><span class=\"ls27 ws1df\">362,398<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">849,394<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">52,9<span class=\"_ _3\"></span>46</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">341,798<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">238,<span class=\"_ _3\"></span>701</span> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ws202\">current financi<span class=\"_ _3\"></span>al assets</span> <span class=\"_ _b6\"> </span><span class=\"ls27 ws1df\">175,440<span class=\"_ _3\"></span></span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,579</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">91,692<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">163,<span class=\"_ _3\"></span>331</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">34,840<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">398,<span class=\"_ _3\"></span>203</span> </span>Financial assets<span class=\"_ _0\"></span> : <span class=\"ls28 ws1de\">sh<span class=\"_ _3\"></span>ares <span class=\"ls1 ws1\">- </span></span>F<span class=\"_ _3\"></span>air value through P/L (FVPL)<span class=\"ls1 ws1\"> <span class=\"_ _91\"> </span></span><span class=\"fc22 ws1e1\">5,036<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>83,782<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span></span>119,510<span class=\"ls1 ws1\"> </span></span>208,328<span class=\"ls1 ws1\"> </span>Receivables and warranties<span class=\"ls1 ws1\"> <span class=\"_ _185\"> </span></span><span class=\"fc22 ws1e1\">170,404<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,579<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>7,910<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>43,821<span class=\"ls1 ws1\"> <span class=\"_ _6d\"> </span>-</span>34,840<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>189,875<span class=\"ls1 ws1\"> </span></span>Non<span class=\"ls1 ws1\">-</span>curren<span class=\"_ _3\"></span>t hedging ins<span class=\"_ _3\"></span>truments<span class=\"ls1 ws1\"> <span class=\"_ _56\"> </span><span class=\"ls27 ws1df\">40,076<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">86,1<span class=\"_ _3\"></span>20</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">32,715<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>158,911<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred tax assets<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _173\"> </span><span class=\"ls27 ws1df\">131,515<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">19,4<span class=\"_ _3\"></span>92</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">1,592<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,230<span class=\"_ _3\"></span></span> </span>154,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ws202\">receivables <span class=\"_ _3\"></span>from credit</span> 0 <span class=\"_ _ca\"> </span><span class=\"ls27 ws1df\">4,974,30<span class=\"_ _3\"></span>2</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 4,974,30<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>institutions<span class=\"_ _3\"></span> and clients a<span class=\"_ _3\"></span>fter one yea<span class=\"_ _3\"></span>r<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - loans and receivables to c<span class=\"_ _0\"></span>lients <span class=\"_ _186\"> </span><span class=\"fc22\">0 <span class=\"_ _7c\"> </span><span class=\"ls29 ws1e1\">4,974,302</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>4,974,302<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio  <span class=\"_ _87\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>0 II. C<span class=\"_ _3\"></span>urrent <span class=\"_ _3\"></span>assets<span class=\"ls1 ws1\"> </span>2,344,76<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>2,517,30<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>294,878<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>711<span class=\"ls1 ws1\"> </span>490,204<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,365</span> 5,645,50<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Inventories<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _187\"> </span><span class=\"ls27 ws1df\">290,062<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">98,<span class=\"_ _3\"></span>257</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">1,392</span> </span>389,711<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due <span class=\"_ _3\"></span>from cus<span class=\"_ _3\"></span>tomers under c<span class=\"_ _3\"></span>onstruction co<span class=\"_ _3\"></span>ntracts<span class=\"ls1 ws1\"> <span class=\"_ _c5\"> </span><span class=\"ls27 ws1df\">445,<span class=\"_ _3\"></span>465</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">83,186<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,63<span class=\"_ _3\"></span>8</span> </span>532,289<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Investments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _188\"> </span>2 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">503,171<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">41,3<span class=\"_ _3\"></span>25</span> </span>544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L (FVPL) <span class=\"_ _5e\"> </span><span class=\"fc22\">2 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">41,325</span> </span>41,328<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 502,908<span class=\"ls1 ws1\"> </span>0 0 0 502,908<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value th<span class=\"_ _3\"></span>rough OCI (FVOCI)<span class=\"_ _3\"></span> <span class=\"_ _2d\"> </span><span class=\"fc22\">0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">263</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>263<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> - <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>0 Current he<span class=\"_ _3\"></span>dging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> <span class=\"_ _189\"> </span><span class=\"ls27 ws1df\">22,228<span class=\"_ _3\"></span></span> <span class=\"_ _10\"> </span><span class=\"ls27 ws1df\">2,13<span class=\"_ _3\"></span>1</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 </span>24,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts rece<span class=\"_ _3\"></span>ivable with<span class=\"_ _3\"></span>in one year<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _18a\"> </span><span class=\"ls27 ws1df\">739,242<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">11,2<span class=\"_ _3\"></span>79</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">68,220</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">68<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">29,538<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,262</span> <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">847,085</span> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>683,217<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>15,371<span class=\"ls1 ws1\"> </span>0 21,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 719,214<span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> <span class=\"_ _18b\"> </span></span><span class=\"fc22 ws1e1\">56,026<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>11,231<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>52,849<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>68<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>7,698<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _6b\"> </span></span>127,871<span class=\"ls1 ws1\"> </span></span>Current tax receivabl<span class=\"_ _3\"></span>es<span class=\"ws1\"> </span>25,548<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,333<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 499<span class=\"ls1 ws1\"> </span>37,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ws202\">receivables <span class=\"_ _3\"></span>from credit</span> 0 <span class=\"_ _ca\"> </span><span class=\"ls27 ws1df\">1,965,93<span class=\"_ _3\"></span>9</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 1,965,93<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>institutions<span class=\"_ _3\"></span> and clients w<span class=\"_ _3\"></span>ithin one y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - <span class=\"ls29 ws1e0\">loans and advances to banks</span> <span class=\"_ _29\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">110,836</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>110,836<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - loans and receivables to c<span class=\"_ _0\"></span>lients <span class=\"_ _186\"> </span><span class=\"fc22\">0 <span class=\"_ _7c\"> </span><span class=\"ls29 ws1e1\">1,214,188</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>1,214,188<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio  <span class=\"_ _87\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>0 Bank<span class=\"_ _3\"></span>s - cash balances with<span class=\"_ _0\"></span> central banks <span class=\"_ _18c\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">640,916</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>640,916<span class=\"ls1 ws1\"> </span>Cash and ca<span class=\"_ _3\"></span>sh equivale<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>693,990<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>24,515<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,106<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>642<span class=\"ls1 ws1\"> </span>410,718<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,160,97<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Deferred ch<span class=\"_ _3\"></span>arges, accrue<span class=\"_ _3\"></span>d income a<span class=\"_ _3\"></span>nd other curr<span class=\"_ _3\"></span>ent assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span><span class=\"ls27 ws1df\">128,<span class=\"_ _3\"></span>230</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">10,274<span class=\"_ _3\"></span></span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,774</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,<span class=\"_ _3\"></span>094</span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,1<span class=\"_ _3\"></span>03</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">143,270<span class=\"_ _3\"></span></span> </span>III.<span class=\"_ _3\"></span> Assets h<span class=\"_ _3\"></span>eld for sa<span class=\"_ _3\"></span>le<span class=\"ls1 ws1\"> </span>31,997<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 30,507<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>62,504<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tot<span class=\"_ _0\"></span>al asset<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>6,007,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span></span>8,636,84<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span></span>1,760,<span class=\"_ _3\"></span>377<span class=\"ls1 ws1\"> <span class=\"_ _6c\"> </span></span>342,<span class=\"_ _3\"></span>509<span class=\"ls1 ws1\"> <span class=\"_ _6c\"> </span></span>966,<span class=\"_ _3\"></span>089<span class=\"ls1 ws1\"> <span class=\"_ _e2\"> </span>-</span>37,205<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span></span>17,676,5<span class=\"_ _3\"></span>17<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real <span class=\"ls2b ws1df\">Estate &amp; </span>Energy &amp; Segment info<span class=\"_ _3\"></span>rmation <span class=\"ls1 ws1\">- </span>pr<span class=\"_ _3\"></span>o forma turn<span class=\"_ _3\"></span>over<span class=\"ls1 ws1\"> </span>Engineering Growth between Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Turnover E<span class=\"_ _3\"></span>U member state<span class=\"_ _3\"></span>s <span class=\"_ _18d\"> </span><span class=\"fc22 ls29 ws1e1\">2,793,622</span><span class=\"fc22\"> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">538,551</span> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">135,999</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">56,860</span> <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">730,256</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,966</span> <span class=\"_ _15e\"> </span><span class=\"ls29 ws1e1\">4,253,323</span> </span>Other European countries<span class=\"ls1 ws1\"> <span class=\"_ _17a\"> </span></span><span class=\"fc22 ws1e1\">363,593<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>78,461<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span></span>34,582<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>63,182<span class=\"ls1 ws1\"> </span></span>539,818<span class=\"ls1 ws1\"> </span>Rest of the worl<span class=\"_ _3\"></span>d <span class=\"_ _18e\"> </span><span class=\"fc22 ls29 ws1e1\">722,758</span><span class=\"fc22\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">146,138</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">13,327</span> </span>882,223<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,879,97<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>617,012<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>135,999<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>237,580<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>806,766<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,966</span> 5,675,36<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>The pro forma turnover co<span class=\"_ _0\"></span>mprises the turnover of all partic<span class=\"_ _0\"></span>ipations held by the AvH gr<span class=\"_ _0\"></span>oup, and therefore deviates fr<span class=\"_ _0\"></span>om the turnover as reported in the l<span class=\"_ _0\"></span>egal IFRS consolidation dr<span class=\"_ _0\"></span>awn up on the basis of<span class=\"_ _0\"></span> the cons<span class=\"_ _0\"></span>olidation scope reported<span class=\"ls1 ws1\"> </span><span class=\"ws1e0\">in N<span class=\"_ _0\"></span>ote 2 and 3.<span class=\"ls1 ws1\"> </span>In this pro forma presentation, all exclusive control int<span class=\"_ _0\"></span>erests are incorporated in full and the other interests proport<span class=\"_ _0\"></span>ional<span class=\"ls3c ws20e\">l<span class=\"_ _3\"></span>y.<span class=\"ls1 ws1\"> </span></span></span>Note 6: <span class=\"ls3a ws20c\">Segm<span class=\"_ _3\"></span>ent inform<span class=\"_ _3\"></span>ation </span>\u2013 <span class=\"ls3a ws20c\">equity<span class=\"_ _3\"></span> and liab<span class=\"_ _3\"></span>ilities<span class=\"_ _3\"></span> 202</span>2 (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Tot<span class=\"_ _0\"></span>al equ<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ls1\"> </span>2,275,51<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>1,639,35<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>841,492<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>342,495<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>903,607<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,002,45<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Shareholde<span class=\"_ _3\"></span>rs\u2019 equity <span class=\"ls1 ws1\">- </span>gr<span class=\"_ _3\"></span>oup share<span class=\"ls1 ws1\"> </span>1,414,30<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>1,497,97<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>482,890<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>342,495<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>895,966<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,633,63<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Issued capi<span class=\"_ _3\"></span>tal<span class=\"ls1 ws1\"> </span>0 0 0 0 113,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>113,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Share capital<span class=\"ls1 ws1\"> </span>0 0 0 0 2,295<span class=\"ls1 ws1\"> </span>2,295<span class=\"ls1 ws1\"> </span>Share premium<span class=\"ls1 ws1\"> </span>0 0 0 0 111,612<span class=\"ls1 ws1\"> </span>111,612<span class=\"ls1 ws1\"> </span>Consolidat<span class=\"_ _3\"></span>ed reserves<span class=\"ls1 ws1\"> </span>1,388,91<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,533,24<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>479,175<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>317,111<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>829,477<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,547,92<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Revaluation reserves<span class=\"_ _3\"></span><span class=\"ws1\"> </span>25,386<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">35,263</span> 3,715<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>25,383<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">6,821</span> 12,401<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial <span class=\"ls28 ws20e\">assets : b<span class=\"_ _3\"></span>onds <span class=\"ls1 ws1\">- </span></span><span class=\"ws1e0\">Fa<span class=\"_ _3\"></span>ir value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span></span>0 -<span class=\"ls29 ws1e1\">32,964</span> 0 0 0 -<span class=\"ls29 ws1e1\">32,964</span> Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 129<span class=\"ls1 ws1\"> </span>0 0 0 129<span class=\"ls1 ws1\"> </span>Hedging reserves<span class=\"ls1 ws1\"> </span>56,043<span class=\"ls1 ws1\"> </span>0 3,549<span class=\"ls1 ws1\"> </span>342<span class=\"ls1 ws1\"> </span>4 59,938<span class=\"ls1 ws1\"> </span>Actuarial gains<span class=\"_ _0\"></span> (los<span class=\"_ _3\"></span>ses)<span class=\"_ _0\"></span> defined benefit pension <span class=\"ws1e1\">plans<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">22,531</span> -<span class=\"ls29 ws1e1\">3,866</span> 0 -<span class=\"ls29 ws1e1\">1,571</span> 4,593<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23,375</span> Translation differenc<span class=\"_ _0\"></span>es<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,127</span> 1,438<span class=\"ls1 ws1\"> </span>166<span class=\"ls1 ws1\"> </span>26,612<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,417</span> 8,673<span class=\"ls1 ws1\"> </span>Treasury shares (<span class=\"ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 -<span class=\"ls27 ws1df\">40,597</span> -<span class=\"ls27 ws1df\">40,597</span> Minori<span class=\"_ _3\"></span>ty in<span class=\"_ _3\"></span>terests<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>861,208<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,372<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>358,602<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 7,641<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,368,82<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>II. Non<span class=\"ls1 ws1\">-<span class=\"ls2d ws2ac\">curre<span class=\"_ _3\"></span>nt <span class=\"ls2e ws2b5\">liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span></span></span></span>1,337,75<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>896,493<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>693,493<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 23,242<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">34,840</span> 2,916,14<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>Provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>77,330<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,471<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,413<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>95,036<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Pension liabiliti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>69,049<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,485<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 421<span class=\"ls1 ws1\"> </span>76,955<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred tax liabili<span class=\"_ _3\"></span>ties<span class=\"ws1\"> </span>94,174<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 56,716<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 745<span class=\"ls1 ws1\"> </span>151,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,016,86<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>4,854<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>634,932<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 10,026<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">34,840</span> 1,631,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>834,277<span class=\"ls1 ws1\"> </span>0 491,538<span class=\"ls1 ws1\"> </span>0 7,360<span class=\"ls1 ws1\"> </span>1,333,174<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 0 139,348<span class=\"ls1 ws1\"> </span>0 0 139,348<span class=\"ls1 ws1\"> </span>Subordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>0 0 0 0 677<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>102,413<span class=\"ls1 ws1\"> </span>4,854<span class=\"ls1 ws1\"> </span>2,247<span class=\"ls1 ws1\"> </span>0 2,666<span class=\"ls1 ws1\"> </span>112,180<span class=\"ls1 ws1\"> </span>Other financial debts<span class=\"ls1 ws1\"> </span>79,494<span class=\"ls1 ws1\"> </span>0 1,800<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">34,840</span> 46,453<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">curren<span class=\"_ _3\"></span>t hedging ins<span class=\"_ _3\"></span>truments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>53,661<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>208<span class=\"ls1 ws1\"> </span>23<span class=\"ls1 ws1\"> </span>0 0 53,892<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other amounts payab<span class=\"_ _3\"></span>le<span class=\"ls1 ws1\">  </span>26,678<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,405<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 638<span class=\"ls1 ws1\"> </span>41,721<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 0 865,069<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 865,069<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from credit <span class=\"ws1e1\">instit<span class=\"_ _0\"></span>utions<span class=\"ls1 ws1\"> </span></span></span></span>0 0 0 0 0 0 Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from clients</span> </span>0 736,385<span class=\"ls1 ws1\"> </span>0 0 0 736,385<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">debt certificat<span class=\"_ _0\"></span>es including bonds<span class=\"ls1 ws1\"> </span></span></span>0 40,003<span class=\"ls1 ws1\"> </span>0 0 0 40,003<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>0 88,681<span class=\"ls1 ws1\"> </span>0 0 0 88,681<span class=\"ls1 ws1\"> </span>III.<span class=\"_ _3\"></span> Current <span class=\"_ _3\"></span><span class=\"ls2e ws2b5\">liab<span class=\"_ _0\"></span>ilities<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>2,394,63<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>6,101,00<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>225,393<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14<span class=\"ls1 ws1\"> </span>39,239<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,365</span> 8,757,92<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>Provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,536<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22<span class=\"ls1 ws1\"> </span>1,158<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 516<span class=\"ls1 ws1\"> </span>35,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Pension liabiliti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>0 0 0 248<span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>278,640<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,613<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>117,668<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,735<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>234,133<span class=\"ls1 ws1\"> </span>0 44,500<span class=\"ls1 ws1\"> </span>0 2,078<span class=\"ls1 ws1\"> </span>280,710<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Subordinated loans<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Lease debts<span class=\"ls1 ws1\"> </span>35,507<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>0 0 1,658<span class=\"ls1 ws1\"> </span>39,778<span class=\"ls1 ws1\"> </span>Other financial debts<span class=\"ls1 ws1\"> </span>9,000<span class=\"ls1 ws1\"> </span>0 73,168<span class=\"ls1 ws1\"> </span>0 0 0 82,168<span class=\"ls1 ws1\"> </span>Current he<span class=\"_ _3\"></span>dging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>31,702<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>191<span class=\"ls1 ws1\"> </span>0 0 0 31,893<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due <span class=\"_ _3\"></span>to custome<span class=\"_ _3\"></span>rs under <span class=\"ls28 ws1e7\">con<span class=\"_ _3\"></span>stru<span class=\"_ _3\"></span>ction co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span></span>516,780<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 9,569<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>526,349<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other amo<span class=\"_ _3\"></span>unts payable wi<span class=\"_ _3\"></span>thin one ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\"> </span>1,419,76<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>32,313<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>54,951<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11<span class=\"ls1 ws1\"> </span>24,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,262</span> 1,529,77<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>1,093,327<span class=\"ls1 ws1\"> </span>55<span class=\"ls1 ws1\"> </span>34,841<span class=\"ls1 ws1\"> </span>11<span class=\"ls1 ws1\"> </span>9,269<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 1,136,241<span class=\"ls1 ws1\"> </span>Advances received<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>0 0 0 0 72,539<span class=\"ls1 ws1\"> </span>Amounts payable regarding remuneration and soc<span class=\"_ _0\"></span>ial security<span class=\"ls1 ws1\"> </span>176,460<span class=\"ls1 ws1\"> </span>15,824<span class=\"ls1 ws1\"> </span>5,540<span class=\"ls1 ws1\"> </span>0 12,784<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>Other amounts payable<span class=\"ls1 ws1\"> </span>77,437<span class=\"ls1 ws1\"> </span>16,434<span class=\"ls1 ws1\"> </span>14,570<span class=\"ls1 ws1\"> </span>0 1,950<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>Current tax payables<span class=\"_ _3\"></span><span class=\"ws1\"> </span>82,847<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 14,771<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3 510<span class=\"ls1 ws1\"> </span>98,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls2b ws1e4\">debts t<span class=\"_ _3\"></span>o credit </span><span class=\"ls3b\">insti<span class=\"_ _3\"></span>tutions, clien<span class=\"_ _3\"></span>ts &amp; securities</span> 0 6,059,30<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>0 0 0 6,059,30<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from credit instit<span class=\"_ _0\"></span>utions<span class=\"ls1 ws1\"> </span></span></span>0 116,379<span class=\"ls1 ws1\"> </span>0 0 0 116,379<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from clients</span> </span>0 5,817,110<span class=\"ls1 ws1\"> </span>0 0 0 5,817,110<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">debt certificat<span class=\"_ _0\"></span>es including bonds<span class=\"ls1 ws1\"> </span></span></span>0 124,766<span class=\"ls1 ws1\"> </span>0 0 0 124,766<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>0 1,052<span class=\"ls1 ws1\"> </span>0 0 0 1,052<span class=\"ls1 ws1\"> </span>Accrued cha<span class=\"_ _3\"></span>rges and de<span class=\"_ _3\"></span>ferred income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,367<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,310<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,846<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 906<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,103</span> 74,326<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>IV.<span class=\"_ _3\"></span> Liabili<span class=\"_ _3\"></span>ties hel<span class=\"_ _3\"></span>d for sale<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Tot<span class=\"_ _0\"></span>al equit<span class=\"_ _0\"></span>y and l<span class=\"_ _0\"></span>iabilit<span class=\"_ _9f\"></span>ies<span class=\"ls1\"> </span>6,007,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>8,636,84<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>1,760,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>342,509<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>966,089<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">37,205</span> 17,676,5<span class=\"_ _3\"></span>17<span class=\"ls1 ws1\"> </span>Comments<span class=\"_ _0\"></span> on the s<span class=\"_ _0\"></span>egment i<span class=\"_ _0\"></span>nforma<span class=\"_ _0\"></span>tion <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">balance </span></span>sheet <span class=\"ls1 ws1\"> </span>The consolidated balance sheet t<span class=\"_ _3\"></span>otal of AvH increased further in 2022 to 17,677 million euros, an <span class=\"ls35 ws1f0\">increase by<span class=\"_ _0\"></span> 443 mil<span class=\"_ _0\"></span>lion euro<span class=\"_ _0\"></span>s (2.6<span class=\"_ _0\"></span>%). Thi<span class=\"_ _0\"></span>s fairly lim<span class=\"_ _9f\"></span>ited increa<span class=\"_ _0\"></span>se </span>is par<span class=\"_ _0\"></span>tly expla<span class=\"_ _0\"></span>ined by<span class=\"_ _0\"></span> the d<span class=\"_ _0\"></span>isposa<span class=\"_ _0\"></span>l in 2022<span class=\"_ _9f\"></span> of the ful<span class=\"_ _0\"></span>ly conso<span class=\"_ _0\"></span>lidat<span class=\"_ _0\"></span>ed parti<span class=\"_ _0\"></span>cipatio<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span> Anima. In the balance sheet at year<span class=\"ws1\">-</span>end 2021, A<span class=\"_ _0\"></span>nima had s<span class=\"_ _3\"></span>till contribu<span class=\"_ _0\"></span>ted 279.5 mi<span class=\"_ _3\"></span>lli<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os t<span class=\"_ _3\"></span>o the b<span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">ala<span class=\"_ _0\"></span>nce shee<span class=\"_ _0\"></span>t total.<span class=\"_ _0\"></span> Natura<span class=\"_ _0\"></span>lly, th<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t of the dispo<span class=\"_ _9f\"></span>sal of </span>Anima i<span class=\"_ _0\"></span>s not conf<span class=\"_ _0\"></span>ined to ju<span class=\"_ _9f\"></span>st the balanc<span class=\"_ _0\"></span>e sheet to<span class=\"_ _0\"></span>tal, but al<span class=\"_ _0\"></span>so aff<span class=\"_ _0\"></span>ects each o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> balan<span class=\"_ _0\"></span>ce shee<span class=\"_ _0\"></span>t items w<span class=\"_ _0\"></span>hich A<span class=\"_ _0\"></span>nima con<span class=\"_ _9f\"></span>tributed <span class=\"_ _0\"></span>to.<span class=\"ls1 ws1\"> </span>Notwithstanding a further slight decrea<span class=\"_ _0\"></span>se of the contribution o<span class=\"ls54 ws21b\">f \u201c<span class=\"_ _3\"></span>Pri<span class=\"_ _3\"></span>vat<span class=\"_ _3\"></span>e B<span class=\"_ _3\"></span>ank<span class=\"_ _3\"></span>ing\u201d </span>to the balance sheet total of the AvH group, the full consolidation of Bank Van Breda continues to have a conside<span class=\"_ _0\"></span>rable impact on both the size and the<span class=\"_ _0\"></span> composition of th<span class=\"_ _0\"></span>e consolidated bala<span class=\"_ _0\"></span>nce sheet. Due to <span class=\"_ _0\"></span>its specific banking <span class=\"_ _0\"></span>activity, Bank Van <span class=\"_ _0\"></span>Breda has a v<span class=\"_ _0\"></span>ery large b<span class=\"_ _0\"></span>alance s<span class=\"_ _0\"></span>heet total co<span class=\"_ _0\"></span>mpared to<span class=\"_ _0\"></span> other comp<span class=\"_ _0\"></span>anies of the AvH group. Th<span class=\"_ _0\"></span>e full consolidation of<span class=\"_ _0\"></span> Bank Van Breda alone al<span class=\"_ _0\"></span>ready accounts for a b<span class=\"_ _0\"></span>alanc<span class=\"_ _0\"></span>e sheet 7<span class=\"_ _0\"></span>,657.0<span class=\"_ _9f\"></span> million e<span class=\"_ _0\"></span>uros o<span class=\"_ _0\"></span>f the b<span class=\"_ _0\"></span>alanc<span class=\"_ _0\"></span>e sheet <span class=\"_ _0\"></span>total. <span class=\"_ _0\"></span>Moreov<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>r,<span class=\"_ _9f\"></span> Bank Van B<span class=\"_ _3\"></span>reda<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws245\">has a dist<span class=\"_ _0\"></span>inct bal<span class=\"_ _0\"></span>ance <span class=\"_ _0\"></span>sheet str<span class=\"_ _0\"></span>uctur<span class=\"_ _0\"></span>e that is a<span class=\"_ _0\"></span>dapted <span class=\"_ _0\"></span>to and<span class=\"_ _0\"></span> </span></span>structured according<span class=\"_ _0\"></span> to its activities. And <span class=\"_ _0\"></span>although Bank Van <span class=\"_ _0\"></span>Breda is one of <span class=\"_ _0\"></span>the best ca<span class=\"_ _0\"></span>pital<span class=\"_ _0\"></span>ised in<span class=\"_ _0\"></span>stitutio<span class=\"_ _0\"></span>ns in i<span class=\"_ _0\"></span>ts sec<span class=\"_ _0\"></span>tor, it <span class=\"_ _0\"></span>clearly h<span class=\"_ _0\"></span>as dif<span class=\"_ _0\"></span>ferent b<span class=\"_ _0\"></span>alanc<span class=\"_ _0\"></span>e sheet r<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>s than th<span class=\"_ _0\"></span>e oth<span class=\"_ _0\"></span>er partic<span class=\"_ _0\"></span>ipatio<span class=\"_ _0\"></span>ns of th<span class=\"_ _9f\"></span>e AvH grou<span class=\"_ _0\"></span>p.<span class=\"ls1 ws1\"> </span>The dec<span class=\"_ _9f\"></span>rease of <span class=\"ff3b ls3f ws206\">i<span class=\"_ _0\"></span>ntangi<span class=\"_ _0\"></span>ble as<span class=\"_ _0\"></span>sets<span class=\"ff3a ls1 ws1\"> <span class=\"ls34 ws1ea\">and<span class=\"_ _3\"></span> </span><span class=\"ff3b\">goodwill</span> <span class=\"_ _3\"></span><span class=\"ls35 ws237\">by 39<span class=\"_ _0\"></span>.6 million<span class=\"_ _0\"></span> euros r<span class=\"_ _0\"></span>elativ<span class=\"_ _0\"></span>e </span></span></span>to last y<span class=\"_ _0\"></span>ear is vi<span class=\"_ _0\"></span>rtual<span class=\"_ _0\"></span>ly entire<span class=\"_ _0\"></span>ly expl<span class=\"_ _0\"></span>ained b<span class=\"_ _9f\"></span>y the disposa<span class=\"_ _0\"></span>l of An<span class=\"_ _0\"></span>ima. The go<span class=\"_ _0\"></span>odwi<span class=\"_ _0\"></span>ll at ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ws1f7\">end 2022 consists of goodwill of AvH <span class=\"_ _0\"></span>on DEME, FinAx (Delen Private Bank </span></span>and Bank Van Breda) and Biolectric, alo<span class=\"_ _0\"></span>ng with the goodwill <span class=\"ls34 ws259\">fr<span class=\"_ _3\"></span>om t<span class=\"_ _3\"></span>he b<span class=\"_ _3\"></span>alance<span class=\"_ _3\"></span> </span>sheet<span class=\"_ _0\"></span>s of full<span class=\"_ _0\"></span>y conso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>ted parti<span class=\"_ _0\"></span>cipatio<span class=\"_ _9f\"></span>ns.<span class=\"ls1 ws1\"> </span>Tangi<span class=\"_ _0\"></span>ble ass<span class=\"_ _0\"></span>ets<span class=\"ff3a ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls40 ws285\">amounted to 2,720.7 million euros at year<span class=\"ls1 ws1\">-<span class=\"ls24 ws26c\">end 2022. As a result </span></span></span></span>of the d<span class=\"_ _0\"></span>isposa<span class=\"_ _0\"></span>l of An<span class=\"_ _0\"></span>ima, i<span class=\"_ _0\"></span>ncludin<span class=\"_ _0\"></span>g its su<span class=\"_ _9f\"></span>bstantial <span class=\"_ _0\"></span>real e<span class=\"_ _0\"></span>state as<span class=\"_ _0\"></span>sets of<span class=\"_ _0\"></span> residen<span class=\"_ _9f\"></span>tial ca<span class=\"_ _3\"></span>re ce<span class=\"_ _3\"></span>ntre<span class=\"_ _3\"></span>s tha<span class=\"_ _3\"></span>t ha<span class=\"_ _3\"></span>d bee<span class=\"_ _3\"></span>n a<span class=\"ls33 ws23a\">ccum<span class=\"_ _3\"></span>ulated ove<span class=\"_ _3\"></span>r the year<span class=\"_ _3\"></span>s, the tota<span class=\"_ _3\"></span>l tangi<span class=\"_ _3\"></span>ble assets </span>decreased slightly by 42.1 <span class=\"_ _0\"></span>million euros, despite con<span class=\"_ _0\"></span>tinuing investments in the fl<span class=\"_ _0\"></span>eet of DEM<span class=\"_ _3\"></span>E. The<span class=\"_ _3\"></span> tangib<span class=\"_ _3\"></span>le asse<span class=\"_ _3\"></span>ts and a<span class=\"_ _3\"></span>ssets unde<span class=\"_ _3\"></span>r const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n of DEME<span class=\"_ _3\"></span>, which<span class=\"_ _3\"></span> consist primar<span class=\"_ _0\"></span>ily of i<span class=\"_ _0\"></span>ts fle<span class=\"_ _0\"></span>et, amoun<span class=\"_ _9f\"></span>ted to<span class=\"ls1 ws1\"> <span class=\"ls24 ws218\">2,521.0 million euros at year</span>-<span class=\"ls24 ws218\">end 2022.</span> </span>The <span class=\"ff3b ls25 ws2b7\">i<span class=\"_ _0\"></span>nvestm<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _0\"></span>t prope<span class=\"_ _0\"></span>rty<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws1db\">on Av<span class=\"_ _0\"></span>H\u2019s b<span class=\"_ _0\"></span>alance sh<span class=\"_ _9f\"></span>eet is all si<span class=\"_ _0\"></span>tuated<span class=\"_ _0\"></span> in the N<span class=\"_ _0\"></span>extensa<span class=\"_ _0\"></span> </span></span></span>portfo<span class=\"_ _0\"></span>lio. Tak<span class=\"_ _0\"></span>ing into acco<span class=\"_ _0\"></span>unt the 141 m<span class=\"_ _0\"></span>illion euro<span class=\"_ _9f\"></span>s <span class=\"_ _3\"></span>\"As<span class=\"_ _0\"></span>sets held<span class=\"_ _0\"></span> for sale\" at th<span class=\"_ _0\"></span>e end of 2021, investment properties decreased in 2022.<span class=\"ls1 ws1\"> </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls4c ws2b8\">p<span class=\"_ _0\"></span>articipatio<span class=\"_ _0\"></span>ns accou<span class=\"_ _0\"></span>nted for us<span class=\"_ _0\"></span>ing the <span class=\"_ _0\"></span>equity m<span class=\"_ _0\"></span>ethod<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls33 ws20a\">comprise<span class=\"_ _3\"></span> the </span></span></span>inter<span class=\"_ _0\"></span>ests in<span class=\"_ _0\"></span> jointly <span class=\"_ _0\"></span>control<span class=\"_ _0\"></span>led pa<span class=\"_ _0\"></span>rticipa<span class=\"_ _0\"></span>tions o<span class=\"_ _0\"></span>r in p<span class=\"_ _0\"></span>articipa<span class=\"_ _0\"></span>tions <span class=\"_ _0\"></span>in whic<span class=\"_ _0\"></span>h no<span class=\"_ _0\"></span> contr<span class=\"_ _0\"></span>olling <span class=\"_ _0\"></span>intere<span class=\"_ _0\"></span>st is h<span class=\"_ _9f\"></span>eld. In th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> po<span class=\"_ _0\"></span>rtfol<span class=\"_ _0\"></span>io of A<span class=\"_ _0\"></span>vH thi<span class=\"_ _0\"></span>s is<span class=\"_ _0\"></span> the ca<span class=\"_ _0\"></span>se with<span class=\"_ _0\"></span> a.o.<span class=\"_ _0\"></span> Delen<span class=\"_ _9f\"></span> Private Bank, the <span class=\"ls30 ws1e9\">Rentel an<span class=\"_ _0\"></span>d Sea<span class=\"_ _0\"></span>Made of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e wind f<span class=\"_ _0\"></span>arms, <span class=\"_ _0\"></span>SIPEF<span class=\"_ _0\"></span>, Sagar <span class=\"_ _0\"></span>Cemen<span class=\"_ _0\"></span>ts </span>and part of the Growth Capital participations. We refer to Note 6 Segment<span class=\"_ _0\"></span> informa<span class=\"_ _0\"></span>tion f<span class=\"_ _0\"></span>or a full ov<span class=\"_ _0\"></span>erview. <span class=\"_ _0\"></span>This ite<span class=\"_ _0\"></span>m also inc<span class=\"_ _0\"></span>ludes jo<span class=\"_ _0\"></span>intly con<span class=\"_ _0\"></span>troll<span class=\"_ _0\"></span>ed and<span class=\"_ _0\"></span> associated participation<span class=\"_ _0\"></span>s held by fully c<span class=\"ls40 ws1\">onsolidated par<span class=\"_ _0\"></span>ticipations. <span class=\"ls1\"> </span></span>Financia<span class=\"_ _3\"></span>l assets: share<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls4c ws2bb\">fair val<span class=\"_ _0\"></span>ue through Prof<span class=\"_ _0\"></span>t&amp;Loss<span class=\"ff3a ls52 ws1f0\">: this it<span class=\"_ _3\"></span>em incl<span class=\"_ _3\"></span>udes </span></span></span>the investment portfolio<span class=\"_ _0\"></span> of \u201cAvH &amp; Subholdings\u201d and the non<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls34 ws1ea\">co<span class=\"_ _3\"></span>nsol<span class=\"_ _3\"></span>ida<span class=\"_ _3\"></span>ted </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s, which m<span class=\"_ _0\"></span>ainly <span class=\"_ _0\"></span>relate <span class=\"_ _0\"></span>to the<span class=\"_ _0\"></span> invest<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> with a f<span class=\"_ _0\"></span>ocus o<span class=\"_ _0\"></span>n Sou<span class=\"_ _0\"></span>the<span class=\"ls33 ws1f0\">ast </span>Asia/India and life sciences in \u201cAvH &amp; Growth Capital\u201d. In \u201cReal Estate &amp; Senio<span class=\"_ _0\"></span>r Care\u201d,<span class=\"_ _0\"></span> this item<span class=\"_ _0\"></span> cons<span class=\"_ _0\"></span>ists ent<span class=\"_ _0\"></span>irely of<span class=\"_ _0\"></span> the 1,<span class=\"_ _0\"></span>351,3<span class=\"_ _0\"></span>20 Retai<span class=\"_ _0\"></span>l Estate<span class=\"_ _0\"></span>s shares o<span class=\"_ _0\"></span>wned b<span class=\"_ _0\"></span>y Nexten<span class=\"_ _0\"></span>sa.<span class=\"ls1 ws1\"> </span>Several participation<span class=\"_ _0\"></span>s in the AvH group have a policy to hedg<span class=\"_ _0\"></span>e against rising financ<span class=\"_ _0\"></span>e costs. A<span class=\"_ _9f\"></span>s a result of<span class=\"_ _0\"></span> the risin<span class=\"_ _0\"></span>g mark<span class=\"_ _0\"></span>et inte<span class=\"_ _0\"></span>rest rat<span class=\"_ _0\"></span>es in 202<span class=\"_ _0\"></span>2, thes<span class=\"_ _0\"></span>e <span class=\"ff3b ls1 ws1\">hedging </span>instru<span class=\"_ _0\"></span>ments<span class=\"ff3a ls1 ws1\"> <span class=\"ws1f6\">h<span class=\"_ _0\"></span>ave increased in valu<span class=\"_ _0\"></span>e, both in the long term and th<span class=\"_ _0\"></span>e short term.<span class=\"ws1\"> </span></span></span>The gro<span class=\"_ _0\"></span>wth of<span class=\"_ _0\"></span> the <span class=\"ff3b ls1 ws25e\">loan portfolio<span class=\"ff3a ws1\"> <span class=\"ws1f2\">of Bank Van Breda <span class=\"_ _0\"></span>led to an increase by 315<span class=\"_ _0\"></span> </span></span></span>million eu<span class=\"_ _0\"></span>ros <span class=\"ls30 ws1f4\">of th<span class=\"_ _0\"></span>e receiv<span class=\"_ _9f\"></span>ables af<span class=\"_ _0\"></span>ter on<span class=\"_ _0\"></span>e year to<span class=\"_ _0\"></span> 4,974<span class=\"_ _0\"></span>.3 mi<span class=\"_ _0\"></span>llion <span class=\"_ _0\"></span>euros.<span class=\"_ _0\"></span> The sh<span class=\"_ _0\"></span>ort<span class=\"ls1 ws1\">-</span></span>term cr<span class=\"_ _0\"></span>edit por<span class=\"_ _0\"></span>tfolio o<span class=\"_ _0\"></span>f Ban<span class=\"_ _0\"></span>k Van Bred<span class=\"_ _0\"></span>a increa<span class=\"_ _0\"></span>sed as w<span class=\"_ _0\"></span>ell, mo<span class=\"_ _0\"></span>re part<span class=\"_ _0\"></span>icularly<span class=\"_ _0\"></span> by 100.<span class=\"_ _0\"></span>3 million<span class=\"_ _9f\"></span> euros. <span class=\"_ _0\"></span>The tota<span class=\"_ _0\"></span>l rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>es wi<span class=\"_ _0\"></span>thin one<span class=\"_ _0\"></span> year o<span class=\"_ _0\"></span>f Ban<span class=\"_ _0\"></span>k Van<span class=\"_ _0\"></span> Breda,<span class=\"_ _0\"></span> however, has decreased as a <span class=\"_ _3\"></span><span class=\"ws1f6\">result of the <span class=\"_ _0\"></span>decrease by 583.7 million euros of ca<span class=\"_ _0\"></span>sh </span>balances held by Bank Van <span class=\"_ _0\"></span>Breda with central banks. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>The in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e of <span class=\"ff3b ls49 ws2bd\">inventor<span class=\"_ _3\"></span>ies</span><span class=\"ls1 ws1\"> <span class=\"_\"> </span>and <span class=\"_ _13\"> </span><span class=\"ff3b ws276\">a<span class=\"_ _3\"></span>moun<span class=\"_ _0\"></span>ts due from customers under<span class=\"_ _0\"></span> </span></span>construc<span class=\"_ _0\"></span>tion contra<span class=\"_ _0\"></span>cts<span class=\"ff3a ls1 ws1\"> <span class=\"ws1fe\">in \u201cMarine Engineering &amp; Con<span class=\"_ _0\"></span>tracting\u201d is explained b<span class=\"_ _0\"></span>y </span></span>the higher level of activity and the evolution of<span class=\"_ _0\"></span> the projects at<span class=\"_ _3\"></span> DEME and CF<span class=\"_ _0\"></span>E. The decre<span class=\"_ _0\"></span>ase of<span class=\"_ _0\"></span> invent<span class=\"_ _0\"></span>ories in<span class=\"_ _0\"></span> \u201cReal <span class=\"_ _0\"></span>Estate &amp;<span class=\"_ _0\"></span> Senior<span class=\"_ _0\"></span> Care\u201d<span class=\"_ _0\"></span> reflec<span class=\"_ _0\"></span>ts the low<span class=\"_ _9f\"></span>er inven<span class=\"_ _0\"></span>tory<span class=\"_ _0\"></span> of dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _0\"></span>t projec<span class=\"_ _0\"></span>ts at Nex<span class=\"_ _0\"></span>tensa, a<span class=\"_ _0\"></span>lthoug<span class=\"_ _0\"></span>h this is amp<span class=\"_ _0\"></span>ly off<span class=\"_ _0\"></span>set by a high<span class=\"_ _9f\"></span>er figure for proje<span class=\"ls25 ws1eb\">ct<span class=\"_ _0\"></span>s in prog<span class=\"_ _9f\"></span>ress.<span class=\"ls1 ws1\"> </span></span>Inves<span class=\"_ _0\"></span>tments<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws1db\">amoun<span class=\"_ _9f\"></span>ted to a total v<span class=\"_ _0\"></span>alue of<span class=\"_ _0\"></span> 544.5 m<span class=\"_ _0\"></span>illion euro<span class=\"_ _0\"></span>s at year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws21b\">end 2022. </span></span></span></span>They<span class=\"_ _3\"></span> decrease<span class=\"_ _3\"></span>d at Bank V<span class=\"_ _3\"></span>an Breda<span class=\"_ _3\"></span> as well as i<span class=\"_ _3\"></span>n AvH\u2019s ow<span class=\"_ _3\"></span>n investme<span class=\"_ _3\"></span>nt portf<span class=\"_ _3\"></span>olio at AvH &amp; Subholdings, inc<span class=\"_ _0\"></span>luding the impact of nega<span class=\"_ _0\"></span>tive fair value adjustments.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>The <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">largest p<span class=\"_ _9f\"></span>art of the <span class=\"ff3b ls1\">t<span class=\"_ _0\"></span>rade debtors<span class=\"ff3a ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">is to be found in \u201cMarin<span class=\"_ _0\"></span>e Engineering &amp; </span></span></span></span>Contr<span class=\"_ _0\"></span>acting\u201d.<span class=\"_ _0\"></span> This i<span class=\"_ _0\"></span>s also <span class=\"_ _0\"></span>the seg<span class=\"_ _0\"></span>ment wh<span class=\"_ _0\"></span>ere th<span class=\"_ _0\"></span>e bigge<span class=\"_ _0\"></span>st turn<span class=\"_ _0\"></span>over i<span class=\"_ _0\"></span>s realis<span class=\"_ _0\"></span>ed. <span class=\"ls1 ws1\"> </span>The in<span class=\"_ _0\"></span>crease o<span class=\"_ _0\"></span>f <span class=\"ff3b ls4c ws2be\">cash and c<span class=\"_ _0\"></span>ash equivale<span class=\"_ _0\"></span>nts<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws207\">is f<span class=\"_ _0\"></span>or the mo<span class=\"_ _9f\"></span>st part situa<span class=\"_ _0\"></span>ted in \u201c<span class=\"_ _0\"></span>AvH<span class=\"_ _0\"></span> </span></span></span>&amp; Subholdings\u201d and is<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">e<span class=\"_ _3\"></span>xpla<span class=\"_ _0\"></span>ined by the increas<span class=\"_ _0\"></span>ing cash position follow<span class=\"_ _0\"></span>ing the </span></span>disposal of the par<span class=\"_ _0\"></span>ticipations in Anima<span class=\"_ _0\"></span> and Manuchar. We <span class=\"_ _0\"></span>refer to the cash f<span class=\"_ _0\"></span>low state<span class=\"_ _0\"></span>ment for a<span class=\"_ _0\"></span> more d<span class=\"_ _0\"></span>etailed o<span class=\"_ _0\"></span>vervi<span class=\"_ _0\"></span>ew of<span class=\"_ _0\"></span> the variou<span class=\"_ _0\"></span>s elem<span class=\"_ _0\"></span>ents th<span class=\"_ _0\"></span>at expla<span class=\"_ _0\"></span>in the<span class=\"_ _0\"></span> evolution of the<span class=\"_ _3\"></span> cash position.<span class=\"ls1 ws1\"> </span>At y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws217\">end 2022, 62.5 mi<span class=\"_ _3\"></span>llion euros in <span class=\"ff3b ls45 ws2bf\">assets held fo<span class=\"_ _3\"></span>r sale</span></span> <span class=\"_ _3\"></span><span class=\"ls30 ws25c\">wer<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ised<span class=\"_ _0\"></span>. </span></span>Approx<span class=\"_ _0\"></span>imatel<span class=\"_ _0\"></span>y half<span class=\"_ _0\"></span> of that <span class=\"_ _0\"></span>amount r<span class=\"_ _0\"></span>elat<span class=\"_ _0\"></span>es to one of<span class=\"_ _0\"></span> DEME\u2019<span class=\"_ _0\"></span>s ves<span class=\"_ _0\"></span>sels that w<span class=\"_ _9f\"></span>ill probably be sold in the second ha<span class=\"_ _0\"></span>lf of 2023, while the balance repr<span class=\"_ _0\"></span>esents the carrying amount of AvH\u2019<span class=\"_ _0\"></span>s 50% participation in <span class=\"_ _0\"></span>Telemond, which was <span class=\"_ _0\"></span>sold in Q1 2023.<span class=\"ls1 ws1\"> </span>For details of the composition and evolution of <span class=\"ff3b ls4c ws282\">the equity</span><span class=\"ls25 ws1eb\">, we ref<span class=\"_ _0\"></span>er to No<span class=\"_ _0\"></span>te 5 of<span class=\"_ _0\"></span> </span>this r<span class=\"_ _0\"></span>eport.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The in<span class=\"_ _0\"></span>crease o<span class=\"_ _0\"></span>f non<span class=\"ls1 ws1\">-<span class=\"ls25 ws1ec\">cu<span class=\"_ _0\"></span>rrent <span class=\"_ _3\"></span><span class=\"ff3b ls49 ws2bd\">pro<span class=\"_ _3\"></span>visions</span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls40 ws275\">is explained by a.o. t<span class=\"_ _3\"></span>he constitu<span class=\"_ _0\"></span>tion of </span></span></span></span>provisions by AvH of 10.7 mi<span class=\"ls33 ws1db\">llion euro<span class=\"_ _3\"></span>s for con<span class=\"_ _3\"></span>tingent li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y as part o<span class=\"_ _3\"></span>f warrant<span class=\"_ _3\"></span>ies </span>and representations prov<span class=\"_ _0\"></span>ided when disposing of p<span class=\"_ _0\"></span>articipations, and by provi<span class=\"_ _0\"></span>sions for a.o. w<span class=\"_ _0\"></span>arrant<span class=\"_ _0\"></span>y oblig<span class=\"_ _0\"></span>ations at<span class=\"_ _0\"></span> DEME and<span class=\"_ _0\"></span> CFE. In <span class=\"_ _0\"></span>the cas<span class=\"_ _0\"></span>e of DEME,<span class=\"_ _0\"></span> thos<span class=\"_ _0\"></span>e amounts were included in trade <span class=\"_ _3\"></span>payabl<span class=\"_ _0\"></span>es in<span class=\"ws1\"> <span class=\"ls24 ws1da\">2021.</span> </span>The i<span class=\"_ _3\"></span>ncrease of th<span class=\"_ _3\"></span>e long<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">term<span class=\"_ _3\"></span> <span class=\"_ _24\"></span><span class=\"ff3b ls3f ws21c\">fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al d<span class=\"_ _0\"></span>ebts<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws2c2\">is<span class=\"_ _0\"></span> primari<span class=\"_ _0\"></span>ly situ<span class=\"_ _0\"></span>ated <span class=\"_ _0\"></span>in \u201cMarin<span class=\"_ _9f\"></span>e </span></span></span></span></span>Engineering &amp; Contrac<span class=\"_ _0\"></span>ting\u201d and is explained by the uptake by DEME of mor<span class=\"_ _0\"></span>e debt maturin<span class=\"_ _0\"></span>g aft<span class=\"_ _0\"></span>er one y<span class=\"_ _0\"></span>ear.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>DEME\u2019s overall net fin<span class=\"_ _0\"></span>ancial debt positio<span class=\"_ _0\"></span>n increased by 127.8 mil<span class=\"_ _0\"></span>l<span class=\"ls34 ws24b\">i<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os in </span>2022. Both Nex<span class=\"_ _0\"></span>tensa and CFE r<span class=\"_ _0\"></span>epaid matured bond<span class=\"_ _0\"></span>s in 2022. Othe<span class=\"_ _0\"></span>r financial debts<span class=\"_ _0\"></span> decreased significantly. This is due primarily to the reduction by DEME, Nextensa and AvH of short<span class=\"ws1\">-<span class=\"ls25 ws1eb\">te<span class=\"_ _0\"></span>rm fin<span class=\"_ _0\"></span>ancial <span class=\"_ _0\"></span>debts is<span class=\"_ _0\"></span>sued in<span class=\"_ _0\"></span> the fo<span class=\"_ _0\"></span>rm of com<span class=\"_ _9f\"></span>mercial p<span class=\"_ _0\"></span>aper. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The <span class=\"ff3b ls25 ws23b\">amo<span class=\"_ _9f\"></span>unts due to <span class=\"_ _0\"></span>custom<span class=\"_ _0\"></span>ers un<span class=\"_ _0\"></span>der con<span class=\"_ _0\"></span>structi<span class=\"_ _0\"></span>on co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts<span class=\"ff3a ls1 ws1\"> <span class=\"ls62 ws28a\">incr<span class=\"_ _3\"></span>ease<span class=\"_ _3\"></span>d by </span></span></span>184.<span class=\"_ _0\"></span>5 million<span class=\"_ _9f\"></span> euros, a<span class=\"_ _0\"></span>n incr<span class=\"_ _0\"></span>ease th<span class=\"_ _0\"></span>at is <span class=\"_ _0\"></span>almost<span class=\"_ _0\"></span> enti<span class=\"_ _0\"></span>rely at<span class=\"_ _0\"></span>tribut<span class=\"_ _0\"></span>able to<span class=\"_ _0\"></span> \u201cMa<span class=\"_ _0\"></span>rine Engineering &amp; Con<span class=\"_ _0\"></span>tracting\u201d, where a <span class=\"_ _0\"></span>similar increase wa<span class=\"_ _0\"></span>s also noticeable on t<span class=\"_ _0\"></span>he assets s<span class=\"_ _0\"></span>ide of th<span class=\"_ _0\"></span>e balan<span class=\"_ _0\"></span>ce<span class=\"ls1 ws1\"> <span class=\"ws1f5\">sheet and is explained by the increased level of activit<span class=\"_ _0\"></span>y </span></span>at DEME <span class=\"_ _0\"></span>and CFE. <span class=\"ls1 ws1\"> </span>Despi<span class=\"_ _0\"></span>te the incr<span class=\"_ _0\"></span>ease of<span class=\"_ _0\"></span> short<span class=\"ls1 ws1\">-</span><span class=\"ws1ec\">te<span class=\"_ _0\"></span>rm <span class=\"ff3b ls1 ws1\">deposits<span class=\"ff3a\"> <span class=\"ls40 ws2a6\">by 93.6 million euros from c<span class=\"_ _0\"></span>lients of </span></span></span></span>Bank Van<span class=\"_ _0\"></span> Breda, th<span class=\"_ _9f\"></span>e total short<span class=\"ls1 ws1\">-<span class=\"_ _0\"></span><span class=\"ls25 ws1fa\">term de<span class=\"_ _0\"></span>bts to ban<span class=\"_ _9f\"></span>ks has decr<span class=\"_ _0\"></span>eased, ma<span class=\"_ _0\"></span><span class=\"ls4b ws28e\">in<span class=\"_ _3\"></span>ly as<span class=\"_ _3\"></span> a </span></span></span>result of the reduction of d<span class=\"_ _0\"></span>eposits from other banks. In 2022, <span class=\"_ _0\"></span>Bank Van Breda fully<span class=\"_ _0\"></span> repaid <span class=\"_ _0\"></span>the TLTR<span class=\"_ _0\"></span>O facili<span class=\"_ _0\"></span>ty of 400<span class=\"_ _0\"></span> million<span class=\"_ _0\"></span> euros.Note 6: <span class=\"ls3a ws20c\">Segm<span class=\"_ _3\"></span>ent inform<span class=\"_ _3\"></span>ation </span>\u2013 <span class=\"ls3a ws20c\">cash f<span class=\"_ _3\"></span>low state<span class=\"_ _3\"></span>ment 20<span class=\"_ _3\"></span>2</span>2 (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Cas<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>ash eq<span class=\"_ _0\"></span>uival<span class=\"_ _0\"></span>ents <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ws1ec\">opening balance<span class=\"ws1\"> </span></span></span>726,526<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>45,362<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,327<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>576<span class=\"ls1 ws1\"> </span>37,938<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 883,730<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) fro<span class=\"_ _0\"></span>m operating activities<span class=\"ls1 ws1\"> <span class=\"_ _18f\"> </span></span><span class=\"fc22 ws1e1\">203,623<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>90,144<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>50,966<span class=\"ls1 ws1\"> <span class=\"_ _b8\"> </span>-</span>81<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>311,149<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>70<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>655,871<span class=\"ls1 ws1\"> </span></span>Reclassification \u2018P<span class=\"_ _0\"></span>rofit (loss) on disposal of assets'<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">17,569</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,559</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">28,346</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">334,433</span> -<span class=\"ls29 ws1e1\">377,790</span> to cash flow from divestments<span class=\"ls1 ws1\"> </span>Dividends from participations<span class=\"_ _0\"></span> accounted for<span class=\"ls1 ws1\"> </span>24,826<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>80,145<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>207<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>17,068<span class=\"ls1 ws1\"> </span>122,246<span class=\"ls1 ws1\"> </span>using the equity method<span class=\"ls1 ws1\"> </span>Other non-<span class=\"ls29 ws1e0\">operating income (expenses)</span> <span class=\"_ _190\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>0 Income taxes (paid) <span class=\"_ _181\"> </span>-<span class=\"_ _0\"></span><span class=\"ls29 ws1e1\">55,636<span class=\"ls1 ws1\"> <span class=\"_ _6d\"> </span>-</span>22,226<span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span>-</span>6,073<span class=\"ls1 ws1\"> <span class=\"_ _55\"> </span>-</span>50<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>394<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">84,378</span> Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">cash ad<span class=\"_ _3\"></span>justments<span class=\"ls1 ws1\"> </span></span>Depreciation<span class=\"ls1 ws1\"> <span class=\"_ _16e\"> </span></span><span class=\"fc22\">346,405<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>7,116<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>1,140<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span></span>4,923<span class=\"ls1 ws1\"> </span></span>359,585<span class=\"ls1 ws1\"> </span>Impairment losses <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,388</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">965</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">409</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">1,014</span> Share based payment <span class=\"_ _191\"> </span><span class=\"fc22\">0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,211</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">1,377</span> </span>-<span class=\"ls29 ws1e1\">5,834</span> Profit (loss) on assets/liabilities<span class=\"_ _0\"></span> designated at<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">24,017</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,164</span> 16,854<span class=\"ls1 ws1\"> </span>fair value through profit and loss<span class=\"ls1 ws1\"> </span>(Decreas<span class=\"_ _0\"></span>e) increase of provis<span class=\"_ _0\"></span>ions <span class=\"_ _29\"> </span><span class=\"fc22 ls29 ws1e1\">4,597</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">3,406</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">552</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,884</span> </span>8,523<span class=\"ls1 ws1\"> </span>Other non-<span class=\"ls29 ws1e0\">cash expenses (income)</span> <span class=\"_ _192\"> </span><span class=\"fc22 ls29 ws1e1\">1,084</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,109</span> <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">233</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">307</span> </span>-<span class=\"ls29 ws1e1\">951</span> Cash flow<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _193\"> </span><span class=\"ls27 ws1df\">504,942<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">145,<span class=\"_ _3\"></span>978</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">41,329<span class=\"_ _3\"></span></span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">76</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">717</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">70</span> <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">693,111</span> </span>Decrease (increase) <span class=\"_ _3\"></span>of working capital<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _194\"> </span><span class=\"ls27 ws1df\">50,840<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">27,168<span class=\"_ _3\"></span></span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,341</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">16<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,755</span> <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">750</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">23,524</span> </span>Decrease (in<span class=\"_ _3\"></span>crease) of invento<span class=\"_ _3\"></span>ries and con<span class=\"_ _3\"></span>struction contra<span class=\"_ _3\"></span>cts <span class=\"_ _195\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">31,884</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">14,134</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,402</span> </span>-<span class=\"ls29 ws1e1\">19,152</span> Decreas<span class=\"_ _0\"></span>e (increase) of amou<span class=\"_ _0\"></span>nts receivable<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">110,092</span> -<span class=\"ls29 ws1e1\">5,612</span> 6,178<span class=\"ls1 ws1\"> </span>7 -<span class=\"ls29 ws1e1\">5,913</span> 2,500<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">112,931</span> Decreas<span class=\"_ _0\"></span>e (increase) of receivabl<span class=\"_ _0\"></span>es from <span class=\"ls29 ws1e0\">credit institutions<span class=\"ls1 ws1\"> </span></span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">172,598</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 172,598<span class=\"ls1 ws1\"> </span>and clients (banks)<span class=\"ls1 ws1\"> </span>Increase (decrease) of liabilit<span class=\"_ _0\"></span>ies (other than financial debts)<span class=\"ls1 ws1\"> <span class=\"_ _15\"> </span></span><span class=\"fc22 ws1e1\">207,267<span class=\"ls1 ws1\"> <span class=\"_ _f\"> </span></span>11,066<span class=\"ls1 ws1\"> <span class=\"_ _10\"> </span>-</span>7,866<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>8 <span class=\"_ _8d\"> </span></span>6,159<span class=\"ls1 ws1\"> <span class=\"_ _10\"> </span>-</span>3,250<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>213,384<span class=\"ls1 ws1\"> </span></span>Increase (decrease) of d<span class=\"_ _0\"></span>ebts to credit institutions,<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">204,306</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 -<span class=\"ls29 ws1e1\">204,306</span> clients &amp; securities (<span class=\"_ _0\"></span>banks)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Decreas<span class=\"_ _0\"></span>e (increase) other <span class=\"_ _196\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">14,451</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">914</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">10,104</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">600</span> </span>-<span class=\"ls29 ws1e1\">26,069</span> Cash flow <span class=\"_ _3\"></span>from operatin<span class=\"_ _3\"></span>g activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>555,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>118,810<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>43,670<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>91<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,038</span> -<span class=\"ls27 ws1df\">680</span> 716,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Investments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _197\"> </span>-<span class=\"ls27 ws1df\">568,506<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">284<span class=\"_ _3\"></span>,265</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">44,841<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">10,<span class=\"_ _3\"></span>605</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">65,482</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">19,5<span class=\"_ _3\"></span>69</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">954,13<span class=\"_ _3\"></span>1</span> </span>Acquisition of intangible and tangible as<span class=\"_ _0\"></span>sets <span class=\"_ _102\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">505,268</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">3,591</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,683</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">2,989</span> </span>-<span class=\"ls29 ws1e1\">514,530</span> Acquisition of investment<span class=\"_ _0\"></span> property<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">42,157</span> 0 0 -<span class=\"ls29 ws1e1\">42,157</span> Acquisition of financ<span class=\"_ _0\"></span>ial fixed assets (business combinations included) <span class=\"_ _fe\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">24,484</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">10,605</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">24,851</span> </span>-<span class=\"ls29 ws1e1\">59,940</span> Cash acquired through bus<span class=\"_ _0\"></span>iness combinations<span class=\"ls1 ws1\"> <span class=\"_ _198\"> </span></span>4,433<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>4,433<span class=\"ls1 ws1\"> </span>New loans granted<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">43,187</span> -<span class=\"ls29 ws1e1\">529</span> 0 0 -<span class=\"ls29 ws1e1\">22,614</span> 19,569<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">46,762</span> Acquisition of investments <span class=\"_ _199\"> </span><span class=\"fc22\">0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">280,146</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">15,028</span> </span>-<span class=\"ls29 ws1e1\">295,174</span> Dive<span class=\"_ _3\"></span>stments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _187\"> </span><span class=\"ls27 ws1df\">57,9<span class=\"_ _3\"></span>68</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">245,544<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">169,036</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">487,979<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">3,704<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">956,824<span class=\"_ _3\"></span></span> </span>Disposal of intangible and tangible ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\"> <span class=\"_ _38\"> </span></span><span class=\"fc22 ws1e1\">11,609<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>7 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _c3\"> </span></span>500<span class=\"ls1 ws1\"> </span></span>12,115<span class=\"ls1 ws1\"> </span>Disposal of investment pro<span class=\"_ _0\"></span>perty <span class=\"_ _10d\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">169,036</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>169,036<span class=\"ls1 ws1\"> </span>Disposal of financial fixed ass<span class=\"_ _0\"></span>ets (business disposals included)<span class=\"ls1 ws1\"> <span class=\"_ _96\"> </span></span><span class=\"fc22 ws1e1\">20,452<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span></span>468,256<span class=\"ls1 ws1\"> </span></span>488,707<span class=\"ls1 ws1\"> </span>Cash disposed of through business disposals <span class=\"_ _11a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">541</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">541</span> Reimbursements of loans<span class=\"ls1 ws1\"> <span class=\"_ _dd\"> </span></span><span class=\"fc22 ws1e1\">26,449<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8d\"> </span></span>3,710<span class=\"ls1 ws1\"> <span class=\"_ _10\"> </span>-</span>3,704<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>26,455<span class=\"ls1 ws1\"> </span></span>Disposal of investments <span class=\"_ _176\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">245,537</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">15,514</span> </span>261,051<span class=\"ls1 ws1\"> </span>Cash flow <span class=\"_ _3\"></span>from investin<span class=\"_ _3\"></span>g activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _19a\"> </span>-<span class=\"ls27 ws1df\">510,538<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">38,<span class=\"_ _3\"></span>722</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">124,195<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">10,<span class=\"_ _3\"></span>605</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">422,497<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">15,8<span class=\"_ _3\"></span>65</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,69<span class=\"_ _3\"></span>3</span> </span>Financial operat<span class=\"_ _3\"></span>ions<span class=\"ls1 ws1\"> </span>Dividends received<span class=\"ls1 ws1\"> </span>0 1,545<span class=\"ls1 ws1\"> </span>6,217<span class=\"ls1 ws1\"> </span>0 1,275<span class=\"ls1 ws1\"> </span>9,037<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> received <span class=\"_ _19b\"> </span><span class=\"fc22 ls29 ws1e1\">12,302</span><span class=\"fc22\"> <span class=\"_ _99\"> </span><span class=\"ls29 ws1e1\">17</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">3,392</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">3,345</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,436</span> <span class=\"_ _6f\"> </span><span class=\"ls29 ws1e1\">17,619</span> </span>Interest paid<span class=\"_ _3\"></span> <span class=\"_ _19c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">26,654</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">71</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,233</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">653</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,436</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">38,175</span> </span>Other financial income (c<span class=\"_ _0\"></span>osts)<span class=\"_ _3\"></span> <span class=\"_ _19d\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">18,296</span> <span class=\"_ _110\"> </span>-7 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,920</span> <span class=\"_ _99\"> </span><span class=\"ls29 ws1e1\">10</span> <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">484</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">70</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">26,767</span> </span>Decreas<span class=\"_ _0\"></span>e (increase) of treas<span class=\"_ _0\"></span>ury shares - <span class=\"ls3d ws20f\">AvH<span class=\"_ _3\"></span></span> <span class=\"_ _19e\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">8,550</span> </span>-<span class=\"ls29 ws1e1\">8,550</span> Decreas<span class=\"_ _0\"></span>e (increase) of treas<span class=\"_ _0\"></span>ury shares - <span class=\"ls29 ws1e1\">affiliates</span> <span class=\"_ _5e\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">11,686</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">3,974</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0 </span>-<span class=\"ls29 ws1e1\">15,661</span> Increase of financial debts<span class=\"ls1 ws1\"> </span>523,535<span class=\"ls1 ws1\"> </span>0 75,888<span class=\"ls1 ws1\"> </span>0 16,503<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">22,069</span> 593,858<span class=\"ls1 ws1\"> </span>(Decrease) of financial debt<span class=\"_ _0\"></span>s <span class=\"_ _19f\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">525,140</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,895</span> <span class=\"_ _6c\"> </span>-<span class=\"ls29 ws1e1\">240,542</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">62,861</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">6,954</span> <span class=\"_ _6c\"> </span>-<span class=\"ls29 ws1e1\">824,484</span> </span>(Investments) and divest<span class=\"_ _0\"></span>ments in controlling interests <span class=\"_ _90\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">37,636</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">6,067</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">30</span> </span>-<span class=\"ls29 ws1e1\">43,733</span> Dividends paid by AvH<span class=\"ls1 ws1\"> </span>0 0 0 0 -<span class=\"ls29 ws1e1\">91,085</span> -<span class=\"ls29 ws1e1\">91,085</span> Dividends paid intra group <span class=\"_ _196\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">4,050</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">94,000</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">14,635</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">112,685</span> </span>0 Dividends paid to minority<span class=\"_ _0\"></span> interests <span class=\"_ _1a0\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">504</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">5,525</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">10,212</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">16,241</span> Cash flow <span class=\"_ _3\"></span>from financia<span class=\"_ _3\"></span>l activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">88,129</span> -<span class=\"ls27 ws1df\">100,935<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">210,087<span class=\"_ _3\"></span></span> 10<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">29,856</span> -<span class=\"ls27 ws1df\">15,185</span> -<span class=\"ls27 ws1df\">444,181<span class=\"_ _3\"></span></span> II. N<span class=\"_ _0\"></span>et incr<span class=\"_ _0\"></span>ease (d<span class=\"_ _9f\"></span>ecreas<span class=\"_ _0\"></span>e) in cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cash <span class=\"_ _0\"></span><span class=\"ws1f4\">equiv<span class=\"_ _0\"></span>alent<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls27 ws1df\">42,884</span> -<span class=\"ls27 ws1df\">20,847</span> -<span class=\"ls27 ws1df\">42,221</span> -<span class=\"ls27 ws1df\">10,503</span> 391,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 275,147<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Transfer b<span class=\"_ _0\"></span>etween segments<span class=\"ls1 ws1\"> </span>8,203<span class=\"ls1 ws1\"> </span>0 0 10,605<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,808</span> 0 Impact of exchange rate changes on cash<span class=\"_ _0\"></span> and cash equivalents<span class=\"ls1 ws1\"> </span>2,145<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _b8\"> </span>-</span>36<span class=\"ls1 ws1\"> <span class=\"_ _55\"> </span>-</span>15<span class=\"ls1 ws1\"> </span>2,095<span class=\"ls1 ws1\"> </span>III. C<span class=\"_ _0\"></span>ash an<span class=\"_ _0\"></span>d cash<span class=\"_ _0\"></span> equiv<span class=\"_ _0\"></span>alent<span class=\"_ _0\"></span>s <span class=\"ls1 ws1\">- ending <span class=\"ls39 ws204\">balance</span> </span>693,990<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>24,515<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,106<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>642<span class=\"ls1 ws1\"> </span>410,718<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,160,97<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Comments<span class=\"_ _0\"></span> on the s<span class=\"_ _0\"></span>egment i<span class=\"_ _0\"></span>nforma<span class=\"_ _0\"></span>tion <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">cash flow<span class=\"_ _3\"></span> </span></span>statement <span class=\"ls1 ws1\"> </span>AvH realised an overall increase of its cash ov<span class=\"_ _0\"></span>er 2022 by 275.1 million euros, a substan<span class=\"_ _9f\"></span>tial incr<span class=\"_ _0\"></span>ease <span class=\"ls24 ws218\">compared to the 39.9<span class=\"_ _0\"></span> million<span class=\"_ _3\"></span> euros during 2021.<span class=\"ls1 ws1\"> </span></span>As was explained in connection with the income state<span class=\"_ _0\"></span>ment, the <span class=\"ff3b ls53 ws23d\">oper<span class=\"_ _3\"></span>ating </span>activit<span class=\"_ _3\"></span>ies<span class=\"ff3a ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ws241\">of the AvH group generated a c<span class=\"_ _0\"></span>onsolidated profit of 655.9 mil<span class=\"_ _0\"></span>lion euros, </span></span>an 84% in<span class=\"_ _9f\"></span>crease com<span class=\"_ _0\"></span>pared<span class=\"_ _0\"></span> to last ye<span class=\"_ _0\"></span>ar. In<span class=\"_ _0\"></span> order to go<span class=\"_ _0\"></span> from th<span class=\"_ _9f\"></span>e profit fro<span class=\"_ _9f\"></span>m operat<span class=\"_ _0\"></span>ing ac<span class=\"_ _0\"></span>tivitie<span class=\"_ _0\"></span>s to ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span> from o<span class=\"_ _0\"></span>peratin<span class=\"_ _0\"></span>g activ<span class=\"_ _9f\"></span>ities, cer<span class=\"_ _0\"></span>tain it<span class=\"_ _0\"></span>ems hav<span class=\"_ _0\"></span>e been<span class=\"_ _9f\"></span> reclass<span class=\"_ _0\"></span>ified to<span class=\"_ _0\"></span> cash flow<span class=\"_ _0\"></span> from inv<span class=\"_ _0\"></span>esting<span class=\"_ _0\"></span> activit<span class=\"_ _0\"></span>ies or cash f<span class=\"_ _0\"></span>low fro<span class=\"_ _0\"></span>m financ<span class=\"_ _0\"></span>ial activities, and a nu<span class=\"_ _0\"></span>mber of other adju<span class=\"_ _0\"></span>stments have been mad<span class=\"_ _0\"></span>e, of whi<span class=\"ls34 ws1f5\">ch the<span class=\"_ _3\"></span> main </span>ones are explained below<span class=\"_ _0\"></span>: <span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ls25 ws1fc\">As was<span class=\"_ _0\"></span> indica<span class=\"_ _0\"></span>ted in<span class=\"_ _0\"></span> the in<span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>statem<span class=\"_ _0\"></span>ent, th<span class=\"_ _0\"></span>e dispo<span class=\"_ _0\"></span>sal of<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s in 202<span class=\"_ _0\"></span>2 </span>generated capital gain<span class=\"_ _0\"></span>s totalling 379.4 million <span class=\"_ _0\"></span>euros. After an adjustmen<span class=\"_ _0\"></span>t of 1.6 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s to th<span class=\"_ _0\"></span>is amoun<span class=\"_ _0\"></span>t for an<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span> that ha<span class=\"_ _0\"></span>d alre<span class=\"_ _0\"></span>ady bee<span class=\"_ _0\"></span><span class=\"ls52 ws24c\">n re<span class=\"_ _3\"></span>class<span class=\"_ _3\"></span>ifie<span class=\"_ _3\"></span>d in </span>2021<span class=\"_ _0\"></span> to \u201cAsset<span class=\"_ _0\"></span>s held f<span class=\"_ _0\"></span>or sale\u201d<span class=\"_ _0\"></span>, a resu<span class=\"_ _0\"></span>lt of 3<span class=\"_ _0\"></span>77.8 millio<span class=\"_ _9f\"></span>n is replac<span class=\"_ _0\"></span>ed in thi<span class=\"_ _0\"></span>s cash<span class=\"_ _0\"></span> flow statement by<span class=\"_ _0\"></span> the cash rev<span class=\"_ _0\"></span>enue actually realised i<span class=\"_ _0\"></span>n the cash flow f<span class=\"_ _0\"></span>rom invest<span class=\"_ _0\"></span>ing activ<span class=\"_ _0\"></span>ities.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ws1f6\">The contribution from the equity</span>-<span class=\"ws1f5\">accounte<span class=\"_ _0\"></span>d participations <span class=\"ls24 ws218\">(243.9 million euros) </span></span>to the results <span class=\"_ _0\"></span>is replaced by <span class=\"_ _0\"></span>the 122.2 million euro<span class=\"_ _0\"></span>s cash revenue (d<span class=\"_ _0\"></span>ividends) received from thos<span class=\"_ _0\"></span>e participations. This fig<span class=\"_ _0\"></span>ure is 9.8 million euro<span class=\"_ _0\"></span>s higher than in 2021. Delen Private Bank (80.1 million euros), SIPEF (7.6 million euros<span class=\"ls34 ws233\">) and </span>equity-<span class=\"ws2c4\">accounted particip<span class=\"_ _0\"></span>ations of DEME and CFE made the bigges<span class=\"_ _0\"></span>t </span>contributions to this amount of 122.2 million euros. <span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ws1f6\">The income taxes (paid) a<span class=\"_ _0\"></span>re deducted for an amount of 84.<span class=\"_ _0\"></span>4 million euros.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ls33 ws215\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on an<span class=\"_ _3\"></span>d impai<span class=\"_ _3\"></span>rment l<span class=\"_ _3\"></span>osses<span class=\"_ _3\"></span> are <span class=\"_ _3\"></span>result<span class=\"_ _3\"></span> items<span class=\"_ _3\"></span> <span class=\"ls25\">with<span class=\"_ _0\"></span>out c<span class=\"_ _0\"></span>ash imp<span class=\"_ _0\"></span>act (n<span class=\"_ _0\"></span>on<span class=\"ls1 ws1\">-</span></span></span>cash i<span class=\"_ _0\"></span>tems)<span class=\"_ _0\"></span> and ar<span class=\"_ _0\"></span>e ther<span class=\"_ _0\"></span>efore a<span class=\"_ _0\"></span>dded.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ws1f5\">The settlement of stock option plans (r<span class=\"_ _0\"></span>epurchase of shares in group companies<span class=\"_ _0\"></span> </span>after th<span class=\"_ _9f\"></span>e e<span class=\"_ _3\"></span>x<span class=\"_ _0\"></span>ercise of<span class=\"_ _0\"></span> stoc<span class=\"_ _0\"></span>k option<span class=\"_ _9f\"></span>s by staff<span class=\"_ _0\"></span> members) l<span class=\"_ _0\"></span>ed to a ca<span class=\"_ _9f\"></span>sh<span class=\"ls1 ws1\">-<span class=\"ls40 ws209\">out of 6.5 </span></span>million euros in the \u201cPrivate Ban<span class=\"_ _0\"></span>king<span class=\"ls25 ws204\">\u201d seg<span class=\"_ _0\"></span>ment. Tog<span class=\"_ _9f\"></span>ether with ad<span class=\"_ _9f\"></span>justment<span class=\"_ _0\"></span>s for </span>amounts recognised in prof<span class=\"_ _0\"></span>it or loss, but not giving ris<span class=\"_ _0\"></span>e to cash flow, this had a total n<span class=\"_ _0\"></span>egativ<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t of 5.8 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ls25 ws1f9\">The los<span class=\"_ _0\"></span>s of 16.<span class=\"_ _0\"></span>9 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s on asse<span class=\"_ _0\"></span>ts/li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es des<span class=\"_ _0\"></span>ignated <span class=\"_ _0\"></span>at fair v<span class=\"_ _0\"></span>alue h<span class=\"_ _0\"></span>as </span>no imp<span class=\"ls33 ws249\">act<span class=\"_ _3\"></span> on AvH\u2019s ca<span class=\"_ _3\"></span>sh flow.<span class=\"_ _3\"></span> This rela<span class=\"_ _3\"></span>tes to<span class=\"_ _3\"></span> financi<span class=\"_ _3\"></span>al assets<span class=\"_ _3\"></span> as well<span class=\"_ _3\"></span> as </span>investm<span class=\"_ _9f\"></span>ent proper<span class=\"_ _0\"></span>ty.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ls25 ws208\">8.4 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _9f\"></span>ros in prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s that w<span class=\"_ _0\"></span>ere re<span class=\"_ _0\"></span>cognised<span class=\"_ _9f\"></span> in profi<span class=\"_ _0\"></span>t or los<span class=\"_ _0\"></span>s in 202<span class=\"_ _0\"></span>2 hav<span class=\"_ _0\"></span>e </span>no cash impact and ar<span class=\"_ _0\"></span>e neutralised.<span class=\"ws1\"> </span>After tho<span class=\"_ _0\"></span>se recla<span class=\"_ _0\"></span>ssific<span class=\"_ _0\"></span>ations and<span class=\"_ _0\"></span> non<span class=\"ls1 ws1\">-<span class=\"ws20b\">cash adju</span></span>stm<span class=\"_ _0\"></span>ents, the <span class=\"ff3b ls39 ws28b\">cash flow</span><span class=\"ls1 ws1\"> <span class=\"ws20b\">amounts to </span></span>693.1<span class=\"_ _0\"></span> million euro<span class=\"_ _0\"></span>s. This is<span class=\"_ _0\"></span> a decrease<span class=\"_ _0\"></span> of 27.8 millio<span class=\"_ _0\"></span>n euros co<span class=\"_ _0\"></span>mpared<span class=\"_ _0\"></span> to last year<span class=\"_ _0\"></span>. <span class=\"ls1 ws1\"> </span>Despi<span class=\"_ _0\"></span>te the<span class=\"_ _0\"></span> highe<span class=\"_ _0\"></span>r turnov<span class=\"_ _9f\"></span>er of the <span class=\"_ _0\"></span>group<span class=\"_ _0\"></span> compan<span class=\"_ _9f\"></span>ies, 23.5<span class=\"_ _0\"></span> mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>sh was<span class=\"_ _0\"></span> relea<span class=\"_ _0\"></span>sed fro<span class=\"_ _0\"></span>m <span class=\"ff3b ls1 ws1f9\">working capital<span class=\"ff3a ls25\">,<span class=\"_ _0\"></span> mainl<span class=\"_ _0\"></span>y thanks <span class=\"_ _0\"></span>to DEME a<span class=\"_ _0\"></span>nd<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls4b ws28e\">CFE<span class=\"_ _3\"></span>. At<span class=\"_ _3\"></span> Bank<span class=\"_ _3\"></span> Van </span></span></span></span>Bre<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>, bot<span class=\"_ _3\"></span>h the<span class=\"_ _3\"></span> clie<span class=\"_ _3\"></span>nt de<span class=\"_ _3\"></span>posi<span class=\"_ _3\"></span>ts an<span class=\"_ _3\"></span>d the l<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>n port<span class=\"_ _3\"></span>foli<span class=\"_ _3\"></span>o co<span class=\"_ _3\"></span>nti<span class=\"_ _3\"></span>nued t<span class=\"_ _3\"></span>o gr<span class=\"_ _3\"></span>ow. T<span class=\"_ _3\"></span>he TLTRO facilities drawn down i<span class=\"_ _0\"></span>n previous years were r<span class=\"_ _0\"></span>epaid in full during 2022. <span class=\"ws1\"> </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls4c ws268\">inv<span class=\"_ _0\"></span>estments<span class=\"ff3a ls1 ws1\"> <span class=\"ws1f7\">of the fully consolidated co<span class=\"_ _0\"></span>mpanies of the AvH<span class=\"_ _0\"></span> group peaked<span class=\"_ _0\"></span> </span></span></span>at 9<span class=\"ls24 ws26c\">54.1 million euros in 2022. This is<span class=\"_ _3\"></span> an increase of 316.6 million euros compared </span>to last<span class=\"_ _0\"></span> year.<span class=\"_ _0\"></span> DEME <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ed a tot<span class=\"_ _0\"></span>al of 48<span class=\"_ _9f\"></span>3.9 million<span class=\"_ _0\"></span> euro<span class=\"_ _0\"></span>s in ad<span class=\"_ _0\"></span>dition<span class=\"_ _0\"></span>al tang<span class=\"_ _0\"></span>ible<span class=\"_ _0\"></span> assets.<span class=\"_ _0\"></span> This fig<span class=\"_ _0\"></span>ure for 2<span class=\"_ _0\"></span>022 inclu<span class=\"_ _9f\"></span>des that y<span class=\"_ _0\"></span>ear\u2019s inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>ts in the r<span class=\"_ _0\"></span>evolutio<span class=\"_ _9f\"></span>nary instal<span class=\"_ _0\"></span>latio<span class=\"ls1 ws2c7\">n vesse<span class=\"_ _0\"></span>l \u2018Orion\u2019, the substantial amounts spent on extensiv<span class=\"_ _0\"></span>e </span>mainten<span class=\"_ _9f\"></span>ance and rep<span class=\"_ _9f\"></span>airs to seve<span class=\"_ _0\"></span>ral ves<span class=\"_ _0\"></span>sels of<span class=\"_ _0\"></span> the fle<span class=\"_ _0\"></span>et, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _0\"></span>e amoun<span class=\"_ _0\"></span>ts spent on the tran<span class=\"_ _0\"></span>sition of the \u2018Viking Neptun\u2019 <span class=\"_ _0\"></span>and the \u2018Sea Installer\u2019. Th<span class=\"_ _9f\"></span>e acquisition of inv<span class=\"_ _0\"></span>estments by Bank Van <span class=\"_ _0\"></span><span class=\"ls34 ws1ed\">Br<span class=\"_ _3\"></span>eda<span class=\"_ _3\"></span> (28<span class=\"_ _3\"></span>0.1 mi<span class=\"_ _3\"></span>lli<span class=\"_ _3\"></span>on eu<span class=\"_ _3\"></span>ros)<span class=\"_ _3\"></span> sho<span class=\"_ _3\"></span>uld be<span class=\"_ _3\"></span> seen </span>in conjunction with the 245.5 million euros from th<span class=\"_ _0\"></span>e disposal of those investments. Tho<span class=\"_ _3\"></span>se trans<span class=\"_ _3\"></span>action<span class=\"_ _3\"></span>s are part<span class=\"_ _3\"></span> of the ALM p<span class=\"_ _3\"></span>olicy o<span class=\"_ _3\"></span>f Bank Van<span class=\"_ _3\"></span> Breda<span class=\"_ _3\"></span>. Nextensa invest<span class=\"_ _0\"></span>ed 42.2 mi<span class=\"_ _0\"></span>llion eu<span class=\"_ _0\"></span>ros in it<span class=\"_ _0\"></span>s real est<span class=\"_ _0\"></span>ate por<span class=\"_ _0\"></span>tfoli<span class=\"ls40 ws205\">o. Also in 2022, Nextensa sol<span class=\"_ _0\"></span>d </span>its prop<span class=\"_ _9f\"></span>erties Th<span class=\"_ _0\"></span>e Cresc<span class=\"_ _0\"></span>ent (And<span class=\"_ _9f\"></span>erlecht)<span class=\"_ _0\"></span>, Monn<span class=\"_ _0\"></span>et (Lux<span class=\"_ _0\"></span>embourg<span class=\"_ _0\"></span>) and T<span class=\"_ _0\"></span>itaniu<span class=\"_ _0\"></span>m (Luxembourg) for a total sum of 169.0 mil<span class=\"_ _0\"></span>lion euros.<span class=\"ls1\"> </span>As was a<span class=\"_ _0\"></span>lread<span class=\"_ _0\"></span>y mentio<span class=\"_ _0\"></span>ned ea<span class=\"_ _0\"></span>rlier, A<span class=\"_ _0\"></span>vH real<span class=\"_ _0\"></span>ised s<span class=\"_ _0\"></span>ubstan<span class=\"_ _0\"></span>tial ca<span class=\"_ _0\"></span>pital g<span class=\"_ _0\"></span>ains on th<span class=\"_ _0\"></span>e dispo<span class=\"_ _0\"></span>sal of its p<span class=\"_ _9f\"></span><span class=\"ls1 ws259\">a<span class=\"_ _3\"></span>rticipatio<span class=\"_ _0\"></span>ns in Manuchar and Anima. Both these sale<span class=\"_ _0\"></span>s yielded </span>159.5 million euros and 308.2 million eur<span class=\"_ _3\"></span>os in cash respectively. During 2022, AvH<span class=\"_ _0\"></span> invested 10.7 million euros in the increase of its shareholding percentage in SIPEF, 24.9 mi<span class=\"_ _0\"></span>llion euro<span class=\"_ _0\"></span>s in the <span class=\"ls33 ws1fa\">furthe<span class=\"_ _3\"></span>r expansi<span class=\"_ _3\"></span>on of its \u201cGr<span class=\"_ _3\"></span>owth Ca<span class=\"_ _3\"></span>pital\u201d po<span class=\"_ _3\"></span>rtfoli<span class=\"_ _3\"></span>o with </span>focus on Life Sciences and India/Sou<span class=\"_ _0\"></span>theast Asia, and, like CFE, granted an<span class=\"_ _0\"></span> additional shareholder loa<span class=\"_ _0\"></span>n of 19 million euros to Rent<span class=\"ws1\">-A-<span class=\"ls25 ws22a\">P<span class=\"_ _0\"></span>ort, enab<span class=\"_ _0\"></span>ling it to </span></span>increase its participation in Infra Asia Inv<span class=\"_ _0\"></span>e<span class=\"ls25 ws215\">stment<span class=\"_ _0\"></span>s, the co<span class=\"_ _0\"></span>mpany tha<span class=\"_ _9f\"></span>t coordina<span class=\"_ _0\"></span>tes </span>the dev<span class=\"_ _9f\"></span>elopment o<span class=\"_ _0\"></span>f the var<span class=\"_ _0\"></span>ious in<span class=\"_ _0\"></span>dust<span class=\"_ _0\"></span>rial zon<span class=\"_ _0\"></span>es in Vi<span class=\"_ _0\"></span>etnam.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Th<span class=\"_ _3\"></span>ank<span class=\"_ _3\"></span>s to t<span class=\"_ _3\"></span>he con<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ble disposals<span class=\"ff3a\"> <span class=\"_ _9c\"> </span><span class=\"ls42 ws2c8\">of real e<span class=\"_ _0\"></span>state b<span class=\"_ _0\"></span>y Nexten<span class=\"_ _0\"></span>sa and of<span class=\"_ _9f\"></span> </span></span>Manuchar/Anima by AvH, the volume of<span class=\"_ _0\"></span> divestments in 2022 is slightly higher<span class=\"_ _0\"></span> (956.8 mill<span class=\"ls25 ws215\">ion eu<span class=\"_ _0\"></span>ros) than<span class=\"_ _0\"></span> the v<span class=\"_ _0\"></span>ery subst<span class=\"_ _0\"></span>antia<span class=\"_ _0\"></span>l inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s (954.<span class=\"_ _0\"></span>1 million<span class=\"_ _0\"></span> euros)<span class=\"_ _0\"></span>; </span>as a resu<span class=\"_ _0\"></span>lt, the ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span> from inv<span class=\"_ _0\"></span>esting a<span class=\"_ _0\"></span>ctiviti<span class=\"_ _0\"></span>es turn<span class=\"_ _0\"></span>s out sligh<span class=\"_ _9f\"></span>tly positiv<span class=\"_ _0\"></span>e, whic<span class=\"_ _0\"></span>h is fairl<span class=\"_ _0\"></span>y unu<span class=\"_ _0\"></span>sual fo<span class=\"_ _0\"></span>r AvH.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The <span class=\"_ _0\"></span><span class=\"ff3b ls46 ws1ed\">ca<span class=\"_ _3\"></span>sh flow from fina<span class=\"_ _3\"></span>ncial<span class=\"ls1 ws1\"> <span class=\"ls49 ws2bd\">activities</span><span class=\"ff3a\"> <span class=\"ls24 ws21b\">in 2022 was ne<span class=\"_ _3\"></span>gative at 444.2</span> <span class=\"ls52 ws24e\">million </span></span></span></span>euros.<span class=\"_ _0\"></span> The net in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t paid wa<span class=\"_ _0\"></span>s virtua<span class=\"_ _0\"></span>lly the sa<span class=\"_ _0\"></span>me as last y<span class=\"_ _0\"></span>ear, desp<span class=\"_ _9f\"></span>ite the inter<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span> rate increase during <span class=\"_ _0\"></span>the year. As was al<span class=\"_ _0\"></span>so pointed out in connection w<span class=\"_ _0\"></span>ith the income statement, <span class=\"_ _0\"></span>exchange rates ultimat<span class=\"_ _0\"></span>ely had a negative impac<span class=\"_ _0\"></span>t on the results a<span class=\"ls24 ws218\">nd on the cash flows of 2022. </span> AvH, Extensa and CFE acq<span class=\"_ _0\"></span>uired <span class=\"ff3b ls3f ws214\">tre<span class=\"_ _0\"></span>asury s<span class=\"_ _0\"></span>hares<span class=\"ff3a ls1 ws1\"> <span class=\"ls24 ws218\">du<span class=\"_ _0\"></span>ring<span class=\"_ _3\"></span> 2022.<span class=\"ls1 ws1\"> </span></span></span></span>The di<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ents en<span class=\"_ _0\"></span>abled <span class=\"_ _0\"></span>Nexte<span class=\"_ _0\"></span>nsa to r<span class=\"_ _0\"></span>educe i<span class=\"_ _0\"></span>ts <span class=\"ff3b ls49 ws1ea\">financial d<span class=\"_ _3\"></span>ebt</span><span class=\"ls1 ws1\"> <span class=\"ls24 ws206\">by 164.4 mill<span class=\"_ _3\"></span>ion<span class=\"_ _0\"></span> </span></span>euros.<span class=\"_ _0\"></span> AvH\u2019s div<span class=\"_ _0\"></span>estmen<span class=\"_ _9f\"></span>ts led to a net<span class=\"_ _0\"></span> reduction<span class=\"_ _0\"></span> by 46.4 m<span class=\"_ _0\"></span>illio<span class=\"_ _0\"></span>n euros (th<span class=\"_ _9f\"></span>e comm<span class=\"_ _0\"></span>ercial p<span class=\"_ _0\"></span><span class=\"ls25 ws1db\">aper p<span class=\"_ _0\"></span>rogramm<span class=\"_ _0\"></span>e, fo<span class=\"_ _0\"></span>r ins<span class=\"_ _0\"></span>tance,<span class=\"_ _0\"></span> was <span class=\"_ _0\"></span>repaid i<span class=\"_ _0\"></span>n ful<span class=\"_ _0\"></span>l). Th<span class=\"_ _0\"></span>e net <span class=\"_ _0\"></span>increa<span class=\"_ _0\"></span>se of<span class=\"_ _0\"></span> </span>the cash<span class=\"_ _0\"></span> positi<span class=\"_ _0\"></span>on resu<span class=\"_ _0\"></span>lting fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>ivestm<span class=\"_ _0\"></span>ents is s<span class=\"_ _0\"></span>ituat<span class=\"_ _0\"></span>ed in the c<span class=\"_ _0\"></span>ash and<span class=\"_ _0\"></span> cash equivalents.  The additional investments in 2022 to<span class=\"_ _0\"></span> the amount of 43.7 million euros in controlling int<span class=\"ws1f5\">erests includ<span class=\"_ _0\"></span>es 37.6 million euros for <span class=\"_ _0\"></span>the acquisition by <span class=\"_ _0\"></span>Rent<span class=\"ws1\">-A-<span class=\"ls33 ws1f0\">Port </span></span></span>of an<span class=\"_ _3\"></span> additi<span class=\"_ _3\"></span>onal 3<span class=\"_ _3\"></span>2.59% inte<span class=\"_ _3\"></span>rest i<span class=\"_ _3\"></span>n its sub<span class=\"_ _3\"></span>sidia<span class=\"_ _3\"></span>ry Infra<span class=\"_ _3\"></span> Asia I<span class=\"_ _3\"></span>nvestmen<span class=\"_ _3\"></span>ts. <span class=\"ls1 ws1\"> </span>AvH paid a<span class=\"_ _3\"></span> <span class=\"ff3b ls49 ws2bd\">dividend<span class=\"_ _3\"></span></span><span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls40 ws2ae\">of 91.1 million euros to its shareholders, an increase of 13.2 </span></span>million euros compared to t<span class=\"ls25 ws1fa\">he prev<span class=\"_ _0\"></span>ious y<span class=\"_ _0\"></span>ear. Sub<span class=\"_ _0\"></span>sidia<span class=\"_ _0\"></span>ries of <span class=\"_ _0\"></span>the group<span class=\"_ _0\"></span> paid<span class=\"_ _0\"></span> 16.2<span class=\"_ _0\"></span> </span>million euros in divide<span class=\"_ _0\"></span>nds to shareholde<span class=\"_ _0\"></span>rs outside the AvH group (20<span class=\"_ _0\"></span>21: 35.6 million euros). The subsidiaries in question are <span class=\"_ _3\"></span>primari<span class=\"_ _0\"></span>ly Ba<span class=\"_ _3\"></span>nk Van Breda and Nexten<span class=\"_ _0\"></span>sa (in<span class=\"_ _0\"></span> 2021 s<span class=\"_ _0\"></span>till Leas<span class=\"_ _0\"></span>invest <span class=\"_ _0\"></span>Real Es<span class=\"_ _0\"></span>tate)<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span>Evolutio<span class=\"_ _0\"></span>n of the financ<span class=\"_ _0\"></span>ial debts<span class=\"_ _0\"></span> (cash &amp; non<span class=\"ls1 ws1\">-<span class=\"ls66 ws2ca\">cash)</span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>2,381,6<span class=\"_ _3\"></span>18<span class=\"ls1 ws1\"> </span>Movements in the Cashflow statement (<span class=\"_ _0\"></span>Cash flow<span class=\"_ _3\"></span> from financ<span class=\"_ _0\"></span>ial activities)<span class=\"ls1 ws1\"> </span>Increase of financial debts<span class=\"ls1 ws1\"> </span>593,858<span class=\"ls1 ws1\"> </span>(Decrease) of financial debt<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">824,484</span> Non<span class=\"ls1 ws1\">-<span class=\"ls3e ws1e1\">cash movements</span> </span>- <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">acquis<span class=\"_ _0\"></span>itions<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">106</span> - <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">divestments</span> -<span class=\"ls29 ws1e1\">162,905</span> - <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">tangible assets</span> 49,675<span class=\"ls1 ws1\"> </span>- <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e1\">investment <span class=\"ls2b ws1dd\">proper<span class=\"_ _3\"></span>ty</span></span> -<span class=\"ls29 ws1e1\">2,155</span> - <span class=\"ls29 ws1e0\">Impact of exchange rates</span>  -<span class=\"ls29 ws1e1\">1,012</span> - <span class=\"ls3c ws20e\">Other<span class=\"_ _3\"></span>s</span> 0 Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2022<span class=\"_ _3\"></span></span> </span>2,034,4<span class=\"_ _3\"></span>89<span class=\"ls1 ws1\"> </span>(1)Evolut<span class=\"_ _0\"></span>ion of t<span class=\"_ _0\"></span>he cash <span class=\"_ _0\"></span>positio<span class=\"_ _0\"></span>n of the<span class=\"_ _0\"></span> AvH gr<span class=\"_ _0\"></span>oup 201<span class=\"ls1 ws1\">8 \u2013 <span class=\"ls68 ws2cc\">202<span class=\"_ _0\"></span><span class=\"ls1 ws1\">2 </span></span></span>\u20ac Millions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _1a1\"> </span><span class=\"ls61 ws2a1\">2022</span> <span class=\"_ _138\"> </span><span class=\"ls61 ws2a1\">20<span class=\"_ _3\"></span>21</span> <span class=\"_ _138\"> </span><span class=\"ls61 ws2a1\">2020</span> <span class=\"_ _138\"> </span><span class=\"ls61 ws2a1\">20<span class=\"_ _3\"></span>19</span> <span class=\"_ _138\"> </span><span class=\"ls61 ws2a1\">2018<span class=\"_ _3\"></span></span> </span>Treasury shares<span class=\"_ _3\"></span> <span class=\"_ _1a2\"> </span><span class=\"fc24 ls29 ws1e1\">55.7</span><span class=\"fc24\"> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">46.0</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">39.6</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">40.8</span> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">34.7</span> </span>Other investments<span class=\"ls1 ws1\"> </span> - <span class=\"ls29 ws1e0\">Portfolio shares</span> <span class=\"_ _1a3\"> </span><span class=\"fc24 ls29 ws1e1\">41.3</span><span class=\"fc24\"> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">48.2</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">51.2</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">55.7</span> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">37.2</span> </span> - <span class=\"ls29 ws1e0\">Term deposits</span> 361.1<span class=\"ls1 ws1\"> </span>6.0<span class=\"ls1 ws1\"> </span>0.0<span class=\"ls1 ws1\"> </span>155.9<span class=\"ls1 ws1\"> </span>23.9<span class=\"ls1 ws1\"> </span>Cash<span class=\"_ _3\"></span> <span class=\"_ _1a4\"> </span><span class=\"fc24 ls29 ws1e1\">40.7</span><span class=\"fc24\"> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">20.3</span> <span class=\"_ _98\"> </span><span class=\"ls5d ws202\">8.1<span class=\"_ _3\"></span></span> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">27.0</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">31.2</span> </span>Financial debts (commercial paper)<span class=\"ls1 ws1\"> </span>0.0<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">42.7</span> -<span class=\"ls29 ws1e1\">31.0</span> -<span class=\"ls29 ws1e1\">12.0</span> -<span class=\"ls29 ws1e1\">24.0</span> Net cash<span class=\"_ _0\"></span> position<span class=\"ls1 ws1\"> </span>498.7<span class=\"ls1 ws1\"> </span>77.7<span class=\"ls1 ws1\"> </span>68.0<span class=\"ls1 ws1\"> </span>267.4<span class=\"ls1 ws1\"> </span>102.9<span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a\">I<span class=\"ls29 ws1e1\">ncludes <span class=\"ls2b ws299\">trea<span class=\"_ _3\"></span>sury shares,<span class=\"_ _3\"></span> the </span><span class=\"ws211\">cash and financial debts to credit ins<span class=\"_ _0\"></span>titutions and to financial markets of the consolidated subholdings recorded in the segment \u2018A<span class=\"_ _0\"></span>vH &amp; Growth Capital\u2019 and the cash </span></span></span>of FinAx/Finaxis. To the extent that the tr<span class=\"_ _0\"></span>easury shares are held in portfolio to cover outstanding option obligations, the value of t<span class=\"_ _0\"></span>he treasury shares is matched to those obligations.<span class=\"ls1 ws1\"> </span>Note 6: <span class=\"ls26 ws1dc\">Segment <span class=\"ls3a ws20c\">information </span></span>\u2013 <span class=\"ls26 ws1dc\">income s<span class=\"_ _0\"></span>tatement 20<span class=\"_ _0\"></span>21<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,782,50<span class=\"_ _3\"></span>2</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">205,011<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">237,428</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">18<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">89,529<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,114<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,31<span class=\"_ _3\"></span>2,374<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,193</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,074</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,988</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,279</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _1a5\"> </span><span class=\"fc22 ls29 ws1e1\">106,300</span><span class=\"fc22\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">119,195</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>225,495<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">103,801</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>103,801<span class=\"ls1 ws1\"> </span>Fees and commissions <span class=\"ls1 ws1\">- </span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">98,566</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>98,566<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,580,181<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>84,328<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _15e\"> </span></span>3,664,508<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">96,021<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,644<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>19,041<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>18<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>3,128<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>126<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>120,726<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,612,4<span class=\"_ _3\"></span>59</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">122,400<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">175,94<span class=\"_ _3\"></span>2</span> <span class=\"_ _b7\"> </span>-<span class=\"ls27 ws1df\">58<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">116<span class=\"_ _3\"></span>,029</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,89<span class=\"_ _3\"></span>8</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,0<span class=\"_ _3\"></span>23,991</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,518,605</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">24,176</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">80,876</span> <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">58</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">53,125</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,898</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,673,943</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,759</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">22,759</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">697,784</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">57,533</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">75,769</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">46,604</span> </span>-<span class=\"ls29 ws1e1\">877,690</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">326,558</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,220</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">11,967</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,808</span> </span>-<span class=\"ls29 ws1e1\">350,553</span> Impairment losses (-) <span class=\"_ _30\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">36,202</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,181</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">793</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">10,995</span> </span>-<span class=\"ls29 ws1e1\">45,810</span> Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">32,884</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">12,483</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">6,810</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">510</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">52,687</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _1a6\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">425<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>272<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _c4\"> </span></span>13<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">550</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">9,593<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">24,456<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">34,048<span class=\"_ _3\"></span></span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and <span class=\"ws1dd\">loss<span class=\"ls1 ws1\"> </span></span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL)<span class=\"ls1 ws1\"> </span>0 0 16,621<span class=\"ls1 ws1\"> </span>0 24,456<span class=\"ls1 ws1\"> </span>41,077<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>t property <span class=\"_ _1a7\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,029</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">7,029</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> </span>26,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>492<span class=\"ls1 ws1\"> </span>4,984<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,221<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 34,699<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _1a8\"> </span></span><span class=\"fc22 ws1e1\">6,071<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>492<span class=\"ls1 ws1\"> <span class=\"_ _c3\"> </span></span>581<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span></span>39<span class=\"ls1 ws1\"> </span></span>7,182<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> <span class=\"_ _18a\"> </span></span><span class=\"fc22 ws1e1\">19,931<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span></span>3,019<span class=\"ls1 ws1\"> </span></span>22,951<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets<span class=\"ls1 ws1\"> </span>0 0 0 0 163<span class=\"ls1 ws1\"> </span>163<span class=\"ls1 ws1\"> </span>Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>196,045<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>83,103<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,062<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">40</span> 1,176<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>784<span class=\"ls1 ws1\"> </span>357,130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> <span class=\"_ _1a9\"> </span>-<span class=\"ls27 ws1df\">14,378</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">583</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">9,675</span> <span class=\"_ _170\"> </span>7 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,037</span> <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">784</span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">21,210<span class=\"_ _3\"></span></span> </span>Interest income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,142<span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>2,493<span class=\"ls1 ws1\"> </span>0 2,406<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,116</span> 11,941<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> expenses (-) <span class=\"_ _1a5\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">18,778</span> <span class=\"_ _110\"> </span>-2 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">15,514</span> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">516</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,116</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">33,694</span> </span>(Un)realised foreign curr<span class=\"_ _0\"></span>ency results<span class=\"ls1 ws1\"> <span class=\"_ _1aa\"> </span></span><span class=\"fc22 ws1e1\">7,313<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>4 <span class=\"_ _8b\"> </span>-</span>174<span class=\"ls1 ws1\"> </span></span>7,056<span class=\"ls1 ws1\"> </span>Other financial income (expenses<span class=\"_ _0\"></span>) <span class=\"_ _1aa\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">11,055</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">193</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">2,208</span> <span class=\"_ _170\"> </span>4 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">1,320</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">784</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,530</span> </span>Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">376</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">5,642</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 6,018<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">23,6<span class=\"_ _3\"></span>15</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">131,950<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">20,7<span class=\"_ _3\"></span>24</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">30,232<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">48,669</span> </span>255,191<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>0 0 0 0 548<span class=\"ls1 ws1\"> </span>548<span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _1ab\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>205,282<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,636<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,111<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,430<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 591,659<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">45,293</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">19,<span class=\"_ _3\"></span>599</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">13,674</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">884<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">79,<span class=\"_ _3\"></span>449</span> </span>Deferred t<span class=\"_ _0\"></span>axes <span class=\"_ _3f\"> </span><span class=\"fc22 ls29 ws1e1\">13,700</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,274</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,685</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">882</span> </span>5,624<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">58,993</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">18,325</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">5,989</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,766</span> </span>-<span class=\"ls29 ws1e1\">85,073</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,546<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">150</span> </span>-<span class=\"ls27 ws1df\">150</span> Profit (l<span class=\"_ _3\"></span>oss) of the period<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,396<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,060<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts <span class=\"_ _18b\"> </span><span class=\"fc22 ls29 ws1e1\">60,943</span><span class=\"fc22\"> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">12,936</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">30,744</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">222</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">402</span> </span>105,246<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">99,046<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>183,102<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>42,694<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>29,978<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>51,994<span class=\"ls1 ws1\"> </span></span>406,814<span class=\"ls1 ws1\"> </span>Note 6: <span class=\"ls3a ws20c\">Segm<span class=\"_ _3\"></span>ent inform<span class=\"_ _3\"></span>ation </span>\u2013 <span class=\"ls3a ws20c\">cash f<span class=\"_ _3\"></span>low state<span class=\"_ _3\"></span>ment 20<span class=\"_ _3\"></span></span>21 (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Cas<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>ash eq<span class=\"_ _0\"></span>uival<span class=\"_ _0\"></span>ents <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ws1ec\">opening balance<span class=\"ws1\"> </span></span></span>778,444<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>17,670<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>34,372<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>370<span class=\"ls1 ws1\"> </span>11,552<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 842,408<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) fro<span class=\"_ _0\"></span>m operating activities<span class=\"ls1 ws1\"> <span class=\"_ _18f\"> </span></span><span class=\"fc22 ws1e1\">196,045<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>83,103<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>76,062<span class=\"ls1 ws1\"> <span class=\"_ _b8\"> </span>-</span>40<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,176<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>784<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>357,130<span class=\"ls1 ws1\"> </span></span>Reclassification \u2018P<span class=\"_ _0\"></span>rofit (loss) on disposal of assets'<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">26,003</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">492</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,984</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">3,221</span> -<span class=\"ls29 ws1e1\">34,699</span> to cash flow from divestments<span class=\"ls1 ws1\"> </span>Dividends from participations<span class=\"_ _0\"></span> accounted for<span class=\"ls1 ws1\"> </span>23,474<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>78,810<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>259<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>9,954<span class=\"ls1 ws1\"> </span>112,496<span class=\"ls1 ws1\"> </span>using the equity method<span class=\"ls1 ws1\"> </span>Other non-<span class=\"ls29 ws1e0\">operating income (expenses)</span> <span class=\"_ _190\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">548</span> </span>548<span class=\"ls1 ws1\"> </span>Income taxes (paid) <span class=\"_ _199\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">52,717</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">18,325</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">5,989</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,766</span> </span>-<span class=\"ls29 ws1e1\">78,797</span> Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">cash ad<span class=\"_ _3\"></span>justments<span class=\"ls1 ws1\"> </span></span>Depreciation<span class=\"ls1 ws1\"> <span class=\"_ _16e\"> </span></span><span class=\"fc22\">326,558<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>7,220<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>11,967<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span></span>4,808<span class=\"ls1 ws1\"> </span></span>350,553<span class=\"ls1 ws1\"> </span>Impairment losses<span class=\"ls1 ws1\"> <span class=\"_ _1ac\"> </span></span><span class=\"fc22 ws1e1\">36,202<span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span>-</span>2,129<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>793<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span></span>10,995<span class=\"ls1 ws1\"> </span></span>45,861<span class=\"ls1 ws1\"> </span>Share based payment <span class=\"_ _191\"> </span><span class=\"fc22\">0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">4,115</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">339</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,121</span> </span>4,896<span class=\"ls1 ws1\"> </span>Profit (loss) on assets/liabilities<span class=\"_ _0\"></span> designated at<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">9,593</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">24,456</span> -<span class=\"ls29 ws1e1\">34,048</span> fair value through profit and loss<span class=\"ls1 ws1\"> </span>(Decreas<span class=\"_ _0\"></span>e) increase of provis<span class=\"_ _0\"></span>ions <span class=\"_ _29\"> </span><span class=\"fc22 ls29 ws1e1\">1,706</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">5,681</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">280</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">13</span> </span>-<span class=\"ls29 ws1e1\">4,268</span> Other non<span class=\"ls1 ws1\">-</span>cash expenses (income)<span class=\"ls1 ws1\"> <span class=\"_ _29\"> </span></span><span class=\"fc22 ws1e1\">562<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>844<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _ba\"> </span>-</span>209<span class=\"ls1 ws1\"> </span></span>1,197<span class=\"ls1 ws1\"> </span>Cash flow<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _193\"> </span><span class=\"ls27 ws1df\">505,828<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">147,<span class=\"_ _3\"></span>465</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">67,637<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">219<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,062</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">784</span> <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">720,871<span class=\"_ _3\"></span></span> </span>Decrease (increase) <span class=\"_ _3\"></span>of working capital<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _1ad\"> </span>-<span class=\"ls27 ws1df\">6,250</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">15,0<span class=\"_ _3\"></span>46</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">45,427<span class=\"_ _3\"></span></span> <span class=\"_ _b7\"> </span>-<span class=\"ls27 ws1df\">46</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">9,100</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">2,400</span> <span class=\"_ _af\"> </span><span class=\"ls27 ws1df\">60,877</span> </span>Decrease (increase)<span class=\"_ _0\"></span> of inventories and constru<span class=\"_ _3\"></span>ction contra<span class=\"_ _3\"></span>cts <span class=\"_ _1ae\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">3,574</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">16,081</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">6,288</span> </span>18,796<span class=\"ls1 ws1\"> </span>Decreas<span class=\"_ _0\"></span>e (increase) of amou<span class=\"_ _0\"></span>nts receivable<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">108,191</span> -<span class=\"ls29 ws1e1\">84,816</span> 41,752<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">45</span> 7,553<span class=\"ls1 ws1\"> </span>81,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">62,748</span> Decrease (increase)<span class=\"_ _0\"></span> of receivables from credit institutions<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">538,081</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 -<span class=\"ls29 ws1e1\">538,081</span> and clients (banks)<span class=\"ls1 ws1\"> </span>Increase (decrease) of liabilit<span class=\"_ _0\"></span>ies (other than financial debts)<span class=\"ls1 ws1\"> <span class=\"_ _15\"> </span></span><span class=\"fc22 ws1e1\">109,259<span class=\"ls1 ws1\"> <span class=\"_ _f\"> </span></span>85,057<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,858<span class=\"ls1 ws1\"> <span class=\"_ _110\"> </span>-1 <span class=\"_ _10\"> </span>-</span>4,697<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span>-</span>83,400<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>109,076<span class=\"ls1 ws1\"> </span></span>Increase (decrease) of d<span class=\"_ _0\"></span>ebts to credit institutions,<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">555,645</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 555,645<span class=\"ls1 ws1\"> </span>clients &amp; securities (<span class=\"_ _0\"></span>banks)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Decreas<span class=\"_ _0\"></span>e (increase) other <span class=\"_ _111\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">3,744</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,760</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">15,264</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">44</span> </span>-<span class=\"ls29 ws1e1\">21,812</span> Cash flow <span class=\"_ _3\"></span>from operatin<span class=\"_ _3\"></span>g activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>499,577<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>162,511<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>113,065<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>172<span class=\"ls1 ws1\"> </span>8,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,616</span> 781,747<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Investments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _197\"> </span>-<span class=\"ls27 ws1df\">339,715<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">200<span class=\"_ _3\"></span>,989</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">55,459<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,338<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">39,796<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">769<span class=\"_ _3\"></span></span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">637,52<span class=\"_ _3\"></span>7</span> </span>Acquisition of intangible and tangible assets <span class=\"_ _102\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">299,310</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,001</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">13,333</span> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,374</span> </span>-<span class=\"ls29 ws1e1\">319,018</span> Acquisition of investment<span class=\"_ _0\"></span> property<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">36,479</span> 0 0 -<span class=\"ls29 ws1e1\">36,479</span> Acquisition of financ<span class=\"_ _0\"></span>ial fixed assets (business combinations included) <span class=\"_ _fe\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">22,150</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">5,881</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,338</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">36,154</span> </span>-<span class=\"ls29 ws1e1\">66,523</span> Cash acquired through bus<span class=\"_ _0\"></span>iness combinations<span class=\"ls1 ws1\"> <span class=\"_ _59\"> </span></span>953<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>235<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>1,187<span class=\"ls1 ws1\"> </span>New loans granted<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">19,207</span> -<span class=\"ls29 ws1e1\">419</span> 0 0 -<span class=\"ls29 ws1e1\">1,202</span> 769<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,059</span> Acquisition of investments <span class=\"_ _199\"> </span><span class=\"fc22\">0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">196,569</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">66</span> </span>-<span class=\"ls29 ws1e1\">196,635</span> Dive<span class=\"_ _3\"></span>stments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _187\"> </span><span class=\"ls27 ws1df\">53,7<span class=\"_ _3\"></span>12</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">157,143<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">28,8<span class=\"_ _3\"></span>34</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">28,1<span class=\"_ _3\"></span>92</span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,676<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">266,<span class=\"_ _3\"></span>205</span> </span>Disposal of intangible and tangible ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\"> <span class=\"_ _38\"> </span></span><span class=\"fc22 ws1e1\">31,817<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>963<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,848<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _ff\"> </span></span>60<span class=\"ls1 ws1\"> </span></span>34,687<span class=\"ls1 ws1\"> </span>Disposal of investment pro<span class=\"_ _0\"></span>perty <span class=\"_ _10d\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">26,987</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>26,987<span class=\"ls1 ws1\"> </span>Disposal of financial fixed ass<span class=\"_ _0\"></span>ets (business disposals included)<span class=\"ls1 ws1\"> <span class=\"_ _1af\"> </span></span><span class=\"fc22 ws1e1\">8,740<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>426<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _f\"> </span></span>19,002<span class=\"ls1 ws1\"> </span></span>28,169<span class=\"ls1 ws1\"> </span>Cash disposed of throu<span class=\"_ _0\"></span>gh business disposals <span class=\"_ _27\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">35</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">481</span> </span>-<span class=\"ls29 ws1e1\">517</span> Reimbursements of loans<span class=\"ls1 ws1\"> <span class=\"_ _dd\"> </span></span><span class=\"fc22 ws1e1\">13,190<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8d\"> </span></span>1,678<span class=\"ls1 ws1\"> <span class=\"_ _10\"> </span>-</span>1,676<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>13,192<span class=\"ls1 ws1\"> </span></span>Disposal of investments <span class=\"_ _176\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">155,753</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">7,934</span> </span>163,687<span class=\"ls1 ws1\"> </span>Cash flow <span class=\"_ _3\"></span>from investin<span class=\"_ _3\"></span>g activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _19a\"> </span>-<span class=\"ls27 ws1df\">286,003<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">43,<span class=\"_ _3\"></span>846</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">26,624</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">2,338</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">11,604<span class=\"_ _3\"></span></span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">907</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">371<span class=\"_ _3\"></span>,322</span> </span>Financial operat<span class=\"_ _3\"></span>ions<span class=\"ls1 ws1\"> </span>Dividends received<span class=\"ls1 ws1\"> </span>0 1,124<span class=\"ls1 ws1\"> </span>6,082<span class=\"ls1 ws1\"> </span>0 1,234<span class=\"ls1 ws1\"> </span>8,441<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> received <span class=\"_ _187\"> </span><span class=\"fc22 ls29 ws1e1\">8,142</span><span class=\"fc22\"> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">16</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,493</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,406</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,116</span> <span class=\"_ _6f\"> </span><span class=\"ls29 ws1e1\">11,941</span> </span>Interest paid<span class=\"_ _3\"></span> <span class=\"_ _19c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">17,498</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">62</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">15,691</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">516</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,116</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">32,651</span> </span>Other financial income (c<span class=\"_ _0\"></span>osts)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">4,181</span> <span class=\"_ _110\"> </span>-1 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">8,377</span> <span class=\"_ _101\"> </span>7 <span class=\"_ _110\"> </span>-7 <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">784</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">13,343</span> </span>Decreas<span class=\"_ _0\"></span>e (in<span class=\"_ _3\"></span>crease<span class=\"_ _3\"></span>) of treasur<span class=\"_ _3\"></span>y share<span class=\"_ _3\"></span>s - <span class=\"ls3d ws20f\">AvH</span> <span class=\"_ _19e\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">3,132</span> </span>-<span class=\"ls29 ws1e1\">3,132</span> Decreas<span class=\"_ _0\"></span>e (increase) of treas<span class=\"_ _0\"></span>ury shares - <span class=\"ls29 ws1e1\">affiliates</span> <span class=\"_ _1b0\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>0 Increase of financial debts<span class=\"ls1 ws1\"> </span>94,243<span class=\"ls1 ws1\"> </span>0 111,070<span class=\"ls1 ws1\"> </span>0 97,268<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">84,150</span> 218,432<span class=\"ls1 ws1\"> </span>(Decrease) of financial debt<span class=\"_ _0\"></span>s <span class=\"_ _19f\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">326,766</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">5,964</span> <span class=\"_ _6c\"> </span>-<span class=\"ls29 ws1e1\">112,074</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">90,485</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">87,457</span> <span class=\"_ _6c\"> </span>-<span class=\"ls29 ws1e1\">447,831</span> </span>(Investments) and divest<span class=\"_ _0\"></span>ments in controlling interests<span class=\"ls1 ws1\"> <span class=\"_ _108\"> </span></span><span class=\"fc22 ws1e1\">589<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>585<span class=\"ls1 ws1\"> </span></span>1,174<span class=\"ls1 ws1\"> </span>Dividends paid by AvH<span class=\"ls1 ws1\"> </span>0 0 0 0 -<span class=\"ls29 ws1e1\">77,890</span> -<span class=\"ls29 ws1e1\">77,890</span> Dividends paid intra group <span class=\"_ _1b1\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">15,721</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">83,600</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">9,336</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">108,657</span> </span>0 Dividends paid to minority intere<span class=\"_ _3\"></span>sts <span class=\"_ _119\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">11,363</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,486</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">21,717</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">82</span> </span>-<span class=\"ls29 ws1e1\">35,649</span> Cash flow <span class=\"_ _3\"></span>from financia<span class=\"_ _3\"></span>l activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">272,554<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">90,973</span> -<span class=\"ls27 ws1df\">47,551</span> 7 38,039<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,523<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">370,508<span class=\"_ _3\"></span></span> II. N<span class=\"_ _0\"></span>et incr<span class=\"_ _0\"></span>ease (d<span class=\"_ _9f\"></span>ecreas<span class=\"_ _0\"></span>e) in cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cash <span class=\"_ _0\"></span>equiv<span class=\"_ _0\"></span>alents<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">58,979</span> 27,692<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>38,890<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,159</span> 34,473<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 39,917<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Transfer b<span class=\"_ _0\"></span>etween segments<span class=\"ls1 ws1\"> </span>5,750<span class=\"ls1 ws1\"> </span>0 0 2,338<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,088</span> 0 Impact of exchange rate changes on cash<span class=\"_ _0\"></span> and cash equivalents<span class=\"ls1 ws1\"> </span>1,311<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _99\"> </span></span>65<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>27<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>1 </span>1,404<span class=\"ls1 ws1\"> </span>III. C<span class=\"_ _0\"></span>ash an<span class=\"_ _0\"></span>d cash<span class=\"_ _0\"></span> equiv<span class=\"_ _0\"></span>alent<span class=\"_ _0\"></span>s <span class=\"ls1 ws1\">- <span class=\"ws1ec\">ending balance<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>726,526<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>45,362<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,327<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>576<span class=\"ls1 ws1\"> </span>37,938<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 883,730<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Note 6: <span class=\"ls26 ws1dc\">Segment <span class=\"ls3a ws20c\">information </span></span>\u2013 <span class=\"ls36 ws200\">assets 20<span class=\"_ _3\"></span>21</span> (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total <span class=\"_ _3\"></span><span class=\"ls27 ws1df\">2021<span class=\"ls1 ws1\"> </span></span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Non<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls2d ws15b\">current as<span class=\"_ _3\"></span>sets</span> </span>3,306,74<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>5,659,63<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>1,678,29<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>288,169<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>388,042<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">18,976</span> 11,301,9<span class=\"_ _3\"></span>05<span class=\"ls1 ws1\"> </span>Intangible as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> <span class=\"_ _17e\"> </span><span class=\"ls27 ws1df\">116,186<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">722<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">32,2<span class=\"_ _3\"></span>91</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">192</span> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17f\"> </span><span class=\"ls27 ws1df\">174,019<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">134,<span class=\"_ _3\"></span>247</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">7,836<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">11,727<span class=\"_ _3\"></span></span> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tangible assets<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _180\"> </span><span class=\"ls27 ws1df\">2,464,06<span class=\"_ _3\"></span>1</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">54,113</span> <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">214,463</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">30,208</span> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Land and buildings<span class=\"ls1 ws1\"> <span class=\"_ _181\"> </span></span><span class=\"fc22 ws1e1\">172,474<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>44,965<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>188,134<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _6f\"> </span></span>21,011<span class=\"ls1 ws1\"> </span></span>426,584<span class=\"ls1 ws1\"> </span>Plant, machinery and equipment<span class=\"ls1 ws1\"> <span class=\"_ _182\"> </span></span><span class=\"fc22 ws1e1\">1,934,994<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,694<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>3,742<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span></span>3,780<span class=\"ls1 ws1\"> </span></span>1,944,209<span class=\"ls1 ws1\"> </span>Furniture and vehicles<span class=\"ls1 ws1\"> <span class=\"_ _180\"> </span></span><span class=\"fc22 ws1e1\">40,796<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>5,199<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>4,236<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _8d\"> </span></span>4,821<span class=\"ls1 ws1\"> </span></span>55,051<span class=\"ls1 ws1\"> </span>Other tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _1b2\"> </span></span><span class=\"fc22 ws1e1\">212<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>511<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>5,827<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>458<span class=\"ls1 ws1\"> </span></span>7,009<span class=\"ls1 ws1\"> </span>Assets under construction<span class=\"ls1 ws1\">  <span class=\"_ _184\"> </span></span><span class=\"fc22 ws1e1\">315,585<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,745<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>12,524<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _b7\"> </span></span>139<span class=\"ls1 ws1\"> </span></span>329,992<span class=\"ls1 ws1\"> </span>Investment<span class=\"_ _3\"></span> property<span class=\"ls1 ws1\"> <span class=\"_ _176\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">1,<span class=\"_ _3\"></span>267,150<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>1,267,15<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod<span class=\"ls1 ws1\"> <span class=\"_ _fd\"> </span><span class=\"ls27 ws1df\">267,220<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">805,182<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">44,2<span class=\"_ _3\"></span>87</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">288,169<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">242,<span class=\"_ _3\"></span>338</span> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span>curren<span class=\"_ _3\"></span>t financial <span class=\"ls1 ws1\">assets <span class=\"_ _b6\"> </span><span class=\"ls27 ws1df\">141,434<span class=\"_ _3\"></span></span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,050</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">110,<span class=\"_ _3\"></span>470</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">101,058</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">18,976<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">336,038<span class=\"_ _3\"></span></span> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L (FVPL)<span class=\"ls1 ws1\"> <span class=\"_ _1b3\"> </span></span><span class=\"fc22 ws1e1\">6,890<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span></span>97,215<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>73,245<span class=\"ls1 ws1\"> </span></span>177,351<span class=\"ls1 ws1\"> </span>Receivables and warranties<span class=\"ls1 ws1\"> <span class=\"_ _185\"> </span></span><span class=\"fc22 ws1e1\">134,544<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,050<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>13,255<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _6f\"> </span></span>27,813<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span>-</span>18,976<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>158,687<span class=\"ls1 ws1\"> </span></span>Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">curren<span class=\"_ _3\"></span>t hedging </span>ins<span class=\"_ _3\"></span>truments<span class=\"ls1 ws1\"> <span class=\"_ _32\"> </span><span class=\"ls27 ws1df\">613<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">519</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">684</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span>1,816<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred tax assets<span class=\"_ _3\"></span><span class=\"ws1\"> </span>143,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,441<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,110<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 2,519<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>150,279<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ws202\">receivables <span class=\"_ _3\"></span>from credit</span> 0 <span class=\"_ _ca\"> </span><span class=\"ls27 ws1df\">4,659,36<span class=\"_ _3\"></span>0</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 4,659,36<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>institutions<span class=\"_ _3\"></span> and clients a<span class=\"_ _3\"></span>fter one yea<span class=\"_ _3\"></span>r<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">loans and receivables to c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\"> </span></span></span>0 4,634,354<span class=\"ls1 ws1\"> </span>0 0 0 4,634,354<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio  <span class=\"_ _87\"> </span><span class=\"fc22\">0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">25,007</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>25,007<span class=\"ls1 ws1\"> </span>II. C<span class=\"_ _3\"></span>urrent <span class=\"_ _3\"></span>assets<span class=\"ls1 ws1\"> </span>2,167,32<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>3,068,50<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>347,088<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>652<span class=\"ls1 ws1\"> </span>119,244<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,362</span> 5,700,44<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Inventories<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _187\"> </span><span class=\"ls27 ws1df\">261,938<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">113,231<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">1,049<span class=\"_ _3\"></span></span> </span>376,218<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due from cus<span class=\"_ _3\"></span>tomers un<span class=\"_ _3\"></span>der constructi<span class=\"_ _3\"></span>on contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _128\"> </span><span class=\"ls27 ws1df\">412,<span class=\"_ _3\"></span>240</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">63,4<span class=\"_ _3\"></span>48</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,81<span class=\"_ _3\"></span>1</span> </span>478,499<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Investments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _188\"> </span>2 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">527,792<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">48,1<span class=\"_ _3\"></span>87</span> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L (FVPL) <span class=\"_ _5e\"> </span><span class=\"fc22\">2 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">48,187</span> </span>48,190<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (F<span class=\"_ _3\"></span>VOCI) <span class=\"_ _d2\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">507,529</span> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>507,529<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 259<span class=\"ls1 ws1\"> </span>0 0 0 259<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> - <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">20,005</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>20,005<span class=\"ls1 ws1\"> </span>Current he<span class=\"_ _3\"></span>dging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> <span class=\"_ _1ab\"> </span><span class=\"ls27 ws1df\">4,080<span class=\"_ _3\"></span></span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">49</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span>4,129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts receiva<span class=\"_ _3\"></span>ble within one <span class=\"ls1 ws1\">year </span>655,358<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,771<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>90,977<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>26,779<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,919</span> 775,043<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors <span class=\"_ _187\"> </span><span class=\"fc22 ls29 ws1e1\">570,349</span><span class=\"fc22\"> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">56</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">39,665</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">19,810</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">628,710</span> </span>Other receivables<span class=\"ls1 ws1\"> </span>85,009<span class=\"ls1 ws1\"> </span>3,716<span class=\"ls1 ws1\"> </span>51,312<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>6,970<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 146,332<span class=\"ls1 ws1\"> </span>Current tax receivabl<span class=\"_ _3\"></span>es<span class=\"ws1\"> <span class=\"_ _1b1\"> </span><span class=\"ls27 ws1df\">36,238</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">1,89<span class=\"_ _3\"></span>5</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">4,111</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">351</span> </span>42,595<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ws202\">receivables <span class=\"_ _3\"></span>from credit</span> 0 <span class=\"_ _ca\"> </span><span class=\"ls27 ws1df\">2,477,23<span class=\"_ _3\"></span>8</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 2,477,23<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>institutions<span class=\"_ _3\"></span> and clients w<span class=\"_ _3\"></span>ithin one y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - <span class=\"ls29 ws1e0\">loans and advances to banks</span> <span class=\"_ _29\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">138,014</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>138,014<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">loans and receivables to c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\"> </span></span></span>0 1,113,898<span class=\"ls1 ws1\"> </span>0 0 0 1,113,898<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio  <span class=\"_ _87\"> </span><span class=\"fc22\">0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">698</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>698<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">cash balances with centr<span class=\"_ _0\"></span>al banks<span class=\"ls1 ws1\"> </span></span></span>0 1,224,628<span class=\"ls1 ws1\"> </span>0 0 0 1,224,628<span class=\"ls1 ws1\"> </span>Cash and ca<span class=\"_ _3\"></span>sh equivale<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> <span class=\"_ _1ab\"> </span><span class=\"ls27 ws1df\">726,526<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">45,3<span class=\"_ _3\"></span>62</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">73,327</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">576</span> <span class=\"_ _af\"> </span><span class=\"ls27 ws1df\">37,938<span class=\"_ _3\"></span></span> </span>883,730<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred ch<span class=\"_ _3\"></span>arges, accrue<span class=\"_ _3\"></span>d income a<span class=\"_ _3\"></span>nd other curr<span class=\"_ _3\"></span>ent <span class=\"ls1 ws1\">assets </span>70,938<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,393<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,993<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 2,129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">443</span> 87,010<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>III.<span class=\"_ _3\"></span> Assets h<span class=\"_ _3\"></span>eld for sa<span class=\"_ _3\"></span>le<span class=\"ls1 ws1\"> </span>32,456<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 141,259<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 56,963<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>230,679<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tot<span class=\"_ _0\"></span>al asset<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>5,506,52<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span></span>8,728,13<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span></span>2,166,<span class=\"_ _3\"></span>638<span class=\"ls1 ws1\"> <span class=\"_ _6c\"> </span></span>288,<span class=\"_ _3\"></span>822<span class=\"ls1 ws1\"> <span class=\"_ _6c\"> </span></span>564,<span class=\"_ _3\"></span>249<span class=\"ls1 ws1\"> <span class=\"_ _e2\"> </span>-</span>21,338<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span></span>17,233,0<span class=\"_ _3\"></span>26<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Segment info<span class=\"_ _3\"></span>rmation <span class=\"ls1 ws1\">- </span>pr<span class=\"_ _3\"></span>o forma turn<span class=\"_ _3\"></span>over<span class=\"ls1 ws1\"> </span>Engineering Growth between Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Turnover E<span class=\"_ _3\"></span>U member state<span class=\"_ _3\"></span>s <span class=\"_ _18d\"> </span><span class=\"fc22 ls29 ws1e1\">2,370,921</span><span class=\"fc22\"> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">522,262</span> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">218,387</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">51,767</span> <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">633,176</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,988</span> <span class=\"_ _15e\"> </span><span class=\"ls29 ws1e1\">3,794,525</span> </span>Other European countries<span class=\"ls1 ws1\"> <span class=\"_ _17a\"> </span></span><span class=\"fc22 ws1e1\">609,197<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>75,724<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8d\"> </span></span>4,021<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>111,032<span class=\"ls1 ws1\"> </span></span>799,975<span class=\"ls1 ws1\"> </span>Rest of the worl<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"_ _18e\"> </span><span class=\"fc22 ls29 ws1e1\">706,362</span><span class=\"fc22\"> </span></span>107,334<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>611,664<span class=\"ls1 ws1\"> </span>1,425,361<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,686,48<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>597,986<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>218,387<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>163,122<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,355,87<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,988</span> 6,019,86<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>The pro form<span class=\"_ _3\"></span>a turnover <span class=\"ls29 ws211\">comprises the turnover of<span class=\"_ _0\"></span> all participations held by th<span class=\"_ _0\"></span>e AvH group, and therefore deviates<span class=\"_ _0\"></span> from the turnover as report<span class=\"_ _0\"></span>ed in the legal IFRS c<span class=\"_ _0\"></span>onsolidation drawn up on the bas<span class=\"_ _0\"></span>is of </span>the cons<span class=\"_ _0\"></span>olidation scope reported<span class=\"ls1 ws1\"> </span><span class=\"ws1e0\">in N<span class=\"_ _0\"></span>ote 2 and 3<span class=\"ls2b ws1df\">. In th<span class=\"_ _3\"></span>is pro forma pre<span class=\"_ _3\"></span>sentati</span>on, all exclusive control interests are inc<span class=\"_ _0\"></span>orporated in full and the other interests proportionally.<span class=\"ls1 ws1\"> </span></span>Note 6: <span class=\"ls3a ws20c\">Segm<span class=\"_ _3\"></span>ent inform<span class=\"_ _3\"></span>ation </span>\u2013 <span class=\"ls3a ws20c\">equity<span class=\"_ _3\"></span> and liab<span class=\"_ _3\"></span>ilities<span class=\"_ _3\"></span> 20</span>21 (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; <span class=\"ls2b ws1dd\">Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Tot<span class=\"_ _0\"></span>al equ<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ls1\"> </span>2,027,21<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>1,592,55<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>852,585<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>288,816<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>473,834<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,235,00<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Shareholde<span class=\"_ _3\"></span>rs\u2019 equity <span class=\"ls1 ws1\">- </span>gr<span class=\"_ _3\"></span>oup share<span class=\"ls1 ws1\"> </span>1,238,40<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,450,85<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>513,092<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>288,816<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>466,055<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,957,22<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Issued capi<span class=\"_ _3\"></span>tal<span class=\"ls1 ws1\"> </span>0 0 0 0 113,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>113,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Share capital<span class=\"ls1 ws1\"> </span>0 0 0 0 2,295<span class=\"ls1 ws1\"> </span>2,295<span class=\"ls1 ws1\"> </span>Share premium<span class=\"ls1 ws1\"> </span>0 0 0 0 111,612<span class=\"ls1 ws1\"> </span>111,612<span class=\"ls1 ws1\"> </span>Consolidat<span class=\"_ _3\"></span>ed reserves<span class=\"ls1 ws1\"> </span>1,301,08<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>1,447,89<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>518,993<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>277,807<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>397,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,943,01<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Revaluation reserves<span class=\"_ _3\"></span><span class=\"ws1\"> </span>-<span class=\"ls27 ws1df\">62,678</span> 2,959<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">5,901</span> 11,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">11,833</span> -<span class=\"ls27 ws1df\">66,445</span> Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 1,620<span class=\"ls1 ws1\"> </span>0 0 0 1,620<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 126<span class=\"ls1 ws1\"> </span>0 0 0 126<span class=\"ls1 ws1\"> </span>Hedging <span class=\"ls2a ws1ee\">reserves<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">24,778</span> 0 -<span class=\"ls29 ws1e1\">6,080</span> -<span class=\"ls29 ws1e1\">194</span> 2 -<span class=\"ls29 ws1e1\">31,050</span> Actuarial gains<span class=\"_ _0\"></span> (los<span class=\"_ _3\"></span>ses)<span class=\"_ _0\"></span> defined benefit pension plans<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">26,068</span> -<span class=\"ls29 ws1e1\">1,238</span> 0 -<span class=\"ls29 ws1e1\">1,469</span> 4,317<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">24,458</span> Translation differenc<span class=\"_ _0\"></span>es<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,832</span> 2,451<span class=\"ls1 ws1\"> </span>179<span class=\"ls1 ws1\"> </span>12,672<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">16,152</span> -<span class=\"ls29 ws1e1\">12,682</span> Treasury shares (<span class=\"ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 -<span class=\"ls27 ws1df\">33,251</span> -<span class=\"ls27 ws1df\">33,251</span> Minori<span class=\"_ _3\"></span>ty in<span class=\"_ _3\"></span>terests<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>788,808<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,694<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>339,494<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 7,778<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,277,77<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>II. Non<span class=\"ls1 ws1\">-<span class=\"ls2e\">curr<span class=\"_ _0\"></span>ent liab<span class=\"_ _9f\"></span>ilities<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>1,001,58<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>749,813<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>790,873<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 14,617<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">18,976</span> 2,537,91<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,002<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,756<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,659<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 732<span class=\"ls1 ws1\"> </span>45,149<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Pension liabiliti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>77,183<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,224<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>0 316<span class=\"ls1 ws1\"> </span>81,739<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred tax liabili<span class=\"_ _3\"></span>ties<span class=\"ws1\"> </span>101,775<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 58,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,093<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>161,849<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>721,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,673<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>700,141<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,970<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">18,976</span> 1,419,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>502,059<span class=\"ls1 ws1\"> </span>0 514,708<span class=\"ls1 ws1\"> </span>0 8,806<span class=\"ls1 ws1\"> </span>1,025,574<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>30,612<span class=\"ls1 ws1\"> </span>0 140,734<span class=\"ls1 ws1\"> </span>0 0 171,345<span class=\"ls1 ws1\"> </span>Subordinated loans<span class=\"ls1 ws1\"> </span>61,625<span class=\"ls1 ws1\"> </span>0 0 0 0 61,625<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>97,729<span class=\"ls1 ws1\"> </span>5,673<span class=\"ls1 ws1\"> </span>42,948<span class=\"ls1 ws1\"> </span>0 3,163<span class=\"ls1 ws1\"> </span>149,514<span class=\"ls1 ws1\"> </span>Other financial debts<span class=\"ls1 ws1\"> </span>29,065<span class=\"ls1 ws1\"> </span>0 1,751<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">18,976</span> 11,841<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">curren<span class=\"_ _3\"></span>t hedging ins<span class=\"_ _3\"></span>truments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>26,868<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>26,452<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,714<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 74,034<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other amounts payab<span class=\"_ _3\"></span>le<span class=\"ls1 ws1\">  </span>38,669<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22,062<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,361<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 507<span class=\"ls1 ws1\"> </span>70,598<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 0 684,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 684,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from credit instit<span class=\"_ _0\"></span>utions<span class=\"ls1 ws1\"> </span></span></span>0 0 0 0 0 0 Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from clients</span> </span>0 644,663<span class=\"ls1 ws1\"> </span>0 0 0 644,663<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">debt certificat<span class=\"_ _0\"></span>es including bonds<span class=\"ls1 ws1\"> </span></span></span>0 39,983<span class=\"ls1 ws1\"> </span>0 0 0 39,983<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>0 0 0 0 0 0 III. Cur<span class=\"_ _0\"></span>rent liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>2,477,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>6,385,77<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>523,180<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6 75,799<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,362</span> 9,460,11<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,789<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>46<span class=\"ls1 ws1\"> </span>5,572<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 262<span class=\"ls1 ws1\"> </span>35,670<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Pension liabiliti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>0 298<span class=\"ls1 ws1\"> </span>8 0 0 305<span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>529,567<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,516<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>383,659<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 46,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">750</span> 961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>367,426<span class=\"ls1 ws1\"> </span>0 157,362<span class=\"ls1 ws1\"> </span>0 2,341<span class=\"ls1 ws1\"> </span>527,129<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>29,899<span class=\"ls1 ws1\"> </span>0 44,920<span class=\"ls1 ws1\"> </span>0 0 74,819<span class=\"ls1 ws1\"> </span>Subordinated loans<span class=\"ls1 ws1\"> </span>33,527<span class=\"ls1 ws1\"> </span>0 0 0 0 33,527<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>29,646<span class=\"ls1 ws1\"> </span>2,516<span class=\"ls1 ws1\"> </span>2,393<span class=\"ls1 ws1\"> </span>0 1,643<span class=\"ls1 ws1\"> </span>36,198<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e0\">financial debts<span class=\"ls1 ws1\"> </span></span>69,070<span class=\"ls1 ws1\"> </span>0 178,983<span class=\"ls1 ws1\"> </span>0 42,744<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 290,047<span class=\"ls1 ws1\"> </span>Current he<span class=\"_ _3\"></span>dging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>14,080<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,234<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 16,315<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due <span class=\"_ _3\"></span>to custome<span class=\"_ _3\"></span>rs under cons<span class=\"_ _3\"></span>truction cont<span class=\"_ _3\"></span>racts<span class=\"ls1 ws1\"> </span>333,773<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 8,110<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>341,883<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other amo<span class=\"_ _3\"></span>unts payable wi<span class=\"_ _3\"></span>thin one ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\"> </span>1,451,56<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>21,240<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,864<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2 19,185<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,169</span> 1,564,68<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>1,095,776<span class=\"ls1 ws1\"> </span>43<span class=\"ls1 ws1\"> </span>43,226<span class=\"ls1 ws1\"> </span>2 7,235<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> 1,145,112<span class=\"ls1 ws1\"> </span>Advances received<span class=\"ls1 ws1\"> </span>101,067<span class=\"ls1 ws1\"> </span>0 13<span class=\"ls1 ws1\"> </span>0 0 101,080<span class=\"ls1 ws1\"> </span>Amounts payable regarding remuneration and soc<span class=\"_ _0\"></span>ial security<span class=\"ls1 ws1\"> </span>183,285<span class=\"ls1 ws1\"> </span>12,865<span class=\"ls1 ws1\"> </span>13,434<span class=\"ls1 ws1\"> </span>0 10,501<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e0\">amounts payable<span class=\"ls1 ws1\"> </span></span>71,439<span class=\"ls1 ws1\"> </span>8,332<span class=\"ls1 ws1\"> </span>17,191<span class=\"ls1 ws1\"> </span>0 1,449<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>Current tax payables<span class=\"_ _3\"></span><span class=\"ws1\"> </span>92,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7 15,846<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3 949<span class=\"ls1 ws1\"> </span>109,196<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 0 6,354,22<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>0 0 0 6,354,22<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from credit instit<span class=\"_ _0\"></span>utions<span class=\"ls1 ws1\"> </span></span></span>0 425,353<span class=\"ls1 ws1\"> </span>0 0 0 425,353<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from clients</span> </span>0 5,723,461<span class=\"ls1 ws1\"> </span>0 0 0 5,723,461<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">debt certificat<span class=\"_ _0\"></span>es including bonds<span class=\"ls1 ws1\"> </span></span></span>0 205,412<span class=\"ls1 ws1\"> </span>0 0 0 205,412<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>0 0 0 0 0 0 Accrued cha<span class=\"_ _3\"></span>rges and de<span class=\"_ _3\"></span>ferred income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>26,549<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,206<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,231<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 565<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">443</span> 76,108<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>IV.<span class=\"_ _3\"></span> Liabili<span class=\"_ _3\"></span>ties hel<span class=\"_ _3\"></span>d for sale<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Tot<span class=\"_ _0\"></span>al equit<span class=\"_ _0\"></span>y and l<span class=\"_ _0\"></span>iabilit<span class=\"_ _9f\"></span>ies<span class=\"ls1\"> </span>5,506,52<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>8,728,13<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>2,166,63<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>288,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>564,249<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">21,338</span> 17,233,0<span class=\"_ _3\"></span>26<span class=\"ls1 ws1\"> </span>Note 7:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">I</span></span>ntangible a<span class=\"_ _3\"></span>ssets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Concessions, Other Developme<span class=\"_ _3\"></span>nt Advance paten<span class=\"_ _3\"></span>ts &amp; Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _62\"> </span>Software<span class=\"_ _3\"></span> </span>intangible Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>costs<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>licences<span class=\"ls1 ws1\"> </span>assets Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> <span class=\"ws1e6\">intan<span class=\"_ _0\"></span>gible as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _9f\"></span>ancial </span></span>year 2021<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41<span class=\"ls1 ws1\"> </span>25,994<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>28,686<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>89,851<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>147,762<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,112<span class=\"ls1 ws1\"> </span>50,712<span class=\"ls1 ws1\"> </span>28,686<span class=\"ls1 ws1\"> </span>32,378<span class=\"ls1 ws1\"> </span>99,184<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>216,403<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,071</span> <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">24,718</span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">29,519</span> <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">9,333</span> <span class=\"_ _a9\"> </span>0 -<span class=\"ls29 ws1e1\">68,641</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>65<span class=\"ls1 ws1\"> </span>1,696<span class=\"ls1 ws1\"> </span>0 1,299<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>326<span class=\"ls1 ws1\"> </span>3,775<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 1,395<span class=\"ls1 ws1\"> </span>0 54<span class=\"ls1 ws1\"> </span>0 1,449<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 <span class=\"_ _a9\"> </span>0 <span class=\"_ _b2\"> </span>0 <span class=\"_ _b3\"> </span>-8 <span class=\"_ _b2\"> </span>0 <span class=\"_ _a9\"> </span>0 -7 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Depreciations &amp;<span class=\"_ _0\"></span> <span class=\"ws1e0\">Impairments (<span class=\"ls1 ws1\">-) </span></span>-<span class=\"ls29 ws1e1\">30</span> -<span class=\"ls29 ws1e1\">3,296</span> -<span class=\"ls29 ws1e1\">268</span> -<span class=\"ls29 ws1e1\">1,559</span> -<span class=\"ls29 ws1e1\">838</span> 0 -<span class=\"ls29 ws1e1\">5,989</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-1 2 0 15<span class=\"ls1 ws1\"> </span>308<span class=\"ls1 ws1\"> </span>0 324<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">1,308</span> <span class=\"_ _138\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _ba\"> </span><span class=\"ls29 ws1e1\">3,391</span> <span class=\"_ _a9\"> </span>0 2,082<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2 -3 0 -4 0 0 -4 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g <span class=\"ws1dd\">balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> intan<span class=\"_ _0\"></span>gible <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> <span class=\"ls1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l </span>year 2022<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>2,242<span class=\"ls1 ws1\"> </span>594<span class=\"ls1 ws1\"> </span>0 1,778<span class=\"ls1 ws1\"> </span>83<span class=\"ls1 ws1\"> </span>146<span class=\"ls1 ws1\"> </span>4,843<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">696</span> -<span class=\"ls29 ws1e1\">29,814</span> -<span class=\"ls29 ws1e1\">222</span> -<span class=\"ls29 ws1e1\">1,212</span> 0 -<span class=\"ls29 ws1e1\">31,945</span> Depreciations &amp; Impairments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">108</span> -<span class=\"ls29 ws1e1\">3,451</span> 0 -<span class=\"ls29 ws1e1\">1,091</span> -<span class=\"ls29 ws1e1\">1,183</span> 0 -<span class=\"ls29 ws1e1\">5,833</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 247<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37</span> 0 0 110<span class=\"ls1 ws1\"> </span>1,411<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">539</span> 945<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,175<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,532<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>92,501<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>117,649<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,794<span class=\"ls1 ws1\"> </span>36,751<span class=\"ls1 ws1\"> </span>0 26,788<span class=\"ls1 ws1\"> </span>102,689<span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>173,285<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">4,619</span> -<span class=\"ls29 ws1e1\">17,220</span> 0 -<span class=\"ls29 ws1e1\">23,610</span> -<span class=\"ls29 ws1e1\">10,188</span> 0 -<span class=\"ls29 ws1e1\">55,636</span> The dec<span class=\"_ _0\"></span>rease o<span class=\"_ _0\"></span>f intang<span class=\"_ _0\"></span>ible ass<span class=\"_ _0\"></span>ets by 31<span class=\"_ _0\"></span>.7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros relat<span class=\"_ _0\"></span>ive to la<span class=\"_ _9f\"></span>st year is virtual<span class=\"_ _0\"></span>ly entir<span class=\"_ _0\"></span>ely exp<span class=\"_ _0\"></span>lained b<span class=\"_ _0\"></span>y the di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f Anima. <span class=\"ls1 ws1f6\">The o<span class=\"_ _0\"></span>ther movements<span class=\"ws1\"> <span class=\"ls4b ws28a\">mainly</span> </span></span>relat<span class=\"_ _0\"></span>e to inv<span class=\"_ _0\"></span>estmen<span class=\"_ _9f\"></span>ts in lic<span class=\"_ _0\"></span>ences a<span class=\"_ _0\"></span>nd sof<span class=\"_ _0\"></span>tware,<span class=\"_ _0\"></span> capit<span class=\"_ _0\"></span>alised<span class=\"_ _0\"></span> develo<span class=\"_ _0\"></span>pmen<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>s (mainly in DEME\u2019s Conce<span class=\"_ _0\"></span>ssions segment) and depr<span class=\"_ _0\"></span>eciation cost<span class=\"ws1\">. </span>The intangible assets cons<span class=\"_ _0\"></span>ist of 15.2 million euros of trade nam<span class=\"_ _0\"></span>es and 69.3 million euros of databases which w<span class=\"_ _0\"></span>ere reported in the consolidated balanc<span class=\"_ _0\"></span>e sheet at year<span class=\"ws1\">-</span>end 2013 following <span class=\"_ _0\"></span>the acquisition of con<span class=\"_ _0\"></span>tro<span class=\"ls25 ws204\">l over D<span class=\"_ _0\"></span>EME. <span class=\"_ _0\"></span>These in<span class=\"_ _0\"></span>tangib<span class=\"_ _9f\"></span>le assets<span class=\"_ _0\"></span> </span>are not amor<span class=\"_ _0\"></span>tised (indefinite life) <span class=\"_ _0\"></span>and are includ<span class=\"_ _0\"></span>ed in the annual i<span class=\"_ _0\"></span>mpairment test performed on the goodwill fo<span class=\"_ _0\"></span>llowing the acquisition of control ov<span class=\"_ _0\"></span>er DEME at the end of 2013 (see<span class=\"ls1 ws1\"> <span class=\"ls40\">Note 8. Goodwill<span class=\"ls46 ws266\">).</span></span>  </span>On the acquisition <span class=\"ws1f7\">by DEME in 2020 of t<span class=\"_ _0\"></span>he Dutch firm SPT Off<span class=\"_ _0\"></span>shore, part of th<span class=\"_ _0\"></span>e </span>value was attributed to the special environmentally friendl<span class=\"_ _0\"></span>y suction pile technology which can be used to secur<span class=\"_ _0\"></span>e both fixed and floating structu<span class=\"_ _0\"></span>res to the seabed<span class=\"ls40 ws205\">, w<span class=\"ls34 ws1ea\">ith </span></span>a net book value of <span class=\"ls24 ws1da\">14</span><span class=\"ws1\">.4 <span class=\"_ _0\"></span><span class=\"ls6a ws1f6\">mil<span class=\"ls1 ws219\">lion euros and depreciated over th<span class=\"_ _0\"></span>e economic life time </span></span></span>of 10 years<span class=\"ls1 ws1\">. </span>Note 8:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">G</span></span>oodwill<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7f\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Movemen<span class=\"_ _3\"></span>ts in goodwill<span class=\"ls1 ws1\"> </span>Goodwill, op<span class=\"_ _3\"></span>ening <span class=\"ws1dd\">balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span></span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>325,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>351,785<span class=\"ls1 ws1\"> </span>349,582<span class=\"ls1 ws1\"> </span>Cumulative impairment losses<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>fully consolidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">23,956</span> -<span class=\"ls29 ws1e1\">23,646</span> Additions through business combinations<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>0 2,203<span class=\"ls1 ws1\"> </span>Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">7,404</span> 0 Impairments through pr<span class=\"_ _0\"></span>ofit and loss (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">432</span> -<span class=\"ls29 ws1e1\">311</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">39</span> 0 Goodwill, en<span class=\"_ _3\"></span>ding balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>341,531<span class=\"ls1 ws1\"> </span>351,785<span class=\"ls1 ws1\"> </span>Cumulative impairment <span class=\"ls28 ws1de\">losses <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span></span>fully cons<span class=\"_ _0\"></span>olidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">21,578</span> -<span class=\"ls29 ws1e1\">23,956</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Goodwi<span class=\"_ _3\"></span>ll per s<span class=\"_ _3\"></span>egment<span class=\"ls1 ws1\"> </span>Marine Engine<span class=\"_ _3\"></span>ering &amp; C<span class=\"_ _3\"></span>ontracting<span class=\"ls1 ws1\"> </span>173,980<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>174,019<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of AvH on DEME<span class=\"ls1 ws1\"> </span>140,764<span class=\"ls1 ws1\"> </span>140,764<span class=\"ls1 ws1\"> </span>Goodwill of DEME on its subsidiaries<span class=\"ls1 ws1\"> </span>13,028<span class=\"ls1 ws1\"> </span>13,028<span class=\"ls1 ws1\"> </span>Goodwill of CFE on its subsidiar<span class=\"_ _0\"></span>ies<span class=\"ls1 ws1\"> </span>23,723<span class=\"ls1 ws1\"> </span>23,763<span class=\"ls1 ws1\"> </span>Intercompany eliminations<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,536</span> -<span class=\"ls29 ws1e1\">3,536</span> Private Banking<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>134,247<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>134,247<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of AvH on FinAx<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>Real Estate &amp; Seni<span class=\"_ _3\"></span>or Care<span class=\"ws1\"> </span>0 7,836<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of AvH on Nextensa<span class=\"ls1 ws1\"> </span>0 432<span class=\"ls1 ws1\"> </span>Goodwill of Anima on its<span class=\"_ _0\"></span> sub<span class=\"_ _3\"></span>sidiaries<span class=\"ls1 ws1\"> </span>0 7,404<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"_ _3\"></span><span class=\"ws1\"> </span>0 0 AvH &amp;<span class=\"_ _3\"></span> Growth <span class=\"_ _3\"></span>Capita<span class=\"_ _3\"></span>l<span class=\"ls1 ws1\"> </span>11,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of Biolectr<span class=\"_ _0\"></span>ic Group on its subsidiaries<span class=\"ls1 ws1\"> </span>11,727<span class=\"ls1 ws1\"> </span>11,727<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b4\"> </span><span class=\"ls2b ws1e4\">Goodwill 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _12e\"> </span><span class=\"ls2b ws1e4\">Goodwill 20<span class=\"_ _3\"></span>21</span> </span>Goodwill of AvH on <span class=\"ls3d ws20f\">DEME<span class=\"ls1 ws1\"> </span></span>140,764<span class=\"ls1 ws1\"> </span>140,764<span class=\"ls1 ws1\"> </span>Goodwill of AvH on FinAx<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>Goodwill of AvH on Nextensa<span class=\"ls1 ws1\"> </span>0 432<span class=\"ls1 ws1\"> </span>The d<span class=\"_ _0\"></span>ecrease<span class=\"_ _0\"></span> of goo<span class=\"_ _0\"></span>dwill b<span class=\"_ _0\"></span>y 7.9<span class=\"_ _0\"></span> million<span class=\"_ _0\"></span> euros <span class=\"_ _0\"></span>relative<span class=\"_ _0\"></span> to l<span class=\"_ _0\"></span>ast year <span class=\"_ _0\"></span>is vi<span class=\"_ _0\"></span>rtually <span class=\"_ _0\"></span>entirel<span class=\"_ _0\"></span>y explained by the dispos<span class=\"_ _0\"></span>al of Anima.<span class=\"ws1\"> </span>The <span class=\"_ _3\"></span><span class=\"ls35 ws23a\">goodwil<span class=\"_ _0\"></span>l is m<span class=\"_ _0\"></span>ainly att<span class=\"_ _0\"></span>ributa<span class=\"_ _0\"></span>ble to F<span class=\"_ _0\"></span>inAx,<span class=\"_ _0\"></span> DEME (fo<span class=\"_ _0\"></span>llowing<span class=\"_ _0\"></span> the acqu<span class=\"_ _0\"></span>isition <span class=\"_ _0\"></span>of </span>control at year<span class=\"ls1 ws1\">-<span class=\"ws1fe\">end 2013), Biolectric G<span class=\"_ _0\"></span>roup and to the sub<span class=\"_ _0\"></span>sidiaries held by DE<span class=\"_ _0\"></span>ME </span></span>and CFE. It should b<span class=\"_ _0\"></span>e pointed out tha<span class=\"_ _0\"></span>t this does not include<span class=\"_ _0\"></span> the goodwill (clients)<span class=\"_ _0\"></span> of 222.8 milli<span class=\"ls1 ws1ed\">on e<span class=\"_ _3\"></span>uros in the consol<span class=\"_ _0\"></span>idated balance sheet of Delen Private Bank, as </span>Delen Private <span class=\"_ _0\"></span>Bank is recognized <span class=\"_ _0\"></span>according to the equ<span class=\"_ _0\"></span>ity method. This goo<span class=\"_ _0\"></span>dwill mainly results from the acquisition of Capital &amp; Fin<span class=\"_ _0\"></span>ance in 2007, JM Finn in 2011, and to<span class=\"_ _0\"></span> a limi<span class=\"_ _0\"></span>ted ex<span class=\"_ _0\"></span>tent <span class=\"_ _0\"></span>O<span class=\"ls1 ws220\">yens &amp; Van Ee<span class=\"_ _0\"></span>ghen (end of 2015) <span class=\"_ _0\"></span>and Nobel (end of<span class=\"_ _0\"></span> </span>2019).<span class=\"ls1 ws1\"> </span>AvH su<span class=\"_ _0\"></span>bjects<span class=\"_ _0\"></span> the g<span class=\"_ _0\"></span>oodwil<span class=\"_ _0\"></span>l on i<span class=\"_ _0\"></span>ts bal<span class=\"_ _0\"></span>ance sh<span class=\"_ _9f\"></span>eet to an i<span class=\"_ _0\"></span>mpairm<span class=\"_ _9f\"></span>ent test <span class=\"_ _0\"></span>in cas<span class=\"_ _0\"></span>e of impairment indicat<span class=\"_ _0\"></span>ions and at least ann<span class=\"_ _0\"></span>ually. This means <span class=\"_ _0\"></span>the goodwill that i<span class=\"_ _0\"></span>s reported as such in the consolidated balance sheet und<span class=\"_ _0\"></span>er the item \u2018Goodwill\u2019, as well as the goodw<span class=\"ls1 ws220\">ill that is contained in the item \u2018Par<span class=\"_ _0\"></span>ticipations accounted for<span class=\"_ _0\"></span> </span>using the equity <span class=\"_ _0\"></span>method\u2019. Each group co<span class=\"_ _0\"></span>mpany of AvH is t<span class=\"_ _0\"></span>reated as a distinc<span class=\"_ _0\"></span>t cash genera<span class=\"_ _0\"></span>ting u<span class=\"_ _0\"></span>nit (CGU<span class=\"_ _0\"></span>). As<span class=\"_ _0\"></span> part of<span class=\"_ _0\"></span> the im<span class=\"_ _0\"></span>pairmen<span class=\"_ _9f\"></span>t test, a f<span class=\"_ _0\"></span>air va<span class=\"_ _0\"></span>lue is d<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>term<span class=\"_ _9f\"></span>ined for each CGU on the basis of<span class=\"ws1\"> <span class=\"ls42 ws213\">p<span class=\"_ _0\"></span>ublicly <span class=\"_ _0\"></span>available m<span class=\"_ _0\"></span>arket val<span class=\"_ _0\"></span>uation<span class=\"_ _0\"></span>s (market p<span class=\"_ _0\"></span>rice of<span class=\"_ _0\"></span> </span></span>listed<span class=\"_ _0\"></span> compan<span class=\"_ _9f\"></span>ies / rec<span class=\"_ _0\"></span>ent tran<span class=\"_ _0\"></span>sact<span class=\"_ _0\"></span>ions / b<span class=\"_ _0\"></span>roker <span class=\"_ _0\"></span>report<span class=\"_ _0\"></span>s). If <span class=\"_ _0\"></span>after <span class=\"_ _0\"></span>this fi<span class=\"_ _0\"></span>rst ste<span class=\"_ _0\"></span>p on th<span class=\"_ _9f\"></span>e basis o<span class=\"_ _0\"></span>f a fair v<span class=\"_ _0\"></span>alue app<span class=\"_ _0\"></span>roach<span class=\"_ _0\"></span> it turns o<span class=\"_ _0\"></span>ut that a<span class=\"_ _0\"></span>ddition<span class=\"_ _9f\"></span>al justifica<span class=\"_ _9f\"></span>tion is requ<span class=\"_ _0\"></span>ired,<span class=\"_ _0\"></span> a value in<span class=\"_ _0\"></span> use wil<span class=\"_ _0\"></span>l also<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1ef\">be determined from the perspectiv<span class=\"_ _0\"></span>e of AvH based on a </span></span>discounted cash flow (DCF)<span class=\"_ _0\"></span> model or market multiple<span class=\"_ _0\"></span>s. If, after this second step, still no adequate justification can be given for the goodwill in the balance sheet, an \u2018impairment\u2019 will b<span class=\"_ _0\"></span>e recognized.<span class=\"ws1\"> </span>The imp<span class=\"_ _9f\"></span>airment tes<span class=\"_ _0\"></span>t at Av<span class=\"_ _0\"></span>H leve<span class=\"_ _0\"></span>l did not r<span class=\"_ _0\"></span>esult <span class=\"_ _0\"></span>in any ma<span class=\"_ _0\"></span>teria<span class=\"_ _0\"></span>l impa<span class=\"_ _0\"></span>irment lo<span class=\"_ _0\"></span>ss.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls24 ws21c\">DEME<span class=\"_ _3\"></span>\u2019s share price at December 31, 2022 of 124 euros<span class=\"_ _3\"></span> is well above the </span></span>carrying amount of DE<span class=\"_ _0\"></span>ME in the consolidated financial s<span class=\"_ _0\"></span>tatements of AvH.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls24 ws217\">AvH has a<span class=\"_ _3\"></span> direct 78.75% partici<span class=\"ls1 ws1f2\">patio<span class=\"_ _0\"></span>n in Delen Private Bank and B<span class=\"_ _0\"></span>ank Van </span></span></span>Breda through its who<span class=\"_ _0\"></span>lly owned subsidiary FinAx. <span class=\"_ _0\"></span>The goodwill on FinAx <span class=\"_ _0\"></span>is amply underpinned ba<span class=\"_ _0\"></span>sed on market multipl<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls25 ws215\">Nextensa<span class=\"_ _0\"></span>\u2019s car<span class=\"_ _0\"></span>rying a<span class=\"_ _0\"></span>mount <span class=\"_ _0\"></span>at AvH <span class=\"_ _0\"></span>result<span class=\"_ _0\"></span>s <span class=\"ls40 ws2a6\">from the full consolidation of <span class=\"_ _0\"></span>the </span></span></span>58.53% participation in <span class=\"_ _0\"></span>the consolidated shareholde<span class=\"_ _0\"></span>rs\u2019 equity of 838.8 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s. This <span class=\"_ _0\"></span>repres<span class=\"_ _0\"></span>ents a n<span class=\"_ _0\"></span>et asset va<span class=\"_ _0\"></span>lue of 83<span class=\"_ _0\"></span>.9 euro<span class=\"_ _9f\"></span>s per shar<span class=\"_ _0\"></span>e. Notwi<span class=\"_ _0\"></span>thstand<span class=\"_ _0\"></span>ing the low<span class=\"_ _9f\"></span>er share price<span class=\"_ _0\"></span> at year<span class=\"ls1 ws1\">-</span><span class=\"ws1f9\">end o<span class=\"_ _0\"></span>f 51.9 <span class=\"_ _0\"></span>euros <span class=\"_ _0\"></span>per sh<span class=\"_ _0\"></span>are,<span class=\"_ _0\"></span> </span>t<span class=\"ls25 ws232\">his doe<span class=\"_ _0\"></span>s not im<span class=\"_ _0\"></span>ply an<span class=\"_ _0\"></span> indica<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>irment <span class=\"_ _0\"></span>as the in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent pro<span class=\"_ _0\"></span>perty </span>included in Nextensa's net ass<span class=\"_ _0\"></span>et value are measured at fair value based on<span class=\"_ _0\"></span> extern<span class=\"_ _9f\"></span>al valuat<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>eport<span class=\"_ _0\"></span>s and th<span class=\"_ _9f\"></span>e projec<span class=\"_ _0\"></span>t deve<span class=\"_ _0\"></span>lopm<span class=\"_ _0\"></span>ents ar<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>rted according to th<span class=\"_ _0\"></span>e percentage of co<span class=\"_ _0\"></span>mplet<span class=\"ls34\">ion.<span class=\"_ _3\"></span> T<span class=\"_ _3\"></span>he ca<span class=\"_ _3\"></span>pit<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>gains<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>at N<span class=\"_ _3\"></span>exte<span class=\"_ _3\"></span>nsa </span>usually reports upon realisation, ove<span class=\"_ _0\"></span>r and above the fair value measurements alread<span class=\"_ _0\"></span>y recogn<span class=\"_ _0\"></span>ised, att<span class=\"_ _0\"></span>est this app<span class=\"_ _0\"></span>roach.Note 9:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">T</span></span>angible as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Assets<span class=\"_ _3\"></span> under Land and Plant, mach<span class=\"_ _3\"></span>inery Furni<span class=\"_ _3\"></span>ture an<span class=\"_ _3\"></span>d Other tan<span class=\"_ _3\"></span>gibl<span class=\"_ _3\"></span>e constructio<span class=\"_ _3\"></span>n &amp; Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>buildings<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>and equip<span class=\"_ _3\"></span>ment<span class=\"ls1 ws1\"> </span>vehicles<span class=\"ls1 ws1\"> </span>assets advance payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> in tan<span class=\"_ _0\"></span>gible<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>financ<span class=\"_ _0\"></span>ial year<span class=\"_ _9f\"></span> 2021<span class=\"ls1\"> </span>Tangible as<span class=\"_ _3\"></span>sets, opening <span class=\"_ _3\"></span><span class=\"ws1dd\">balance<span class=\"ls1 ws1\"> </span></span>415,415<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,835,42<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>53,525<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,736<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>516,454<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,825,55<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>592,112<span class=\"ls1 ws1\"> </span>4,221,775<span class=\"ls1 ws1\"> </span>151,275<span class=\"ls1 ws1\"> </span>14,993<span class=\"ls1 ws1\"> </span>516,454<span class=\"ls1 ws1\"> </span>5,496,608<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">176,696</span> -<span class=\"ls29 ws1e1\">2,386,353</span> -<span class=\"ls29 ws1e1\">97,750</span> -<span class=\"ls29 ws1e1\">10,257</span> 0 -<span class=\"ls29 ws1e1\">2,671,056</span> Impact IFRS changes<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>48,327<span class=\"ls1 ws1\"> </span>153,489<span class=\"ls1 ws1\"> </span>29,869<span class=\"ls1 ws1\"> </span>1,604<span class=\"ls1 ws1\"> </span>139,473<span class=\"ls1 ws1\"> </span>372,761<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>1,985<span class=\"ls1 ws1\"> </span>141<span class=\"ls1 ws1\"> </span>52<span class=\"ls1 ws1\"> </span>0 0 2,178<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">9,021</span> -<span class=\"ls29 ws1e1\">24,508</span> -<span class=\"ls29 ws1e1\">664</span> 84<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">348</span> -<span class=\"ls29 ws1e1\">34,457</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">106</span> -<span class=\"ls29 ws1e1\">803</span> -4 0 -<span class=\"ls29 ws1e1\">913</span> Depreciation &amp; impair<span class=\"_ _0\"></span>ment (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">34,055</span> -<span class=\"ls29 ws1e1\">311,057</span> -<span class=\"ls29 ws1e1\">25,340</span> -<span class=\"ls29 ws1e1\">822</span> 0 -<span class=\"ls29 ws1e1\">371,273</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>1,266<span class=\"ls1 ws1\"> </span>2,504<span class=\"ls1 ws1\"> </span>88<span class=\"ls1 ws1\"> </span>-1 404<span class=\"ls1 ws1\"> </span>4,262<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,667<span class=\"ls1 ws1\"> </span>288,323<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,675</span> 1,412<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">325,991</span> -<span class=\"ls29 ws1e1\">35,263</span> Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>0 0 0 0 0 0 Tangible as<span class=\"_ _3\"></span>sets, ending ba<span class=\"_ _3\"></span>lance<span class=\"ls1 ws1\"> </span>426,584<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,944,20<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>55,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>329,992<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>624,902<span class=\"ls1 ws1\"> </span>4,504,531<span class=\"ls1 ws1\"> </span>158,421<span class=\"ls1 ws1\"> </span>18,604<span class=\"ls1 ws1\"> </span>329,992<span class=\"ls1 ws1\"> </span>5,636,450<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">198,318</span> -<span class=\"ls29 ws1e1\">2,560,322</span> -<span class=\"ls29 ws1e1\">103,370</span> -<span class=\"ls29 ws1e1\">11,595</span> 0 -<span class=\"ls29 ws1e1\">2,873,604</span> II. O<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>formation<span class=\"ls1 ws1\"> </span>Leases Net carrying amount of<span class=\"_ _0\"></span> tangible assets under lease<span class=\"ls1 ws1\"> </span>130,674<span class=\"ls1 ws1\"> </span>9,919<span class=\"ls1 ws1\"> </span>38,696<span class=\"ls1 ws1\"> </span>179,290<span class=\"ls1 ws1\"> </span>Tangible assets acquired under leas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,788<span class=\"ls1 ws1\"> </span>4,377<span class=\"ls1 ws1\"> </span>23,396<span class=\"ls1 ws1\"> </span>59,561<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Assets<span class=\"_ _3\"></span> under Land and Plant, mach<span class=\"_ _3\"></span>inery Furni<span class=\"_ _3\"></span>ture an<span class=\"_ _3\"></span>d Other tan<span class=\"_ _3\"></span>gibl<span class=\"_ _3\"></span>e constructio<span class=\"_ _3\"></span>n &amp; Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>buildings<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>and equip<span class=\"_ _3\"></span>ment<span class=\"ls1 ws1\"> </span>vehicles<span class=\"ls1 ws1\"> </span>assets advance payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> in tan<span class=\"_ _0\"></span>gible<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>financ<span class=\"_ _0\"></span>ial year<span class=\"_ _9f\"></span> 2022<span class=\"ls1\"> </span>Tangible assets, open<span class=\"_ _3\"></span>ing balance<span class=\"ls1 ws1\"> </span>426,584<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,944,20<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>55,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>329,992<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>624,902<span class=\"ls1 ws1\"> </span>4,504,531<span class=\"ls1 ws1\"> </span>158,421<span class=\"ls1 ws1\"> </span>18,604<span class=\"ls1 ws1\"> </span>329,992<span class=\"ls1 ws1\"> </span>5,636,450<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">198,318</span> -<span class=\"ls29 ws1e1\">2,560,322</span> -<span class=\"ls29 ws1e1\">103,370</span> -<span class=\"ls29 ws1e1\">11,595</span> 0 -<span class=\"ls29 ws1e1\">2,873,604</span> Impact IFRS changes<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>41,065<span class=\"ls1 ws1\"> </span>178,776<span class=\"ls1 ws1\"> </span>23,856<span class=\"ls1 ws1\"> </span>1,294<span class=\"ls1 ws1\"> </span>324,441<span class=\"ls1 ws1\"> </span>569,431<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Changes in scope<span class=\"ls1 ws1\"> </span>212<span class=\"ls1 ws1\"> </span>0 60<span class=\"ls1 ws1\"> </span>1 0 272<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">4,791</span> -<span class=\"ls29 ws1e1\">3,367</span> -<span class=\"ls29 ws1e1\">1,686</span> -6 -<span class=\"ls29 ws1e1\">281</span> -<span class=\"ls29 ws1e1\">10,131</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">188,391</span> -<span class=\"ls29 ws1e1\">3,216</span> -<span class=\"ls29 ws1e1\">3,768</span> -<span class=\"ls29 ws1e1\">1,935</span> -<span class=\"ls29 ws1e1\">12,629</span> -<span class=\"ls29 ws1e1\">209,939</span> Depreciation &amp; impair<span class=\"_ _0\"></span>ment (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">28,463</span> -<span class=\"ls29 ws1e1\">299,912</span> -<span class=\"ls29 ws1e1\">24,533</span> -<span class=\"ls29 ws1e1\">1,279</span> 0 -<span class=\"ls29 ws1e1\">354,187</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">100</span> -<span class=\"ls29 ws1e1\">333</span> 55<span class=\"ls1 ws1\"> </span>1 219<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">158</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,086<span class=\"ls1 ws1\"> </span>367,030<span class=\"ls1 ws1\"> </span>80<span class=\"ls1 ws1\"> </span>4,226<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">409,452</span> -<span class=\"ls29 ws1e1\">35,030</span> Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">2,421</span> 0 182<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">158</span> -<span class=\"ls29 ws1e1\">2,397</span> Tangible as<span class=\"_ _3\"></span>sets, ending ba<span class=\"_ _3\"></span>lance<span class=\"ls1 ws1\"> </span>246,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,183,18<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>49,296<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,310<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>232,132<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,720,70<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>410,286<span class=\"ls1 ws1\"> </span>4,932,722<span class=\"ls1 ws1\"> </span>150,486<span class=\"ls1 ws1\"> </span>17,405<span class=\"ls1 ws1\"> </span>232,132<span class=\"ls1 ws1\"> </span>5,743,032<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">163,504</span> -<span class=\"ls29 ws1e1\">2,749,534</span> -<span class=\"ls29 ws1e1\">101,191</span> -<span class=\"ls29 ws1e1\">8,095</span> 0 -<span class=\"ls29 ws1e1\">3,022,324</span> II. O<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>formation<span class=\"ls1 ws1\"> </span>Leases Net carrying amount of<span class=\"_ _0\"></span> tangible assets under lease<span class=\"ls1 ws1\"> </span>92,710<span class=\"ls1 ws1\"> </span>17,969<span class=\"ls1 ws1\"> </span>37,495<span class=\"ls1 ws1\"> </span>148,174<span class=\"ls1 ws1\"> </span>Tangible assets acquired under leas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,887<span class=\"ls1 ws1\"> </span>18,044<span class=\"ls1 ws1\"> </span>17,927<span class=\"ls1 ws1\"> </span>59,857<span class=\"ls1 ws1\"> </span>Tangib<span class=\"_ _0\"></span>le ass<span class=\"_ _0\"></span>ets amo<span class=\"_ _0\"></span>unted<span class=\"_ _0\"></span> to 2,72<span class=\"_ _0\"></span>0.7 m<span class=\"_ _0\"></span>illion <span class=\"_ _0\"></span>euros a<span class=\"_ _0\"></span>t yea<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">-<span class=\"ls24 ws2d0\">end 2022. Of this </span></span>figure,<span class=\"_ _0\"></span> DEME a<span class=\"_ _0\"></span>ccounts f<span class=\"_ _0\"></span>or 93%,<span class=\"_ _0\"></span> its main<span class=\"_ _0\"></span> assets bein<span class=\"_ _9f\"></span>g its fleet. I<span class=\"_ _0\"></span>n additio<span class=\"_ _0\"></span>n, th<span class=\"ls52 ws24e\">is </span>bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet i<span class=\"_ _3\"></span>tem<span class=\"ls1 ws1\"> <span class=\"ls34 ws1ea\">inc<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>des </span><span class=\"ws1f6\">the offices, machinery and vehicl<span class=\"_ _0\"></span>e flee<span class=\"ws1\">t<span class=\"ls40\">s of CFE, Bank </span></span></span></span>Van Breda, Rent<span class=\"ws1\">-A-<span class=\"ls33 ws1f0\">Port<span class=\"_ _3\"></span></span>, <span class=\"ws1f6\">Nextensa, Agid<span class=\"_ _0\"></span>ens, Biolectric and AvH<span class=\"ws1\">.<span class=\"_ _0\"></span> </span></span></span>As a res<span class=\"_ _0\"></span>ult of <span class=\"_ _0\"></span>the dis<span class=\"_ _0\"></span>posal of<span class=\"_ _0\"></span> Anima,<span class=\"_ _0\"></span> inclu<span class=\"_ _0\"></span>ding its <span class=\"_ _0\"></span>substan<span class=\"_ _9f\"></span>tial real <span class=\"_ _0\"></span>estate a<span class=\"_ _0\"></span>ssets of<span class=\"_ _9f\"></span> resid<span class=\"_ _0\"></span>ential c<span class=\"_ _9f\"></span>are centr<span class=\"_ _0\"></span>es tha<span class=\"_ _0\"></span>t had b<span class=\"_ _0\"></span>een acc<span class=\"_ _0\"></span>umula<span class=\"_ _0\"></span>ted ov<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e years,<span class=\"_ _0\"></span> the <span class=\"_ _0\"></span>total tangible assets dec<span class=\"_ _0\"></span>reased slightly by 4<span class=\"_ _0\"></span>2.1 mi<span class=\"ls34 ws25d\">ll<span class=\"_ _3\"></span>ion e<span class=\"_ _3\"></span>uro<span class=\"_ _3\"></span>s, de<span class=\"_ _3\"></span>spit<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>nti<span class=\"_ _3\"></span>nuin<span class=\"_ _3\"></span>g </span>investm<span class=\"_ _9f\"></span>ents in th<span class=\"_ _0\"></span>e fleet o<span class=\"_ _0\"></span>f DEME.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span>DEME in<span class=\"_ _0\"></span>veste<span class=\"_ _0\"></span>d a tot<span class=\"_ _0\"></span>al of<span class=\"_ _0\"></span> 483.9 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> euros <span class=\"_ _0\"></span>in add<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span>al tang<span class=\"_ _0\"></span>ible as<span class=\"_ _0\"></span>sets.<span class=\"_ _0\"></span> This figure<span class=\"_ _0\"></span> for 2<span class=\"_ _0\"></span>022 in<span class=\"_ _0\"></span>clude<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>year\u2019<span class=\"_ _0\"></span>s inve<span class=\"_ _0\"></span>stments<span class=\"_ _0\"></span> in t<span class=\"_ _0\"></span>he rev<span class=\"_ _0\"></span>olution<span class=\"_ _0\"></span>ary i<span class=\"_ _0\"></span>nstall<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> vess<span class=\"_ _3\"></span>el \u2018Ori<span class=\"_ _3\"></span>on\u2019, t<span class=\"_ _3\"></span>he subst<span class=\"_ _3\"></span><span class=\"ls1 ws252\">antial amount<span class=\"_ _0\"></span>s spent on extensive mainten<span class=\"_ _0\"></span>ance and </span>repair<span class=\"_ _0\"></span>s to seve<span class=\"_ _0\"></span>ral vesse<span class=\"_ _0\"></span>ls of the f<span class=\"_ _0\"></span>leet, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _0\"></span>e amounts s<span class=\"_ _0\"></span>pent o<span class=\"_ _0\"></span>n the tran<span class=\"_ _0\"></span>sition<span class=\"_ _0\"></span> of the \u2018Viking <span class=\"_ _0\"></span>Neptun\u2019 and the<span class=\"_ _0\"></span> \u2018Sea Installer\u2019. At<span class=\"_ _0\"></span> December 31, 2<span class=\"_ _0\"></span>022, DEME h<span class=\"_ _0\"></span>as commitments for a r<span class=\"_ _0\"></span>emaining amount of 1<span class=\"ls25 ws22a\">9<span class=\"_ _0\"></span>2.6 mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _9f\"></span>s for asse<span class=\"_ _0\"></span>ts unde<span class=\"_ _0\"></span>r </span>construction to b<span class=\"_ _0\"></span>e completed, mainly<span class=\"_ _0\"></span> for the upgrades to <span class=\"_ _0\"></span>the vessels \u2018Vikin<span class=\"_ _0\"></span>g Neptun\u2019 and \u2018Sea Instal<span class=\"_ _0\"></span>ler\u2019, the new fallpipe vessel and som<span class=\"_ _0\"></span>e additional adjustm<span class=\"_ _9f\"></span>ents to th<span class=\"_ _0\"></span>e \u2018Orion\u2019<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>A vessel within the O<span class=\"_ _3\"></span>ffsho<span class=\"_ _0\"></span>re Energy s<span class=\"_ _3\"></span>eg<span class=\"_ _0\"></span>men<span class=\"ws1f3\">t, with a net carrying amo<span class=\"_ _0\"></span>unt of 32 </span>millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s, has b<span class=\"_ _0\"></span>een rec<span class=\"_ _0\"></span>lassifi<span class=\"_ _0\"></span>ed to \u2018A<span class=\"_ _0\"></span>ssets h<span class=\"_ _9f\"></span>eld for sal<span class=\"_ _0\"></span>e\u2019 (Not<span class=\"_ _0\"></span>e 5).<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>DEME\u2019<span class=\"_ _0\"></span>s inves<span class=\"_ _0\"></span>tments in<span class=\"_ _0\"></span> its fl<span class=\"_ _0\"></span>eet resu<span class=\"_ _0\"></span>lted in<span class=\"_ _0\"></span> a higher d<span class=\"_ _0\"></span>eprec<span class=\"_ _0\"></span>iation co<span class=\"_ _9f\"></span>st. In 2021<span class=\"_ _0\"></span> DEME had r<span class=\"_ _0\"></span>eco<span class=\"ls34 ws1ea\">gnis<span class=\"_ _3\"></span>ed<span class=\"ls1 ws1\"> <span class=\"ls25 ws207\">impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es <span class=\"ls4a ws2d2\">fo<span class=\"_ _3\"></span>r 25<span class=\"_ _3\"></span><span class=\"ls40 ws2ae\">.5 million euros to its<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws208\">cutter su<span class=\"_ _0\"></span>ction<span class=\"_ _0\"></span> </span></span></span></span></span></span></span>dredg<span class=\"_ _0\"></span>ers 'A<span class=\"_ _0\"></span>l Mahaar'<span class=\"_ _9f\"></span> and 'Al J<span class=\"_ _0\"></span>arraf'<span class=\"_ _0\"></span>, follo<span class=\"_ _9f\"></span>wing the <span class=\"_ _0\"></span>low an<span class=\"_ _0\"></span>ticipate<span class=\"_ _0\"></span>d util<span class=\"_ _0\"></span>ization<span class=\"_ _9f\"></span> rates.<span class=\"ls1 ws1\"> </span>In 2022<span class=\"_ _0\"></span>, impair<span class=\"_ _0\"></span>ment lo<span class=\"_ _0\"></span>sses wer<span class=\"_ _0\"></span>e limite<span class=\"_ _0\"></span>d to 0.<span class=\"_ _0\"></span>4 million <span class=\"_ _0\"></span>euros.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Note 10:<span class=\"ff3c\"> </span><span class=\"ls50 wscc\">Investment pro<span class=\"_ _0\"></span>perty at fair va<span class=\"_ _0\"></span>lue<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Developme<span class=\"_ _3\"></span>nt Assets<span class=\"_ _3\"></span> held f<span class=\"_ _3\"></span>or Leased bui<span class=\"_ _3\"></span>ldings<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>proje<span class=\"_ _3\"></span>cts<span class=\"ls1 ws1\"> </span>sale<span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>in inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>t pro<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>y at fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e <span class=\"ls1\">- </span><span class=\"ws1e6\">fin<span class=\"_ _0\"></span>ancial y<span class=\"_ _0\"></span>ear 2021</span>Investment<span class=\"_ _3\"></span> property, ope<span class=\"_ _3\"></span>ning balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>1,369,32<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>44,734<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>199<span class=\"ls1 ws1\"> </span>1,414,25<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,369,323<span class=\"ls1 ws1\"> </span>44,734<span class=\"ls1 ws1\"> </span>199<span class=\"ls1 ws1\"> </span>1,414,256<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>30,578<span class=\"ls1 ws1\"> </span>5,902<span class=\"ls1 ws1\"> </span>0 36,479<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">22,584</span> 0 -<span class=\"ls29 ws1e1\">97</span> -<span class=\"ls29 ws1e1\">22,680</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 Gains (losses) from fair<span class=\"_ _0\"></span> value adjustments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,509</span> -<span class=\"ls29 ws1e1\">2,520</span> 0 -<span class=\"ls29 ws1e1\">7,029</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">132,840</span> -<span class=\"ls29 ws1e1\">7,929</span> 141,157<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">13,005</span> 0 0 -<span class=\"ls29 ws1e1\">13,005</span> Investment<span class=\"_ _3\"></span> property, end<span class=\"_ _3\"></span>ing balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,226,96<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>40,187<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,259<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,408,40<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,226,963<span class=\"ls1 ws1\"> </span>40,187<span class=\"ls1 ws1\"> </span>141,259<span class=\"ls1 ws1\"> </span>1,408,409<span class=\"ls1 ws1\"> </span>I. Movem<span class=\"_ _0\"></span>ent in <span class=\"ws1\">inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>t pro<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>y at fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e <span class=\"ls1\">- </span><span class=\"ws1e6\">finan<span class=\"_ _0\"></span>cial y<span class=\"_ _0\"></span>ear 2022</span></span>Investment<span class=\"_ _3\"></span> property, ope<span class=\"_ _3\"></span>ning balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>1,226,96<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>40,187<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,259<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,408,40<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,226,963<span class=\"ls1 ws1\"> </span>40,187<span class=\"ls1 ws1\"> </span>141,259<span class=\"ls1 ws1\"> </span>1,408,409<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>34,870<span class=\"ls1 ws1\"> </span>7,264<span class=\"ls1 ws1\"> </span>23<span class=\"ls1 ws1\"> </span>42,157<span class=\"ls1 ws1\"> </span>Additions through <span class=\"ws211\">business c<span class=\"_ _0\"></span>ombinations<span class=\"ls1 ws1\"> </span></span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">1,848</span> 0 -<span class=\"ls29 ws1e1\">140,691</span> -<span class=\"ls29 ws1e1\">142,538</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 -<span class=\"ls29 ws1e1\">490</span> -<span class=\"ls29 ws1e1\">490</span> Gains (losses) from fair<span class=\"_ _0\"></span> value adjustments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,729</span> 199<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">91</span> -<span class=\"ls29 ws1e1\">11,620</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">17,190</span> 0 -<span class=\"ls29 ws1e1\">17,190</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">11</span> -<span class=\"ls29 ws1e1\">11</span> Investment<span class=\"_ _3\"></span> property, end<span class=\"_ _3\"></span>ing balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,248,25<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>30,460<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,278,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,248,256<span class=\"ls1 ws1\"> </span>30,460<span class=\"ls1 ws1\"> </span>0 1,278,716<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Key figu<span class=\"_ _3\"></span>res<span class=\"ls1 ws1\">  </span>Rental income<span class=\"ls1 ws1\"> </span>67,400<span class=\"ls1 ws1\"> </span>69,127<span class=\"ls1 ws1\"> </span>Rental yield (%)<span class=\"ls1 ws1\"> </span>5.30%<span class=\"ls1 ws1\"> </span>5.20%<span class=\"ls1 ws1\"> </span>Occup<span class=\"_ _3\"></span>ancy ra<span class=\"_ _3\"></span>te (%<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>88.48%<span class=\"ls1 ws1\"> </span>89.09%<span class=\"ls1 ws1\"> </span>Nexten<span class=\"_ _0\"></span>sa inve<span class=\"_ _0\"></span>sted 42.2<span class=\"_ _0\"></span> million eu<span class=\"_ _0\"></span>ros, of<span class=\"_ _0\"></span> which 11.5<span class=\"_ _0\"></span> million e<span class=\"_ _0\"></span>uros is a<span class=\"_ _0\"></span>ttributab<span class=\"_ _0\"></span>le to investments in s<span class=\"_ _0\"></span>everal buildings owned o<span class=\"_ _0\"></span>n the Tour &amp; Taxis site.<span class=\"_ _0\"></span> <span class=\"ls34 ws1f5\">T<span class=\"_ _3\"></span>he re<span class=\"_ _3\"></span>mai<span class=\"_ _3\"></span>ning </span>bal<span class=\"_ _3\"></span>ance of 3<span class=\"_ _3\"></span>0.7 mil<span class=\"_ _3\"></span>lion eu<span class=\"_ _3\"></span>ros mai<span class=\"_ _3\"></span>nly re<span class=\"_ _3\"></span>late<span class=\"ls1 ws1\">s <span class=\"_ _0\"></span><span class=\"ls40 ws2d3\">to t<span class=\"ls1 ws20b\">he extension of the Knauf<span class=\"_ _0\"></span> shopping </span></span></span>centr<span class=\"_ _0\"></span>e i<span class=\"ls1 ws1ef\">n Schmiede and th<span class=\"_ _0\"></span>e repositioning/renovation of <span class=\"_ _0\"></span>the EBBC business park </span>(Moonar) <span class=\"ls1 ws1f6\">in Luxemburg<span class=\"ws1\">. </span></span>In 20<span class=\"_ _3\"></span>22, Nexte<span class=\"_ _3\"></span>nsa sol<span class=\"_ _3\"></span>d its pro<span class=\"_ _3\"></span>perties T<span class=\"_ _3\"></span>he Cre<span class=\"_ _3\"></span>scent (A<span class=\"_ _3\"></span>nderlec<span class=\"_ _3\"></span>ht), Mon<span class=\"_ _3\"></span>net (Luxembourg) and Titan<span class=\"_ _0\"></span>ium (Luxembourg)<span class=\"_ _0\"></span> for a total sum of 169.0 m<span class=\"_ _0\"></span>illion euros. These sa<span class=\"_ _0\"></span>les <span class=\"ls1 ws1f6\">generated a capital gain of 28<span class=\"_ _9f\"></span>.3 mi<span class=\"_ _3\"></span>llion euro<span class=\"_ _0\"></span>s<span class=\"ws1\">. </span></span>In 202<span class=\"_ _0\"></span>2, the v<span class=\"_ _0\"></span>alue o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>real es<span class=\"_ _0\"></span>tate po<span class=\"_ _0\"></span>rtfolio w<span class=\"_ _9f\"></span>as adjust<span class=\"_ _0\"></span>ed down<span class=\"_ _0\"></span>ward b<span class=\"_ _0\"></span>y 11.6<span class=\"_ _9f\"></span> million euros based on <span class=\"_ _0\"></span>external valuations, which<span class=\"_ _0\"></span> corresponds to <span class=\"ws1f6\">less than 1<span class=\"ls4a ws22d\">% of </span></span>the tot<span class=\"_ _0\"></span>al fair va<span class=\"_ _0\"></span>lue.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The av<span class=\"_ _0\"></span>erage r<span class=\"_ _0\"></span>ental yi<span class=\"_ _0\"></span>eld on<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws207\">the <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>roper<span class=\"_ _0\"></span>ty incre<span class=\"_ _0\"></span>ased f<span class=\"_ _0\"></span>rom 5.2<span class=\"_ _0\"></span>0% a<span class=\"_ _0\"></span>t year<span class=\"ls1 ws1\">-</span></span></span>end 2021 to 5.30% at year<span class=\"ls1 ws1\">-</span>end 2022.<span class=\"ls1 ws1\"> </span>Valuation o<span class=\"_ _3\"></span>f investment prop<span class=\"_ _3\"></span>erties <span class=\"ls1 ws1\">\u2013 <span class=\"ls6c ws2d5\">Nexte<span class=\"_ _3\"></span>nsa</span> </span>Nexten<span class=\"_ _0\"></span>sa<span class=\"ls1 ws1\"> <span class=\"ws219\">u<span class=\"_ _0\"></span>ses the following me<span class=\"_ _0\"></span>thods to define the fair value <span class=\"_ _0\"></span>according to IFRS 13:<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ls3f ws21b\">Net pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>t<span class=\"ls1 ws1\"> </span>valu<span class=\"_ _0\"></span>e of es<span class=\"_ _0\"></span>timat<span class=\"_ _0\"></span>ed ren<span class=\"_ _0\"></span>tal i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> </span></span></span>The fair value i<span class=\"_ _0\"></span>s the result of the<span class=\"_ _0\"></span> yield applied on <span class=\"_ _0\"></span>the estimated ren<span class=\"_ _0\"></span>tal value (capitalisation method or mar<span class=\"_ _0\"></span>ket approach) corrected by the net p<span class=\"_ _0\"></span>resent value of the diff<span class=\"_ _0\"></span>erence<span class=\"_ _0\"></span> between<span class=\"_ _0\"></span> the curren<span class=\"_ _9f\"></span>t rent and the est<span class=\"_ _0\"></span>imat<span class=\"_ _0\"></span>ed renta<span class=\"_ _0\"></span>l value at th<span class=\"_ _0\"></span>e valuation date, and this, for th<span class=\"_ _0\"></span>e period till the next break possibility of the current<span class=\"_ _0\"></span> rental co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ws1ec\">Discounted cash flow method<span class=\"ws1\"> </span></span></span>The DCF method consists in defining the pre<span class=\"_ _0\"></span>sent value of the future cash flows. The futu<span class=\"_ _0\"></span>re r<span class=\"ls1 ws1ed\">ental income <span class=\"_ _0\"></span>is estimated on the basis of th<span class=\"_ _0\"></span>e existing contractua<span class=\"_ _0\"></span>l rents </span>and the real estate mark<span class=\"_ _0\"></span>et outlook for each building in the follow<span class=\"_ _0\"></span>ing periods. Moreover, the future maintenance co<span class=\"_ _0\"></span>sts are also estimated and taken into account. The<span class=\"_ _3\"></span> actua<span class=\"_ _3\"></span>lisati<span class=\"_ _3\"></span>on ra<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ls25\">appl<span class=\"_ _0\"></span>ied tak<span class=\"_ _0\"></span>es into <span class=\"_ _0\"></span>accoun<span class=\"_ _0\"></span>t the ris<span class=\"_ _0\"></span>k prem<span class=\"_ _0\"></span>ium for <span class=\"_ _0\"></span>the obj<span class=\"_ _0\"></span>ect </span>defin<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e mark<span class=\"_ _0\"></span>et. The o<span class=\"_ _0\"></span>btain<span class=\"_ _0\"></span>ed valu<span class=\"_ _0\"></span>e is also<span class=\"_ _0\"></span> compa<span class=\"_ _0\"></span>red to <span class=\"_ _0\"></span>the ma<span class=\"_ _0\"></span>rket on<span class=\"_ _0\"></span> the basis of the definition of<span class=\"_ _0\"></span> the residual land valu<span class=\"_ _0\"></span>e.<span class=\"ws1\">  </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ls49\">Residu<span class=\"_ _3\"></span>al valuatio<span class=\"_ _3\"></span>n<span class=\"ls1\"> </span></span></span>Buildings to renovate or in the course of reno<span class=\"_ _0\"></span>vation, or planned projects are valued based on the value after renovation, under deduction of the amount for the remainder of the work to be carried out, including cos<span class=\"_ _0\"></span>ts, interests, vacancy and risk premium.  Asset<span class=\"_ _0\"></span>s and liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s valued a<span class=\"_ _0\"></span>t fair v<span class=\"_ _0\"></span>alue<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">afte<span class=\"_ _0\"></span>r their in<span class=\"_ _0\"></span>itial <span class=\"_ _0\"></span>booking<span class=\"_ _0\"></span> can b<span class=\"_ _0\"></span>e presen<span class=\"_ _9f\"></span>te<span class=\"_ _3\"></span>d<span class=\"_ _0\"></span> </span></span>in thre<span class=\"_ _0\"></span>e leve<span class=\"_ _0\"></span>ls (1<span class=\"ls1 ws1\">-<span class=\"ls46 ws266\">3):</span> </span>\u2022 <span class=\"_ _4\"> </span>Level<span class=\"_ _0\"></span> 1<span class=\"ff3a ls1 ws1\"> <span class=\"_ _b\"> </span><span class=\"ls25 ws1fb\">inpu<span class=\"_ _9f\"></span>ts are quo<span class=\"_ _0\"></span>ted p<span class=\"_ _0\"></span>rices <span class=\"_ _0\"></span>in acti<span class=\"_ _0\"></span>ve mar<span class=\"_ _0\"></span>kets f<span class=\"_ _0\"></span>or ide<span class=\"_ _0\"></span>ntica<span class=\"_ _0\"></span>l asse<span class=\"_ _0\"></span>ts or </span></span>liabil<span class=\"_ _0\"></span>ities.\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ls3f ws26c\">Level<span class=\"_ _0\"></span> 2<span class=\"ff3a ls1 ws1\"> <span class=\"ws219\">inpu<span class=\"_ _0\"></span>ts are inputs other than quoted mark<span class=\"_ _0\"></span>et prices included within Level<span class=\"_ _0\"></span> </span></span></span></span>1 tha<span class=\"_ _0\"></span>t are obs<span class=\"_ _0\"></span>ervab<span class=\"_ _0\"></span>le for <span class=\"_ _0\"></span>the ass<span class=\"_ _0\"></span>et or l<span class=\"_ _0\"></span>iabilit<span class=\"_ _0\"></span>y, eith<span class=\"_ _0\"></span>er dir<span class=\"_ _0\"></span>ectly (<span class=\"_ _0\"></span>i.e. pr<span class=\"_ _0\"></span>ices) o<span class=\"_ _0\"></span>r indirectly (i.e. deducted from prices).\u2022 <span class=\"_ _4\"> </span>Level<span class=\"_ _0\"></span> 3<span class=\"ff3a ls1 ws1\"> <span class=\"_ _7\"> </span><span class=\"ws21f\">inputs are unobservable inp<span class=\"_ _0\"></span>uts for the asse<span class=\"_ _0\"></span>t or liability based on </span></span>valua<span class=\"_ _0\"></span>tions t<span class=\"_ _0\"></span>echniqu<span class=\"_ _0\"></span>es comp<span class=\"_ _9f\"></span>rising dat<span class=\"_ _0\"></span>a for th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>t or lia<span class=\"_ _0\"></span>bility.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>The inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>t prop<span class=\"_ _0\"></span>erties<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls40 ws218\">of<span class=\"ls1 ws1\"> <span class=\"ls25 ws1ec\">Nexte<span class=\"_ _0\"></span>nsa<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls4b ws28a\">fall<span class=\"_ _3\"></span> <span class=\"_ _0\"></span><span class=\"ls1 ws219\">under level 3. The valuations at the end </span></span></span></span></span></span></span>of 2022 were carried out by external p<span class=\"_ _0\"></span><span class=\"ls25 ws208\">arties:<span class=\"_ _0\"></span> Cus<span class=\"ls1 ws20b\">hman &amp; W<span class=\"_ _0\"></span>akefield, Stad<span class=\"_ _0\"></span>im (Belux) </span></span>and Oerag (Austria). The table b<span class=\"_ _0\"></span>elow provides an overview of<span class=\"_ _0\"></span> the valuation techniques applied per asset class.<span class=\"ws1\"> </span>Fair value Fair value Valuation 31/12/20<span class=\"_ _3\"></span>22 Min<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">Max </span></span>31/12/20<span class=\"_ _3\"></span>21 Min<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">Max </span></span>Asset c<span class=\"_ _0\"></span>lass<span class=\"ls1 ws1\"> </span>2022 <span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Important inp<span class=\"_ _3\"></span>ut data<span class=\"ls1 ws1\"> </span>technique<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(weighted average)<span class=\"_ _3\"></span><span class=\"ws1\"> </span>(weighted average)<span class=\"_ _3\"></span><span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\">  </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\">  </span>Retail Grand Duchy of<span class=\"_ _0\"></span> Actualization of a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [0.34 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>18.66 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>a) [0.34 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>17.61 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>377,629<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>370,170<span class=\"ls1 ws1\"> </span>Luxembourg &amp; Belgium<span class=\"ls1 ws1\"> </span>estimated<span class=\"ls1 ws1\">  </span>rental income<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [13.72 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>b) [11.26 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [0.90% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">11.58%]<span class=\"ls1 ws1\"> </span></span>c) [1.77% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">7.58%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) <span class=\"ls29 ws1e1\">[6.51%]</span> d) [6.61%]<span class=\"ls1 ws1\"> </span>e) Remaining duration<span class=\"ls1 ws1\"> </span>e) 3.62 years<span class=\"ls1 ws1\"> <span class=\"_ _1b6\"> </span></span>e) 2.72 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 166 950 m\u00b2<span class=\"ls1 ws1\"> </span>f) 170 731 m\u00b2<span class=\"ls1 ws1\"> </span>Retail Austria<span class=\"ls1 ws1\"> <span class=\"_ _a0\"> </span></span><span class=\"fc22 ws1e1\">189,581<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>185,369<span class=\"ls1 ws1\"> </span></span>DCF (discounted<span class=\"ls1 ws1\">  </span>a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [8.79 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>15.09 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>a) [11.12 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>13.82 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>cash flow)<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [12.71 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>b) [12.32 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [3.70% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">6.11%]<span class=\"ls1 ws1\"> </span></span>c) [5.20% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">5.80%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) [5.38%]<span class=\"ls1 ws1\"> </span>d) [5.46%]<span class=\"ls1 ws1\"> </span>e) <span class=\"ls29 ws1e0\">Remaining duration</span> e) 5.21 years<span class=\"ls1 ws1\"> </span>e) 4.49 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 69 219 m\u00b2<span class=\"ls1 ws1\"> </span>f) 69 533 m\u00b2<span class=\"ls1 ws1\"> </span>Office<span class=\"_ _3\"></span>s Gra<span class=\"_ _3\"></span>nd Du<span class=\"_ _3\"></span>chy of Actualization of a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [22.57 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>46.58 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>a) [16.52 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>40.28 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>186,660<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>283,280<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>estimated<span class=\"ls1 ws1\">  </span>rental income<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [26.71 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>b) [22.99 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [0.58% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">6.75%]<span class=\"ls1 ws1\"> </span></span>c) [3.75% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">6.10%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) [4.74%]<span class=\"ls1 ws1\"> </span>d) [4.91%]<span class=\"ls1 ws1\"> </span>e) <span class=\"ls29 ws1e0\">Remaining duration</span> e) 1.46 years<span class=\"ls1 ws1\"> </span>e) 2.40 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 35 550 m\u00b2<span class=\"ls1 ws1\"> </span>f) 45 433 m\u00b2<span class=\"ls1 ws1\"> </span>Actualization of a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [11.68 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>25.18 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>a) [10.09 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>27.98 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>Offices Belgium<span class=\"ls1 ws1\"> <span class=\"_ _f4\"> </span></span><span class=\"fc22 ws1e1\">409,511<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>436,610<span class=\"ls1 ws1\"> </span></span>estimated<span class=\"ls1 ws1\">  </span>rental income<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [17.03 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>b) [12.37 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [3.78% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">8.80%]<span class=\"ls1 ws1\"> </span></span>c) [3.60% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">8.75%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) [4.93%]<span class=\"ls1 ws1\"> </span>d) [4.56%]<span class=\"ls1 ws1\"> </span>e) Remaining duration<span class=\"ls1 ws1\"> </span>e) <span class=\"ls29 ws1e0\">6.68 years</span> e) 6.76 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 112 891 m\u00b2<span class=\"ls1 ws1\"> </span>f) 132 455 m\u00b2<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _89\"> </span><span class=\"fc22 ls29 ws1e1\">115,335</span><span class=\"fc22\"> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">132,490</span> </span></span>DCF (discounted<span class=\"ls1 ws1\">  </span>a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) Not applicable<span class=\"ls1 ws1\"> </span>a) [2.24 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>7.30 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>cash flow or net<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental <span class=\"ls29 ws1e1\">value<span class=\"ls1 ws1\"> </span></span>b) Not applicable<span class=\"ls1 ws1\"> </span>b) [2.24 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>present value of<span class=\"ls1 ws1\"> </span>c) Average discount rat<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> </span>c) Not applicable<span class=\"ls1 ws1\"> </span>c) 5.02%<span class=\"ls1 ws1\"> </span>cash<span class=\"ls1 ws1\">-</span><span class=\"ls28\">fl<span class=\"_ _3\"></span>ows at<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>d) Economic life<span class=\"ls1 ws1\"> </span>d) 30 years<span class=\"ls1 ws1\"> </span>d) 30 years<span class=\"ls1 ws1\"> </span>discount rat<span class=\"_ _0\"></span>e)<span class=\"ls1 ws1\"> </span>e) Remaining duration<span class=\"ls1 ws1\"> </span>e) 3.41 years<span class=\"ls1 ws1\"> </span>e) 2.35 years<span class=\"ls1 ws1\"> </span>f) <span class=\"ls29 ws1e0\">Number m\u00b2</span> f) 32 629 m\u00b2<span class=\"ls1 ws1\"> </span>f) 47 057 m\u00b2<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,278,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,407,91<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Nexten<span class=\"_ _0\"></span>sa\u2019s i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>ent po<span class=\"_ _0\"></span>rtfol<span class=\"_ _0\"></span>io was v<span class=\"_ _0\"></span>alued a<span class=\"_ _9f\"></span>t 1.3 bil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros on D<span class=\"_ _9f\"></span>ecember 31<span class=\"_ _0\"></span>, 2022 and is divided over <span class=\"_ _0\"></span>Belgium (44%), Luxembourg (41%) and Austria (15<span class=\"_ _0\"></span>%). Accord<span class=\"_ _0\"></span>ing to<span class=\"_ _0\"></span> the typ<span class=\"_ _0\"></span>e of pro<span class=\"_ _0\"></span>perti<span class=\"_ _0\"></span>es, the p<span class=\"_ _0\"></span>ortfol<span class=\"_ _0\"></span>io comp<span class=\"_ _0\"></span>rises 47<span class=\"_ _9f\"></span>% offices <span class=\"_ _0\"></span>and 44<span class=\"_ _0\"></span>% reta<span class=\"_ _3\"></span>il. Th<span class=\"_ _3\"></span>e remai<span class=\"_ _3\"></span>ni<span class=\"ls25 ws1eb\">ng 9<span class=\"_ _0\"></span>% rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span>s \u2018Oth<span class=\"_ _0\"></span>er\u2019 rea<span class=\"_ _0\"></span>l esta<span class=\"_ _0\"></span>te, su<span class=\"_ _0\"></span>ch as <span class=\"_ _0\"></span>car pa<span class=\"_ _0\"></span>rks and<span class=\"_ _0\"></span> real<span class=\"_ _0\"></span> </span>estat<span class=\"_ _0\"></span>e for event<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>Note 11:<span class=\"ff3c\"> </span>P<span class=\"ls3a ws20c\">articip<span class=\"_ _3\"></span>ations acc<span class=\"_ _3\"></span>ounted f<span class=\"_ _3\"></span>or usin<span class=\"_ _3\"></span>g the equit<span class=\"_ _3\"></span>y method<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Participations accounted fo<span class=\"_ _0\"></span>r using the equ<span class=\"_ _0\"></span>ity method<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>362,398<span class=\"ls1 ws1\"> </span>267,220<span class=\"ls1 ws1\"> </span>Private Banking<span class=\"ls1 ws1\"> </span>849,394<span class=\"ls1 ws1\"> </span>805,182<span class=\"ls1 ws1\"> </span>Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,946<span class=\"ls1 ws1\"> </span>44,287<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>341,798<span class=\"ls1 ws1\"> </span>288,169<span class=\"ls1 ws1\"> </span>AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>238,701<span class=\"ls1 ws1\"> </span>242,338<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Goodwill Equity value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span></span>Total 202<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>allocated Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ions ac<span class=\"_ _0\"></span>coun<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r using t<span class=\"_ _0\"></span>he eq<span class=\"_ _0\"></span>uity m<span class=\"_ _0\"></span>etho<span class=\"_ _0\"></span>d<span class=\"ls1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod: opening<span class=\"_ _3\"></span> balance<span class=\"ls1 ws1\"> </span>1,555,04<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>92,151<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,456,07<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>35,375<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">204</span> 35,171<span class=\"ls1 ws1\"> </span>25,729<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">19,389</span> 0 -<span class=\"ls29 ws1e1\">19,389</span> -<span class=\"ls29 ws1e1\">4,051</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 139<span class=\"ls1 ws1\"> </span>Share of profit (loss) fr<span class=\"_ _0\"></span>om equity accounted investments<span class=\"ls1 ws1\"> </span>243,874<span class=\"ls1 ws1\"> </span>0 243,874<span class=\"ls1 ws1\"> </span>255,191<span class=\"ls1 ws1\"> </span>Impairments through pr<span class=\"_ _0\"></span>ofit and loss<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>11,746<span class=\"ls1 ws1\"> </span>0 11,746<span class=\"ls1 ws1\"> </span>35,118<span class=\"ls1 ws1\"> </span>Impact of dividends dis<span class=\"_ _0\"></span>tributed by the participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">122,246</span> 0 -<span class=\"ls29 ws1e1\">122,246</span> -<span class=\"ls29 ws1e1\">112,497</span> Transfers (to<span class=\"_ _3\"></span>) from other ite<span class=\"_ _3\"></span>ms<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,507</span> -<span class=\"ls29 ws1e1\">4,421</span> -<span class=\"ls29 ws1e1\">25,928</span> -<span class=\"ls29 ws1e1\">35,505</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>74,812<span class=\"ls1 ws1\"> </span>0 74,812<span class=\"ls1 ws1\"> </span>27,003<span class=\"ls1 ws1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod: ending <span class=\"_ _3\"></span>balance<span class=\"ls1 ws1\"> </span>1,757,71<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>87,526<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>General<span class=\"_ _3\"></span> evolutio<span class=\"_ _3\"></span>n <span class=\"ls1 ws1\"> </span>The participations ac<span class=\"_ _0\"></span>counted for using the equi<span class=\"_ _0\"></span>ty method comprise the<span class=\"_ _0\"></span> interests in jointly controlled participations or in par<span class=\"_ _0\"></span>ticipations in which no controlling interest is held. This is the case amongst oth<span class=\"_ _0\"></span>ers with <span class=\"ls30 ws203\">Delen P<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>te Bank,<span class=\"_ _0\"></span> the of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e wind<span class=\"_ _0\"></span> </span>f<span class=\"ls30 ws212\">arms<span class=\"_ _0\"></span> Rentel,<span class=\"_ _9f\"></span> SeaMade <span class=\"_ _0\"></span>and C<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">Powe<span class=\"_ _0\"></span>r, SIP<span class=\"_ _0\"></span>EF, Saga<span class=\"_ _0\"></span>r Cemen<span class=\"_ _9f\"></span>ts, as we<span class=\"_ _0\"></span>ll as <span class=\"ls4d ws1f5\">many<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls46 ws266\">of </span></span></span></span></span></span>the participations <span class=\"_ _0\"></span>in the \u201cGrowth Capital\u201d <span class=\"_ _0\"></span>segment of AvH\u2019s portfol<span class=\"_ _0\"></span>io. The increase in the \u2018Participa<span class=\"_ _0\"></span>tions accounted fo<span class=\"_ _0\"></span>r using the equity method\u2019 by 19<span class=\"ls24 ws1da\">8.0<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>million eu<span class=\"_ _9f\"></span>ros is explained<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"ls45 ws2b7\">by AvH\u2019s 2<span class=\"ls24 ws1da\">43.9</span></span> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">million <span class=\"_ _0\"></span>euros sh<span class=\"_ _0\"></span>are in <span class=\"_ _0\"></span>the p<span class=\"_ _0\"></span>rofits o<span class=\"_ _0\"></span>f thos<span class=\"_ _0\"></span>e </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s, less th<span class=\"_ _0\"></span>e divi<span class=\"_ _0\"></span>dends <span class=\"_ _0\"></span>that tho<span class=\"_ _0\"></span>se part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ions p<span class=\"_ _0\"></span>ay to A<span class=\"_ _0\"></span>vH.<span class=\"_ _0\"></span> Furthermore, in 2021 AvH Growt<span class=\"_ _0\"></span>h Capital acquired a new particip<span class=\"_ _0\"></span>ation in Van Moer Lo<span class=\"_ _0\"></span>gisti<span class=\"_ _0\"></span>cs. In<span class=\"_ _0\"></span> view <span class=\"_ _0\"></span>of the <span class=\"_ _0\"></span>announ<span class=\"_ _9f\"></span>ced sale o<span class=\"ls1 ws1f7\">f<span class=\"_ _0\"></span> the participation in Manuchar, </span>which is expected to be complet<span class=\"_ _0\"></span>ed during the second quarter of 20<span class=\"_ _0\"></span>22, this partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> was a<span class=\"_ _0\"></span>lready<span class=\"_ _0\"></span> reclas<span class=\"_ _0\"></span>sified <span class=\"_ _0\"></span>to \u2018A<span class=\"_ _0\"></span>ssets he<span class=\"_ _0\"></span>ld for <span class=\"_ _0\"></span>sale\u2019 at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2021.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>During the past <span class=\"_ _3\"></span>year 202<span class=\"ws1\">2<span class=\"ws1f6\">, the g<span class=\"_ _0\"></span>roup invested <span class=\"ls24 ws1da\">35.2</span><span class=\"ws1\"> <span class=\"ls52 ws1f0\">milli<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os:</span> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws216\">In \u201cMarine Engineering &amp; Contracting\u201d<span class=\"_ _0\"></span>, DEME invested, among others, in </span></span>Thist<span class=\"_ _0\"></span>le Wind P<span class=\"_ _0\"></span>artners (<span class=\"_ _0\"></span>Conce<span class=\"_ _0\"></span>ssions <span class=\"_ _0\"></span>segme<span class=\"_ _0\"></span>nt) and ca<span class=\"_ _0\"></span>rried ou<span class=\"_ _0\"></span>t a capita<span class=\"_ _0\"></span>l incre<span class=\"_ _0\"></span>ase at Sca<span class=\"_ _0\"></span>ldis (Of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e Energy<span class=\"_ _0\"></span> segmen<span class=\"_ _9f\"></span>t). Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws204\">Po<span class=\"_ _9f\"></span>rt subscribed<span class=\"_ _0\"></span> to Bstor\u2019<span class=\"_ _0\"></span>s capital<span class=\"_ _0\"></span> </span>increase and acquired 50%<span class=\"ws1\"> <span class=\"ws1f6\">in Hateco Deep C Port <span class=\"_ _0\"></span>jsc (Vietnam)<span class=\"ws1\">. </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The shareholding percentage in SIP<span class=\"_ _0\"></span>EF was increased by <span class=\"ls24 ws1da\">1.68<span class=\"ls25 ws1f9\">% to<span class=\"_ _0\"></span> 3<span class=\"ls24 ws1da\">6.81<span class=\"ls34 ws23c\">% by<span class=\"_ _3\"></span> </span></span></span></span></span></span>purch<span class=\"_ _0\"></span>asing S<span class=\"_ _0\"></span>IPEF sh<span class=\"_ _0\"></span>ares on<span class=\"_ _0\"></span> the stoc<span class=\"_ _0\"></span>k mar<span class=\"_ _0\"></span>ket.<span class=\"ls1 ws1\"> </span>The disp<span class=\"_ _0\"></span>osals e<span class=\"_ _0\"></span>ssen<span class=\"_ _0\"></span>tially re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e sale b<span class=\"_ _0\"></span>y CFE<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">and Nextensa</span> <span class=\"_ _3\"></span><span class=\"ws1f7\">of a number of </span></span>prope<span class=\"_ _0\"></span>rty dev<span class=\"_ _0\"></span>elopme<span class=\"_ _0\"></span>nts th<span class=\"_ _0\"></span>at wer<span class=\"_ _0\"></span>e held in<span class=\"_ _0\"></span> partne<span class=\"_ _0\"></span>rship wi<span class=\"_ _0\"></span>th oth<span class=\"_ _0\"></span>er parti<span class=\"_ _0\"></span>es. Th<span class=\"_ _0\"></span>e participation in M<span class=\"_ _0\"></span>anuchar had already<span class=\"_ _0\"></span> been recognised as \u2018A<span class=\"_ _0\"></span>sset held for sal<span class=\"_ _0\"></span>e\u2019 in the 2021 financial statements.<span class=\"ls1 ws1\"> </span>As it w<span class=\"_ _0\"></span>as also<span class=\"_ _0\"></span> the c<span class=\"_ _0\"></span>ase in<span class=\"_ _0\"></span> previou<span class=\"_ _0\"></span>s yea<span class=\"_ _0\"></span>rs, th<span class=\"_ _0\"></span>e equi<span class=\"ws1ec\">ty<span class=\"_ _9f\"></span><span class=\"ls1 ws1\">-<span class=\"_ _3\"></span><span class=\"ws1f5\">accoun<span class=\"_ _0\"></span>ted investments made </span></span></span>a subs<span class=\"_ _0\"></span>tantia<span class=\"_ _0\"></span>l cont<span class=\"_ _0\"></span>ributio<span class=\"_ _0\"></span>n to th<span class=\"_ _9f\"></span>e group p<span class=\"_ _0\"></span>rofit.<span class=\"_ _0\"></span> In 202<span class=\"_ _0\"></span>2, thi<span class=\"_ _0\"></span>s contr<span class=\"_ _0\"></span>ibutio<span class=\"_ _0\"></span>n amou<span class=\"_ _0\"></span>nted<span class=\"_ _0\"></span> to 243.9 million euros (2021: 255.2 million euros, including a contribution from Manuc<span class=\"_ _0\"></span>har). Th<span class=\"_ _9f\"></span>is profit f<span class=\"_ _0\"></span>rom eq<span class=\"_ _0\"></span>uity<span class=\"ls1 ws1\">-<span class=\"ws241\">accoun<span class=\"_ _0\"></span>ted investments comp<span class=\"ls33 ws208\">rises<span class=\"_ _3\"></span> a.o.<span class=\"_ _3\"></span> the s<span class=\"_ _3\"></span>hare </span></span></span>of the A<span class=\"_ _0\"></span>vH gro<span class=\"_ _0\"></span>up in th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rofit of<span class=\"_ _0\"></span> Delen <span class=\"_ _0\"></span>Priva<span class=\"_ _0\"></span>te Bank, <span class=\"_ _0\"></span>SIPEF<span class=\"_ _0\"></span>, Verd<span class=\"_ _0\"></span>ant Bio<span class=\"_ _0\"></span>science,<span class=\"_ _9f\"></span> Sagar C<span class=\"_ _0\"></span>ements and <span class=\"_ _0\"></span>several \u201cA<span class=\"_ _0\"></span>vH &amp; Grow<span class=\"_ _9f\"></span>th Capital\u201d p<span class=\"_ _0\"></span>articipa<span class=\"_ _0\"></span>tions<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span>In 202<span class=\"ls1 ws1\">2<span class=\"ls40 ws218\">, <span class=\"_ _13\"> </span><span class=\"ls25 ws2da\">the Group</span></span> <span class=\"_\"> </span><span class=\"ls39 ws2db\">r<span class=\"_ _3\"></span>eceive<span class=\"_ _3\"></span>d 1</span></span>22.2<span class=\"ls1 ws1\"> <span class=\"_ _13\"> </span><span class=\"ls40 ws2dc\">million e<span class=\"_ _3\"></span>uros worth of dividends from </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span><span class=\"ls1 ws259\">s accounted for using<span class=\"_ _0\"></span> the equity method.<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws26b\">Th<span class=\"_ _0\"></span>is figur<span class=\"_ _0\"></span>e is 9.8 <span class=\"_ _0\"></span>million<span class=\"_ _0\"></span> </span></span></span>euros higher t<span class=\"_ _3\"></span>han in 2021. Delen Private Bank (80.1 mil<span class=\"_ _3\"></span>lion euros), SIPEF (7.6 million euros) and equity<span class=\"ws1\">-<span class=\"ws259\">accounted participat<span class=\"_ _0\"></span>ions of DEME and CFE made <span class=\"_ _0\"></span>the </span></span>bigge<span class=\"_ _0\"></span>st contrib<span class=\"_ _0\"></span>ution<span class=\"_ _0\"></span>s to this amo<span class=\"ls24 ws218\">unt of 122.2 million euros. <span class=\"ls1 ws1\"> </span></span>The \u2018Tr<span class=\"_ _0\"></span>ansfer (<span class=\"_ _0\"></span>to) fro<span class=\"_ _0\"></span>m othe<span class=\"_ _0\"></span>r items\u2019 i<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>marily <span class=\"_ _0\"></span>explain<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e recla<span class=\"_ _0\"></span>ssific<span class=\"_ _0\"></span>ation of<span class=\"_ _0\"></span> the <span class=\"_ _4\"> </span>Telemon<span class=\"_ _0\"></span>d <span class=\"_ _4\"> </span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> to \u2018Asse<span class=\"_ _0\"></span>ts held f<span class=\"_ _0\"></span>or sale\u2019 a<span class=\"_ _0\"></span>s a result o<span class=\"_ _0\"></span>f the sal<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls46 ws266\">of </span></span>Telem<span class=\"_ _0\"></span>ond in th<span class=\"_ _9f\"></span>e first quar<span class=\"_ _0\"></span>ter of<span class=\"_ _0\"></span> 2023. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The 'O<span class=\"_ _0\"></span>ther inc<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>decre<span class=\"_ _0\"></span>ase)'<span class=\"_ _0\"></span> item ref<span class=\"_ _0\"></span>lects mo<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ents in th<span class=\"_ _0\"></span>e equity<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span>s, with <span class=\"_ _0\"></span>the pos<span class=\"_ _0\"></span>itive f<span class=\"_ _0\"></span>air va<span class=\"_ _0\"></span>lue evolu<span class=\"_ _9f\"></span>tion in 2021<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls24 ws206\">as well as in 2022</span> <span class=\"ls46 ws266\">of </span></span>the cash flow hedges a<span class=\"_ _0\"></span>t the participations of DEME an<span class=\"_ _0\"></span>d Green Offshore in the Re<span class=\"_ _3\"></span>ntel<span class=\"_ _3\"></span> an<span class=\"_ _3\"></span>d Sea<span class=\"_ _3\"></span>Made<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ls25 ws207\">o<span class=\"_ _0\"></span>ffsho<span class=\"_ _0\"></span>re wind<span class=\"_ _9f\"></span> farms, h<span class=\"_ _0\"></span>aving th<span class=\"_ _0\"></span>e gre<span class=\"_ _0\"></span>atest <span class=\"_ _0\"></span>impact<span class=\"_ _0\"></span> (25.4<span class=\"_ _0\"></span> millio<span class=\"_ _0\"></span>n </span></span>euros re<span class=\"_ _0\"></span>spect<span class=\"_ _0\"></span>ively 22.1<span class=\"_ _0\"></span> millio<span class=\"_ _0\"></span>n euros)<span class=\"_ _0\"></span>. Other mov<span class=\"_ _0\"></span>emen<span class=\"_ _0\"></span>ts in the equi<span class=\"_ _0\"></span>ty of the partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s include<span class=\"_ _0\"></span> a.o. <span class=\"_ _0\"></span>the eli<span class=\"_ _0\"></span>minatio<span class=\"_ _9f\"></span>ns of re<span class=\"_ _0\"></span>sults<span class=\"_ _0\"></span> on sal<span class=\"_ _0\"></span>es of <span class=\"ls33 ws23a\">treasury s<span class=\"_ _3\"></span>hares<span class=\"_ _3\"></span>, </span>the impact of the buy<span class=\"ws1\">-<span class=\"ls40 ws285\">out of min<span class=\"ls25 ws1ec\">ori<span class=\"_ _0\"></span>ty<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">interes<span class=\"_ _0\"></span>ts, and th<span class=\"_ _9f\"></span>e impact of th<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>suremen<span class=\"_ _0\"></span>t </span></span></span></span></span>of the purchase obliga<span class=\"_ _0\"></span>tion resting on<span class=\"ws1\"> <span class=\"ls33 ws204\">certai<span class=\"_ _3\"></span>n shares<span class=\"_ _3\"></span>.</span> </span>Direct<span class=\"_ _3\"></span>ly held <span class=\"_ _3\"></span>partic<span class=\"_ _3\"></span>ipatio<span class=\"_ _3\"></span>ns acco<span class=\"_ _3\"></span>unte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the <span class=\"_ _3\"></span>equity m<span class=\"_ _3\"></span>etho<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>AvH ap<span class=\"_ _0\"></span>plies th<span class=\"_ _9f\"></span>e equity m<span class=\"_ _0\"></span>ethod to <span class=\"_ _0\"></span>the jo<span class=\"_ _0\"></span>intly <span class=\"_ _0\"></span>contro<span class=\"_ _0\"></span>lled sub<span class=\"_ _9f\"></span>sidiaries D<span class=\"_ _9f\"></span>elen Priva<span class=\"_ _0\"></span>te B<span class=\"ls24 ws2d6\">ank (78.75%), SIPEF (3<span class=\"ws1da\">6.8<span class=\"ls30 ws278\">%), V<span class=\"_ _0\"></span>erdan<span class=\"_ _0\"></span>t Biosc<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e (42<span class=\"_ _0\"></span>%), Amst<span class=\"_ _0\"></span>eldij<span class=\"_ _0\"></span>k Behe<span class=\"_ _0\"></span>er </span></span></span>(50%), Turbo\u2019s Hoet Groep (50%) and Telemond (50%<span class=\"ls25 ws204\">, rec<span class=\"_ _0\"></span>lassed to<span class=\"_ _0\"></span> \u2018Ass<span class=\"_ _0\"></span>ets held<span class=\"_ _9f\"></span> </span>for sa<span class=\"_ _0\"></span>le\u2019<span class=\"ls33\">). Th<span class=\"_ _3\"></span>is bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>item<span class=\"_ _3\"></span> also <span class=\"_ _3\"></span>compris<span class=\"_ _3\"></span>es th<span class=\"_ _3\"></span>e ass<span class=\"_ _3\"></span>ociate<span class=\"_ _3\"></span>d inte<span class=\"_ _3\"></span>rests<span class=\"_ _3\"></span> in Sa<span class=\"_ _3\"></span>gar </span>Cements (<span class=\"ls24 ws1da\">19.6<span class=\"ls31 ws1\">%),<span class=\"_ _3\"></span> Axe <span class=\"ls33 ws1eb\">I<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nts (48.<span class=\"_ _3\"></span>3%), Fin<span class=\"_ _3\"></span>anci\u00e8re<span class=\"_ _3\"></span> EMG (22.</span><span class=\"ls1\">7</span></span></span><span class=\"ls34\">%<span class=\"_ _3\"></span>), M<span class=\"_ _3\"></span>edi<span class=\"_ _3\"></span>ahui<span class=\"_ _3\"></span>s </span>(13.<span class=\"ls1 ws1\">9<span class=\"ls25 ws208\">%), OM P<span class=\"_ _0\"></span>artner<span class=\"_ _0\"></span>s (20%)<span class=\"_ _0\"></span> and Van Mo<span class=\"_ _9f\"></span>er Logistic<span class=\"_ _0\"></span>s (21.<span class=\"_ _0\"></span>7%). For a<span class=\"_ _0\"></span> more de<span class=\"_ _0\"></span>tailed<span class=\"_ _0\"></span> </span></span>description of the change<span class=\"_ _0\"></span>s in the scope, see Note 6. S<span class=\"_ _0\"></span>egment information. <span class=\"ws1\"> </span>Some of the group companies mention<span class=\"_ _0\"></span>ed above are<span class=\"ws1\"> <span class=\"ls25 ws204\">list<span class=\"_ _0\"></span>ed on the sto<span class=\"_ _9f\"></span>ck market. I<span class=\"_ _0\"></span>f </span></span>the in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span>s in <span class=\"_ _0\"></span>SIPEF and<span class=\"_ _9f\"></span> Sagar C<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> were<span class=\"_ _0\"></span> to b<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>ed at th<span class=\"_ _9f\"></span>e market p<span class=\"_ _0\"></span>rice a<span class=\"_ _0\"></span>t ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ls24 ws2dd\">end 202</span>2 <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">those <span class=\"_ _0\"></span>compa<span class=\"_ _0\"></span>nies wou<span class=\"_ _0\"></span>ld repr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>t stock m<span class=\"_ _0\"></span>arket va<span class=\"_ _0\"></span>lues of<span class=\"_ _0\"></span> 2<span class=\"ls24 ws1da\">29.4<span class=\"ls1 ws1\"> </span></span></span></span>million eu<span class=\"_ _9f\"></span>ros and <span class=\"ls24 ws1da\">67.8<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws204\">mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s respec<span class=\"_ _0\"></span>tively.<span class=\"_ _0\"></span> If the sto<span class=\"_ _0\"></span>ck mar<span class=\"ls39 ws25c\">ket value a<span class=\"_ _3\"></span>t the </span></span></span></span>end of the year was lower than the consolidated equity method value, oth<span class=\"_ _0\"></span>er eleme<span class=\"_ _0\"></span>nts we<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>sidered<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ssment<span class=\"_ _0\"></span> as to<span class=\"_ _0\"></span> wheth<span class=\"_ _0\"></span>er an i<span class=\"_ _0\"></span>mpair<span class=\"_ _0\"></span>ment w<span class=\"_ _0\"></span>as neces<span class=\"_ _0\"></span>sary. <span class=\"_ _0\"></span>This was n<span class=\"_ _0\"></span>ot the <span class=\"_ _0\"></span>case a<span class=\"_ _0\"></span>t the en<span class=\"_ _0\"></span>d of 20<span class=\"_ _0\"></span>2<span class=\"ls1 ws1\">2. </span>Indirec<span class=\"_ _3\"></span>tly hel<span class=\"_ _3\"></span>d parti<span class=\"_ _3\"></span>cipatio<span class=\"_ _3\"></span>ns acc<span class=\"_ _3\"></span>ounted fo<span class=\"_ _3\"></span>r usin<span class=\"_ _3\"></span>g the equi<span class=\"_ _3\"></span>ty metho<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>The full consolidation of CFE, DEME, Rent<span class=\"ls1 ws1\">-A-<span class=\"ls31 ws206\">Port<span class=\"_ _3\"></span></span></span><span class=\"ws218\">, <span class=\"_ _3\"></span><span class=\"ls1 ws1f7\">Green Offshore and <span class=\"_ _0\"></span>Nextensa </span></span>gives ri<span class=\"_ _0\"></span>se to th<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span> of their jo<span class=\"_ _0\"></span>intly c<span class=\"_ _0\"></span>ontroll<span class=\"_ _0\"></span>ed subs<span class=\"_ _0\"></span>idiari<span class=\"_ _0\"></span>es and a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>ted partic<span class=\"_ _0\"></span>ipating i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>ts for a tot<span class=\"_ _0\"></span>al amoun<span class=\"_ _0\"></span>t of 41<span class=\"_ _0\"></span>5,3 million<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">euros, th<span class=\"_ _9f\"></span>e main inte<span class=\"_ _0\"></span>rests<span class=\"_ _0\"></span> </span></span>being those of DEM<span class=\"_ _0\"></span>E in C<span class=\"ws1\">-<span class=\"ls46 ws2e1\">Power (6.5%),<span class=\"_ _3\"></span> of DEME/Green O<span class=\"_ _3\"></span>ffshore in Rentel </span></span>(18.9% and 12.5% res<span class=\"_ _3\"></span>pectively) and in SeaMade (13.2% and 8.75% respectively<span class=\"_ _3\"></span>), of DEME <span class=\"_ _0\"></span>in CDWE <span class=\"_ _0\"></span>Taiwan, D<span class=\"_ _0\"></span>eeproc<span class=\"_ _0\"></span>k and GEM/E<span class=\"_ _0\"></span>MW, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _0\"></span>e real est<span class=\"_ _0\"></span>ate and PPP projects set up by CF<span class=\"_ _0\"></span>E and Nextensa together with pa<span class=\"_ _0\"></span>rtners and port<span class=\"ws1\">-</span>relat<span class=\"_ _0\"></span>ed partne<span class=\"_ _0\"></span>rships at R<span class=\"_ _0\"></span>ent<span class=\"ls1 ws1\">-A-<span class=\"ls33 ws1f0\">Port.</span> </span>Note 12:<span class=\"ff3c\"> </span><span class=\"ls3a ws20c\">Financ<span class=\"_ _3\"></span>ial risk m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt and financ<span class=\"_ _3\"></span>ial der<span class=\"_ _3\"></span>ivatives<span class=\"_ _3\"></span></span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls50 wscc\">Credit ri<span class=\"_ _0\"></span>sk<span class=\"ls1 ws1\"> </span></span>Both <span class=\"_ _7\"> </span><span class=\"ff3b ls34 ws1ea\">CFE<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span>and <span class=\"_ _7\"> </span><span class=\"ff3b ls33 ws1f0\">DEME<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">hav<span class=\"_ _0\"></span>e set up pro<span class=\"_ _0\"></span>cedur<span class=\"_ _0\"></span>es to lim<span class=\"_ _0\"></span>it the r<span class=\"_ _0\"></span>isk of the<span class=\"_ _0\"></span>ir trad<span class=\"_ _0\"></span>e </span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _0\"></span> To li<span class=\"_ _0\"></span>mit the<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t risk,<span class=\"_ _0\"></span> both<span class=\"_ _0\"></span> particip<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s cons<span class=\"_ _0\"></span>tantly<span class=\"_ _0\"></span> monito<span class=\"_ _0\"></span>r the<span class=\"_ _0\"></span>ir outstan<span class=\"_ _0\"></span>ding t<span class=\"_ _0\"></span>rade r<span class=\"_ _0\"></span>eceivab<span class=\"_ _0\"></span>les and<span class=\"_ _0\"></span> adju<span class=\"_ _0\"></span>st thei<span class=\"_ _0\"></span>r positi<span class=\"_ _0\"></span>ons if<span class=\"_ _0\"></span> necessa<span class=\"_ _0\"></span>ry. Fo<span class=\"_ _0\"></span>r th<span class=\"ls39 ws204\">e </span>purpos<span class=\"_ _0\"></span>es of m<span class=\"_ _9f\"></span>ajor forei<span class=\"_ _0\"></span>gn co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, for <span class=\"_ _0\"></span>insta<span class=\"_ _0\"></span>nce, DE<span class=\"_ _0\"></span>ME r<span class=\"_ _0\"></span>egular<span class=\"_ _0\"></span>ly uses<span class=\"_ _0\"></span> the se<span class=\"_ _0\"></span>rvice<span class=\"_ _0\"></span>s of the C<span class=\"_ _0\"></span>redendo<span class=\"_ _9f\"></span> Group in<span class=\"_ _0\"></span>sofar a<span class=\"_ _0\"></span>s the co<span class=\"_ _0\"></span>untry co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>ed qua<span class=\"_ _0\"></span>lifies f<span class=\"_ _0\"></span>or this <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>ce and the risk can be covered by credit <span class=\"_ _0\"></span>insurance. A large part of the consolidate<span class=\"_ _0\"></span>d turnov<span class=\"ws1ef\">er is realized <span class=\"_ _0\"></span>through public or s<span class=\"_ _0\"></span>emi<span class=\"ws1\">-<span class=\"ls40 ws275\">public sector customers. The l<span class=\"_ _0\"></span>evel of </span></span></span>count<span class=\"_ _0\"></span>erparty<span class=\"_ _0\"></span> risk<span class=\"_ _0\"></span> is lim<span class=\"_ _0\"></span>ited b<span class=\"_ _0\"></span>y the <span class=\"_ _0\"></span>large<span class=\"_ _0\"></span> number<span class=\"_ _0\"></span> of cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>rs. For<span class=\"_ _0\"></span> larg<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-<span class=\"ls4b ws28a\">scale </span></span>infra<span class=\"_ _0\"></span>structu<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>tracts,<span class=\"_ _0\"></span> DEME i<span class=\"_ _0\"></span>s depen<span class=\"_ _0\"></span>dent on th<span class=\"_ _9f\"></span>e ability of<span class=\"_ _0\"></span> custo<span class=\"_ _0\"></span>mers to o<span class=\"_ _0\"></span>btain<span class=\"_ _9f\"></span> financing and can, if n<span class=\"_ _0\"></span>ecessary, help to o<span class=\"_ _0\"></span>rganize project financing. Al<span class=\"_ _0\"></span>though the credit <span class=\"_ _0\"></span>risk can<span class=\"_ _0\"></span>not be ru<span class=\"_ _0\"></span>led ou<span class=\"_ _0\"></span>t altog<span class=\"_ _0\"></span>ether, i<span class=\"_ _0\"></span>t is still <span class=\"_ _0\"></span>limited<span class=\"_ _0\"></span>. Moreov<span class=\"_ _0\"></span>er, as <span class=\"_ _0\"></span>a worldw<span class=\"_ _0\"></span>ide playe<span class=\"_ _0\"></span>r, DEME i<span class=\"_ _0\"></span>s expose<span class=\"_ _0\"></span>d to po<span class=\"_ _0\"></span>litical ri<span class=\"_ _0\"></span>sks and neg<span class=\"_ _9f\"></span>ative develo<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span>s that may man<span class=\"_ _9f\"></span>ifest thems<span class=\"_ _0\"></span>elves at th<span class=\"ls30 ws1e9\">e ma<span class=\"_ _0\"></span>croec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic level. <span class=\"ls1 ws1\"> </span></span>The cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk of <span class=\"ff3b ls58 ws2e3\">Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span></span></span><span class=\"ls35 ws1ec\">, p<span class=\"_ _0\"></span>rimari<span class=\"_ _0\"></span>ly activ<span class=\"_ _0\"></span>e in Vi<span class=\"_ _0\"></span>etnam, <span class=\"_ _0\"></span>is limi<span class=\"_ _0\"></span>ted by a<span class=\"_ _0\"></span>dvanc<span class=\"_ _0\"></span>es </span>received on the sale of acquired r<span class=\"_ _0\"></span>ights over developed sites (indust<span class=\"_ _0\"></span>rial zones) and by the monthly invoicing and th<span class=\"_ _0\"></span>e wide spread of customers when prov<span class=\"_ _0\"></span>iding utilities, mainten<span class=\"_ _9f\"></span>ance and m<span class=\"_ _0\"></span>anage<span class=\"_ _0\"></span>ment se<span class=\"_ _0\"></span>rvices <span class=\"_ _0\"></span>in thos<span class=\"_ _0\"></span>e indus<span class=\"_ _0\"></span>trial <span class=\"_ _0\"></span>zones.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>For the cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk regard<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e loan por<span class=\"_ _0\"></span>tfolio o<span class=\"_ _0\"></span>f <span class=\"ff3b ls3f ws26c\">Bank V<span class=\"_ _0\"></span>an Bred<span class=\"_ _0\"></span>a<span class=\"ff3a ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws207\">we refer to t<span class=\"_ _0\"></span>he </span></span></span>credit ri<span class=\"_ _0\"></span>sk policy a<span class=\"_ _0\"></span>s <span class=\"ls1 ws1ed\">described in <span class=\"_ _3\"></span><span class=\"ws1\">N<span class=\"ls31 ws1ea\">ote<span class=\"_ _3\"></span> 1</span>4.</span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws1eb\">aim<span class=\"_ _9f\"></span>s at a good sp<span class=\"_ _0\"></span>read both<span class=\"_ _0\"></span> in term<span class=\"_ _0\"></span>s of the n<span class=\"_ _0\"></span>umber of<span class=\"_ _0\"></span> tenan<span class=\"_ _0\"></span>ts and th<span class=\"_ _0\"></span>e </span></span>sector<span class=\"_ _0\"></span>s in whi<span class=\"_ _0\"></span>ch thes<span class=\"_ _0\"></span>e tenan<span class=\"_ _0\"></span>ts are act<span class=\"_ _0\"></span>ive in ord<span class=\"_ _0\"></span>er to lim<span class=\"_ _0\"></span>it the ri<span class=\"_ _0\"></span>sk of bad d<span class=\"_ _0\"></span>ebts an<span class=\"_ _0\"></span>d bankruptcies by te<span class=\"_ _0\"></span>nants. Furthermore, <span class=\"_ _0\"></span>the solvency of the tenan<span class=\"_ _0\"></span>ts is screened on <span class=\"_ _0\"></span>a regula<span class=\"_ _0\"></span>r basi<span class=\"_ _0\"></span>s by <span class=\"ls1 ws1ef\">an ex<span class=\"_ _0\"></span>ternal rating agenc<span class=\"_ _0\"></span>y, and long<span class=\"ws1\">-<span class=\"ls30 ws2c0\">term<span class=\"_ _0\"></span> lea<span class=\"_ _0\"></span>se agr<span class=\"_ _0\"></span>eement<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e </span></span></span>sought<span class=\"_ _0\"></span> to <span class=\"_ _0\"></span>ensure a<span class=\"_ _0\"></span> recu<span class=\"_ _0\"></span>rrent r<span class=\"_ _0\"></span>ental<span class=\"_ _0\"></span> incom<span class=\"_ _0\"></span>e flow<span class=\"_ _0\"></span> and in<span class=\"_ _9f\"></span>crease th<span class=\"_ _0\"></span>e dura<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e agreem<span class=\"_ _0\"></span>ents.<span class=\"_ _0\"></span> In the re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e devel<span class=\"_ _0\"></span>opmen<span class=\"_ _0\"></span>t activ<span class=\"_ _0\"></span>ity an ex<span class=\"_ _0\"></span>tensiv<span class=\"_ _9f\"></span>e analysis<span class=\"_ _0\"></span> of the related technical, legal and financial ri<span class=\"_ _0\"></span>sks is made, prior to t<span class=\"_ _3\"></span>he s<span class=\"_ _0\"></span>igning of a new projec<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Agidens<span class=\"ff3a\"> <span class=\"_ _9\"> </span><span class=\"ls25 ws1ff\">mana<span class=\"_ _0\"></span>ges it<span class=\"_ _0\"></span>s debto<span class=\"_ _0\"></span>r risk i<span class=\"_ _0\"></span>n acco<span class=\"_ _0\"></span>rdanc<span class=\"_ _0\"></span>e with <span class=\"_ _0\"></span>the rel<span class=\"_ _0\"></span>evant po<span class=\"_ _9f\"></span>licy, </span></span>procedures and checks that have been set out by the group. Outstanding<span class=\"_ _0\"></span> receivables are periodi<span class=\"_ _0\"></span>cally monitored, and l<span class=\"_ _0\"></span>a<span class=\"ls34 ws1ea\">r<span class=\"_ _3\"></span>ge</span><span class=\"ws1\">-<span class=\"ls25 ws249\">scale pro<span class=\"_ _0\"></span>jects ar<span class=\"_ _0\"></span>e genera<span class=\"_ _0\"></span>lly </span></span>cover<span class=\"_ _0\"></span>ed by bank or oth<span class=\"_ _0\"></span>er similar gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ees. The sa<span class=\"_ _0\"></span>me applie<span class=\"_ _0\"></span>s to <span class=\"ff3b ls49 ws2bd\">Bio<span class=\"_ _3\"></span>lectric</span><span class=\"ls1 ws1\">. </span>In<span class=\"_ _3\"></span> the <span class=\"ff3b ls25 ws2e4\">AvH &amp; G<span class=\"_ _0\"></span>rowth Capi<span class=\"_ _9f\"></span>tal<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws1f3\">segme<span class=\"_ _0\"></span>nt the group invest<span class=\"_ _0\"></span>s for the long t<span class=\"_ _0\"></span>erm in </span></span></span>companies with int<span class=\"_ _0\"></span>ernational growth pot<span class=\"_ _0\"></span>ential. Th<span class=\"ls33 ws1f9\">e diver<span class=\"_ _3\"></span>sified<span class=\"_ _3\"></span> characte<span class=\"_ _3\"></span>r of the<span class=\"_ _3\"></span>se </span>investments contribu<span class=\"_ _0\"></span>tes to a balanced spread of the econom<span class=\"_ _0\"></span>ic and financial risks.<span class=\"_ _0\"></span> Furthermore, AvH usu<span class=\"_ _0\"></span>ally finances these investm<span class=\"_ _0\"></span>ents with shareholders\u2019 equi<span class=\"_ _0\"></span>ty.(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>134,544<span class=\"ls1 ws1\"> </span>2,050<span class=\"ls1 ws1\"> </span>13,255<span class=\"ls1 ws1\"> </span>0 27,813<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,976</span> 158,687<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>85,009<span class=\"ls1 ws1\"> </span>3,716<span class=\"ls1 ws1\"> </span>51,312<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>6,970<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 146,332<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>570,349<span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>39,665<span class=\"ls1 ws1\"> </span>0 19,810<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> 628,710<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>662,973<span class=\"ls1 ws1\"> </span>5,822<span class=\"ls1 ws1\"> </span>100,964<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>51,712<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,895</span> 800,652<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>29,707<span class=\"ls1 ws1\"> </span>0 657<span class=\"ls1 ws1\"> </span>0 2,121<span class=\"ls1 ws1\"> </span>0 32,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>19,093<span class=\"ls1 ws1\"> </span>0 1,838<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>0 21,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>17,968<span class=\"ls1 ws1\"> </span>0 674<span class=\"ls1 ws1\"> </span>0 304<span class=\"ls1 ws1\"> </span>0 18,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>60,162<span class=\"ls1 ws1\"> </span>0 100<span class=\"ls1 ws1\"> </span>0 207<span class=\"ls1 ws1\"> </span>0 60,469<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">4,724</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">15,709</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">117</span> 0 -<span class=\"ls29 ws1e1\">43</span> 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,140</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,042</span> 0 -<span class=\"ls29 ws1e1\">1,905</span> 0 -<span class=\"ls29 ws1e1\">94</span> 0 -<span class=\"ls29 ws1e1\">43,041</span> -<span class=\"ls27 ws1df\">45,883</span> 0 -<span class=\"ls27 ws1df\">1,948</span> 0 -<span class=\"ls27 ws1df\">13,059</span> 0 -<span class=\"ls27 ws1df\">60,890</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets -<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> <span class=\"_ _1b7\"> </span><span class=\"fc22 ls29 ws1e1\">170,404</span><span class=\"fc22\"> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,579</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,910</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">43,821</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">34,840</span> </span>189,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>56,026<span class=\"ls1 ws1\"> </span>11,231<span class=\"ls1 ws1\"> </span>52,849<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>7,698<span class=\"ls1 ws1\"> </span>0 127,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>683,217<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>15,371<span class=\"ls1 ws1\"> </span>0 21,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 719,214<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>721,903<span class=\"ls1 ws1\"> </span>13,858<span class=\"ls1 ws1\"> </span>73,268<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>68,541<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,102</span> 841,536<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>48,354<span class=\"ls1 ws1\"> </span>0 650<span class=\"ls1 ws1\"> </span>0 3,017<span class=\"ls1 ws1\"> </span>0 52,021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>51,388<span class=\"ls1 ws1\"> </span>0 405<span class=\"ls1 ws1\"> </span>0 497<span class=\"ls1 ws1\"> </span>0 52,290<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>40,792<span class=\"ls1 ws1\"> </span>0 1,457<span class=\"ls1 ws1\"> </span>0 438<span class=\"ls1 ws1\"> </span>0 42,688<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>47,210<span class=\"ls1 ws1\"> </span>0 350<span class=\"ls1 ws1\"> </span>0 866<span class=\"ls1 ws1\"> </span>0 48,425<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">5,229</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">16,213</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">212</span> 0 0 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,192</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,203</span> 0 -<span class=\"ls29 ws1e1\">821</span> 0 -<span class=\"ls29 ws1e1\">50</span> 0 -<span class=\"ls29 ws1e1\">37,074</span> -<span class=\"ls27 ws1df\">41,644</span> 0 -<span class=\"ls27 ws1df\">821</span> 0 -<span class=\"ls27 ws1df\">13,016</span> 0 -<span class=\"ls27 ws1df\">55,480</span> Marin<span class=\"_ _0\"></span>e Engin<span class=\"_ _0\"></span>eering<span class=\"_ _0\"></span> &amp; Contr<span class=\"_ _0\"></span>acting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">Financial fixed assets: receivables and warrantie<span class=\"_ _0\"></span>s: loans granted to participating </span></span>interests include a.o. financing granted b<span class=\"_ _0\"></span>y DEME and Green Offshore to their respe<span class=\"_ _0\"></span>ctive pa<span class=\"_ _0\"></span>rticip<span class=\"_ _0\"></span>ating int<span class=\"_ _0\"></span>erest<span class=\"_ _0\"></span>s active i<span class=\"_ _0\"></span>n the dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _0\"></span>t/ope<span class=\"_ _0\"></span>ration of<span class=\"_ _0\"></span> the Re<span class=\"_ _3\"></span>ntel<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> SeaM<span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ws1f6\">wind f<span class=\"_ _0\"></span>arms, and <span class=\"ls25 ws1eb\">by CF<span class=\"_ _0\"></span>E to rea<span class=\"_ _0\"></span>l estat<span class=\"_ _0\"></span>e proj<span class=\"_ _0\"></span>ect comp<span class=\"_ _0\"></span>anies. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Trade receivables in this segm<span class=\"_ _0\"></span>ent account for 9<span class=\"ws1\">5<span class=\"ls25 ws1eb\">% of<span class=\"_ _0\"></span> total<span class=\"_ _0\"></span> trade r<span class=\"_ _0\"></span>eceiva<span class=\"_ _0\"></span>bles. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>Overdue receivables in contracting main<span class=\"_ _0\"></span>ly relate to settlements and additional ch<span class=\"_ _3\"></span>arge<span class=\"_ _3\"></span>s, b<span class=\"_ _3\"></span>ut whi<span class=\"_ _3\"></span>ch st<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span> have t<span class=\"_ _3\"></span>o be <span class=\"ls1 ws1f6\">included in the budge<span class=\"_ _0\"></span>ts or are to b<span class=\"_ _0\"></span>e covered b<span class=\"_ _0\"></span>y </span>an overall agre<span class=\"_ _0\"></span>ement. CFE and DEME <span class=\"_ _0\"></span>have a number of n<span class=\"_ _0\"></span>egotiations and/or procedures pending.<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">Overdue re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les (mo<span class=\"_ _0\"></span>stly attr<span class=\"_ _0\"></span>ibutab<span class=\"_ _0\"></span>le to DE<span class=\"_ _0\"></span>ME) are ma<span class=\"_ _0\"></span>inly<span class=\"_ _0\"></span> </span></span>covered by Credendo<span class=\"ls40 ws218\">. <span class=\"_ _24\"></span></span>Expected losses on construction co<span class=\"ls33 ws224\">ntracts ar<span class=\"_ _3\"></span>e adequa<span class=\"_ _3\"></span>tely </span>recorded in the balance s<span class=\"_ _0\"></span>heet item \u2018Construction contrac<span class=\"_ _0\"></span>ts\u2019 (Note 1<span class=\"ws1\">5<span class=\"ls46 ws266\">). </span> </span>The turnover of<span class=\"_ _0\"></span> Rent<span class=\"ws1\">-A-<span class=\"ls25 ws215\">Port,<span class=\"_ _0\"></span> prima<span class=\"_ _0\"></span>rily activ<span class=\"_ _0\"></span>e in Vietn<span class=\"_ _0\"></span>am, deriv<span class=\"_ _9f\"></span>es <span class=\"_ _3\"></span>fro<span class=\"_ _0\"></span>m (i) the sa<span class=\"_ _0\"></span>le </span></span>of acqu<span class=\"_ _0\"></span>ired rig<span class=\"_ _0\"></span>hts ov<span class=\"_ _0\"></span>er dev<span class=\"_ _0\"></span>eloped <span class=\"_ _0\"></span>sites <span class=\"_ _0\"></span>(indus<span class=\"_ _0\"></span>trial zo<span class=\"_ _0\"></span>nes), (<span class=\"_ _0\"></span>ii) the p<span class=\"_ _9f\"></span>rovisio<span class=\"ls4a ws2e1\">n of </span>utilities (electricity and wa<span class=\"_ _0\"></span>ter) and (iii) of maintenance and <span class=\"_ _0\"></span>management service<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se indu<span class=\"_ _0\"></span>strial zo<span class=\"_ _0\"></span>nes: <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fa\">The comp<span class=\"_ _0\"></span>ensatio<span class=\"_ _0\"></span>n for the sale of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d rights ov<span class=\"_ _0\"></span>er develop<span class=\"_ _0\"></span>ed site<span class=\"_ _0\"></span>s, usually<span class=\"_ _0\"></span> </span></span>varying from 40 to 50 years, is largely paid in advance (80% <span class=\"_ _0\"></span>to 100%) by the custo<span class=\"_ _0\"></span>mers of<span class=\"_ _0\"></span> the Ren<span class=\"_ _9f\"></span>t<span class=\"ls1 ws1\">-<span class=\"_ _3\"></span>A-</span>Po<span class=\"_ _0\"></span>rt grou<span class=\"_ _9f\"></span>p. Once the<span class=\"_ _0\"></span> land i<span class=\"_ _0\"></span>s del<span class=\"_ _0\"></span>ivered<span class=\"_ _0\"></span> to the c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er, the ri<span class=\"_ _0\"></span>sks and <span class=\"_ _0\"></span>reward<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e land u<span class=\"_ _0\"></span>se righ<span class=\"_ _0\"></span>ts are t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">The charges for th<span class=\"_ _0\"></span>e provision of ut<span class=\"_ _0\"></span>ilities, maintenance and m<span class=\"_ _0\"></span>anagement servic<span class=\"_ _0\"></span>es </span></span>are invoiced on a<span class=\"ws1\"> </span>m<span class=\"_ _3\"></span>onth<span class=\"_ _0\"></span>ly basis, and giv<span class=\"_ _0\"></span>en the wide spread of c<span class=\"_ _0\"></span>ustomers, the credit ri<span class=\"_ _0\"></span>sk is <span class=\"_ _3\"></span>fa<span class=\"_ _0\"></span>irly limit<span class=\"_ _0\"></span>ed. <span class=\"ls1 ws1\"> </span>Priv<span class=\"_ _0\"></span>ate Ban<span class=\"_ _9f\"></span>king<span class=\"ls1 ws1\"> </span>We ref<span class=\"_ _0\"></span>er to <span class=\"_ _0\"></span>Note 1<span class=\"ls1 ws1\">4 <span class=\"ls46 ws266\">for </span><span class=\"ws1ed\">more details regarding the credit risk of Bank Va<span class=\"_ _3\"></span>n Breda.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>Real Es<span class=\"_ _9f\"></span>tate &amp; Seni<span class=\"_ _0\"></span>or C<span class=\"_ _0\"></span>are<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws20a\">The othe<span class=\"_ _0\"></span>r receiv<span class=\"_ _0\"></span>ables re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e advan<span class=\"_ _0\"></span>ces that N<span class=\"_ _0\"></span>extensa g<span class=\"_ _9f\"></span>rants to its r<span class=\"_ _0\"></span>eal </span></span>estat<span class=\"_ _0\"></span>e projec<span class=\"_ _0\"></span>t comp<span class=\"_ _0\"></span>anies.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">Refer<span class=\"_ _0\"></span>ring to <span class=\"_ _0\"></span>the abov<span class=\"_ _9f\"></span>e descrip<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the cred<span class=\"_ _0\"></span>it ri<span class=\"_ _0\"></span>sk mana<span class=\"_ _0\"></span>gemen<span class=\"_ _0\"></span>t, under<span class=\"_ _0\"></span> norma<span class=\"_ _9f\"></span>l </span></span>circum<span class=\"_ _0\"></span>stance<span class=\"_ _0\"></span>s the impa<span class=\"_ _0\"></span>irments on tr<span class=\"_ _0\"></span>ade rec<span class=\"_ _0\"></span>eivable<span class=\"_ _0\"></span>s are limit<span class=\"_ _0\"></span>ed at Nexten<span class=\"_ _0\"></span>sa.<span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l and Inter<span class=\"_ _3\"></span>com<span class=\"ws205\">pany elim<span class=\"_ _3\"></span>inations</span><span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">the full consolidation of Agiden<span class=\"_ _0\"></span>s and Biolectric Gr<span class=\"ws1\">oup <span class=\"_ _0\"></span><span class=\"ls25 ws207\">with th<span class=\"_ _0\"></span>eir resp<span class=\"_ _9f\"></span>ective trad<span class=\"_ _9f\"></span>e </span></span></span></span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f2\">financing provided by Av<span class=\"_ _0\"></span>H &amp; subholdings<span class=\"_ _0\"></span> to, among others, G<span class=\"_ _0\"></span>reen Offshore in </span></span>the context of the development of th<span class=\"_ _0\"></span>e Rentel and SeaMade wind farm<span class=\"_ _0\"></span><span class=\"ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f5\">and to </span></span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-</span><span class=\"ws1f5\">Po<span class=\"_ _3\"></span>rt (<span class=\"ls40 ws205\">de<span class=\"_ _3\"></span>velopmen<span class=\"_ _0\"></span>t <span class=\"_ _3\"></span>of port<span class=\"ls1 ws1\">-<span class=\"ls33 ws1eb\">related<span class=\"_ _3\"></span> indust<span class=\"_ _3\"></span>rial <span class=\"_ _3\"></span>zones <span class=\"_ _3\"></span><span class=\"ls35 ws1ec\">in<span class=\"_ _0\"></span> Vietnam)<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> <span class=\"ls34 ws1f5\">h<span class=\"_ _3\"></span>as be<span class=\"_ _3\"></span>en </span></span></span></span></span></span></span>elimin<span class=\"_ _0\"></span>ated in <span class=\"_ _0\"></span>the con<span class=\"_ _0\"></span>solidatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>In 2022, no customer acc<span class=\"_ _0\"></span>ounted for more than 10<span class=\"_ _0\"></span>% of group revenue.<span class=\"ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Liquidity risk<span class=\"_ _3\"></span> and capita<span class=\"_ _3\"></span>l <span class=\"ls26 ws1dc\">manag<span class=\"_ _0\"></span>ement<span class=\"ls1 ws1\"> </span></span></span>The financial debts, aft<span class=\"_ _0\"></span>er intercompany elimination, re<span class=\"_ _0\"></span>late to the following segmen<span class=\"_ _0\"></span>ts:<span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b8\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _1b9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net financial Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net <span class=\"ls2b ws1dd\">fina<span class=\"_ _3\"></span>ncial </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>278,640<span class=\"ls1 ws1\"> </span>1,016,861<span class=\"ls1 ws1\"> </span>601,511<span class=\"ls1 ws1\"> </span>529,567<span class=\"ls1 ws1\"> </span>721,091<span class=\"ls1 ws1\"> </span>524,132<span class=\"ls1 ws1\"> </span>Private Banking (IFRS 16 leases)<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>4,854<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">17,048</span> 2,516<span class=\"ls1 ws1\"> </span>5,673<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,173</span> Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>117,668<span class=\"ls1 ws1\"> </span>634,932<span class=\"ls1 ws1\"> </span>721,493<span class=\"ls1 ws1\"> </span>383,659<span class=\"ls1 ws1\"> </span>700,141<span class=\"ls1 ws1\"> </span>1,010,472<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">642</span> 0 0 -<span class=\"ls29 ws1e1\">576</span> AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>3,735<span class=\"ls1 ws1\"> </span>10,026<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">396,956</span> 46,727<span class=\"ls1 ws1\"> </span>11,970<span class=\"ls1 ws1\"> </span>20,759<span class=\"ls1 ws1\"> </span>Intercompany<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">750</span> -<span class=\"ls29 ws1e1\">18,976</span> -<span class=\"ls29 ws1e1\">19,726</span> Total<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,631,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,419,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>DEME<span class=\"_ _3\"></span><span class=\"ff3a ls1 ws1f5\">\u2019s liquid<span class=\"_ _0\"></span>ity risk is limited by sp<span class=\"_ _0\"></span>reading the financing ov<span class=\"_ _0\"></span>er several banks an<span class=\"_ _0\"></span>d </span>by pref<span class=\"_ _0\"></span>erenc<span class=\"_ _0\"></span>e over th<span class=\"_ _0\"></span>e long te<span class=\"_ _0\"></span>rm. DE<span class=\"_ _0\"></span>ME has ma<span class=\"_ _0\"></span>jor cred<span class=\"_ _0\"></span>it and gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>e line<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> a whole string <span class=\"ls25 ws232\">of int<span class=\"_ _0\"></span>ernat<span class=\"_ _0\"></span>ional ban<span class=\"_ _9f\"></span>ks. Certain<span class=\"_ _0\"></span> ratio<span class=\"_ _0\"></span>s (coven<span class=\"_ _0\"></span>ants) w<span class=\"_ _0\"></span>ere agre<span class=\"_ _0\"></span>ed in<span class=\"_ _0\"></span> </span>the loan ag<span class=\"ls25 ws1eb\">re<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s with <span class=\"_ _0\"></span>the rel<span class=\"_ _0\"></span>evant b<span class=\"_ _0\"></span>anks w<span class=\"_ _0\"></span>hich D<span class=\"_ _0\"></span>EME mu<span class=\"_ _0\"></span>st ob<span class=\"_ _0\"></span>serve. Th<span class=\"_ _9f\"></span>is was<span class=\"_ _0\"></span> </span>the ca<span class=\"_ _0\"></span>se at<span class=\"_ _0\"></span> year en<span class=\"_ _9f\"></span>d 202<span class=\"ls1 ws1\">2<span class=\"ls33 ws1f9\">. In additi<span class=\"_ _3\"></span>on, it ha<span class=\"_ _3\"></span>s a comme<span class=\"_ _3\"></span>rcial pa<span class=\"_ _3\"></span>per prog<span class=\"_ _3\"></span>ramme to </span></span>cover<span class=\"_ _0\"></span> short<span class=\"ls1 ws1\">-<span class=\"ws1f2\">t<span class=\"_ _0\"></span>erm financial needs. D<span class=\"_ _0\"></span>EME predominantly inve<span class=\"_ _0\"></span>sts in equipment with<span class=\"_ _0\"></span> </span></span>a long lif<span class=\"_ _9f\"></span>e which is dep<span class=\"_ _0\"></span>recia<span class=\"_ _0\"></span>ted over s<span class=\"_ _0\"></span>everal y<span class=\"_ _0\"></span>ears. F<span class=\"_ _0\"></span>or that r<span class=\"_ _0\"></span>eason, D<span class=\"_ _0\"></span>EME see<span class=\"_ _0\"></span>ks to schedu<span class=\"_ _0\"></span>le a sub<span class=\"_ _9f\"></span>stantial <span class=\"_ _0\"></span>part of i<span class=\"_ _0\"></span>ts deb<span class=\"_ _0\"></span>t<span class=\"ws1fa\">s over a long te<span class=\"_ _0\"></span>rm. <span class=\"ls33 ws23a\">DEME c<span class=\"_ _3\"></span>onvert<span class=\"_ _3\"></span>ed all its </span></span>long<span class=\"ls1 ws1\">-<span class=\"ws1f2\">term financing <span class=\"_ _0\"></span>into sustainability<span class=\"ws1\">-<span class=\"ls34 ws1f7\">linke<span class=\"_ _3\"></span>d loa<span class=\"_ _3\"></span>ns i<span class=\"_ _3\"></span>n Febr<span class=\"_ _3\"></span>uar<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _3\"></span><span class=\"ls49 ws2bd\">(we <span class=\"_ _3\"></span><span class=\"ls33 ws1f9\">refer to </span></span></span></span></span>the susta<span class=\"_ _0\"></span>inabil<span class=\"_ _0\"></span>ity repo<span class=\"_ _0\"></span>rt p.<span class=\"ls1 ws1\"> <span class=\"ls24 ws1da\">69 </span></span><span class=\"ws1eb\">for mo<span class=\"_ _9f\"></span>re details<span class=\"ls46 ws266\">).<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>CFE<span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls25 ws245\">financ<span class=\"_ _9f\"></span>es its con<span class=\"_ _0\"></span>structio<span class=\"_ _0\"></span>n and r<span class=\"_ _0\"></span>eal esta<span class=\"_ _0\"></span>te dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _9f\"></span>t activitie<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> ban<span class=\"_ _0\"></span>k </span></span>lo<span class=\"_ _3\"></span>ans<span class=\"ls39 ws248\">,<span class=\"_ _3\"></span> medium<span class=\"_ _3\"></span> term notes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls42 ws2e5\">an<span class=\"_ _0\"></span>d comme<span class=\"_ _0\"></span>rcial pape<span class=\"_ _0\"></span>r. <span class=\"ls1 ws1ef\">During the second qua<span class=\"_ _0\"></span>rter of </span></span></span></span>2022, CFE set up new credit lines that <span class=\"_ _0\"></span>incorporate sustainability criter<span class=\"_ _0\"></span>ia. The bond of 30 millio<span class=\"_ _0\"></span>n euros th<span class=\"_ _0\"></span>at matu<span class=\"_ _0\"></span>red at year<span class=\"ls1 ws1\">-<span class=\"ws1f2\">end 2022<span class=\"_ _0\"></span> was repaid by <span class=\"_ _0\"></span>BPI, CFE\u2019s real </span></span>estat<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lopm<span class=\"ls25 ws1db\">en<span class=\"_ _0\"></span>t subsid<span class=\"_ _0\"></span>iary<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span></span>Both DEME and CFE had a substantial cash position (c<span class=\"_ _0\"></span>ash and cash equivalents) at<span class=\"_ _3\"></span> year<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 202</span>2. </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls53 ws23d\">Ren<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span><span class=\"ff3a\"> <span class=\"_ _4\"></span><span class=\"ws233\">group is financed primarily by equity, ban<span class=\"_ _0\"></span>k and s<span class=\"_ _3\"></span>har<span class=\"_ _0\"></span>eholder </span></span></span></span>loans. Infra Asia Investmen<span class=\"_ _0\"></span>t Hong Kong entered into a new roll<span class=\"ws1\">-<span class=\"ls39 ws204\">over <span class=\"ls52 ws237\">fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y fo<span class=\"_ _3\"></span>r a </span></span></span>total amo<span class=\"_ _0\"></span>unt of 3<span class=\"_ _0\"></span>5 million U<span class=\"_ _0\"></span>SD (in <span class=\"_ _0\"></span>additio<span class=\"_ _0\"></span>n to the ex<span class=\"_ _0\"></span>isting 10 m<span class=\"_ _9f\"></span>illion USD),<span class=\"_ _0\"></span> replacing the 29,2 mi<span class=\"_ _0\"></span>llion euros and 1,8 million U<span class=\"_ _0\"></span>SD bond loans which we<span class=\"_ _0\"></span>re redeemed early per 3 May 2022.<span class=\"ls1 ws1\"> </span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ls25 ws208\">Port in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>ed its sta<span class=\"_ _0\"></span>ke in IAI<span class=\"_ _0\"></span> by 3<span class=\"ls54 ws279\">2.6</span>% to 94% in th<span class=\"_ _0\"></span>e first q<span class=\"_ _0\"></span>uarte<span class=\"_ _0\"></span>r of 202<span class=\"_ _0\"></span>2. </span></span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ws1f8\">Port paid for this tr<span class=\"_ _3\"></span>ansact<span class=\"_ _0\"></span>ion at t<span class=\"_ _3\"></span>he beginning of July 2022 thanks to </span></span>additional shareholder lo<span class=\"_ _0\"></span>ans from AvH and CFE.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>s <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">the ne<span class=\"_ _0\"></span>cessary<span class=\"_ _0\"></span> long<span class=\"ls1 ws1\">-<span class=\"ws220\">ter<span class=\"_ _0\"></span>m credit facilities and backup lines for its </span></span></span></span>commercial paper to cove<span class=\"ls25 ws27e\">r prese<span class=\"_ _0\"></span>nt and<span class=\"_ _0\"></span> future in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent need<span class=\"_ _0\"></span>s. Thos<span class=\"_ _0\"></span>e credi<span class=\"_ _0\"></span>t </span>facilities and backu<span class=\"_ _0\"></span>p lines serve to hedg<span class=\"_ _0\"></span>e the financing risk. Th<span class=\"_ _0\"></span>e liquidity risk is<span class=\"_ _0\"></span> limited by having the financing sp<span class=\"_ _0\"></span>read over several financial counterpar<span class=\"_ _0\"></span>ties and by tapping various sources of funding,<span class=\"ws1\"> <span class=\"ls35 ws1f0\">as we<span class=\"_ _0\"></span>ll as by dive<span class=\"_ _0\"></span>rsifying th<span class=\"_ _9f\"></span>e e<span class=\"_ _3\"></span>xp<span class=\"_ _0\"></span>iration<span class=\"_ _0\"></span> dates<span class=\"_ _0\"></span> </span></span>of <span class=\"ls25 ws1eb\">the cre<span class=\"_ _0\"></span>dit faci<span class=\"_ _0\"></span>lities.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span></span>On Nov<span class=\"_ _0\"></span>ember 2<span class=\"_ _0\"></span>0, 201<span class=\"_ _0\"></span>9, N<span class=\"_ _0\"></span>extens<span class=\"_ _0\"></span>a clo<span class=\"_ _0\"></span>sed a p<span class=\"_ _0\"></span>rivat<span class=\"_ _0\"></span>e plac<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>of bon<span class=\"_ _0\"></span>ds with<span class=\"_ _0\"></span> seven<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-</span>year maturity and a fix<span class=\"_ _0\"></span>ed annual coupon of<span class=\"_ _0\"></span> 1.95% for an amount of 100<span class=\"_ _0\"></span> million euros (<span class=\"_ _0\"></span>with a fin<span class=\"_ _9f\"></span>al matu<span class=\"ls24 ws214\">rity on November 28, 2026). Its subsidiary, Extensa Group, </span>had previously closed two pr<span class=\"_ _0\"></span>ivate placements for an amoun<span class=\"_ _0\"></span>t of 45 million euros (fixed<span class=\"_ _0\"></span> interes<span class=\"_ _0\"></span>t rate of 3<span class=\"_ _0\"></span>.00% <span class=\"ls1 ws1ed\">and fully repaid on maturity date <span class=\"ls24 ws21b\">June 29, 2022) and </span></span>of 40 million <span class=\"_ _0\"></span>euros (fixed interest<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ls24 ws218\">rate 3.38% and maturing on Jun<span class=\"_ _0\"></span>e 5, 2024). The </span></span>am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>ts dr<span class=\"_ _3\"></span>awn do<span class=\"_ _3\"></span>wn o<span class=\"_ _3\"></span>n the bi<span class=\"_ _3\"></span>lat<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>l bank<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>ns wer<span class=\"_ _3\"></span>e 4<span class=\"ls24 ws1da\">91.5<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span></span>mill<span class=\"_ _3\"></span>ion e<span class=\"_ _3\"></span>uro<span class=\"_ _3\"></span>s in t<span class=\"_ _3\"></span>he long term and <span class=\"ls24 ws1da\">44.5 <span class=\"ls25 ws1eb\">mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros in<span class=\"_ _0\"></span> the sho<span class=\"_ _0\"></span>rt term a<span class=\"_ _0\"></span>t year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 202</span>2. </span></span></span>The financial debts reported by <span class=\"_ _0\"></span>the AvH &amp; Growth Capital segm<span class=\"ls25 ws236\">en<span class=\"_ _0\"></span>t are <span class=\"ls33 ws1f0\">entirely<span class=\"ls1 ws1\"> </span></span></span>attribu<span class=\"_ _0\"></span>table<span class=\"_ _0\"></span> to <span class=\"ff3b ls1 ws1\">Agidens<span class=\"ff3a\"> <span class=\"_ _3\"></span><span class=\"ls34 ws1ea\">an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span></span></span><span class=\"ls49 ws23c\">Biole<span class=\"_ _3\"></span>ctric Grou<span class=\"_ _3\"></span>p</span></span><span class=\"ls30\">. Th<span class=\"_ _9f\"></span>e debts of<span class=\"_ _0\"></span> Agid<span class=\"_ _0\"></span>ens rel<span class=\"_ _0\"></span>ate t<span class=\"_ _0\"></span>o </span>the financing of the main bu<span class=\"_ _0\"></span>ilding, the leases of ca<span class=\"_ _0\"></span>rs and a straight loan regarding<span class=\"_ _0\"></span> workin<span class=\"_ _0\"></span>g capita<span class=\"_ _0\"></span>l manage<span class=\"_ _0\"></span>ment. Th<span class=\"_ _0\"></span>e financia<span class=\"_ _0\"></span>l debts of<span class=\"_ _0\"></span> Biolect<span class=\"_ _0\"></span>ric relat<span class=\"_ _0\"></span>e to its<span class=\"_ _0\"></span> headquarters, the acquisition loan, i<span class=\"_ _0\"></span>ts working capital and th<span class=\"ls35 ws223\">e bioga<span class=\"_ _0\"></span>s insta<span class=\"_ _0\"></span>llation<span class=\"_ _0\"></span>s </span>that re<span class=\"_ _0\"></span>main in o<span class=\"_ _0\"></span>wnersh<span class=\"_ _0\"></span>ip of Bio<span class=\"_ _0\"></span>lect<span class=\"_ _0\"></span>ric so to<span class=\"_ _0\"></span> operat<span class=\"_ _0\"></span>e them and to<span class=\"_ _0\"></span> sell t<span class=\"_ _0\"></span>he elect<span class=\"_ _0\"></span>ricit<span class=\"_ _0\"></span>y produced to farmers. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>Thanks to the divestments realised in 2022<span class=\"_ _0\"></span> (Manuchar and Anima), the commercial paper programme was fully repaid, and <span class=\"ff3b ls6a ws215\">AvH (an<span class=\"ls1 ws237\">d s<span class=\"_ _0\"></span>ubholdings)<span class=\"ff3a ws1\"> <span class=\"ws1f5\">has a net cash </span></span></span></span>position of 498.7 million euros<span class=\"ls1 ws1\"> <span class=\"_ _7\"> </span><span class=\"ls25 ws1fc\">(see No<span class=\"_ _0\"></span>te <span class=\"ls1 ws21f\">6. Segment informa<span class=\"_ _0\"></span>tion Cash flow </span></span></span>state<span class=\"_ _0\"></span>ment<span class=\"ls1 ws1\"> </span><span class=\"ws1eb\">fo<span class=\"_ _0\"></span>r more d<span class=\"_ _0\"></span>etail<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span></span>AvH disposes of conf<span class=\"_ _0\"></span>irmed credit lines (2<span class=\"_ _0\"></span>80 million euros), spr<span class=\"_ _0\"></span>ead over different banks.  Severa<span class=\"_ _0\"></span>l fully<span class=\"_ _0\"></span> consol<span class=\"_ _0\"></span>idated co<span class=\"_ _0\"></span>mpa<span class=\"ls34 ws1f2\">nies ha<span class=\"_ _3\"></span>ve a<span class=\"_ _3\"></span>gree<span class=\"_ _3\"></span>d on ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain ra<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>s (co<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>nants<span class=\"_ _3\"></span>) in </span>their credit agreem<span class=\"_ _0\"></span>ents and these were respected end on D<span class=\"_ _0\"></span>ecember, 31 202<span class=\"ws1\">2.<span class=\"_ _0\"></span> </span>The evolution of the financial debts and the net financial debt position is furthe<span class=\"_ _0\"></span>r explained in Note 19 Fin<span class=\"_ _0\"></span>a<span class=\"ws1ed\">ncial debts.</span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span>derivativ<span class=\"_ _3\"></span>es for</span> <span class=\"ls2f ws1e\">hed<span class=\"_ _3\"></span>ging the </span>i<span class=\"ls50 wscc\">nterest rate risk</span>, <span class=\"ls2f ws1e\">currency</span> <span class=\"ls3a ws20c\">ris<span class=\"_ _3\"></span>k and comm<span class=\"_ _3\"></span>odity</span> <span class=\"ls3a ws20c\">risk<span class=\"_ _3\"></span></span> Notional am<span class=\"_ _3\"></span>ount Notional am<span class=\"_ _3\"></span>ount (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2022<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>I. Int<span class=\"_ _0\"></span>erest r<span class=\"_ _0\"></span>ate h<span class=\"_ _0\"></span>edges<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>88,251<span class=\"ls1 ws1\"> </span>40,000<span class=\"ls1 ws1\"> </span>568<span class=\"ls1 ws1\"> </span>Cash flow hedges<span class=\"ls1 ws1\"> </span>1,269,235<span class=\"ls1 ws1\"> </span>82,695<span class=\"ls1 ws1\"> </span>0 0 Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>185,000<span class=\"ls1 ws1\"> </span>7,732<span class=\"ls1 ws1\"> </span>140,000<span class=\"ls1 ws1\"> </span>684<span class=\"ls1 ws1\"> </span>Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>178,677<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,252<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liabilities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>25,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">399</span> 745,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">28,687</span> Cash flow hedges<span class=\"ls1 ws1\"> </span>0 0 930,226<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,454</span> Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>15,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23</span> 280,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">5,599</span> Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">422</span> -<span class=\"ls27 ws1df\">54,740</span> II. Cur<span class=\"_ _0\"></span>rency hed<span class=\"_ _0\"></span>ges<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>198,298<span class=\"ls1 ws1\"> </span>2,549<span class=\"ls1 ws1\"> </span>183,934<span class=\"ls1 ws1\"> </span>2,043<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>1,148,935<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">84,188</span> 1,354,132<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">35,295</span> -<span class=\"ls27 ws1df\">81,639</span> -<span class=\"ls27 ws1df\">33,252</span> III.<span class=\"_ _3\"></span> Commodity <span class=\"_ _3\"></span>risks<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>2,044<span class=\"ls1 ws1\"> </span>2,651<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,175</span> -<span class=\"ls29 ws1e1\">314</span> 869<span class=\"ls1 ws1\"> </span>2,337<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Reconc<span class=\"_ _0\"></span>iliat<span class=\"_ _0\"></span>ion wit<span class=\"_ _0\"></span>h conso<span class=\"_ _9f\"></span>lidated<span class=\"_ _0\"></span> balanc<span class=\"_ _0\"></span>e sheet<span class=\"_ _9f\"></span><span class=\"ls1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging instruments</span> </span>158,911<span class=\"ls1 ws1\"> </span>1,816<span class=\"ls1 ws1\"> </span>Current hedging instruments<span class=\"ls1 ws1\"> </span>24,359<span class=\"ls1 ws1\"> </span>4,129<span class=\"ls1 ws1\"> </span>183,270<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging <span class=\"ws1e1\">instruments</span></span> </span>-<span class=\"ls29 ws1e1\">53,892</span> -<span class=\"ls29 ws1e1\">74,034</span> Current hedging instruments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">31,893</span> -<span class=\"ls29 ws1e1\">16,315</span> -<span class=\"ls27 ws1df\">85,785</span> -<span class=\"ls27 ws1df\">90,348</span> 3.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ws1\">Interest rate risk<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span>The <span class=\"_ _3\"></span><span class=\"ls33 ws23a\">intere<span class=\"_ _3\"></span>st rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span> withi<span class=\"_ _3\"></span>n the <span class=\"ff3b ls45 ws22c\">CFE<span class=\"_ _3\"></span></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">group is manag<span class=\"_ _0\"></span>ed according to the type of </span></span></span>activity. The Contracting activ<span class=\"_ _0\"></span>ities are characterized by an excess of cash which<span class=\"_ _0\"></span> par<span class=\"_ _3\"></span>tially<span class=\"_ _3\"></span> compe<span class=\"_ _3\"></span>nsates<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>real e<span class=\"_ _3\"></span>state<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls6a ws29e\">commitmen<span class=\"_ _0\"></span>ts. Cash manage<span class=\"_ _0\"></span>ment is mainly<span class=\"_ _0\"></span> </span></span>centralized through the cash pooling. <span class=\"ff3b ls53 ws23d\">DEME</span><span class=\"ws1\"> <span class=\"ls33 ws1fa\">e<span class=\"_ _3\"></span>nters i<span class=\"_ _3\"></span>nto</span> <span class=\"_ _3\"></span></span>substantial financing fo<span class=\"_ _0\"></span>r the acq<span class=\"_ _0\"></span>uisitio<span class=\"_ _0\"></span>n of dr<span class=\"_ _0\"></span>edging v<span class=\"_ _0\"></span>essel<span class=\"_ _0\"></span>s. DEME<span class=\"_ _0\"></span> uses int<span class=\"_ _0\"></span>erest ra<span class=\"_ _0\"></span>te swap<span class=\"_ _0\"></span>s to achiev<span class=\"_ _9f\"></span>e the best possible balance b<span class=\"_ _0\"></span>etween financing costs and th<span class=\"_ _0\"></span>e volatility of the financi<span class=\"_ _0\"></span>al resul<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls53 ws23d\">Ren<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span><span class=\"ff3a\"> <span class=\"_ _4\"></span>group <span class=\"_ _24\"></span><span class=\"ws233\">is<span class=\"_ _3\"></span> financ<span class=\"_ _0\"></span>ed primarily by equity, bank and shareholder </span></span></span></span>loans. Infra Asia Investmen<span class=\"_ _0\"></span>t Hong Kong entered into a new roll<span class=\"ws1\">-<span class=\"ls25 ws215\">o<span class=\"_ _0\"></span>ver faci<span class=\"_ _0\"></span>lity f<span class=\"_ _0\"></span>or a </span></span>total a<span class=\"_ _0\"></span>mount o<span class=\"_ _0\"></span>f 35 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD (in <span class=\"_ _0\"></span>additio<span class=\"_ _0\"></span>n to the<span class=\"_ _0\"></span> existing<span class=\"_ _0\"></span> 10 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD). <span class=\"ls54 ws279\">50% </span>of the in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>rate ri<span class=\"_ _0\"></span>sk on th<span class=\"_ _0\"></span>is credit f<span class=\"_ _0\"></span>acil<span class=\"_ _0\"></span>ity is hed<span class=\"_ _0\"></span>ged by a f<span class=\"_ _0\"></span>orward<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws215\">inte<span class=\"_ _0\"></span>rest rat<span class=\"_ _0\"></span>e </span></span>swap.<span class=\"ls1 ws1\"> </span>The hedging policy of <span class=\"ff3b ls34 ws1ea\">Next<span class=\"_ _3\"></span>ensa<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _13\"> </span><span class=\"ls33 ws276\">is t<span class=\"_ _3\"></span>o ring<span class=\"_ _3\"></span>fence th<span class=\"_ _3\"></span>e inte<span class=\"_ _3\"></span>rest rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span>s for </span></span>approx<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>ly 75% of th<span class=\"_ _9f\"></span>e financi<span class=\"_ _0\"></span>al debt fo<span class=\"_ _0\"></span>r a perio<span class=\"_ _0\"></span>d of 4<span class=\"ls1 ws1\">-<span class=\"ls4b ws2e7\">5 year<span class=\"_ _3\"></span>s and </span></span>approximately 50% for the following 5 y<span class=\"_ _0\"></span>ears. The hedge ratio for the investment portfolio <span class=\"_ _24\"></span><span class=\"ls4b ws2e8\">at y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws2dd\">end 2022 is 74%, compared to 67% at year</span>-<span class=\"_ _0\"></span><span class=\"ls24 ws2dd\">end 2021. As of </span></span></span>December 31, 2022, the w<span class=\"_ _0\"></span>eighted residual matur<span class=\"_ _0\"></span>ity of the loan portfolio alloca<span class=\"_ _0\"></span>ted to the <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>ropert<span class=\"_ _0\"></span>y evolv<span class=\"_ _9f\"></span>ed from 2.<span class=\"_ _0\"></span>98 ye<span class=\"_ _0\"></span>ars at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws26c\">end 2021 to 2.85 years </span></span>at year<span class=\"ls1 ws1\">-<span class=\"ls24 ws2ea\">end 2022. The weigh</span><span class=\"ws21a\">ted resid<span class=\"_ _0\"></span>ual maturity of the hedging products<span class=\"_ _0\"></span> </span></span>decr<span class=\"_ _3\"></span>eased fr<span class=\"_ _3\"></span>om 3.98 yea<span class=\"_ _3\"></span>rs (year<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2021) to 3.52 years at year</span>-<span class=\"ls24 ws218\">end 2022</span>. </span>The financial debts of the <span class=\"ff3b ls49 ws2ae\">AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l</span><span class=\"ws1\"> <span class=\"_ _0\"></span>segment <span class=\"ls39 ws204\">entirely <span class=\"ls25 ws207\">con<span class=\"_ _0\"></span>sist of th<span class=\"_ _0\"></span>e </span></span></span>debt entered into by Agidens and Biolectri<span class=\"_ _0\"></span>c regarding of<span class=\"ls25 ws1db\">fices,<span class=\"_ _0\"></span> the car p<span class=\"_ _0\"></span>ark and <span class=\"_ _0\"></span>the </span>funding of working capital. No interest hedging contracts were outstanding at the<span class=\"_ _0\"></span> 202<span class=\"ls1 ws1\">2 <span class=\"ws1f6\">year end.</span> </span>Sens<span class=\"_ _0\"></span>itivi<span class=\"_ _0\"></span>ty anal<span class=\"_ _0\"></span>ysis<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e inter<span class=\"_ _0\"></span>est r<span class=\"_ _0\"></span>ate ris<span class=\"_ _0\"></span>k <span class=\"ls1 ws1\"> </span>If Euribor rises by 50<span class=\"_ _0\"></span> base points thi<span class=\"_ _0\"></span>s will mean an intere<span class=\"_ _0\"></span>st charge increase of <span class=\"ws1\">0<span class=\"ls31 ws206\">.9</span> </span>million euros (CFE<span class=\"ls46 ws266\">), </span><span class=\"ws20b\">ne<span class=\"_ _0\"></span>gligible due to almo<span class=\"_ _0\"></span>st 100% hedge ratio (<span class=\"ls4b ws2af\">DEME)<span class=\"_ _3\"></span>, 0.</span><span class=\"ws1\">9 <span class=\"_ _0\"></span><span class=\"ls35 ws213\">million<span class=\"_ _0\"></span> </span></span></span>euros (Nextensa), 0.1 mil<span class=\"_ _0\"></span>lion euros (Agidens)<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls4b ws28a\">and</span> <span class=\"_ _24\"></span><span class=\"ls35 ws2c2\">0.1 million <span class=\"_ _0\"></span>euros (B<span class=\"_ _0\"></span>iolectr<span class=\"_ _0\"></span>ic)<span class=\"ls31 ws206\">. </span></span></span>AvH (&amp; subholdings)<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws213\">is <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">de<span class=\"_ _3\"></span>bt</span></span>-<span class=\"ls30 ws1eb\">free.</span> <span class=\"_ _3\"></span><span class=\"ls25 ws236\">Howev<span class=\"_ _9f\"></span>er, this do<span class=\"_ _0\"></span>es not ta<span class=\"_ _0\"></span>ke into a<span class=\"_ _0\"></span>ccoun<span class=\"_ _0\"></span>t the </span></span>imp<span class=\"_ _3\"></span>act we<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ls25 ws1eb\">wou<span class=\"_ _0\"></span>ld ob<span class=\"_ _0\"></span>serve on<span class=\"_ _0\"></span> the ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\">. </span></span></span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Wisselkoersrisico<span class=\"ls1 ws1\"> </span></span>Gi<span class=\"_ _3\"></span>ven t<span class=\"_ _3\"></span>he <span class=\"ls33 ws23a\">inte<span class=\"_ _3\"></span>rnati<span class=\"_ _3\"></span>onal cha<span class=\"_ _3\"></span>racter o<span class=\"_ _3\"></span>f its busi<span class=\"_ _3\"></span>ness ope<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span>s and the ex<span class=\"_ _3\"></span>ecutio<span class=\"_ _3\"></span>n of </span>contracts in foreign cu<span class=\"_ _0\"></span>rrency, <span class=\"ff3b ls33 ws1f0\">DEME</span><span class=\"ws1\"> <span class=\"_ _9\"> </span><span class=\"ls33 ws286\">is e<span class=\"_ _3\"></span>xposed to<span class=\"_ _3\"></span> currenc<span class=\"_ _3\"></span>y risks<span class=\"_ _3\"></span>. DEME\u2019s </span></span>transa<span class=\"_ _0\"></span>ctiona<span class=\"_ _0\"></span>l for<span class=\"_ _0\"></span>eign c<span class=\"_ _0\"></span>urrenc<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span> arise<span class=\"_ _0\"></span>s from co<span class=\"_ _9f\"></span>mmercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inated<span class=\"_ _0\"></span> in<span class=\"_ _0\"></span> currenc<span class=\"_ _9f\"></span>ies other <span class=\"_ _0\"></span>than t<span class=\"_ _0\"></span>he eu<span class=\"_ _0\"></span>ro.<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls40 ws218\">How<span class=\"_ _0\"></span>ever, <span class=\"_ _3\"></span><span class=\"ls24 ws1da\">79<span class=\"ls33 ws1f9\">% of DE<span class=\"_ _3\"></span>ME\u2019s reve<span class=\"_ _3\"></span>nues (20<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\">1</span></span></span><span class=\"ws262\">: 6<span class=\"ls1 ws1\">2<span class=\"ls4a ws2a4\">%) </span></span></span></span></span>relat<span class=\"_ _0\"></span>ed to tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _9f\"></span>ns expre<span class=\"_ _0\"></span>ssed in<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d, as <span class=\"_ _0\"></span>such, r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>ted the la<span class=\"_ _0\"></span>rgest<span class=\"_ _0\"></span> portion of DEME\u2019s revenues realised. Turnover in foreign curr<span class=\"_ _0\"></span>ency related to a.o.: US dollar, <span class=\"ls1 ws1f3\">Singapore dollar, Indian rup<span class=\"_ _0\"></span>ee, British pound, Danish krone, <span class=\"_ _0\"></span>Brazilian </span>Rea<span class=\"_ _3\"></span>l a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span><span class=\"ls1\">Urugua<span class=\"_ _0\"></span>yan peso. DEME\u2019s<span class=\"_ _0\"></span> expenses are also<span class=\"_ _0\"></span> predominantly in <span class=\"_ _0\"></span>euro, </span>except f<span class=\"_ _0\"></span>or con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re carr<span class=\"_ _0\"></span>ied out i<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-</span><span class=\"ws208\">euro cou<span class=\"_ _0\"></span>ntries.<span class=\"_ _0\"></span> The residu<span class=\"_ _0\"></span>al foreig<span class=\"_ _0\"></span>n </span>cur<span class=\"_ _3\"></span>rency ri<span class=\"_ _3\"></span>sk is as<span class=\"_ _3\"></span>sessed o<span class=\"_ _3\"></span>n a case<span class=\"ls1 ws1\">-by-<span class=\"ws259\">case basis and, if <span class=\"ls25 ws224\">ne<span class=\"_ _0\"></span>cessary,<span class=\"_ _0\"></span> DEME u<span class=\"_ _9f\"></span>ses </span></span></span>forwa<span class=\"_ _0\"></span>rd<span class=\"ls1 ws1\">-<span class=\"ws20b\">exchange contracts to hedg<span class=\"_ _0\"></span>e its residual foreign currency risk on projected </span></span>net com<span class=\"_ _0\"></span>mercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d in curr<span class=\"_ _0\"></span>encie<span class=\"_ _0\"></span>s other th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e euro.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>In the case of <span class=\"ff3b ls45 ws22c\">CFE</span><span class=\"ls25 ws1eb\">, most o<span class=\"_ _0\"></span>perat<span class=\"_ _0\"></span>ions ta<span class=\"_ _0\"></span>ke plac<span class=\"_ _0\"></span>e within th<span class=\"_ _9f\"></span>e eurozone;<span class=\"_ _0\"></span> neve<span class=\"_ _0\"></span>rthele<span class=\"_ _0\"></span>ss, </span>e<span class=\"ws1f7\">xposure to foreign <span class=\"_ _0\"></span>currency fluctuation<span class=\"_ _0\"></span>s<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws24c\">(mainly Po<span class=\"_ _9f\"></span>lish Zloty)<span class=\"ls1 ws1\"> <span class=\"ls34 ws23c\">i<span class=\"_ _3\"></span>s lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d as m<span class=\"_ _3\"></span>uch </span></span></span></span></span>as possible.<span class=\"ws1\"> </span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a\"> <span class=\"ls25 ws207\">p<span class=\"_ _0\"></span>rimar<span class=\"_ _0\"></span>ily opera<span class=\"_ _0\"></span>tes in Sou<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>ast Asia and<span class=\"_ _0\"></span> is ess<span class=\"_ _0\"></span>entially ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to an </span></span></span>exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sk relat<span class=\"_ _0\"></span>ing to the US do<span class=\"_ _0\"></span>llar and th<span class=\"_ _9f\"></span>e <span class=\"_ _3\"></span>Viet<span class=\"_ _0\"></span>names<span class=\"_ _0\"></span>e dong. Sin<span class=\"_ _0\"></span>ce the<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>subsidiaries of Rent<span class=\"ws1\">-A-<span class=\"ls33 ws236\">Port main<span class=\"_ _3\"></span>ly effec<span class=\"_ _3\"></span>t purchase<span class=\"_ _3\"></span>s and sale<span class=\"_ _3\"></span>s in loca<span class=\"_ _3\"></span>l currenci<span class=\"_ _3\"></span>es, </span></span>the gro<span class=\"_ _0\"></span>up\u2019s<span class=\"_ _0\"></span> exposu<span class=\"_ _9f\"></span>re to exch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span> rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span> in comm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al tran<span class=\"_ _0\"></span>saction<span class=\"_ _9f\"></span>s is limited in a na<span class=\"_ _0\"></span>tural way. The tr<span class=\"_ _0\"></span>anslation of the func<span class=\"_ _0\"></span>tional currency (USD) in<span class=\"_ _0\"></span>to euros<span class=\"_ _0\"></span> upon <span class=\"ls40\">consolidation embodies an exchang<span class=\"_ _0\"></span>e rate risk. <span class=\"ls1\"> </span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">operates in B<span class=\"_ _0\"></span>elgium, Luxembourg a<span class=\"_ _0\"></span>nd Austria, and i<span class=\"_ _0\"></span>s therefore not </span></span>subjec<span class=\"_ _0\"></span>t to exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e risks.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chan<span class=\"_ _0\"></span>ge ra<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>k of <span class=\"ff3b ls53 ws2a8\">Bank Van Breda</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls33 ws1fa\">is lim<span class=\"_ _3\"></span>ited, as<span class=\"_ _3\"></span> the bank o<span class=\"_ _3\"></span>nly operat<span class=\"_ _3\"></span>es </span></span>in Belgium and the nature of<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">its clients is such that it<span class=\"_ _3\"></span> does not hold any <span class=\"_ _0\"></span>significant </span></span>own currency position.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Agidens<span class=\"ff3a ws1f7\">, with i<span class=\"_ _0\"></span>ts worldwide operation<span class=\"_ _0\"></span>s, has a (limit<span class=\"_ _0\"></span>ed) exchange rate <span class=\"_ _0\"></span>exposure </span>to the US dollar and Swiss franc, and hedges its currency risk by using the same currency as much <span class=\"_ _0\"></span>as possible for the inc<span class=\"_ _0\"></span>ome and expenses in que<span class=\"_ _0\"></span>stion (natural<span class=\"_ _0\"></span> hedging). If necessary,<span class=\"_ _0\"></span> a currency swap is conclu<span class=\"_ _0\"></span>ded with approved and <span class=\"_ _0\"></span>reputable count<span class=\"_ _0\"></span>erparti<span class=\"_ _0\"></span>es. <span class=\"_ _3\"></span><span class=\"ff3b ls49 ws2bd\">Biolectr<span class=\"_ _3\"></span>ic</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f2\">has a li<span class=\"_ _3\"></span>mited GBP exposure through its branch in the </span></span>United Kingdom<span class=\"ws1\"> <span class=\"ls25 ws204\">The strateg<span class=\"_ _0\"></span>y of <span class=\"ff3b ls6e ws289\">AvH</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ws215\">to l<span class=\"_ _0\"></span>ook towa<span class=\"_ _0\"></span>rds em<span class=\"_ _0\"></span>erging m<span class=\"_ _0\"></span>arkets <span class=\"_ _0\"></span>resu<span class=\"_ _0\"></span>lted </span></span></span>in investments in Indi<span class=\"_ _0\"></span>an rupees (Sagar Cements, <span class=\"_ _0\"></span>the Healthquad I and II Fund<span class=\"_ _0\"></span>s and Medikabazaar) and in <span class=\"ls53 ws23d\">US<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>Dollar (<span class=\"_ _9f\"></span>the Ventu<span class=\"_ _0\"></span>ri Partn<span class=\"_ _0\"></span>ers Fund <span class=\"_ _0\"></span>I<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws24b\">and Convergent </span></span>Finance<span class=\"ls25 ws1eb\">). Th<span class=\"_ _0\"></span>is risk <span class=\"_ _0\"></span>is not h<span class=\"_ _0\"></span>edged<span class=\"_ _0\"></span> as it con<span class=\"_ _0\"></span>cerns lo<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span><span class=\"ws1db\">t<span class=\"_ _0\"></span>erm invest<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The remaining fully consolidat<span class=\"_ _0\"></span>ed participations are not subject to significant<span class=\"_ _0\"></span> exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sks sinc<span class=\"_ _0\"></span>e they mai<span class=\"_ _0\"></span>nly ope<span class=\"_ _0\"></span>rate in the eu<span class=\"_ _0\"></span>rozon<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>Various non<span class=\"ls1 ws1\">-<span class=\"ws241\">fully consolidated particip<span class=\"_ _0\"></span>ations such as Delen Private Bank, SIPEF and </span></span>Ve<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nt Bi<span class=\"_ _3\"></span>o<span class=\"ls25 ws1fc\">scien<span class=\"_ _0\"></span>ce, as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>Turbo\u2019s <span class=\"_ _0\"></span>Hoet Gro<span class=\"_ _9f\"></span>ep and othe<span class=\"_ _0\"></span>rs, oper<span class=\"_ _0\"></span>ate to <span class=\"_ _0\"></span>a </span>signif<span class=\"_ _0\"></span>icant <span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>t outsi<span class=\"_ _0\"></span>de the <span class=\"_ _0\"></span>eurozo<span class=\"_ _0\"></span>ne. Th<span class=\"_ _0\"></span>is may g<span class=\"_ _9f\"></span>ive rise t<span class=\"_ _0\"></span>o grea<span class=\"_ _0\"></span>ter ri<span class=\"_ _0\"></span>sks as <span class=\"_ _0\"></span>a resul<span class=\"_ _0\"></span>t of geopo<span class=\"_ _9f\"></span>litical d<span class=\"_ _0\"></span>evelopm<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>ts. <span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chang<span class=\"_ _0\"></span>e rate <span class=\"_ _0\"></span>risk in<span class=\"_ _0\"></span> each of<span class=\"_ _0\"></span> thes<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span>s is <span class=\"ls1 ws1f5\">fol<span class=\"_ _0\"></span>lowed up and controll<span class=\"_ _0\"></span>ed at the </span>level of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipa<span class=\"_ _0\"></span>tion itse<span class=\"_ _0\"></span>lf.<span class=\"ls1 ws1\"> </span>The exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e rat<span class=\"_ _0\"></span>e risk at <span class=\"ff3b ls4c ws2b0\">D<span class=\"_ _0\"></span>elen Priv<span class=\"_ _0\"></span>ate Bank<span class=\"ff3a ls1 ws1\"> <span class=\"ws1fe\">is limited to the foreign cu<span class=\"_ _0\"></span>rrency </span></span></span>subsidiaries (JM Finn and t<span class=\"_ _3\"></span>o a lesser extent Delen Suisse). The net e<span class=\"_ _3\"></span>xposu<span class=\"_ _0\"></span>re to the British<span class=\"_ _9f\"></span> Pound i<span class=\"_ _0\"></span>s curren<span class=\"_ _9f\"></span>tly limited<span class=\"_ _9f\"></span> as the i<span class=\"_ _0\"></span>mpact<span class=\"_ _0\"></span> of a<span class=\"_ _0\"></span>ny exch<span class=\"_ _0\"></span>ange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tion on<span class=\"_ _9f\"></span> the JM Finn equ<span class=\"_ _0\"></span>ity is neutralized by <span class=\"_ _0\"></span>an opposite impact on <span class=\"_ _0\"></span>the liquidity obligatio<span class=\"_ _0\"></span>n on the remaining 7% minori<span class=\"_ _0\"></span>ty stake in JM Finn. At <span class=\"ff3b ls4b ws28a\">SIPEF<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"ls33 ws1eb\">the majori<span class=\"_ _3\"></span>ty of t<span class=\"_ _3\"></span>he cos<span class=\"_ _3\"></span>ts </span></span>ar<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ed abr<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>d (in<span class=\"_ _3\"></span> Indo<span class=\"_ _3\"></span><span class=\"ls42 ws2eb\">n<span class=\"_ _0\"></span>esia and <span class=\"_ _0\"></span>Papua <span class=\"_ _0\"></span>New Guine<span class=\"_ _0\"></span>a), whe<span class=\"_ _0\"></span>reas sal<span class=\"_ _0\"></span>es are </span>reali<span class=\"_ _0\"></span>sed in USD<span class=\"_ _0\"></span>. This is a s<span class=\"_ _0\"></span>tructu<span class=\"_ _0\"></span>ral risk th<span class=\"_ _0\"></span>at is no<span class=\"_ _0\"></span>t hedged by<span class=\"_ _0\"></span> the compa<span class=\"_ _0\"></span>ny and i<span class=\"_ _0\"></span>s therefo<span class=\"_ _9f\"></span>re consider<span class=\"_ _0\"></span>ed as a gen<span class=\"_ _0\"></span>eral bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> risk. Tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>nal risk<span class=\"_ _0\"></span>s are gen<span class=\"_ _0\"></span>erally<span class=\"_ _9f\"></span> limited by short payment terms, and trans<span class=\"_ _0\"></span>l<span class=\"ls34 ws1fe\">a<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span> dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces<span class=\"_ _3\"></span> are<span class=\"_ _3\"></span> lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d by<span class=\"_ _3\"></span> maki<span class=\"_ _3\"></span>ng </span>the functional currency and reporting curr<span class=\"_ _0\"></span>ency the same as much as possible. Turbo\u2019s Hoet Groep<span class=\"ff3a ls35\">, fin<span class=\"_ _9f\"></span>ally has dev<span class=\"_ _0\"></span>eloped a<span class=\"_ _0\"></span> signifi<span class=\"_ _0\"></span>cant lev<span class=\"_ _0\"></span>el of act<span class=\"_ _0\"></span>ivity in E<span class=\"_ _0\"></span>astern<span class=\"_ _0\"></span> </span>Europ<span class=\"_ _0\"></span>e. Turbo<span class=\"_ _0\"></span>\u2019s Hoe<span class=\"_ _0\"></span>t Groep <span class=\"_ _0\"></span>realiz<span class=\"_ _0\"></span>es its tu<span class=\"_ _9f\"></span>rnover in th<span class=\"_ _0\"></span>ose m<span class=\"_ _0\"></span>arkets on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of<span class=\"_ _9f\"></span> local currency. Although Tu<span class=\"_ _0\"></span>rbo\u2019s Hoet Groep tries to pass on the impa<span class=\"_ _0\"></span>ct of any deprec<span class=\"_ _0\"></span>iation<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se loca<span class=\"_ _0\"></span>l curre<span class=\"_ _0\"></span>ncies <span class=\"_ _0\"></span>to the fin<span class=\"_ _0\"></span>al cu<span class=\"_ _0\"></span>stomer,<span class=\"_ _0\"></span> market <span class=\"_ _0\"></span>condi<span class=\"_ _0\"></span>tions d<span class=\"_ _0\"></span>o not alw<span class=\"_ _0\"></span>ays allo<span class=\"_ _0\"></span>w it.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">Turbo\u2019s Ho<span class=\"_ _0\"></span>et Group<span class=\"_ _0\"></span> has subsidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s in Russi<span class=\"ls1 ws20b\">a and Belarus that </span></span></span>are ac<span class=\"_ _0\"></span>tive in<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le and <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>cing of<span class=\"_ _0\"></span> truck<span class=\"_ _0\"></span>s. In <span class=\"_ _0\"></span>the cou<span class=\"_ _0\"></span>rse of 2<span class=\"_ _0\"></span>022, <span class=\"_ _0\"></span>THG lim<span class=\"_ _0\"></span>ited it<span class=\"_ _0\"></span>s exp<span class=\"_ _3\"></span>osure t<span class=\"_ _3\"></span>o those ma<span class=\"_ _3\"></span>rkets<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Some o<span class=\"_ _0\"></span>f the m<span class=\"_ _0\"></span>ain exch<span class=\"_ _9f\"></span>ange rate<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>have b<span class=\"_ _0\"></span>een us<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>nvert t<span class=\"_ _0\"></span>he balan<span class=\"_ _9f\"></span>ce sheet<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>esults o<span class=\"_ _0\"></span>f the <span class=\"ls1 ws1f6\">for<span class=\"_ _0\"></span>eign entities into euro<span class=\"ws1\">.</span></span>Conversion from fo<span class=\"_ _3\"></span>reign currency to Euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"><span class=\"fc3 sc0\"> </span></span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _3b\"> </span><span class=\"ws211\">Average rate</span> </span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _4d\"> </span><span class=\"ws211\">Average rate<span class=\"_ _3\"></span></span> </span>Australian Dollar<span class=\"ls1 ws1\"> </span>0.6366<span class=\"ls1 ws1\"> </span>0.6570<span class=\"ls1 ws1\"> </span>Polish Zloty<span class=\"ls1 ws1\"> </span>0.2135<span class=\"ls1 ws1\"> </span>0.2139<span class=\"ls1 ws1\"> </span>British Pound<span class=\"ls1 ws1\"> </span>1.1303<span class=\"ls1 ws1\"> </span>1.1717<span class=\"ls1 ws1\"> </span>Singapore Dollar<span class=\"ls1 ws1\"> </span>0.6974<span class=\"ls1 ws1\"> </span>0.6876<span class=\"ls1 ws1\"> </span>Brazilian Real<span class=\"ls1 ws1\"> </span>0.1768<span class=\"ls1 ws1\"> </span>0.1835<span class=\"ls1 ws1\"> </span>Taiwan Dollar<span class=\"ls1 ws1\"> </span>0.0306<span class=\"ls1 ws1\"> </span>0.0319<span class=\"ls1 ws1\"> </span>Egyptian Pound<span class=\"ls1 ws1\"> </span>0.0378<span class=\"ls1 ws1\"> </span>0.0498<span class=\"ls1 ws1\"> </span>US Dollar<span class=\"ls1 ws1\"> </span>0.9344<span class=\"ls1 ws1\"> </span>0.9462<span class=\"ls1 ws1\"> </span>Danish Krone<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>Vietnamese Dong<span class=\"ls1 ws1\"> </span>0.00003957<span class=\"ls1 ws1\"> </span>0.00004058<span class=\"ls1 ws1\"> </span>Indian Rupee<span class=\"ls1 ws1\"> </span>0.0113<span class=\"ls1 ws1\"> </span>0.0121<span class=\"ls1 ws1\"> </span>The table below gives a<span class=\"_ _0\"></span>n overview of the relevant financ<span class=\"_ _0\"></span>ial instruments used <span class=\"ls4b ws24e\">at DEM<span class=\"_ _3\"></span>E</span><span class=\"ws1\"> </span>and to a l<span class=\"_ _0\"></span>esser extent CFE<span class=\"ws1\">: </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Notional val<span class=\"_ _3\"></span>ue<span class=\"ls1 ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term <span class=\"ls29 ws1e1\">purchases<span class=\"ls1 ws1\">  </span></span>110,362<span class=\"ls1 ws1\"> </span>73,464<span class=\"ls1 ws1\"> </span>0 7,510<span class=\"ls1 ws1\"> </span>0 6,963<span class=\"ls1 ws1\"> </span>198,298<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Term sales<span class=\"ls1 ws1\">  </span>1,100,913<span class=\"ls1 ws1\"> </span>0 28,375<span class=\"ls1 ws1\"> </span>6,104<span class=\"ls1 ws1\"> </span>5,670<span class=\"ls1 ws1\"> </span>7,873<span class=\"ls1 ws1\"> </span>1,148,93<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term purchases<span class=\"ls1 ws1\">  </span>463<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">580</span> 0 -<span class=\"ls29 ws1e1\">91</span> 0 -<span class=\"ls29 ws1e1\">12</span> -<span class=\"ls27 ws1df\">221</span> Term sales<span class=\"ls1 ws1\">  </span>81,342<span class=\"ls1 ws1\"> </span>0 298<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">177</span> 369<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">414</span> 81,418<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - <span class=\"ls6f ws1f4\">DEME 2022</span> </span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>4,309<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,899</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>11,871<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,871</span> Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - </span><span class=\"ls62\">DEM<span class=\"_ _3\"></span>E 202<span class=\"_ _3\"></span><span class=\"ls1 ws1\">1 </span></span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>2,593<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,346</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>18,894<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,894</span> 3.3<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls70 ws2ec\">Commodity risk<span class=\"ls1 ws1\"> </span></span>Commodity risks<span class=\"ff3a ws1\"> <span class=\"_ _7\"> </span><span class=\"ls35 ws2c3\">are also lin<span class=\"_ _0\"></span>ked to <span class=\"_ _0\"></span>DEME, wh<span class=\"_ _0\"></span>ich hedg<span class=\"_ _0\"></span>es aga<span class=\"_ _0\"></span>inst oil p<span class=\"_ _0\"></span>rice </span></span>fluctu<span class=\"_ _0\"></span>ations b<span class=\"_ _9f\"></span>y enterin<span class=\"_ _0\"></span>g into f<span class=\"_ _0\"></span>orward c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts.Note 13:<span class=\"ff3c\"> </span>F<span class=\"ls3a ws10d\">inancial as<span class=\"_ _3\"></span>sets</span> <span class=\"ls3a ws20c\">and<span class=\"_ _3\"></span> liabilit<span class=\"_ _3\"></span>ies</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span>assets an<span class=\"_ _3\"></span>d liabilit<span class=\"_ _3\"></span>ies p<span class=\"_ _3\"></span>er cate<span class=\"_ _3\"></span>gory</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L (FVPL)<span class=\"ls1 ws1\"> </span>249,656<span class=\"ls1 ws1\"> </span>225,541<span class=\"ls1 ws1\"> </span>249,656<span class=\"ls1 ws1\"> </span>225,541<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> </span>0 20,005<span class=\"ls1 ws1\"> </span>0 20,005<span class=\"ls1 ws1\"> </span>Receivables and c<span class=\"_ _3\"></span>ash<span class=\"ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>189,875<span class=\"ls1 ws1\"> </span>158,687<span class=\"ls1 ws1\"> </span>189,875<span class=\"ls1 ws1\"> </span>158,687<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e1\">receivables<span class=\"ls1 ws1\"> </span></span>127,871<span class=\"ls1 ws1\"> </span>146,332<span class=\"ls1 ws1\"> </span>127,871<span class=\"ls1 ws1\"> </span>146,332<span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>719,214<span class=\"ls1 ws1\"> </span>628,710<span class=\"ls1 ws1\"> </span>719,214<span class=\"ls1 ws1\"> </span>628,710<span class=\"ls1 ws1\"> </span>Cash and cash equivalents<span class=\"ls1 ws1\"> </span>1,160,972<span class=\"ls1 ws1\"> </span>883,730<span class=\"ls1 ws1\"> </span>1,160,972<span class=\"ls1 ws1\"> </span>883,730<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">receivables fr<span class=\"_ _0\"></span>om credit institutions &amp; clients<span class=\"ls1 ws1\"> </span></span></span>6,780,990<span class=\"ls1 ws1\"> </span>7,479,264<span class=\"ls1 ws1\"> </span>6,940,242<span class=\"ls1 ws1\"> </span>7,110,893<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> <span class=\"_ _95\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>Financial <span class=\"ls2b\">liabi<span class=\"_ _3\"></span>lities value<span class=\"_ _3\"></span>d at amortis<span class=\"_ _3\"></span>ed cost<span class=\"ls1 ws1\"> </span></span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>1,577,488<span class=\"ls1 ws1\"> </span>1,571,727<span class=\"ls1 ws1\"> </span>1,613,885<span class=\"ls1 ws1\"> </span>1,552,702<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>248,960<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>246,164<span class=\"ls1 ws1\"> </span>Surbordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>97,344<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>95,152<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,713<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,712<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e0\">financial debts<span class=\"ls1 ws1\"> </span></span>128,621<span class=\"ls1 ws1\"> </span>301,887<span class=\"ls1 ws1\"> </span>128,621<span class=\"ls1 ws1\"> </span>301,887<span class=\"ls1 ws1\"> </span>Other de<span class=\"_ _3\"></span>bts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>1,136,241<span class=\"ls1 ws1\"> </span>1,145,112<span class=\"ls1 ws1\"> </span>1,136,241<span class=\"ls1 ws1\"> </span>1,145,112<span class=\"ls1 ws1\"> </span>Advances received<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>101,080<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>101,080<span class=\"ls1 ws1\"> </span>Amounts payable regarding remuneration and soc<span class=\"_ _0\"></span>ial security<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>Other amounts payable<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 6,792,663<span class=\"ls1 ws1\"> </span>7,059,336<span class=\"ls1 ws1\"> </span>6,834,644<span class=\"ls1 ws1\"> </span>7,038,871<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>'B<span class=\"_ _3\"></span>anks<span class=\"_ _3\"></span> <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ws1fe\">changes in fair value of th<span class=\"_ _0\"></span>e hedged credit portfolio' ap<span class=\"_ _0\"></span>pear in Bank Van </span></span>Breda's balance sh<span class=\"_ _0\"></span>eet under liabilities w<span class=\"_ _0\"></span>hen the item shows a n<span class=\"_ _0\"></span>egative balance, as was <span class=\"_ _0\"></span>the case at <span class=\"_ _0\"></span>the end o<span class=\"_ _0\"></span>f 2022<span class=\"_ _0\"></span>. However,<span class=\"_ _0\"></span> the cu<span class=\"_ _0\"></span>mulativ<span class=\"_ _0\"></span>e fair v<span class=\"_ _0\"></span>alue adj<span class=\"ls25 ws1ec\">ustm<span class=\"_ _0\"></span>ents <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"_ _24\"></span><span class=\"ls34 ws1ef\">rega<span class=\"_ _3\"></span>rdl<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span> of th<span class=\"_ _3\"></span>e ba<span class=\"_ _3\"></span>lanc<span class=\"_ _3\"></span>e </span>- <span class=\"_ _3\"></span><span class=\"ls30 ws250\">always r<span class=\"_ _0\"></span>elate to<span class=\"_ _0\"></span> the h<span class=\"_ _0\"></span>edged <span class=\"ls25 ws1ec\">c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er </span></span></span></span>lo<span class=\"_ _3\"></span>ans<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ws252\">(which are included i<span class=\"_ _3\"></span>n asset heading 'Banks </span>- <span class=\"_\"> </span><span class=\"ls30 ws1eb\">rec<span class=\"_ _0\"></span>eivab<span class=\"_ _0\"></span>les <span class=\"_\"> </span><span class=\"ls46 ws266\">from <span class=\"_\"> </span><span class=\"ls33 ws1f0\">credit </span></span></span></span>instit<span class=\"_ _0\"></span>utions &amp; c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\">\u2019<span class=\"ls30 ws23d\">).<span class=\"_ _0\"></span> The boo<span class=\"_ _9f\"></span>k value <span class=\"ls25 ws204\">of th<span class=\"_ _0\"></span>e 'Ban<span class=\"_ _0\"></span>ks <span class=\"ls1 ws1\">- </span>debts to c<span class=\"_ _0\"></span>redit in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons,<span class=\"_ _0\"></span> </span></span></span>clie<span class=\"_ _3\"></span>nts &amp; <span class=\"ls33 ws1f0\">s<span class=\"_ _3\"></span>ecuri<span class=\"_ _3\"></span>t</span><span class=\"ws24e\">ies<span class=\"ls1 ws1fe\">' has been adjusted by 89,733 ('000)<span class=\"_ _0\"></span> euros i<span class=\"_ _3\"></span>n the above t<span class=\"_ _0\"></span>able </span></span>for thi<span class=\"_ _0\"></span>s purpo<span class=\"_ _0\"></span>se.\"(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ws1\"> </span>Level 2<span class=\"ws1\"> </span>Level 3<span class=\"ws1\"> </span>Level 1<span class=\"ws1\"> </span>Level 2<span class=\"ws1\"> </span>Level 3<span class=\"ws1\"> </span>Financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L <span class=\"ls2b ws1dd\">(FVPL<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span></span>152,405<span class=\"ls1 ws1\"> </span>97,251<span class=\"ls1 ws1\"> </span>173,254<span class=\"ls1 ws1\"> </span>52,287<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> </span>0 20,005<span class=\"ls1 ws1\"> </span>Receivables and c<span class=\"_ _3\"></span>ash<span class=\"ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">receivables fr<span class=\"_ _0\"></span>om credit institutions &amp; clients<span class=\"ls1 ws1\"> </span></span></span>751,761<span class=\"ls1 ws1\"> </span>6,029,229<span class=\"ls1 ws1\"> </span>1,362,479<span class=\"ls1 ws1\"> </span>6,116,785<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>1,577,488<span class=\"ls1 ws1\"> </span>1,571,727<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>29,899<span class=\"ls1 ws1\"> </span>219,061<span class=\"ls1 ws1\"> </span>Surbordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>97,344<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,713<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; <span class=\"ls28 ws1de\">securi<span class=\"_ _3\"></span>ties</span></span> 6,792,663<span class=\"ls1 ws1\"> </span>7,059,336<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>The fair values must be cla<span class=\"_ _0\"></span>ssified in three levels accordin<span class=\"_ _0\"></span>g to the valuation hierarchy of IFRS 13, depending on <span class=\"_ _0\"></span>the type of input used for the <span class=\"ls40 ws2cf\">valuation of<span class=\"_ _0\"></span> </span>financ<span class=\"_ _0\"></span>ial instru<span class=\"_ _0\"></span>ments:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws224\">Param<span class=\"_ _0\"></span>eters f<span class=\"_ _0\"></span>or <span class=\"ff3b ls4c ws2ed\">level<span class=\"_ _0\"></span> 1 instrum<span class=\"_ _0\"></span>ents<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws220\">are unadjusted quoted prices in active </span></span></span></span></span>marke<span class=\"_ _0\"></span>ts for ident<span class=\"_ _0\"></span>ical ass<span class=\"_ _0\"></span>ets and lia<span class=\"_ _0\"></span>bilitie<span class=\"_ _0\"></span>s. No valuatio<span class=\"_ _9f\"></span>n technique (<span class=\"_ _0\"></span>model) is<span class=\"_ _0\"></span> used. I<span class=\"_ _0\"></span>n level 1, w<span class=\"_ _0\"></span>e find al<span class=\"_ _0\"></span>l financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s (valu<span class=\"_ _0\"></span>ed at fai<span class=\"_ _0\"></span>r value, w<span class=\"_ _0\"></span>ith incorporation of value cha<span class=\"_ _0\"></span>nges in the unrealised results) wit<span class=\"_ _0\"></span>h a public listing in an activ<span class=\"_ _9f\"></span>e market.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws232\">Param<span class=\"_ _0\"></span>eters f<span class=\"_ _0\"></span>or <span class=\"ff3b ls3f ws226\">l<span class=\"_ _0\"></span>evel 2 i<span class=\"_ _0\"></span>nstrum<span class=\"_ _9f\"></span>ents<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws232\">are pri<span class=\"_ _0\"></span>ces q<span class=\"_ _0\"></span>uoted f<span class=\"_ _0\"></span>or sim<span class=\"_ _9f\"></span>ilar asse<span class=\"_ _0\"></span>ts and<span class=\"_ _0\"></span> </span></span></span></span></span>liabil<span class=\"_ _0\"></span>ities in<span class=\"_ _0\"></span> activ<span class=\"_ _0\"></span>e marke<span class=\"_ _0\"></span>ts, or da<span class=\"_ _0\"></span>ta bas<span class=\"_ _0\"></span>ed on o<span class=\"_ _0\"></span>r support<span class=\"_ _0\"></span>ed by o<span class=\"_ _0\"></span>bserv<span class=\"_ _0\"></span>able ma<span class=\"_ _0\"></span>rket da<span class=\"_ _3\"></span>ta. A<span class=\"_ _3\"></span> valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on te<span class=\"_ _3\"></span>chni<span class=\"_ _3\"></span>que<span class=\"_ _3\"></span> (mode<span class=\"_ _3\"></span>l)<span class=\"_ _3\"></span> is use<span class=\"_ _3\"></span>d, ba<span class=\"_ _3\"></span>sed<span class=\"_ _3\"></span> on obs<span class=\"_ _3\"></span>e<span class=\"ls33 ws236\">rva<span class=\"_ _3\"></span>ble para<span class=\"_ _3\"></span>meters </span>such as:<span class=\"ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ws1f6\">the actual value of the future <span class=\"_ _0\"></span>cashflows (discounted cashflow m<span class=\"_ _0\"></span>odel)<span class=\"ws1\"> </span></span></span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws22a\">the comp<span class=\"_ _9f\"></span>arison wit<span class=\"_ _0\"></span>h the<span class=\"_ _0\"></span> curr<span class=\"_ _0\"></span>ent or<span class=\"_ _0\"></span> rece<span class=\"_ _0\"></span>nt fair v<span class=\"_ _0\"></span>alue f<span class=\"_ _9f\"></span>rom anoth<span class=\"_ _0\"></span>er sim<span class=\"_ _0\"></span>ilar </span></span>instrument \uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws215\">the det<span class=\"_ _0\"></span>ermina<span class=\"_ _0\"></span>tion of pr<span class=\"_ _0\"></span>ices by <span class=\"_ _0\"></span>third pa<span class=\"_ _0\"></span>rties,<span class=\"_ _0\"></span> provid<span class=\"_ _0\"></span>ed that th<span class=\"_ _0\"></span>e price i<span class=\"_ _0\"></span>s in<span class=\"ls1 ws1\"> <span class=\"ls52 ws24e\">lin<span class=\"_ _3\"></span>e </span></span></span></span>wit<span class=\"_ _3\"></span>h alter<span class=\"_ _3\"></span>native<span class=\"_ _3\"></span> observa<span class=\"_ _3\"></span>ble para<span class=\"_ _3\"></span>meters<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>We find <span class=\"_ _0\"></span>the follo<span class=\"_ _0\"></span>wing f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s and liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s in lev<span class=\"_ _0\"></span>el 2:<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws1fa\">Cash and<span class=\"_ _0\"></span> assets w<span class=\"_ _0\"></span>ith cen<span class=\"_ _0\"></span>tral ban<span class=\"_ _0\"></span>ks: beca<span class=\"_ _0\"></span>use the<span class=\"_ _0\"></span>se assets h<span class=\"_ _0\"></span>ave a ver<span class=\"_ _0\"></span>y short<span class=\"_ _0\"></span> </span></span>term, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e is equ<span class=\"_ _0\"></span>ated wi<span class=\"_ _0\"></span>th the b<span class=\"_ _0\"></span>ook val<span class=\"_ _0\"></span>ue.<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls39 ws257\">Rec<span class=\"_ _3\"></span>eivables<span class=\"_ _3\"></span> fro<span class=\"ls35 ws260\">m credit <span class=\"_ _0\"></span>institut<span class=\"_ _0\"></span>ions and<span class=\"_ _0\"></span> financi<span class=\"_ _0\"></span>al liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s valued a<span class=\"_ _0\"></span>t amortis<span class=\"_ _0\"></span>ed </span></span></span>cost:<span class=\"_ _0\"></span> the f<span class=\"_ _0\"></span>air val<span class=\"_ _0\"></span>ue of <span class=\"_ _0\"></span>the a<span class=\"_ _0\"></span>bove f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al inst<span class=\"_ _0\"></span>rumen<span class=\"_ _0\"></span>ts is<span class=\"_ _0\"></span> determ<span class=\"_ _0\"></span>ined <span class=\"_ _0\"></span>as the current value of future cash flows based on the applicable swap interest rat<span class=\"_ _0\"></span>e and the assumptions be<span class=\"_ _0\"></span>low:<span class=\"ws1\"> </span>- <span class=\"ls40 ws218\">Comm</span><span class=\"ws1f6\">ercial margins are <span class=\"_ _0\"></span>taken into account when re<span class=\"_ _0\"></span>pricing;<span class=\"ws1\"> </span></span>- <span class=\"ls25 ws1eb\">No acco<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>s taken o<span class=\"_ _0\"></span>f a per<span class=\"_ _0\"></span>centag<span class=\"_ _0\"></span>e of cred<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ws1ed\">Derivatives held for<span class=\"_ _0\"></span> trading purposes and f<span class=\"_ _9f\"></span>or<span class=\"_ _3\"></span> hedgin<span class=\"_ _0\"></span>g purposes: the f<span class=\"_ _0\"></span>air value </span></span>of thes<span class=\"_ _0\"></span>e instru<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>s also de<span class=\"_ _0\"></span>termined<span class=\"_ _0\"></span> as the cu<span class=\"_ _0\"></span>rrent v<span class=\"_ _0\"></span>alue of f<span class=\"_ _0\"></span>ut<span class=\"ls34 ws275\">ure<span class=\"_ _3\"></span> ca<span class=\"_ _3\"></span>sh </span>flow<span class=\"_ _0\"></span>s based o<span class=\"_ _0\"></span>n the app<span class=\"_ _9f\"></span>licable sw<span class=\"_ _0\"></span>ap inte<span class=\"_ _0\"></span>rest r<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws215\">Param<span class=\"_ _0\"></span>eters fo<span class=\"_ _9f\"></span>r <span class=\"ff3b ls49 ws2a6\">le<span class=\"_ _3\"></span>vel 3 instr<span class=\"_ _3\"></span>uments</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls4b ws2ee\">are no<span class=\"_ _3\"></span>n</span>-<span class=\"ls33 ws1fa\">obse<span class=\"_ _3\"></span>rvable<span class=\"_ _3\"></span> data for<span class=\"_ _3\"></span> determi<span class=\"_ _3\"></span>ning </span></span></span></span>the fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of an a<span class=\"_ _0\"></span>sset or l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ity. In t<span class=\"_ _0\"></span>his cas<span class=\"_ _0\"></span>e, use <span class=\"_ _0\"></span>is made o<span class=\"_ _0\"></span>f a valu<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> technique (model) wi<span class=\"_ _0\"></span>th (partly) non<span class=\"ws1\">-<span class=\"ls33 ws204\">observa<span class=\"_ _3\"></span>ble par<span class=\"_ _3\"></span>ameters<span class=\"_ _3\"></span>.</span> </span>We find <span class=\"_ _0\"></span>the follo<span class=\"_ _0\"></span>wing f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l assets in<span class=\"_ _0\"></span> leve<span class=\"_ _0\"></span>l 3:<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls33 ws1eb\">So<span class=\"_ _3\"></span>me fina<span class=\"_ _3\"></span>ncial a<span class=\"_ _3\"></span>ssets (<span class=\"ls1 ws1ed\">valued at fair value with value changes inclu<span class=\"_ _0\"></span>ded in the </span></span></span>unrealised results) for whi<span class=\"_ _0\"></span>ch no public listing is avai<span class=\"_ _0\"></span>lable.<span class=\"ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws236\">Loans an<span class=\"_ _0\"></span>d advan<span class=\"_ _0\"></span>ces to cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>s, value<span class=\"_ _0\"></span>d at amor<span class=\"_ _0\"></span>tised c<span class=\"_ _0\"></span>ost: the f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>e </span></span>thereof<span class=\"_ _0\"></span> is de<span class=\"_ _0\"></span>termin<span class=\"_ _0\"></span>ed as<span class=\"_ _0\"></span> the curr<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lue of<span class=\"_ _0\"></span> futur<span class=\"_ _0\"></span>e cash f<span class=\"_ _0\"></span>lows <span class=\"ls34 ws1f2\">base<span class=\"_ _3\"></span>d on t<span class=\"_ _3\"></span>he </span>applicable swap inter<span class=\"_ _0\"></span>est rate and the assumptions b<span class=\"_ _0\"></span>elow:<span class=\"ws1\"> </span>-  <span class=\"_ _24\"></span><span class=\"ws1ed\">Commercial margins are t<span class=\"_ _3\"></span>aken into account when repricing;</span> -  <span class=\"_ _24\"></span><span class=\"ls25 ws1eb\">A percen<span class=\"_ _0\"></span>tage of e<span class=\"_ _0\"></span>arly r<span class=\"_ _0\"></span>epaym<span class=\"_ _0\"></span>ents and <span class=\"_ _0\"></span>cap opt<span class=\"_ _0\"></span>ions i<span class=\"_ _0\"></span>s taken in<span class=\"_ _0\"></span>to acco<span class=\"_ _0\"></span>unt;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>-  <span class=\"_ _24\"></span><span class=\"ws1f6\">No account is taken of a percentag<span class=\"_ _0\"></span>e of credit l<span class=\"ls25 ws1ec\">osses.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span></span>The fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>rities<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e investment portfoli<span class=\"_ _0\"></span>o<span class=\"ff3a ws1\"> <span class=\"_ _4\"> </span><span class=\"ls34 ws24b\">o<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> Gro<span class=\"_ _3\"></span>up is<span class=\"_ _3\"></span> </span></span>determined on the basis of the li<span class=\"_ _0\"></span>sting on the public market (level 1). The <span class=\"_ _0\"></span>same ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d t<span class=\"_ _3\"></span>o the<span class=\"_ _3\"></span> <span class=\"ff3b ws1ea\">b<span class=\"_ _3\"></span>ond</span><span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ws20b\">issued by BPI (2021<span class=\"_ _0\"></span>). The bonds iss<span class=\"_ _0\"></span>ued by Nextensa and <span class=\"_ _0\"></span>Rent<span class=\"ws1\">-</span></span></span>A-<span class=\"ls24 ws218\">Port (2021<span class=\"ls25 ws1eb\">) are rep<span class=\"_ _9f\"></span>orted und<span class=\"_ _0\"></span>er leve<span class=\"_ _0\"></span>l 2.<span class=\"ls1 ws1\"> </span></span></span>The abov<span class=\"_ _9f\"></span>e table giv<span class=\"_ _0\"></span>es no fair v<span class=\"_ _0\"></span>alue inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>ion for f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts and liab<span class=\"_ _9f\"></span>ilities that a<span class=\"_ _0\"></span>re not <span class=\"_ _0\"></span>measu<span class=\"_ _0\"></span>red at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alue, <span class=\"_ _0\"></span>such as<span class=\"_ _0\"></span> receiva<span class=\"_ _0\"></span>bles <span class=\"_ _0\"></span>and wa<span class=\"_ _0\"></span>rrantie<span class=\"_ _0\"></span>s, oth<span class=\"_ _0\"></span>er receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd paya<span class=\"_ _0\"></span>bles, trad<span class=\"_ _9f\"></span>e receivab<span class=\"ls1 ws241\">l<span class=\"_ _0\"></span>es and trade payab<span class=\"_ _0\"></span>les, advance payments, </span>am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>ts pay<span class=\"_ _3\"></span>able<span class=\"_ _3\"></span> rega<span class=\"_ _3\"></span>rdi<span class=\"_ _3\"></span>ng re<span class=\"_ _3\"></span>mune<span class=\"_ _3\"></span>rati<span class=\"_ _3\"></span>on a<span class=\"_ _3\"></span>nd so<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span> secu<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y, and<span class=\"_ _3\"></span> cas<span class=\"_ _3\"></span>h and ca<span class=\"_ _3\"></span>sh equiv<span class=\"_ _0\"></span>alents,<span class=\"_ _0\"></span> since th<span class=\"_ _0\"></span>eir carry<span class=\"_ _0\"></span>ing amou<span class=\"_ _0\"></span>nt is a rea<span class=\"_ _0\"></span>sonab<span class=\"_ _0\"></span>le approx<span class=\"_ _0\"></span>imatio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>eir fair<span class=\"_ _0\"></span> va<span class=\"_ _3\"></span>lue.2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span><span class=\"ls36 ws200\">assets</span>: at fa<span class=\"_ _3\"></span>ir valu<span class=\"_ _3\"></span>e <span class=\"ls2f ws1e\">through OCI <span class=\"_ _3\"></span>or through P/<span class=\"_ _3\"></span>L</span></span> Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets : at<span class=\"_ _0\"></span> fair value thr<span class=\"_ _0\"></span>ough OCI or through P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2021<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>131,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>51,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>475,164<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>546,322<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>131,391<span class=\"ls1 ws1\"> </span>51,155<span class=\"ls1 ws1\"> </span>463,025<span class=\"ls1 ws1\"> </span>20,003<span class=\"ls1 ws1\"> </span>534,183<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>24,453<span class=\"ls1 ws1\"> </span>66<span class=\"ls1 ws1\"> </span>88,967<span class=\"ls1 ws1\"> </span>107,601<span class=\"ls1 ws1\"> </span>196,635<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">1,108</span> -<span class=\"ls29 ws1e1\">100</span> -<span class=\"ls29 ws1e1\">1,208</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">14,971</span> -<span class=\"ls29 ws1e1\">7,770</span> -<span class=\"ls29 ws1e1\">48,253</span> -<span class=\"ls29 ws1e1\">107,500</span> -<span class=\"ls29 ws1e1\">163,523</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>36,338<span class=\"ls1 ws1\"> </span>4,739<span class=\"ls1 ws1\"> </span>0 4,739<span class=\"ls1 ws1\"> </span>Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVOCI)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,347</span> -<span class=\"ls29 ws1e1\">8,347</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>140<span class=\"ls1 ws1\"> </span>-1 1,505<span class=\"ls1 ws1\"> </span>1 1,505<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">140</span> 0 -<span class=\"ls29 ws1e1\">140</span> Financial ass<span class=\"_ _3\"></span>ets: ending <span class=\"ls2b ws1e4\">bala<span class=\"_ _3\"></span>nce at fair va<span class=\"_ _3\"></span>lue</span><span class=\"ls1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value <span class=\"ls2b ws1dd\">(FVO<span class=\"_ _3\"></span>CI)<span class=\"ls1 ws1\"> </span></span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets :<span class=\"_ _0\"></span> at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h OCI or <span class=\"ls32 ws29a\">t<span class=\"_ _0\"></span>hrough </span>P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2022<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>33,058<span class=\"ls1 ws1\"> </span>15,028<span class=\"ls1 ws1\"> </span>172,660<span class=\"ls1 ws1\"> </span>107,486<span class=\"ls1 ws1\"> </span>295,174<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">731</span> -<span class=\"ls29 ws1e1\">731</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">618</span> -<span class=\"ls29 ws1e1\">15,254</span> -<span class=\"ls29 ws1e1\">120,595</span> -<span class=\"ls29 ws1e1\">127,500</span> -<span class=\"ls29 ws1e1\">263,349</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>1,402<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">6,636</span> 0 -<span class=\"ls29 ws1e1\">6,636</span> Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value <span class=\"ls2b ws1dd\">(FVOCI)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">58,551</span> -<span class=\"ls29 ws1e1\">58,551</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>8 0 2,173<span class=\"ls1 ws1\"> </span>0 2,173<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,872</span> 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 427<span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>437<span class=\"ls1 ws1\"> </span>Financial assets: en<span class=\"_ _3\"></span>ding balance at fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>503,171<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>208,328<span class=\"ls1 ws1\"> </span>41,328<span class=\"ls1 ws1\"> </span>557,646<span class=\"ls1 ws1\"> </span>0 598,974<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span><span class=\"ws211\">adjustment to <span class=\"ls2b ws1df\">fair value (F<span class=\"_ _3\"></span>VOCI)<span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ls29 ws1e1\">55,655</span> -<span class=\"ls29 ws1e1\">55,655</span> Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>The <span class=\"_ _4\"> </span><span class=\"ff3b ls49 ws2f1\">Fina<span class=\"_ _3\"></span>ncial asse<span class=\"_ _3\"></span>ts at fa<span class=\"_ _3\"></span>ir value t<span class=\"_ _3\"></span>hrough P<span class=\"_ _3\"></span>rofit&amp;Loss </span><span class=\"ls1 ws233\">i<span class=\"_ _3\"></span>nclude th<span class=\"_ _0\"></span>e non<span class=\"ws1\">-</span></span>conso<span class=\"_ _0\"></span>lidated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pation<span class=\"_ _0\"></span>s of \u201cAvH<span class=\"_ _0\"></span> &amp; Gr<span class=\"_ _0\"></span>owth Cap<span class=\"_ _0\"></span>ital\u201d (m<span class=\"_ _0\"></span>ainly <span class=\"_ _0\"></span>investm<span class=\"_ _0\"></span>ents with<span class=\"_ _9f\"></span> a focus on Sou<span class=\"_ _0\"></span>theast Asia/India <span class=\"_ _0\"></span>and life sciences) and <span class=\"_ _0\"></span>the investment por<span class=\"_ _0\"></span>tfolio of \u201cAvH &amp; Subholdi<span class=\"_ _0\"></span>ngs\u201d. These are <span class=\"_ _0\"></span>the main compon<span class=\"_ _0\"></span>ents of this item, <span class=\"_ _0\"></span>along with th<span class=\"ls39 ws204\">e </span>9.6% in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>that N<span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>sa holds <span class=\"_ _0\"></span>in Reta<span class=\"_ _0\"></span>il Est<span class=\"_ _0\"></span>ates. <span class=\"ls1 ws1\"> </span>The recognition of thes<span class=\"_ _0\"></span>e assets at fair value made, on balance, <span class=\"_ _0\"></span>a negative contr<span class=\"_ _0\"></span>ibution o<span class=\"_ _0\"></span>f 5.2 mi<span class=\"_ _0\"></span>llion<span class=\"_ _0\"></span> euros to <span class=\"_ _0\"></span>the resu<span class=\"_ _9f\"></span>lts in 2022.<span class=\"_ _0\"></span> In \u201cRea<span class=\"_ _0\"></span>l Estat<span class=\"_ _0\"></span>e &amp; Senio<span class=\"_ _0\"></span>r Care\u201d,<span class=\"_ _0\"></span> the value o<span class=\"_ _0\"></span>f the Re<span class=\"_ _0\"></span>tail Esta<span class=\"_ _0\"></span>tes sha<span class=\"_ _0\"></span>res at Nex<span class=\"_ _0\"></span>tensa w<span class=\"_ _0\"></span>as decrea<span class=\"_ _0\"></span>sed by 12<span class=\"_ _0\"></span>.7 million euros in accordance with the evol<span class=\"_ _0\"></span>ution of the share price during 2022. In \u201cAv<span class=\"_ _3\"></span>H &amp; Gr<span class=\"_ _3\"></span>owt<span class=\"_ _3\"></span>h Capi<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>\u201d, an<span class=\"_ _3\"></span> upwa<span class=\"_ _3\"></span>rd val<span class=\"_ _3\"></span>ue ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tment<span class=\"_ _3\"></span> of 1<span class=\"_ _3\"></span>3.8 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os wa<span class=\"_ _3\"></span>s recognised on the non<span class=\"ws1\">-<span class=\"ls40 ws226\">consolidated parti<span class=\"_ _0\"></span>cipations of AvH Gr<span class=\"ls1 ws1f7\">owth Capital, while </span></span></span>the rev<span class=\"_ _0\"></span>aluatio<span class=\"_ _0\"></span>n at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of Av<span class=\"_ _0\"></span>H\u2019s inv<span class=\"_ _0\"></span>estment p<span class=\"_ _0\"></span>ortfol<span class=\"_ _0\"></span>io resu<span class=\"_ _0\"></span>lted in <span class=\"_ _0\"></span>a negat<span class=\"_ _0\"></span>ive value adjustment of 6.6 m<span class=\"_ _0\"></span>illion euros.<span class=\"ws1\"> </span>Dur<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g 2022<span class=\"_ _3\"></span>, Av<span class=\"_ _3\"></span>H inve<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>d 24.<span class=\"_ _3\"></span>9 mill<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n euro<span class=\"_ _3\"></span>s in t<span class=\"_ _3\"></span>he fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r exp<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f its \u201cGrowth<span class=\"_ _0\"></span> Capi<span class=\"_ _0\"></span>tal\u201d portf<span class=\"_ _0\"></span>olio w<span class=\"_ _0\"></span>ith <span class=\"ls34 ws1f2\">foc<span class=\"_ _3\"></span>us on L<span class=\"_ _3\"></span>ife<span class=\"_ _3\"></span> Sci<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>es a<span class=\"_ _3\"></span>nd I<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>a/S<span class=\"_ _3\"></span>outhe<span class=\"_ _3\"></span>ast<span class=\"_ _3\"></span> Asi<span class=\"_ _3\"></span>a, </span>mainly in Health Quad II, Medikabaz<span class=\"_ _0\"></span>aar, Venturi Fund I and the new participat<span class=\"_ _0\"></span>ions in Convergent Finance <span class=\"_ _0\"></span>and AstriVax.<span class=\"ws1\"> </span>The <span class=\"_ _0\"></span><span class=\"ls1 ws1\">\u201c<span class=\"ff3b ls4c ws268\">inves<span class=\"_ _0\"></span>tments<span class=\"ls1 ws1\">-<span class=\"ls53 ws23d\">FVOCI</span><span class=\"ff3a ws20b\">\u201d and \u201c</span><span class=\"ls45 ws2f2\">investme<span class=\"_ _3\"></span>nts at amortised cost<span class=\"ff3a ls54 ws21b\">\u201d a<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span> <span class=\"ls35 ws213\">lar<span class=\"_ _0\"></span>gely </span></span></span></span></span></span>attribu<span class=\"_ _0\"></span>table<span class=\"_ _0\"></span> to Bank Van Br<span class=\"_ _0\"></span>eda, and re<span class=\"_ _0\"></span>late to tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>ns realiz<span class=\"_ _0\"></span>ed as part of it<span class=\"_ _0\"></span>s Asset &amp;<span class=\"_ _0\"></span> Liabi<span class=\"_ _0\"></span>lity ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent (AL<span class=\"_ _0\"></span>M).<span class=\"ls1 ws1\"> </span>Fair value in Fair value in Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 Valua<span class=\"_ _3\"></span>ti<span class=\"ls2b ws1dd\">on <span class=\"ls1 ws1\">- </span></span>(\u20ac 1,000) Fina<span class=\"_ _3\"></span>ncial fixed <span class=\"_ _3\"></span>assets at F<span class=\"_ _3\"></span>air value th<span class=\"_ _3\"></span>rough P/L<span class=\"ls1 ws1\"> </span>Profi<span class=\"_ _0\"></span>t &amp; Loss Profi<span class=\"_ _0\"></span>t &amp; Loss (fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Level  2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>5,036<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,890<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>Retail Estate<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12,702</span> 16,621<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>305<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>83,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>97,215<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,397</span> 16,621<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>Epics Therapeutics (Bio<span class=\"_ _0\"></span> Cap Invest)<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Life Sciences <span class=\"ws1\">- </span>Fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>40,150<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>40,620<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">5,383</span> 12,956<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ws211\">East Asia </span>- <span class=\"ws202\">Fair value</span> </span>69,346<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>27,973<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,183<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Koffie Rombouts<span class=\"ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ws202\">Fair value</span> </span>10,014<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,654<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,571<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subtotal Av<span class=\"_ _3\"></span>H &amp; Growth C<span class=\"_ _3\"></span>apital<span class=\"ls1 ws1\"> </span>119,510<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,246<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,800<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,716<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value <span class=\"ws1\">- <span class=\"ls28 ws1de\">To<span class=\"_ _3\"></span>tal</span> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,402<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,338<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Number of<span class=\"_ _3\"></span> The inves<span class=\"_ _3\"></span>tments cons<span class=\"_ _3\"></span>ist of (\u20ac <span class=\"_ _3\"></span>1,000):<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>shares  Investment portfolio Bank V<span class=\"_ _0\"></span>an Breda<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>Funds managed by Delen Private Bank<span class=\"ls1 ws1\"> </span>29,295<span class=\"ls1 ws1\"> </span>Ageas<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>278,284<span class=\"ls1 ws1\"> </span>11,527<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>506<span class=\"ls1 ws1\"> </span>544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The breakdown per<span class=\"_ _3\"></span> segment of the fai<span class=\"_ _3\"></span>r value of the inves<span class=\"_ _3\"></span>tments is as follows (<span class=\"_ _3\"></span>\u20ac 1,000):<span class=\"ws1\"> </span>Fair value<span class=\"ws1\"> </span>Private Banking (Bank Van Breda)<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>41,325<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>2 Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Credit risk of th<span class=\"_ _3\"></span>e investment po<span class=\"_ _3\"></span>rtfolio Bank Van Bre<span class=\"_ _3\"></span>da<span class=\"ls1 ws1\"> </span>The ri<span class=\"_ _0\"></span>sk prof<span class=\"_ _0\"></span>ile of<span class=\"_ _0\"></span> the <span class=\"ls25 ws208\">inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t portfo<span class=\"_ _0\"></span>lio has f<span class=\"_ _0\"></span>or yea<span class=\"_ _0\"></span>rs now d<span class=\"_ _0\"></span>elibera<span class=\"_ _0\"></span>tely be<span class=\"_ _0\"></span>en kept<span class=\"_ _0\"></span> </span>very lo<span class=\"_ _0\"></span>w. The in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>at yea<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">-<span class=\"ls24 ws21c\">end 2022 contains 99% government </span></span>and government<span class=\"ws1\">-</span>g<span class=\"_ _0\"></span>uaranteed bonds with<span class=\"_ _0\"></span> a minimum A<span class=\"_ _0\"></span>a3 rating (Moody\u2019<span class=\"_ _0\"></span>s rating<span class=\"ls4a ws2a4\">) </span>and less than 1% shar<span class=\"_ _0\"></span>es and private equity.<span class=\"ws1\"> </span>The investment f<span class=\"_ _0\"></span>ramework that is s<span class=\"_ _0\"></span>ubmitted annually for<span class=\"_ _0\"></span> the approval of t<span class=\"_ _0\"></span>he board of directors of Bank Van Breda determines which investmen<span class=\"_ _0\"></span>ts can be made and the limits that apply. The following t<span class=\"_ _0\"></span>able shows the composition of the consolidated investm<span class=\"_ _0\"></span>ent portfolio by rating and matu<span class=\"_ _0\"></span>rity.<span class=\"ws1\"> </span>Remaining<span class=\"_ _3\"></span> Composition o<span class=\"_ _3\"></span>f the inves<span class=\"_ _3\"></span>tment port<span class=\"_ _3\"></span>folio 31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> <span class=\"_ _1ba\"> </span><span class=\"ls28 ws1de\">Ratin<span class=\"_ _3\"></span>g</span>  </span>durati<span class=\"_ _3\"></span>on<span class=\"ls1 ws1\"> </span>Government bonds Aaa<span class=\"ls1 ws1\"> </span>40%<span class=\"ls1 ws1\"> </span>2023<span class=\"ls1 ws1\"> </span>19%<span class=\"ls1 ws1\"> </span>Government bonds Aa1<span class=\"ls1 ws1\"> </span>20%<span class=\"ls1 ws1\"> </span>2024<span class=\"ls1 ws1\"> </span>15%<span class=\"ls1 ws1\"> </span>Government bonds Aa2<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>2025<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Government bonds Aa3<span class=\"ls1 ws1\"> </span>30%<span class=\"ls1 ws1\"> </span>2026<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>Government bonds A2<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>2027<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Corporate bonds and commercial paper &amp; ot<span class=\"_ _0\"></span>her<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>&gt; 2027<span class=\"ls1 ws1\"> </span>43%<span class=\"ls1 ws1\"> </span>indefinite<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>Note 14:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls3a ws20c\">re<span class=\"_ _3\"></span>ceivable f<span class=\"_ _3\"></span>rom cre<span class=\"_ _3\"></span>dit <span class=\"ls2f ws1e\">instit<span class=\"_ _3\"></span>utions and cl<span class=\"_ _3\"></span>ients</span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value  <span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Loans and receivables to c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\"> </span>5,939,496<span class=\"ls1 ws1\"> </span>6,116,786<span class=\"ls1 ws1\"> </span>6,188,490<span class=\"ls1 ws1\"> </span>5,748,252<span class=\"ls1 ws1\"> </span>Changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span>0 25,704<span class=\"ls1 ws1\"> </span>0 25,704<span class=\"ls1 ws1\"> </span>Loans and advances to banks<span class=\"ls1 ws1\"> </span>110,845<span class=\"ls1 ws1\"> </span>137,851<span class=\"ls1 ws1\"> </span>110,836<span class=\"ls1 ws1\"> </span>138,014<span class=\"ls1 ws1\"> </span>Cash balances with central banks<span class=\"ls1 ws1\"> </span>640,916<span class=\"ls1 ws1\"> </span>1,224,628<span class=\"ls1 ws1\"> </span>640,916<span class=\"ls1 ws1\"> </span>1,224,628<span class=\"ls1 ws1\"> </span>6,691,25<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,504,96<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>6,940,24<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>7,136,59<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>Finance lease<span class=\"ls1 ws1\"> </span>366,374<span class=\"ls1 ws1\"> </span>279,004<span class=\"ls1 ws1\"> </span>Investment credits and financ<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> </span>2,815,391<span class=\"ls1 ws1\"> </span>2,670,776<span class=\"ls1 ws1\"> </span>Mortgage loans<span class=\"ls1 ws1\"> </span>2,617,715<span class=\"ls1 ws1\"> </span>2,438,038<span class=\"ls1 ws1\"> </span>Operating appropriatio<span class=\"_ _0\"></span>ns<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>404,040<span class=\"ls1 ws1\"> </span>371,689<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,373<span class=\"ls1 ws1\"> </span>17,901<span class=\"ls1 ws1\"> </span>Subtotal <span class=\"ls1 ws1\">- </span><span class=\"ws1e4\">G<span class=\"_ _3\"></span>ross loans and a<span class=\"_ _3\"></span>dvances<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Provisions Expected Credit <span class=\"ls28 ws1de\">Losses/w<span class=\"_ _3\"></span>rite<span class=\"ls1 ws1\">-off<span class=\"_ _3\"></span>s </span></span>-<span class=\"ls29 ws1e1\">27,403</span> -<span class=\"ls29 ws1e1\">29,156</span> Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>6,188,49<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>5,748,25<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>The full consolidation of <span class=\"ls34\">Bank<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>an B<span class=\"_ _3\"></span>reda<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws236\">resu<span class=\"_ _0\"></span>lts in th<span class=\"_ _0\"></span>e inclu<span class=\"_ _0\"></span>sion of<span class=\"_ _0\"></span> the spec<span class=\"_ _0\"></span>ific </span></span>bank<span class=\"_ _0\"></span>ing rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> debts in <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>lance sh<span class=\"_ _0\"></span>eet of<span class=\"_ _0\"></span> AvH. Th<span class=\"_ _0\"></span>ese it<span class=\"_ _0\"></span>ems have b<span class=\"_ _9f\"></span>een grouped in order to k<span class=\"_ _0\"></span>eep the balance sheet as transpar<span class=\"_ _0\"></span>ent as possible.<span class=\"ws1\"> </span>The loan<span class=\"_ _9f\"></span>s and adva<span class=\"_ _0\"></span>nces to<span class=\"_ _0\"></span> clients <span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>rise th<span class=\"_ _0\"></span>e follow<span class=\"_ _9f\"></span>ing: <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1f9\">loans g<span class=\"_ _0\"></span>ranted<span class=\"_ _0\"></span> to fam<span class=\"_ _0\"></span>ily en<span class=\"_ _0\"></span>trepren<span class=\"_ _0\"></span>eurs <span class=\"_ _0\"></span>and th<span class=\"_ _0\"></span>e libe<span class=\"_ _0\"></span>ral prof<span class=\"_ _0\"></span>ession<span class=\"_ _0\"></span>s at <span class=\"_ _0\"></span><span class=\"ls34 ws1f7\">B<span class=\"_ _3\"></span>ank V<span class=\"_ _3\"></span>an </span></span></span>Bre<span class=\"_ _3\"></span>da<span class=\"ls25 ws208\">. Th<span class=\"_ _0\"></span>e many<span class=\"_ _0\"></span> entrepr<span class=\"_ _0\"></span>eneur<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>racti<span class=\"_ _0\"></span>tione<span class=\"_ _0\"></span>rs of lib<span class=\"_ _0\"></span>eral p<span class=\"_ _0\"></span>rofes<span class=\"_ _0\"></span>sions w<span class=\"_ _0\"></span>ho hav<span class=\"_ _0\"></span>e </span>becom<span class=\"_ _0\"></span>e clients in<span class=\"_ _0\"></span> previou<span class=\"_ _0\"></span>s years ent<span class=\"_ _0\"></span>rus<span class=\"_ _0\"></span>t an ever incre<span class=\"_ _0\"></span>asing sh<span class=\"_ _0\"></span>are of thei<span class=\"_ _0\"></span>r banking business to th<span class=\"_ _0\"></span>e<span class=\"ws1\"> <span class=\"ls34 ws1ea\">ba<span class=\"_ _3\"></span>nk;<span class=\"_ _3\"></span> </span> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">car financing provided by Van <span class=\"_ _0\"></span>Breda Car Finance, a division of<span class=\"_ _0\"></span> the bank.<span class=\"ws1\"> </span></span></span>The strong<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls4d ws1f5\">co<span class=\"_ _3\"></span>mmer<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ls30 ws25c\">perf<span class=\"_ _0\"></span>orman<span class=\"_ _9f\"></span>ce of th<span class=\"_ _0\"></span>e bank exp<span class=\"_ _9f\"></span>lains the <span class=\"_ _0\"></span>signif<span class=\"_ _0\"></span>icant i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se </span></span>of loans and advance<span class=\"_ _0\"></span>s to clients.<span class=\"ws1\"> </span>Credit risk<span class=\"ls1 ws1\"> </span>The credit portfolio of <span class=\"ls1 ws1f5\">B<span class=\"_ _0\"></span>ank Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws204\">is v<span class=\"_ _0\"></span>ery widely<span class=\"_ _0\"></span> spread th<span class=\"_ _0\"></span>rougho<span class=\"_ _0\"></span>ut the loc<span class=\"_ _0\"></span>al </span></span></span>economic fabric of f<span class=\"_ _0\"></span>amily businesses an<span class=\"_ _0\"></span>d liberal professions. <span class=\"_ _0\"></span>The bank applies<span class=\"_ _0\"></span> concentration limit<span class=\"_ _0\"></span>s per sector and maxim<span class=\"_ _0\"></span>um credit amounts per clien<span class=\"_ _0\"></span>t. The credit portfolio of the Van Breda C<span class=\"_ _0\"></span>ar Finance division consists of ca<span class=\"ls1 ws20b\">r loans<span class=\"_ _0\"></span> and car finance </span>leas<span class=\"_ _0\"></span>es, and i<span class=\"_ _0\"></span>s very wid<span class=\"_ _9f\"></span>ely spread<span class=\"_ _0\"></span>. Const<span class=\"_ _0\"></span>ant f<span class=\"_ _0\"></span>ine<span class=\"ls1 ws1\">-<span class=\"ws1f2\">tuning of th<span class=\"_ _0\"></span>e acceptance criteria </span></span>and pro<span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>e debtor <span class=\"_ _0\"></span>moni<span class=\"_ _0\"></span>toring a<span class=\"_ _0\"></span>lso giv<span class=\"_ _0\"></span>e this po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> a low r<span class=\"_ _0\"></span>isk p<span class=\"_ _0\"></span>rofile.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The cr<span class=\"_ _0\"></span>edit po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>is div<span class=\"_ _0\"></span>ided into<span class=\"_ _0\"></span> risk <span class=\"_ _0\"></span>categori<span class=\"_ _0\"></span>es, each<span class=\"_ _0\"></span> of wh<span class=\"_ _0\"></span>ich is m<span class=\"_ _0\"></span><span class=\"ws22f\">onito<span class=\"_ _0\"></span>red in its </span>own specific way. The board of di<span class=\"_ _0\"></span>rectors of Bank Van Breda periodi<span class=\"_ _0\"></span>cally receives a report o<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>it fac<span class=\"_ _0\"></span>ilities <span class=\"_ _0\"></span>in the h<span class=\"_ _0\"></span>ighes<span class=\"_ _0\"></span>t risk ca<span class=\"_ _0\"></span>tegory.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Debts which becom<span class=\"_ _0\"></span>e doubtful are transf<span class=\"_ _0\"></span>erred to the Litigation d<span class=\"_ _0\"></span>epartment. There are specif<span class=\"_ _0\"></span>ic criter<span class=\"ws204\">i<span class=\"_ _0\"></span>a for man<span class=\"_ _0\"></span>dator<span class=\"_ _0\"></span>y transf<span class=\"_ _0\"></span>er when<span class=\"_ _0\"></span> specific ev<span class=\"_ _9f\"></span>ents arise w<span class=\"_ _0\"></span>ith cli<span class=\"_ _0\"></span>ents, </span>borrow<span class=\"_ _9f\"></span>ers or <span class=\"_ _3\"></span>gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ors. For cr<span class=\"_ _0\"></span>edit faci<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s in the highe<span class=\"_ _0\"></span>st risk catego<span class=\"_ _9f\"></span>ry and for debts that become doubtful, it will be determined wh<span class=\"_ _0\"></span>ether impairments are required. The valuation rules (<span class=\"ws1f6\">N<span class=\"_ _0\"></span>ote 1) offer a<span class=\"_ _3\"></span>n explanation of the methodology which <span class=\"ws1\">B<span class=\"ls34 ws1ea\">ank</span> </span></span>Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">uses und<span class=\"_ _0\"></span>er nor<span class=\"_ _0\"></span>mal ci<span class=\"_ _0\"></span>rcumst<span class=\"_ _0\"></span>ances to<span class=\"_ _0\"></span> deter<span class=\"_ _0\"></span>mine th<span class=\"_ _0\"></span>e <span class=\"ff3b ls1\">expected credit<span class=\"_ _0\"></span> </span></span></span>losses <span class=\"_ _3\"></span><span class=\"ls3f ws206\">(stag<span class=\"_ _0\"></span>e 1 and stag<span class=\"_ _0\"></span>e 2)<span class=\"ff3a ls1 ws1\"> <span class=\"ls34 ws1f7\">a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he </span></span><span class=\"ws2a8\">imp<span class=\"_ _0\"></span>airmen<span class=\"_ _9f\"></span>ts (stag<span class=\"_ _0\"></span>e 3)<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws25c\">for the <span class=\"_ _3\"></span>whole </span></span></span></span>credit portfolio. <span class=\"ls1 ws1\"> </span>Despite the very challenging environm<span class=\"_ _0\"></span>ent for its clients due to the geopolitical tensions and th<span class=\"_ _0\"></span>e sharply increased infl<span class=\"_ _0\"></span>ation, Bank V<span class=\"_ _0\"></span>an Breda did no<span class=\"_ _0\"></span>t report any signif<span class=\"_ _0\"></span>icant lo<span class=\"_ _0\"></span>sses on l<span class=\"_ _0\"></span>oans in<span class=\"_ _0\"></span> 2022. Th<span class=\"_ _9f\"></span>e total prov<span class=\"_ _0\"></span>ision fo<span class=\"_ _0\"></span>r <span class=\"ls1 ws1f5\">credit losses (including </span>Expected Credit Losses or E<span class=\"_ _0\"></span>CL) remains low at +0.02<span class=\"_ _0\"></span>% of the average loan portfo<span class=\"_ _0\"></span>lio. In<span class=\"_ _0\"></span> 2021,<span class=\"_ _0\"></span> there<span class=\"_ _0\"></span> was a <span class=\"_ _0\"></span>net po<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t on th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lts du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e par<span class=\"_ _0\"></span>tial rever<span class=\"_ _0\"></span>sal of th<span class=\"_ _0\"></span>e so<span class=\"ls1 ws1\">-<span class=\"ws1f7\">called \u2018corona prov<span class=\"_ _0\"></span>ision\u2019. This proves the strong qua<span class=\"ls52 ws24f\">lity of t<span class=\"_ _3\"></span>he </span></span></span>bank\u2019<span class=\"_ _0\"></span>s credit p<span class=\"_ _0\"></span>ortfo<span class=\"_ _0\"></span>lio as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>the resi<span class=\"_ _0\"></span>lienc<span class=\"_ _0\"></span>e of its c<span class=\"_ _0\"></span>lient<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\">. </span>Inter<span class=\"_ _3\"></span>nal rati<span class=\"_ _3\"></span>ng per c<span class=\"_ _3\"></span>atego<span class=\"_ _3\"></span>ry <span class=\"ls1 ws1\">\u2013 </span>lo<span class=\"_ _3\"></span>ans and a<span class=\"_ _3\"></span>dvance<span class=\"_ _3\"></span>s to c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Loans and a<span class=\"_ _3\"></span>dvances to cl<span class=\"_ _3\"></span>ients <span class=\"ls1 ws1\">- <span class=\"ls28 ws1e7\">inte<span class=\"_ _3\"></span>rnal<span class=\"_ _3\"></span> rating<span class=\"_ _3\"></span> per ca<span class=\"_ _3\"></span>tego<span class=\"_ _3\"></span>ry</span> </span>Stage 1<span class=\"ws1\"> </span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bb\"> </span></span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> <span class=\"_ _ca\"> </span></span>Indivi<span class=\"_ _3\"></span>dual<span class=\"ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> </span>Performing<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Low<span class=\"_ _3\"></span> risk<span class=\"ls1 ws1\"> </span>2,599,257<span class=\"ls1 ws1\"> </span>0 19,099<span class=\"ls1 ws1\"> </span>15,313<span class=\"ls1 ws1\"> </span>0 2,633,669<span class=\"ls1 ws1\"> </span>Medium risk<span class=\"ls1 ws1\"> </span>2,348,294<span class=\"ls1 ws1\"> </span>0 361,644<span class=\"ls1 ws1\"> </span>59,268<span class=\"ls1 ws1\"> </span>0 2,769,205<span class=\"ls1 ws1\"> </span>High risk<span class=\"ls1 ws1\"> </span>328,614<span class=\"ls1 ws1\"> </span>0 372,495<span class=\"ls1 ws1\"> </span>19,408<span class=\"ls1 ws1\"> </span>0 720,516<span class=\"ls1 ws1\"> </span>Overdue<span class=\"ls1 ws1\"> </span>33,343<span class=\"ls1 ws1\"> </span>0 14,523<span class=\"ls1 ws1\"> </span>222<span class=\"ls1 ws1\"> </span>0 48,088<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span>perform<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Submitted<span class=\"_ _3\"></span> to write off<span class=\"ls1 ws1\"> </span>0 0 0 0 44,416<span class=\"ls1 ws1\"> </span>44,416<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,309,50<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>0 767,760<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>94,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Loans and a<span class=\"_ _3\"></span>dvances to cl<span class=\"_ _3\"></span>ients <span class=\"ls1 ws1\">- <span class=\"ls28 ws1e7\">inte<span class=\"_ _3\"></span>rnal<span class=\"_ _3\"></span> rating<span class=\"_ _3\"></span> per ca<span class=\"_ _3\"></span>tego<span class=\"_ _3\"></span>ry</span> <span class=\"_ _8c\"> </span><span class=\"ws202\">Stage 1</span> </span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> <span class=\"_ _58\"> </span><span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bb\"> </span></span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> <span class=\"_ _ca\"> </span></span>Indivi<span class=\"_ _3\"></span>dual<span class=\"ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> </span>Performing<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Low<span class=\"_ _3\"></span> risk<span class=\"ls1 ws1\"> </span>2,376,878<span class=\"ls1 ws1\"> </span>0 21,069<span class=\"ls1 ws1\"> </span>23,856<span class=\"ls1 ws1\"> </span>0 2,421,803<span class=\"ls1 ws1\"> </span>Medium risk<span class=\"ls1 ws1\"> </span>2,114,646<span class=\"ls1 ws1\"> </span>0 342,933<span class=\"ls1 ws1\"> </span>77,093<span class=\"ls1 ws1\"> </span>0 2,534,673<span class=\"ls1 ws1\"> </span>High risk<span class=\"ls1 ws1\"> </span>325,611<span class=\"ls1 ws1\"> </span>0 364,838<span class=\"ls1 ws1\"> </span>27,219<span class=\"ls1 ws1\"> </span>0 717,668<span class=\"ls1 ws1\"> </span>Overdue<span class=\"ls1 ws1\"> </span>33,601<span class=\"ls1 ws1\"> </span>0 15,380<span class=\"ls1 ws1\"> </span>649<span class=\"ls1 ws1\"> </span>0 49,629<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span>perform<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Submitted<span class=\"_ _3\"></span> to write off<span class=\"ls1 ws1\"> </span>0 0 0 0 53,635<span class=\"ls1 ws1\"> </span>53,635<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,850,73<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>0 744,219<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>128,818<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Loans and a<span class=\"_ _3\"></span>dvances to cl<span class=\"_ _3\"></span>ients <span class=\"ls1 ws1\">- </span>evolu<span class=\"_ _3\"></span>tion in 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _be\"> </span><span class=\"ws202\">Stage<span class=\"_ _3\"></span> 1</span> </span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> <span class=\"_ _57\"> </span><span class=\"ls28 ws1de\">T<span class=\"_ _3\"></span>otal</span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Collective<span class=\"ls1 ws1\"> </span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Collective<span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>4,850,73<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>0 744,219<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>128,818<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Impact from collective s<span class=\"_ _0\"></span>taging<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">25,592</span> 25,592<span class=\"ls1 ws1\"> </span>38,017<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">38,017</span> 0 0 Recognition<span class=\"ls1 ws1\"> </span>1,612,423<span class=\"ls1 ws1\"> </span>0 163,399<span class=\"ls1 ws1\"> </span>4,838<span class=\"ls1 ws1\"> </span>4,280<span class=\"ls1 ws1\"> </span>1,784,939<span class=\"ls1 ws1\"> </span>Derecognition<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">753,174</span> 0 -<span class=\"ls29 ws1e1\">122,768</span> -<span class=\"ls29 ws1e1\">17,408</span> -<span class=\"ls29 ws1e1\">12,247</span> -<span class=\"ls29 ws1e1\">905,597</span> Repayments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">371,329</span> 0 -<span class=\"ls29 ws1e1\">51,094</span> -<span class=\"ls29 ws1e1\">9,611</span> -<span class=\"ls29 ws1e1\">7,568</span> -<span class=\"ls29 ws1e1\">439,602</span> Tran<span class=\"_ _3\"></span>sfers to<span class=\"_ _3\"></span> stage 1<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>248,372<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">247,216</span> 0 -<span class=\"ls29 ws1e1\">1,156</span> 0 Tran<span class=\"_ _3\"></span>sfers to<span class=\"_ _3\"></span> stage 2<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">244,345</span> -<span class=\"ls29 ws1e1\">25,592</span> 246,576<span class=\"ls1 ws1\"> </span>25,592<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,231</span> 0 Tran<span class=\"_ _3\"></span>sfers to<span class=\"_ _3\"></span> stage 3<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">7,461</span> 0 -<span class=\"ls29 ws1e1\">3,289</span> 0 10,751<span class=\"ls1 ws1\"> </span>0 Methodology modifications<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">123</span> 0 -<span class=\"ls29 ws1e1\">84</span> 0 -8 -<span class=\"ls29 ws1e1\">215</span> Write offs<span class=\"ls1 ws1\"> </span>0 0 0 0 -<span class=\"ls29 ws1e1\">1,040</span> -<span class=\"ls29 ws1e1\">1,040</span> 31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>5,309,50<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>0 767,760<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>94,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> <span class=\"_ _c0\"> </span><span class=\"ws202\">Stag<span class=\"_ _0\"></span>e 1<span class=\"_ _3\"></span><span class=\"ws1\"> </span></span></span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> <span class=\"_ _57\"> </span><span class=\"ls28 ws1de\">T<span class=\"_ _3\"></span>otal</span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bb\"> </span></span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> <span class=\"_ _ca\"> </span></span>Indivi<span class=\"_ _3\"></span>dual<span class=\"ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">4,192</span> 0 -<span class=\"ls27 ws1df\">1,926</span> -<span class=\"ls27 ws1df\">245</span> -<span class=\"ls27 ws1df\">22,792</span> -<span class=\"ls27 ws1df\">29,156</span> Impact from collective s<span class=\"_ _0\"></span>taging<span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">16</span> -<span class=\"ls29 ws1e1\">63</span> 63<span class=\"ls1 ws1\"> </span>0 0 Recognition<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,042</span> -8 -<span class=\"ls29 ws1e1\">673</span> -1 -<span class=\"ls29 ws1e1\">1,376</span> -<span class=\"ls29 ws1e1\">6,100</span> Derecognition<span class=\"ls1 ws1\"> </span>1,266<span class=\"ls1 ws1\"> </span>0 484<span class=\"ls1 ws1\"> </span>6 1,524<span class=\"ls1 ws1\"> </span>3,280<span class=\"ls1 ws1\"> </span>Repayments<span class=\"ls1 ws1\"> </span>1,634<span class=\"ls1 ws1\"> </span>3 499<span class=\"ls1 ws1\"> </span>7 0 2,142<span class=\"ls1 ws1\"> </span>Transfers<span class=\"_ _0\"></span> to Stage 1<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,422</span> 0 1,361<span class=\"ls1 ws1\"> </span>0 60<span class=\"ls1 ws1\"> </span>0 Transfers<span class=\"_ _0\"></span> to Stage 2<span class=\"ls1 ws1\"> </span>164<span class=\"ls1 ws1\"> </span>24<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">290</span> -<span class=\"ls29 ws1e1\">24</span> 126<span class=\"ls1 ws1\"> </span>0 Transfers<span class=\"_ _0\"></span> to Stage 3<span class=\"ls1 ws1\"> </span>26<span class=\"ls1 ws1\"> </span>0 150<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">176</span> 0 Impact on ECL by<span class=\"_ _0\"></span> Stage Transfer<span class=\"ls1 ws1\"> </span>1,249<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">2,014</span> -<span class=\"ls29 ws1e1\">83</span> -<span class=\"ls29 ws1e1\">2,655</span> -<span class=\"ls29 ws1e1\">3,502</span> Other adjus<span class=\"_ _3\"></span>tments to credit ri<span class=\"_ _3\"></span>sk<span class=\"ls1 ws1\"> </span>528<span class=\"ls1 ws1\"> </span>-3 326<span class=\"ls1 ws1\"> </span>102<span class=\"ls1 ws1\"> </span>2,871<span class=\"ls1 ws1\"> </span>3,824<span class=\"ls1 ws1\"> </span>Methodology modifications<span class=\"ls1 ws1\"> </span>1 0 0 0 0 1 Model modifications<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">32</span> 0 101<span class=\"ls1 ws1\"> </span>0 0 69<span class=\"ls1 ws1\"> </span>Write<span class=\"ls1 ws1\">-offs<span class=\"_ _3\"></span> </span>0 0 0 0 2,039<span class=\"ls1 ws1\"> </span>2,039<span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">4,805</span> 0 -<span class=\"ls27 ws1df\">2,045</span> -<span class=\"ls27 ws1df\">176</span> -<span class=\"ls27 ws1df\">20,377</span> -<span class=\"ls27 ws1df\">27,403</span> Note 15:<span class=\"ff3c\"> </span>I<span class=\"ls50 wscc\">nventori<span class=\"_ _0\"></span>es and construction<span class=\"_ _0\"></span> contracts<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>I. Inv<span class=\"_ _0\"></span>entor<span class=\"_ _0\"></span>ies, n<span class=\"_ _0\"></span>et <span class=\"ls32 ws29a\">amount<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>389,711<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>376,218<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross carry<span class=\"_ _3\"></span>ing amount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>391,376<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>378,412<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Raw materials and consumables<span class=\"ls1 ws1\"> </span>62,879<span class=\"ls1 ws1\"> </span>50,638<span class=\"ls1 ws1\"> </span>Goods in progress<span class=\"ls1 ws1\"> </span>63,361<span class=\"ls1 ws1\"> </span>55,600<span class=\"ls1 ws1\"> </span>Finished products<span class=\"ls1 ws1\"> </span>5,213<span class=\"ls1 ws1\"> </span>4,919<span class=\"ls1 ws1\"> </span>Goods purchased for sale<span class=\"ls1 ws1\"> </span>1,468<span class=\"ls1 ws1\"> </span>1,107<span class=\"ls1 ws1\"> </span>Immovable property acquir<span class=\"_ _0\"></span>ed or <span class=\"ls2b ws1df\">con<span class=\"_ _3\"></span>structed for <span class=\"_ _3\"></span>resale<span class=\"ls1 ws1\"> </span></span>258,453<span class=\"ls1 ws1\"> </span>266,149<span class=\"ls1 ws1\"> </span>Prepayments<span class=\"ls1 ws1\"> </span>0 0 Depreciation<span class=\"_ _3\"></span> and impair<span class=\"_ _3\"></span>ments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls27 ws1df\">1,664</span> -<span class=\"ls27 ws1df\">2,194</span> Impairment on inventory thr<span class=\"_ _0\"></span>ough income statement during the financial year<span class=\"ls1 ws1\"> </span>38<span class=\"ls1 ws1\"> </span>1,056<span class=\"ls1 ws1\"> </span>Impairment on inventory revers<span class=\"_ _0\"></span>ed in the income statement during the financial year<span class=\"ls1 ws1\"> </span>185<span class=\"ls1 ws1\"> </span>0 II. Construction contracts<span class=\"ls1 ws1\"> </span>Amounts due <span class=\"_ _3\"></span>from (to) c<span class=\"_ _3\"></span>ustomers unde<span class=\"_ _3\"></span>r constructi<span class=\"_ _3\"></span>on contracts<span class=\"_ _3\"></span>, net<span class=\"ls1 ws1\"> </span>5,940<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>136,616<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due from customers under c<span class=\"_ _0\"></span>onstruction contracts<span class=\"ls1 ws1\"> </span>532,289<span class=\"ls1 ws1\"> </span>478,499<span class=\"ls1 ws1\"> </span>Amounts due to customers<span class=\"_ _0\"></span> under <span class=\"ls2b ws299\">con<span class=\"_ _3\"></span>struction co<span class=\"_ _3\"></span>ntracts<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">526,349</span> -<span class=\"ls29 ws1e1\">341,883</span> Construc<span class=\"_ _3\"></span>tion contracts<span class=\"_ _3\"></span> on closing da<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span>Amount of contract costs inc<span class=\"_ _0\"></span>urred and recognized profits less losses<span class=\"ls1 ws1\"> </span>7,170,207<span class=\"ls1 ws1\"> </span>7,168,801<span class=\"ls1 ws1\"> </span>Amount of <span class=\"_ _3\"></span>contract revenu<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">7,164,266</span> -<span class=\"ls29 ws1e1\">7,032,186</span> Prepayments rece<span class=\"_ _3\"></span>ived <span class=\"ls3d ws20f\">(CFE</span><span class=\"ws1\">-<span class=\"ls59 ws290\">DE<span class=\"_ _3\"></span>ME)</span> </span>-<span class=\"ls27 ws1df\">79,734</span> -<span class=\"ls27 ws1df\">107,147<span class=\"_ _3\"></span></span> CFE\u2019s r<span class=\"_ _0\"></span>eal est<span class=\"_ _0\"></span>ate dev<span class=\"_ _0\"></span>elopm<span class=\"_ _0\"></span>ent <span class=\"ls25 ws1ec\">proj<span class=\"_ _0\"></span>ects, <span class=\"_ _3\"></span><span class=\"ls42 ws225\">Nex<span class=\"ls1 ws220\">tensa\u2019s landholdings, and the port<span class=\"ws1\">-</span></span></span></span>related developments in Vietnam by Ren<span class=\"_ _0\"></span>t<span class=\"ws1\">-A-</span>Port are the main components within \u2018<span class=\"ff3b ls4c ws268\">Inventori<span class=\"_ _0\"></span>es<span class=\"ff3a ls40 ws218\">\u2019.<span class=\"ls1 ws1\"> </span></span></span>CFE\u2019s in<span class=\"_ _0\"></span>vento<span class=\"_ _0\"></span>ries are es<span class=\"_ _0\"></span>sential<span class=\"_ _0\"></span>ly real<span class=\"_ _0\"></span> estate pro<span class=\"_ _0\"></span>jects dev<span class=\"_ _9f\"></span>eloped by BPI an<span class=\"_ _0\"></span>d its fully<span class=\"_ _9f\"></span> consolidated participat<span class=\"_ _0\"></span>ions.<span class=\"ws1\"> </span>The in<span class=\"_ _0\"></span>vento<span class=\"_ _0\"></span>ry of<span class=\"_ _0\"></span> Next<span class=\"_ _0\"></span>ensa c<span class=\"_ _0\"></span>onsis<span class=\"_ _0\"></span>ts mai<span class=\"_ _0\"></span>nly of<span class=\"_ _0\"></span> the la<span class=\"_ _0\"></span>nd ban<span class=\"_ _9f\"></span>k of Tou<span class=\"_ _0\"></span>r &amp; Tax<span class=\"_ _0\"></span>is on<span class=\"_ _9f\"></span> which about 130,000 m\u00b2 of mixed residential/offic<span class=\"ls1 ws1f5\">es can still be developed in the<span class=\"_ _0\"></span> </span>future on Zone A and B. <span class=\"ls30 ws257\">The d<span class=\"_ _9f\"></span>ecrease o<span class=\"_ _0\"></span>f inv<span class=\"_ _0\"></span>entori<span class=\"_ _0\"></span>es in \u201cR<span class=\"_ _0\"></span>eal Es<span class=\"_ _0\"></span>tate &amp; S<span class=\"_ _0\"></span>enior C<span class=\"_ _0\"></span>are\u201d </span>reflec<span class=\"_ _0\"></span>ts the low<span class=\"_ _9f\"></span>er invento<span class=\"_ _0\"></span>ry of dev<span class=\"_ _0\"></span>elopm<span class=\"_ _0\"></span>ent proj<span class=\"_ _0\"></span>ects a<span class=\"_ _0\"></span>t Nexten<span class=\"_ _0\"></span>sa, alth<span class=\"_ _0\"></span>ough th<span class=\"_ _0\"></span>is is amply offset by a higher f<span class=\"_ _0\"></span>igure for projects in progr<span class=\"_ _0\"></span>ess.<span class=\"ws1\"> </span>In 2022, Rent<span class=\"ls1 ws1\">-A-<span class=\"ws1f6\">Port accelerated the dev<span class=\"_ _0\"></span>elopment of the DEEP C Indu<span class=\"_ _0\"></span>strial Zones </span></span>in Haiphong (Vietnam). <span class=\"ls25 ws1db\">A<span class=\"_ _0\"></span>t prese<span class=\"_ _0\"></span>nt its a<span class=\"_ _0\"></span>ffiliate <span class=\"_ _0\"></span>Infra A<span class=\"_ _0\"></span>sia Inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>ts al<span class=\"_ _0\"></span>ready ow<span class=\"_ _0\"></span>ns </span>a land portfolio<span class=\"_ _0\"></span> of approximately<span class=\"_ _0\"></span> 3,400 hectares n<span class=\"_ _0\"></span>ear the new d<span class=\"_ _0\"></span>eep<span class=\"ws1\">-<span class=\"ls33 ws236\">sea p<span class=\"_ _3\"></span>ort of </span></span>Lach Huyen. <span class=\"ls35 ws26b\">This <span class=\"_ _0\"></span>represe<span class=\"_ _0\"></span>nts arou<span class=\"_ _0\"></span>nd 25% of all t<span class=\"_ _0\"></span>he avai<span class=\"_ _0\"></span>lable in<span class=\"_ _0\"></span>dustrial <span class=\"_ _0\"></span>land in<span class=\"_ _0\"></span> </span>north<span class=\"_ _0\"></span>ern Vietn<span class=\"_ _0\"></span>am.<span class=\"ls1 ws1\"> </span>The <span class=\"ff3b ls25 ws284\">construc<span class=\"_ _0\"></span>tion &amp; p<span class=\"_ _9f\"></span>roject con<span class=\"_ _0\"></span>tracts<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls42 ws2ee\">of CFE,<span class=\"_ _0\"></span> DEME and Agiden<span class=\"_ _0\"></span>s are valu<span class=\"_ _0\"></span>ed </span></span></span>accord<span class=\"_ _0\"></span>ing to <span class=\"_ _0\"></span>the \u2018P<span class=\"_ _0\"></span>ercen<span class=\"_ _0\"></span>tage of<span class=\"_ _0\"></span> Com<span class=\"_ _0\"></span>pletion\u2019<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws27f\">metho<span class=\"_ _0\"></span>d, wh<span class=\"_ _0\"></span>ereby r<span class=\"_ _0\"></span>esults a<span class=\"_ _9f\"></span>re </span></span>recogn<span class=\"_ _0\"></span>ized i<span class=\"_ _0\"></span>n accor<span class=\"_ _0\"></span>dance w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e prog<span class=\"_ _0\"></span>ress of t<span class=\"_ _0\"></span>he wo<span class=\"_ _0\"></span>rk. Expe<span class=\"_ _0\"></span>cted lo<span class=\"_ _0\"></span>sses a<span class=\"_ _0\"></span>re immediately recognized as an expense th<span class=\"ws1\">r</span>ough in <span class=\"_ _3\"></span>the income statement. <span class=\"ws1\"> </span>The execu<span class=\"_ _9f\"></span>tion of projec<span class=\"_ _0\"></span>ts always en<span class=\"_ _0\"></span>tails a certa<span class=\"_ _0\"></span>in oper<span class=\"_ _0\"></span>ational ri<span class=\"_ _0\"></span>sk, but also<span class=\"_ _0\"></span> means<span class=\"_ _0\"></span> that ce<span class=\"_ _0\"></span>rtain e<span class=\"_ _0\"></span>stimate<span class=\"_ _0\"></span>s of prof<span class=\"_ _0\"></span>itabi<span class=\"_ _0\"></span>lity need<span class=\"_ _0\"></span> to be mad<span class=\"_ _0\"></span>e at the <span class=\"_ _0\"></span>end of such<span class=\"_ _0\"></span> a proj<span class=\"_ _0\"></span>ect. This r<span class=\"_ _0\"></span>isk is <span class=\"_ _0\"></span>inher<span class=\"_ _0\"></span>ent to th<span class=\"_ _9f\"></span>e activit<span class=\"_ _0\"></span>y, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _9f\"></span>e risk of<span class=\"_ _0\"></span> disag<span class=\"_ _0\"></span>reement<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> cus<span class=\"_ _3\"></span>to<span class=\"ls25 ws1db\">mers<span class=\"_ _0\"></span> over div<span class=\"_ _9f\"></span>ergent co<span class=\"_ _0\"></span>sts or c<span class=\"_ _0\"></span>hange<span class=\"_ _0\"></span>s in ex<span class=\"_ _0\"></span>ecutio<span class=\"_ _0\"></span>n and th<span class=\"_ _0\"></span>e coll<span class=\"_ _0\"></span>ection o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>se </span>receivables. DEME<span class=\"_ _0\"></span> is involved, both a<span class=\"_ _0\"></span>s claimant and as<span class=\"_ _0\"></span> defendant, in discus<span class=\"_ _0\"></span>sions with customers about the financial consequenc<span class=\"_ _0\"></span>es of deviations in the execution of contracting pro<span class=\"ls25 ws204\">ject<span class=\"_ _0\"></span>s. In a s<span class=\"_ _0\"></span>mall numb<span class=\"_ _9f\"></span>er of cases th<span class=\"_ _0\"></span>ey may r<span class=\"_ _0\"></span>esult i<span class=\"_ _0\"></span>n lawsu<span class=\"_ _0\"></span>its. In so<span class=\"_ _0\"></span> </span>far as <span class=\"_ _0\"></span>the con<span class=\"_ _9f\"></span>sequence<span class=\"_ _0\"></span>s of su<span class=\"_ _0\"></span>ch law<span class=\"_ _0\"></span>suits <span class=\"_ _0\"></span>can b<span class=\"_ _0\"></span>e relia<span class=\"_ _0\"></span>bly est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d, pro<span class=\"_ _0\"></span>vision<span class=\"_ _0\"></span>s are made fo<span class=\"_ _0\"></span>r this <span class=\"_ _0\"></span>in the a<span class=\"_ _0\"></span>ccoun<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span>The cu<span class=\"_ _0\"></span>rrent <span class=\"_ _0\"></span>constr<span class=\"_ _0\"></span>uction <span class=\"_ _0\"></span>contra<span class=\"_ _0\"></span>cts of<span class=\"_ _0\"></span> CFE w<span class=\"_ _0\"></span>ill gen<span class=\"_ _0\"></span>erate <span class=\"_ _0\"></span>a turnov<span class=\"_ _9f\"></span>er of 961<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls52 ws24e\">mil<span class=\"_ _3\"></span>lion </span></span>euros <span class=\"_ _0\"></span>in the<span class=\"_ _0\"></span> next<span class=\"_ _0\"></span> years,<span class=\"_ _0\"></span> of wh<span class=\"_ _0\"></span>ich 47<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>llion <span class=\"_ _0\"></span>euros i<span class=\"_ _0\"></span>s estim<span class=\"_ _9f\"></span>ated in 2<span class=\"_ _0\"></span>023. D<span class=\"_ _0\"></span>EME estim<span class=\"_ _0\"></span>ates th<span class=\"_ _0\"></span>e pace <span class=\"_ _0\"></span>of exec<span class=\"_ _0\"></span>ution of<span class=\"_ _0\"></span> its cu<span class=\"_ _9f\"></span>rrent cont<span class=\"_ _0\"></span>racts a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows: 55<span class=\"_ _9f\"></span>% in 2023,<span class=\"_ _9f\"></span> followed by 20% in 2024, 15% in 2025 and 10% after that.<span class=\"ls1 ws1\"> </span>Ne<span class=\"ls25 ws224\">xten<span class=\"_ _0\"></span>sa\u2019s r<span class=\"_ _0\"></span>eal esta<span class=\"_ _0\"></span>te devel<span class=\"_ _0\"></span>o<span class=\"ls1 ws259\">pment projects are also cont<span class=\"_ _0\"></span>ained in this balance </span></span>sheet <span class=\"_ _0\"></span>item, <span class=\"_ _0\"></span>as the r<span class=\"_ _0\"></span>esult<span class=\"_ _0\"></span>s of the p<span class=\"_ _0\"></span>re<span class=\"ls1 ws1\">-</span>so<span class=\"_ _0\"></span>ld ent<span class=\"_ _0\"></span>ities th<span class=\"_ _0\"></span>at are s<span class=\"_ _0\"></span>till un<span class=\"_ _0\"></span>der con<span class=\"_ _9f\"></span>struction<span class=\"_ _0\"></span> are also recognized according to the \u2018Percentage of Completion\u2019 method. <span class=\"ls34 ws1f2\">On the<span class=\"_ _3\"></span> </span>Tour &amp; Tax<span class=\"_ _9f\"></span>is site, all 3<span class=\"_ _0\"></span>19 apa<span class=\"_ _0\"></span>rtments in<span class=\"_ _0\"></span> <span class=\"ls1 ws1f6\">the 4 buildings of Park Lane phase I were </span>completed in 2022. Of thi<span class=\"_ _0\"></span>s phase, 5 apartments and 4 g<span class=\"_ _0\"></span>round<span class=\"ws1\">-<span class=\"ls33 ws1fa\">fl<span class=\"_ _3\"></span>oor retail<span class=\"_ _3\"></span> space<span class=\"_ _3\"></span>s </span></span>were st<span class=\"_ _0\"></span>ill av<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2022.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The progress of the work is defined based on the <span class=\"ls25 ws23e\">expen<span class=\"_ _0\"></span>diture<span class=\"_ _0\"></span>s versu<span class=\"_ _0\"></span>s the estim<span class=\"_ _9f\"></span>ated </span>cost pri<span class=\"_ _0\"></span>ce of the entir<span class=\"_ _0\"></span>e project.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Note 16:<span class=\"ff3c\"> </span>M<span class=\"ls3a ws20c\">inorit<span class=\"_ _3\"></span>ies</span>   <span class=\"ls27 ws1dd\">(\u20ac 1,000)<span class=\"_ _3\"></span></span><span class=\"ws1\"> </span>Minori<span class=\"_ _3\"></span>ty %<span class=\"ls1 ws1\"> </span>Minority sha<span class=\"_ _3\"></span>re in the <span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority sha<span class=\"_ _3\"></span>re in the <span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH balanc<span class=\"_ _3\"></span>e sheet<span class=\"ls1 ws1\"> </span>profit <span class=\"_ _3\"></span>for t<span class=\"_ _3\"></span>he peri<span class=\"_ _3\"></span>od <span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2021<span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2021<span class=\"ls1 ws1\"> </span>I. Mar<span class=\"_ _0\"></span>ine <span class=\"ls32 ws2d7\">Engine<span class=\"_ _0\"></span>ering &amp; Contract<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> </span></span>CFE <span class=\"ls1 ws1\">- <span class=\"ls3e ws1e1\">DEME (1)</span> </span>37.90%<span class=\"ls1 ws1\"> </span>740,856<span class=\"ls1 ws1\"> </span>59,045<span class=\"ls1 ws1\"> </span>DEME Group (1)<span class=\"ls1 ws1\"> </span>37.88%<span class=\"ls1 ws1\"> </span>769,598<span class=\"ls1 ws1\"> </span>43,831<span class=\"ls1 ws1\"> </span>CFE<span class=\"ls1 ws1\">  (1) </span>37.88%<span class=\"ls1 ws1\"> </span>68,995<span class=\"ls1 ws1\"> </span>10,648<span class=\"ls1 ws1\"> </span>Rent-A-<span class=\"ls29 ws1e0\">Port (Infra Asia Investments) (2)</span> 18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>20,365<span class=\"ls1 ws1\"> </span>49,324<span class=\"ls1 ws1\"> </span>3,164<span class=\"ls1 ws1\"> </span>957<span class=\"ls1 ws1\"> </span>II. Priv<span class=\"_ _0\"></span>ate Ban<span class=\"_ _0\"></span>king<span class=\"ls1 ws1\"> </span>Bank Van Breda (3)<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>141,372<span class=\"ls1 ws1\"> </span>141,694<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>12,936<span class=\"ls1 ws1\"> </span>III. Re<span class=\"_ _0\"></span>al Estat<span class=\"_ _0\"></span>e &amp; Senior<span class=\"_ _0\"></span> Care<span class=\"ls1 ws1\"> </span>Nexte<span class=\"_ _3\"></span>nsa<span class=\"ls1 ws1\">  </span>41.47%<span class=\"ls1 ws1\"> </span>41.47%<span class=\"ls1 ws1\"> </span>358,602<span class=\"ls1 ws1\"> </span>333,989<span class=\"ls1 ws1\"> </span>29,473<span class=\"ls1 ws1\"> </span>30,172<span class=\"ls1 ws1\"> </span>IV. A<span class=\"_ _3\"></span>vH &amp; Growth Capi<span class=\"_ _3\"></span>tal<span class=\"ls1 ws1\"> </span>Agidens<span class=\"ls1 ws1\">  </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>3,392<span class=\"ls1 ws1\"> </span>3,464<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">74</span> 807<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>6,499<span class=\"ls1 ws1\"> </span>8,447<span class=\"ls1 ws1\"> </span>1,666<span class=\"ls1 ws1\"> </span>1,328<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,368,82<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>1,277,77<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>101,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>105,246<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws296\">On June 29, 2022, the Extraordinary G<span class=\"_ _0\"></span>eneral Meeting of Shareholders of C<span class=\"_ _0\"></span>FE approved the partial demerger of C<span class=\"_ _0\"></span>FE. On that date, CFE c<span class=\"_ _0\"></span>ontributed its 100% part<span class=\"_ _0\"></span>icipation in DEME to a new <span class=\"ws1e1\">company, </span></span>DEME Group, and transferred the shares of that company to its shareholders. The DEME Group shares were then listed on Euronext Brussels on June 30, 2022. Accordingly, as of June 30, 2<span class=\"_ _3\"></span>022, CFE and DEME Group are separ<span class=\"_ _0\"></span>ately listed companies. The partial demerger of CFE did not cha<span class=\"_ _0\"></span>nge AvH\u2019s economic interes<span class=\"_ _0\"></span>t in DEME/CFE: the only change is that,<span class=\"_ _0\"></span> as of June 30, 2022, AvH ho<span class=\"ws1e1\">lds </span>shares directly in the listed companies DEME Group (62.12%) and CFE (62.12<span class=\"_ _3\"></span>%), whereas before that date DEME was a 100% partic<span class=\"ws1e1\">ip</span>ation of the listed company CFE, in whi<span class=\"_ _3\"></span>ch AvH held a 62.12% participation. Consequently<span class=\"_ _0\"></span>, this partial demerger has no consequences for the reporting of DEME (Group) by full c<span class=\"_ _0\"></span>onsolidation in the consolidated financial statements of AvH.<span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls2a ws1e2\">In December <span class=\"ls29 ws1e0\">2021, Rent</span></span><span class=\"ff3a\">-A-<span class=\"ls29 ws1e0\">Port concluded an agreement to acquire an additional 32.6% stake <span class=\"_ _3\"></span>in IAI, which brought its total participation to 94%. The closing of the transaction took place in the </span></span>first quarter<span class=\"_ _0\"></span> of 2022. AvH/CFE\u2019s direct stake in Rent<span class=\"ls1 ws1\">-A-</span>Port remained uncha<span class=\"ws1e1\">nged.<span class=\"ls1 ws1\"> </span></span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">In 2018 the shareholder structure of Delen Private Bank and Bank Van Breda was simplified. AvH now holds, via the 100%</span><span class=\"ff3a\">-<span class=\"ls29 ws211\">affiliate FinAx, a direct stake of 78.75% in Delen Private Bank, equity </span></span>accounted directly<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>Summarized income statement <span class=\"ls1\">\u2013 <span class=\"_ _3\"></span><span class=\"ls72 ws2f3\">202</span>2 </span>(\u20ac<span class=\"ls1 ws1\"> </span>1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _1bc\"> </span><span class=\"ls2b ws1e4\">DEME Group (<span class=\"_ _3\"></span>1)</span> <span class=\"_ _57\"> </span><span class=\"ls3d ws20f\">CF<span class=\"_ _3\"></span>E</span>  </span>(1)<span class=\"ls1 ws1\"> <span class=\"_ _66\"> </span><span class=\"ls2b ws1e3\">Bank Van Breda</span> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent</span>-A<span class=\"_ _3\"></span>-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nextensa<span class=\"_ _3\"></span> <span class=\"_ _b7\"> </span><span class=\"ls2b ws1dd\">Agidens<span class=\"_ _3\"></span></span> </span>Revenue<span class=\"ls1 ws1\"> </span>2,654,725<span class=\"ls1 ws1\"> </span>1,167,221<span class=\"ls1 ws1\"> </span>194,602<span class=\"ls1 ws1\"> </span>58,027<span class=\"ls1 ws1\"> </span>135,999<span class=\"ls1 ws1\"> </span>59,745<span class=\"ls1 ws1\"> </span>Profit (loss) fro<span class=\"_ _0\"></span>m operating activities<span class=\"ls1 ws1\"> </span>155,236<span class=\"ls1 ws1\"> </span>42,358<span class=\"ls1 ws1\"> </span>90,048<span class=\"ls1 ws1\"> </span>14,827<span class=\"ls1 ws1\"> </span>51,165<span class=\"ls1 ws1\"> </span>487<span class=\"ls1 ws1\"> </span>Finance result<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">24,311</span> <span class=\"_ _14\"> </span>-<span class=\"ls29 ws1e1\">217</span> -<span class=\"ls29 ws1e1\">3,822</span> <span class=\"_ _101\"> </span>-<span class=\"ls29 ws1e1\">8,511</span> <span class=\"_ _14\"> </span>-<span class=\"ls29 ws1e1\">444</span> Profit (los<span class=\"_ _3\"></span>s) before tax<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>146,752<span class=\"ls1 ws1\"> </span>47,359<span class=\"ls1 ws1\"> </span>90,048<span class=\"ls1 ws1\"> </span>14,885<span class=\"ls1 ws1\"> </span>86,828<span class=\"ls1 ws1\"> </span>43<span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>115,391<span class=\"ls1 ws1\"> </span>38,398<span class=\"ls1 ws1\"> </span>68,325<span class=\"ls1 ws1\"> </span>9,732<span class=\"ls1 ws1\"> </span>71,208<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">492</span> At the level of the individual com<span class=\"_ _3\"></span>pany<span class=\"ls1 ws1\"> </span>115,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>38,398<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68,325<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,732<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71,208<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">492</span> - <span class=\"ls29 ws1e1\">Minority <span class=\"ls2b ws1dd\">interests<span class=\"_ _3\"></span></span></span> 2,671<span class=\"ls1 ws1\"> <span class=\"_ _12d\"> </span>-</span>36<span class=\"ls1 ws1\"> <span class=\"_ _ce\"> </span>0 <span class=\"_ _138\"> </span></span>1,629<span class=\"ls1 ws1\"> <span class=\"_ _14\"> </span>-</span>102<span class=\"ls1 ws1\"> <span class=\"_ _ce\"> </span>0 </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 112,720<span class=\"ls1 ws1\"> </span>38,434<span class=\"ls1 ws1\"> </span>68,325<span class=\"ls1 ws1\"> </span>8,104<span class=\"ls1 ws1\"> </span>71,310<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">492</span> At the leve<span class=\"_ _3\"></span>l of AvH (a)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>111,313<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>28,166<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>67,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,732<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">492</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 43,831<span class=\"ls1 ws1\"> </span>10,648<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>3,164<span class=\"ls1 ws1\"> </span>29,473<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">74</span> - <span class=\"ls29 ws1e0\">Share of the group</span> 67,482<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>17,518<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>53,806<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>6,569<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>42,516<span class=\"ls1 ws1\"> <span class=\"_ _14\"> </span>-</span>418<span class=\"ls1 ws1\"> </span>(a) <span class=\"_ _69\"> </span><span class=\"ff3a fs3e ls29 ws1e0\">Including a limited number of consolidation adjus<span class=\"_ _0\"></span>tments<span class=\"fs3d ls1 ws1\"> </span></span>Summarized income statement <span class=\"ls1\">\u2013 <span class=\"_ _3\"></span><span class=\"ls72 ws2f3\">202</span>1 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b1\"> </span><span class=\"ls3d ws20f\">CFE </span>- <span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>Bank Van Breda<span class=\"ls1 ws1\"> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nex<span class=\"_ _3\"></span>tensa <span class=\"_ _b7\"> </span></span><span class=\"ws1dd\">Agid<span class=\"_ _3\"></span>ens<span class=\"ls1 ws1\"> </span></span>Revenue<span class=\"ls1 ws1\"> </span>3,635,953<span class=\"ls1 ws1\"> </span>184,193<span class=\"ls1 ws1\"> </span>50,527<span class=\"ls1 ws1\"> </span>65,174<span class=\"ls1 ws1\"> </span>74,807<span class=\"ls1 ws1\"> </span>Profit <span class=\"ls29 ws1e0\">(loss) from operating activities<span class=\"ls1 ws1\"> </span></span>196,668<span class=\"ls1 ws1\"> </span>84,792<span class=\"ls1 ws1\"> </span>6,167<span class=\"ls1 ws1\"> </span>53,116<span class=\"ls1 ws1\"> </span>7,112<span class=\"ls1 ws1\"> </span>Finance result<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,451</span> -<span class=\"ls29 ws1e1\">2,819</span> 11,828<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">424</span> Profit (los<span class=\"_ _3\"></span>s) before tax<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>195,035<span class=\"ls1 ws1\"> </span>84,792<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>6,881<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>64,944<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>6,688<span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>152,766<span class=\"ls1 ws1\"> </span>65,193<span class=\"ls1 ws1\"> </span>3,858<span class=\"ls1 ws1\"> </span>53,355<span class=\"ls1 ws1\"> </span>5,410<span class=\"ls1 ws1\"> </span>At the leve<span class=\"_ _3\"></span>l of <span class=\"ls2b ws1e4\">the individua<span class=\"_ _3\"></span>l company<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>152,766<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>65,193<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,355<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,410<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 2,757<span class=\"ls1 ws1\"> </span>15<span class=\"ls1 ws1\"> </span>279<span class=\"ls1 ws1\"> </span>111<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 150,008<span class=\"ls1 ws1\"> </span>65,178<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>3,578<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>53,244<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>5,410<span class=\"ls1 ws1\"> </span>At the leve<span class=\"_ _3\"></span>l of AvH (a)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>151,167<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>64,263<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,842<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,410<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 59,045<span class=\"ls1 ws1\"> </span>12,936<span class=\"ls1 ws1\"> </span>957<span class=\"ls1 ws1\"> </span>30,172<span class=\"ls1 ws1\"> </span>807<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 92,122<span class=\"ls1 ws1\"> </span>51,328<span class=\"ls1 ws1\"> </span>2,900<span class=\"ls1 ws1\"> </span>23,670<span class=\"ls1 ws1\"> </span>4,602<span class=\"ls1 ws1\"> </span>(a) <span class=\"_ _69\"> </span><span class=\"ff3a fs3e ls29 ws1e0\">Including a limited number of consolidation adjus<span class=\"_ _0\"></span>tments<span class=\"fs3d ls1 ws1\"> </span></span>Summa<span class=\"_ _3\"></span>rized s<span class=\"_ _3\"></span>tateme<span class=\"_ _3\"></span>nt of co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hensi<span class=\"_ _3\"></span>ve inco<span class=\"_ _3\"></span>me <span class=\"ls1 ws1\">\u2013 <span class=\"ls72 ws2f3\">202</span>2 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bc\"> </span><span class=\"ls2b ws1e4\">DEME Group (<span class=\"_ _3\"></span>1)</span> <span class=\"_ _58\"> </span><span class=\"ls3d ws20f\">CFE</span>  </span>(1)<span class=\"ls1 ws1\"> <span class=\"_ _66\"> </span><span class=\"ls2b ws1e3\">Bank Van Breda</span> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nextensa<span class=\"_ _3\"></span> <span class=\"_ _b7\"> </span></span><span class=\"ls2b\">Agidens<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>At the level of the individual com<span class=\"_ _3\"></span>pany<span class=\"ls1 ws1\"> </span>218,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _128\"> </span></span>54,249<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _128\"> </span></span>22,374<span class=\"ls1 ws1\"> <span class=\"_ _c5\"> </span></span>12,095<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _128\"> </span></span>87,639<span class=\"ls1 ws1\"> <span class=\"_ _ad\"> </span>-</span>504<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>115,391<span class=\"ls1 ws1\"> </span>38,398<span class=\"ls1 ws1\"> </span>68,325<span class=\"ls1 ws1\"> </span>9,732<span class=\"ls1 ws1\"> </span>71,208<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">492</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 2,671<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36</span> 0 1,629<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">102</span> 0 - <span class=\"ls29 ws1e0\">Share of the group</span> 112,720<span class=\"ls1 ws1\"> </span>38,434<span class=\"ls1 ws1\"> </span>68,325<span class=\"ls1 ws1\"> </span>8,104<span class=\"ls1 ws1\"> </span>71,310<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">492</span> Other comprehensive income<span class=\"ls1 ws1\"> </span>103,025<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>15,851<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span>-</span>45,951<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>2,363<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>16,431<span class=\"ls1 ws1\"> <span class=\"_ _98\"> </span>-</span>12<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 498<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 102,527<span class=\"ls1 ws1\"> </span>15,851<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">45,951</span> 2,363<span class=\"ls1 ws1\"> </span>16,431<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12</span> At the leve<span class=\"_ _3\"></span>l of AvH<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>213,840<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,651<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,365<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,095<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>88,420<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">504</span> Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>111,313<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>28,166<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>67,005<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>9,732<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>71,989<span class=\"ls1 ws1\"> <span class=\"_ _14\"> </span>-</span>492<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 43,831<span class=\"ls1 ws1\"> </span>10,648<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>3,164<span class=\"ls1 ws1\"> </span>29,473<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">74</span> - <span class=\"ls29 ws1e0\">Share of the group</span> 67,482<span class=\"ls1 ws1\"> </span>17,518<span class=\"ls1 ws1\"> </span>53,806<span class=\"ls1 ws1\"> </span>6,569<span class=\"ls1 ws1\"> </span>42,516<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">418</span> Other comprehensive income<span class=\"ls1 ws1\"> </span>102,528<span class=\"ls1 ws1\"> </span>5,485<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">46,640</span> 2,363<span class=\"ls1 ws1\"> </span>16,431<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 38,850<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>2,080<span class=\"ls1 ws1\"> <span class=\"_ _113\"> </span>-</span>9,911<span class=\"ls1 ws1\"> <span class=\"_ _1a\"> </span></span>448<span class=\"ls1 ws1\"> <span class=\"_ _ab\"> </span></span>6,815<span class=\"ls1 ws1\"> <span class=\"_ _142\"> </span>-2 </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 63,678<span class=\"ls1 ws1\"> </span>3,405<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,729</span> 1,915<span class=\"ls1 ws1\"> </span>9,617<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">10</span> Summa<span class=\"_ _3\"></span>rized s<span class=\"_ _3\"></span>tateme<span class=\"_ _3\"></span>nt of co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hensi<span class=\"_ _3\"></span>ve inco<span class=\"_ _3\"></span>me <span class=\"ls1 ws1\">\u2013 <span class=\"ls72 ws2f3\">202</span>1 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b1\"> </span><span class=\"ls3d ws20f\">CFE </span>- <span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>Bank Van Breda<span class=\"ls1 ws1\"> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nex<span class=\"_ _3\"></span>tensa <span class=\"_ _b7\"> </span></span><span class=\"ws1dd\">Agid<span class=\"_ _3\"></span>ens<span class=\"ls1 ws1\"> </span></span>At the level of the individual com<span class=\"_ _3\"></span>pany<span class=\"ls1 ws1\"> </span>177,382<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>60,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,151<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>65,642<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,146<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>152,766<span class=\"ls1 ws1\"> </span>65,193<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>3,858<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>53,355<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>5,410<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 2,757<span class=\"ls1 ws1\"> </span>15<span class=\"ls1 ws1\"> </span>279<span class=\"ls1 ws1\"> </span>111<span class=\"ls1 ws1\"> </span>0 - <span class=\"ls29 ws1e0\">Share of the group</span> 150,008<span class=\"ls1 ws1\"> </span>65,178<span class=\"ls1 ws1\"> </span>3,578<span class=\"ls1 ws1\"> </span>53,244<span class=\"ls1 ws1\"> </span>5,410<span class=\"ls1 ws1\"> </span>Other comprehensive income<span class=\"ls1 ws1\"> </span>24,616<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,834</span> 4,294<span class=\"ls1 ws1\"> </span>12,287<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">264</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 88<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 24,528<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,834</span> 4,294<span class=\"ls1 ws1\"> </span>12,287<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">264</span> At the leve<span class=\"_ _3\"></span>l of AvH<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>175,783<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>59,026<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,151<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>66,434<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,146<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>151,167<span class=\"ls1 ws1\"> </span>64,263<span class=\"ls1 ws1\"> </span>3,858<span class=\"ls1 ws1\"> </span>53,842<span class=\"ls1 ws1\"> </span>5,410<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 59,045<span class=\"ls1 ws1\"> </span>12,936<span class=\"ls1 ws1\"> <span class=\"_ _1a\"> </span></span>957<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>30,172<span class=\"ls1 ws1\"> <span class=\"_ _1a\"> </span></span>807<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 92,122<span class=\"ls1 ws1\"> </span>51,328<span class=\"ls1 ws1\"> </span>2,900<span class=\"ls1 ws1\"> </span>23,670<span class=\"ls1 ws1\"> </span>4,602<span class=\"ls1 ws1\"> </span>Other comprehensive income<span class=\"ls1 ws1\"> </span>24,616<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">5,237</span> 4,294<span class=\"ls1 ws1\"> </span>12,592<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">264</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 11,570<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,113</span> 814<span class=\"ls1 ws1\"> </span>11,690<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36</span> - <span class=\"ls29 ws1e0\">Share of the group</span> 13,046<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,124</span> <span class=\"_ _138\"> </span><span class=\"ls29 ws1e1\">3,480</span> <span class=\"_ _1a\"> </span><span class=\"ls29 ws1e1\">903</span> <span class=\"_ _14\"> </span>-<span class=\"ls29 ws1e1\">227</span> Summa<span class=\"_ _3\"></span>rized ba<span class=\"_ _3\"></span>lanc<span class=\"_ _3\"></span>e sheet <span class=\"ls1 ws1\">\u2013<span class=\"_ _3\"></span> <span class=\"ls72 ws2f3\">202</span>2 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bc\"> </span><span class=\"ls2b ws1e4\">DEME Group (<span class=\"_ _3\"></span>1)</span> <span class=\"_ _58\"> </span><span class=\"ls3d ws20f\">CFE</span>  </span>(1)<span class=\"ls1 ws1\"> <span class=\"_ _66\"> </span><span class=\"ls2b ws1e3\">Bank Van Breda</span> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nextensa<span class=\"_ _3\"></span> <span class=\"_ _b7\"> </span></span><span class=\"ls2b\">Agidens<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt assets<span class=\"_ _3\"></span></span> </span>2,969,289<span class=\"ls1 ws1\"> </span>372,143<span class=\"ls1 ws1\"> </span>5,134,536<span class=\"ls1 ws1\"> </span>109,734<span class=\"ls1 ws1\"> </span>1,471,663<span class=\"ls1 ws1\"> </span>18,529<span class=\"ls1 ws1\"> </span>Current assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,540,489<span class=\"ls1 ws1\"> </span>685,936<span class=\"ls1 ws1\"> </span>2,522,491<span class=\"ls1 ws1\"> </span>150,831<span class=\"ls1 ws1\"> </span>296,738<span class=\"ls1 ws1\"> </span>28,784<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current liabilities</span> </span>1,015,460<span class=\"ls1 ws1\"> </span>209,731<span class=\"ls1 ws1\"> </span>882,087<span class=\"ls1 ws1\"> </span>104,858<span class=\"ls1 ws1\"> </span>693,493<span class=\"ls1 ws1\"> </span>6,895<span class=\"ls1 ws1\"> </span>Current liabilities<span class=\"ls1 ws1\"> </span>1,718,053<span class=\"ls1 ws1\"> </span>623,822<span class=\"ls1 ws1\"> </span>6,100,799<span class=\"ls1 ws1\"> </span>55,709<span class=\"ls1 ws1\"> </span>225,393<span class=\"ls1 ws1\"> </span>17,830<span class=\"ls1 ws1\"> </span>Equity<span class=\"ls1 ws1\"> </span>1,776,265<span class=\"ls1 ws1\"> </span>224,526<span class=\"ls1 ws1\"> </span>674,141<span class=\"ls1 ws1\"> </span>99,998<span class=\"ls1 ws1\"> </span>849,516<span class=\"ls1 ws1\"> </span>22,589<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Group Share</span> 1,753,947<span class=\"ls1 ws1\"> </span>224,653<span class=\"ls1 ws1\"> </span>674,141<span class=\"ls1 ws1\"> </span>83,514<span class=\"ls1 ws1\"> </span>838,798<span class=\"ls1 ws1\"> </span>22,589<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 22,318<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">127</span> 0 16,483<span class=\"ls1 ws1\"> </span>10,718<span class=\"ls1 ws1\"> </span>0 Dividend distributed to mino<span class=\"_ _0\"></span>rity interests<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">504</span> 0 -<span class=\"ls29 ws1e1\">5,525</span> 0 -<span class=\"ls29 ws1e1\">10,212</span> 0 Summa<span class=\"_ _3\"></span>rized ba<span class=\"_ _3\"></span>lanc<span class=\"_ _3\"></span>e sheet <span class=\"ls1 ws1\">\u2013<span class=\"_ _3\"></span> <span class=\"ls72 ws2f3\">202</span>1 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b1\"> </span><span class=\"ls3d ws20f\">CFE </span>- <span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>Bank Van <span class=\"ls28 ws1de\">Breda<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _88\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nextensa<span class=\"_ _3\"></span> <span class=\"_ _b7\"> </span><span class=\"ls2b ws1dd\">Agide<span class=\"_ _3\"></span>ns</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt assets<span class=\"_ _3\"></span></span> </span>2,863,509<span class=\"ls1 ws1\"> </span>4,719,074<span class=\"ls1 ws1\"> </span>98,891<span class=\"ls1 ws1\"> </span>1,433,991<span class=\"ls1 ws1\"> </span>19,407<span class=\"ls1 ws1\"> </span>Current assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,436,490<span class=\"ls1 ws1\"> </span>3,072,728<span class=\"ls1 ws1\"> </span>155,796<span class=\"ls1 ws1\"> </span>461,971<span class=\"ls1 ws1\"> </span>30,921<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current liabilities</span> </span>914,184<span class=\"ls1 ws1\"> </span>727,751<span class=\"ls1 ws1\"> </span>54,540<span class=\"ls1 ws1\"> </span>630,533<span class=\"ls1 ws1\"> </span>7,803<span class=\"ls1 ws1\"> </span>Current liabilities<span class=\"ls1 ws1\"> </span>2,429,789<span class=\"ls1 ws1\"> </span>6,385,592<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>74,402<span class=\"ls1 ws1\"> <span class=\"_ _b0\"> </span></span>474,956<span class=\"ls1 ws1\"> <span class=\"_ _103\"> </span></span>19,457<span class=\"ls1 ws1\"> </span>Equity<span class=\"ls1 ws1\"> </span>1,956,026<span class=\"ls1 ws1\"> </span>678,459<span class=\"ls1 ws1\"> </span>125,746<span class=\"ls1 ws1\"> </span>790,473<span class=\"ls1 ws1\"> </span>23,068<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Group Share</span> 1,936,335<span class=\"ls1 ws1\"> </span>678,459<span class=\"ls1 ws1\"> </span>79,555<span class=\"ls1 ws1\"> </span>779,970<span class=\"ls1 ws1\"> </span>23,068<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 19,691<span class=\"ls1 ws1\"> </span>0 46,191<span class=\"ls1 ws1\"> </span>10,503<span class=\"ls1 ws1\"> </span>0 Dividend distributed to mino<span class=\"_ _0\"></span>rity interests<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,594</span> -<span class=\"ls29 ws1e1\">2,486</span> <span class=\"_ _101\"> </span>-<span class=\"ls29 ws1e1\">1,770</span> <span class=\"_ _c4\"> </span>-<span class=\"ls29 ws1e1\">21,778</span> <span class=\"_ _98\"> </span>-<span class=\"ls29 ws1e1\">82</span> Note 17:<span class=\"ff3c\"> </span>L<span class=\"ls3a ws20c\">ease</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls36 ws200\">Lesso</span>r Bank Van Bred<span class=\"_ _0\"></span>a is active in the s<span class=\"_ _0\"></span>ector of car finance and<span class=\"_ _0\"></span> finance leasing of<span class=\"_ _0\"></span> cars via its <span class=\"_ _3\"></span>division Van Breda Car Finance.<span class=\"ws1\"> <span class=\"ls54 ws279\">We <span class=\"ls25 ws1eb\">refer to <span class=\"_ _0\"></span><span class=\"ls33 ws204\">Note<span class=\"_ _3\"></span> 1<span class=\"ls1 ws1\">4 <span class=\"ls40 ws205\">for more information</span>. </span></span></span></span></span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls36 ws200\">Lessee</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7f\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Asse<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Tangible assets<span class=\"_ _3\"></span><span class=\"ws1\"> </span>148,174<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>179,290<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Land and buildings<span class=\"ls1 ws1\"> </span>92,710<span class=\"ls1 ws1\"> </span>130,674<span class=\"ls1 ws1\"> </span>Plant, machinery and equipment<span class=\"ls1 ws1\"> </span>17,969<span class=\"ls1 ws1\"> </span>9,919<span class=\"ls1 ws1\"> </span>Furniture and vehicles<span class=\"ls1 ws1\"> </span>37,495<span class=\"ls1 ws1\"> </span>38,696<span class=\"ls1 ws1\"> </span>Investment<span class=\"_ _3\"></span> property<span class=\"ls1 ws1\"> </span>2,309<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,181<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  </span>150,483<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>183,471<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liabil<span class=\"_ _0\"></span>ities<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Equity <span class=\"ls1 ws1\">- </span><span class=\"ws1e4\">gro<span class=\"_ _3\"></span>up share<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls27 ws1df\">1,476</span> -<span class=\"ls27 ws1df\">2,242</span> Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>151,959<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>185,712<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current lease debts</span>  </span>112,180<span class=\"ls1 ws1\"> </span>149,514<span class=\"ls1 ws1\"> </span>Current lease debts<span class=\"ls1 ws1\"> </span>39,778<span class=\"ls1 ws1\"> </span>36,198<span class=\"ls1 ws1\"> </span>Total <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls3b ws1e4\">Liabilities<span class=\"_ _3\"></span></span> </span>150,483<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>183,471<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>As a <span class=\"ls1 ws20b\">result of the application of IFRS 16 L<span class=\"_ _0\"></span>eases, the group recognized on D<span class=\"_ _0\"></span>ecember </span>31, 2022 a right<span class=\"ls1 ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ws259\">use asset of 150.<span class=\"_ _0\"></span>5 million euros and a<span class=\"_ _0\"></span> lease obligation of<span class=\"_ _0\"></span> </span></span>152.0 million euros,<span class=\"_ _3\"></span> of which 92% is <span class=\"ls42 ws238\">attri<span class=\"_ _0\"></span>butable to<span class=\"_ _0\"></span> DEME and CFE.<span class=\"_ _0\"></span> The dec<span class=\"_ _0\"></span>rease </span>of 33<span class=\"_ _0\"></span> million<span class=\"_ _0\"></span> euros<span class=\"_ _0\"></span> is main<span class=\"_ _0\"></span>ly exp<span class=\"_ _0\"></span>lained<span class=\"_ _0\"></span> by inv<span class=\"_ _0\"></span>estment<span class=\"_ _0\"></span>s (60<span class=\"_ _0\"></span> million<span class=\"_ _0\"></span> euros)<span class=\"_ _0\"></span> on th<span class=\"_ _0\"></span>e one hand and the <span class=\"_ _0\"></span>sale of Anima (40 m<span class=\"_ _0\"></span>illion euros), depreciation <span class=\"_ _0\"></span>expense (43 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s) and d<span class=\"_ _0\"></span>ivestm<span class=\"_ _0\"></span>ents (6 m<span class=\"_ _9f\"></span>illion euro<span class=\"_ _0\"></span>s) on th<span class=\"_ _0\"></span>e <span class=\"ls33 ws1f0\">other<span class=\"_ _3\"></span>.</span>We refer to: <span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Acquisitions of right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-</span>use asset<span class=\"_ _0\"></span>s during 2022 amounted to 59.9 million eu<span class=\"_ _0\"></span>ros </span></span>(Note 9 Tan<span class=\"_ _0\"></span>gible as<span class=\"_ _0\"></span>sets).<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Cashflow statement (Not<span class=\"_ _0\"></span>e 6. Segment information).<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>There are no m<span class=\"_ _0\"></span>aterial leases conc<span class=\"_ _0\"></span>luded at reporting da<span class=\"_ _0\"></span>te that did not<span class=\"_ _0\"></span> commence a<span class=\"ws219\">s of December 31,<span class=\"_ _0\"></span> 2022. The amount of <span class=\"_ _0\"></span>renewal options <span class=\"_ _0\"></span>and termination optio<span class=\"_ _0\"></span>ns </span>not ref<span class=\"_ _0\"></span>lected i<span class=\"_ _0\"></span>n the lea<span class=\"_ _0\"></span>se liabil<span class=\"_ _0\"></span>ities i<span class=\"_ _0\"></span>s imm<span class=\"_ _0\"></span>aterial.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Income<span class=\"_ _3\"></span> statemen<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>Reversal of rental char<span class=\"_ _0\"></span>ges<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,588<span class=\"ls1 ws1\"> </span>38,922<span class=\"ls1 ws1\"> </span>Depreciation<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">43,995</span> -<span class=\"ls29 ws1e1\">36,859</span> Interest<span class=\"_ _0\"></span> expenses<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,036</span> -<span class=\"ls29 ws1e1\">2,508</span> The depreciation cost primar<span class=\"_ _0\"></span>ily relates to land and buildings<span class=\"ls40 ws218\">. <span class=\"_ _9f\"></span><span class=\"ls30 ws1e9\">The expen<span class=\"_ _0\"></span>ses re<span class=\"_ _0\"></span>lated<span class=\"_ _0\"></span> </span></span>to sho<span class=\"_ _0\"></span>rt<span class=\"ls1 ws1\">-</span>term l<span class=\"_ _0\"></span>ease co<span class=\"_ _0\"></span>ntracts <span class=\"_ _0\"></span>and low<span class=\"_ _9f\"></span> value leas<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>cts are c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>ered imma<span class=\"_ _0\"></span>terial.<span class=\"_ _0\"></span> There <span class=\"_ _0\"></span>are no<span class=\"_ _0\"></span> expen<span class=\"_ _0\"></span>ses in<span class=\"_ _0\"></span>curred<span class=\"_ _0\"></span> whic<span class=\"_ _0\"></span>h rela<span class=\"_ _0\"></span>te to va<span class=\"_ _0\"></span>riabl<span class=\"_ _0\"></span>e lease<span class=\"_ _0\"></span> payments. Income d<span class=\"_ _0\"></span>erived from <span class=\"_ _0\"></span>sub<span class=\"ws1\">-</span>leasing right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls33 ws251\">use assets is<span class=\"_ _3\"></span> consider<span class=\"_ _3\"></span>ed </span></span>immaterial<span class=\"ls1 ws1\">.</span>Note 18:<span class=\"ff3c\"> </span>P<span class=\"ls3a ws20c\">rovision<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Provisions f<span class=\"_ _3\"></span>or Legal Provisions f<span class=\"_ _3\"></span>or negative Warran<span class=\"_ _3\"></span>ty Environme<span class=\"_ _3\"></span>ntal Provisions f<span class=\"_ _3\"></span>or Other proceeding<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ractual<span class=\"_ _3\"></span> equity Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>rest<span class=\"_ _3\"></span>ructurin<span class=\"_ _3\"></span>g<span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>obligations<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>method values Provisi<span class=\"_ _3\"></span>ons <span class=\"ls1 ws1\">- <span class=\"ls2e\">financ<span class=\"_ _0\"></span>ial ye<span class=\"_ _0\"></span>ar </span></span>2021 Provisions, o<span class=\"_ _3\"></span>pening bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>16,990<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,309<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,269<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,758<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>37,072<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>84,257<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Additional provisions<span class=\"ls1 ws1\"> </span>1,409<span class=\"ls1 ws1\"> </span>393<span class=\"ls1 ws1\"> </span>0 1,059<span class=\"ls1 ws1\"> </span>209<span class=\"ls1 ws1\"> </span>0 9,628<span class=\"ls1 ws1\"> </span>12,698<span class=\"ls1 ws1\"> </span>Increase of existin<span class=\"_ _0\"></span>g provisions<span class=\"ls1 ws1\"> </span>0 0 0 0 20<span class=\"ls1 ws1\"> </span>0 571<span class=\"ls1 ws1\"> </span>590<span class=\"ls1 ws1\"> </span>Increase through business c<span class=\"_ _0\"></span>ombinations<span class=\"ls1 ws1\">  </span>0 <span class=\"_ _138\"> </span><span class=\"ls29 ws1e1\">16</span> <span class=\"_ _a0\"> </span>0 <span class=\"_ _7a\"> </span>0 <span class=\"_ _14\"> </span>0 <span class=\"_ _14\"> </span>0 <span class=\"_ _7a\"> </span>0 16<span class=\"ls1 ws1\"> </span>Amounts of provisions<span class=\"_ _0\"></span> used (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">2,060</span> -<span class=\"ls29 ws1e1\">905</span> 0 -<span class=\"ls29 ws1e1\">2,435</span> -<span class=\"ls29 ws1e1\">2,712</span> 0 -<span class=\"ls29 ws1e1\">8,093</span> -<span class=\"ls29 ws1e1\">16,205</span> Reversal of unused amounts of provis<span class=\"_ _0\"></span>ions<span class=\"fc3 sc0\"> </span>(-) -<span class=\"ls29 ws1e1\">61</span> 0 0 0 -<span class=\"ls29 ws1e1\">18</span> 0 -<span class=\"ls29 ws1e1\">2,737</span> -<span class=\"ls29 ws1e1\">2,815</span> Decrease through business d<span class=\"_ _0\"></span>isposals (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">253</span> 0 0 0 0 0 0 -<span class=\"ls29 ws1e1\">253</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decreas<span class=\"_ _0\"></span>e)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">13</span> -<span class=\"ls29 ws1e1\">13</span> 0 0 0 0 -<span class=\"ls29 ws1e1\">42</span> -<span class=\"ls29 ws1e1\">68</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">1,000</span> 0 0 0 1,837<span class=\"ls1 ws1\"> </span>1,776<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 -<span class=\"ls29 ws1e1\">14</span> -<span class=\"ls29 ws1e1\">14</span> Provisions, e<span class=\"_ _3\"></span>nding bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>16,012<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,349<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,933<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,768<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,595<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>38,162<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>80,819<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Provisions f<span class=\"_ _3\"></span>or Legal Provisions f<span class=\"_ _3\"></span>or negative Warran<span class=\"_ _3\"></span>ty Environme<span class=\"_ _3\"></span>ntal Provisions f<span class=\"_ _3\"></span>or Other proceeding<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ractual<span class=\"_ _3\"></span> equity Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>rest<span class=\"_ _3\"></span>ructurin<span class=\"_ _3\"></span>g<span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>obligations<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>method values Provisi<span class=\"_ _3\"></span>ons <span class=\"ls1 ws1\">- <span class=\"ls2e\">financ<span class=\"_ _0\"></span>ial ye<span class=\"_ _0\"></span>ar </span></span>2022 Provisions, o<span class=\"_ _3\"></span>pening bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>16,012<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,349<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,933<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,768<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,595<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>38,162<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>80,819<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Additional provisions<span class=\"ls1 ws1\"> </span>6,545<span class=\"ls1 ws1\"> </span>1,480<span class=\"ls1 ws1\"> </span>0 659<span class=\"ls1 ws1\"> </span>11,342<span class=\"ls1 ws1\"> </span>0 1,448<span class=\"ls1 ws1\"> </span>21,475<span class=\"ls1 ws1\"> </span>Increase of existin<span class=\"_ _0\"></span>g provisions<span class=\"ls1 ws1\"> </span>670<span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>0 0 0 0 0 679<span class=\"ls1 ws1\"> </span>Increase through business c<span class=\"_ _0\"></span>ombinations<span class=\"ls1 ws1\">  </span>0 0 0 0 0 0 0 0 Amounts of provisions<span class=\"_ _0\"></span> used (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">1,884</span> <span class=\"_ _99\"> </span>-<span class=\"ls29 ws1e1\">733</span> <span class=\"_ _a0\"> </span>0 <span class=\"_ _c4\"> </span>-<span class=\"ls29 ws1e1\">155</span> <span class=\"_ _54\"> </span>-<span class=\"ls29 ws1e1\">4,142</span> <span class=\"_ _14\"> </span>0 <span class=\"_ _54\"> </span>-<span class=\"ls29 ws1e1\">3,461</span> -<span class=\"ls29 ws1e1\">10,373</span> Reversal of unused amounts of provis<span class=\"_ _0\"></span>ions<span class=\"fc3 sc0\"> </span>(-) 0 -<span class=\"ls29 ws1e1\">13</span> 0 0 -<span class=\"ls29 ws1e1\">552</span> 0 -<span class=\"ls29 ws1e1\">2,945</span> -<span class=\"ls29 ws1e1\">3,510</span> Decrease through business d<span class=\"_ _0\"></span>isposals (<span class=\"ls1 ws1\">-) </span>0 -<span class=\"ls29 ws1e1\">42</span> 0 0 0 0 -<span class=\"ls29 ws1e1\">25</span> -<span class=\"ls29 ws1e1\">67</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decreas<span class=\"_ _0\"></span>e)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">33</span> 0 0 0 0 0 -<span class=\"ls29 ws1e1\">107</span> -<span class=\"ls29 ws1e1\">140</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>37,378<span class=\"ls1 ws1\"> </span>0 0 0 0 4,080<span class=\"ls1 ws1\"> </span>2,754<span class=\"ls1 ws1\"> </span>44,212<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 -<span class=\"ls29 ws1e1\">2,827</span> -<span class=\"ls29 ws1e1\">2,827</span> Provisions, e<span class=\"_ _3\"></span>nding bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>58,688<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 2,437<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>16,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>130,268<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The s<span class=\"_ _0\"></span>ignific<span class=\"_ _0\"></span>ant in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in war<span class=\"_ _0\"></span>ranty<span class=\"_ _0\"></span> provi<span class=\"_ _0\"></span>sions i<span class=\"_ _0\"></span>s expl<span class=\"_ _0\"></span>ained <span class=\"_ _0\"></span>by the<span class=\"_ _0\"></span> recla<span class=\"_ _0\"></span>ssifica<span class=\"_ _0\"></span>tion of the warranty<span class=\"_ _0\"></span> provisions at DEM<span class=\"_ _0\"></span>E (previously include<span class=\"_ _0\"></span>d in trade payabl<span class=\"_ _0\"></span>es) and increased business <span class=\"ls40 ws218\">opera<span class=\"_ _0\"></span>tions<span class=\"ls1 ws1\">. </span></span>The acquisition of <span class=\"_ _0\"></span>control over CFE a<span class=\"_ _0\"></span>t year<span class=\"ws1\">-<span class=\"ls24 ws2a8\">end 2013 gave rise to the recognition<span class=\"_ _0\"></span> </span></span>of a c<span class=\"_ _0\"></span>ontinge<span class=\"_ _0\"></span>nt liab<span class=\"_ _0\"></span>ility fo<span class=\"_ _9f\"></span>r risks of 6<span class=\"_ _0\"></span>0.3 <span class=\"_ _0\"></span>million<span class=\"_ _0\"></span> euros<span class=\"_ _0\"></span> in conn<span class=\"_ _0\"></span>ection<span class=\"_ _0\"></span> with CF<span class=\"_ _9f\"></span>E\u2019s cons<span class=\"_ _0\"></span>tructio<span class=\"_ _0\"></span>n and rea<span class=\"_ _0\"></span>l estate d<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> activit<span class=\"_ _0\"></span>ies. In<span class=\"_ _0\"></span> the cou<span class=\"_ _0\"></span>rse of <span class=\"ls24 ws1da\">2014<span class=\"ls1 ws1\">-</span>2021, </span>47.8 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on euros (g<span class=\"_ _3\"></span>roup sha<span class=\"_ _3\"></span>re 28.9 mil<span class=\"_ _3\"></span>lion euro<span class=\"_ _3\"></span>s) was rev<span class=\"_ _3\"></span>ersed be<span class=\"_ _3\"></span>cause the<span class=\"_ _3\"></span> risks in qu<span class=\"_ _0\"></span>estion <span class=\"_ _0\"></span>at CFE w<span class=\"_ _0\"></span>ere e<span class=\"_ _0\"></span>ither no<span class=\"_ _0\"></span> longe<span class=\"_ _0\"></span>r presen<span class=\"_ _9f\"></span>t or were <span class=\"_ _0\"></span>repor<span class=\"_ _0\"></span>ted in CF<span class=\"_ _9f\"></span>E\u2019s own financial statements. <span class=\"_ _0\"></span>The balance of 12.5 mil<span class=\"_ _0\"></span>lion euros (group share<span class=\"_ _0\"></span> 7.6 million eu<span class=\"ls1 ws1f6\">ros) remaine<span class=\"_ _0\"></span>d unchanged in 2022.<span class=\"ws1\"> </span></span>When disposing of pa<span class=\"_ _0\"></span>rticipating interests a<span class=\"_ _0\"></span>nd/or activities, AvH and i<span class=\"_ _0\"></span>ts subholdings are regu<span class=\"_ _0\"></span>larly <span class=\"_ _0\"></span>requir<span class=\"_ _0\"></span>ed to prov<span class=\"_ _0\"></span>ide cert<span class=\"_ _0\"></span>ain warr<span class=\"_ _0\"></span>anties a<span class=\"_ _0\"></span>nd repr<span class=\"_ _0\"></span>esenta<span class=\"_ _0\"></span>tions. Th<span class=\"_ _9f\"></span>ese may give rise to<span class=\"_ _0\"></span> claim<span class=\"_ _0\"></span>s <span class=\"ls1 ws1\">- </span>leg<span class=\"_ _0\"></span>itima<span class=\"_ _0\"></span>te or otherw<span class=\"_ _0\"></span>ise <span class=\"ls1 ws1\">- <span class=\"ls33 ws1db\">from b</span></span><span class=\"ws207\">uye<span class=\"_ _0\"></span>rs for co<span class=\"_ _0\"></span>mpen<span class=\"_ _0\"></span>sation <span class=\"_ _0\"></span>on that<span class=\"_ _0\"></span> </span>basis.<span class=\"_ _0\"></span> In 202<span class=\"_ _0\"></span>2, AvH<span class=\"_ _0\"></span> cons<span class=\"_ _0\"></span>tituted p<span class=\"_ _9f\"></span>rovision<span class=\"_ _0\"></span>s totall<span class=\"_ _0\"></span>ing 10.<span class=\"_ _0\"></span>7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros fo<span class=\"_ _0\"></span>r two<span class=\"_ _0\"></span> cases. A<span class=\"_ _9f\"></span>lthough Av<span class=\"_ _0\"></span>H believ<span class=\"_ _0\"></span>es tha<span class=\"_ _0\"></span>t in both<span class=\"_ _0\"></span> instan<span class=\"_ _0\"></span>ces it ha<span class=\"_ _0\"></span>s a solid<span class=\"_ _0\"></span> case, th<span class=\"_ _9f\"></span>e maximum amount tha<span class=\"_ _0\"></span>t might be claimed was provid<span class=\"_ _0\"></span>ed.<span class=\"ws1\"> </span>\u2018Provisions for n<span class=\"ls1 ws21f\">egative eq<span class=\"_ _0\"></span>uity method conso<span class=\"_ _0\"></span>lidation values\u2019 increas<span class=\"_ _0\"></span>ed by 4.1 </span>million<span class=\"_ _0\"></span> euros.<span class=\"ls1 ws1\"> </span>Following the conclusion of an agreemen<span class=\"_ _0\"></span>t, Bank <span class=\"_ _3\"></span>Van Breda was able to reverse 2.9 million euros of the pr<span class=\"_ _0\"></span>ovision it had constituted in p<span class=\"_ _0\"></span>revious years. <span class=\"ws1\"> </span>The oth<span class=\"_ _0\"></span>er evolutio<span class=\"_ _0\"></span>ns are larg<span class=\"_ _0\"></span><span class=\"ls35 ws1ec\">ely att<span class=\"_ _0\"></span>ributab<span class=\"_ _0\"></span>le to varia<span class=\"_ _0\"></span>tions w<span class=\"_ _0\"></span>ithin CF<span class=\"_ _0\"></span>E's accou<span class=\"_ _9f\"></span>nts. <span class=\"ls1 ws1\"> </span></span>Several group companies of AvH (<span class=\"_ _0\"></span>such as DEME, CFE, Agidens...) are activel<span class=\"_ _0\"></span>y involv<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e execu<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> proj<span class=\"_ _0\"></span>ects. Th<span class=\"_ _0\"></span>is alw<span class=\"_ _0\"></span>ays enta<span class=\"_ _0\"></span>ils a c<span class=\"_ _0\"></span>ertain o<span class=\"_ _0\"></span>perati<span class=\"_ _0\"></span>onal ri<span class=\"_ _0\"></span>sk, but also<span class=\"_ _9f\"></span> means th<span class=\"_ _0\"></span>at cert<span class=\"_ _0\"></span>ain e<span class=\"_ _0\"></span>stimate<span class=\"_ _0\"></span>s <span class=\"ls1 ws1fe\">of profitability n<span class=\"_ _0\"></span>eed to be made <span class=\"_ _0\"></span>at the end </span>of such a pro<span class=\"_ _0\"></span>ject. Thi<span class=\"_ _0\"></span>s risk is inh<span class=\"_ _0\"></span>erent to the act<span class=\"_ _0\"></span>ivity,<span class=\"_ _0\"></span> as well as the ris<span class=\"_ _0\"></span>k of disagreements with<span class=\"_ _0\"></span> customers over div<span class=\"_ _0\"></span>ergent costs or changes <span class=\"_ _0\"></span>in execution and the c<span class=\"_ _3\"></span>ollectio<span class=\"_ _3\"></span>n of these rec<span class=\"_ _3\"></span>eivables<span class=\"_ _3\"></span>. DEME is inv<span class=\"_ _3\"></span>olved<span class=\"ls1 ws233\">, both as claiman<span class=\"_ _0\"></span>t and as </span>defendant, in discussions w<span class=\"_ _0\"></span>ith customers about the financi<span class=\"_ _0\"></span>al consequences of devia<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>n the ex<span class=\"_ _0\"></span>ecution o<span class=\"_ _0\"></span>f contr<span class=\"_ _0\"></span>acting<span class=\"_ _0\"></span> projec<span class=\"_ _0\"></span>ts. In a <span class=\"_ _0\"></span>small nu<span class=\"_ _0\"></span>mber of<span class=\"_ _0\"></span> cases th<span class=\"_ _9f\"></span>ey may result in lawsuits. In so fa<span class=\"_ _0\"></span>r as the consequences of such lawsui<span class=\"ls62 ws2f7\">ts can<span class=\"_ _3\"></span> be rel<span class=\"_ _3\"></span>iably </span>estim<span class=\"_ _0\"></span>ated, pr<span class=\"_ _0\"></span>ovisio<span class=\"_ _0\"></span>ns are m<span class=\"_ _0\"></span>ade fo<span class=\"_ _0\"></span>r this <span class=\"_ _0\"></span>in the a<span class=\"_ _0\"></span>ccount<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>Follow<span class=\"_ _0\"></span>ing cont<span class=\"_ _0\"></span>ingent as<span class=\"_ _0\"></span>sets and lia<span class=\"_ _0\"></span>biliti<span class=\"_ _0\"></span>es are relate<span class=\"_ _0\"></span>d to DEME:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls34 ws1f5\">In<span class=\"_ _3\"></span> Dece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>22, t<span class=\"_ _3\"></span>he Cha<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r of<span class=\"_ _3\"></span> Indi<span class=\"_ _3\"></span>ctme<span class=\"_ _3\"></span>nt a<span class=\"_ _3\"></span>t the<span class=\"_ _3\"></span> Cour<span class=\"_ _3\"></span>t o<span class=\"_ _3\"></span>f Appe<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>f Ghe<span class=\"_ _3\"></span>nt </span></span>decided to refer certain comp<span class=\"_ _0\"></span>anies of t<span class=\"ls45 ws23b\">he DEME</span><span class=\"ws1\">-<span class=\"ls40\">group to court.</span> </span>The dec<span class=\"_ _0\"></span>ision fo<span class=\"_ _0\"></span>llows a <span class=\"_ _0\"></span>judici<span class=\"_ _0\"></span>al investi<span class=\"_ _0\"></span>gation <span class=\"_ _0\"></span>carried<span class=\"_ _0\"></span> out in <span class=\"_ _0\"></span>respec<span class=\"_ _0\"></span>t of the circumstances in which a contr<span class=\"_ _0\"></span>act was awarded in the framewor<span class=\"_ _0\"></span>k of a negot<span class=\"_ _0\"></span>iated p<span class=\"_ _0\"></span>rocedu<span class=\"_ _0\"></span>re to Mo<span class=\"_ _0\"></span>rdraga, a<span class=\"_ _0\"></span> Rus<span class=\"_ _0\"></span>sian fo<span class=\"_ _0\"></span>rmer joi<span class=\"_ _0\"></span>nt ventu<span class=\"_ _0\"></span>re comp<span class=\"_ _9f\"></span>any of the DE<span class=\"_ _0\"></span>ME<span class=\"ls1 ws1\">-gro<span class=\"ws220\">up, for the execution of dr<span class=\"_ _0\"></span>edging works in the port of Sabetta<span class=\"_ _0\"></span> </span></span>(Russi<span class=\"_ _0\"></span>a) in A<span class=\"_ _0\"></span>pril 2<span class=\"_ _0\"></span>014. <span class=\"_ _0\"></span>The wor<span class=\"_ _0\"></span>ks we<span class=\"_ _0\"></span>re carr<span class=\"_ _0\"></span>ied out<span class=\"_ _0\"></span> durin<span class=\"_ _0\"></span>g the <span class=\"_ _0\"></span>summer<span class=\"_ _0\"></span> mon<span class=\"_ _0\"></span>ths of 2014 and 2015.<span class=\"ls1 ws1\"> </span>The judicial investigation w<span class=\"_ _0\"></span>as initiated after a complaint filed by <span class=\"_ _0\"></span>a competitor, to who<span class=\"_ _0\"></span>m the afo<span class=\"_ _9f\"></span>remention<span class=\"_ _0\"></span>ed con<span class=\"_ _0\"></span>tract w<span class=\"_ _0\"></span>as not <span class=\"_ _0\"></span>awarded<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>DEME emphasize<span class=\"_ _0\"></span>s that the Chamb<span class=\"_ _0\"></span>er of Indictment<span class=\"_ _0\"></span> has only decided o<span class=\"_ _0\"></span>n the referr<span class=\"_ _0\"></span>al to cou<span class=\"_ _9f\"></span>rt. This m<span class=\"_ _0\"></span>eans th<span class=\"_ _0\"></span>at non<span class=\"_ _0\"></span>e of the p<span class=\"_ _0\"></span>arties <span class=\"_ _0\"></span>involv<span class=\"_ _0\"></span>ed hav<span class=\"_ _0\"></span>e yet had<span class=\"_ _9f\"></span> the opportunity to submi<span class=\"_ _0\"></span>t substantive argume<span class=\"_ _0\"></span>nts regarding the charg<span class=\"_ _0\"></span>es brought by the Public Prosecutor. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>In the current <span class=\"ls25 ws1fd\">circum<span class=\"_ _0\"></span>stanc<span class=\"_ _0\"></span>es, it is th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re prematu<span class=\"_ _0\"></span>re to sp<span class=\"_ _0\"></span>eculate o<span class=\"_ _0\"></span>n the </span>outcome of these proc<span class=\"_ _0\"></span>eedings. In light of<span class=\"_ _0\"></span> the foregoing, DEME cannot<span class=\"_ _0\"></span> for the time b<span class=\"_ _0\"></span>eing ma<span class=\"_ _0\"></span>ke a r<span class=\"_ _0\"></span>eliable <span class=\"_ _0\"></span>assessm<span class=\"_ _0\"></span>ent of<span class=\"_ _0\"></span> the pos<span class=\"_ _0\"></span>sible f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l impact<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls34 ws275\">o<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> </span></span>pending investigation.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">In 2018, the Group was involved in a litigation against Rijkswaters<span class=\"_ _0\"></span>taat in the </span></span>Netherlands related to the execution of the<span class=\"_ _3\"></span> Juliana Canal widening project. Based o<span class=\"_ _0\"></span>n the <span class=\"_ _0\"></span>available<span class=\"_ _0\"></span> informa<span class=\"_ _0\"></span>tion, D<span class=\"_ _0\"></span>EME can<span class=\"_ _0\"></span>not mak<span class=\"_ _0\"></span>e a re<span class=\"_ _0\"></span>liable a<span class=\"_ _0\"></span>ssess<span class=\"ls4d ws1f5\">ment<span class=\"_ _3\"></span> </span>of the financial con<span class=\"_ _0\"></span>sequences of this litigation. D<span class=\"_ _0\"></span>espite discussions about th<span class=\"_ _0\"></span>e execution of th<span class=\"_ _0\"></span>e Juliana Canal w<span class=\"_ _0\"></span>idening project taking pl<span class=\"_ _0\"></span>ace with the clie<span class=\"_ _0\"></span>nt Rijksw<span class=\"_ _0\"></span>aterst<span class=\"_ _0\"></span>aat, th<span class=\"_ _0\"></span>e issu<span class=\"_ _0\"></span>e has no<span class=\"_ _0\"></span>t been <span class=\"_ _0\"></span>settled y<span class=\"_ _0\"></span>et.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">DEME is involved in legal proceedings ini<span class=\"ls25 ws23a\">tia<span class=\"_ _0\"></span>ted by<span class=\"_ _0\"></span> the D<span class=\"_ _0\"></span>utch Wa<span class=\"_ _0\"></span>terbo<span class=\"_ _0\"></span>ard (<span class=\"_ _0\"></span>het </span></span></span>Waterschap Vallei en Veluwe) against a consortium of w<span class=\"_ _0\"></span>hich DEME is a<span class=\"_ _3\"></span> memb<span class=\"_ _0\"></span>er, due to allegedly unauthoriz<span class=\"_ _0\"></span>ed activities on the project Eemdijk. The outcom<span class=\"_ _0\"></span>e of the aforementioned pending legal proc<span class=\"_ _0\"></span>eedings is not expected to<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls4b ws2f8\">hav<span class=\"_ _3\"></span>e a </span></span>material imp<span class=\"_ _0\"></span>act.<span class=\"ls1 ws1\"> </span>Note 19:<span class=\"ff3c\"> </span>F<span class=\"ls3a ws10d\">inancial d<span class=\"_ _3\"></span>ebts</span>  (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span> <span class=\"ls27 ws1dd\">1 year</span>  &lt;  <span class=\"_ _3\"></span><span class=\"ls27 ws1df\">5 </span> <span class=\"ls27 ws1dd\">1 year</span>  &lt;  <span class=\"_ _3\"></span><span class=\"ls27 ws1df\">5 </span>&lt; 1 year<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>&gt; 5 yea<span class=\"_ _3\"></span>rs<span class=\"ls1 ws1\">  <span class=\"_ _18\"> </span><span class=\"ls27 ws297\">Total 2022</span> <span class=\"_ _6e\"> </span><span class=\"ls27 ws1dd\">&lt; 1 yea<span class=\"_ _3\"></span>r</span>  </span>&gt; 5 yea<span class=\"_ _3\"></span>rs<span class=\"ls1 ws1\">  <span class=\"_ _105\"> </span><span class=\"ls27 ws297\">Total 202<span class=\"_ _3\"></span>1</span> </span>years years Remaining<span class=\"_ _3\"></span> Remaining<span class=\"_ _3\"></span> term<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>term<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> debt<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>280,710<span class=\"ls1 ws1\"> </span>1,134,375<span class=\"ls1 ws1\"> </span>198,800<span class=\"ls1 ws1\"> </span>1,613,88<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>527,129<span class=\"ls1 ws1\"> </span>917,939<span class=\"ls1 ws1\"> </span>107,634<span class=\"ls1 ws1\"> </span>1,552,70<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 139,348<span class=\"ls1 ws1\"> </span>0 139,348<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>74,819<span class=\"ls1 ws1\"> </span>171,345<span class=\"ls1 ws1\"> </span>0 246,164<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subordinated loans<span class=\"ls1 ws1\"> </span>0 677<span class=\"ls1 ws1\"> </span>0 677<span class=\"ls1 ws1\"> </span>33,527<span class=\"ls1 ws1\"> </span>59,995<span class=\"ls1 ws1\"> </span>1,630<span class=\"ls1 ws1\"> </span>95,152<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>39,778<span class=\"ls1 ws1\"> </span>67,946<span class=\"ls1 ws1\"> </span>44,234<span class=\"ls1 ws1\"> </span>151,959<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,198<span class=\"ls1 ws1\"> </span>73,329<span class=\"ls1 ws1\"> </span>76,184<span class=\"ls1 ws1\"> </span>185,712<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other financial debts<span class=\"ls1 ws1\"> </span>82,168<span class=\"ls1 ws1\"> </span>46,453<span class=\"ls1 ws1\"> </span>0 128,621<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>290,047<span class=\"ls1 ws1\"> </span>11,615<span class=\"ls1 ws1\"> </span>226<span class=\"ls1 ws1\"> </span>301,887<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span> <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls28 ws1de\">T<span class=\"_ _3\"></span>otal</span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,388,79<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>243,034<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,034,48<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,234,22<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>185,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,381,61<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Cash and cash equivalents<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,160,972<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">883,730<span class=\"_ _3\"></span></span> Net financial deb<span class=\"_ _3\"></span>t<span class=\"ws1\"> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,388,79<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>243,034<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,234,22<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>185,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b8\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _1b9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net <span class=\"ls2b ws1dd\">fina<span class=\"_ _3\"></span>ncial </span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net financial ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>278,640<span class=\"ls1 ws1\"> </span>1,016,861<span class=\"ls1 ws1\"> </span>601,511<span class=\"ls1 ws1\"> </span>529,567<span class=\"ls1 ws1\"> </span>721,091<span class=\"ls1 ws1\"> </span>524,132<span class=\"ls1 ws1\"> </span>Private Banking (IFRS 16 leases)<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>4,854<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">17,048</span> 2,516<span class=\"ls1 ws1\"> </span>5,673<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,173</span> Real Estate &amp; <span class=\"ls2b ws1df\">Senior Care<span class=\"ls1 ws1\"> </span></span>117,668<span class=\"ls1 ws1\"> </span>634,932<span class=\"ls1 ws1\"> </span>721,493<span class=\"ls1 ws1\"> </span>383,659<span class=\"ls1 ws1\"> </span>700,141<span class=\"ls1 ws1\"> </span>1,010,472<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">642</span> 0 0 -<span class=\"ls29 ws1e1\">576</span> AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>3,735<span class=\"ls1 ws1\"> </span>10,026<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">396,956</span> 46,727<span class=\"ls1 ws1\"> </span>11,970<span class=\"ls1 ws1\"> </span>20,759<span class=\"ls1 ws1\"> </span>Intercompany<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">750</span> -<span class=\"ls29 ws1e1\">18,976</span> -<span class=\"ls29 ws1e1\">19,726</span> Total<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,631,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,419,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>2,381,6<span class=\"_ _3\"></span>18<span class=\"ls1 ws1\"> </span>Movements in the Cashflow statement (<span class=\"_ _0\"></span>Cash flow<span class=\"_ _3\"></span> from financ<span class=\"_ _0\"></span>ial activities)<span class=\"ls1 ws1\"> </span>Increase of financial debts<span class=\"ls1 ws1\"> <span class=\"_ _1bd\"> </span></span><span class=\"fc22 ws1e1\">593,858<span class=\"ls1 ws1\"> </span></span>(Decrease) of financial debt<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">824,484</span> Non<span class=\"ls1 ws1\">-<span class=\"ls3e ws1e1\">cash movements</span> </span>- <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">acquis<span class=\"_ _0\"></span>itions<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">106</span> - <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">divestments</span> -<span class=\"ls29 ws1e1\">162,905</span> - <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">tangible assets</span> 49,675<span class=\"ls1 ws1\"> </span>- <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">investment property</span> <span class=\"_ _1be\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,155</span> </span>- <span class=\"ls29 ws1e0\">Impact of exchange rates</span>  -<span class=\"ls29 ws1e1\">1,012</span> - <span class=\"ls3c ws20e\">Other<span class=\"_ _3\"></span>s</span> 0 Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2022<span class=\"_ _3\"></span></span> </span>2,034,4<span class=\"_ _3\"></span>89<span class=\"ls1 ws1\"> </span>We refer <span class=\"_ _0\"></span>to \u2018Note 1<span class=\"_ _0\"></span>2. Finan<span class=\"_ _0\"></span>cial ris<span class=\"_ _0\"></span>k manag<span class=\"_ _0\"></span>ement and f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l deriva<span class=\"_ _0\"></span>tives\u2019 fo<span class=\"_ _0\"></span>r more detail<span class=\"_ _0\"></span>s regard<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e liquid<span class=\"_ _0\"></span>ity ris<span class=\"_ _0\"></span>k and c<span class=\"_ _0\"></span>apital m<span class=\"_ _0\"></span>anagem<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he fu<span class=\"_ _0\"></span>lly consolidated subsidiari<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>The fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al deb<span class=\"_ _0\"></span>ts are<span class=\"_ _0\"></span> attribu<span class=\"_ _9f\"></span>table to<span class=\"_ _0\"></span> the f<span class=\"_ _0\"></span>ully con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted p<span class=\"_ _0\"></span>artic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span>s. Tho<span class=\"_ _0\"></span>se partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s <span class=\"_ _3\"></span>are, ta<span class=\"_ _0\"></span>king into ac<span class=\"_ _0\"></span>count the<span class=\"_ _0\"></span>ir own cred<span class=\"_ _0\"></span>itworth<span class=\"_ _0\"></span>iness, re<span class=\"_ _0\"></span>sponsi<span class=\"_ _0\"></span>ble for<span class=\"_ _0\"></span> obtaining market terms from lenders. The participa<span class=\"_ _0\"></span>tion shoul<span class=\"ls4b ws2e8\">d al<span class=\"_ _3\"></span>so as<span class=\"_ _3\"></span>sess<span class=\"_ _3\"></span> on a </span>case<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">by</span>-<span class=\"ls25 ws22a\">case ba<span class=\"_ _0\"></span>sis wh<span class=\"_ _0\"></span>ether <span class=\"_ _0\"></span>debt in<span class=\"_ _0\"></span>strumen<span class=\"_ _0\"></span>ts, su<span class=\"_ _0\"></span>bject to<span class=\"_ _0\"></span> varia<span class=\"_ _0\"></span>ble int<span class=\"_ _0\"></span>erest <span class=\"_ _0\"></span>rates<span class=\"_ _0\"></span> </span></span>and/or foreign currency flu<span class=\"_ _0\"></span>ctuations, require hedging so <span class=\"_ _0\"></span>as to retain an acceptable residu<span class=\"_ _0\"></span>al risk.<span class=\"ls1 ws1\"> </span>The dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e of <span class=\"ff3b ls49 ws2a6\">financ<span class=\"_ _3\"></span>ial debts</span><span class=\"ls1 ws1\"> <span class=\"ls35 ws1f0\">by 347.1 millio<span class=\"_ _0\"></span>n euros is <span class=\"ls25 ws204\">a<span class=\"_ _0\"></span>ttribu<span class=\"_ _0\"></span>table f<span class=\"_ _0\"></span>or 162.9<span class=\"_ _9f\"></span> </span></span></span>millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s to th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> d<span class=\"_ _0\"></span>isposa<span class=\"_ _0\"></span>l of A<span class=\"_ _0\"></span>nima, f<span class=\"_ _0\"></span>or 230<span class=\"_ _0\"></span>.6 mill<span class=\"_ _0\"></span>ion eu<span class=\"_ _9f\"></span>ros to deb<span class=\"_ _0\"></span>t rep<span class=\"_ _0\"></span>aymen<span class=\"_ _0\"></span>t, and for 47.5 million euros to additional (non<span class=\"ls1\">-<span class=\"ls30 ws1f4\">ca<span class=\"_ _9f\"></span>sh) IFRS 16<span class=\"_ _0\"></span> lease <span class=\"_ _0\"></span>debts<span class=\"_ _0\"></span><span class=\"ls40 ws218\">. <span class=\"ls1 ws1\"> </span></span></span></span>Follow<span class=\"_ _0\"></span>ing the p<span class=\"_ _9f\"></span>rospectu<span class=\"_ _0\"></span>s, DEME p<span class=\"_ _9f\"></span>erformed a<span class=\"_ _0\"></span> recla<span class=\"_ _0\"></span>ssific<span class=\"_ _0\"></span>ation (<span class=\"_ _0\"></span>from su<span class=\"_ _0\"></span>bordin<span class=\"_ _0\"></span>ated lo<span class=\"_ _3\"></span>ans <span class=\"ls1 ws1f6\">t<span class=\"_ _3\"></span>o bank <span class=\"_ _0\"></span>loans), which explains the d<span class=\"_ _0\"></span>ecrease in subordinated loans.</span>When cash and c<span class=\"_ _0\"></span>ash equivalents are t<span class=\"_ _0\"></span>aken into accoun<span class=\"_ _0\"></span>t, the <span class=\"ff3b ls4b ws2a4\">net<span class=\"_ _3\"></span> financ<span class=\"_ _3\"></span>ial de<span class=\"_ _3\"></span>bt </span>position<span class=\"ff3a\"> <span class=\"ls4b ws24e\">actu<span class=\"_ _3\"></span>ally de<span class=\"_ _3\"></span>creas<span class=\"_ _3\"></span>e<span class=\"ls24 ws218\">d by 624.4 million euros</span></span>: </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws20b\">CFE was able to reduce its debt position by 64.1 million euros thanks to a higher </span></span>operating cash flow and th<span class=\"_ _0\"></span>e dividend received from DE<span class=\"_ _0\"></span>ME<span class=\"ws1\">. </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">The disposal of Anima redu<span class=\"_ _0\"></span>ced the net financial debt by 157.<span class=\"_ _0\"></span>1 million euros.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">The divestment<span class=\"ws1f6\">s enabled Nexten<span class=\"_ _0\"></span>sa to r<span class=\"_ _3\"></span>ed<span class=\"_ _0\"></span>uce its <span class=\"_ _3\"></span>financ<span class=\"_ _0\"></span>ial debt by <span class=\"_ _3\"></span>164.4 million </span></span></span>euros.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws204\">AvH\u2019s d<span class=\"_ _0\"></span>ivestm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>led to <span class=\"_ _0\"></span>a net r<span class=\"_ _0\"></span>eductio<span class=\"_ _0\"></span>n b<span class=\"_ _0\"></span>y 46.4 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> euros<span class=\"_ _0\"></span> (the co<span class=\"_ _9f\"></span>mmercial<span class=\"_ _0\"></span> </span></span>paper programme, fo<span class=\"_ _0\"></span>r instance, was<span class=\"_ _0\"></span> repaid in full).<span class=\"_ _0\"></span> The net increa<span class=\"_ _0\"></span>se of the cash positio<span class=\"_ _0\"></span>n resul<span class=\"_ _0\"></span>ting from <span class=\"ls1 ws21a\">the dives<span class=\"_ _0\"></span>tments is situated in the cash and c<span class=\"_ _0\"></span>ash </span>equivalents.  \u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">By contrast, DEME\u2019s net financial debt position increa<span class=\"_ _0\"></span>sed by 127.8 million euros </span></span>in 202<span class=\"_ _0\"></span>2 as a resul<span class=\"_ _0\"></span>t of 483<span class=\"_ _0\"></span>.9 million eu<span class=\"_ _0\"></span>ros in in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ents. Th<span class=\"_ _0\"></span>e same appl<span class=\"_ _0\"></span>ies to<span class=\"_ _0\"></span> Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ls25 ws204\">Port with,<span class=\"_ _0\"></span> among<span class=\"_ _0\"></span> other thi<span class=\"ls1 ws1fe\">ngs, <span class=\"_ _0\"></span>its additional 32.6% s<span class=\"_ _0\"></span>take in Infra Asia </span></span></span>Inve<span class=\"_ _3\"></span>stments<span class=\"_ _3\"></span><span class=\"ls1 ws1\">. </span>Both Nextensa <span class=\"_ _0\"></span>and CFE repaid m<span class=\"_ _0\"></span>atured bonds in<span class=\"_ _0\"></span> 2022. Other fina<span class=\"_ _0\"></span>ncial debts decreased significantly. This is due primar<span class=\"_ _0\"></span>ily to t<span class=\"_ _3\"></span>he reduc<span class=\"_ _0\"></span>tion by DEME, Nextensa and AvH of short<span class=\"ws1\">-<span class=\"ls35 ws223\">te<span class=\"_ _0\"></span>rm financ<span class=\"_ _0\"></span>ial debts iss<span class=\"ls25 ws1eb\">u<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e form o<span class=\"_ _0\"></span>f comm<span class=\"_ _0\"></span>ercial p<span class=\"_ _0\"></span>aper.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span>Financ<span class=\"_ _3\"></span>ial co<span class=\"_ _3\"></span>venant<span class=\"_ _3\"></span>s<span class=\"fs3d ls1 ws1\"> </span>DEME<span class=\"_ _3\"></span><span class=\"ff3a ls1 ws1f1\">: bilateral loans and long term<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls25 ws249\">cred<span class=\"_ _0\"></span>it facili<span class=\"_ _0\"></span>ties are sub<span class=\"_ _9f\"></span>ject to specif<span class=\"_ _0\"></span>ic </span></span></span>covenants. At December 31, 2022 <span class=\"ls42 ws225\">DEME <span class=\"ls25 ws208\">c<span class=\"_ _0\"></span>ompli<span class=\"_ _0\"></span>es with th<span class=\"_ _0\"></span>e solven<span class=\"_ _0\"></span>cy ratio<span class=\"_ _0\"></span> (&gt;25%)<span class=\"_ _0\"></span>, </span></span>the deb<span class=\"_ _0\"></span>t/EBI<span class=\"_ _0\"></span>TDA rat<span class=\"_ _0\"></span>io (&lt;3)<span class=\"_ _0\"></span>, and t<span class=\"_ _0\"></span>he inte<span class=\"_ _0\"></span>rest cov<span class=\"_ _0\"></span>er ratio<span class=\"_ _0\"></span> (&gt;3)<span class=\"_ _0\"></span>, that w<span class=\"_ _0\"></span>ere ag<span class=\"_ _0\"></span>reed upon w<span class=\"_ _0\"></span>ithin th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>actua<span class=\"_ _0\"></span>l terms o<span class=\"_ _0\"></span>f the l<span class=\"_ _0\"></span>oans re<span class=\"_ _0\"></span>ceived.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>CFE<span class=\"ff3a ls25 ws1f9\">: the cred<span class=\"_ _0\"></span>it facili<span class=\"_ _0\"></span>ties are su<span class=\"_ _0\"></span>bject to<span class=\"_ _0\"></span> specifi<span class=\"_ _0\"></span>c coven<span class=\"_ _0\"></span>ants tha<span class=\"_ _0\"></span>t take in<span class=\"_ _0\"></span>to accoun<span class=\"_ _0\"></span>t </span>crite<span class=\"_ _0\"></span>ria such<span class=\"_ _0\"></span> as fin<span class=\"_ _0\"></span>ancial<span class=\"_ _0\"></span> debt <span class=\"_ _0\"></span>and the <span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span> of debt<span class=\"_ _0\"></span> to equ<span class=\"_ _0\"></span>ity or fix<span class=\"_ _9f\"></span>ed assets,<span class=\"_ _9f\"></span> as well as cash<span class=\"_ _0\"></span> flow<span class=\"_ _0\"></span>. Thes<span class=\"_ _0\"></span>e coven<span class=\"_ _0\"></span>ants w<span class=\"_ _0\"></span>ere fu<span class=\"_ _0\"></span>lly h<span class=\"_ _0\"></span>onour<span class=\"_ _0\"></span>ed as of<span class=\"_ _0\"></span> Decemb<span class=\"_ _9f\"></span>er 31, 2022<span class=\"_ _0\"></span>.Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t<span class=\"ff3a ls25 ws1fa\">: th<span class=\"_ _0\"></span>e credit f<span class=\"_ _0\"></span>acili<span class=\"_ _0\"></span>ties ar<span class=\"_ _0\"></span>e subjec<span class=\"_ _9f\"></span>t to specifi<span class=\"_ _0\"></span>c cov<span class=\"_ _0\"></span>enants <span class=\"_ _0\"></span>that tak<span class=\"_ _0\"></span>e into </span></span></span>accoun<span class=\"_ _0\"></span>t crit<span class=\"_ _0\"></span>eria <span class=\"_ _0\"></span>such a<span class=\"_ _0\"></span>s financ<span class=\"_ _9f\"></span>ial debt a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e ratio<span class=\"_ _0\"></span> of d<span class=\"_ _0\"></span>ebt to<span class=\"_ _0\"></span> equi<span class=\"_ _0\"></span>ty or to<span class=\"_ _9f\"></span>tal asset<span class=\"_ _0\"></span>s. These covenants were fully honoured as of December 31, 2022.<span class=\"ls1 ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\">: <span class=\"ls25 ws1f9\">the fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> institu<span class=\"_ _9f\"></span>tions gran<span class=\"_ _9f\"></span>t loans to<span class=\"_ _0\"></span> Next<span class=\"_ _0\"></span>ensa o<span class=\"_ _0\"></span>n the b<span class=\"_ _0\"></span>asis of<span class=\"_ _9f\"></span> the </span></span>company\u2019s reputation and<span class=\"_ _0\"></span> various financia<span class=\"_ _0\"></span>l and other covenants. Fa<span class=\"_ _0\"></span>ilure to honour these covenants may result in the early cancel<span class=\"_ _0\"></span>lation of these loans. The loans receiv<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span><span class=\"ls1 ws219\">contain conven<span class=\"ws1ed\">tional covenan<span class=\"_ _0\"></span>ts. The company w<span class=\"_ _0\"></span>as in compliance with <span class=\"_ _0\"></span>all </span></span>covenants as of year<span class=\"ls1\">-<span class=\"ls24 ws218\">end 2022.</span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>II. Amo<span class=\"_ _0\"></span>unts<span class=\"_ _0\"></span> payab<span class=\"_ _0\"></span>le (or<span class=\"_ _0\"></span> the po<span class=\"_ _0\"></span>rtio<span class=\"_ _0\"></span>n thereo<span class=\"_ _0\"></span>f), wh<span class=\"_ _9f\"></span>ich are gu<span class=\"_ _9f\"></span>aranteed<span class=\"_ _0\"></span> by real<span class=\"_ _0\"></span> guar<span class=\"_ _0\"></span>antees<span class=\"_ _0\"></span> given<span class=\"_ _0\"></span> or irrevoca<span class=\"_ _3\"></span>bly promise<span class=\"_ _3\"></span>d on the <span class=\"ls2e ws1\">ass<span class=\"_ _0\"></span>ets of t<span class=\"_ _0\"></span>he en<span class=\"_ _0\"></span>terpr<span class=\"_ _0\"></span>ises in<span class=\"_ _0\"></span>cluded<span class=\"_ _0\"></span> in t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>solidat<span class=\"_ _0\"></span>ion<span class=\"ls1\"> </span></span>Bank loans<span class=\"ls1 ws1\"> </span>230,604<span class=\"ls1 ws1\"> </span>323,602<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 30,612<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>0 0 Other financial debts<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>230,604<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>354,213<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The debts guarante<span class=\"_ _0\"></span>ed by real guarantees given ma<span class=\"_ _0\"></span>inly relate to the conce<span class=\"_ _0\"></span>ssions<span class=\"ws1\">-</span>acti<span class=\"_ _3\"></span>vity o<span class=\"_ _3\"></span>f Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls25 ws236\">P<span class=\"_ _0\"></span>ort, th<span class=\"_ _0\"></span>e real e<span class=\"_ _0\"></span>state pr<span class=\"_ _0\"></span>ojects b<span class=\"_ _0\"></span>y Next<span class=\"_ _0\"></span>ensa and<span class=\"_ _0\"></span> the re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e </span></span>asset<span class=\"_ _3\"></span>s <span class=\"ls25 ws1eb\">of th<span class=\"_ _0\"></span>e resi<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>al care<span class=\"_ _0\"></span> cent<span class=\"_ _0\"></span>res of A<span class=\"_ _0\"></span>nima<span class=\"_ _0\"></span> (in 2021<span class=\"_ _0\"></span>).<span class=\"ls1 ws1\"> <span class=\"ls34 ws1f5\">The di<span class=\"_ _3\"></span>spos<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>f Anima<span class=\"_ _3\"></span> in </span></span></span>2022 explai<span class=\"ls34 ws1f5\">ns<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> sign<span class=\"_ _3\"></span>ific<span class=\"_ _3\"></span>ant<span class=\"_ _3\"></span> dec<span class=\"_ _3\"></span>rease<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span></span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a ws1f5\">: its subsidiary Infra Asia Inves<span class=\"_ _0\"></span>tment Hong Kong entered into a new </span></span>roll<span class=\"ls1 ws1\">-<span class=\"ls35 ws24c\">over f<span class=\"_ _0\"></span>acilit<span class=\"_ _0\"></span>y for a <span class=\"_ _0\"></span>total am<span class=\"_ _0\"></span>ount of<span class=\"_ _0\"></span> 35 <span class=\"_ _0\"></span>million U<span class=\"_ _9f\"></span>S<span class=\"_ _3\"></span>D (<span class=\"_ _0\"></span>in add<span class=\"_ _0\"></span>ition to<span class=\"_ _0\"></span> the ex<span class=\"_ _0\"></span>isting<span class=\"_ _0\"></span> </span></span>10 mil<span class=\"_ _0\"></span>lion USD<span class=\"_ _0\"></span>), repla<span class=\"_ _0\"></span>cing th<span class=\"_ _0\"></span>e 29,2 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d 1,8 m<span class=\"_ _0\"></span>illi<span class=\"ls1 ws1f5\">on USD bond <span class=\"_ _0\"></span>loans </span>which<span class=\"_ _0\"></span> were <span class=\"_ _0\"></span>redeem<span class=\"_ _0\"></span>ed ear<span class=\"_ _0\"></span>ly per 3<span class=\"_ _0\"></span> May 20<span class=\"_ _0\"></span>22.<span class=\"ls1 ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls34 ws259\">: I<span class=\"_ _3\"></span>n the<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ext o<span class=\"_ _3\"></span>f var<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>us deve<span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>pment<span class=\"_ _3\"></span> pro<span class=\"_ _3\"></span>ject<span class=\"_ _3\"></span>s, Ne<span class=\"_ _3\"></span>xte<span class=\"_ _3\"></span>nsa<span class=\"_ _3\"></span> prov<span class=\"_ _3\"></span>ided </span></span>pledges as security for fin<span class=\"_ _0\"></span>ancial debt amounting to <span class=\"ls24 ws1da\">181.7</span><span class=\"ws1\"> <span class=\"ls35 ws223\">m<span class=\"_ _0\"></span>illion euro<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span></span></span>Note 20:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls2f ws1e\">debt<span class=\"_ _3\"></span>s to credit i<span class=\"_ _3\"></span>nstitutions,<span class=\"_ _3\"></span> clients a<span class=\"_ _3\"></span>nd securitie<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Debts to cre<span class=\"_ _3\"></span>dit institu<span class=\"_ _3\"></span>tions and ce<span class=\"_ _3\"></span>ntral banks<span class=\"ls1 ws1\"> </span>116,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>424,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts<span class=\"_ _3\"></span> to clie<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,504,73<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>6,378,53<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  560<span class=\"ls1 ws1\"> </span>10,234<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Securities inc<span class=\"_ _3\"></span>luding b<span class=\"_ _3\"></span>onds<span class=\"ls1 ws1\"> </span>171,599<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>256,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  47,155<span class=\"ls1 ws1\"> </span>50,745<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls2b ws1e4\">chang<span class=\"_ _3\"></span>es in fair value<span class=\"_ _3\"></span> of the hed<span class=\"_ _3\"></span>ged <span class=\"ls28 ws210\">cre<span class=\"_ _3\"></span>dit port<span class=\"_ _3\"></span>folio</span></span> <span class=\"_ _3\"></span> 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 6,882,39<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>7,059,33<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bf\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Debt<span class=\"_ _0\"></span>s to cr<span class=\"_ _0\"></span>edit in<span class=\"_ _0\"></span>stitut<span class=\"_ _0\"></span>ions an<span class=\"_ _0\"></span>d cen<span class=\"_ _0\"></span>tral b<span class=\"_ _0\"></span>anks<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>104,845<span class=\"ls1 ws1\"> </span>13,869<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>11,534<span class=\"ls1 ws1\"> </span>16,531<span class=\"ls1 ws1\"> </span>ECB TLTRO III<span class=\"ws1\"> </span>0 394,847<span class=\"ls1 ws1\"> </span>Accrued interests<span class=\"ls1 ws1\"> </span>0 106<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts to c<span class=\"_ _3\"></span>lients<span class=\"ls1 ws1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>4,197,238<span class=\"ls1 ws1\"> </span>4,218,578<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>1,248,652<span class=\"ls1 ws1\"> </span>1,045,537<span class=\"ls1 ws1\"> </span>Special deposits<span class=\"ls1 ws1\"> </span>56,798<span class=\"ls1 ws1\"> </span>64,876<span class=\"ls1 ws1\"> </span>Regulated deposits<span class=\"ls1 ws1\"> </span>1,050,247<span class=\"ls1 ws1\"> </span>1,029,249<span class=\"ls1 ws1\"> </span>Subordinated certific<span class=\"_ _0\"></span>ats<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Securit<span class=\"_ _0\"></span>ies in<span class=\"_ _0\"></span>cludin<span class=\"_ _0\"></span>g bond<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Debt certifi<span class=\"_ _3\"></span>cates<span class=\"ls1 ws1\"> </span>124,533<span class=\"ls1 ws1\"> </span>205,178<span class=\"ls1 ws1\"> </span>Subordinated bonds<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Ban<span class=\"_ _3\"></span>ks <span class=\"ls1 ws1\">- <span class=\"ls32 ws145\">changes in </span><span class=\"ls2e\">fair v<span class=\"_ _0\"></span>alue of<span class=\"_ _9f\"></span> the hedg<span class=\"_ _0\"></span>ed cr<span class=\"_ _0\"></span>edit<span class=\"ls1\"> <span class=\"ls2f ws1e\">portfolio</span>  </span></span></span>89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Total <span class=\"_ _3\"></span>debts<span class=\"_ _3\"></span> to cre<span class=\"_ _3\"></span>dit ins<span class=\"_ _3\"></span>tituti<span class=\"_ _3\"></span>ons, c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span> and s<span class=\"_ _3\"></span>ecuriti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>The fu<span class=\"_ _0\"></span>ll conso<span class=\"_ _0\"></span>lidatio<span class=\"_ _0\"></span>n of <span class=\"ls1 ws1f5\">Bank Van Breda<span class=\"ws1\"> <span class=\"ls25 ws215\">results <span class=\"_ _0\"></span>in the r<span class=\"_ _0\"></span>ecordi<span class=\"_ _0\"></span>ng of sp<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>c<span class=\"_ _0\"></span>ific ban<span class=\"_ _0\"></span>k </span></span></span>receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd debt<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e shee<span class=\"_ _0\"></span>t of Av<span class=\"_ _0\"></span>H. These it<span class=\"_ _0\"></span>ems wer<span class=\"_ _0\"></span>e group<span class=\"_ _0\"></span>ed for<span class=\"_ _0\"></span> maximum transparency of t<span class=\"_ _0\"></span>he balance sheet.<span class=\"ws1\"> </span>Liquidi<span class=\"_ _3\"></span>ty ri<span class=\"_ _3\"></span>sk Bank V<span class=\"_ _3\"></span>an Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Liquidity risk is <span class=\"_ _0\"></span>the risk that the ban<span class=\"_ _0\"></span>k has insufficient fund<span class=\"_ _0\"></span>s available, or is una<span class=\"_ _0\"></span>ble to release funds quickly enough <span class=\"_ _0\"></span>and at a reasonable cost to meet its short<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls4d ws1f5\">te<span class=\"_ _3\"></span>rm </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s. The c<span class=\"_ _0\"></span>omme<span class=\"_ _0\"></span>rcial ba<span class=\"_ _0\"></span>nking<span class=\"_ _0\"></span> activ<span class=\"_ _9f\"></span>ities are<span class=\"_ _0\"></span> the ma<span class=\"_ _0\"></span>in sou<span class=\"_ _0\"></span>rce of<span class=\"_ _0\"></span> liquid<span class=\"_ _9f\"></span>ity risk<span class=\"_ _3\"></span>. A <span class=\"ls1 ws220\">bank\u2019s sources of funding tradit<span class=\"_ _0\"></span>ionally have a shorter maturity than the<span class=\"_ _0\"></span> </span>financed assets, resulting in <span class=\"_ _0\"></span>a maturity mismatch. The liquidity man<span class=\"_ _0\"></span>agement of Bank Van Breda<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls25 ws245\">con<span class=\"_ _0\"></span>stantly m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rs thi<span class=\"_ _0\"></span>s mism<span class=\"_ _0\"></span>atch and<span class=\"_ _9f\"></span> works ou<span class=\"_ _0\"></span>t a finan<span class=\"_ _9f\"></span>cing </span></span>strat<span class=\"_ _0\"></span>egy to confi<span class=\"_ _0\"></span>ne it within<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span><span class=\"ws1f3\">guidelines that are set out in a liquid<span class=\"_ _0\"></span>ity control </span></span>framewo<span class=\"_ _9f\"></span>rk. In thi<span class=\"_ _0\"></span>s area,<span class=\"_ _0\"></span> too, th<span class=\"_ _9f\"></span>e bank pur<span class=\"_ _0\"></span>sues a<span class=\"_ _0\"></span> delib<span class=\"_ _0\"></span>erately<span class=\"_ _0\"></span> low ris<span class=\"_ _0\"></span>k prof<span class=\"_ _0\"></span>ile. Ban<span class=\"_ _9f\"></span>k Van Breda maintains a solid <span class=\"_ _3\"></span>and high<span class=\"ws1\">-<span class=\"ws219\">quality liquidi<span class=\"_ _0\"></span>ty buffer to absorb fluctuat<span class=\"_ _0\"></span>ions </span></span>in the t<span class=\"_ _0\"></span>reasu<span class=\"_ _0\"></span>ry posi<span class=\"_ _0\"></span>tion. Th<span class=\"_ _0\"></span>is<span class=\"ls1 ws1\"> <span class=\"ls46 ws22c\">buffer st<span class=\"ls40 ws218\">ood <span class=\"ls24\">at 1,<span class=\"ws1da\">252</span></span></span></span> <span class=\"ls52 ws1f0\">mil<span class=\"_ _3\"></span>lion eu<span class=\"_ _3\"></span>ros</span> <span class=\"ls24 ws218\">at year end 2022</span> </span>and consists primar<span class=\"_ _0\"></span>ily of cash, placed at <span class=\"_ _0\"></span>the ECB, and a highly<span class=\"_ _0\"></span> liquid portfolio of bonds. The ban<span class=\"_ _0\"></span>k\u2019s finan<span class=\"_ _9f\"></span>cing mix is v<span class=\"_ _0\"></span>ery stab<span class=\"_ _0\"></span>le, with<span class=\"_ _0\"></span> the depo<span class=\"_ _0\"></span>sits of t<span class=\"_ _0\"></span>he cor<span class=\"_ _0\"></span>e clients a<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span> main source of fundin<span class=\"_ _0\"></span>g. T<span class=\"ls25 ws232\">he cor<span class=\"_ _0\"></span>e cli<span class=\"_ _0\"></span>ents use <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>nk fo<span class=\"_ _0\"></span>r their i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>and </span>ev<span class=\"_ _3\"></span>ery<span class=\"_ _3\"></span>day ba<span class=\"_ _3\"></span>nki<span class=\"_ _3\"></span>ng tr<span class=\"_ _3\"></span>ansa<span class=\"_ _3\"></span>cti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>. The b<span class=\"_ _3\"></span>ank al<span class=\"_ _3\"></span>so cl<span class=\"_ _3\"></span>ose<span class=\"_ _3\"></span>ly wa<span class=\"_ _3\"></span>tche<span class=\"_ _3\"></span>s the<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls31 ws206\">depos<span class=\"_ _3\"></span>it </span></span>ratio an<span class=\"_ _0\"></span>d appli<span class=\"_ _0\"></span>es stri<span class=\"_ _0\"></span>ct limi<span class=\"_ _0\"></span>ts to thi<span class=\"_ _0\"></span>s ratio b<span class=\"_ _0\"></span>etween c<span class=\"_ _0\"></span>lient <span class=\"_ _0\"></span>credit po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> and cl<span class=\"_ _0\"></span>ient deposits, which at year-<span class=\"ls24 ws2fc\">end 202</span>2 <span class=\"_ _9c\"> </span><span class=\"ls33 ws2fd\">stood at 9<span class=\"_ _3\"></span></span>4<span class=\"ls30 ws2db\">%. D<span class=\"_ _0\"></span>epend<span class=\"_ _9f\"></span>ence on ex<span class=\"_ _0\"></span>terna<span class=\"_ _0\"></span>l </span>institutional financing<span class=\"_ _0\"></span> is kept to a min<span class=\"_ _0\"></span>imum and in 202<span class=\"ws1\">2 <span class=\"_ _0\"></span><span class=\"ws1f6\">accounted for only <span class=\"ws1\">2<span class=\"ls54 ws279\">.5% </span></span></span></span>of tota<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s. <span class=\"ls1 ws1\"> </span>Two liquidity ratios were introduc<span class=\"_ _0\"></span>ed in the Basel regulations and the CRR/CRD IV dire<span class=\"_ _3\"></span>ctive<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1fe\">The LCR (Liquidity Co<span class=\"_ _0\"></span>verag<span class=\"ls25 ws215\">e Ra<span class=\"_ _0\"></span>tio) i<span class=\"_ _0\"></span>s a cri<span class=\"_ _0\"></span>terion<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e liqu<span class=\"_ _0\"></span>idity p<span class=\"_ _0\"></span>ositio<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er </span></span>an acu<span class=\"_ _0\"></span>te stres<span class=\"_ _0\"></span>s scenar<span class=\"_ _0\"></span>io over 30<span class=\"_ _0\"></span> days. I<span class=\"_ _0\"></span>t requir<span class=\"_ _0\"></span>es finan<span class=\"_ _0\"></span>cial in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons to ho<span class=\"_ _9f\"></span>ld sufficient high<span class=\"ws1\">-</span>quality liquid a<span class=\"_ _0\"></span>ssets. <span class=\"ls25 ws224\">The regu<span class=\"_ _9f\"></span>lator impo<span class=\"_ _0\"></span>ses a li<span class=\"_ _0\"></span>mit of a<span class=\"_ _0\"></span>t least<span class=\"_ _0\"></span> </span>100%.<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The NSFR (Net Stable Fund<span class=\"_ _0\"></span>ing R<span class=\"ls25 ws1f9\">atio)<span class=\"_ _0\"></span> con<span class=\"_ _0\"></span>trasts t<span class=\"_ _0\"></span>he avai<span class=\"_ _0\"></span>lable<span class=\"_ _0\"></span> amount o<span class=\"_ _0\"></span>f sta<span class=\"_ _0\"></span>ble </span></span>funding with the required amoun<span class=\"_ _0\"></span>t of stable funding over a one<span class=\"ws1\">-<span class=\"ls34 ws1f6\">year<span class=\"_ _3\"></span> peri<span class=\"_ _3\"></span>od.<span class=\"_ _3\"></span> The </span></span>Basel III<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">gu<span class=\"_ _0\"></span>idelin<span class=\"_ _0\"></span>es imp<span class=\"_ _0\"></span>ose a lim<span class=\"_ _0\"></span>it of a<span class=\"_ _0\"></span>t least 1<span class=\"_ _0\"></span>00% a<span class=\"_ _0\"></span>s from 2<span class=\"_ _0\"></span>018.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>At y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">end 2022<span class=\"_ _0\"></span>, those <span class=\"_ _0\"></span>ratios sto<span class=\"_ _0\"></span>od at <span class=\"_ _0\"></span>138% (a<span class=\"_ _0\"></span>ccordin<span class=\"_ _0\"></span>g to LC<span class=\"_ _0\"></span>R <span class=\"ls45 ws2ff\">Delegated Ac<span class=\"_ _3\"></span>t </span></span></span>2015/61) and 131% (accor<span class=\"_ _3\"></span>ding to CRR2) respectively. Both ratios are well above the low<span class=\"_ _0\"></span>er lim<span class=\"_ _0\"></span>it of 10<span class=\"_ _0\"></span>0% that <span class=\"_ _0\"></span>is impo<span class=\"_ _0\"></span>sed b<span class=\"_ _0\"></span>y the r<span class=\"_ _0\"></span>egulato<span class=\"_ _0\"></span>ry autho<span class=\"_ _9f\"></span>rity. <span class=\"ls1 ws1\"> </span>The still generous liquidit<span class=\"_ _0\"></span>y position decreased in 2022, prim<span class=\"_ _0\"></span>arily due to the repaym<span class=\"_ _0\"></span>ent of 4<span class=\"_ _0\"></span>00 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s of TLTR<span class=\"_ _0\"></span>O loan<span class=\"_ _0\"></span>s and a cred<span class=\"_ _0\"></span>it incr<span class=\"_ _0\"></span>ease tha<span class=\"_ _0\"></span>t was great<span class=\"_ _0\"></span>er than the depo<span class=\"_ _0\"></span>sit incr<span class=\"_ _0\"></span>ease.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The bank\u2019s liquidit<span class=\"_ _0\"></span>y risk is monito<span class=\"_ _0\"></span>red constantly by mea<span class=\"_ _0\"></span>ns of proactive <span class=\"_ _0\"></span>treasury management, within the lin<span class=\"_ _0\"></span>es defined by the Asset &amp; Liability Managem<span class=\"_ _0\"></span>ent and t<span class=\"ls25 ws232\">he inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t framew<span class=\"_ _0\"></span>ork. Fo<span class=\"_ _0\"></span>r its liq<span class=\"_ _0\"></span>uidity<span class=\"_ _0\"></span> managem<span class=\"_ _0\"></span>ent, th<span class=\"_ _0\"></span>e bank u<span class=\"_ _0\"></span>ses, am<span class=\"_ _0\"></span>ong </span>other things, liquidity gap reports, ratio a<span class=\"_ _0\"></span>nalysis and short<span class=\"ws1\">- </span>and long<span class=\"ws1\">-<span class=\"ls6a ws300\">term volume<span class=\"_ _0\"></span> </span></span>prognoses. In the <span class=\"ls35 ws213\">follow<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">tab<span class=\"_ _0\"></span>le the a<span class=\"_ _0\"></span>ssets and l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties are g<span class=\"_ _0\"></span>rouped b<span class=\"_ _0\"></span>y matu<span class=\"_ _0\"></span>rity perio<span class=\"_ _0\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls34 ws1ea\">and </span></span></span></span></span>intern<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>umption<span class=\"_ _9f\"></span>s for depos<span class=\"_ _0\"></span>its wit<span class=\"_ _0\"></span>hout m<span class=\"_ _0\"></span>aturity d<span class=\"_ _0\"></span>ate<span class=\"ls1 ws1\"> <span class=\"ws1ed\">wer<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>taken into account<span class=\"ws1\">. </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c0\"> </span><span class=\"ls2b ws1e4\">&lt; 1 month</span> <span class=\"_ _116\"> </span>1-<span class=\"ls2b ws1e3\">3 months<span class=\"_ _3\"></span></span> <span class=\"_ _7c\"> </span>3-<span class=\"ls2b ws1e4\">12<span class=\"_ _3\"></span> months</span> <span class=\"_ _1d\"> </span>1-<span class=\"ls28 ws1e7\">5 ye<span class=\"_ _3\"></span>ars<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span>5-<span class=\"ws202\">10 years</span> <span class=\"_ _6b\"> </span></span>&gt; 10 years<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _b9\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,078,000<span class=\"ls1 ws1\"> </span>161,000<span class=\"ls1 ws1\"> </span>900,000<span class=\"ls1 ws1\"> </span>2,903,000<span class=\"ls1 ws1\"> </span>1,816,000<span class=\"ls1 ws1\"> </span>652,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000,000</span> -<span class=\"ls29 ws1e1\">790,000</span> -<span class=\"ls29 ws1e1\">1,925,000</span> -<span class=\"ls29 ws1e1\">1,675,000</span> -<span class=\"ls29 ws1e1\">1,101,000</span> -<span class=\"ls29 ws1e1\">343,000</span> -<span class=\"ls29 ws1e1\">51,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>1,000<span class=\"ls1 ws1\"> </span>2,000<span class=\"ls1 ws1\"> </span>16,000<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>23,000<span class=\"ls1 ws1\"> </span>0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>79,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">627,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,009,000<span class=\"_ _3\"></span></span> 1,283,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>738,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>309,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,000</span> 31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,686,000<span class=\"ls1 ws1\"> </span>209,000<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>2,764,000<span class=\"ls1 ws1\"> </span>1,588,000<span class=\"ls1 ws1\"> </span>553,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">981,000</span> -<span class=\"ls29 ws1e1\">929,000</span> -<span class=\"ls29 ws1e1\">2,460,000</span> -<span class=\"ls29 ws1e1\">1,447,000</span> -<span class=\"ls29 ws1e1\">925,000</span> -<span class=\"ls29 ws1e1\">286,000</span> -<span class=\"ls29 ws1e1\">63,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000</span> -<span class=\"ls29 ws1e1\">2,000</span> -<span class=\"ls29 ws1e1\">7,000</span> -<span class=\"ls29 ws1e1\">14,000</span> -<span class=\"ls29 ws1e1\">4,000</span> 0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>704,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">722,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,597,000<span class=\"_ _3\"></span></span> 1,303,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>659,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>267,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">24,000</span> Intere<span class=\"_ _3\"></span>st rate ri<span class=\"_ _3\"></span>sk Ban<span class=\"_ _3\"></span>k Van Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Intere<span class=\"_ _0\"></span>st rate ri<span class=\"_ _0\"></span>sk can be d<span class=\"_ _9f\"></span>efined as th<span class=\"_ _0\"></span>e extent to<span class=\"_ _0\"></span> which t<span class=\"_ _0\"></span>he resul<span class=\"_ _0\"></span>ts or val<span class=\"_ _0\"></span>ue of a financial transaction are affected by a cha<span class=\"_ _0\"></span>nge in market <span class=\"ls25 ws204\">interes<span class=\"_ _0\"></span>t rates.<span class=\"_ _0\"></span> Applied<span class=\"_ _0\"></span> to </span>a fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> institu<span class=\"_ _3\"></span>tion, i<span class=\"_ _3\"></span>nteres<span class=\"_ _3\"></span>t rate ri<span class=\"_ _3\"></span>sk is the<span class=\"_ _3\"></span> extent<span class=\"_ _3\"></span> to which<span class=\"_ _3\"></span> the (inte<span class=\"_ _3\"></span>rest) ea<span class=\"_ _3\"></span>rnings and/or fair va<span class=\"_ _0\"></span>lue of this institutio<span class=\"_ _0\"></span>n is liable to <span class=\"_ _0\"></span>be adversely affec<span class=\"_ _0\"></span>ted by a change in<span class=\"_ _0\"></span> marke<span class=\"_ _0\"></span>t interest ra<span class=\"_ _0\"></span>tes.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ban<span class=\"_ _0\"></span>k opts to keep th<span class=\"_ _0\"></span>e i<span class=\"ls33 ws204\">nteres<span class=\"_ _3\"></span>t rate<span class=\"_ _3\"></span> risk a<span class=\"_ _3\"></span>t a rela<span class=\"_ _3\"></span>tively<span class=\"_ _3\"></span> low leve<span class=\"_ _3\"></span>l:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">The bank uses hedging ins<span class=\"_ _0\"></span>truments to correct the mis<span class=\"_ _0\"></span>match. This is done wi<span class=\"_ _0\"></span>th a </span></span>comb<span class=\"_ _3\"></span>inatio<span class=\"_ _3\"></span>n of inte<span class=\"_ _3\"></span>rest rate s<span class=\"_ _3\"></span>waps (whi<span class=\"_ _3\"></span>ch conve<span class=\"_ _3\"></span>rt varia<span class=\"_ _3\"></span>ble inte<span class=\"_ _3\"></span>rest ra<span class=\"_ _3\"></span>te commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s into fix<span class=\"_ _0\"></span>ed rate com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>ents) an<span class=\"_ _0\"></span>d option<span class=\"_ _0\"></span>s <span class=\"ls1 ws23f\">(which provide </span>protec<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span>t a rise i<span class=\"_ _0\"></span>n intere<span class=\"_ _0\"></span>st rate<span class=\"_ _0\"></span>s abov<span class=\"_ _0\"></span>e given l<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws22a\">Equity v<span class=\"_ _9f\"></span>alue sensi<span class=\"_ _0\"></span>tivity<span class=\"_ _0\"></span> is th<span class=\"_ _0\"></span>e expo<span class=\"_ _0\"></span>sure o<span class=\"_ _0\"></span>f the com<span class=\"_ _0\"></span>pany\u2019<span class=\"_ _0\"></span>s econo<span class=\"_ _9f\"></span>mic value <span class=\"_ _0\"></span>to </span></span>unfavourable int<span class=\"_ _0\"></span>erest rate fluctuation<span class=\"_ _0\"></span>s. Earnings sensit<span class=\"_ _0\"></span>ivity is the exposu<span class=\"_ _0\"></span>re of the b<span class=\"_ _3\"></span>ank\u2019s (i<span class=\"_ _3\"></span>nterest<span class=\"_ _3\"></span>) earni<span class=\"_ _3\"></span>ngs to tho<span class=\"_ _3\"></span>se same u<span class=\"_ _3\"></span>nfavoura<span class=\"_ _3\"></span>ble inte<span class=\"_ _3\"></span>rest ra<span class=\"_ _3\"></span>te fluctuations. Its intensity can be seen in the duratio<span class=\"_ _0\"></span>n gap. By this is meant the difference in duration of all a<span class=\"_ _0\"></span>ssets and duration of all liabili<span class=\"_ _0\"></span>ties (mismatch), the duration being the weight<span class=\"_ _0\"></span>ed average <span class=\"ls33 ws215\">of the<span class=\"_ _3\"></span> matu<span class=\"_ _3\"></span>rities o<span class=\"_ _3\"></span>f a set<span class=\"_ _3\"></span> of fixed<span class=\"_ _3\"></span></span><span class=\"ws1\">-<span class=\"ls33 ws1f0\">interest </span></span>securi<span class=\"_ _0\"></span>ties.<span class=\"ls1 ws1\"> </span>E<span class=\"ws20b\">quity value sensitivity and earni<span class=\"_ _0\"></span>ngs sensitivity are monitored by mea<span class=\"_ _0\"></span>ns of scenario </span>analyses that take account of cha<span class=\"_ _0\"></span>nging market conditions, enabling the impac<span class=\"_ _0\"></span>t of stress sc<span class=\"_ _0\"></span>en<span class=\"ls1 ws216\">arios to be analysed. This equity value and earnings sensitivity is </span>measured using the <span class=\"_ _0\"></span>Basis Point Value (BP<span class=\"_ _0\"></span>V) methodology which <span class=\"_ _0\"></span>shows the value change of the portfol<span class=\"_ _0\"></span>io being analyzed when conf<span class=\"_ _0\"></span>ronted with an increase i<span class=\"_ _0\"></span>n inte<span class=\"ws1\"> </span>rest ra<span class=\"_ _0\"></span>tes ove<span class=\"_ _0\"></span>r the e<span class=\"_ _0\"></span>ntire cu<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">v</span><span class=\"ls30\">e.</span>Impact of an i<span class=\"_ _3\"></span>mmediate<span class=\"_ _3\"></span> increase of <span class=\"_ _3\"></span>the yield curv<span class=\"_ _3\"></span>e with 100 bas<span class=\"_ _3\"></span>e points (1<span class=\"_ _3\"></span>%) on:<span class=\"ls1 ws1\"> <span class=\"_ _3f\"> </span><span class=\"ls27 ws1df\">2022</span> <span class=\"_ _95\"> </span><span class=\"ls27 ws1df\">2021</span> </span>The interest result<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>2,827<span class=\"ls1 ws1\"> </span>4,907<span class=\"ls1 ws1\"> </span>(earnings sensitivity)<span class=\"ls1 ws1\"> </span>The faire value of the equity<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">53,698</span> -<span class=\"ls29 ws1e1\">47,409</span> (equity value sensitivit<span class=\"_ _0\"></span>y) (= BPV)<span class=\"ls1 ws1\"> </span>For th<span class=\"_ _0\"></span>e inter<span class=\"_ _0\"></span>est gap<span class=\"_ _0\"></span> analy<span class=\"_ _0\"></span>sis bo<span class=\"_ _0\"></span>th balan<span class=\"_ _0\"></span>ce sh<span class=\"_ _0\"></span>eet and<span class=\"_ _0\"></span> off ba<span class=\"_ _0\"></span>lance <span class=\"_ _0\"></span>sheet p<span class=\"_ _9f\"></span>roducts are grou<span class=\"_ _0\"></span>ped tog<span class=\"_ _0\"></span>ether pe<span class=\"_ _0\"></span>r period o<span class=\"_ _0\"></span>f matu<span class=\"_ _0\"></span>rity. In thi<span class=\"_ _0\"></span>s way the m<span class=\"_ _0\"></span>ismat<span class=\"_ _0\"></span>ch struc<span class=\"_ _0\"></span>ture becomes visible.<span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _4b\"> </span><span class=\"ls28 ws1e7\">\u2264 1 mon<span class=\"_ _3\"></span>th</span> <span class=\"_ _62\"> </span>1-</span><span class=\"ws1df\">3 </span>months<span class=\"ls1 ws1\">  <span class=\"_ _6e\"> </span>3-</span>12 months<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> <span class=\"_ _c7\"> </span>1-<span class=\"ls28 ws1e7\">5 yea<span class=\"_ _3\"></span>rs</span>  <span class=\"_ _6b\"> </span>5-<span class=\"ws202\">10 years</span>  <span class=\"_ _62\"> </span></span>&gt;<span class=\"_ _3\"></span> 10 years<span class=\"ls1 ws1\">  <span class=\"_ _6b\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,143,000<span class=\"ls1 ws1\"> </span>307,000<span class=\"ls1 ws1\"> </span>957,000<span class=\"ls1 ws1\"> </span>2,916,000<span class=\"ls1 ws1\"> </span>1,625,000<span class=\"ls1 ws1\"> </span>546,000<span class=\"ls1 ws1\"> </span>48,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,045,000</span> -<span class=\"ls29 ws1e1\">789,000</span> -<span class=\"ls29 ws1e1\">1,943,000</span> -<span class=\"ls29 ws1e1\">1,662,000</span> -<span class=\"ls29 ws1e1\">1,056,000</span> -<span class=\"ls29 ws1e1\">338,000</span> -<span class=\"ls29 ws1e1\">38,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>325,000<span class=\"ls1 ws1\"> </span>570,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">60,000</span> -<span class=\"ls29 ws1e1\">370,000</span> -<span class=\"ls29 ws1e1\">410,000</span> -<span class=\"ls29 ws1e1\">55,000</span> 0 Intere<span class=\"_ _3\"></span>st Ga<span class=\"_ _3\"></span>p<span class=\"ls1 ws1\"> </span>423,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>88,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,046,000<span class=\"_ _3\"></span></span> 884,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>159,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>153,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,786,000<span class=\"ls1 ws1\"> </span>414,000<span class=\"ls1 ws1\"> </span>1,126,000<span class=\"ls1 ws1\"> </span>2,775,000<span class=\"ls1 ws1\"> </span>1,210,000<span class=\"ls1 ws1\"> </span>345,000<span class=\"ls1 ws1\"> </span>48,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">979,000</span> -<span class=\"ls29 ws1e1\">931,000</span> -<span class=\"ls29 ws1e1\">2,457,000</span> -<span class=\"ls29 ws1e1\">1,491,000</span> -<span class=\"ls29 ws1e1\">894,000</span> -<span class=\"ls29 ws1e1\">295,000</span> -<span class=\"ls29 ws1e1\">37,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>270,000<span class=\"ls1 ws1\"> </span>515,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">80,000</span> -<span class=\"ls29 ws1e1\">355,000</span> -<span class=\"ls29 ws1e1\">310,000</span> -<span class=\"ls29 ws1e1\">40,000</span> 0 Intere<span class=\"_ _3\"></span>st Ga<span class=\"_ _3\"></span>p<span class=\"ls1 ws1\"> </span>1,077,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,000</span> -<span class=\"ls27 ws1df\">1,411,000<span class=\"_ _3\"></span></span> 929,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Note 21:<span class=\"ff3c\"> </span>T<span class=\"ls3a ws20c\">axes</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Recognize<span class=\"_ _3\"></span>d deferr<span class=\"_ _3\"></span>ed tax ass<span class=\"_ _3\"></span>ets and li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>ies</span> (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _1c1\"> </span>Assets 2<span class=\"_ _0\"></span>022<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span><span class=\"ls3b\">Lia<span class=\"_ _3\"></span>bilities 2022</span> <span class=\"_ _ac\"> </span><span class=\"ls27 ws1dd\">Net 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _cb\"> </span></span>Assets 2021<span class=\"ls1 ws1\"> <span class=\"_ _67\"> </span><span class=\"ls3b\">Liabili<span class=\"_ _3\"></span>ties 2021</span> <span class=\"_ _ac\"> </span><span class=\"ls27 ws1dd\">N<span class=\"_ _3\"></span>et 2021</span> </span>Intangible assets<span class=\"ls1 ws1\"> </span>0 21,132<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,132</span> 27<span class=\"ls1 ws1\"> </span>26,470<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">26,443</span> Tangible assets<span class=\"ls1 ws1\"> </span>23,365<span class=\"ls1 ws1\"> </span>37,683<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">14,318</span> 26,979<span class=\"ls1 ws1\"> </span>68,382<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,403</span> Investmen<span class=\"_ _3\"></span>t property<span class=\"ls1 ws1\"> </span>0 33,726<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">33,726</span> 167<span class=\"ls1 ws1\"> </span>34,768<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">34,601</span> Financial fixed assets<span class=\"ls1 ws1\"> </span>0 1,626<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,626</span> 0 4,802<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,802</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\">  </span>13,953<span class=\"ls1 ws1\"> </span>0 13,953<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">686</span> 0 -<span class=\"ls29 ws1e1\">686</span> Employee benefits<span class=\"ls1 ws1\"> </span>17,648<span class=\"ls1 ws1\"> </span>705<span class=\"ls1 ws1\"> </span>16,943<span class=\"ls1 ws1\"> </span>16,134<span class=\"ls1 ws1\"> </span>867<span class=\"ls1 ws1\"> </span>15,267<span class=\"ls1 ws1\"> </span>Provisions<span class=\"ls1 ws1\"> </span>4,878<span class=\"ls1 ws1\"> </span>464<span class=\"ls1 ws1\"> </span>4,414<span class=\"ls1 ws1\"> </span>4,563<span class=\"ls1 ws1\"> </span>7,613<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,050</span> Financial derivative instruments<span class=\"ls1 ws1\"> </span>1,057<span class=\"ls1 ws1\"> </span>21,216<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,159</span> 1,533<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,942</span> 6,474<span class=\"ls1 ws1\"> </span>Working capital items<span class=\"ls1 ws1\"> </span>43,099<span class=\"ls1 ws1\"> </span>65,556<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">22,457</span> 59,500<span class=\"ls1 ws1\"> </span>63,394<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,893</span> Tax losses and tax cr<span class=\"_ _0\"></span>edits / deduction for investment<span class=\"ls1 ws1\"> </span>71,450<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,852</span> 81,302<span class=\"ls1 ws1\"> </span>68,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12,726</span> 81,567<span class=\"ls1 ws1\"> </span>Set<span class=\"ls1 ws1\">-off </span>-<span class=\"ls29 ws1e1\">20,621</span> -<span class=\"ls29 ws1e1\">20,621</span> 0 -<span class=\"ls29 ws1e1\">26,778</span> -<span class=\"ls29 ws1e1\">26,778</span> 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>154,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>151,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,195<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>150,279<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>161,849<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">11,570</span> Deferre<span class=\"_ _0\"></span>d taxes <span class=\"_ _0\"></span>are main<span class=\"_ _0\"></span>ly due to<span class=\"_ _0\"></span> the rev<span class=\"_ _0\"></span>aluatio<span class=\"_ _0\"></span>n of as<span class=\"_ _0\"></span>sets and<span class=\"_ _0\"></span> liabili<span class=\"_ _0\"></span>ties as a <span class=\"_ _0\"></span><span class=\"ls33 ws1f0\">res<span class=\"_ _3\"></span>ult </span>of business combinations. The Group regu<span class=\"_ _0\"></span>larly assesses its uncertain tax positions. In accordance with IFRIC 23, and whe<span class=\"_ _0\"></span>re appropriate, provisions are made wh<span class=\"_ _0\"></span>ich are rec<span class=\"ls1 ws1f6\">or<span class=\"_ _0\"></span>ded under the deferred tax li<span class=\"_ _0\"></span>abilities. <span class=\"ws1\"> </span></span>The management of DEME periodic<span class=\"_ _0\"></span>ally evaluates positions taken in the tax return<span class=\"_ _0\"></span>s with respect to situation<span class=\"_ _0\"></span>s in which applicable tax r<span class=\"_ _0\"></span>egulations are subject to interp<span class=\"_ _0\"></span>retatio<span class=\"_ _0\"></span>n and es<span class=\"_ _0\"></span>tabli<span class=\"_ _0\"></span>shes prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s wher<span class=\"_ _0\"></span>e approp<span class=\"_ _0\"></span><span class=\"ls40 ws262\">riate. These provisions for </span>uncert<span class=\"_ _0\"></span>ain tax<span class=\"_ _0\"></span> posi<span class=\"_ _0\"></span>tions (U<span class=\"_ _0\"></span>TP) are b<span class=\"_ _0\"></span>ooked<span class=\"_ _0\"></span> as a def<span class=\"_ _0\"></span>erred <span class=\"_ _0\"></span>tax liab<span class=\"_ _9f\"></span>ility. In th<span class=\"_ _0\"></span>is reg<span class=\"_ _0\"></span>ard, management consid<span class=\"_ _0\"></span>ers UTP\u2019s individually, bas<span class=\"_ _0\"></span>ed on an approach which prov<span class=\"_ _0\"></span>ides the best p<span class=\"_ _0\"></span>redic<span class=\"_ _0\"></span>tion of th<span class=\"_ _0\"></span>e resolu<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the uncer<span class=\"_ _0\"></span>tainti<span class=\"_ _0\"></span>es with th<span class=\"_ _0\"></span>e tax auth<span class=\"_ _0\"></span>ority.<span class=\"_ _0\"></span> For 2022 (and 2021) <span class=\"_ _0\"></span>each UTP has <span class=\"_ _0\"></span>been measured using <span class=\"_ _0\"></span>the most likely s<span class=\"_ _0\"></span>ingle amount.<span class=\"_ _0\"></span> Cur<span class=\"_ _0\"></span>rently, <span class=\"_ _0\"></span>the majo<span class=\"_ _0\"></span>r UTP\u2019<span class=\"_ _0\"></span>s relate <span class=\"_ _0\"></span>to ongoin<span class=\"_ _0\"></span>g tax l<span class=\"_ _0\"></span>itigatio<span class=\"_ _0\"></span>ns in t<span class=\"_ _0\"></span>he Philippines, India, and Nigeria.<span class=\"ws1\"> </span>The item<span class=\"_ _0\"></span> \u2018Set<span class=\"ls1 ws1\">-<span class=\"ls46 ws301\">off\u2019 reflec<span class=\"_ _3\"></span>ts <span class=\"ls25 ws1ec\">th</span></span></span><span class=\"ws203\">e s<span class=\"_ _0\"></span>et<span class=\"ls1 ws1\">-<span class=\"ls25 ws207\">off<span class=\"_ _0\"></span> between d<span class=\"_ _9f\"></span>eferred ta<span class=\"_ _0\"></span>x assets <span class=\"_ _0\"></span>and liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es per </span></span></span>entity at DEM<span class=\"_ _0\"></span>E.<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls26 ws1dc\">Un<span class=\"_ _0\"></span>recogniz<span class=\"_ _0\"></span>ed deferred t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>sets<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Unrecognized receivables f<span class=\"_ _0\"></span>ollowing tax losses<span class=\"ls1 ws1\"> </span>118,286<span class=\"ls1 ws1\"> </span>145,645<span class=\"ls1 ws1\"> </span>Other unrecognized deferr<span class=\"_ _0\"></span>ed tax <span class=\"ls28 ws20e\">as<span class=\"_ _3\"></span>sets (1<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span></span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>118,286<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>145,645<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws302\">The other unrecognized deferred tax assets principally concern amounts whose recuperation is r<span class=\"_ _3\"></span>estricted in time and dependent</span><span class=\"ff3a\"> <span class=\"ls29 ws302\">upon t<span class=\"_ _0\"></span>he extent to which taxable<span class=\"_ _3\"></span> results can be achieved within this </span></span>period. Claims which stem from t<span class=\"_ _0\"></span>he reclamation of unapplied taxable fixed income surplus are not mentioned in this overview.<span class=\"ls1 ws1\"> </span>Unrecognized deferr<span class=\"_ _0\"></span>ed tax assets are largely at<span class=\"_ _0\"></span>tributable to DEME and CFE.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Current and <span class=\"ls26 ws1dc\">deferred tax ex<span class=\"_ _0\"></span>penses<span class=\"_ _0\"></span> (inco<span class=\"_ _0\"></span>me)<span class=\"ls1 ws1\"> </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Current inc<span class=\"_ _3\"></span>ome tax expens<span class=\"_ _3\"></span>e, net<span class=\"ls1 ws1\"> </span>Current period tax expense<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">89,723</span> -<span class=\"ls29 ws1e1\">90,272</span> Adjustments to current t<span class=\"_ _0\"></span>ax of prior periods<span class=\"ls1 ws1\"> </span>4,395<span class=\"ls1 ws1\"> </span>5,199<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">85,328</span> -<span class=\"ls27 ws1df\">85,073</span> Deferred taxes, n<span class=\"_ _3\"></span>et<span class=\"ws1\"> </span>Origination and <span class=\"ls2b ws1df\">reversal of tempora<span class=\"_ _3\"></span>ry differen<span class=\"_ _3\"></span>ces<span class=\"ls1 ws1\"> </span></span>3,154<span class=\"ls1 ws1\"> </span>4,787<span class=\"ls1 ws1\"> </span>Additions (use) of tax losses<span class=\"ls1 ws1\"> </span>245<span class=\"ls1 ws1\"> </span>920<span class=\"ls1 ws1\"> </span>Other deferred<span class=\"_ _3\"></span> taxes<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">150</span> -<span class=\"ls29 ws1e1\">83</span> Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,624<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total cur<span class=\"_ _3\"></span>rent and defer<span class=\"_ _3\"></span>red tax (expe<span class=\"_ _3\"></span>nses) income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">82,078</span> -<span class=\"ls27 ws1df\">79,449</span> 4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Reconcil<span class=\"_ _3\"></span>iation</span> <span class=\"ls3a ws20c\">of st<span class=\"_ _3\"></span>atutory<span class=\"_ _3\"></span> tax to ef<span class=\"_ _3\"></span>fective<span class=\"_ _3\"></span> tax</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Profit (los<span class=\"_ _3\"></span>s) before taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>889,590<span class=\"ls1 ws1\"> </span>591,659<span class=\"ls1 ws1\"> </span>Profit (loss) of par<span class=\"_ _0\"></span>ticipations accounted for using the equity method (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">243,874</span> -<span class=\"ls29 ws1e1\">255,191</span> Profit (loss) before t<span class=\"_ _0\"></span>axes, excluding result from participations accounted for using the equity<span class=\"_ _0\"></span> method<span class=\"ls1 ws1\"> </span>645,716<span class=\"ls1 ws1\"> </span>336,469<span class=\"ls1 ws1\"> </span>Statutory tax ra<span class=\"_ _3\"></span>te (%)<span class=\"ls1 ws1\"> </span>25.00%<span class=\"ls1 ws1\"> </span>25.00%<span class=\"ls1 ws1\"> </span>Tax expense using the sta<span class=\"_ _3\"></span>tutory tax rate<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">161,429<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">84,117</span> Tax effect of rates in ot<span class=\"_ _0\"></span>her jurisdictions<span class=\"ls1 ws1\"> </span>427<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">468</span> Tax effect of tax<span class=\"ws1\">-<span class=\"ls2a ws1ee\">exempt revenues</span> </span>99,041<span class=\"ls1 ws1\"> </span>39,386<span class=\"ls1 ws1\"> </span>Tax effect of non<span class=\"ws1\">-<span class=\"ls29 ws1e0\">deductible expenses</span> </span>-<span class=\"ls29 ws1e1\">15,029</span> -<span class=\"ls29 ws1e1\">18,573</span> Tax effect of tax losse<span class=\"_ _3\"></span>s<span class=\"ws1\"> </span>-<span class=\"ls29 ws1e1\">4,930</span> -<span class=\"ls29 ws1e1\">5,393</span> Tax effect from (under) or<span class=\"_ _0\"></span> over provisions in prior periods<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,847</span> -<span class=\"ls29 ws1e1\">9,765</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2,689<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">518</span> Tax expense using the <span class=\"ls28 ws1e7\">ef<span class=\"_ _3\"></span>fective<span class=\"_ _3\"></span> tax ra<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls27 ws1df\">82,078</span> -<span class=\"ls27 ws1df\">79,449</span> Profit (los<span class=\"_ _3\"></span>s) before taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>889,590<span class=\"ls1 ws1\"> </span>591,659<span class=\"ls1 ws1\"> </span>Profit (loss) of par<span class=\"_ _0\"></span>ticipations accounted for using the equity method (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">243,874</span> -<span class=\"ls29 ws1e1\">255,191</span> Profit (loss) before t<span class=\"_ _0\"></span>axes, excluding result from participations accounted for using the equity<span class=\"_ _0\"></span> method<span class=\"ls1 ws1\"> </span>645,716<span class=\"ls1 ws1\"> </span>336,469<span class=\"ls1 ws1\"> </span>Effective tax rate (%)<span class=\"ws1\"> </span>12.71%<span class=\"ls1 ws1\"> </span>23.61%<span class=\"ls1 ws1\"> </span>The income taxes increa<span class=\"_ _0\"></span>sed slightly to 82.1 million <span class=\"_ _0\"></span><span class=\"ls25 ws1f9\">euros r<span class=\"_ _0\"></span>elative to<span class=\"_ _0\"></span> last <span class=\"_ _0\"></span>year. In<span class=\"_ _0\"></span> </span>the as<span class=\"_ _0\"></span>sessmen<span class=\"_ _0\"></span>t of thi<span class=\"_ _0\"></span>s figu<span class=\"_ _0\"></span>re in rel<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> to the pro<span class=\"_ _0\"></span>fit bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span>, <span class=\"ws22a\">at least th<span class=\"_ _0\"></span>e </span>following should be taken into <span class=\"_ _3\"></span>account:<span class=\"_ _0\"></span><span class=\"ws1\"> </span>i.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ff3a ws220\">the c<span class=\"_ _3\"></span>ontr<span class=\"_ _0\"></span>ibution from the equity<span class=\"ws1\">-</span>accounted investments is reported on the<span class=\"_ _0\"></span> </span></span>basis o<span class=\"_ _0\"></span>f the net <span class=\"_ _0\"></span>result,<span class=\"_ _0\"></span> in other w<span class=\"_ _0\"></span>ords, af<span class=\"_ _0\"></span>ter the t<span class=\"_ _0\"></span>axes bo<span class=\"_ _0\"></span>rne by tho<span class=\"_ _9f\"></span>se entitie<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>ii.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span></span><span class=\"ls33 ws215\">In 20<span class=\"_ _3\"></span>22, a subst<span class=\"_ _3\"></span>antial<span class=\"_ _3\"></span> part of th<span class=\"_ _3\"></span>e result co<span class=\"_ _3\"></span>nsi<span class=\"ls1 ws1f5\">sted of gains on t<span class=\"_ _0\"></span>he disposal of </span></span>participations which Av<span class=\"_ _0\"></span>H held over the long term and are <span class=\"_ _0\"></span>exempt from tax.If the t<span class=\"_ _0\"></span>otal t<span class=\"_ _0\"></span>ax expen<span class=\"_ _0\"></span>se of 82.<span class=\"_ _0\"></span>1 mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s is com<span class=\"_ _0\"></span>pared w<span class=\"_ _0\"></span>ith jus<span class=\"_ _0\"></span>t the pr<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-</span>tax prof<span class=\"_ _0\"></span>it aft<span class=\"_ _0\"></span>er adju<span class=\"_ _0\"></span>stment for <span class=\"_ _0\"></span>the abo<span class=\"_ _0\"></span>ve elem<span class=\"_ _0\"></span>ents, th<span class=\"_ _0\"></span>e tax rate w<span class=\"_ _0\"></span>ould b<span class=\"_ _0\"></span><span class=\"ls39 ws204\">e </span>27.2%.<span class=\"ls1 ws1\"> </span>Note 22:<span class=\"ff3c\"> </span><span class=\"ls2f ws1e\">share based p<span class=\"_ _3\"></span>ayment</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Equity sett<span class=\"_ _3\"></span>led stock<span class=\"_ _3\"></span> option <span class=\"_ _3\"></span>plan AvH<span class=\"_ _3\"></span> as of 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202</span>2 Number op<span class=\"_ _3\"></span>tions Number op<span class=\"_ _3\"></span>tions Number op<span class=\"_ _3\"></span>tions Grant da<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span>Balance <span class=\"_ _16\"> </span><span class=\"ws202\">Exercise price (\u20ac)</span> <span class=\"_ _14\"> </span><span class=\"ws202\">Exercise perio<span class=\"_ _3\"></span>d</span> accepted exercised expire<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>2015<span class=\"ls1 ws1\"> </span>50,500<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">46,500</span> 4,000<span class=\"ls1 ws1\"> </span>100.23<span class=\"ls1 ws1\"> </span>01/01/2019 <span class=\"ls1 ws1\">- </span>05/01/2023<span class=\"ls1 ws1\"> </span>2016<span class=\"ls1 ws1\"> </span>40,500<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,000</span> 37,500<span class=\"ls1 ws1\"> </span>130.95<span class=\"ls1 ws1\"> </span>01/01/2020 <span class=\"ls1 ws1\">- </span>03/01/2024<span class=\"ls1 ws1\"> </span>2017<span class=\"ls1 ws1\"> </span>46,000<span class=\"ls1 ws1\"> </span>0 46,000<span class=\"ls1 ws1\"> </span>128.30<span class=\"ls1 ws1\"> </span>01/01/2021 <span class=\"ls1 ws1\">- </span>12/01/2025<span class=\"ls1 ws1\"> </span>2018<span class=\"ls1 ws1\"> </span>46,000<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">500</span> 45,500<span class=\"ls1 ws1\"> </span>148.64<span class=\"ls1 ws1\"> </span>01/01/2022 <span class=\"ls1 ws1\">- </span>11/01/2026<span class=\"ls1 ws1\"> </span>2019<span class=\"ls1 ws1\"> </span>46,000<span class=\"ls1 ws1\"> </span>0 46,000<span class=\"ls1 ws1\"> </span>132.52<span class=\"ls1 ws1\"> </span>01/01/2023 <span class=\"ls1 ws1\">- </span>14/01/2027<span class=\"ls1 ws1\"> </span>2020<span class=\"ls1 ws1\"> </span>23,750<span class=\"ls1 ws1\"> </span>0 23,750<span class=\"ls1 ws1\"> </span>141.09<span class=\"ls1 ws1\"> </span>01/01/2024 <span class=\"ls1 ws1\">- </span>13/01/2028<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>0 55,000<span class=\"ls1 ws1\"> </span>124.67<span class=\"ls1 ws1\"> </span>01/01/2025 <span class=\"ls1 ws1\">- </span>14/01/2029<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>59,350<span class=\"ls1 ws1\"> </span>0 59,350<span class=\"ls1 ws1\"> </span>166.35<span class=\"ls1 ws1\"> </span>01/01/2026 <span class=\"ls1 ws1\">- </span>13/01/2030<span class=\"ls1 ws1\"> </span>367,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">49,500</span> -<span class=\"ls27 ws1df\">500</span> 317,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH\u2019s stock option plan, which was ap<span class=\"_ _0\"></span>proved in March 1999, is intended toprovide long-te<span class=\"_ _0\"></span>rm motiv<span class=\"_ _9f\"></span>ation for <span class=\"_ _0\"></span>execu<span class=\"_ _0\"></span>tive di<span class=\"_ _0\"></span>rectors,<span class=\"_ _0\"></span> memb<span class=\"_ _0\"></span>ers of<span class=\"_ _0\"></span> the ex<span class=\"_ _0\"></span>ecutiv<span class=\"_ _0\"></span>ecommittee and m<span class=\"_ _0\"></span>anagement who<span class=\"_ _0\"></span>se activ<span class=\"_ _9f\"></span>ities are ess<span class=\"_ _0\"></span>ential to<span class=\"_ _0\"></span> the succ<span class=\"_ _0\"></span>ess of the<span class=\"_ _0\"></span> group. The options give them the right to acquire a corresponding number ofshares in Ackermans &amp; v<span class=\"_ _0\"></span>an Haaren.<span class=\"ws1\"> </span>The remuneration committ<span class=\"_ _0\"></span>ee is responsible for monitoring this plan and select<span class=\"_ _0\"></span>ing the ben<span class=\"_ _0\"></span>efici<span class=\"ls25 ws1db\">a<span class=\"_ _0\"></span>ries. <span class=\"_ _0\"></span>The opt<span class=\"_ _0\"></span>ions a<span class=\"_ _0\"></span>re provi<span class=\"_ _0\"></span>ded f<span class=\"_ _0\"></span>ree of ch<span class=\"_ _9f\"></span>arge and th<span class=\"_ _0\"></span>eir ex<span class=\"_ _0\"></span>ercis<span class=\"_ _0\"></span>e perio<span class=\"_ _0\"></span>d </span>is 8 yea<span class=\"_ _0\"></span>rs. <span class=\"ls1 ws1\"> </span>The to<span class=\"_ _0\"></span>tal va<span class=\"_ _0\"></span>lue of<span class=\"_ _0\"></span> the <span class=\"ls1 ws220\">outstand<span class=\"_ _0\"></span>ing options of 201<span class=\"ws1\">5-<span class=\"ls24 ws1da\">202</span>2<span class=\"_ _0\"></span> <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">(measu<span class=\"_ _9f\"></span>red at the f<span class=\"_ _9f\"></span>air </span></span></span>value when grant<span class=\"_ _0\"></span>ed) amounts to <span class=\"ls24 ws1da\">8.9</span><span class=\"ws1\"> <span class=\"ws219\">mi<span class=\"_ _0\"></span>llion euros and is ca<span class=\"_ _3\"></span>lcul<span class=\"_ _0\"></span>ated by <span class=\"ws1\">a<span class=\"_ _3\"></span>n <span class=\"_ _0\"></span><span class=\"ls33 ws1f0\">exte<span class=\"_ _3\"></span>rnal </span></span></span></span>party according to<span class=\"_ _0\"></span> an adjusted Black <span class=\"_ _0\"></span>&amp; Scholes model of whi<span class=\"_ _0\"></span>ch the<span class=\"_ _3\"></span> main components are<span class=\"ws218\">: </span>Estimated expected Black &amp; Scholes Va<span class=\"_ _3\"></span>lue Year of grant<span class=\"ls1 ws1\"> <span class=\"_ _5c\"> </span><span class=\"ws202\">Share price (\u20ac)<span class=\"_ _3\"></span></span> <span class=\"_ _ba\"> </span><span class=\"ls3b\">D<span class=\"_ _3\"></span>ividend yield</span> <span class=\"_ _f8\"> </span><span class=\"ls3b ws1e4\">Vola<span class=\"_ _3\"></span>tility</span> <span class=\"_ _ab\"> </span><span class=\"ls28 ws210\">Interes<span class=\"_ _3\"></span>t rate<span class=\"_ _3\"></span></span> </span>lifetime<span class=\"ls1 ws1\"> </span>(\u20ac)<span class=\"ls1 ws1\"> </span>2015<span class=\"ls1 ws1\"> </span>101.35<span class=\"ls1 ws1\"> </span>2.19%<span class=\"ls1 ws1\"> </span>19.00%<span class=\"ls1 ws1\"> </span>0.47%<span class=\"ls1 ws1\"> </span>7.79<span class=\"ls1 ws1\"> </span>13.76<span class=\"ls1 ws1\"> </span>2016<span class=\"ls1 ws1\"> </span>131.95<span class=\"ls1 ws1\"> </span>1.28%<span class=\"ls1 ws1\"> </span>23.00%<span class=\"ls1 ws1\"> </span>0.59%<span class=\"ls1 ws1\"> </span>7.79<span class=\"ls1 ws1\"> </span>27.72<span class=\"ls1 ws1\"> </span>2017<span class=\"ls1 ws1\"> </span>129.40<span class=\"ls1 ws1\"> <span class=\"_ _64\"> </span></span>1.40%<span class=\"ls1 ws1\"> <span class=\"_ _fb\"> </span></span>23.00%<span class=\"ls1 ws1\"> <span class=\"_ _64\"> </span></span>0.34%<span class=\"ls1 ws1\"> <span class=\"_ _15\"> </span></span>7.79<span class=\"ls1 ws1\"> <span class=\"_ _96\"> </span></span>25.70<span class=\"ls1 ws1\"> </span>2018<span class=\"ls1 ws1\"> </span>149.20<span class=\"ls1 ws1\"> </span>1.30%<span class=\"ls1 ws1\"> </span>20.00%<span class=\"ls1 ws1\"> </span>0.68%<span class=\"ls1 ws1\"> </span>7.79<span class=\"ls1 ws1\"> </span>27.32<span class=\"ls1 ws1\"> </span>2019<span class=\"ls1 ws1\"> </span>135.50<span class=\"ls1 ws1\"> </span>1.43%<span class=\"ls1 ws1\"> </span>20.40%<span class=\"ls1 ws1\"> </span>0.52%<span class=\"ls1 ws1\"> </span>7.90<span class=\"ls1 ws1\"> </span>24.92<span class=\"ls1 ws1\"> </span>2020<span class=\"ls1 ws1\"> </span>141.80<span class=\"ls1 ws1\"> </span>1.77%<span class=\"ls1 ws1\"> </span>21.00%<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">0.01%</span> 7.90<span class=\"ls1 ws1\"> </span>22.43<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>129.50<span class=\"ls1 ws1\"> <span class=\"_ _64\"> </span></span>1.35%<span class=\"ls1 ws1\"> <span class=\"_ _fb\"> </span></span>24.00%<span class=\"ls1 ws1\"> <span class=\"_ _ce\"> </span>-</span>0.36%<span class=\"ls1 ws1\"> <span class=\"_ _1af\"> </span></span>7.90<span class=\"ls1 ws1\"> <span class=\"_ _86\"> </span></span>26.59<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>174.30<span class=\"ls1 ws1\"> </span>1.00%<span class=\"ls1 ws1\"> </span>22.00%<span class=\"ls1 ws1\"> </span>0.25%<span class=\"ls1 ws1\"> </span>7.90<span class=\"ls1 ws1\"> </span>38.20<span class=\"ls1 ws1\"> </span>Movement s<span class=\"_ _3\"></span>chedule <span class=\"ls1 ws1\">- </span>Stock<span class=\"_ _3\"></span> options <span class=\"_ _1c2\"> </span><span class=\"fc23 ls27 ws1df\">2022</span><span class=\"fc23\"> <span class=\"_ _a9\"> </span><span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>Opening bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>306,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>304,750<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Number of options accepted<span class=\"ls1 ws1\"> </span>59,350<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>Number of options exercis<span class=\"_ _0\"></span>ed<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">48,500</span> -<span class=\"ls29 ws1e1\">53,500</span> Number of options expired<span class=\"ls1 ws1\"> </span>0 0 Ending bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>317,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>306,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>In 202<span class=\"ls1 ws1\">2<span class=\"ls40 ws218\">, </span></span><span class=\"ws1da\">59,350<span class=\"ls1 ws1\"> <span class=\"ws1ed\">new stoc<span class=\"_ _0\"></span>k options were granted with an exercise price of 1<span class=\"ls24 ws1da\">66.35<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>euros per share. The fair v<span class=\"_ _0\"></span>alue when granted was fix<span class=\"_ _0\"></span>ed at 2.3 million euros and is<span class=\"_ _0\"></span> record<span class=\"_ _0\"></span>ed in th<span class=\"_ _9f\"></span>e profit an<span class=\"_ _0\"></span>d loss<span class=\"_ _0\"></span> account <span class=\"_ _0\"></span>over <span class=\"_ _0\"></span>the ve<span class=\"_ _0\"></span>sting p<span class=\"_ _0\"></span>eriod o<span class=\"_ _0\"></span>f 4 year<span class=\"_ _0\"></span>s. In 20<span class=\"_ _0\"></span>22 48,500 options were exercised (weighted average stock price of 157.04 euros).<span class=\"ls1 ws1\"> </span>At the e<span class=\"_ _3\"></span>nd<span class=\"ws1\"> <span class=\"ls24 ws206\">of 2022, the total number of outstanding stock options<span class=\"_ _3\"></span> was 317,100. </span></span>To hedg<span class=\"_ _0\"></span>e th<span class=\"ls35 ws213\">is <span class=\"_ _0\"></span><span class=\"ls42 ws238\">oblig<span class=\"_ _0\"></span>ation AvH<span class=\"_ _0\"></span> had a total o<span class=\"_ _0\"></span>f <span class=\"ls24 ws1da\">317,100<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">share<span class=\"_ _0\"></span>s in portf<span class=\"_ _0\"></span>olio at <span class=\"_ _0\"></span>the end<span class=\"_ _0\"></span> </span></span></span></span></span>of 202<span class=\"ls1 ws1\">2. </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Cash <span class=\"ls50 wscc\">settled</span></span> <span class=\"ls3a ws20c\">stock opti<span class=\"_ _3\"></span>on plans<span class=\"_ _3\"></span> at conso<span class=\"_ _3\"></span>lidated su<span class=\"_ _3\"></span>bsidi<span class=\"_ _3\"></span>aries of A<span class=\"_ _3\"></span>vH</span> The ben<span class=\"_ _9f\"></span>eficiarie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e opti<span class=\"_ _0\"></span>on plan<span class=\"_ _9f\"></span>s of Delen P<span class=\"_ _0\"></span>rivat<span class=\"_ _0\"></span>e Ban<span class=\"_ _0\"></span>k, Ban<span class=\"_ _0\"></span>k Van Br<span class=\"_ _0\"></span>eda,<span class=\"_ _0\"></span> Agidens and Turbo's Hoet Groep have a put option on the respectiv<span class=\"_ _0\"></span>e parent companies FinAx/Promofi<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span><span class=\"ls42 ws2eb\">AvH<span class=\"_ _0\"></span> Grow<span class=\"_ _0\"></span>th Capital (<span class=\"_ _0\"></span>these<span class=\"_ _0\"></span> compani<span class=\"_ _0\"></span>es have c<span class=\"_ _0\"></span>all </span></span>options and a pre<span class=\"ws1\">-<span class=\"ls25 ws1f9\">emp<span class=\"_ _0\"></span>tion righ<span class=\"_ _9f\"></span>t to prevent th<span class=\"_ _0\"></span>e share<span class=\"_ _0\"></span>s from be<span class=\"_ _0\"></span>ing tran<span class=\"_ _9f\"></span>sferred to<span class=\"_ _0\"></span> </span></span>third p<span class=\"_ _0\"></span>artie<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span>These option pla<span class=\"_ _0\"></span>ns concern shares whi<span class=\"_ _0\"></span>ch are not listed<span class=\"_ _0\"></span> on a stock exc<span class=\"_ _0\"></span>hange and whose value is determined in the op<span class=\"ls40 ws1ea\">tion plan. The valuation of the option<span class=\"_ _0\"></span> price is </span>(depending on the option plan) ba<span class=\"_ _0\"></span>sed on the growth of the equity, a multipl<span class=\"_ _0\"></span>e on the growth of the conso<span class=\"_ _0\"></span>lidated profit or a market va<span class=\"_ _0\"></span>luation of the company.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>These option plans are accounted for in accordance with IFRS 2, and as such a liabi<span class=\"_ _0\"></span>lity is r<span class=\"_ _0\"></span>ecord<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e balan<span class=\"_ _0\"></span>ce sh<span class=\"_ _0\"></span>eet. The l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ities ar<span class=\"_ _0\"></span>e revi<span class=\"_ _0\"></span>ewed a<span class=\"_ _0\"></span>s a resul<span class=\"_ _0\"></span>t of an exercise, a regranting or modification of the parameters. These in<span class=\"ws1\">- <span class=\"ls25 ws1db\">o<span class=\"_ _9f\"></span>r decreas<span class=\"_ _0\"></span>es </span></span>of the l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ity resul<span class=\"_ _0\"></span>t resp<span class=\"_ _0\"></span>ectivel<span class=\"_ _0\"></span>y in a lo<span class=\"_ _9f\"></span>ss or profi<span class=\"_ _0\"></span>t i<span class=\"ls30 ws1e9\">n the inco<span class=\"_ _0\"></span>me stat<span class=\"_ _0\"></span>ement.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>The total liabil<span class=\"_ _0\"></span>ity of the option<span class=\"_ _0\"></span> plans of th<span class=\"_ _0\"></span>e fully consolidated<span class=\"_ _0\"></span> subsidiaries as of 31<span class=\"_ _0\"></span> Decem<span class=\"_ _3\"></span>ber 202<span class=\"ls1 ws1\">2 <span class=\"_ _3\"></span><span class=\"ws1f5\">amounts to <span class=\"ls24 ws1da\">15<span class=\"ls35 ws1f0\">,0 m<span class=\"_ _9f\"></span>illion euro<span class=\"_ _0\"></span>s, includ<span class=\"_ _0\"></span>ed <span class=\"ls25 ws1eb\">in the oth<span class=\"_ _0\"></span>er <span class=\"ls40 ws218\">non<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">curre<span class=\"_ _3\"></span>nt</span> </span></span></span></span></span></span></span>liabil<span class=\"_ _0\"></span>ities3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls50 wscc\">Treasury<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"ls3a ws20c\">share<span class=\"_ _3\"></span>s</span> </span></span>Treasury s<span class=\"_ _3\"></span>hares as pa<span class=\"_ _3\"></span>rt of the stock o<span class=\"_ _3\"></span>ption plan<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Opening bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>345,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>343,750<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Acquisition of treas<span class=\"_ _0\"></span>ury shares<span class=\"ls1 ws1\"> </span>20,350<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>Disposal <span class=\"_ _0\"></span>of treasury shares<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">48,500</span> -<span class=\"ls29 ws1e1\">53,500</span> Ending bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>317,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>345,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>In 2022, AvH has purchased 20,350 <span class=\"_ _0\"></span>treasury shares in order to h<span class=\"_ _0\"></span>edge options for the ben<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>fi<span class=\"_ _0\"></span>t of st<span class=\"_ _0\"></span>aff.<span class=\"_ _0\"></span> Over th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> sa<span class=\"_ _0\"></span>me pe<span class=\"_ _0\"></span>riod,<span class=\"_ _0\"></span> benefic<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es of t<span class=\"_ _0\"></span>he sha<span class=\"_ _0\"></span>re optio<span class=\"_ _0\"></span>n pl<span class=\"_ _0\"></span>an exercised options on 48,500 AvH shares. On December 31, 2022, options were outstanding on a t<span class=\"ls40 ws2a6\">otal of 317,100 AvH shares. In order t<span class=\"_ _3\"></span>o hedge this obligation,<span class=\"_ _0\"></span> </span>AvH o<span class=\"_ _0\"></span>wned th<span class=\"_ _0\"></span>e same nu<span class=\"_ _0\"></span>mber of<span class=\"_ _0\"></span> trea<span class=\"_ _0\"></span>sury sha<span class=\"_ _0\"></span>res on th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e date<span class=\"ls1 ws1\">. </span>Treasury s<span class=\"_ _3\"></span>hares as pa<span class=\"_ _3\"></span>rt of the liqui<span class=\"_ _3\"></span>dity contrac<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Opening bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>1,842<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,467<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Acquisition of treas<span class=\"_ _0\"></span>ury<span class=\"ls1 ws1\"> <span class=\"ls28 ws1de\">sh<span class=\"_ _3\"></span>ares</span> </span>347,174<span class=\"ls1 ws1\"> </span>211,979<span class=\"ls1 ws1\"> </span>Disposal <span class=\"_ _0\"></span>of treasury shares<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">345,510</span> -<span class=\"ls29 ws1e1\">216,604</span> Ending bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>3,506<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,842<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>In addition, 347,174 AvH sh<span class=\"_ _3\"></span>ares were purchased and 345,510 shares were sold in 2022<span class=\"_ _0\"></span> in the con<span class=\"_ _0\"></span>text of<span class=\"_ _0\"></span> the cont<span class=\"_ _0\"></span>ract <span class=\"_ _0\"></span>that AvH<span class=\"_ _0\"></span> entered<span class=\"_ _0\"></span> into w<span class=\"_ _0\"></span>ith Kepl<span class=\"_ _0\"></span>er Cheuv<span class=\"_ _9f\"></span>reux in ord<span class=\"_ _0\"></span>er to suppo<span class=\"_ _9f\"></span>rt the liqui<span class=\"_ _0\"></span>dity of<span class=\"_ _0\"></span> the Av<span class=\"_ _0\"></span>H share. Th<span class=\"_ _0\"></span>ese tran<span class=\"_ _9f\"></span>sactions <span class=\"_ _0\"></span>are ini<span class=\"_ _0\"></span>tiated<span class=\"_ _0\"></span> enti<span class=\"_ _3\"></span>rely a<span class=\"_ _3\"></span>ut<span class=\"ls1 ws1f3\">onomously by <span class=\"_ _0\"></span>Kepler Cheuvre<span class=\"_ _0\"></span>ux, but as they take place<span class=\"_ _0\"></span> on behalf of </span>AvH, the net purchase of 1,664 AvH<span class=\"_ _0\"></span> shares has an impact on AvH\u2019s equity. On December 31, 2022, the number of<span class=\"_ _0\"></span> treasury shares in the portfolio in the cont<span class=\"_ _0\"></span>ext of this li<span class=\"_ _3\"></span>quidi<span class=\"_ _0\"></span>ty agreement a<span class=\"_ _3\"></span>mou<span class=\"ls24 ws218\">nt<span class=\"_ _0\"></span>s to 3,506.<span class=\"ls1 ws1\"> </span></span>Treasury s<span class=\"_ _3\"></span>hares as pa<span class=\"_ _3\"></span>rt of the share <span class=\"_ _3\"></span>buyback progr<span class=\"_ _3\"></span>amme<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Opening bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>0 0 Acquisition of treas<span class=\"_ _0\"></span>ury shares<span class=\"ls1 ws1\"> </span>70,633<span class=\"ls1 ws1\"> </span>0 Disposal <span class=\"_ _0\"></span>of treasury shares<span class=\"ls1 ws1\"> </span>0 0 Ending bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>70,633<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Additionally, in Octob<span class=\"_ _0\"></span>er 2022, AvH announced th<span class=\"_ _0\"></span>e start of a share buybac<span class=\"_ _0\"></span>k programme of up to 70.0 million euro<span class=\"_ _0\"></span>s. The programme started on Octobe<span class=\"_ _0\"></span>r 5, 2022 and will in principle run until the annual m<span class=\"_ _0\"></span>eeting of May 22, 2023, unless the maximum amount h<span class=\"_ _0\"></span>as been<span class=\"ws1\"> <span class=\"_ _3\"></span></span>invested prior to that date. In p<span class=\"_ _0\"></span>ursuance of this plan, 70,633 shares have been purchased<span class=\"_ _0\"></span> for a total<span class=\"_ _3\"></span> amount of 9.6<span class=\"_ _0\"></span> million euros as at December 31, 2022.<span class=\"ls1 ws1\"> </span>Note 23:<span class=\"ff3c\"> </span>R<span class=\"ls2f ws1e\">ights and <span class=\"ls26 ws1dc\">commitments<span class=\"_ _0\"></span> not reflected<span class=\"_ _0\"></span> in the b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce sheet<span class=\"ls1 ws1\"> </span></span></span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Rights and comm<span class=\"_ _3\"></span>itments no<span class=\"_ _3\"></span>t refle<span class=\"_ _3\"></span>cted in the balance<span class=\"_ _3\"></span> sheet<span class=\"_ _3\"></span>, excluding CFE</span>-<span class=\"_ _3\"></span><span class=\"ls3a ws20c\">DEME</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Amount of personal guarantees, given or ir<span class=\"_ _0\"></span>revocably promised by the enterprises included in the conso<span class=\"_ _0\"></span>lidation, as security for debts or commitments<span class=\"ls1 ws1\"> </span>635,278<span class=\"ls1 ws1\"> </span>315,063<span class=\"ls1 ws1\"> </span>Amount of real guarantees<span class=\"_ _0\"></span>, given or irrevocably promised by the enterprises included in the consolidation on their own ass<span class=\"_ _0\"></span>ets, as security for debts and commitments of enterpris<span class=\"_ _0\"></span>es included in the consolidation<span class=\"ls1 ws1\"> </span>303,463<span class=\"ls1 ws1\"> </span>588,793<span class=\"ls1 ws1\"> </span>Goods and values, not d<span class=\"_ _0\"></span>isclosed in the balance sheet, held by third parties in their own name but at risk to and for the bene<span class=\"ls2b ws1df\">fit of the enterp<span class=\"_ _3\"></span>rise<span class=\"ls1 ws1\"> </span></span>0 0 Commitments to acquire fixed ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\"> </span>96,816<span class=\"ls1 ws1\"> </span>177,449<span class=\"ls1 ws1\"> </span>Commitments to dispose of fixed ass<span class=\"_ _0\"></span>ets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>312,230<span class=\"ls1 ws1\"> </span>291,336<span class=\"ls1 ws1\"> </span>Rights and commitments not<span class=\"_ _0\"></span> reflected in the balance sheet of banks (Bank Van Breda)<span class=\"ls1 ws1\"> </span>- <span class=\"ls3e ws1e1\">Loan commitments</span> 610,220<span class=\"ls1 ws1\"> </span>489,579<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Financial guarantees</span> 49,465<span class=\"ls1 ws1\"> </span>52,181<span class=\"ls1 ws1\"> </span>- Repo <span class=\"ls2b ws1df\">transa<span class=\"_ _3\"></span>ctions + collatera<span class=\"_ _3\"></span>l</span> 2,000<span class=\"ls1 ws1\"> </span>401,700<span class=\"ls1 ws1\"> </span>The personal guarantees in 202<span class=\"ws1\">2 <span class=\"_\"> </span></span>are re<span class=\"_ _3\"></span>present<span class=\"_ _0\"></span>ed by<span class=\"_ _3\"></span> <span class=\"ls24 ws1da\">48.3</span><span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls35 ws304\">million<span class=\"_ _0\"></span> euros in<span class=\"_ _9f\"></span> </span></span>guara<span class=\"_ _0\"></span>ntees f<span class=\"_ _0\"></span>or Nex<span class=\"_ _0\"></span>tensa re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>cts and <span class=\"ls24 ws1da\">1.2<span class=\"ls1 ws1\"> <span class=\"ws1f2\">million euros in guarantee<span class=\"_ _0\"></span>s </span></span></span>for Agidens project<span class=\"_ _0\"></span>s. The balance of <span class=\"_ _0\"></span>585.8<span class=\"ls1 ws1\"> <span class=\"_ _9\"> </span><span class=\"ls35 ws305\">million<span class=\"_ _0\"></span> euros m<span class=\"_ _0\"></span>ainly co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>s </span></span>guarantees entered into by AvH<span class=\"_ _0\"></span> &amp; subholdings relating to the sale of participation<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span>The amount of pe<span class=\"_ _0\"></span>rsonal guarantees giv<span class=\"_ _0\"></span>en increased as a r<span class=\"_ _0\"></span>esult of the <span class=\"ls4a ws306\">sa<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f </span>Anima.<span class=\"ls1 ws1\"> </span>The real guarantees<span class=\"_ _0\"></span> concern <span class=\"ls24 ws1da\">181.7</span><span class=\"ws1\"> </span>m<span class=\"_ _0\"></span>illion euros in guaran<span class=\"_ _0\"></span>tees put up by Nexten<span class=\"_ _0\"></span>sa re<span class=\"_ _3\"></span>gar<span class=\"_ _3\"></span>ding<span class=\"_ _3\"></span> the fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>ncin<span class=\"_ _3\"></span>g of it<span class=\"_ _3\"></span>s act<span class=\"_ _3\"></span>ivi<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span> in l<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d and re<span class=\"_ _3\"></span>al es<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>e de<span class=\"_ _3\"></span>velo<span class=\"_ _3\"></span>pme<span class=\"_ _3\"></span>nt and 113.5<span class=\"ls1 ws1\"> <span class=\"ws1f5\">mi<span class=\"_ _3\"></span>llion euro<span class=\"_ _0\"></span>s in the <span class=\"_ _3\"></span>scope of Rent<span class=\"ws1\">-A-<span class=\"ws1fe\">Port<span class=\"_ _0\"></span> development proje<span class=\"_ _0\"></span>cts. The 337.5 </span></span></span></span>million euros in guaran<span class=\"_ _0\"></span>tees given by Anima at year<span class=\"ws1\">-<span class=\"_ _0\"></span><span class=\"ls24 ws2d6\">end 2021 for real estate </span></span>financing ha<span class=\"ls54 ws279\">ve</span><span class=\"ws1\"> <span class=\"_ _24\"></span></span>b<span class=\"_ _0\"></span>een derecognised from t<span class=\"_ _0\"></span>he off<span class=\"ws1\">-<span class=\"ls33 ws1f9\">bala<span class=\"_ _3\"></span>nce sh<span class=\"_ _3\"></span>eet c<span class=\"_ _3\"></span>ommitme<span class=\"_ _3\"></span>nts as <span class=\"_ _3\"></span>a </span></span>resul<span class=\"_ _0\"></span>t of the<span class=\"_ _0\"></span> decon<span class=\"_ _9f\"></span>solidatio<span class=\"ls34 ws219\">n of Anim<span class=\"_ _3\"></span>a. On<span class=\"_ _3\"></span> bal<span class=\"_ _3\"></span>ance<span class=\"_ _3\"></span>, ther<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>mai<span class=\"_ _3\"></span>ns 3.<span class=\"_ _3\"></span>8 mill<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n euros<span class=\"_ _3\"></span> </span>from Agidens (fin<span class=\"_ _0\"></span>ancing of the h<span class=\"_ _0\"></span>eadquarter) and 4.5<span class=\"_ _0\"></span> million euros from<span class=\"_ _0\"></span> Biolectric (regarding the acquisi<span class=\"_ _0\"></span>tion loan).<span class=\"ws1\"> </span>The com<span class=\"_ _9f\"></span>mitments<span class=\"_ _0\"></span> to acq<span class=\"_ _0\"></span>uire fi<span class=\"_ _0\"></span>xed as<span class=\"_ _0\"></span>sets <span class=\"_ _0\"></span>concern o<span class=\"_ _9f\"></span>ptions as<span class=\"_ _0\"></span> part <span class=\"_ _0\"></span>of stoc<span class=\"_ _9f\"></span>k<span class=\"_ _3\"></span> op<span class=\"_ _0\"></span>tion plan<span class=\"ls25 ws236\">s or o<span class=\"_ _0\"></span>ptions <span class=\"_ _0\"></span>as par<span class=\"_ _0\"></span>t of sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>ers\u2019 ag<span class=\"_ _0\"></span>reemen<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws269\">fo<span class=\"_ _0\"></span>r a total o<span class=\"_ _0\"></span>f 96.8 <span class=\"_ _0\"></span>millio<span class=\"_ _0\"></span>n </span></span></span>eu<span class=\"_ _3\"></span>ros<span class=\"_ _3\"></span><span class=\"ls1 ws221\">. The agr<span class=\"_ _0\"></span>eement signed by Rent<span class=\"ws1\">-A<span class=\"_ _0\"></span>-<span class=\"ls25 ws27e\">Port at year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws2d6\">end 2021 to acquire an </span></span></span></span></span>additional 32.6% stake in IAI was executed in 2022.<span class=\"ls1 ws1\"> </span>The com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>ents to dis<span class=\"_ _0\"></span>pose of<span class=\"_ _0\"></span> fixed ass<span class=\"_ _0\"></span>ets are f<span class=\"_ _0\"></span>or ca<span class=\"ls35 ws304\">ll opt<span class=\"_ _0\"></span>ions (in<span class=\"_ _0\"></span>cluding<span class=\"_ _0\"></span> </span>conditional options) o<span class=\"_ _0\"></span>n the assets of<span class=\"_ _0\"></span> AvH &amp; Growth <span class=\"_ _0\"></span>Capital for the<span class=\"_ _0\"></span> amount of 312.2<span class=\"ls1 ws1\"> <span class=\"ls35 ws223\">million<span class=\"_ _0\"></span> euros.<span class=\"ls1 ws1\"> </span></span></span>The off<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">bal<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e</span>-<span class=\"ls25 ws20a\">shee<span class=\"_ _0\"></span>t commitm<span class=\"_ _0\"></span>ents of<span class=\"_ _0\"></span> Bank Va<span class=\"_ _0\"></span>n Breda co<span class=\"_ _0\"></span>nsist p<span class=\"_ _0\"></span>rimaril<span class=\"_ _0\"></span>y of the<span class=\"_ _0\"></span> </span></span>unus<span class=\"_ _0\"></span>ed part of<span class=\"_ _0\"></span> loans/<span class=\"_ _0\"></span>credit <span class=\"_ _0\"></span>lines g<span class=\"_ _0\"></span>ranted<span class=\"_ _0\"></span>. Bank gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>es,<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls34 ws1f8\">se<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>ity<span class=\"_ _3\"></span> loan<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d </span></span>docum<span class=\"_ _9f\"></span>entary cr<span class=\"_ _0\"></span>edits<span class=\"_ _0\"></span> have a<span class=\"_ _0\"></span>lso be<span class=\"_ _0\"></span>en gra<span class=\"_ _0\"></span>nted t<span class=\"_ _0\"></span>o cli<span class=\"_ _0\"></span>ents. <span class=\"_ _0\"></span>These o<span class=\"_ _0\"></span>ff<span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">bala<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span></span>-<span class=\"ls34 ws1ea\">shee<span class=\"_ _3\"></span>t </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s are al<span class=\"_ _0\"></span>so taken<span class=\"_ _0\"></span> into a<span class=\"_ _0\"></span>ccount <span class=\"_ _0\"></span>in the a<span class=\"_ _0\"></span>ssessm<span class=\"_ _0\"></span>ent of <span class=\"_ _0\"></span>the cr<span class=\"_ _0\"></span>edit ris<span class=\"_ _0\"></span>k.<span class=\"ls1 ws1\"> </span>Bank Van Breda ha<span class=\"_ _0\"></span>s also given certain<span class=\"_ _0\"></span> real guarantees on <span class=\"_ _0\"></span>its own behalf: in 2<span class=\"_ _0\"></span>02<span class=\"ls31 ws206\">2, </span>the TLTRO loan f<span class=\"_ _0\"></span>rom the ECB was <span class=\"_ _0\"></span>repaid, thus ending <span class=\"_ _0\"></span>the pledging of bonds<span class=\"_ _0\"></span> from the inve<span class=\"_ _0\"></span>stment por<span class=\"_ _0\"></span>tfol<span class=\"_ _0\"></span>io<span class=\"ls1 ws1\">. </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Rights and comm<span class=\"_ _3\"></span>itments no<span class=\"_ _3\"></span>t refle<span class=\"_ _3\"></span>cted in the balance<span class=\"_ _3\"></span> sheet<span class=\"_ _3\"></span> CFE</span>-<span class=\"ls3a ws20c\">DEME</span> (\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _1c3\"> </span></span><span class=\"ws2a1\">2022<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span></span>Commitmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Amount of real guarantees,<span class=\"_ _0\"></span> given or irrevocably promised by the enterprises included in the consolidation on their own ass<span class=\"_ _0\"></span>ets, as security f<span class=\"ls2b ws1df\">or deb<span class=\"_ _3\"></span>ts </span>and commitments of enterpris<span class=\"_ _0\"></span>es included in the consolidation<span class=\"ls1 ws1\"> </span>0 18,281<span class=\"ls1 ws1\"> </span>Bank and insurance guarantees<span class=\"_ _0\"></span> for commitment<span class=\"_ _3\"></span>s of enter<span class=\"_ _0\"></span>prises included in the consolidation<span class=\"ls1 ws1\"> </span>1,623,964<span class=\"ls1 ws1\"> </span>1,653,213<span class=\"ls1 ws1\"> </span>Other commitments given<span class=\"ls1 ws1\">  </span>35,869<span class=\"ls1 ws1\"> </span>4,870<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,659,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>1,676,36<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>Rights<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank guarantees received as s<span class=\"_ _0\"></span>ecurity for commitments to enterprises included in the <span class=\"ws1e1\">consolidation<span class=\"ls1 ws1\"> </span></span>180,335<span class=\"ls1 ws1\"> </span>310,905<span class=\"ls1 ws1\"> </span>Other commitmen<span class=\"_ _3\"></span>ts received<span class=\"ls1 ws1\"> </span>4,308<span class=\"ls1 ws1\"> </span>3,677<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>184,643<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>314,582<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank and insurance g<span class=\"_ _0\"></span>uarantees relate to <span class=\"_ _0\"></span>guarantees given in conn<span class=\"_ _0\"></span>ection with the<span class=\"_ _0\"></span> perfor<span class=\"_ _0\"></span>mance <span class=\"_ _0\"></span>of con<span class=\"_ _0\"></span>struc<span class=\"_ _0\"></span>tion con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s. Gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>es are<span class=\"_ _0\"></span> also g<span class=\"_ _0\"></span>iven in<span class=\"_ _0\"></span> the c<span class=\"_ _0\"></span>ontext<span class=\"_ _0\"></span> of tender<span class=\"_ _9f\"></span>s. The re<span class=\"_ _0\"></span>al guar<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>es of DE<span class=\"_ _0\"></span>ME wo<span class=\"_ _0\"></span>rth 18.3<span class=\"_ _0\"></span> mil<span class=\"_ _0\"></span>lion eur<span class=\"_ _0\"></span>os we<span class=\"_ _0\"></span>re rel<span class=\"_ _0\"></span>eased <span class=\"_ _0\"></span>in 2022 as a resu<span class=\"ls1 ws24b\">lt of the early repaymen<span class=\"_ _0\"></span>t of financing of the fleet. <span class=\"_ _0\"></span>The \u2018Other </span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s given\u2019 <span class=\"_ _0\"></span>refer to <span class=\"_ _0\"></span>the \u2018p<span class=\"_ _0\"></span>rogres<span class=\"_ _0\"></span>s guar<span class=\"_ _0\"></span>antee\u2019 (<span class=\"_ _9f\"></span>Breyne Ac<span class=\"_ _0\"></span>t) at CF<span class=\"_ _0\"></span>E.Note 24:<span class=\"ff3c\"> </span>E<span class=\"ls26 ws1dc\">mplo<span class=\"_ _0\"></span>yment<span class=\"ls1 ws1\"> </span></span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls26 ws1dc\">Avera<span class=\"_ _0\"></span>ge number<span class=\"_ _0\"></span> of perso<span class=\"_ _0\"></span>ns empl<span class=\"_ _0\"></span>oyed<span class=\"ls1 ws1\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Employees<span class=\"ls1 ws1\"> </span>5,732<span class=\"ls1 ws1\"> </span>6,836<span class=\"ls1 ws1\"> </span>Workers<span class=\"ls1 ws1\"> </span>3,771<span class=\"ls1 ws1\"> </span>4,074<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Personnel ch<span class=\"_ _3\"></span>arges</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Remuneration and social charges<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">795,125</span> -<span class=\"ls29 ws1e1\">846,764</span> Pension expenses (defined c<span class=\"_ _0\"></span>ontribution and defined benefit plans)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23,112</span> -<span class=\"ls29 ws1e1\">22,998</span> Share based payment<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,045</span> -<span class=\"ls29 ws1e1\">7,928</span> Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">820,282<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">877,690<span class=\"_ _3\"></span></span> The sale of Anima resulted in a 15% decrease in headcount <span class=\"_ _0\"></span>and 7% decrease in total personnel charge<span class=\"_ _0\"></span>s. On balance, headcount <span class=\"_ _0\"></span>increased by 2%, mainly at DE<span class=\"_ _0\"></span>ME, and personnel charges <span class=\"_ _0\"></span>increased by 1%.<span class=\"ws1\"> </span>AvH,<span class=\"_ _0\"></span> AvH Grow<span class=\"_ _0\"></span>th Capi<span class=\"_ _0\"></span>tal en Av<span class=\"_ _0\"></span>H Sing<span class=\"_ _0\"></span>apore c<span class=\"_ _0\"></span>ount f<span class=\"_ _0\"></span>or 38 emp<span class=\"_ _9f\"></span>loyees. A p<span class=\"_ _0\"></span>ro form<span class=\"_ _0\"></span>a headcount of <span class=\"ls24 ws1da\">21,453</span><span class=\"ws1\"> <span class=\"ls25 ws215\">is cited in th<span class=\"_ _0\"></span>e secti<span class=\"_ _0\"></span>on '20<span class=\"_ _0\"></span>2<span class=\"ls1 ws1\">2 <span class=\"ws1fe\">at<span class=\"_ _3\"></span> a glance' (page 8). This pro </span></span></span></span>forma f<span class=\"_ _0\"></span>igure com<span class=\"_ _0\"></span>prise<span class=\"_ _0\"></span>s the sta<span class=\"_ _0\"></span>ff of al<span class=\"_ _0\"></span>l particip<span class=\"_ _9f\"></span>ations held<span class=\"_ _0\"></span> by the Av<span class=\"_ _0\"></span>H group, <span class=\"_ _0\"></span>and therefo<span class=\"_ _9f\"></span>re devia<span class=\"ws204\">te<span class=\"_ _0\"></span>s from th<span class=\"_ _9f\"></span>e averag<span class=\"_ _0\"></span>e head<span class=\"_ _0\"></span>count re<span class=\"_ _0\"></span>ported<span class=\"_ _0\"></span> abov<span class=\"_ _0\"></span>e which <span class=\"_ _0\"></span>is bas<span class=\"_ _0\"></span>ed on<span class=\"_ _0\"></span> </span>the IFRS consolidation, which was drawn up on the basis of the consolid<span class=\"_ _0\"></span>ation scope reported in Note 2 and 3. In this pro forma presen<span class=\"_ _0\"></span>tation, all exclusive control inter<span class=\"_ _0\"></span>ests are inc<span class=\"_ _0\"></span>orpora<span class=\"_ _0\"></span>ted in<span class=\"ls1 ws1\"> </span><span class=\"ws1eb\">ful<span class=\"_ _0\"></span>l and th<span class=\"_ _0\"></span>e other i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>sts pro<span class=\"_ _0\"></span>portion<span class=\"_ _0\"></span>ally.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Note 25:<span class=\"ff3c\"> </span>R<span class=\"ls3a ws20c\">aw mat<span class=\"_ _3\"></span>erials, co<span class=\"_ _3\"></span>nsumable<span class=\"_ _3\"></span>s, servic<span class=\"_ _3\"></span>es and subc<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>ed work<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Raw materials and consumables us<span class=\"_ _0\"></span>ed<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">2,260,861</span> -<span class=\"ls29 ws1e1\">2,088,071</span> Changes in inventories of f<span class=\"_ _0\"></span>inished goods, raw materials &amp; consumables<span class=\"ls1 ws1\"> </span>48,720<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,154</span> General and administrative expenses<span class=\"_ _0\"></span>, including subcontracted work<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">637,231</span> -<span class=\"ls29 ws1e1\">581,717</span> Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,849,372<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">2,673,943<span class=\"_ _3\"></span></span> These costs vary according to th<span class=\"_ _0\"></span>e turnover, but also depend on a number of o<span class=\"_ _0\"></span>ther factors, including and mo<span class=\"_ _0\"></span>re specifically in the case of DEME/CFE, <span class=\"_ _0\"></span>the nature of the work p<span class=\"_ _0\"></span>erform<span class=\"_ _0\"></span>ed (exe<span class=\"_ _0\"></span>cution<span class=\"_ _0\"></span> only, EP<span class=\"_ _9f\"></span>C, \u2026) and i<span class=\"_ _0\"></span>ts con<span class=\"_ _0\"></span>tractua<span class=\"_ _0\"></span>l stru<span class=\"_ _0\"></span>cture (subco<span class=\"_ _0\"></span>ntracto<span class=\"_ _9f\"></span>rs, sole<span class=\"ls1 ws1\"> </span><span class=\"ws1eb\">con<span class=\"_ _0\"></span>tracto<span class=\"_ _0\"></span>r or joi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>tures, <span class=\"_ _0\"></span>\u2026).<span class=\"ls1 ws1\"> </span></span>Note 26:<span class=\"ff3c\"> </span>P<span class=\"ls3a ws20c\">ension li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Defined benefit pension plans<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">72,038</span> -<span class=\"ls29 ws1e1\">76,668</span> Other pension obligat<span class=\"_ _0\"></span>ions (early retirement)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">5,164</span> -<span class=\"ls29 ws1e1\">5,376</span> Total pensio<span class=\"_ _3\"></span>n obligatio<span class=\"_ _3\"></span>ns<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">77,202</span> -<span class=\"ls27 ws1df\">82,044</span> Total pensio<span class=\"_ _3\"></span>n assets<span class=\"ls1 ws1\"> </span>2,820<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,467<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Define<span class=\"_ _3\"></span>d benefit pe<span class=\"_ _3\"></span>nsion plans<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>1. Amounts as recorded in the balance<span class=\"_ _3\"></span> sheet<span class=\"ls1 ws1\"> </span>Net funded defined benefit plan (obligation)<span class=\"_ _0\"></span> asset<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">69,218</span> -<span class=\"ls29 ws1e1\">73,201</span> Present value of wholly or par<span class=\"_ _0\"></span>tially funded obligations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls74 ws2fb\">289,860</span> -<span class=\"ls74 ws2fb\">358,746</span> Fair value of plan assets<span class=\"ls1 ws1\"> </span>220,642<span class=\"ls1 ws1\"> </span>285,545<span class=\"ls1 ws1\"> </span>Defined bene<span class=\"_ _3\"></span>fit plan (o<span class=\"_ _3\"></span>bligation) ass<span class=\"_ _3\"></span>et, total<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">69,218</span> -<span class=\"ls27 ws1df\">73,201</span> Liabilities (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">72,038</span> -<span class=\"ls29 ws1e1\">76,668</span> Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>2,820<span class=\"ls1 ws1\"> </span>3,467<span class=\"ls1 ws1\"> </span>Movements <span class=\"_ _3\"></span>in plan assets <span class=\"_ _3\"></span>(obligations<span class=\"_ _3\"></span>) as recor<span class=\"_ _3\"></span>ded in the b<span class=\"_ _3\"></span>alance sheet<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Net defined benefit plan ass<span class=\"_ _0\"></span>et (obligation) recorded in the balance sheet, opening balance<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">73,201</span> -<span class=\"ls29 ws1e1\">73,049</span> Increas<span class=\"_ _0\"></span>e (decrease) from busin<span class=\"_ _0\"></span>ess <span class=\"ls29 ws1e1\">combinations/disposals<span class=\"ls1 ws1\"> </span></span>0 0 Net defined benefit cost rec<span class=\"_ _0\"></span>orded in the income statement<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">22,034</span> -<span class=\"ls29 ws1e1\">21,382</span> Net defined benefit cost rec<span class=\"_ _0\"></span>orded in \u2018Other Comprehensive Income\u2019<span class=\"ls1 ws1\"> </span>3,338<span class=\"ls1 ws1\"> </span>687<span class=\"ls1 ws1\"> </span>Contributions<span class=\"_ _0\"></span> from employer / employee<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22,515<span class=\"ls1 ws1\"> </span>20,336<span class=\"ls1 ws1\"> </span>Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>164<span class=\"ls1 ws1\"> </span>208<span class=\"ls1 ws1\"> </span>Net defined benefit plan ass<span class=\"_ _0\"></span>et (obligation) recorded in the balance sheet, ending balance<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">69,218</span> -<span class=\"ls29 ws1e1\">73,201</span> 2a. Net cos<span class=\"_ _3\"></span>t recorded in <span class=\"_ _3\"></span>the income<span class=\"_ _3\"></span> statement<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">22,034</span> -<span class=\"ls27 ws1df\">21,382</span> Current servi<span class=\"_ _3\"></span>ce cost<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,659</span> -<span class=\"ls29 ws1e1\">21,031</span> Interest cost<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,269</span> -<span class=\"ls29 ws1e1\">1,663</span> Interest income on plan ass<span class=\"_ _0\"></span>ets (<span class=\"ls1 ws1\">-) </span>2,679<span class=\"ls1 ws1\"> </span>1,394<span class=\"ls1 ws1\"> </span>Past se<span class=\"_ _3\"></span>rvice <span class=\"_ _3\"></span>cost<span class=\"ls1 ws1\"> </span>216<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">82</span> 2b. Net cos<span class=\"_ _3\"></span>t recorded in \u2018O<span class=\"_ _3\"></span>ther Comp<span class=\"_ _3\"></span>rehensiv<span class=\"_ _3\"></span>e Income\u2019<span class=\"ls1 ws1\"> </span>3,338<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>687<span class=\"ls1 ws1\"> </span>Actuarial gains/(losses<span class=\"_ _0\"></span>) recognised in \u2018Other Comprehensive Income\u2019<span class=\"ls1 ws1\"> </span>80,252<span class=\"ls1 ws1\"> </span>7,189<span class=\"ls1 ws1\"> </span>Return on plan assets, excluding int<span class=\"_ _0\"></span>erest income (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">75,978</span> -<span class=\"ls29 ws1e1\">6,455</span> Exchange differences<span class=\"ls1 ws1\"> </span>0 0 Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">935</span> -<span class=\"ls29 ws1e1\">48</span> 3a. Moveme<span class=\"_ _3\"></span>nts in define<span class=\"_ _3\"></span>d benefit p<span class=\"_ _3\"></span>lan obligations<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Defined benefit plan obligations r<span class=\"_ _0\"></span>ecorded in the balance sheet, opening balance<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">358,746<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">368,346<span class=\"_ _3\"></span></span> Increase as a result of b<span class=\"_ _0\"></span>usiness combinations<span class=\"ls1 ws1\"> </span>0 0 Decrease as a result o<span class=\"_ _0\"></span>f business disposals<span class=\"ls1 ws1\"> </span>0 3,167<span class=\"ls1 ws1\"> </span>Current servi<span class=\"_ _3\"></span>ce cost<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,659</span> -<span class=\"ls29 ws1e1\">21,031</span> Interest cost<span class=\"_ _3\"></span> <span class=\"_ _1c4\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">3,269</span> <span class=\"_ _101\"> </span>-<span class=\"ls29 ws1e1\">1,663</span> </span>Contributions<span class=\"_ _0\"></span> from employee<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">922</span> -<span class=\"ls29 ws1e1\">913</span> Benefit payments (<span class=\"ls1 ws1\">-) </span>11,900<span class=\"ls1 ws1\"> </span>20,265<span class=\"ls1 ws1\"> </span>Remeasurement (gains)/loss<span class=\"_ _0\"></span>es (net)<span class=\"ls1 ws1\"> </span>80,252<span class=\"ls1 ws1\"> </span>7,189<span class=\"ls1 ws1\"> </span>of which: actuarial (<span class=\"_ _0\"></span>gains)/losses on DBO arising from changes in demographic assumptions<span class=\"ls1 ws1\"> </span>325<span class=\"ls1 ws1\"> </span>-<span class=\"ls74 ws2fb\">7,449</span> of which: actuarial (<span class=\"_ _0\"></span>gains)/losses on DBO arising from changes in financial assumptions<span class=\"ls1 ws1\"> </span>102,473<span class=\"ls1 ws1\"> </span>17,788<span class=\"ls1 ws1\"> </span>of which: actuarial (<span class=\"_ _0\"></span>gains)/losses on DBO arising from experience<span class=\"ls1 ws1\"> <span class=\"_ _1c5\"> </span><span class=\"fc22\">-<span class=\"ls74 ws2fb\">22,546</span></span></span>-<span class=\"ls74 ws2fb\">3,150</span>Past se<span class=\"_ _3\"></span>rvice <span class=\"_ _3\"></span>cost<span class=\"ls1 ws1\"> </span>0 0 Exchange differences<span class=\"ls1 ws1\"> </span>170<span class=\"ls1 ws1\"> </span>0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2,414<span class=\"ls1 ws1\"> </span>2,586<span class=\"ls1 ws1\"> </span>Defined benefit plan obligations r<span class=\"_ _0\"></span>ecorded in the balance sheet, ending <span class=\"ws1e1\">balance<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls27 ws1df\">289,861<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">358,746<span class=\"_ _3\"></span></span> 3b. Moveme<span class=\"_ _3\"></span>nts in plan as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> </span>Fair value of the plan assets,<span class=\"_ _0\"></span> opening balance<span class=\"ls1 ws1\"> </span>285,545<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>295,297<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Increase as a result of b<span class=\"_ _0\"></span>usiness combinations<span class=\"ls1 ws1\"> </span>0 0 Decrease through business d<span class=\"_ _0\"></span>isposals<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">3,054</span> Return on plan assets excluding int<span class=\"_ _0\"></span>erest income<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">75,978</span> -<span class=\"ls29 ws1e1\">6,455</span> Interest income on plan ass<span class=\"_ _0\"></span>ets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,679<span class=\"ls1 ws1\"> </span>1,394<span class=\"ls1 ws1\"> </span>Contributions<span class=\"_ _0\"></span> from employer / employee<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,327<span class=\"ls1 ws1\"> </span>21,249<span class=\"ls1 ws1\"> </span>Benefit payments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">11,900</span> -<span class=\"ls29 ws1e1\">20,265</span> Exchange differences<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">170</span> 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,860</span> -<span class=\"ls29 ws1e1\">2,621</span> Fair <span class=\"ls29 ws1e0\">value of the plan assets, ending balance<span class=\"ls1 ws1\"> </span></span>220,642<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>285,545<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4. Principa<span class=\"_ _3\"></span>l actuarial ass<span class=\"_ _3\"></span>umptions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Discount rate us<span class=\"_ _0\"></span>ed<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3.5%<span class=\"ls1 ws1\"> </span>0.9%<span class=\"ls1 ws1\"> </span>Expected rate of salary inc<span class=\"_ _0\"></span>rease<span class=\"ls1 ws1\"> </span>3.7%<span class=\"ls1 ws1\"> </span>3.4%<span class=\"ls1 ws1\"> </span>Inflation<span class=\"ls1 ws1\"> </span>2.2%<span class=\"ls1 ws1\"> </span>1.9%<span class=\"ls1 ws1\"> </span>Mortality table<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>MR/FR MR/FR 5. Othe<span class=\"_ _3\"></span>r info<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\"> </span>Term <span class=\"ls29 ws1e0\">(in years)<span class=\"ls1 ws1\"> </span></span>13.84<span class=\"ls1 ws1\"> </span>15.74<span class=\"ls1 ws1\"> </span>Average actual return on plan ass<span class=\"_ _0\"></span>ets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">25.16%</span> -<span class=\"ls29 ws1e1\">1.71%</span> Expected contribut<span class=\"_ _0\"></span>ion in next financial year<span class=\"ls1 ws1\"> </span>20,534<span class=\"ls1 ws1\"> </span>17,750<span class=\"ls1 ws1\"> </span>6. Sensitivi<span class=\"_ _3\"></span>ty analysis<span class=\"ls1\"> </span>Disc<span class=\"_ _3\"></span>ount rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>25 base point increase<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3.8%</span> -<span class=\"ls29 ws1e1\">4.7%</span> 25 base point decreas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2.4%<span class=\"ls1 ws1\"> </span>2.9%<span class=\"ls1 ws1\"> </span>Expected rate of sala<span class=\"_ _3\"></span>ry increase<span class=\"ws1\"> </span>25 base point increase<span class=\"ls1 ws1\"> </span>1.0%<span class=\"ls1 ws1\"> </span>0.8%<span class=\"ls1 ws1\"> </span>25 base point decreas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2.1%</span> -<span class=\"ls29 ws1e1\">2.8%</span> AvH took out \u2018defin<span class=\"_ _0\"></span>ed benefit\u2019 as well as \u2018defi<span class=\"_ _0\"></span>ned contribution\u2019 pension pl<span class=\"_ _0\"></span>ans. These plans are<span class=\"_ _0\"></span> underwritten by in<span class=\"_ _0\"></span>surers in <span class=\"ls35 ws23a\">class 2<span class=\"_ _0\"></span>1 (lif<span class=\"_ _0\"></span>e insu<span class=\"_ _0\"></span>rance p<span class=\"_ _0\"></span>olicies<span class=\"_ _0\"></span> with<span class=\"_ _0\"></span> </span>guaranteed interest rate).<span class=\"ws1\"> </span>Belgian law requ<span class=\"_ _0\"></span>ires that employers g<span class=\"_ _0\"></span>uarantee a minim<span class=\"_ _0\"></span>um yield of 3.25%<span class=\"_ _0\"></span> on their own contributions to defined contribut<span class=\"_ _0\"></span>ion plans; this applies to all <span class=\"ls39 ws1e9\">paym<span class=\"_ _3\"></span>ents made </span>up to 31/12/2015 and unti<span class=\"_ _3\"></span>l retirement age. On January 1, 2016, the<span class=\"_ _3\"></span> Act of December 18, 2015 c<span class=\"ls30 ws1f4\">ame in<span class=\"_ _0\"></span>to effec<span class=\"_ _0\"></span>t<span class=\"ls40 ws1\">. T<span class=\"ls1 ws1f6\">he WAP (Law on Supplemen<span class=\"_ _0\"></span>tary Pensions) </span></span></span>yield guaranteed by <span class=\"_ _0\"></span>the employer <span class=\"ls52 ws24e\">is</span><span class=\"ws1\"> <span class=\"ls25 ws1db\">a \u2018v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>able\u2019 in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span> rate, li<span class=\"_ _0\"></span>nked <span class=\"_ _0\"></span>to the y<span class=\"_ _0\"></span>ield on<span class=\"_ _0\"></span> </span></span>the bond market whi<span class=\"_ _0\"></span>ch will be defined <span class=\"_ _0\"></span>each year as of January 1 o<span class=\"_ _0\"></span>n the basis of a<span class=\"_ _0\"></span> formula specified in the Law o<span class=\"ws1f6\">n Suppleme<span class=\"_ _0\"></span>ntary Pensions. For the<span class=\"_ _0\"></span> periods 2017 up<span class=\"_ _0\"></span> </span>to 2022, the guaranteed yield was 1.75%.<span class=\"ls1 ws1\"> </span>The guarantee wh<span class=\"_ _0\"></span>ich the employer offer<span class=\"_ _0\"></span>s under the Law on <span class=\"_ _0\"></span>Supplementary Pensions is a secondary guarantee: the employer on<span class=\"_ _0\"></span>ly has to make up the diff<span class=\"_ _0\"></span>erence i<span class=\"_ _0\"></span>f the yie<span class=\"_ _0\"></span>l<span class=\"ls1 ws1f2\">d guaranteed by the insurer on plan a<span class=\"_ _0\"></span>ssets is lower than the </span>legally guaranteed yield.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>In acco<span class=\"_ _0\"></span>rdance w<span class=\"_ _0\"></span>ith IAS 1<span class=\"_ _0\"></span>9R, an a<span class=\"_ _0\"></span>ctuar<span class=\"_ _0\"></span>ial c<span class=\"_ _0\"></span>alcula<span class=\"_ _0\"></span>tion is ca<span class=\"_ _0\"></span>rried ou<span class=\"_ _0\"></span>t accord<span class=\"_ _0\"></span>ing to <span class=\"_ _0\"></span>the Projected Unit Credit method fo<span class=\"_ _0\"></span>r the defined benefit plans. The pl<span class=\"_ _0\"></span>an assets are meas<span class=\"_ _3\"></span><span class=\"ls25 ws1eb\">ured <span class=\"_ _0\"></span>at the d<span class=\"_ _0\"></span>iscoun<span class=\"_ _9f\"></span>te<span class=\"_ _3\"></span>d v<span class=\"_ _0\"></span>alue of<span class=\"_ _0\"></span> the res<span class=\"_ _0\"></span>erves, <span class=\"_ _0\"></span>takin<span class=\"_ _0\"></span>g into ac<span class=\"_ _0\"></span>coun<span class=\"_ _0\"></span>t the in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span> </span>rates<span class=\"_ _0\"></span> guaran<span class=\"_ _0\"></span>teed b<span class=\"_ _0\"></span>y the in<span class=\"_ _0\"></span>surers. A<span class=\"_ _9f\"></span>ctuaria<span class=\"_ _0\"></span>l gains <span class=\"_ _0\"></span>and los<span class=\"_ _0\"></span>ses are <span class=\"_ _0\"></span>repor<span class=\"_ _0\"></span>ted as o<span class=\"_ _0\"></span>ther comprehensive income in the equity (see <span class=\"_ _0\"></span>the item \u2018Actuarial gains and losses on defin<span class=\"_ _0\"></span>ed ben<span class=\"_ _0\"></span>efi<span class=\"ls1 ws219\">t pen<span class=\"_ _0\"></span>sion plans\u2019 in the stat<span class=\"_ _0\"></span>ement of changes in con<span class=\"_ _0\"></span>solidated equity).<span class=\"ws1\"> </span></span>The dec<span class=\"_ _9f\"></span>rease in ret<span class=\"_ _9f\"></span>irement ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>s relat<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e evolu<span class=\"_ _0\"></span>tion in<span class=\"_ _0\"></span> the ma<span class=\"_ _0\"></span>cro<span class=\"ls1 ws1\">-</span>econom<span class=\"_ _0\"></span>ic env<span class=\"_ _0\"></span>ironm<span class=\"_ _0\"></span>ent an<span class=\"_ _0\"></span>d more<span class=\"_ _0\"></span> specif<span class=\"_ _0\"></span>ically<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>e evolu<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st rate<span class=\"_ _0\"></span>s and the inflation. P<span class=\"_ _0\"></span>er D<span class=\"ls25 ws236\">ece<span class=\"_ _0\"></span>mber 31,<span class=\"_ _9f\"></span> 2022, th<span class=\"_ _9f\"></span>e discoun<span class=\"_ _0\"></span>t rat<span class=\"_ _0\"></span>e increa<span class=\"_ _0\"></span>sed to<span class=\"_ _0\"></span> 3.5<span class=\"_ _0\"></span>% </span>compa<span class=\"_ _0\"></span>red to 0.<span class=\"_ _0\"></span>9% at<span class=\"_ _0\"></span> the end<span class=\"_ _0\"></span> of 2021<span class=\"_ _0\"></span>. This <span class=\"_ _0\"></span>resulted<span class=\"_ _0\"></span> in a v<span class=\"_ _0\"></span>ery neg<span class=\"_ _0\"></span>ative r<span class=\"_ _0\"></span>eturn on<span class=\"_ _9f\"></span> assets o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e one ha<span class=\"_ _0\"></span>nd and<span class=\"_ _0\"></span> in a sig<span class=\"_ _0\"></span>nifican<span class=\"_ _9f\"></span>t gain in t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>measure<span class=\"_ _0\"></span>ment of<span class=\"_ _9f\"></span> retirement benefit p<span class=\"_ _0\"></span>lan obligations due<span class=\"_ _0\"></span> to change<span class=\"ws1\"> <span class=\"ls34 ws1fe\">in fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial<span class=\"_ _3\"></span> assu<span class=\"_ _3\"></span>mpt<span class=\"_ _3\"></span>ions<span class=\"_ _3\"></span> on the<span class=\"_ _3\"></span> </span></span>other hand. The net po<span class=\"_ _0\"></span>sitive effect was o<span class=\"_ _0\"></span>nly slightly impacted by <span class=\"_ _0\"></span>the increase of the infla<span class=\"_ _0\"></span>tion rate fr<span class=\"_ _0\"></span>om 1.9% to 2.2<span class=\"_ _0\"></span>%.<span class=\"ls1 ws1\"> </span>Note 27:<span class=\"ff3c\"> </span>R<span class=\"ls3a ws20c\">elate<span class=\"_ _3\"></span>d parties<span class=\"_ _3\"></span></span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Related par<span class=\"_ _3\"></span>ties, e<span class=\"_ _3\"></span>xcluding C<span class=\"_ _3\"></span>FE </span>\u2013 <span class=\"ls3a ws20c\">DEME<span class=\"_ _3\"></span></span> Financial Financial (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>year year I. Ass<span class=\"_ _0\"></span>ets wit<span class=\"_ _0\"></span>h rel<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>artie<span class=\"_ _0\"></span>s <span class=\"ls1\">- <span class=\"ls38 ws2ce\">balan<span class=\"_ _3\"></span>ce </span></span>shee<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>Financial fixe<span class=\"_ _3\"></span>d assets<span class=\"ls1\"> </span>0 4,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 4,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,449<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,449<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Receivables and warranties: gr<span class=\"_ _0\"></span>oss amount<span class=\"ls1 ws1\"> </span>0 4,128<span class=\"ls1 ws1\"> </span>0 4,128<span class=\"ls1 ws1\"> </span>0 11,449<span class=\"ls1 ws1\"> </span>0 11,449<span class=\"ls1 ws1\"> </span>Receivables and warranties: impair<span class=\"_ _0\"></span>ments<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 0 Amounts receiva<span class=\"_ _3\"></span>ble<span class=\"ls1 ws1\"> </span>21,705<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11,966<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4 33,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,913<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,932<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4 14,848<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>17<span class=\"ls1 ws1\"> </span>0 4 20<span class=\"ls1 ws1\"> </span>499<span class=\"ls1 ws1\"> </span>21<span class=\"ls1 ws1\"> </span>4 524<span class=\"ls1 ws1\"> </span>Other receivables: gross amount<span class=\"ls1 ws1\"> </span>21,689<span class=\"ls1 ws1\"> </span>11,966<span class=\"ls1 ws1\"> </span>0 33,654<span class=\"ls1 ws1\"> </span>6,414<span class=\"ls1 ws1\"> </span>9,891<span class=\"ls1 ws1\"> </span>0 16,305<span class=\"ls1 ws1\"> </span>Other receivables: impairments<span class=\"ls1 ws1\"> </span>0 0 0 0 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">1,981</span> Banks - <span class=\"ls3b\">receivables<span class=\"_ _3\"></span> from credi<span class=\"_ _3\"></span>t institutions &amp;<span class=\"_ _3\"></span> clients</span> 5,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 5,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 5,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred charges<span class=\"_ _3\"></span> &amp; accrued income<span class=\"_ _3\"></span><span class=\"ws1\"> </span>6,819<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>390<span class=\"ls1 ws1\"> </span>0 7,209<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,497<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>609<span class=\"ls1 ws1\"> </span>0 9,106<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,616<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>16,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4 50,103<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,501<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4 40,494<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>II. Li<span class=\"_ _0\"></span>abilit<span class=\"_ _0\"></span>ies w<span class=\"_ _0\"></span>ith rel<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>artie<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>balanc<span class=\"_ _0\"></span>e sheet<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 30,787<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 30,787<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subordinated loans <span class=\"_ _1c6\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>Other financial debts<span class=\"ls1 ws1\"> </span>0 0 0 0 30,787<span class=\"ls1 ws1\"> </span>0 0 30,787<span class=\"ls1 ws1\"> </span>Other de<span class=\"_ _3\"></span>bts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>155<span class=\"ls1 ws1\"> </span>150<span class=\"ls1 ws1\"> </span>0 305<span class=\"ls1 ws1\"> </span>30<span class=\"ls1 ws1\"> </span>150<span class=\"ls1 ws1\"> </span>0 180<span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>152<span class=\"ls1 ws1\"> </span>0 0 152<span class=\"ls1 ws1\"> </span>12<span class=\"ls1 ws1\"> </span>0 0 12<span class=\"ls1 ws1\"> </span>Other amounts payable<span class=\"ls1 ws1\"> <span class=\"_ _1ab\"> </span><span class=\"fc22\">3 <span class=\"_ _8\"> </span></span></span><span class=\"fc22\">150<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>153<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>18<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>150<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8\"> </span></span>168<span class=\"ls1 ws1\"> </span></span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; </span>secu<span class=\"_ _3\"></span>rities<span class=\"ls1 ws1\"> </span>79,614<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 79,614<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>151,033<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 151,033<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Accrued cha<span class=\"_ _3\"></span>rges and de<span class=\"_ _3\"></span>ferred income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 1,209<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 1,209<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _2e\"> </span><span class=\"ls27 ws1df\">79,769</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">150</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">79,9<span class=\"_ _3\"></span>19</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">183,059<span class=\"_ _3\"></span></span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">150</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">183,<span class=\"_ _3\"></span>209</span> </span>III. <span class=\"ls2e ws1\">Tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>ns with<span class=\"_ _9f\"></span> related p<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>ies <span class=\"ls1\">- </span></span>incom<span class=\"_ _0\"></span>e stat<span class=\"_ _0\"></span>ement<span class=\"ls1\"> </span>Revenue 65,972<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>125<span class=\"ls1 ws1\"> </span>3 66,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>61,872<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>445<span class=\"ls1 ws1\"> </span>3 62,319<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Rendering of services<span class=\"ls1 ws1\"> </span>2,887<span class=\"ls1 ws1\"> </span>35<span class=\"ls1 ws1\"> </span>3 2,925<span class=\"ls1 ws1\"> </span>2,232<span class=\"ls1 ws1\"> </span>75<span class=\"ls1 ws1\"> </span>3 2,311<span class=\"ls1 ws1\"> </span>Real estate r<span class=\"_ _0\"></span>evenue<span class=\"ls1 ws1\"> </span>20<span class=\"ls1 ws1\"> </span>0 0 20<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>0 0 48<span class=\"ls1 ws1\"> </span>Interest income of<span class=\"_ _0\"></span> banking activities<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 0 Commissions receivable of banking activities<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>63,040<span class=\"ls1 ws1\"> </span>0 0 63,040<span class=\"ls1 ws1\"> </span>59,567<span class=\"ls1 ws1\"> </span>0 0 59,567<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 0 Other operating revenue<span class=\"ls1 ws1\"> </span>25<span class=\"ls1 ws1\"> </span>90<span class=\"ls1 ws1\"> </span>0 115<span class=\"ls1 ws1\"> </span>25<span class=\"ls1 ws1\"> </span>369<span class=\"ls1 ws1\"> </span>0 394<span class=\"ls1 ws1\"> </span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls27 ws1df\">173</span> 0 0 -<span class=\"ls27 ws1df\">173</span> -<span class=\"ls27 ws1df\">88</span> 0 0 -<span class=\"ls27 ws1df\">88</span> Raw <span class=\"ls29 ws1e0\">materials, consum., services &amp; subc<span class=\"_ _0\"></span>ontract<span class=\"_ _3\"></span>ed work (<span class=\"ls1 ws1\">-) </span></span>-<span class=\"ls29 ws1e1\">173</span> 0 0 -<span class=\"ls29 ws1e1\">173</span> -<span class=\"ls29 ws1e1\">88</span> 0 0 -<span class=\"ls29 ws1e1\">88</span> Interest<span class=\"_ _0\"></span> expenses Bank Van Breda (<span class=\"ls1 ws1\">-) </span>0 0 0 0 0 0 0 0 Impairment losses (<span class=\"ls1 ws1\">-) </span>0 0 0 0 0 0 0 0 Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>3,689<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>996<span class=\"ls1 ws1\"> </span>0 4,685<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">832</span> 1,568<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 736<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,689<span class=\"ls1 ws1\"> </span>996<span class=\"ls1 ws1\"> </span>0 4,685<span class=\"ls1 ws1\"> </span>1,118<span class=\"ls1 ws1\"> </span>1,568<span class=\"ls1 ws1\"> </span>0 2,686<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> expenses<span class=\"ls1 ws1\"> </span>0 0 0 0 -<span class=\"ls29 ws1e1\">1,950</span> 0 0 -<span class=\"ls29 ws1e1\">1,950</span> The loans that AvH (<span class=\"_ _9f\"></span>a<span class=\"_ _3\"></span>nd subho<span class=\"_ _0\"></span>ldings) have granted to <span class=\"_ _0\"></span>participations that <span class=\"_ _0\"></span>are not fully consolidated <span class=\"_ _0\"></span>are included in the ab<span class=\"_ _0\"></span>ove table. The interest r<span class=\"_ _0\"></span>ate charged for<span class=\"_ _0\"></span> these int<span class=\"_ _0\"></span>ra<span class=\"ls1 ws1\">-<span class=\"ws1f3\">group loans is at arm\u2019s <span class=\"_ _0\"></span>length. The same applies for financing lo<span class=\"_ _0\"></span>ans </span></span>tha<span class=\"_ _3\"></span>t <span class=\"_ _7\"> </span><span class=\"ls4b ws28a\">Ne<span class=\"_ _3\"></span><span class=\"ls34 ws1ea\">xte<span class=\"_ _3\"></span>ns<span class=\"ls39 ws25f\">a, R<span class=\"_ _3\"></span>ent<span class=\"ls1 ws1\">-A-<span class=\"ws216\">Port and Green <span class=\"_ _0\"></span>Offshore grant to their e<span class=\"_ _0\"></span>quity<span class=\"ws1\">-<span class=\"ls34 ws1ea\">me<span class=\"_ _3\"></span>thod </span></span></span></span></span></span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s (or receiv<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> fro<span class=\"_ _9f\"></span>m them, as i<span class=\"_ _0\"></span>s the c<span class=\"_ _0\"></span>ase at <span class=\"_ _0\"></span>Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws1ec\">Po<span class=\"_ _0\"></span>rt). <span class=\"ls1 ws1\"> </span></span>Through the full consolidation of <span class=\"ws307\">B<span class=\"_ _0\"></span>ank Va<span class=\"_ _3\"></span>n Breda<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ws241\">and the inclusion of Delen Private<span class=\"_ _0\"></span> </span></span></span>Ba<span class=\"_ _3\"></span>nk <span class=\"_ _3\"></span><span class=\"ls1 ws1f2\">using the eq<span class=\"_ _0\"></span>uity method, th<span class=\"_ _0\"></span>e commercial paper of<span class=\"_ _0\"></span> Bank Van <span class=\"_ _0\"></span>Breda held by </span>Dele<span class=\"_ _3\"></span>n Private Ba<span class=\"_ _3\"></span>nk (<span class=\"ls24 ws1da\">71.8<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f2\">million euros) a<span class=\"_ _0\"></span>nd the time deposits (<span class=\"_ _0\"></span><span class=\"ls24 ws1da\">7.8<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws237\">million<span class=\"_ _0\"></span> euros)<span class=\"_ _0\"></span> </span></span></span></span></span></span>are reported as a <span class=\"_ _3\"></span>debt of <span class=\"ls34 ws1f5\">Ba<span class=\"_ _3\"></span>nk V<span class=\"_ _3\"></span>an Br<span class=\"_ _3\"></span>eda<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"ls33 ws204\">to a rela<span class=\"_ _3\"></span>ted par<span class=\"_ _3\"></span>ty.</span> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Transactio<span class=\"_ _3\"></span>ns with re<span class=\"_ _3\"></span>lated p<span class=\"_ _3\"></span>arties </span>\u2013 <span class=\"ls56 ws13d\">CFE </span>\u2013 <span class=\"ls3a ws20c\">DEME</span> \u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls24 ws26a\">Ackermans &amp; van Haare<span class=\"_ _3\"></span>n (AvH) owns 15,725,684 shares of CFE and DEME </span></span>Group a<span class=\"_ _0\"></span>s a resul<span class=\"_ _0\"></span>t is the pri<span class=\"_ _0\"></span>mary sh<span class=\"_ _0\"></span>arehol<span class=\"_ _0\"></span>der of bo<span class=\"_ _0\"></span>th comp<span class=\"_ _0\"></span>anies w<span class=\"_ _0\"></span>ith 62.1<span class=\"_ _0\"></span>2% of the tot<span class=\"_ _0\"></span>al num<span class=\"_ _0\"></span>ber of sh<span class=\"_ _9f\"></span>ares.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Under the service contracts which DEME <span class=\"_ _0\"></span>and CFE concluded with AvH (in 2001 </span></span>and 2015 respectively), amo<span class=\"_ _3\"></span>unts were paid of 1.3 million euros and 0.6 milli<span class=\"_ _3\"></span>on euro<span class=\"_ _0\"></span>s respec<span class=\"_ _0\"></span>tivel<span class=\"_ _0\"></span>y.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws207\">Trans<span class=\"_ _0\"></span>actions w<span class=\"_ _0\"></span>ith rel<span class=\"_ _0\"></span>ated pa<span class=\"_ _0\"></span>rties co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>ed main<span class=\"_ _0\"></span>ly tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span>s with c<span class=\"_ _0\"></span><span class=\"ls1 ws1\">ompanies </span></span></span>in which CFE an<span class=\"_ _0\"></span>d DEME have a jo<span class=\"_ _0\"></span>int control or <span class=\"_ _0\"></span>a significative influ<span class=\"_ _0\"></span>ence. These transa<span class=\"_ _0\"></span>ctions <span class=\"_ _0\"></span>are con<span class=\"_ _0\"></span>cluded<span class=\"_ _0\"></span> at arm\u2019<span class=\"_ _9f\"></span>s length.(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Assets<span class=\"_ _3\"></span> with rela<span class=\"_ _3\"></span>ted par<span class=\"_ _3\"></span>ties CFE<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">D<span class=\"_ _3\"></span>EME</span> </span>213,973<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>144,286<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Non current financial assets<span class=\"ls1 ws1\"> </span>162,467<span class=\"ls1 ws1\"> </span>109,788<span class=\"ls1 ws1\"> </span>Trade and other receivables<span class=\"ls1 ws1\"> </span>45,190<span class=\"ls1 ws1\"> </span>29,043<span class=\"ls1 ws1\"> </span>Other current a<span class=\"_ _3\"></span>ssets<span class=\"ls1 ws1\"> </span>6,316<span class=\"ls1 ws1\"> </span>5,455<span class=\"ls1 ws1\"> </span>Liabilities with related parties CFE<span class=\"ws1\">-<span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>48,296<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,781<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other non current liabilities<span class=\"ls1 ws1\"> </span>13,666<span class=\"ls1 ws1\"> </span>15,061<span class=\"ls1 ws1\"> </span>Trade and other liabilities<span class=\"ls1 ws1\"> </span>34,630<span class=\"ls1 ws1\"> </span>20,720<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Revenues and expenses<span class=\"_ _3\"></span> with related pa<span class=\"_ _3\"></span>rties CFE<span class=\"ws1\">-<span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>281,050<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>229,758<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Revenue and revenue from auxiliary activities<span class=\"ls1 ws1\"> </span>303,068<span class=\"ls1 ws1\"> </span>242,452<span class=\"ls1 ws1\"> </span>Purchases and other operat<span class=\"_ _0\"></span>ing expenses <span class=\"_ _1c8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">28,822</span> <span class=\"_ _c4\"> </span>-<span class=\"ls29 ws1e1\">17,505</span> </span>Net financial <span class=\"ws1e1\">inc<span class=\"_ _0\"></span>ome/(expe<span class=\"_ _3\"></span>nse)<span class=\"ls1 ws1\"> </span></span>6,804<span class=\"ls1 ws1\"> </span>4,811<span class=\"ls1 ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Remune<span class=\"_ _3\"></span>ration</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Remuneratio<span class=\"_ _3\"></span>n of the di<span class=\"_ _3\"></span>rectors<span class=\"ls1 ws1\"> </span>Tanti\u00e8mes at t<span class=\"_ _0\"></span>he expense of AvH<span class=\"ls1 ws1\"> </span>630<span class=\"ls1 ws1\"> </span>605<span class=\"ls1 ws1\"> </span>Remuneratio<span class=\"_ _3\"></span>n of the me<span class=\"_ _3\"></span>mbers of the e<span class=\"_ _3\"></span>xecutive co<span class=\"_ _3\"></span>mmittee<span class=\"ls1 ws1\"> </span>Fixed remuneration<span class=\"ls1 ws1\"> </span>3,548<span class=\"ls1 ws1\"> </span>3,079<span class=\"ls1 ws1\"> </span>Variable <span class=\"ls2b ws1dd\">remuneratio<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\"> </span></span>6,798<span class=\"ls1 ws1\"> </span>3,395<span class=\"ls1 ws1\"> </span>Share based payment<span class=\"ls1 ws1\"> </span>1,862<span class=\"ls1 ws1\"> </span>1,059<span class=\"ls1 ws1\"> </span>Group and hospitalisation ins<span class=\"_ _0\"></span>urance<span class=\"ls1 ws1\"> </span>572<span class=\"ls1 ws1\"> </span>367<span class=\"ls1 ws1\"> </span>Benefits in kind (company c<span class=\"_ _0\"></span>ar)<span class=\"ls1 ws1\"> </span>38<span class=\"ls1 ws1\"> </span>33<span class=\"ls1 ws1\"> </span>4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">The auditor<span class=\"_ _3\"></span> EY rece<span class=\"_ _3\"></span>ived foll<span class=\"_ _3\"></span>owing fee<span class=\"_ _3\"></span>s relate<span class=\"_ _3\"></span>d to:</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _18b\"> </span><span class=\"ls28 ws1de\">Av<span class=\"_ _3\"></span>H</span> <span class=\"_ _15d\"> </span><span class=\"ls2b ws1e4\">Subsidiaries (<span class=\"_ _3\"></span>1)</span> <span class=\"_ _61\"> </span></span><span class=\"ws297\">Total 202<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> <span class=\"_ _14\"> </span><span class=\"ls28 ws1de\">AvH<span class=\"_ _3\"></span></span> <span class=\"_ _67\"> </span><span class=\"ls2b ws1e4\">Subsidiaries<span class=\"_ _3\"></span> (1)</span> <span class=\"_ _10\"> </span></span>Total 2021<span class=\"ls1 ws1\"> </span></span>The statutor<span class=\"_ _3\"></span>y mandate<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71<span class=\"ls1 ws1\"> </span>3,227<span class=\"ls1 ws1\"> </span>3,298<span class=\"ls1 ws1\"> </span>66<span class=\"ls1 ws1\"> </span>2,562<span class=\"ls1 ws1\"> </span>2,628<span class=\"ls1 ws1\"> </span>Special missions<span class=\"ls1 ws1\"> </span>- <span class=\"ls2b ws1df\">Other control m<span class=\"_ _3\"></span>issions<span class=\"_ _3\"></span></span> 0 331<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>14<span class=\"ls1 ws1\"> </span>212<span class=\"ls1 ws1\"> </span>226<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Tax advice</span> 6 416<span class=\"ls1 ws1\"> </span>422<span class=\"ls1 ws1\"> </span>6 419<span class=\"ls1 ws1\"> </span>425<span class=\"ls1 ws1\"> </span>- <span class=\"ls2b ws1df\">Other mission<span class=\"_ _3\"></span>s than statutor<span class=\"_ _3\"></span>y</span> 9 86<span class=\"ls1 ws1\"> </span>95<span class=\"ls1 ws1\"> </span>8 70<span class=\"ls1 ws1\"> </span>79<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>86<span class=\"ls1 ws1\"> </span>4,060<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,146<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>94<span class=\"ls1 ws1\"> </span>3,263<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,358<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Including jointly controlled subsidiaries acco<span class=\"_ _0\"></span>unted for using the equity method.<span class=\"ls1 ws1\"> </span></span>Note 28:<span class=\"ff3c\"> </span>E<span class=\"ls2f ws1e\">arnings per<span class=\"_ _3\"></span> share</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Continued and d<span class=\"_ _3\"></span>iscontin<span class=\"_ _3\"></span>ued operations<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Net consolidated res<span class=\"_ _0\"></span>ult, group share (\u20ac 1,000)<span class=\"ls1 ws1\"> </span>708,655<span class=\"ls1 ws1\"> </span>406,814<span class=\"ls1 ws1\"> </span>Weighted average number of shares (<span class=\"_ _0\"></span>1)<span class=\"ls1 ws1\"> </span>33,127,739<span class=\"ls1 ws1\"> </span>33,148,250<span class=\"ls1 ws1\"> </span>Earnings pe<span class=\"_ _3\"></span>r share (\u20ac)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21.39<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12.27<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Net consolidated res<span class=\"_ _0\"></span>ult, group share (\u20ac 1,000)<span class=\"ls1 ws1\"> </span>708,655<span class=\"ls1 ws1\"> </span>406,814<span class=\"ls1 ws1\"> </span>Weighted average number of shares (<span class=\"_ _0\"></span>1)<span class=\"ls1 ws1\"> </span>33,127,739<span class=\"ls1 ws1\"> </span>33,148,250<span class=\"ls1 ws1\"> </span>Impa<span class=\"_ _3\"></span>ct stock<span class=\"_ _3\"></span> <span class=\"ls5e ws1e0\">options<span class=\"ls1 ws1\"> </span></span>34,772<span class=\"ls1 ws1\"> </span>34,242<span class=\"ls1 ws1\"> </span>Adjusted weighted average number of shar<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>33,162,510<span class=\"ls1 ws1\"> </span>33,182,491<span class=\"ls1 ws1\"> </span>Diluted ear<span class=\"_ _3\"></span>nings per sha<span class=\"_ _3\"></span>re (\u20ac)<span class=\"ls1 ws1\"> </span>21.37<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12.26<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws10d\">Continued act<span class=\"_ _3\"></span>ivities<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Net consolidated res<span class=\"_ _0\"></span>ult from continuing operations, group share (\u20ac 1,000)<span class=\"ls1 ws1\"> </span>705,834<span class=\"ls1 ws1\"> </span>406,964<span class=\"ls1 ws1\"> </span>Weighted average number of shares (<span class=\"_ _0\"></span>1)<span class=\"ls1 ws1\"> </span>33,127,739<span class=\"ls1 ws1\"> </span>33,148,250<span class=\"ls1 ws1\"> </span>Earnings pe<span class=\"_ _3\"></span>r share (\u20ac)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21.31<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12.28<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Net consolidated res<span class=\"_ _0\"></span>ult from continuing operations, group share (\u20ac 1,000)<span class=\"ls1 ws1\"> </span>705,834<span class=\"ls1 ws1\"> </span>406,964<span class=\"ls1 ws1\"> </span>Weighted average number of shares (<span class=\"_ _0\"></span>1)<span class=\"ls1 ws1\"> </span>33,127,739<span class=\"ls1 ws1\"> </span>33,148,250<span class=\"ls1 ws1\"> </span>Impact stock op<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> </span>34,772<span class=\"ls1 ws1\"> </span>34,242<span class=\"ls1 ws1\"> </span>Adjusted weighted average number of shar<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>33,162,510<span class=\"ls1 ws1\"> </span>33,182,491<span class=\"ls1 ws1\"> </span>Diluted ear<span class=\"_ _3\"></span>nings per sha<span class=\"_ _3\"></span>re (\u20ac)<span class=\"ls1 ws1\"> </span>21.28<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12.26<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"ls29 ws1e0\">Based on number of shares<span class=\"_ _0\"></span> issued, adjusted for treasury shares in portfolio<span class=\"fs3d ls1 ws1\"> </span></span>Note 29:<span class=\"ff3c\"> </span><span class=\"ls2f ws308\">Proposed and distr<span class=\"_ _3\"></span>ibuted dividends<span class=\"_ _3\"></span></span> A dividend <span class=\"ls40 ws23c\">of EUR 3.10 per share will b<span class=\"_ _0\"></span>e proposed for approval to the ordinary </span>general meeting of sha<span class=\"_ _0\"></span>reholders which will take pl<span class=\"_ _0\"></span>ace on 22 May 2023.<span class=\"ws1\"> </span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Determine<span class=\"_ _3\"></span>d and paid out d<span class=\"_ _3\"></span>uring the year<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Dividend on ordinary s<span class=\"_ _0\"></span>hares distributed in:<span class=\"ls1 ws1\"> </span> - <span class=\"ls29 ws1e0\">Final dividend 2021: 2.75 euros per share</span> -<span class=\"ls29 ws1e1\">91,085</span> -<span class=\"ls29 ws1e1\">77,890</span> 2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Proposed f<span class=\"_ _3\"></span>or approv<span class=\"_ _3\"></span>al by th<span class=\"_ _3\"></span>e gener<span class=\"_ _3\"></span>al meet<span class=\"_ _3\"></span>ing of May 2</span>2, 2023 (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Dividend on ordinary s<span class=\"_ _0\"></span>hares:<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span> - <span class=\"ls29 ws1e0\">Final dividend 2022: 3.10 euros per share (1)</span> -<span class=\"ls29 ws1e1\">103,840</span> (1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Maximum amount of dividend, based upon the total number of shares, without t<span class=\"_ _0\"></span>aking into account the treasury shares.<span class=\"ls1 ws1\"> </span></span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Dividend per sh<span class=\"_ _3\"></span>are (\u20ac)</span> 2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>3.1000<span class=\"ls1 ws1\"> </span>2.7500<span class=\"ls1 ws1\"> </span>Net (witholding tax 30%)<span class=\"ls1 ws1\"> </span>2.1700<span class=\"ls1 ws1\"> </span>1.9250<span class=\"ls1 ws1\"> </span>Note 30:<span class=\"ff3c\"> </span><span class=\"ls3a ws20c\">Major <span class=\"ls26 ws1dc\">events aft<span class=\"_ _0\"></span>er balanc<span class=\"_ _0\"></span>e sheet da<span class=\"_ _0\"></span>te<span class=\"ls1 ws1\"> </span></span></span>Early F<span class=\"_ _0\"></span>ebrua<span class=\"_ _0\"></span>ry 2023, a<span class=\"_ _0\"></span>fter a succ<span class=\"_ _0\"></span>essful co<span class=\"_ _9f\"></span>llaboratio<span class=\"_ _0\"></span>n of mor<span class=\"_ _0\"></span>e than 30 ye<span class=\"_ _0\"></span>ars, Av<span class=\"_ _0\"></span>H sold it<span class=\"_ _0\"></span>s 50% p<span class=\"_ _0\"></span>articip<span class=\"_ _0\"></span>ation in<span class=\"_ _0\"></span> <span class=\"ls30 ws1eb\">Tel<span class=\"_ _0\"></span>emond<span class=\"ls1 ws1\"> <span class=\"ls25 ws215\">to th<span class=\"_ _0\"></span>e Ger<span class=\"_ _0\"></span>man fa<span class=\"_ _0\"></span>mily Ma<span class=\"_ _0\"></span>as, it<span class=\"_ _0\"></span>s long<span class=\"ls1 ws1\">-<span class=\"_ _0\"></span><span class=\"ls25 ws1ec\">term </span></span></span></span></span>partner. This sale earned AvH a cash revenue of 55 million euros and a capital gain of 19 milli<span class=\"ls40 ws1\">on euros. <span class=\"ls1\"> </span></span>AvH is proud <span class=\"_ _0\"></span>to have been s<span class=\"_ _0\"></span>elected as one of <span class=\"_ _0\"></span>the 20 comp<span class=\"_ _0\"></span>anies in the new<span class=\"_ _0\"></span> <span class=\"ls53 ws23d\">BEL</span><span class=\"ff3b ws1\"> </span>ESG In<span class=\"_ _0\"></span>dex<span class=\"ls1 ws1ef\">, which<span class=\"_ _0\"></span> was launched by Euronext o<span class=\"_ _0\"></span>n February 15. This sustain<span class=\"_ _0\"></span>ability </span>index<span class=\"_ _0\"></span> monito<span class=\"_ _0\"></span>rs th<span class=\"_ _0\"></span>e 20 com<span class=\"_ _9f\"></span>panies l<span class=\"_ _0\"></span>isted i<span class=\"_ _0\"></span>n Brus<span class=\"_ _0\"></span>sels wi<span class=\"_ _0\"></span>th the<span class=\"_ _0\"></span> best E<span class=\"_ _9f\"></span>SG practic<span class=\"_ _0\"></span>es (En<span class=\"_ _3\"></span>vir<span class=\"_ _3\"></span>onm<span class=\"_ _3\"></span>en<span class=\"ls25 ws236\">tal, So<span class=\"_ _0\"></span>cial &amp; Go<span class=\"_ _0\"></span>verna<span class=\"_ _0\"></span>nce). T<span class=\"_ _0\"></span>his se<span class=\"_ _0\"></span>lection<span class=\"_ _0\"></span> acknow<span class=\"_ _0\"></span>ledg<span class=\"_ _0\"></span>es AvH for <span class=\"_ _0\"></span>the </span>way in which it develops <span class=\"_ _0\"></span>its ESG policy and takes relat<span class=\"_ _0\"></span>ed initiatives<span class=\"ws1\">. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-2": {
   "value": "Note 1:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>IFRS valuat<span class=\"_ _3\"></span>ion rule<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Principle<span class=\"_ _3\"></span>s of conso<span class=\"_ _3\"></span>lidatio<span class=\"_ _3\"></span>n</span> The consolidated annua<span class=\"_ _0\"></span>l accounts contain the f<span class=\"_ _0\"></span>inancial details of the par<span class=\"_ _0\"></span>ent AvH, its subsid<span class=\"_ _0\"></span>iaries and<span class=\"_ _0\"></span> jointly <span class=\"ls25 ws1eb\">con<span class=\"_ _0\"></span>trolle<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>panies, <span class=\"_ _0\"></span>as wel<span class=\"_ _0\"></span>l as the <span class=\"_ _0\"></span>share <span class=\"_ _0\"></span>of the g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> </span>in the r<span class=\"_ _0\"></span>esult<span class=\"_ _0\"></span>s of the a<span class=\"_ _0\"></span>ssoci<span class=\"_ _0\"></span>ated com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es.<span class=\"ls1 ws1\"> </span>3.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Subsidiaries<span class=\"ls1 ws1\"> </span></span>Subsidiaries are entitie<span class=\"_ _0\"></span>s which are controlled by <span class=\"_ _0\"></span>the group. Control exis<span class=\"_ _0\"></span>ts when AvH (<span class=\"_ _0\"></span>a) has pow<span class=\"_ _0\"></span>er over <span class=\"_ _0\"></span>the sub<span class=\"_ _0\"></span>sidiar<span class=\"_ _0\"></span>y; (b) is ex<span class=\"_ _0\"></span>posed<span class=\"_ _0\"></span>, or has <span class=\"ls1 ws1f3\">r<span class=\"_ _0\"></span>ights, to variable </span>return<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts involv<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>with the su<span class=\"_ _9f\"></span>bsidiar<span class=\"_ _0\"></span>y; and (c)<span class=\"_ _0\"></span> has the ab<span class=\"_ _0\"></span>ility to <span class=\"_ _0\"></span>affect<span class=\"_ _0\"></span> those r<span class=\"_ _0\"></span>eturn<span class=\"_ _0\"></span>s throug<span class=\"_ _0\"></span>h its pow<span class=\"_ _9f\"></span>er over th<span class=\"_ _0\"></span>e subsidi<span class=\"_ _0\"></span>ary. Th<span class=\"_ _0\"></span>e part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ing inte<span class=\"_ _0\"></span>rests i<span class=\"_ _0\"></span>n subsidiaries are conso<span class=\"_ _0\"></span>lidated in full as from the date of a<span class=\"_ _0\"></span>cquisition until the end of<span class=\"_ _0\"></span> the control.<span class=\"ls1 ws1\"> </span>Consolidation of a subsidiary b<span class=\"_ _0\"></span>egins when the Group obtains control ov<span class=\"_ _0\"></span>er the subsidiary and ceases whe<span class=\"_ _0\"></span>n the Group loses control of th<span class=\"_ _0\"></span>e subsidiary. Specifically, income and expense<span class=\"_ _0\"></span>s of a subsidiary acq<span class=\"_ _0\"></span>uired or disposed of dur<span class=\"ws1fe\">i<span class=\"_ _0\"></span>ng the year a<span class=\"_ _3\"></span>re </span>included in the consolidated statement of<span class=\"_ _0\"></span> profit or l<span class=\"_ _3\"></span>oss and other compr<span class=\"_ _0\"></span>ehensive income from the date <span class=\"_ _0\"></span>the Group gains control until th<span class=\"_ _0\"></span>e date when the Group<span class=\"_ _0\"></span> cease<span class=\"_ _0\"></span>s to con<span class=\"_ _0\"></span>trol th<span class=\"_ _0\"></span>e subsi<span class=\"_ _0\"></span>diary.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Profit o<span class=\"_ _0\"></span>r loss an<span class=\"_ _0\"></span>d each com<span class=\"_ _0\"></span>ponent o<span class=\"_ _0\"></span>f other c<span class=\"_ _0\"></span>ompre<span class=\"_ _0\"></span>hensiv<span class=\"_ _0\"></span>e income a<span class=\"_ _0\"></span>re attr<span class=\"_ _0\"></span>ibuted<span class=\"_ _0\"></span> to the owners<span class=\"_ _0\"></span> of the Group <span class=\"_ _0\"></span>and to the non<span class=\"ws1\">-<span class=\"ls25 ws235\">c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>lling int<span class=\"_ _0\"></span>erests.<span class=\"_ _9f\"></span> Total </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive inco<span class=\"_ _0\"></span>me of <span class=\"_ _0\"></span>subsid<span class=\"_ _0\"></span>iaries i<span class=\"_ _0\"></span>s attrib<span class=\"_ _9f\"></span>uted to th<span class=\"_ _0\"></span>e own<span class=\"_ _0\"></span>ers of th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> to the non<span class=\"ls1\">-<span class=\"ws1ed\">controlling i<span class=\"ls33 ws204\">ntere<span class=\"_ _3\"></span>sts, eve<span class=\"_ _3\"></span>n if this<span class=\"_ _3\"></span> resul<span class=\"_ _3\"></span>ts in th<span class=\"_ _3\"></span>e non</span></span>-<span class=\"ls33 ws204\">co<span class=\"_ _3\"></span>ntrollin<span class=\"_ _3\"></span>g intere<span class=\"_ _3\"></span>sts </span></span>having a deficit balance. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>When <span class=\"_ _0\"></span>necess<span class=\"_ _0\"></span>ary, ad<span class=\"_ _0\"></span>justm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>are mad<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>ncial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>f subs<span class=\"_ _0\"></span>idiari<span class=\"_ _0\"></span>es to bring their accounting <span class=\"_ _0\"></span>policies in line with the Group'<span class=\"_ _0\"></span>s accounting policies. <span class=\"ws1\"> </span>Al<span class=\"ls1 ws21f\">l intragroup assets and liabil<span class=\"_ _0\"></span>ities, equity, income, expenses and ca<span class=\"_ _0\"></span>sh flows </span>relating to transactions between members of the Group are eliminated in full <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> the consolidated financial statements. <span class=\"ws1\"> </span>Changes in the Gr<span class=\"_ _0\"></span>oup's ownership inter<span class=\"_ _0\"></span>ests in subsidiaries <span class=\"ls25 ws208\">th<span class=\"_ _0\"></span>at do not r<span class=\"_ _0\"></span>esult in the<span class=\"_ _0\"></span> </span>Group<span class=\"_ _0\"></span> losing<span class=\"_ _0\"></span> contro<span class=\"_ _0\"></span>l ove<span class=\"_ _0\"></span>r the su<span class=\"_ _0\"></span>bsidia<span class=\"_ _0\"></span>ries <span class=\"_ _0\"></span>are a<span class=\"_ _0\"></span>ccounted<span class=\"_ _9f\"></span> for as equ<span class=\"_ _0\"></span>ity t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> The carrying amounts of the Group's interests and the non<span class=\"ws1\">-<span class=\"ls25 ws208\">c<span class=\"_ _0\"></span>ontrol<span class=\"_ _0\"></span>ling inte<span class=\"_ _0\"></span>rests ar<span class=\"_ _0\"></span>e </span></span>adjust<span class=\"_ _0\"></span>ed to refl<span class=\"_ _0\"></span>ect the chan<span class=\"_ _0\"></span>ges in<span class=\"_ _0\"></span> their rela<span class=\"_ _0\"></span>tive int<span class=\"_ _0\"></span>erests<span class=\"_ _0\"></span> i<span class=\"ls1 ws1f7\">n the subsidiaries. Any </span>difference between the amou<span class=\"_ _0\"></span>nt by which the non<span class=\"ws1\">-<span class=\"ls25 ws208\">cont<span class=\"_ _0\"></span>rolling<span class=\"_ _0\"></span> inter<span class=\"_ _0\"></span>ests are a<span class=\"_ _0\"></span>djust<span class=\"_ _0\"></span>ed </span></span>and th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>idera<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>aid or <span class=\"_ _0\"></span>receiv<span class=\"_ _0\"></span>ed is <span class=\"_ _0\"></span>recogni<span class=\"_ _0\"></span>sed d<span class=\"_ _0\"></span>irectly<span class=\"_ _9f\"></span> in equity and attributed to t<span class=\"_ _0\"></span>he owners of the Group. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>When the Group l<span class=\"ls25 ws1eb\">o<span class=\"_ _0\"></span>ses co<span class=\"_ _0\"></span>ntrol o<span class=\"_ _0\"></span>f a sub<span class=\"_ _9f\"></span>sidiary, a g<span class=\"_ _0\"></span>ain or l<span class=\"_ _0\"></span>oss i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nised<span class=\"_ _0\"></span> in prof<span class=\"_ _0\"></span>it </span>or loss a<span class=\"_ _9f\"></span>nd is calcu<span class=\"_ _0\"></span>lated <span class=\"_ _0\"></span>as the d<span class=\"_ _0\"></span>ifferen<span class=\"_ _0\"></span>ce be<span class=\"_ _0\"></span>tween (<span class=\"_ _0\"></span>i) the a<span class=\"_ _0\"></span>ggrega<span class=\"_ _0\"></span>te of th<span class=\"_ _0\"></span>e fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e of the <span class=\"_ _0\"></span>consid<span class=\"_ _0\"></span>eration<span class=\"_ _9f\"></span> received <span class=\"_ _0\"></span>and th<span class=\"_ _9f\"></span>e fair valu<span class=\"_ _9f\"></span>e of any re<span class=\"_ _0\"></span>tained<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest and<span class=\"_ _0\"></span> (ii) the previous carrying amount of<span class=\"_ _0\"></span> the assets (including goodwill), and liabilities<span class=\"_ _0\"></span> of the subsidiary<span class=\"_ _0\"></span> and any non<span class=\"ws1\">-</span>con<span class=\"_ _0\"></span>trolling interests. All<span class=\"_ _0\"></span> amounts previously<span class=\"_ _0\"></span> recognised in oth<span class=\"_ _0\"></span>er comprehensive inco<span class=\"_ _0\"></span>me in relation to that<span class=\"_ _0\"></span> subsidiary are accounted for as if the Group had dire<span class=\"_ _0\"></span>c<span class=\"ls33 ws1fb\">tly<span class=\"_ _3\"></span> dispo<span class=\"_ _3\"></span>sed of t<span class=\"_ _3\"></span>he rela<span class=\"_ _3\"></span>ted as<span class=\"_ _3\"></span>sets or </span>liabil<span class=\"_ _0\"></span>ities o<span class=\"_ _0\"></span>f the sub<span class=\"_ _0\"></span>sidiary (<span class=\"_ _0\"></span>i.e. r<span class=\"_ _0\"></span>eclassif<span class=\"_ _9f\"></span>ied to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss or tran<span class=\"_ _0\"></span>sferred<span class=\"_ _0\"></span> to ano<span class=\"_ _0\"></span>ther category of equity as sp<span class=\"_ _0\"></span>ecified/ permitted by app<span class=\"_ _0\"></span>licable IFRSs). <span class=\"ws1\"> </span>An inve<span class=\"_ _0\"></span>stment <span class=\"_ _0\"></span>retain<span class=\"_ _0\"></span>ed is i<span class=\"_ _0\"></span>nitially<span class=\"_ _0\"></span> measu<span class=\"_ _0\"></span>red at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e.<span class=\"ls1 ws1\"> <span class=\"ws1fe\">This fair value be<span class=\"_ _0\"></span>comes </span></span>the init<span class=\"_ _0\"></span>ial ca<span class=\"_ _0\"></span>rrying a<span class=\"_ _0\"></span>moun<span class=\"_ _0\"></span>t at the d<span class=\"_ _0\"></span>ate wh<span class=\"_ _0\"></span>en contro<span class=\"_ _9f\"></span>l is lost and f<span class=\"_ _0\"></span>or the pu<span class=\"_ _9f\"></span>rposes of<span class=\"_ _0\"></span> subseq<span class=\"_ _0\"></span>uently<span class=\"_ _9f\"></span> accountin<span class=\"_ _0\"></span>g for <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>retained<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest a<span class=\"_ _0\"></span>s an a<span class=\"_ _0\"></span>ssociat<span class=\"_ _0\"></span>e, join<span class=\"_ _9f\"></span>t ventur<span class=\"_ _0\"></span>e or financ<span class=\"_ _0\"></span>ial asset.<span class=\"ls1 ws1\"> </span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span><span class=\"ff3a\">J<span class=\"ls48 ws239\">ointly controlled sub<span class=\"_ _3\"></span>sidiaries and associated particip<span class=\"_ _3\"></span>ating </span></span></span>interests<span class=\"ls1 ws1\"> </span>Joint<span class=\"_ _3\"></span>ly controlle<span class=\"_ _3\"></span>d subsidiar<span class=\"_ _3\"></span>ies<span class=\"ls1\"> </span>Companies which are con<span class=\"_ _0\"></span>trolled jointly (defined as those entitie<span class=\"_ _0\"></span>s in which the group has joint<span class=\"_ _0\"></span> control, among oth<span class=\"_ _0\"></span>ers via the shareho<span class=\"_ _0\"></span>lders\u2019 percentage o<span class=\"_ _0\"></span>r via contr<span class=\"_ _0\"></span>actual a<span class=\"_ _0\"></span>greem<span class=\"_ _0\"></span>ent with<span class=\"_ _0\"></span> one o<span class=\"_ _0\"></span>r <span class=\"ws232\">more<span class=\"_ _0\"></span> of the o<span class=\"_ _0\"></span>ther sh<span class=\"_ _0\"></span>areho<span class=\"_ _0\"></span>lders an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>at are<span class=\"_ _0\"></span> </span>consi<span class=\"_ _0\"></span>dered to<span class=\"_ _0\"></span> be joi<span class=\"_ _0\"></span>nt ventu<span class=\"_ _0\"></span>res) ar<span class=\"_ _0\"></span>e inclu<span class=\"_ _0\"></span>ded on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of th<span class=\"_ _0\"></span>e equi<span class=\"_ _0\"></span>ty metho<span class=\"_ _0\"></span>d as from the date of acqu<span class=\"_ _0\"></span>isition until the end of the joint cont<span class=\"_ _0\"></span>rol.<span class=\"ws1\"> </span>Associ<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>articip<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> interes<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>Assoc<span class=\"_ _0\"></span>iated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pating<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">rests in which th<span class=\"_ _0\"></span>e group has <span class=\"_ _0\"></span>a significant influenc<span class=\"_ _0\"></span>e, </span>more specifically companies in w<span class=\"_ _0\"></span>hich AvH has the<span class=\"_ _3\"></span> pow<span class=\"_ _0\"></span>er to participate (without control) in the financi<span class=\"_ _0\"></span>al and operational <span class=\"_ _0\"></span>management decisions, are <span class=\"_ _0\"></span>included in accordance with the equity m<span class=\"_ _0\"></span>ethod, as from the date of acquisition unt<span class=\"_ _0\"></span>il the end of the significant influenc<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>The equity method<span class=\"ws1\"> </span>Asset<span class=\"_ _0\"></span>s, liabi<span class=\"_ _0\"></span>lities,<span class=\"_ _0\"></span> reven<span class=\"_ _0\"></span>ues an<span class=\"_ _0\"></span>d expen<span class=\"_ _0\"></span>ses f<span class=\"_ _0\"></span>rom join<span class=\"_ _0\"></span>tly con<span class=\"_ _0\"></span>trolled<span class=\"_ _0\"></span> subsi<span class=\"_ _0\"></span>diaries <span class=\"_ _0\"></span>and associates are accounted for und<span class=\"_ _0\"></span>er the equity method in the consolid<span class=\"_ _0\"></span>ated financial sta<span class=\"ls1 ws21a\">tements.<span class=\"_ _0\"></span> Under the equi<span class=\"_ _0\"></span>ty method, an inv<span class=\"_ _0\"></span>estment in a jo<span class=\"_ _0\"></span>int<span class=\"ls35 ws213\">ly</span><span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls40 ws218\">controlled </span></span></span>subsidiary <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">or a<span class=\"_ _0\"></span>ssociat<span class=\"_ _0\"></span>e is fir<span class=\"_ _0\"></span>stly rec<span class=\"_ _0\"></span>orded<span class=\"_ _0\"></span> at cost <span class=\"_ _0\"></span>in the con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l </span>state<span class=\"_ _0\"></span>ment<span class=\"ls1 ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f7\">and then adjusted to record <span class=\"_ _0\"></span>the share of the Group in the net result </span></span>and in the<span class=\"_ _3\"></span> comprehen<span class=\"_ _0\"></span>si<span class=\"ls30 ws23d\">ve inco<span class=\"_ _0\"></span>me of t<span class=\"_ _0\"></span>he <span class=\"ls25 ws204\">jo<span class=\"_ _0\"></span>intly con<span class=\"_ _9f\"></span>trolled su<span class=\"_ _0\"></span>bsidia<span class=\"_ _0\"></span>ry or a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>te<span class=\"ls31 ws206\">. </span></span></span>When th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span>'s share o<span class=\"_ _0\"></span>f losse<span class=\"_ _0\"></span>s of a<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span>jointly con<span class=\"_ _0\"></span>trolle<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>sidiary o<span class=\"_ _0\"></span>r assoc<span class=\"_ _0\"></span>iate<span class=\"ls1 ws1\"> </span>exceed<span class=\"_ _0\"></span>s the Grou<span class=\"_ _0\"></span>p's int<span class=\"_ _0\"></span>erest in th<span class=\"_ _9f\"></span>at jointly <span class=\"_ _0\"></span>control<span class=\"_ _0\"></span>led sub<span class=\"_ _0\"></span>sidiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">(wh<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>h </span></span>includes any long<span class=\"ws1\">-<span class=\"ls25 ws1f9\">term<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rests <span class=\"_ _0\"></span>that, <span class=\"_ _0\"></span>in su<span class=\"_ _0\"></span>bstanc<span class=\"_ _0\"></span>e, form<span class=\"_ _0\"></span> part o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> Group'<span class=\"_ _9f\"></span>s net </span></span>investm<span class=\"_ _9f\"></span>ent in the <span class=\"ws208\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary o<span class=\"_ _0\"></span>r asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws20b\">), th<span class=\"_ _0\"></span>e Group discontinues<span class=\"_ _0\"></span> </span></span>recogn<span class=\"_ _0\"></span>ising i<span class=\"_ _0\"></span>ts share o<span class=\"_ _0\"></span>f furth<span class=\"_ _0\"></span>er loss<span class=\"_ _0\"></span>es. Additio<span class=\"_ _9f\"></span>nal losse<span class=\"_ _0\"></span>s are reco<span class=\"_ _0\"></span>gnised<span class=\"_ _0\"></span> only to th<span class=\"_ _0\"></span>e extent th<span class=\"_ _9f\"></span>at the Group h<span class=\"_ _0\"></span>as incur<span class=\"_ _0\"></span>red leg<span class=\"_ _0\"></span>al or cons<span class=\"_ _0\"></span>tructiv<span class=\"_ _0\"></span>e obliga<span class=\"_ _0\"></span>tions o<span class=\"_ _0\"></span>r made<span class=\"_ _0\"></span> payments on behalf of<span class=\"_ _0\"></span> the <span class=\"ls25 ws1eb\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls40 ws218\">. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>According to the equity me<span class=\"_ _0\"></span>thod, the participating int<span class=\"_ _0\"></span>erests are initially record<span class=\"_ _0\"></span>ed at cost.  An<span class=\"_ _0\"></span>y surplu<span class=\"_ _0\"></span>s between<span class=\"_ _0\"></span> the co<span class=\"_ _0\"></span>st of the inve<span class=\"_ _0\"></span>stme<span class=\"ls1 ws1f3\">nt and the share in the fair </span>val<span class=\"_ _3\"></span>ue of net as<span class=\"_ _3\"></span>sets of the<span class=\"_ _3\"></span> entity is re<span class=\"_ _3\"></span>corded<span class=\"_ _3\"></span> as goodwil<span class=\"_ _3\"></span>l inclu<span class=\"_ _3\"></span>ded in the c<span class=\"_ _3\"></span>arryin<span class=\"_ _3\"></span>g amount of the investment. The carryin<span class=\"_ _0\"></span>g amount is subsequently modified to inclu<span class=\"_ _0\"></span>de the sh<span class=\"_ _0\"></span>are of<span class=\"_ _0\"></span> the grou<span class=\"_ _9f\"></span>p in the pro<span class=\"_ _0\"></span>fit or l<span class=\"_ _0\"></span>oss of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipat<span class=\"_ _9f\"></span><span class=\"ls33 ws215\">i<span class=\"_ _3\"></span>ng inte<span class=\"_ _3\"></span>rest, as </span>from th<span class=\"_ _0\"></span>e dat<span class=\"_ _0\"></span>e of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>e. The f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al state<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>ese com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es are prepared for the same <span class=\"_ _0\"></span>reporting period a<span class=\"_ _0\"></span>s AvH and uniform IFRS valua<span class=\"_ _0\"></span>tion rules ar<span class=\"_ _3\"></span>e ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d. Un<span class=\"_ _3\"></span>real<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d int<span class=\"_ _3\"></span>ra-group p<span class=\"_ _0\"></span>rofits <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>sses on<span class=\"_ _0\"></span> tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span>s are elimin<span class=\"_ _0\"></span>ated<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">to th<span class=\"_ _0\"></span>e extent of th<span class=\"_ _0\"></span>e interest in th<span class=\"_ _0\"></span>e compan<span class=\"_ _0\"></span>y.<span class=\"ls1 ws1\"> </span></span></span>The Group continu<span class=\"_ _0\"></span>es to use the equ<span class=\"_ _0\"></span>ity method when an<span class=\"_ _0\"></span> investment in an <span class=\"_ _0\"></span>associate becomes an investment in a jo<span class=\"_ _0\"></span>intly controlled subsidary or an investmen<span class=\"_ _0\"></span>t in a jointly controlled subsidiary beco<span class=\"_ _0\"></span>mes an investment <span class=\"_ _9c\"> </span>in an as<span class=\"_ _0\"></span>sociat<span class=\"_ _0\"></span>e. Ther<span class=\"_ _0\"></span>e is no<span class=\"_ _0\"></span> remeasurement to fair va<span class=\"_ _0\"></span>lue upon such changes in ownership <span class=\"_ _0\"></span>interests. When the Group<span class=\"_ _0\"></span> reduc<span class=\"_ _0\"></span>es its ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span> in an <span class=\"_ _0\"></span>associa<span class=\"_ _0\"></span>te or a<span class=\"_ _0\"></span> jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subsidiary but <span class=\"_ _0\"></span>the Group continues<span class=\"_ _0\"></span> to use the <span class=\"_ _0\"></span>equity method, the <span class=\"_ _0\"></span>Group<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls33 ws1f0\">r<span class=\"_ _3\"></span>eclassi<span class=\"_ _3\"></span>fies </span></span>to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _9f\"></span>ss the pro<span class=\"_ _0\"></span>portion<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e gain o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>had prev<span class=\"_ _0\"></span>iously<span class=\"_ _0\"></span> been<span class=\"_ _0\"></span> re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d in o<span class=\"_ _3\"></span>ther<span class=\"_ _3\"></span> comp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome<span class=\"_ _3\"></span> rela<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g to tha<span class=\"_ _3\"></span>t re<span class=\"_ _3\"></span>duct<span class=\"_ _3\"></span>ion i<span class=\"_ _3\"></span>n own<span class=\"_ _3\"></span>ers<span class=\"_ _3\"></span>hip inter<span class=\"_ _0\"></span>est if tha<span class=\"_ _0\"></span>t gain o<span class=\"_ _0\"></span>r loss w<span class=\"_ _0\"></span>ould be <span class=\"_ _0\"></span>reclas<span class=\"_ _0\"></span>sified to<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss on the d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>s<span class=\"ls4a ws22c\">a<span class=\"_ _3\"></span>l o<span class=\"_ _3\"></span>f </span>the rela<span class=\"_ _0\"></span>ted assets o<span class=\"_ _0\"></span>r liabili<span class=\"_ _0\"></span>ties.<span class=\"ls1 ws1\"> </span>Joint op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ons<span class=\"ls1 ws1\"> </span>A joint o<span class=\"_ _0\"></span>peratio<span class=\"_ _0\"></span>n is a joi<span class=\"_ _0\"></span>nt arran<span class=\"_ _0\"></span>gemen<span class=\"_ _0\"></span>t in wh<span class=\"_ _0\"></span>ich the part<span class=\"_ _0\"></span>ies (join<span class=\"_ _9f\"></span>t operator<span class=\"_ _0\"></span>s) have<span class=\"_ _0\"></span> direct <span class=\"_ _0\"></span>rights ov<span class=\"_ _9f\"></span>er the asset<span class=\"_ _0\"></span>s and dire<span class=\"_ _0\"></span>ct obl<span class=\"_ _0\"></span>igatio<span class=\"_ _0\"></span>ns with re<span class=\"_ _0\"></span>spect <span class=\"_ _0\"></span>to the ent<span class=\"_ _0\"></span>ity\u2019s<span class=\"_ _0\"></span> liabil<span class=\"_ _0\"></span>ities. Joi<span class=\"_ _0\"></span>nt control is t<span class=\"ls1 ws247\">he contractu<span class=\"_ _0\"></span>ally agreed sharing <span class=\"_ _3\"></span>of control of an </span>arrang<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>me<span class=\"_ _0\"></span>nt, wh<span class=\"_ _0\"></span>ich exi<span class=\"_ _0\"></span>sts on<span class=\"_ _0\"></span>ly when<span class=\"_ _0\"></span> decis<span class=\"_ _0\"></span>ions abo<span class=\"_ _0\"></span>ut th<span class=\"_ _0\"></span>e releva<span class=\"_ _0\"></span>nt act<span class=\"_ _0\"></span>iviti<span class=\"_ _0\"></span>es requi<span class=\"_ _0\"></span>re unanimous consen<span class=\"_ _0\"></span>t of the parties sharing control.<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws1db\">When<span class=\"_ _0\"></span> a sub<span class=\"_ _0\"></span>sidiary o<span class=\"_ _0\"></span>f AvH <span class=\"_ _0\"></span>starts<span class=\"_ _0\"></span> </span></span>a join<span class=\"_ _0\"></span>t opera<span class=\"_ _0\"></span>tion, th<span class=\"_ _0\"></span>at <span class=\"ls33 ws204\">subsid<span class=\"_ _3\"></span>iary rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>s:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">its asse<span class=\"_ _0\"></span>ts, inc<span class=\"_ _0\"></span>ludin<span class=\"_ _0\"></span>g its sha<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span> of<span class=\"_ _0\"></span> any ass<span class=\"_ _0\"></span>ets h<span class=\"_ _0\"></span>eld join<span class=\"_ _0\"></span>tly;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws223\">its liabilit<span class=\"_ _0\"></span>ies, includ<span class=\"_ _9f\"></span>ing its share of any liab<span class=\"_ _0\"></span>ilities inc<span class=\"_ _0\"></span>urred held<span class=\"_ _0\"></span> jointly;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fc\">its rev<span class=\"_ _0\"></span>enue fro<span class=\"_ _0\"></span>m the <span class=\"_ _0\"></span>sale of i<span class=\"_ _0\"></span>ts sha<span class=\"_ _0\"></span>re of<span class=\"_ _0\"></span> the outp<span class=\"_ _0\"></span>ut aris<span class=\"_ _0\"></span>ing fro<span class=\"_ _0\"></span>m the <span class=\"_ _0\"></span>joint </span>ope<span class=\"_ _3\"></span>ration;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws20a\">its sh<span class=\"_ _0\"></span>a<span class=\"ls30 ws248\">re of th<span class=\"_ _9f\"></span>e revenu<span class=\"_ _0\"></span>e from<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le of<span class=\"_ _0\"></span> its sh<span class=\"_ _0\"></span>are of t<span class=\"_ _0\"></span>he ou<span class=\"_ _0\"></span>tput by<span class=\"_ _9f\"></span> the joint<span class=\"_ _0\"></span> </span></span></span>ope<span class=\"_ _3\"></span>ration;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">its expenses, including its s<span class=\"_ _3\"></span>hare of any expenses incurred jointly.<span class=\"ws1\"> </span></span></span>4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Business c<span class=\"_ _3\"></span>ombinatio<span class=\"_ _3\"></span>ns</span> Acquisitions of busine<span class=\"_ _0\"></span>sses are accounted f<span class=\"_ _0\"></span>or using the acquisition method. <span class=\"_ _0\"></span>The consideration transferr<span class=\"_ _0\"></span>ed in a business combination is measured at fair value, which is calculated as the sum of the acquis<span class=\"_ _0\"></span>ition<span class=\"ws1\">-<span class=\"ls25 ws20a\">date f<span class=\"_ _0\"></span>air value<span class=\"_ _0\"></span>s of the a<span class=\"_ _0\"></span>ssets </span></span>transf<span class=\"_ _0\"></span>erred by th<span class=\"ls1 ws1f6\">e <span class=\"_ _0\"></span>Group, liabilities incurred by the Group to t<span class=\"_ _0\"></span>he former owners of </span>the acquiree and t<span class=\"_ _0\"></span>he equity interests <span class=\"_ _0\"></span>issued by the Gro<span class=\"_ _0\"></span>up in exchange for c<span class=\"_ _0\"></span>ontrol of the acquiree. Acquisit<span class=\"_ _0\"></span>ion<span class=\"ws1\">-</span>related costs are gener<span class=\"_ _0\"></span>ally recognised in the incom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>ment as <span class=\"ls34 ws1ea\">opera<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span><span class=\"ls30\">ex<span class=\"ls34 ws1f5\">pense<span class=\"_ _3\"></span>s as<span class=\"_ _3\"></span> incu<span class=\"_ _3\"></span>rred<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span></span></span>Goodw<span class=\"_ _0\"></span>ill is ini<span class=\"_ _0\"></span>tiall<span class=\"_ _0\"></span>y measu<span class=\"_ _0\"></span>red at co<span class=\"_ _0\"></span>st (be<span class=\"_ _0\"></span>ing the ex<span class=\"_ _0\"></span>cess of<span class=\"_ _0\"></span> the ag<span class=\"_ _0\"></span>grega<span class=\"_ _0\"></span>te of the<span class=\"_ _0\"></span> consideration transferred and th<span class=\"_ _0\"></span>e amount recognised for non<span class=\"ws1\">-<span class=\"ls25 ws1eb\">con<span class=\"_ _0\"></span>trollin<span class=\"_ _0\"></span>g inter<span class=\"_ _0\"></span>ests </span></span>and an<span class=\"_ _0\"></span>y prev<span class=\"_ _0\"></span>ious in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>held ov<span class=\"_ _9f\"></span>er the n<span class=\"_ _0\"></span>et identif<span class=\"_ _9f\"></span>iable as<span class=\"_ _0\"></span>sets acq<span class=\"_ _0\"></span>uired <span class=\"_ _0\"></span><span class=\"ls34 ws1ea\">an<span class=\"_ _3\"></span>d </span>liabil<span class=\"_ _0\"></span>ities as<span class=\"_ _0\"></span>sumed). A<span class=\"_ _0\"></span>fter in<span class=\"_ _0\"></span>itial r<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on, go<span class=\"_ _0\"></span>odwill is <span class=\"_ _0\"></span>measured<span class=\"_ _0\"></span> at cos<span class=\"_ _0\"></span>t less any<span class=\"_ _0\"></span> accumulated impairment loss<span class=\"_ _0\"></span>es. For the purpose of impairment testing, goodwi<span class=\"_ _0\"></span>ll acquired in a busin<span class=\"_ _0\"></span>ess combination is, from th<span class=\"_ _0\"></span>e acquisition date, allocated t<span class=\"_ _0\"></span>o each of<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ls25 ws249\">the Grou<span class=\"_ _0\"></span>p\u2019s cash<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ws1f1\">generating units that are expect<span class=\"_ _0\"></span>ed to benefit from the </span></span></span></span>combin<span class=\"_ _0\"></span>ation,<span class=\"_ _0\"></span> irres<span class=\"_ _0\"></span>pectiv<span class=\"_ _0\"></span>e of wh<span class=\"_ _0\"></span>ether <span class=\"_ _0\"></span>other a<span class=\"_ _0\"></span>ssets o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es of the<span class=\"_ _0\"></span> acquir<span class=\"_ _0\"></span>ee are<span class=\"_ _0\"></span> assign<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>ose un<span class=\"_ _0\"></span>its. <span class=\"ls1 ws1\"> </span>Where goodwill has been al<span class=\"_ _0\"></span>located to a cash<span class=\"ws1\">-</span>generating un<span class=\"_ _0\"></span>it (CGU) and pa<span class=\"ls4a ws24a\">rt<span class=\"_ _3\"></span> of </span>the op<span class=\"_ _0\"></span>eration<span class=\"_ _0\"></span> within <span class=\"_ _0\"></span>that un<span class=\"_ _9f\"></span>it is dispo<span class=\"_ _0\"></span>sed of<span class=\"_ _0\"></span>, the goo<span class=\"_ _0\"></span>dwill a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>ted with<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> disposed operation is includ<span class=\"_ _0\"></span>ed in the carrying amount of the oper<span class=\"_ _0\"></span>ation when determining the gain or loss on disposal.  Goodwil<span class=\"_ _0\"></span>l disposed in these circumstances is measu<span class=\"_ _0\"></span>re<span class=\"ls1 ws219\">d based on <span class=\"_ _0\"></span>the relative value<span class=\"_ _0\"></span>s of the disposed<span class=\"_ _0\"></span> operation and the po<span class=\"_ _0\"></span>rtion </span>of the c<span class=\"_ _0\"></span>ash<span class=\"ls1 ws1\">-<span class=\"ws1ed\">gene<span class=\"_ _0\"></span>rating <span class=\"_ _3\"></span>unit retained.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws244\">contro<span class=\"_ _0\"></span>lling i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>ests tha<span class=\"_ _0\"></span>t rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span> owner<span class=\"_ _0\"></span>ship in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span>s and en<span class=\"_ _0\"></span>title t<span class=\"_ _0\"></span>heir </span></span>holde<span class=\"_ _0\"></span>rs to a prop<span class=\"_ _0\"></span>ortion<span class=\"_ _0\"></span>ate sh<span class=\"_ _0\"></span>are of the en<span class=\"_ _0\"></span>tity's n<span class=\"_ _9f\"></span>et assets in th<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ws241\">event of liquidation </span></span>may be init<span class=\"_ _0\"></span>ially measu<span class=\"_ _0\"></span>red eith<span class=\"_ _0\"></span>er at fair valu<span class=\"_ _0\"></span>e or at the non<span class=\"ls1 ws1\">-<span class=\"ls33 ws23a\">contro<span class=\"_ _3\"></span>lling<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>sts' </span></span>proportionate share of th<span class=\"_ _0\"></span>e recognised amount<span class=\"_ _0\"></span>s of the acquiree's identifiable n<span class=\"_ _0\"></span>et assets.<span class=\"_ _0\"></span> The ch<span class=\"_ _0\"></span>oic<span class=\"_ _0\"></span>e of mea<span class=\"_ _0\"></span>surem<span class=\"_ _0\"></span>ent ba<span class=\"_ _0\"></span>sis is ma<span class=\"_ _0\"></span>de on a<span class=\"_ _0\"></span> trans<span class=\"_ _0\"></span>action<span class=\"ls1 ws1\">-<span class=\"_ _0\"></span>by-t<span class=\"ls33 ws1f0\">ransa<span class=\"_ _3\"></span>ction </span></span>basis.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>When the consideration transferred by the Group in a business combinat<span class=\"_ _0\"></span>ion inclu<span class=\"_ _0\"></span>des asse<span class=\"_ _0\"></span>ts or lia<span class=\"_ _0\"></span>bilitie<span class=\"_ _0\"></span>s resu<span class=\"_ _0\"></span>lting fro<span class=\"_ _0\"></span>m a conti<span class=\"_ _0\"></span>ngent c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n arrang<span class=\"_ _0\"></span>ement,<span class=\"_ _0\"></span> the con<span class=\"_ _0\"></span>tingen<span class=\"_ _0\"></span>t consid<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>ra<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s measure<span class=\"_ _0\"></span>d at its a<span class=\"_ _0\"></span>cquisi<span class=\"_ _0\"></span>tion<span class=\"ls1 ws1\">-<span class=\"ls42 ws24d\">dat<span class=\"_ _0\"></span>e fair val<span class=\"_ _0\"></span>ue an<span class=\"ls34 ws1ea\">d </span></span></span>inclu<span class=\"_ _0\"></span>ded as pa<span class=\"_ _0\"></span>rt of th<span class=\"_ _0\"></span>e consid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n tran<span class=\"_ _0\"></span>sferred<span class=\"_ _0\"></span> in a busin<span class=\"_ _0\"></span>ess comb<span class=\"_ _9f\"></span>ination.<span class=\"_ _0\"></span> <span class=\"_ _23\"></span> Changes in the fair v<span class=\"_ _0\"></span>alue of the contingent con<span class=\"_ _0\"></span>sideration that qualify a<span class=\"_ _0\"></span>s measur<span class=\"_ _0\"></span>ement pe<span class=\"_ _0\"></span>riod adju<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>ts are adju<span class=\"_ _0\"></span>sted retro<span class=\"_ _0\"></span>spectiv<span class=\"_ _9f\"></span>ely, with corre<span class=\"_ _0\"></span>spond<span class=\"_ _0\"></span>ing adjustm<span class=\"_ _9f\"></span>ents agains<span class=\"_ _0\"></span>t goodwi<span class=\"_ _0\"></span>ll. Meas<span class=\"_ _0\"></span>uremen<span class=\"_ _0\"></span>t period adju<span class=\"_ _9f\"></span>stments ar<span class=\"_ _0\"></span>e adjustm<span class=\"_ _0\"></span>ents that arise from addi<span class=\"_ _0\"></span>tional information ob<span class=\"_ _0\"></span>tained during the \u2018m<span class=\"_ _0\"></span>easurement period\u2019 (which cannot ex<span class=\"_ _0\"></span>ceed one year from <span class=\"_ _0\"></span>the acquisition da<span class=\"_ _0\"></span>te) about facts and<span class=\"_ _0\"></span> circumstances that existed at the ac<span class=\"_ _3\"></span>quis<span class=\"_ _0\"></span>ition da<span class=\"ls33 ws1f0\">te<span class=\"_ _3\"></span>.</span><span class=\"ws1\"> </span>The subsequent accounting f<span class=\"_ _0\"></span>or changes in the fair value of the contingent consideration that do<span class=\"_ _0\"></span> not qualify a<span class=\"_ _0\"></span>s measurement period <span class=\"_ _0\"></span>adjustments depend<span class=\"_ _0\"></span>s on how the contingent considera<span class=\"_ _0\"></span>tion is classified. Contingent consideration that is<span class=\"_ _0\"></span> classif<span class=\"_ _0\"></span>ied as an a<span class=\"ls33 ws1fa\">sset or a lia<span class=\"_ _3\"></span>bility is<span class=\"_ _3\"></span> remeas<span class=\"_ _3\"></span>ured at sub<span class=\"_ _3\"></span>sequen<span class=\"_ _3\"></span>t report<span class=\"_ _3\"></span>ing dates i<span class=\"_ _3\"></span>n </span>accord<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith IF<span class=\"_ _0\"></span>RS 9, o<span class=\"_ _0\"></span>r IAS 37<span class=\"_ _0\"></span> provi<span class=\"_ _0\"></span>sions,<span class=\"_ _0\"></span> contin<span class=\"_ _0\"></span>gent l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ities and<span class=\"_ _9f\"></span> conting<span class=\"_ _0\"></span>ent assets, as appropr<span class=\"_ _0\"></span>iate, with the corresponding g<span class=\"_ _0\"></span>ain or loss being r<span class=\"_ _0\"></span>ecognised in profit o<span class=\"_ _9f\"></span>r loss. <span class=\"ls1 ws1\"> </span>When a b<span class=\"ls25 ws1f9\">usin<span class=\"_ _0\"></span>ess com<span class=\"_ _0\"></span>binatio<span class=\"_ _0\"></span>n is ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>d in stage<span class=\"_ _0\"></span>s, the G<span class=\"_ _0\"></span>roup'<span class=\"_ _0\"></span>s previou<span class=\"_ _9f\"></span>sly held </span>equity i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st in the acqu<span class=\"_ _9f\"></span>iree is reme<span class=\"_ _0\"></span>asured<span class=\"_ _0\"></span> to its acqu<span class=\"_ _0\"></span>isitio<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls42 ws24e\">date fai<span class=\"_ _0\"></span>r value and<span class=\"_ _0\"></span> </span></span>the r<span class=\"_ _0\"></span>esulting g<span class=\"_ _9f\"></span>ain or lo<span class=\"_ _0\"></span>ss, if a<span class=\"_ _0\"></span>ny, is<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ised in p<span class=\"_ _0\"></span>rofit <span class=\"_ _0\"></span>or loss.<span class=\"_ _0\"></span> Amoun<span class=\"_ _0\"></span>ts aris<span class=\"_ _0\"></span>ing from<span class=\"_ _3\"></span> interest<span class=\"_ _3\"></span>s <span class=\"ls25 ws20a\">in th<span class=\"_ _0\"></span>e acqu<span class=\"_ _0\"></span>iree p<span class=\"_ _0\"></span>rior to<span class=\"_ _0\"></span> the a<span class=\"_ _0\"></span>cquisi<span class=\"_ _0\"></span>tion d<span class=\"_ _0\"></span>ate th<span class=\"_ _0\"></span>at hav<span class=\"_ _0\"></span>e prev<span class=\"_ _0\"></span>iously<span class=\"_ _0\"></span> </span>been r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ised <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>preh<span class=\"_ _0\"></span>ensive<span class=\"_ _0\"></span> incom<span class=\"_ _9f\"></span>e are rec<span class=\"_ _0\"></span>lassif<span class=\"_ _0\"></span>ied to<span class=\"_ _0\"></span> profi<span class=\"_ _9f\"></span>t or loss<span class=\"_ _0\"></span> wher<span class=\"_ _0\"></span>e such t<span class=\"_ _0\"></span>reatmen<span class=\"_ _0\"></span>t would b<span class=\"_ _9f\"></span>e appropri<span class=\"_ _0\"></span>ate if th<span class=\"_ _0\"></span>at inte<span class=\"_ _0\"></span>rest w<span class=\"_ _0\"></span>ere disp<span class=\"_ _0\"></span>osed of<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>If the initial accounting for a<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">business combination is incompl<span class=\"_ _0\"></span>ete by the end of the </span></span>reporting period <span class=\"_ _0\"></span>in which the combina<span class=\"_ _0\"></span>tion occurs, the Group<span class=\"_ _0\"></span> reports provisional<span class=\"_ _0\"></span> amounts for <span class=\"_ _0\"></span>the items for which <span class=\"_ _0\"></span>the accounting i<span class=\"_ _0\"></span>s incomplete. Those p<span class=\"_ _0\"></span>rovisional amount<span class=\"_ _0\"></span>s are adjust<span class=\"_ _0\"></span>ed retro<span class=\"_ _0\"></span>spect<span class=\"_ _0\"></span>ively duri<span class=\"_ _0\"></span>n<span class=\"ws1eb\">g the <span class=\"_ _0\"></span>measure<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>eriod (<span class=\"_ _0\"></span>see abo<span class=\"_ _0\"></span>ve), </span>or add<span class=\"_ _0\"></span>itional <span class=\"_ _0\"></span>assets o<span class=\"_ _9f\"></span>r liabiliti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ised, to <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t new in<span class=\"_ _0\"></span>forma<span class=\"_ _0\"></span>tion obtained about fa<span class=\"_ _0\"></span>cts and circumstance<span class=\"_ _0\"></span>s that existed at th<span class=\"_ _0\"></span>e acquisition dat<span class=\"_ _0\"></span>e that, if known, would hav<span class=\"_ _0\"></span>e affected the amounts recogni<span class=\"_ _0\"></span>sed at t<span class=\"ls4b ws24e\">hat d<span class=\"_ _3\"></span>ate.</span><span class=\"ws1\"> </span>As current IFRSs do not <span class=\"_ _0\"></span>specify recognition and m<span class=\"_ _0\"></span>easurement principles in resp<span class=\"_ _0\"></span>ect  of business comb<span class=\"_ _0\"></span>inations between <span class=\"_ _0\"></span>entities under common <span class=\"_ _0\"></span>control (these <span class=\"_ _0\"></span>are excluded from the scope of IFRS 3 business comb<span class=\"_ _0\"></span>inations), the Group applies predec<span class=\"_ _9f\"></span>essor a<span class=\"ls1 ws1f5\">ccount<span class=\"_ _0\"></span>ing. This <span class=\"_ _3\"></span>mean<span class=\"_ _0\"></span>s that the<span class=\"_ _3\"></span> assets and liabilities of the acquiree </span>are in<span class=\"_ _0\"></span>itially<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nised <span class=\"_ _0\"></span>at the<span class=\"_ _0\"></span>ir carr<span class=\"_ _0\"></span>ying am<span class=\"_ _9f\"></span>ount witho<span class=\"_ _0\"></span>ut fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e adju<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">T<span class=\"_ _3\"></span>he </span></span>difference between <span class=\"_ _0\"></span>the acquisition/selling <span class=\"_ _0\"></span>price and the carrying <span class=\"_ _0\"></span>amount of the net assets <span class=\"_ _0\"></span>acquir<span class=\"_ _0\"></span>ed/<span class=\"ls1 ws1f7\">disposed of is accounted for in equity as a<span class=\"_ _3\"></span> compensation to the </span>shareholder. 5.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Intangible<span class=\"_ _3\"></span> fixed as<span class=\"_ _3\"></span>sets</span> Intang<span class=\"_ _0\"></span>ible fix<span class=\"_ _9f\"></span>ed assets wi<span class=\"_ _0\"></span>th a fini<span class=\"_ _0\"></span>te usef<span class=\"_ _0\"></span>ul life a<span class=\"_ _0\"></span>re stat<span class=\"_ _0\"></span>ed at cost,<span class=\"_ _0\"></span> less a<span class=\"_ _0\"></span>ccumul<span class=\"_ _0\"></span>ated amortisation and any ac<span class=\"_ _0\"></span>cumulated impairment loss<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>Intangible fixed<span class=\"ws1\"> <span class=\"_ _7\"> </span><span class=\"ls33 ws222\">asse<span class=\"_ _3\"></span>ts are amo<span class=\"_ _3\"></span>rtised on a<span class=\"_ _3\"></span> straigh<span class=\"_ _3\"></span>t</span>-<span class=\"ws21f\">line basis over the useful </span></span>economic life. <span class=\"_ _0\"></span>The useful economic<span class=\"_ _0\"></span> life is reviewed p<span class=\"_ _0\"></span>er annum and thi<span class=\"_ _0\"></span>s is also the<span class=\"_ _0\"></span> case fo<span class=\"_ _0\"></span>r any re<span class=\"_ _0\"></span>sidual va<span class=\"_ _0\"></span>lue. Th<span class=\"_ _0\"></span>e residu<span class=\"_ _0\"></span>al valu<span class=\"_ _0\"></span>e is assum<span class=\"_ _0\"></span>ed to be <span class=\"_ _0\"></span>zero.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Intangible fixed assets with indefinite<span class=\"ws1\"> <span class=\"ls25 ws1eb\">us<span class=\"_ _0\"></span>eful life,<span class=\"_ _0\"></span> stated a<span class=\"_ _0\"></span>t cost, a<span class=\"_ _0\"></span>re not amor<span class=\"_ _0\"></span>tised<span class=\"_ _9f\"></span> </span></span>but are subject to <span class=\"_ _0\"></span>an impairment test on <span class=\"_ _0\"></span>an annual basis and wh<span class=\"_ _0\"></span>enever indications<span class=\"_ _0\"></span> of a po<span class=\"_ _0\"></span>ssible i<span class=\"_ _0\"></span>mpairm<span class=\"_ _0\"></span>ent occ<span class=\"_ _0\"></span>ur.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Costs f<span class=\"_ _0\"></span>or st<span class=\"_ _0\"></span>arting u<span class=\"_ _0\"></span>p new a<span class=\"_ _0\"></span>ctiviti<span class=\"_ _0\"></span>es are i<span class=\"_ _0\"></span>nclud<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss at th<span class=\"_ _0\"></span>e tim<span class=\"_ _0\"></span>e they occu<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">. </span>Resear<span class=\"_ _0\"></span>ch exp<span class=\"_ _0\"></span>enses a<span class=\"_ _0\"></span>re taken<span class=\"_ _0\"></span> into p<span class=\"_ _0\"></span>rofit o<span class=\"_ _9f\"></span>r loss in th<span class=\"_ _0\"></span>e period <span class=\"_ _0\"></span>in whic<span class=\"_ _0\"></span>h they a<span class=\"_ _0\"></span>rise. Deve<span class=\"_ _0\"></span>lopmen<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>enses <span class=\"_ _0\"></span>that m<span class=\"_ _0\"></span>eet <span class=\"_ _0\"></span>the se<span class=\"_ _0\"></span>vere <span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span> criter<span class=\"_ _0\"></span>ia of<span class=\"_ _0\"></span> IAS 3<span class=\"_ _0\"></span>8 ar<span class=\"_ _0\"></span>e capitalised and amortised over the useful li<span class=\"_ _3\"></span>fe.<span class=\"ws1\"> </span>6.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Goodwill</span> Goodwil<span class=\"_ _0\"></span>l arisin<span class=\"_ _0\"></span>g from a <span class=\"ls1 ws20b\">bu<span class=\"_ _0\"></span>siness combination is recogni<span class=\"_ _0\"></span>sed as an asset on the date </span>on which control was obtained (the acquisition date). Goodw<span class=\"_ _0\"></span>ill is measured at cost being the excess of the consideration transferr<span class=\"_ _0\"></span>ed, the non<span class=\"ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>ts in </span></span>th<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>quire<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpan<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span><span class=\"ls1 ws1f6\">air valu<span class=\"_ _0\"></span>e of the s<span class=\"_ _0\"></span>take already owned by<span class=\"_ _0\"></span> the Group </span>in the acquired company (if any) over the net amount of identif<span class=\"_ _0\"></span>iable assets acquired and liabilities assumed on <span class=\"_ _3\"></span>the acquisition dat<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling <span class=\"_ _0\"></span>inter<span class=\"_ _0\"></span>ests a<span class=\"_ _0\"></span>re initi<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ed eithe<span class=\"_ _0\"></span>r at fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue, o<span class=\"_ _0\"></span><span class=\"ws204\">r at the non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-</span></span></span></span>controlling interests' <span class=\"_ _0\"></span>share of the acquiree'<span class=\"_ _0\"></span>s recognised identifiable net as<span class=\"_ _0\"></span>sets. The basis o<span class=\"_ _0\"></span>f mea<span class=\"_ _0\"></span>suremen<span class=\"_ _0\"></span>t is se<span class=\"_ _0\"></span>lected o<span class=\"_ _0\"></span>n a tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-by-<span class=\"ls33 ws204\">transa<span class=\"_ _3\"></span>ction ba<span class=\"_ _3\"></span>sis.</span> </span>If, after reassessment, the net balance, at the acquisition date, of identifia<span class=\"_ _0\"></span>ble as<span class=\"ls1 ws219\">sets acquired and liabilities assumed is higher than the sum of the c<span class=\"_ _3\"></span>on<span class=\"_ _0\"></span>sideration </span>transf<span class=\"_ _0\"></span>erred, n<span class=\"_ _0\"></span>on<span class=\"ls1 ws1\">-<span class=\"ws219\">con<span class=\"_ _0\"></span>trolling interests in th<span class=\"_ _0\"></span>e acquiree and the fair<span class=\"_ _0\"></span> value of the stake </span></span>in the acquiree prev<span class=\"_ _0\"></span>iously owned by the Group (if <span class=\"_ _0\"></span>any), the surplus is r<span class=\"_ _0\"></span>ecognised im<span class=\"_ _3\"></span>med<span class=\"ls25 ws1eb\">iately in<span class=\"_ _0\"></span> the in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tatemen<span class=\"_ _0\"></span>t as a<span class=\"_ _0\"></span> gain fro<span class=\"_ _0\"></span>m a barg<span class=\"_ _0\"></span>ain pu<span class=\"_ _0\"></span>rchase.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>Goodwill is not amortised but is subj<span class=\"_ _0\"></span>ect to impairment tests taking place annua<span class=\"_ _0\"></span>lly or mor<span class=\"_ _0\"></span>e frequ<span class=\"_ _0\"></span>ently <span class=\"_ _0\"></span>if ther<span class=\"_ _0\"></span>e is an i<span class=\"_ _0\"></span>ndica<span class=\"_ _0\"></span>tion tha<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>ash<span class=\"ls1 ws1\">-<span class=\"ws1f5\">genera<span class=\"_ _0\"></span>ting unit to which </span></span>it is alloc<span class=\"_ _0\"></span>ated coul<span class=\"_ _0\"></span>d h<span class=\"ls1 ws20b\">ave suffered a loss of value. Goodwill is stated on the balance </span>sheet<span class=\"_ _0\"></span> at co<span class=\"_ _0\"></span>st less <span class=\"_ _0\"></span>accum<span class=\"_ _0\"></span>ulated<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>irment lo<span class=\"_ _9f\"></span>sses, if <span class=\"_ _0\"></span>any. Im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ent of <span class=\"_ _0\"></span>goodw<span class=\"_ _0\"></span>ill is not reversed in future p<span class=\"_ _0\"></span>eriods. <span class=\"ws1\"> </span>If the G<span class=\"_ _0\"></span>roup lo<span class=\"_ _0\"></span>ses con<span class=\"_ _0\"></span>trol ov<span class=\"_ _0\"></span>er a sub<span class=\"_ _0\"></span>sidiar<span class=\"_ _0\"></span>y, it der<span class=\"_ _0\"></span>ecogni<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>e relat<span class=\"_ _0\"></span>ed a<span class=\"ls33 ws1f0\">ssets </span>(including goodwill), liabili<span class=\"_ _0\"></span>ties, noncontrolling interest and oth<span class=\"_ _0\"></span>er components of equity, while any resultant gain or <span class=\"_ _0\"></span>loss is recognised in profit or loss. Any investm<span class=\"_ _9f\"></span>ent retain<span class=\"_ _0\"></span>ed is r<span class=\"_ _0\"></span>ecognis<span class=\"_ _0\"></span>ed at f<span class=\"_ _0\"></span>air valu<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>7.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Tangible f<span class=\"_ _3\"></span>ixed asset<span class=\"_ _3\"></span>s</span> Tangible <span class=\"_ _7\"> </span><span class=\"ls33 ws1fb\">fi<span class=\"_ _3\"></span>xed asset<span class=\"_ _3\"></span>s are carr<span class=\"_ _3\"></span>ied at co<span class=\"_ _3\"></span>st or pr<span class=\"_ _3\"></span>oduction<span class=\"_ _3\"></span> cost less<span class=\"_ _3\"></span> accumul<span class=\"_ _3\"></span>ated </span>amorti<span class=\"_ _0\"></span>sation<span class=\"_ _9f\"></span>s <span class=\"_ _3\"></span>and any im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ents.<span class=\"ls1 ws1\"> </span>Tan<span class=\"_ _3\"></span>gible fi<span class=\"_ _3\"></span>xed asse<span class=\"_ _3\"></span>ts are a<span class=\"_ _3\"></span>mortise<span class=\"_ _3\"></span>d on a str<span class=\"_ _3\"></span>aight<span class=\"ls1 ws1\">-<span class=\"ls25 ws244\">line ba<span class=\"_ _0\"></span>sis ove<span class=\"_ _0\"></span>r the usef<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span> </span></span>econom<span class=\"_ _0\"></span>ic lif<span class=\"_ _0\"></span>e. The u<span class=\"_ _0\"></span>seful l<span class=\"_ _0\"></span>ife is<span class=\"_ _0\"></span> reviewed<span class=\"_ _9f\"></span> on a year<span class=\"_ _0\"></span>ly bas<span class=\"_ _0\"></span>is and th<span class=\"_ _9f\"></span>is is al<span class=\"ls25 ws1db\">so<span class=\"_ _0\"></span> the case </span>for any <span class=\"_ _0\"></span>residual v<span class=\"_ _0\"></span>alue.<span class=\"ls1 ws1\"> </span>The depreciation p<span class=\"_ _0\"></span>eriods as defined b<span class=\"_ _0\"></span>y DEME of the flo<span class=\"_ _0\"></span>ating and other cons<span class=\"_ _0\"></span>truction mater<span class=\"_ _0\"></span>ials ran<span class=\"_ _0\"></span>ge fro<span class=\"_ _0\"></span>m 3 ye<span class=\"_ _0\"></span>ars (su<span class=\"_ _0\"></span>ch as f<span class=\"_ _9f\"></span>or pipelin<span class=\"_ _0\"></span>es) to<span class=\"_ _0\"></span> 21 yea<span class=\"_ _0\"></span>rs. Th<span class=\"_ _0\"></span>e prin<span class=\"_ _0\"></span>cipal component of trailing suction hopp<span class=\"_ _0\"></span>er dredgers and cutter <span class=\"ls33 ws1fc\">suctio<span class=\"_ _3\"></span>n dred<span class=\"_ _3\"></span>gers is </span>deprec<span class=\"_ _0\"></span>iated ov<span class=\"_ _9f\"></span>er a period o<span class=\"_ _0\"></span>f 18 ye<span class=\"_ _0\"></span>ars. F<span class=\"_ _0\"></span>or new hop<span class=\"_ _0\"></span>per dred<span class=\"_ _9f\"></span>gers, cutt<span class=\"_ _0\"></span>er sucti<span class=\"_ _0\"></span>on dredg<span class=\"_ _0\"></span>ers, cab<span class=\"_ _0\"></span>le lay v<span class=\"_ _0\"></span>essels a<span class=\"_ _0\"></span>nd DP3 <span class=\"_ _0\"></span>Offs<span class=\"_ _0\"></span>hore cran<span class=\"_ _0\"></span>e vesse<span class=\"_ _0\"></span>ls in pro<span class=\"_ _0\"></span>ducti<span class=\"_ _0\"></span>on sinc<span class=\"_ _0\"></span>e 2019 the principal componen<span class=\"_ _0\"></span>t is depreciated over a period of 20 years and a se<span class=\"ls1 ws220\">cond component is <span class=\"ls30 ws1eb\">dep<span class=\"_ _9f\"></span>reciated<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls40 ws255\">over a period of 10 year<span class=\"_ _0\"></span>s. For major jack<span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">up </span></span></span></span></span></span>vessels this depreciation r<span class=\"_ _0\"></span>ule was already applic<span class=\"_ _0\"></span>able. The principal compon<span class=\"_ _0\"></span>ent mainly includes the hull and machinery and the second component relates to parts of a vesse<span class=\"_ _3\"></span>l for which<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws220\">the lifespan is<span class=\"_ _0\"></span> shorter than the e<span class=\"_ _0\"></span>conomic life cycle of t<span class=\"_ _0\"></span>he </span></span>vess<span class=\"_ _3\"></span>el. <span class=\"ls1 ws1\"> </span>Repai<span class=\"_ _0\"></span>r and m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>enanc<span class=\"_ _0\"></span>e expen<span class=\"_ _0\"></span>ses fo<span class=\"_ _0\"></span>r tan<span class=\"_ _0\"></span>gibl<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s are<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized a<span class=\"_ _0\"></span>s an ex<span class=\"_ _9f\"></span>pense in the period in which they occur, unless<span class=\"_ _0\"></span> they result in an increase of the future economic benefit of th<span class=\"ls25 ws1fb\">e re<span class=\"_ _0\"></span>spectiv<span class=\"_ _0\"></span>e tang<span class=\"_ _0\"></span>ible fix<span class=\"_ _0\"></span>ed ass<span class=\"_ _0\"></span>ets, wh<span class=\"_ _0\"></span>ich jus<span class=\"_ _0\"></span>tifies th<span class=\"_ _9f\"></span>eir </span>capita<span class=\"_ _0\"></span>lisation<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _0\"></span>s under co<span class=\"_ _9f\"></span>nstructio<span class=\"_ _0\"></span>n are a<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>sed as f<span class=\"_ _0\"></span>rom the <span class=\"_ _0\"></span>time th<span class=\"_ _0\"></span>ey are t<span class=\"_ _0\"></span>aken in<span class=\"_ _0\"></span>to use. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>8.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Impairme<span class=\"_ _3\"></span>nt of fixe<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span></span> On each closing date, th<span class=\"_ _0\"></span>e group verifies whether ther<span class=\"_ _0\"></span>e are indications t<span class=\"ls33 ws208\">hat <span class=\"_ _3\"></span>an ass<span class=\"_ _3\"></span>et </span>is subjec<span class=\"_ _0\"></span>t to an impai<span class=\"_ _0\"></span>rment. In th<span class=\"_ _0\"></span>e event that su<span class=\"_ _0\"></span>ch indicat<span class=\"_ _0\"></span>ions are p<span class=\"_ _0\"></span>resent, a<span class=\"_ _0\"></span>n estimation is made <span class=\"_ _0\"></span>of the recoverable am<span class=\"_ _0\"></span>ount. When the carrying <span class=\"_ _0\"></span>amount of an asset i<span class=\"_ _0\"></span>s high<span class=\"_ _9f\"></span>er than <span class=\"_ _0\"></span>the rec<span class=\"_ _0\"></span>overab<span class=\"_ _0\"></span>le amou<span class=\"_ _9f\"></span>nt, an im<span class=\"_ _0\"></span>pairmen<span class=\"_ _9f\"></span>t is recor<span class=\"_ _0\"></span>ded in<span class=\"_ _0\"></span> orde<span class=\"_ _0\"></span>r to<span class=\"_ _0\"></span> bri<span class=\"ls25 ws1eb\">ng the <span class=\"_ _0\"></span>carryi<span class=\"_ _0\"></span>ng amou<span class=\"_ _0\"></span>nt of th<span class=\"_ _9f\"></span>e asset ba<span class=\"_ _0\"></span>ck to th<span class=\"_ _0\"></span>e recov<span class=\"_ _0\"></span>erabl<span class=\"_ _0\"></span>e amount.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>The re<span class=\"_ _0\"></span>coverab<span class=\"_ _0\"></span>le amou<span class=\"_ _0\"></span>nt of an<span class=\"_ _0\"></span> asset i<span class=\"_ _0\"></span>s defined<span class=\"_ _0\"></span> as the h<span class=\"_ _0\"></span>igher of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r value m<span class=\"_ _0\"></span>inus<span class=\"_ _0\"></span> costs to sell (ass<span class=\"_ _0\"></span>uming a voluntary <span class=\"_ _0\"></span>sale) and the valu<span class=\"_ _0\"></span>e in use (based upo<span class=\"_ _0\"></span>n the net presen<span class=\"_ _0\"></span>t value o<span class=\"_ _0\"></span>f the est<span class=\"_ _0\"></span>imated<span class=\"_ _0\"></span> future ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows). A<span class=\"_ _0\"></span>ny result<span class=\"_ _0\"></span>ing impai<span class=\"_ _0\"></span>rments a<span class=\"_ _0\"></span>re charg<span class=\"_ _0\"></span>ed to the profi<span class=\"_ _0\"></span>t and loss acc<span class=\"_ _0\"></span>ount.<span class=\"ls1 ws1\"> </span>Previously recorded impairmen<span class=\"_ _0\"></span>ts, except on goodwill, are reversed th<span class=\"_ _0\"></span>rough the profit and loss account wh<span class=\"_ _0\"></span>en they are no longer val<span class=\"_ _0\"></span>id.<span class=\"ws1\"> </span>9.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls36 ws200\">Leases </span> 9.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls4e ws25a\">Lessor<span class=\"_ _0\"></span> accounti<span class=\"ls4f ws25b\">ng<span class=\"ls1 ws1\"> </span></span></span>When th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> acts as a l<span class=\"_ _0\"></span>esso<span class=\"_ _0\"></span>r, it deter<span class=\"_ _0\"></span>mines a<span class=\"_ _0\"></span>t lease in<span class=\"_ _0\"></span>ceptio<span class=\"_ _0\"></span>n wheth<span class=\"_ _9f\"></span>er a lease<span class=\"_ _0\"></span> is a f<span class=\"_ _0\"></span>inanc<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se or an<span class=\"_ _0\"></span> ope<span class=\"_ _0\"></span>rating <span class=\"_ _0\"></span>leas<span class=\"_ _0\"></span>e. To c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fy each<span class=\"_ _0\"></span> lea<span class=\"_ _0\"></span>se, th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> make<span class=\"_ _0\"></span>s an over<span class=\"_ _0\"></span>all asse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>t of wheth<span class=\"_ _9f\"></span>er the lea<span class=\"_ _0\"></span>se transf<span class=\"_ _0\"></span>ers su<span class=\"_ _0\"></span>bstanti<span class=\"_ _0\"></span>ally al<span class=\"_ _0\"></span>l of the r<span class=\"_ _0\"></span>isks and rewards incid<span class=\"_ _0\"></span>ental to ownership of t<span class=\"_ _0\"></span>he underlying asset. If t<span class=\"_ _0\"></span>his is the case, then th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> lea<span class=\"_ _0\"></span>se is c<span class=\"_ _9f\"></span>onsidere<span class=\"_ _0\"></span>d a fina<span class=\"_ _0\"></span>nce l<span class=\"_ _0\"></span>ease. As<span class=\"_ _0\"></span> part of<span class=\"_ _0\"></span> the a<span class=\"_ _0\"></span>ssessm<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _0\"></span>t, the <span class=\"_ _0\"></span>Group<span class=\"_ _0\"></span> consi<span class=\"_ _0\"></span>ders c<span class=\"_ _0\"></span>ertain<span class=\"_ _0\"></span> indic<span class=\"_ _0\"></span>ators su<span class=\"_ _9f\"></span>ch as whe<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span> the le<span class=\"_ _0\"></span>ase is<span class=\"_ _0\"></span> for th<span class=\"_ _9f\"></span>e major p<span class=\"_ _0\"></span>art of <span class=\"_ _0\"></span>the econom<span class=\"_ _0\"></span>ic lif<span class=\"ls25 ws1db\">e of the asse<span class=\"_ _0\"></span>t. <span class=\"ls1 ws1\"> </span></span>If the lease agreement contains both lea<span class=\"_ _0\"></span>se and non<span class=\"ws1\">-</span>lease components, the Group<span class=\"_ _0\"></span> appli<span class=\"_ _0\"></span>es IFRS 1<span class=\"_ _0\"></span>5 to al<span class=\"_ _0\"></span>locat<span class=\"_ _0\"></span>e the con<span class=\"_ _0\"></span>sider<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> in the con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t. <span class=\"ls1 ws1\"> </span>9.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls4e ws25a\">Lessee a<span class=\"_ _0\"></span>ccounting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>IFRS 16 s<span class=\"_ _0\"></span>ets out t<span class=\"_ _0\"></span>he princ<span class=\"_ _0\"></span>iples f<span class=\"_ _0\"></span>or the re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ition, m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>ment, p<span class=\"_ _0\"></span>resen<span class=\"_ _0\"></span>tation<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">a<span class=\"_ _3\"></span>nd </span></span>disclosure of leases and requires lessees to account for all leases under a single on<span class=\"ls1 ws1\">-<span class=\"ls30 ws1f4\">balan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et mod<span class=\"_ _0\"></span>el. IF<span class=\"_ _0\"></span>RS 16 r<span class=\"_ _0\"></span>eplac<span class=\"_ _0\"></span>es IAS 1<span class=\"_ _0\"></span>7 \u201cLea<span class=\"_ _0\"></span>ses\u201d, IF<span class=\"_ _9f\"></span>RIC 4 \u201cDet<span class=\"_ _0\"></span>ermin<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span> </span></span>Whether an Ar<span class=\"_ _0\"></span>rangement Contains a<span class=\"_ _0\"></span> Lease\u201d, SIC 15<span class=\"_ _0\"></span> \u201cOperating L<span class=\"_ _0\"></span>eases <span class=\"ws1\">\u2013 </span>Incentives\u201d and S<span class=\"_ _0\"></span>IC <span class=\"ls34 ws233\">27 \u201c<span class=\"_ _3\"></span>Eval<span class=\"_ _3\"></span>uat<span class=\"_ _3\"></span>ing t<span class=\"_ _3\"></span>he S<span class=\"_ _3\"></span>ubst<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e of Tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>acti<span class=\"_ _3\"></span>ons i<span class=\"_ _3\"></span>n the<span class=\"_ _3\"></span> Leg<span class=\"_ _3\"></span>al </span>Form of a Lease\u201d.<span class=\"ls1\"> </span>Under IF<span class=\"_ _9f\"></span>RS 16, a contr<span class=\"_ _0\"></span>act is, o<span class=\"_ _0\"></span>r cont<span class=\"_ _0\"></span>ains, a le<span class=\"_ _0\"></span>ase if th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ct conv<span class=\"_ _0\"></span>eys a ri<span class=\"_ _0\"></span>ght to<span class=\"_ _0\"></span> control the use of an <span class=\"_ _3\"></span>identified asset fo<span class=\"_ _0\"></span>r <span class=\"_ _3\"></span>a period of time in exchange for consideration. The <span class=\"_ _0\"></span><span class=\"ws20b\">Group recognises a right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws207\">us<span class=\"_ _0\"></span>e asset <span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span> corresp<span class=\"_ _0\"></span>onding<span class=\"_ _9f\"></span> lease l<span class=\"_ _0\"></span>iability<span class=\"_ _9f\"></span> at the </span></span></span>lease co<span class=\"_ _0\"></span>mmenc<span class=\"_ _0\"></span>ement date.<span class=\"_ _0\"></span> Assets a<span class=\"_ _0\"></span>nd liabil<span class=\"_ _0\"></span>ities ar<span class=\"_ _0\"></span>ising from<span class=\"_ _0\"></span> a lease are in<span class=\"_ _9f\"></span>it<span class=\"_ _3\"></span>ia<span class=\"_ _0\"></span>lly measured on a present value basis, di<span class=\"_ _0\"></span>scounted using the incremental borrow<span class=\"_ _0\"></span>ing rate of<span class=\"_ _0\"></span> the l<span class=\"_ _0\"></span><span class=\"ls30 ws25f\">essee.<span class=\"_ _9f\"></span> <span class=\"_ _3\"></span>The rig<span class=\"_ _0\"></span>ht<span class=\"ls1 ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws222\">u<span class=\"_ _0\"></span>se ass<span class=\"_ _0\"></span>et is su<span class=\"_ _0\"></span>bseque<span class=\"_ _0\"></span>ntly d<span class=\"_ _0\"></span>eprec<span class=\"_ _0\"></span>iated an<span class=\"_ _0\"></span>d/or<span class=\"_ _0\"></span> </span></span></span>impaired when deem<span class=\"_ _0\"></span>ed necessary. The right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws1fc\">u<span class=\"_ _0\"></span>se asse<span class=\"_ _0\"></span>t is also<span class=\"_ _0\"></span> adju<span class=\"_ _0\"></span>sted fo<span class=\"_ _0\"></span>r </span></span>certa<span class=\"_ _0\"></span>in rem<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e lease <span class=\"_ _0\"></span>liabil<span class=\"_ _0\"></span>ity.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The lease liability i<span class=\"_ _0\"></span>s subsequently increas<span class=\"_ _0\"></span>ed by the <span class=\"ls35 ws260\">inter<span class=\"_ _0\"></span>est cost on the le<span class=\"_ _0\"></span>ase liabil<span class=\"_ _0\"></span>ity </span>and reduced by lease payment made. It is remea<span class=\"_ _0\"></span>sured when there is a change in future lease payments arising from a cha<span class=\"_ _0\"></span>nge in an i<span class=\"_ _3\"></span>ndex or rat<span class=\"_ _0\"></span>e, a change in the estim<span class=\"_ _0\"></span>ate of<span class=\"_ _0\"></span> the am<span class=\"_ _0\"></span>ount <span class=\"_ _0\"></span>expec<span class=\"_ _9f\"></span>ted to be<span class=\"_ _0\"></span> payab<span class=\"_ _9f\"></span>le, or a c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e i<span class=\"ls33 ws215\">n the <span class=\"_ _3\"></span>reasse<span class=\"_ _3\"></span>ssment </span>of whether a purchase or extension option<span class=\"_ _0\"></span> is reasonably certain to be exercised (or a termination option cur<span class=\"_ _0\"></span>tained not to be exercised). <span class=\"_ _0\"></span>The Group has applied judge<span class=\"_ _0\"></span>ment to det<span class=\"_ _0\"></span>ermin<span class=\"_ _0\"></span>e the leas<span class=\"_ _0\"></span>e term fo<span class=\"_ _0\"></span>r lease con<span class=\"_ _0\"></span>tracts co<span class=\"_ _0\"></span>ntain<span class=\"_ _0\"></span>ing renew<span class=\"_ _0\"></span>al o<span class=\"ls25 ws1ec\">ption<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span></span>In acc<span class=\"_ _0\"></span>ordanc<span class=\"_ _0\"></span>e with<span class=\"_ _0\"></span> the <span class=\"_ _0\"></span>standa<span class=\"_ _0\"></span>rd on <span class=\"_ _0\"></span>lease<span class=\"_ _0\"></span> contra<span class=\"_ _0\"></span>cts, <span class=\"_ _0\"></span>the Gro<span class=\"_ _0\"></span>up el<span class=\"_ _0\"></span>ected <span class=\"_ _0\"></span>to use<span class=\"_ _0\"></span> following exemptions wh<span class=\"_ _0\"></span>en applying IFRS 16 accounting f<span class=\"_ _0\"></span>or:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls33 ws1f0\">sho<span class=\"_ _3\"></span>rt<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">term l<span class=\"_ _0\"></span>eases,<span class=\"_ _0\"></span> i.e. con<span class=\"_ _9f\"></span>tracts wi<span class=\"_ _0\"></span>th a dur<span class=\"_ _0\"></span>ation o<span class=\"_ _0\"></span>f less th<span class=\"_ _0\"></span>an one <span class=\"_ _0\"></span>year;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">leases for which the underl<span class=\"_ _0\"></span>ying asset i<span class=\"ls40 ws1\">s of low value;<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">intang<span class=\"_ _0\"></span>ible asse<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span></span></span>The mo<span class=\"_ _0\"></span>st impo<span class=\"_ _0\"></span>rtant j<span class=\"_ _0\"></span>udge<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>nd assu<span class=\"_ _9f\"></span>mptions i<span class=\"_ _0\"></span>n determ<span class=\"_ _0\"></span>ining<span class=\"_ _0\"></span> the lea<span class=\"_ _0\"></span>se ass<span class=\"_ _0\"></span>et and liab<span class=\"_ _0\"></span>ility a<span class=\"_ _0\"></span>re as fo<span class=\"_ _0\"></span>llows: <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fa\">The leas<span class=\"_ _0\"></span>e paymen<span class=\"_ _9f\"></span>ts are disco<span class=\"_ _0\"></span>unted us<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e intere<span class=\"_ _0\"></span>st rate im<span class=\"_ _0\"></span>plici<span class=\"_ _0\"></span>t in the l<span class=\"_ _0\"></span>ease </span></span>agreem<span class=\"_ _0\"></span>ent. If<span class=\"_ _0\"></span> that rat<span class=\"_ _0\"></span>e cannot b<span class=\"_ _9f\"></span>e<span class=\"ls1 ws1\"> <span class=\"ls30 ws257\">re<span class=\"_ _0\"></span>adily d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ined, w<span class=\"_ _0\"></span>hich i<span class=\"_ _0\"></span>s gener<span class=\"_ _0\"></span>ally th<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span> </span></span>for leases in the group, <span class=\"_ _0\"></span>the lessee has used judgemen<span class=\"_ _0\"></span>t to determine its<span class=\"_ _0\"></span> incremental borrowing rate, being the rate<span class=\"_ _0\"></span> that t<span class=\"_ _3\"></span>he individua<span class=\"_ _0\"></span>l lessee would have to pay<span class=\"_ _0\"></span> to bor<span class=\"_ _0\"></span>row th<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>s neces<span class=\"_ _0\"></span>sary to<span class=\"_ _0\"></span> obtai<span class=\"_ _0\"></span>n an as<span class=\"_ _0\"></span>set of <span class=\"_ _0\"></span>simil<span class=\"_ _0\"></span>ar valu<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e ri<span class=\"_ _3\"></span>ght<span class=\"ls1 ws1\">-<span class=\"_ _3\"></span><span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws208\">u<span class=\"_ _0\"></span>se asset in a s<span class=\"_ _0\"></span>imila<span class=\"_ _0\"></span>r econo<span class=\"_ _0\"></span>mic  enviro<span class=\"_ _0\"></span>nmen<span class=\"_ _0\"></span>t with simil<span class=\"_ _0\"></span>ar ter<span class=\"_ _0\"></span>ms, secu<span class=\"_ _0\"></span>rity </span></span>and conditions. <span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws261\">In dete<span class=\"_ _0\"></span>rmining<span class=\"_ _9f\"></span> the leas<span class=\"_ _0\"></span>e term,<span class=\"_ _0\"></span> man<span class=\"_ _0\"></span>agemen<span class=\"_ _0\"></span>t consid<span class=\"_ _0\"></span>ers al<span class=\"_ _0\"></span>l facts<span class=\"_ _0\"></span> and </span></span>circ<span class=\"_ _3\"></span>umsta<span class=\"_ _3\"></span>nces that<span class=\"_ _3\"></span> create a<span class=\"_ _3\"></span>n incen<span class=\"_ _3\"></span>tive to<span class=\"_ _3\"></span> exercise<span class=\"_ _3\"></span> an <span class=\"ls40 ws262\">extension option, (or not<span class=\"_ _0\"></span> </span>exerci<span class=\"_ _0\"></span>se a ter<span class=\"_ _0\"></span>minatio<span class=\"_ _0\"></span>n opti<span class=\"_ _0\"></span>on). Ex<span class=\"_ _0\"></span>tension<span class=\"_ _0\"></span> option<span class=\"_ _9f\"></span>s (or perio<span class=\"_ _0\"></span>ds afte<span class=\"_ _0\"></span>r termin<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> options) are only included<span class=\"_ _0\"></span> in the lease ter<span class=\"_ _0\"></span>m if the lease agreement is <span class=\"_ _0\"></span>reasonably certain to be extended (or no<span class=\"_ _0\"></span>t terminated).<span class=\"ws1\"> </span>10.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls50 wscc\">In<span class=\"_ _0\"></span>vestment property <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">le<span class=\"ls2f ws1e\">ased buildings <span class=\"_ _3\"></span>and </span></span></span></span>proj<span class=\"_ _0\"></span>ect develo<span class=\"_ _0\"></span>pments<span class=\"ls1 ws1\"> </span>These <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ments co<span class=\"_ _0\"></span>ver bui<span class=\"_ _0\"></span>lding<span class=\"_ _0\"></span>s which a<span class=\"_ _0\"></span>re ready to<span class=\"_ _0\"></span> be lea<span class=\"_ _0\"></span>sed (rea<span class=\"_ _0\"></span>l estat<span class=\"_ _0\"></span>e investm<span class=\"_ _9f\"></span>ents) as w<span class=\"_ _0\"></span>ell as bu<span class=\"_ _0\"></span>ildings un<span class=\"_ _0\"></span>der co<span class=\"_ _9f\"></span>nstruction<span class=\"_ _0\"></span> or bein<span class=\"_ _0\"></span>g develo<span class=\"_ _0\"></span>ped fo<span class=\"_ _0\"></span>r future<span class=\"_ _0\"></span> use as oper<span class=\"_ _0\"></span>ative rea<span class=\"_ _0\"></span>l estate inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>ts (proj<span class=\"_ _0\"></span>ect develop<span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">m<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>).<span class=\"ls1 ws1\"> </span></span>Inves<span class=\"_ _0\"></span>tment p<span class=\"_ _0\"></span>roper<span class=\"_ _0\"></span>ty is measu<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span>at fair v<span class=\"_ _0\"></span>alue thro<span class=\"_ _9f\"></span>ugh profi<span class=\"_ _0\"></span>t or los<span class=\"_ _0\"></span>s. On a yea<span class=\"_ _0\"></span>rly basis, the fair value of the leas<span class=\"_ _0\"></span>ed buildings is determined based upon v<span class=\"_ _0\"></span>aluation report<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>11.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws10d\">Financial instr<span class=\"_ _3\"></span>uments </span> 11.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Recogniti<span class=\"_ _0\"></span>on and der<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on of financ<span class=\"_ _0\"></span>ial instr<span class=\"_ _0\"></span>uments<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">Financial assets and liabilities <span class=\"_ _0\"></span>are recognized when the Group b<span class=\"_ _0\"></span>ecomes a party </span></span>to the c<span class=\"_ _0\"></span>ontrac<span class=\"_ _9f\"></span>tual prov<span class=\"_ _0\"></span>isions o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>instru<span class=\"_ _0\"></span>ment. F<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts boug<span class=\"_ _0\"></span>ht an<span class=\"_ _0\"></span>d sold<span class=\"_ _0\"></span> in accordance with standard mar<span class=\"_ _0\"></span>ket conventions are recognized on the transa<span class=\"_ _0\"></span>ction d<span class=\"_ _0\"></span>ate. <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb\">Financ<span class=\"ls25 ws236\">ial a<span class=\"_ _0\"></span>ssets <span class=\"_ _0\"></span>are de<span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized w<span class=\"_ _0\"></span>hen t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>ractua<span class=\"_ _0\"></span>l righ<span class=\"_ _0\"></span>ts to r<span class=\"_ _0\"></span>eceiv<span class=\"_ _0\"></span>e cash<span class=\"_ _0\"></span> </span></span></span>flow<span class=\"_ _0\"></span>s from the a<span class=\"_ _9f\"></span>ssets have ex<span class=\"_ _0\"></span>pired<span class=\"_ _0\"></span> or hav<span class=\"_ _0\"></span>e been t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred and <span class=\"_ _0\"></span>the Grou<span class=\"_ _0\"></span>p has transf<span class=\"_ _0\"></span>erred a<span class=\"_ _0\"></span>ll risk<span class=\"_ _0\"></span>s and rew<span class=\"_ _9f\"></span>ards of ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip of th<span class=\"_ _0\"></span>ose ass<span class=\"_ _0\"></span>ets.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">Financial liabilities ar<span class=\"_ _0\"></span>e derecognized when the ob<span class=\"_ _0\"></span>ligation specified in th<span class=\"_ _0\"></span>e </span></span>contr<span class=\"_ _0\"></span>act is di<span class=\"_ _0\"></span>scharg<span class=\"_ _0\"></span>ed, ca<span class=\"_ _0\"></span>ncelled<span class=\"_ _0\"></span>, or exp<span class=\"_ _0\"></span>ires.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial asse<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span></span>When another fin<span class=\"_ _0\"></span>ancial asset is acqui<span class=\"_ _0\"></span>red or invested in, th<span class=\"_ _0\"></span>e contractual term<span class=\"_ _0\"></span>s determine whether it i<span class=\"_ _0\"></span>s an equity instrument <span class=\"ls25 ws1eb\">o<span class=\"_ _0\"></span>r a debt <span class=\"_ _0\"></span>instrum<span class=\"_ _0\"></span>ent. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Equity<span class=\"_ _0\"></span> instrum<span class=\"_ _9f\"></span>ents give<span class=\"_ _0\"></span> entitl<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>to th<span class=\"_ _0\"></span>e remain<span class=\"_ _0\"></span>ing in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e net as<span class=\"_ _0\"></span>sets of<span class=\"_ _0\"></span> anot<span class=\"_ _3\"></span>her e<span class=\"_ _3\"></span>ntity.<span class=\"_ _3\"></span> <span class=\"ls1 ws1\"> </span>Clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>ication <span class=\"_ _0\"></span>and m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ement o<span class=\"_ _0\"></span>f deb<span class=\"_ _0\"></span>t ins<span class=\"_ _0\"></span>trume<span class=\"_ _0\"></span>nts<span class=\"ls1 ws1\"> </span>The a<span class=\"ls25 ws215\">sse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>t of the co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>tual ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span> charact<span class=\"_ _0\"></span>eristic<span class=\"_ _0\"></span>s or SPP<span class=\"_ _0\"></span>I test <span class=\"_ _0\"></span>is <span class=\"ls34 ws1ea\">ca<span class=\"_ _3\"></span>rrie<span class=\"_ _3\"></span>d </span></span>out pe<span class=\"_ _0\"></span>r produc<span class=\"_ _0\"></span>t group (<span class=\"_ _0\"></span>finan<span class=\"_ _0\"></span>cial ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>ith simi<span class=\"_ _0\"></span>lar ca<span class=\"_ _0\"></span>sh flow ch<span class=\"_ _9f\"></span>aracteris<span class=\"_ _0\"></span>tics) o<span class=\"_ _0\"></span>r, wher<span class=\"_ _0\"></span>e necessa<span class=\"_ _0\"></span>ry, on an in<span class=\"_ _0\"></span>dividu<span class=\"_ _9f\"></span>al basis.<span class=\"_ _0\"></span> It is asses<span class=\"_ _0\"></span>sed wheth<span class=\"_ _9f\"></span>er the instru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> genera<span class=\"_ _0\"></span>tes ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _9f\"></span>s on spec<span class=\"_ _0\"></span>ified d<span class=\"_ _0\"></span>ates <span class=\"_ _0\"></span>that a<span class=\"_ _0\"></span>re sol<span class=\"_ _0\"></span>ely pa<span class=\"_ _0\"></span>yment<span class=\"_ _0\"></span>s of prin<span class=\"_ _9f\"></span>cipal and<span class=\"_ _0\"></span> int<span class=\"ws1f3\">erest on the principal amount outstanding (SPPI: sole<span class=\"_ _0\"></span>ly payments of principal </span>and interest).<span class=\"ws1\"> <span class=\"ls25 ws215\">It is also inv<span class=\"_ _9f\"></span>estigated<span class=\"_ _0\"></span> how th<span class=\"_ _0\"></span>ese cash f<span class=\"_ _0\"></span>lows fi<span class=\"_ _0\"></span>t in with <span class=\"_ _0\"></span>the busin<span class=\"_ _9f\"></span>ess </span></span>model of the<span class=\"_ _3\"></span> entity in question.<span class=\"ws1\"> </span>The rel<span class=\"_ _0\"></span>evant c<span class=\"_ _0\"></span>lassif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ion and me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t metho<span class=\"_ _0\"></span>d follow<span class=\"_ _0\"></span>s f<span class=\"ls25 ws265\">rom<span class=\"_ _0\"></span> thos<span class=\"_ _0\"></span>e </span>assessm<span class=\"_ _9f\"></span>ents:<span class=\"ls1 ws1\"> </span>i) <span class=\"_ _24\"></span><span class=\"ff3b ls25 ws267\">meas<span class=\"_ _0\"></span>ured at amo<span class=\"_ _9f\"></span>rtised cost (A<span class=\"_ _0\"></span>C)<span class=\"ff3a ls1 ws1ef\">: debt instrum<span class=\"_ _0\"></span>ents that pass the SPPI<span class=\"_ _0\"></span> </span></span>test and are he<span class=\"_ _0\"></span>ld under an HTC bu<span class=\"_ _0\"></span>siness model<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls52 ws24e\">(H<span class=\"_ _3\"></span>eld</span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls4c ws268\">collect)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls35 ws269\">At initia<span class=\"_ _0\"></span>l </span></span></span></span>recogn<span class=\"_ _0\"></span>ition, th<span class=\"_ _9f\"></span>ey are measu<span class=\"_ _0\"></span>red at fai<span class=\"_ _0\"></span>r value p<span class=\"_ _0\"></span>lus tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span> costs th<span class=\"_ _0\"></span>at are dire<span class=\"_ _3\"></span>ctly<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws232\">attrib<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>le to the<span class=\"_ _0\"></span>ir acqui<span class=\"_ _0\"></span>sition. <span class=\"_ _0\"></span>Subsequ<span class=\"_ _9f\"></span>ently, the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st </span></span>rate method is applied where the difference betwe<span class=\"_ _0\"></span>en the measurement at initial recognition and the repaymen<span class=\"_ _0\"></span>t value is recognized pro rata temporis in profit o<span class=\"_ _9f\"></span>r loss on th<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span><span class=\"ws1db\">e effectiv<span class=\"_ _0\"></span>e intere<span class=\"_ _0\"></span>st rate.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>ii) <span class=\"_ _24\"></span><span class=\"ff3b ls3f ws26a\">fair v<span class=\"_ _0\"></span>alue me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t with v<span class=\"_ _0\"></span>alue c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>zed in o<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span> </span>compr<span class=\"_ _3\"></span>ehensive inc<span class=\"_ _3\"></span>ome (FVOCI<span class=\"_ _3\"></span>)<span class=\"ff3a ls25 ws1db\">: deb<span class=\"_ _0\"></span>t instrum<span class=\"_ _0\"></span>ents tha<span class=\"_ _0\"></span>t pass the<span class=\"_ _0\"></span> SPPI test<span class=\"_ _0\"></span> </span>and are held unde<span class=\"_ _0\"></span>r an HTC&amp;S busine<span class=\"_ _0\"></span>ss model<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls52 ws24e\">(Held<span class=\"_ _3\"></span></span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls35 ws26b\">co<span class=\"_ _0\"></span>llect &amp; sell)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">O<span class=\"_ _3\"></span>n </span></span></span></span>disposal, the cumula<span class=\"ls25 ws1eb\">tiv<span class=\"_ _9f\"></span>e fair valu<span class=\"_ _0\"></span>e chan<span class=\"_ _0\"></span>ges are r<span class=\"_ _0\"></span>ecla<span class=\"_ _0\"></span>ssified<span class=\"_ _0\"></span> to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span></span>iii) <span class=\"_ _0\"></span><span class=\"ff3b ls3f ws26c\">fair v<span class=\"_ _0\"></span>alue m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nt with<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> chang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gniz<span class=\"_ _0\"></span>ed in pro<span class=\"_ _0\"></span>fit or<span class=\"_ _0\"></span> </span>loss (FVPL)<span class=\"ff3a ls1 ws20b\">: debt instruments that fail th<span class=\"_ _0\"></span>e SPPI test and/or are no<span class=\"_ _0\"></span>t held under </span>an HTC or HTC&amp;S mod<span class=\"_ _0\"></span>el must mandatorily be mea<span class=\"_ _0\"></span>sured in this way.<span class=\"ws1\"> </span>Irresp<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e of thes<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>ts, one <span class=\"_ _13\"> </span><span class=\"ls30 ws26e\">can make an irrev<span class=\"_ _0\"></span>ocab<span class=\"_ _0\"></span>le elec<span class=\"_ _0\"></span>tion to<span class=\"_ _0\"></span> </span>design<span class=\"_ _0\"></span>ate, at <span class=\"_ _0\"></span>initi<span class=\"_ _0\"></span>al reco<span class=\"_ _0\"></span>gnition<span class=\"_ _0\"></span>, a fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l asset <span class=\"_ _0\"></span>as mea<span class=\"_ _0\"></span>sured <span class=\"_ _0\"></span>at FVTP<span class=\"_ _0\"></span>L (fair v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span> option) if doing so eliminates or significant<span class=\"_ _0\"></span>ly reduces a measurement or rec<span class=\"ws1\">ognition<span class=\"_ _0\"></span> </span>inconsistency (\u2018accounti<span class=\"_ _0\"></span>ng mismatch\u2019).<span class=\"ws1\"> </span>For the af<span class=\"_ _0\"></span>orem<span class=\"_ _0\"></span>ention<span class=\"_ _0\"></span>ed fina<span class=\"_ _0\"></span>ncial ass<span class=\"_ _0\"></span>ets th<span class=\"_ _0\"></span>at are mea<span class=\"_ _0\"></span>sured a<span class=\"_ _0\"></span>t amorti<span class=\"_ _0\"></span>sed cos<span class=\"_ _0\"></span>t and at fair value with value chang<span class=\"_ _0\"></span>es recognized in other comprehensive <span class=\"_ _0\"></span>income, a loss allowa<span class=\"_ _0\"></span>nce f<span class=\"_ _0\"></span>or exp<span class=\"_ _9f\"></span>ected c<span class=\"_ _0\"></span>redit lo<span class=\"_ _9f\"></span>sses is r<span class=\"_ _0\"></span>equired<span class=\"_ _9f\"></span> (see sec<span class=\"_ _9f\"></span>tion 6. Im<span class=\"_ _9f\"></span>pairment<span class=\"_ _0\"></span> of<span class=\"_ _0\"></span> financ<span class=\"_ _0\"></span>ial assets). <span class=\"ls1 ws1\"> </span>Classific<span class=\"_ _0\"></span>ation and measurement of equi<span class=\"_ _0\"></span>ty instruments<span class=\"ls1 ws1\"> </span>Equity<span class=\"_ _0\"></span> instru<span class=\"_ _0\"></span>ments h<span class=\"_ _0\"></span>eld for tra<span class=\"_ _0\"></span>ding mu<span class=\"_ _0\"></span>st mand<span class=\"_ _0\"></span>atorily<span class=\"_ _0\"></span> be measu<span class=\"_ _9f\"></span>red at fair v<span class=\"_ _0\"></span>alue with value changes r<span class=\"_ _0\"></span>ecognized in profit or loss (FVTPL).<span class=\"_ _0\"></span><span class=\"ws1\"> </span>For othe<span class=\"_ _0\"></span>r <span class=\"ls1 ws219\">equity instrument<span class=\"_ _0\"></span>s, the Group can make an irrevocable election, at init<span class=\"_ _0\"></span>ial </span>recogn<span class=\"_ _0\"></span>ition, <span class=\"_ _0\"></span>to mea<span class=\"_ _0\"></span>sure tho<span class=\"_ _0\"></span>se in<span class=\"_ _0\"></span>strum<span class=\"_ _0\"></span>ents at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alue with<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e chang<span class=\"_ _0\"></span>es recognized in other comprehen<span class=\"_ _0\"></span>sive income (FVTOCI). This el<span class=\"_ _0\"></span>ection can be made instrument by instrument (per <span class=\"_ _7\"> </span><span class=\"ls35 ws270\">share). On<span class=\"_ _0\"></span> disposa<span class=\"_ _0\"></span>l, the cumu<span class=\"_ _0\"></span>lativ<span class=\"_ _0\"></span>e fair valu<span class=\"_ _0\"></span>e </span>changes must not b<span class=\"_ _0\"></span>e reclassified to profi<span class=\"_ _0\"></span>t or loss. Only dividen<span class=\"_ _0\"></span>d income may be<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized i<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span>For equ<span class=\"_ _0\"></span>ity in<span class=\"_ _0\"></span>strume<span class=\"_ _0\"></span>nts, no l<span class=\"_ _0\"></span>oss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e is req<span class=\"_ _0\"></span>uired f<span class=\"_ _0\"></span>or exp<span class=\"_ _0\"></span>ected c<span class=\"_ _0\"></span>redit l<span class=\"_ _0\"></span>osses.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.3<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial liabilit<span class=\"_ _3\"></span>ies<span class=\"ls1 ws1\"> </span></span>For th<span class=\"_ _0\"></span>e classif<span class=\"_ _9f\"></span>ication an<span class=\"_ _0\"></span>d mea<span class=\"_ _0\"></span>sureme<span class=\"_ _0\"></span>nt of f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s, othe<span class=\"_ _0\"></span>r than<span class=\"_ _0\"></span> derivat<span class=\"_ _0\"></span>ives, t<span class=\"_ _0\"></span>here ar<span class=\"_ _0\"></span>e the fol<span class=\"_ _0\"></span>lowing po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ilities:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">fair v<span class=\"_ _0\"></span>alue mea<span class=\"_ _0\"></span>surem<span class=\"_ _0\"></span>ent wit<span class=\"_ _0\"></span>h valu<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nges re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss (F<span class=\"_ _0\"></span>VTPL):<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls46 ws22c\">i<span class=\"_ _3\"></span>f the f</span><span class=\"ws1f6\">inancial liability is held for tr<span class=\"_ _0\"></span>ading;<span class=\"ws1\"> </span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws204\">if the Group o<span class=\"_ _0\"></span>pts for th<span class=\"_ _0\"></span>is method (<span class=\"_ _0\"></span>fair v<span class=\"_ _0\"></span>alue optio<span class=\"_ _0\"></span>n), mo<span class=\"_ _0\"></span>re specif<span class=\"_ _0\"></span>ic rega<span class=\"_ _0\"></span>rding </span>Bank Van<span class=\"_ _0\"></span> Breda) <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">measur<span class=\"_ _0\"></span>ement at amo<span class=\"_ _9f\"></span>rtised cost: at in<span class=\"_ _0\"></span>itial reco<span class=\"_ _0\"></span>gnitio<span class=\"_ _0\"></span>n, they a<span class=\"_ _0\"></span>re measured<span class=\"_ _0\"></span> at fair </span></span>valu<span class=\"_ _0\"></span>e, less t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tion cos<span class=\"_ _0\"></span>ts tha<span class=\"_ _0\"></span>t are <span class=\"ws1db\">dir<span class=\"_ _0\"></span>ectly at<span class=\"_ _0\"></span>tribut<span class=\"_ _0\"></span>able to their is<span class=\"_ _0\"></span>sue.<span class=\"ls1 ws1\"> </span></span>11.4<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Derivative financial in<span class=\"_ _3\"></span>struments<span class=\"ls1 ws1\"> </span></span>The operational sub<span class=\"_ _0\"></span>sidiaries belonging <span class=\"_ _0\"></span>to the AvH<span class=\"ws1\">-<span class=\"ls33 ws1fa\">group are re<span class=\"_ _3\"></span>sponsi<span class=\"_ _3\"></span>ble for t<span class=\"_ _3\"></span>heir </span></span>risk<span class=\"_ _3\"></span> manag<span class=\"_ _3\"></span>ement,<span class=\"_ _3\"></span> such a<span class=\"_ _3\"></span>s ex<span class=\"_ _3\"></span>change r<span class=\"_ _3\"></span>isk,<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>st ri<span class=\"_ _3\"></span>sk, cre<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>risk, <span class=\"_ _3\"></span>commodi<span class=\"_ _3\"></span>ty risk<span class=\"_ _3\"></span>, etc. Th<span class=\"_ _9f\"></span>e risks v<span class=\"_ _0\"></span>ary<span class=\"ls1 ws1\"> <span class=\"ls25 ws204\">accord<span class=\"_ _0\"></span>ing to the par<span class=\"_ _0\"></span>ticular bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> where the sub<span class=\"_ _0\"></span>sidia<span class=\"_ _0\"></span>ries are<span class=\"_ _0\"></span> </span></span>active and therefore <span class=\"_ _0\"></span>they are not managed cen<span class=\"_ _0\"></span>trally at group level. The re<span class=\"_ _0\"></span>spective execut<span class=\"_ _0\"></span>ive com<span class=\"_ _0\"></span>mittee<span class=\"_ _0\"></span>s repor<span class=\"_ _0\"></span>t to their b<span class=\"_ _0\"></span>oard of<span class=\"_ _0\"></span> directo<span class=\"_ _0\"></span>rs or audi<span class=\"_ _0\"></span>t comm<span class=\"_ _0\"></span>ittee<span class=\"_ _0\"></span> regarding their hedging pol<span class=\"_ _0\"></span>icy.<span class=\"ws1\"> </span>D<span class=\"ls25 ws236\">erivat<span class=\"_ _0\"></span>ive ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts are re<span class=\"_ _0\"></span>corded<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet a<span class=\"_ _0\"></span>t their fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e; the </span>changes in fai<span class=\"_ _0\"></span>r value are reported i<span class=\"_ _0\"></span>n the income <span class=\"_ _0\"></span>statement unless <span class=\"_ _0\"></span>these instrum<span class=\"_ _9f\"></span>ents are pa<span class=\"_ _0\"></span>rt of h<span class=\"_ _0\"></span>edging<span class=\"_ _0\"></span> transac<span class=\"_ _9f\"></span>tions.<span class=\"ls1 ws1\"> </span>The recognition of deriva<span class=\"_ _0\"></span>tive instruments is in accord<span class=\"_ _0\"></span>anc<span class=\"ls49 ws272\">e wit<span class=\"_ _3\"></span>h</span><span class=\"ws1\"> <span class=\"ls30 ws253\">IFRS 9<span class=\"_ _0\"></span>, excep<span class=\"_ _0\"></span>t for<span class=\"_ _0\"></span> </span></span>macro hedge accounting f<span class=\"_ _0\"></span>or which<span class=\"ws1\"> <span class=\"ls54 ws206\">IAS<span class=\"_ _3\"></span> 39 <span class=\"ls35 ws1ec\">is applied</span></span>.<span class=\"_ _0\"></span> </span>Cash flow hedges<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The valu<span class=\"_ _9f\"></span>e fluctua<span class=\"_ _0\"></span>tions of<span class=\"_ _0\"></span> a deriv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nancia<span class=\"_ _0\"></span>l inst<span class=\"_ _0\"></span>rument <span class=\"_ _0\"></span>that com<span class=\"_ _0\"></span>plies w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e stric<span class=\"_ _0\"></span>t condi<span class=\"_ _0\"></span>tions f<span class=\"_ _0\"></span>or reco<span class=\"_ _9f\"></span>gnition<span class=\"_ _0\"></span> as a c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w hedg<span class=\"_ _9f\"></span>e are reco<span class=\"_ _0\"></span>rded <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r c<span class=\"ls30 ws273\">ompr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _0\"></span>e for the eff<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e part. Th<span class=\"_ _0\"></span>e ineffec<span class=\"_ _0\"></span>tive pa<span class=\"_ _0\"></span>rt is record<span class=\"_ _0\"></span>ed </span>directly in the profit and lo<span class=\"_ _0\"></span>ss account. The hedging results a<span class=\"_ _0\"></span>re transferred from of<span class=\"_ _0\"></span> 'other comprehens<span class=\"_ _0\"></span>ive income' into the pro<span class=\"_ _0\"></span>fit and loss account at <span class=\"_ _0\"></span>the same moment the hedged transact<span class=\"_ _0\"></span>ion has impact on the result.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _9f\"></span>es<span class=\"ls1 ws1\"> </span>Chang<span class=\"_ _0\"></span>es in fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of a deriv<span class=\"_ _9f\"></span>ative ins<span class=\"_ _0\"></span>trument <span class=\"_ _0\"></span>that i<span class=\"_ _0\"></span>s formall<span class=\"_ _0\"></span>y alloc<span class=\"_ _0\"></span>ated to h<span class=\"_ _9f\"></span>edge the cha<span class=\"_ _0\"></span>nges o<span class=\"_ _0\"></span>f fair <span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>e of reco<span class=\"_ _0\"></span>rded a<span class=\"_ _0\"></span>ssets an<span class=\"_ _0\"></span>d liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es, ar<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized<span class=\"_ _0\"></span> in the<span class=\"_ _0\"></span> profit an<span class=\"_ _9f\"></span>d loss accou<span class=\"_ _0\"></span>nt toget<span class=\"_ _0\"></span>her with<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>fits and<span class=\"_ _0\"></span> losses c<span class=\"_ _0\"></span>aused b<span class=\"_ _0\"></span>y the fair v<span class=\"_ _0\"></span>alue re<span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _3\"></span>on of<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> hedge<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpone<span class=\"_ _3\"></span>nt.<span class=\"_ _3\"></span> The v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span> fl<span class=\"_ _3\"></span>uctua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns of<span class=\"_ _3\"></span> der<span class=\"_ _3\"></span>ivati<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> fina<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al instrum<span class=\"_ _9f\"></span>ents, wh<span class=\"_ _0\"></span>ich do no<span class=\"_ _9f\"></span>t meet th<span class=\"_ _0\"></span>e cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r fair<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> hedge <span class=\"_ _0\"></span>or ca<span class=\"_ _0\"></span>sh flow <span class=\"_ _0\"></span>hedge<span class=\"_ _0\"></span> are r<span class=\"_ _0\"></span>ecorded<span class=\"_ _0\"></span> direc<span class=\"_ _0\"></span>tly in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>rofit<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and loss account.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>11.5<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Cash a<span class=\"_ _0\"></span>nd cash equival<span class=\"_ _0\"></span>ents<span class=\"ls1 ws1\"> </span></span>Cash and cash<span class=\"_ _0\"></span> equivalents consist o<span class=\"_ _0\"></span>f cash and <span class=\"_ _0\"></span>short<span class=\"ws1\">-<span class=\"ls25 ws224\">term <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ments an<span class=\"_ _9f\"></span>d are </span></span>recorded on the balanc<span class=\"_ _0\"></span>e sheet at nominal valu<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>11.6<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Impairment o<span class=\"_ _3\"></span>f financial assets<span class=\"ls1 ws1\"> </span></span>Under <span class=\"_ _0\"></span>IFRS 9, <span class=\"_ _0\"></span>a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce is ma<span class=\"_ _0\"></span>de at <span class=\"ls1 ws1f7\">initia<span class=\"_ _0\"></span>l <span class=\"_ _3\"></span>recogni<span class=\"_ _0\"></span>tion <span class=\"_ _3\"></span>fo<span class=\"_ _0\"></span>r expected credit </span>losse<span class=\"_ _0\"></span>s (ECL<span class=\"_ _0\"></span>s) for:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">financ<span class=\"_ _0\"></span>ial assets m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>d at amorti<span class=\"_ _0\"></span>sed cost;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">debt instruments measured at fai<span class=\"_ _0\"></span>r value with value changes recognized <span class=\"_ _0\"></span>in other </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _9f\"></span>e;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls39 ws1f4\">fina<span class=\"_ _3\"></span>nce le<span class=\"_ _3\"></span>ase r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">loan <span class=\"ls1 ws1f6\">commitments and finan<span class=\"_ _0\"></span>cial guarantee contract<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">for the purpose of determining the loss allo<span class=\"_ _0\"></span>wance for expected credit losses, the </span></span>financ<span class=\"_ _0\"></span>ial asse<span class=\"_ _0\"></span>ts are classif<span class=\"_ _9f\"></span>ied in three stag<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>s:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws251\">Stage 1: perf<span class=\"_ _0\"></span>orming<span class=\"_ _0\"></span> asse<span class=\"_ _0\"></span>ts, for w<span class=\"_ _0\"></span>hich<span class=\"_ _0\"></span> at initial<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nition <span class=\"_ _0\"></span>a one<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">year </span></span></span>expec<span class=\"_ _3\"></span>t<span class=\"ls1 ws1f2\">ed credit loss <span class=\"_ _0\"></span>allowance is made b<span class=\"_ _0\"></span>ased on the probability that <span class=\"_ _0\"></span>events </span>will oc<span class=\"_ _0\"></span>cur with<span class=\"_ _0\"></span>in 12 mon<span class=\"_ _0\"></span>ths tha<span class=\"_ _0\"></span>t give r<span class=\"_ _0\"></span>ise to def<span class=\"_ _0\"></span>ault;<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ws1f8\">S<span class=\"_ _3\"></span>tage 2: underpe<span class=\"_ _0\"></span>rforming assets for which a lifetim<span class=\"_ _0\"></span>e expected credit loss </span>allowance is made if there has been a significa<span class=\"_ _0\"></span>nt increas<span class=\"ls35 ws1f0\">e in cre<span class=\"_ _0\"></span>dit risk s<span class=\"_ _0\"></span>ince </span>initia<span class=\"_ _0\"></span>l recogn<span class=\"_ _0\"></span>ition; <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls40 ws275\">S<span class=\"_ _3\"></span>tage 3: for non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws236\">perform<span class=\"_ _0\"></span>ing as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span> estim<span class=\"_ _0\"></span>ate is m<span class=\"_ _0\"></span>ade of<span class=\"_ _0\"></span> the rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble </span></span></span>amount. When the carrying am<span class=\"_ _0\"></span>ount of an asset is higher than the recove<span class=\"_ _0\"></span>rable amount,<span class=\"_ _0\"></span> an impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t is reco<span class=\"_ _0\"></span>rded in ord<span class=\"_ _9f\"></span>er to bring th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span><span class=\"ls1 ws1fe\">ing amount of </span>the as<span class=\"_ _0\"></span>set bac<span class=\"_ _0\"></span>k to the r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>able a<span class=\"_ _0\"></span>mount.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Changes in lo<span class=\"_ _0\"></span>ss allowances ar<span class=\"_ _0\"></span>e recognized under th<span class=\"_ _0\"></span>e item \u2018Impairmen<span class=\"_ _0\"></span>t losses\u2019 in profit an<span class=\"_ _0\"></span>d loss. <span class=\"ws1eb\">Th<span class=\"_ _0\"></span>e loss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e for ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es is pre<span class=\"_ _0\"></span>sented<span class=\"_ _0\"></span>: <span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">as deducted from th<span class=\"_ _0\"></span>e gross carrying amount<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls33 ws276\">of fi<span class=\"_ _3\"></span>nancial as<span class=\"_ _3\"></span>sets tha<span class=\"_ _3\"></span>t are </span></span></span></span>measur<span class=\"_ _0\"></span>ed at amor<span class=\"_ _0\"></span>tised cos<span class=\"_ _0\"></span>t (incl. lea<span class=\"_ _0\"></span>se receiva<span class=\"_ _0\"></span>bles);<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws244\">as a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce in oth<span class=\"_ _0\"></span>er comp<span class=\"_ _0\"></span>rehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>come fo<span class=\"_ _0\"></span>r debt ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts </span></span>measured at fair va<span class=\"_ _0\"></span>lue with value chang<span class=\"_ _0\"></span>es recognized in othe<span class=\"_ _0\"></span>r comprehensive in<span class=\"_ _3\"></span>come<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls42 ws277\">as a loss allowan<span class=\"ls25 ws224\">c<span class=\"_ _0\"></span>e under obl<span class=\"_ _0\"></span>igation<span class=\"_ _9f\"></span>s resulting f<span class=\"_ _0\"></span>rom loan com<span class=\"_ _0\"></span>mitmen<span class=\"_ _9f\"></span>ts and </span></span></span>financ<span class=\"_ _0\"></span>ial guarant<span class=\"_ _0\"></span>ee contr<span class=\"_ _0\"></span>acts.<span class=\"ls1 ws1\"> </span>The staging in the event of a significant increase (or decreas<span class=\"_ _0\"></span>e) in credit risk is done on an individual contract level (\u2018botto<span class=\"_ _0\"></span>m<span class=\"ws1\">-</span>up\u2019 staging) based on certain criteria <span class=\"ls34 ws1ea\">such </span>as paym<span class=\"_ _0\"></span>ent arre<span class=\"_ _0\"></span>ars, ren<span class=\"_ _0\"></span>egotia<span class=\"_ _0\"></span>tions, a<span class=\"_ _0\"></span>nd ratin<span class=\"_ _0\"></span>g catego<span class=\"_ _0\"></span>ry. Th<span class=\"_ _0\"></span>e internal<span class=\"_ _0\"></span> credit r<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> is used for the indiv<span class=\"_ _0\"></span>idual staging of loans. As <span class=\"_ _0\"></span>this is a criterion based on <span class=\"_ _0\"></span>past history<span class=\"_ _0\"></span>, a dist<span class=\"_ _0\"></span>inct \u2018coll<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e staging<span class=\"_ _0\"></span>\u2019 logic<span class=\"_ _0\"></span> is used as w<span class=\"_ _0\"></span>ell to tak<span class=\"_ _0\"></span>e into accou<span class=\"_ _9f\"></span>nt t<span class=\"ls34 ws1ea\">he </span>macroeconomic outlook.<span class=\"ls1\"> </span>For the bond por<span class=\"_ _0\"></span>tfolio, the \u2018low credit ri<span class=\"_ _0\"></span>sk exemption\u2019 is applied: <span class=\"_ _0\"></span>as long as bonds retain their investment grade rat<span class=\"_ _0\"></span>ing category, they remain in stage 1. On th<span class=\"_ _0\"></span>e basis of the low credit risk at the reporting dat<span class=\"_ _0\"></span>e it may be concluded that there has been<span class=\"_ _0\"></span> no significant increase in credit risk. <span class=\"_ _0\"></span>Should a bond migrate to a non<span class=\"ws1\">-<span class=\"ls33 ws1f0\">investm<span class=\"_ _3\"></span>ent </span></span>grade <span class=\"_ _0\"></span>rating<span class=\"_ _0\"></span> categ<span class=\"_ _0\"></span>ory, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> b<span class=\"_ _0\"></span>ank wi<span class=\"_ _0\"></span>ll eith<span class=\"_ _9f\"></span>er sell <span class=\"_ _0\"></span>the bond<span class=\"_ _9f\"></span> or tran<span class=\"_ _0\"></span>sfer it t<span class=\"_ _0\"></span>o stag<span class=\"_ _0\"></span>e 2 and determine an approp<span class=\"_ _0\"></span>riate lifetime ECL. <span class=\"ws1\"> </span>A valua<span class=\"_ _0\"></span>tion mod<span class=\"_ _0\"></span>el calc<span class=\"ls25 ws1f9\">u<span class=\"_ _0\"></span>lates <span class=\"_ _0\"></span>the exp<span class=\"_ _9f\"></span>ected cred<span class=\"_ _0\"></span>it loss<span class=\"_ _0\"></span>es for co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in st<span class=\"_ _0\"></span>ages 1<span class=\"_ _0\"></span> </span>and 2 in line with the litera<span class=\"_ _0\"></span>ture on IFRS9 ECL modelling. They ar<span class=\"_ _0\"></span>e determined withou<span class=\"_ _0\"></span>t any d<span class=\"_ _9f\"></span>eliberate o<span class=\"_ _0\"></span>ptimi<span class=\"_ _0\"></span>stic o<span class=\"_ _0\"></span>r conse<span class=\"_ _0\"></span>rvativ<span class=\"_ _0\"></span>e bias,<span class=\"_ _0\"></span> and ar<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ed on al<span class=\"_ _0\"></span>l reasonable and subst<span class=\"_ _0\"></span>antiated information <span class=\"ls25 ws224\">av<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le by ju<span class=\"_ _0\"></span>stifi<span class=\"_ _0\"></span>able co<span class=\"_ _0\"></span>st or ef<span class=\"_ _0\"></span>fort.<span class=\"_ _0\"></span> </span>This includes inf<span class=\"_ _0\"></span>ormation about past h<span class=\"_ _0\"></span>istory, present circumstan<span class=\"_ _0\"></span>ces and future<span class=\"_ _0\"></span> projec<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> They <span class=\"_ _0\"></span>also <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t the ex<span class=\"_ _9f\"></span>pected v<span class=\"_ _0\"></span>alue th<span class=\"_ _9f\"></span>at the b<span class=\"_ _0\"></span>ank dee<span class=\"_ _0\"></span>ms pos<span class=\"_ _0\"></span>sible<span class=\"_ _0\"></span> in the for<span class=\"_ _0\"></span>eseea<span class=\"_ _0\"></span>ble fu<span class=\"_ _0\"></span>ture.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span>These one<span class=\"ws1\">-<span class=\"ls30 ws278\">yea<span class=\"_ _0\"></span>r expect<span class=\"_ _0\"></span>ed credi<span class=\"_ _0\"></span><span class=\"ls25 ws1fc\">t loss<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> lifeti<span class=\"_ _0\"></span>me expe<span class=\"_ _0\"></span>cted cre<span class=\"_ _0\"></span>dit los<span class=\"_ _0\"></span>ses are<span class=\"_ _0\"></span> </span></span></span>calculated for each individual <span class=\"_ _0\"></span>contract on the basis of the future c<span class=\"_ _0\"></span>ash flows and the following model pa<span class=\"_ _0\"></span>rameters:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">PD stands for \u2018Probability of Default\u2019 in a<span class=\"_ _0\"></span> given period. The PD modelling has </span></span>been set up using m<span class=\"_ _0\"></span>igration matrice<span class=\"_ _0\"></span>s based on existing in<span class=\"_ _0\"></span>ternal credit ratings<span class=\"_ _0\"></span> for loans and supplied by <span class=\"_ _0\"></span>rating agency DBRS for the bond po<span class=\"_ _0\"></span>rtfolio.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">Loss <span class=\"_ _3\"></span><span class=\"ls1 ws1\">G<span class=\"ls54 ws279\">i<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span> <span class=\"_ _3\"></span></span>D<span class=\"ls25 ws1f9\">efau<span class=\"_ _9f\"></span>lt (LGD) s<span class=\"_ _0\"></span>tands f<span class=\"_ _0\"></span>or ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> loss in<span class=\"_ _9f\"></span> the even<span class=\"_ _0\"></span>t of def<span class=\"_ _0\"></span>ault.<span class=\"_ _0\"></span> The </span></span></span></span>LGD figure is obtained<span class=\"_ _0\"></span> from the \u2018exposure at d<span class=\"_ _0\"></span>efault\u2019 and the pledged coll<span class=\"_ _0\"></span>ateral.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws27a\">\u2018Surviv<span class=\"_ _0\"></span>al Probab<span class=\"_ _0\"></span>ility\u2019 is t<span class=\"_ _0\"></span>he prob<span class=\"_ _0\"></span>ability t<span class=\"_ _0\"></span>hat a contr<span class=\"_ _0\"></span>act is sti<span class=\"_ _0\"></span>ll liab<span class=\"_ _0\"></span>le to credi<span class=\"_ _0\"></span>t </span></span>losse<span class=\"_ _0\"></span>s. The <span class=\"_ _0\"></span>Survival <span class=\"_ _0\"></span>Prob<span class=\"_ _0\"></span>ability i<span class=\"_ _0\"></span>s dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ed on the b<span class=\"_ _0\"></span>asis of<span class=\"_ _0\"></span>:<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws232\">the probab<span class=\"_ _0\"></span>ility th<span class=\"_ _0\"></span>at a cont<span class=\"_ _0\"></span>ract ha<span class=\"_ _0\"></span>s not di<span class=\"_ _0\"></span>sappea<span class=\"_ _0\"></span>red fro<span class=\"_ _0\"></span>m the bal<span class=\"_ _0\"></span>ance <span class=\"ws1ec\">sh<span class=\"_ _0\"></span>eet </span></span>following an earlier d<span class=\"_ _0\"></span>efault, and <span class=\"ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws208\">the probabi<span class=\"_ _0\"></span>lity tha<span class=\"_ _0\"></span>t a contra<span class=\"_ _0\"></span>ct has no<span class=\"_ _0\"></span>t yet disap<span class=\"_ _0\"></span>peared<span class=\"_ _0\"></span> from the b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> sheet </span>follow<span class=\"_ _0\"></span>ing full e<span class=\"_ _0\"></span>arly rep<span class=\"_ _0\"></span>ayment.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws1fa\">Effective I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t Rate\u2019<span class=\"_ _0\"></span> (EIR)<span class=\"_ _0\"></span> is the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st rate a<span class=\"_ _0\"></span>t whic<span class=\"_ _0\"></span>h the lo<span class=\"_ _0\"></span>sses </span>are di<span class=\"_ _0\"></span>scounted<span class=\"_ _0\"></span>. For f<span class=\"_ _0\"></span>i<span class=\"ls31 ws206\">xed<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-</span></span>rat<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>acts thi<span class=\"_ _0\"></span>s is th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ctual <span class=\"_ _0\"></span>effectiv<span class=\"_ _9f\"></span>e interest<span class=\"_ _0\"></span> rate; for v<span class=\"_ _9f\"></span>ar<span class=\"_ _3\"></span>iab<span class=\"_ _0\"></span>le<span class=\"ls1 ws1\">-<span class=\"ls25 ws1db\">rate co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, the most rec<span class=\"_ _0\"></span>ent fixing<span class=\"_ _0\"></span> is used.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>On each closing date, <span class=\"ws1\">an <span class=\"_ _24\"></span><span class=\"ls35 ws213\">inv<span class=\"_ _0\"></span>estigat<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">ion is performed<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws232\">whet<span class=\"_ _3\"></span>her ther<span class=\"_ _3\"></span>e are<span class=\"_ _3\"></span> object<span class=\"_ _3\"></span>ive </span></span></span></span></span>indications that a financial ass<span class=\"_ _0\"></span>et is becoming non<span class=\"ws1\">-</span>performing an<span class=\"_ _0\"></span>d therefore transf<span class=\"_ _0\"></span>ers to s<span class=\"_ _0\"></span>tage 3<span class=\"ls34 ws1f5\">, base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls40\">on one of the following objectively observable ev<span class=\"_ _0\"></span>ents:<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">major f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al diffi<span class=\"_ _0\"></span>culti<span class=\"_ _0\"></span>es at the b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>er;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws27b\">breach of contract, in<span class=\"ls1 ws24b\">cluding failure to meet due date<span class=\"_ _0\"></span>s for principal and/or </span></span></span>inte<span class=\"_ _3\"></span>rest re<span class=\"_ _3\"></span>payments<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the granting by the bank of certain terms, for economic or lega<span class=\"_ _0\"></span>l reasons, which </span></span>the Group under norma<span class=\"_ _0\"></span>l circumstances would not grant t<span class=\"_ _0\"></span>o the borrower;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">the likelihood <span class=\"_ _3\"></span>of the <span class=\"ws1f6\">borrower going b<span class=\"_ _0\"></span>ankrupt or being restruc<span class=\"_ _0\"></span>tured;<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">for bonds, the e<span class=\"_ _0\"></span>xtinction of an ac<span class=\"_ _0\"></span>tive market due to<span class=\"_ _0\"></span> financial difficult<span class=\"_ _0\"></span>ies or other </span></span>indications threatening <span class=\"_ _0\"></span>the recoverability of<span class=\"_ _0\"></span> the acquisition value;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">objective criteria showing a m<span class=\"_ _0\"></span>easurable deterioration o<span class=\"ls30 ws27c\">f<span class=\"_ _0\"></span> the exp<span class=\"_ _0\"></span>ected f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e </span></span></span>cash flows from a <span class=\"_ _0\"></span>collective group of f<span class=\"_ _0\"></span>inancial assets, even though <span class=\"_ _0\"></span>such deterioration cannot b<span class=\"_ _0\"></span>e detected on an individu<span class=\"_ _0\"></span>al basis, or criteria indicating <span class=\"_ _0\"></span>a deter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on of <span class=\"_ _0\"></span>the cred<span class=\"_ _0\"></span>itwo<span class=\"_ _0\"></span>rthiness<span class=\"_ _0\"></span> or f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al cap<span class=\"_ _0\"></span>acity o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> borrow<span class=\"_ _0\"></span>ers of<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>the group, or national or<span class=\"_ _0\"></span> economic circumstances sp<span class=\"_ _0\"></span>ecific to that group of borrow<span class=\"_ _9f\"></span>ers.<span class=\"ls1 ws1\"> </span>For st<span class=\"_ _0\"></span>age 3 con<span class=\"_ _0\"></span>tracts, <span class=\"_ _0\"></span>an esti<span class=\"_ _0\"></span>mate is m<span class=\"_ _9f\"></span>ade of the <span class=\"_ _0\"></span>recove<span class=\"_ _0\"></span>rable am<span class=\"_ _0\"></span>ount. W<span class=\"_ _0\"></span>hen the<span class=\"_ _0\"></span> carrying amount of an asset is higher than<span class=\"_ _0\"></span> the recoverable amount, an impairment is reco<span class=\"_ _0\"></span>rd<span class=\"ls1 ws252\">ed in order to bring the c<span class=\"_ _0\"></span>arrying amount of the asset back to th<span class=\"_ _0\"></span>e </span>recoverable amount. <span class=\"ls1\"> </span>The net recoverab<span class=\"_ _0\"></span>le amount of an <span class=\"_ _0\"></span>asset is defined as the<span class=\"_ _0\"></span> higher of the followin<span class=\"_ _0\"></span>g va<span class=\"_ _3\"></span>lues<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the net sale price (assuming a vol<span class=\"_ _0\"></span>untary sale), and<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the value in us<span class=\"_ _0\"></span>e (based on the p<span class=\"_ _0\"></span>resent value of the e<span class=\"_ _0\"></span>xpected future cash<span class=\"_ _0\"></span> flows).<span class=\"ws1\"> </span></span></span>12.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls50 wscc\">In<span class=\"_ _0\"></span>ventories / con<span class=\"_ _0\"></span>struction contracts<span class=\"ls1 ws1\"> </span></span>Inven<span class=\"_ _0\"></span>tories a<span class=\"_ _0\"></span>re valu<span class=\"_ _0\"></span>ed at co<span class=\"_ _0\"></span>st (purch<span class=\"_ _9f\"></span>ase or produ<span class=\"_ _9f\"></span>ction co<span class=\"_ _0\"></span>st) or at n<span class=\"_ _0\"></span>et reali<span class=\"_ _0\"></span>sable<span class=\"_ _0\"></span> value w<span class=\"_ _0\"></span>hen this <span class=\"_ _0\"></span>is lower. <span class=\"_ _0\"></span>The produ<span class=\"_ _0\"></span>ction c<span class=\"_ _0\"></span>ost comp<span class=\"_ _0\"></span>rises a<span class=\"_ _0\"></span>ll direct <span class=\"_ _0\"></span>and indir<span class=\"_ _0\"></span>ect cost<span class=\"ls33 ws1f0\">s </span>incurred in bringing th<span class=\"_ _0\"></span>e inventories to the<span class=\"_ _0\"></span>ir completion at balance sh<span class=\"_ _0\"></span>eet date and this co<span class=\"_ _9f\"></span>rresponds<span class=\"_ _0\"></span> with th<span class=\"_ _9f\"></span>e estimat<span class=\"_ _0\"></span>ed sale<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>ces in n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>l circu<span class=\"_ _0\"></span>mstanc<span class=\"_ _0\"></span>es, min<span class=\"_ _0\"></span>us the handling, marketing <span class=\"_ _0\"></span>and distribution costs (net real<span class=\"_ _0\"></span>izable value). Construction<span class=\"_ _0\"></span> cont<span class=\"_ _3\"></span>rac<span class=\"ls1 ws1f5\">ts are valued according to the Perc<span class=\"_ _0\"></span>entage of Completion method where<span class=\"_ _0\"></span>by </span>the re<span class=\"_ _0\"></span>sult is <span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized in<span class=\"_ _0\"></span> acco<span class=\"_ _0\"></span>rdance<span class=\"_ _0\"></span> with pro<span class=\"_ _0\"></span>gress o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e works. <span class=\"_ _0\"></span><span class=\"ls33\">Expec<span class=\"_ _3\"></span>ted l<span class=\"_ _3\"></span>osses </span>are imm<span class=\"_ _9f\"></span>ediatel<span class=\"_ _0\"></span>y recogn<span class=\"_ _9f\"></span>ized as an <span class=\"_ _0\"></span>expen<span class=\"_ _0\"></span>se.<span class=\"ls1 ws1\"> </span>13.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Capital and re<span class=\"_ _3\"></span>serve<span class=\"_ _3\"></span>s</span> Costs which are related <span class=\"_ _0\"></span>to a capital transaction ar<span class=\"_ _0\"></span>e deducted from the capital.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>The purchase of <span class=\"_ _0\"></span>treasury shares i<span class=\"_ _0\"></span>s deducted from <span class=\"_ _0\"></span>equity at purchase p<span class=\"_ _0\"></span>rice. Sub<span class=\"_ _3\"></span>sequent sa<span class=\"_ _3\"></span>le or ca<span class=\"_ _3\"></span>ncellat<span class=\"_ _3\"></span>ion at a l<span class=\"_ _3\"></span>ater date<span class=\"_ _3\"></span> does not a<span class=\"_ _3\"></span>ffect th<span class=\"_ _3\"></span>e result<span class=\"_ _3\"></span>. Profit<span class=\"_ _3\"></span>s and loss<span class=\"_ _0\"></span>es with reg<span class=\"_ _0\"></span>ard to treasu<span class=\"_ _0\"></span>ry share<span class=\"_ _0\"></span>s are record<span class=\"_ _0\"></span>ed d<span class=\"ls1 ws1ed\">irectly in equity.<span class=\"ws1\"> </span></span>14.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Translation d<span class=\"_ _3\"></span>iffer<span class=\"_ _3\"></span>ences</span> Transactions in foreign currenc<span class=\"_ _0\"></span>y are recorded at the exchange rate on <span class=\"_ _0\"></span>the date of the transaction. Positive <span class=\"_ _0\"></span>and negative unrealised translation diff<span class=\"_ _0\"></span>erences, resulting from th<span class=\"_ _0\"></span>e calc<span class=\"_ _0\"></span>ulation<span class=\"_ _0\"></span> of mo<span class=\"_ _0\"></span>netary <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> and li<span class=\"_ _0\"></span><span class=\"ls35 ws24c\">abilit<span class=\"_ _0\"></span>ies at c<span class=\"_ _0\"></span>losing <span class=\"_ _0\"></span>rate on b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> </span>sheet<span class=\"_ _0\"></span> date,<span class=\"_ _0\"></span> are re<span class=\"_ _0\"></span>corded <span class=\"_ _0\"></span>as in<span class=\"_ _0\"></span>come or<span class=\"_ _0\"></span> cost<span class=\"_ _0\"></span> respec<span class=\"_ _0\"></span>tivel<span class=\"_ _0\"></span>y in th<span class=\"_ _0\"></span>e profi<span class=\"_ _0\"></span>t and lo<span class=\"_ _9f\"></span>ss account.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Based<span class=\"_ _0\"></span> upon<span class=\"_ _0\"></span> the clo<span class=\"_ _0\"></span>sing ra<span class=\"_ _0\"></span>te m<span class=\"_ _0\"></span>ethod, a<span class=\"_ _9f\"></span>ssets and<span class=\"_ _0\"></span> liabi<span class=\"_ _0\"></span>lities<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>olidat<span class=\"_ _0\"></span>ed subsidiary are conve<span class=\"_ _0\"></span>rted at closing rate, while th<span class=\"_ _0\"></span>e <span class=\"ls30 ws23d\">income st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent is conv<span class=\"_ _9f\"></span>erted </span>at the average ra<span class=\"_ _0\"></span>te of the period, w<span class=\"_ _0\"></span>hich results in tran<span class=\"_ _0\"></span>slation differences includ<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e consol<span class=\"_ _9f\"></span>idated 'o<span class=\"_ _0\"></span>ther c<span class=\"_ _0\"></span>ompreh<span class=\"_ _9f\"></span>ensive inc<span class=\"_ _0\"></span>ome'.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>15.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Provisions<span class=\"_ _3\"></span></span> A provision is recognized if a <span class=\"_ _0\"></span>company belonging to the grou<span class=\"_ _0\"></span>p has a (legal or co<span class=\"ls25 ws224\">nstru<span class=\"_ _0\"></span>ctive)<span class=\"_ _0\"></span> obliga<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>s a r<span class=\"_ _0\"></span>esult o<span class=\"_ _0\"></span>f a pas<span class=\"_ _0\"></span>t even<span class=\"_ _0\"></span>t, and i<span class=\"_ _0\"></span>t is p<span class=\"_ _0\"></span>robable<span class=\"_ _0\"></span> that<span class=\"_ _0\"></span> the </span>settlem<span class=\"_ _9f\"></span>ent of th<span class=\"_ _0\"></span>is obl<span class=\"_ _0\"></span>igatio<span class=\"_ _0\"></span>n will<span class=\"_ _0\"></span> requ<span class=\"_ _0\"></span>ire an o<span class=\"_ _0\"></span>utflow<span class=\"_ _0\"></span> and <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>amount o<span class=\"_ _0\"></span>f thi<span class=\"_ _0\"></span>s obligation can be determined in <span class=\"_ _3\"></span>a reliable manner. In the event that the difference betw<span class=\"_ _0\"></span>een the no<span class=\"_ _0\"></span>m<span class=\"ls34 ws23c\">ina<span class=\"_ _3\"></span>l an<span class=\"_ _3\"></span>d disc<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>ed va<span class=\"_ _3\"></span>lue<span class=\"_ _3\"></span> is sig<span class=\"_ _3\"></span>nif<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>nt, a pr<span class=\"_ _3\"></span>ovi<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n is re<span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>ded </span>for the amount of the discounted value of<span class=\"_ _0\"></span> the e<span class=\"_ _3\"></span>stimat<span class=\"_ _0\"></span>ed expenses. The resulting increa<span class=\"_ _0\"></span>se of th<span class=\"_ _9f\"></span>e provisio<span class=\"_ _0\"></span>n in p<span class=\"_ _0\"></span>roportio<span class=\"_ _0\"></span>n to <span class=\"_ _0\"></span>the tim<span class=\"_ _0\"></span>e is reco<span class=\"_ _9f\"></span>rded as an<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest cha<span class=\"_ _0\"></span>rge.<span class=\"ls1 ws1\"> </span>Rest<span class=\"_ _0\"></span>ructuri<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span>Provi<span class=\"_ _0\"></span>sions f<span class=\"_ _0\"></span>or restru<span class=\"_ _0\"></span>cturing<span class=\"_ _0\"></span> costs a<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span> on<span class=\"_ _0\"></span>ly reco<span class=\"_ _0\"></span>gnized<span class=\"_ _0\"></span> when th<span class=\"_ _0\"></span>e group <span class=\"_ _0\"></span>alread<span class=\"_ _0\"></span>y has a detailed and approved <span class=\"_ _0\"></span>restructuring plan and the pl<span class=\"_ _0\"></span>anned restructuring has<span class=\"_ _0\"></span> alread<span class=\"_ _0\"></span>y start<span class=\"_ _0\"></span>ed or b<span class=\"_ _0\"></span>een an<span class=\"_ _0\"></span>nounced<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>e relevan<span class=\"_ _9f\"></span>t staff m<span class=\"_ _0\"></span>embers.<span class=\"_ _0\"></span> No prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s are mad<span class=\"_ _0\"></span>e for c<span class=\"_ _0\"></span>osts<span class=\"ls1 ws1\"> <span class=\"ls35 ws1ec\">re<span class=\"_ _0\"></span>lating <span class=\"_ _0\"></span>to the nor<span class=\"_ _0\"></span>mal act<span class=\"_ _0\"></span>ivities of<span class=\"_ _0\"></span> the gro<span class=\"_ _0\"></span>up.<span class=\"ls1 ws1\"> </span></span></span>Guar<span class=\"_ _0\"></span>antees<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>A prov<span class=\"_ _0\"></span>ision i<span class=\"_ _0\"></span>s mad<span class=\"_ _0\"></span>e fo<span class=\"_ _0\"></span>r warra<span class=\"_ _0\"></span>nty ob<span class=\"_ _0\"></span>ligatio<span class=\"_ _0\"></span>ns re<span class=\"_ _0\"></span>lating<span class=\"_ _0\"></span> to deli<span class=\"_ _0\"></span>vered <span class=\"_ _0\"></span>produ<span class=\"_ _0\"></span>cts, <span class=\"_ _0\"></span>service<span class=\"_ _0\"></span>s and con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s, bas<span class=\"_ _0\"></span>ed upon <span class=\"_ _0\"></span>statist<span class=\"_ _0\"></span>ical da<span class=\"_ _0\"></span>ta from<span class=\"_ _0\"></span> the pa<span class=\"_ _0\"></span>st.<span class=\"ls1 ws1\"> </span>16.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Contingent a<span class=\"_ _3\"></span>ssets and <span class=\"_ _3\"></span>liabil<span class=\"_ _3\"></span>ities</span> Contin<span class=\"_ _0\"></span>gent as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws23f\">and liabilities are mentioned in the note \u201cRights and </span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s not ref<span class=\"_ _0\"></span>lected<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet\u201d<span class=\"_ _0\"></span>, if th<span class=\"_ _0\"></span>eir imp<span class=\"_ _0\"></span>act is im<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>ant.<span class=\"ls1 ws1\"> </span>17.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">Ta<span class=\"_ _0\"></span>xes<span class=\"ls1 ws1\"> </span></span>Taxes c<span class=\"_ _0\"></span>oncern b<span class=\"_ _0\"></span>oth cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>t taxes o<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>sult as <span class=\"_ _0\"></span>deferr<span class=\"_ _0\"></span>ed tax<span class=\"_ _0\"></span>es. Both <span class=\"_ _0\"></span>types of<span class=\"_ _0\"></span> taxes <span class=\"_ _0\"></span>are r<span class=\"_ _0\"></span>ecord<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e <span class=\"ls25 ws22a\">prof<span class=\"_ _0\"></span>it and<span class=\"_ _0\"></span> los<span class=\"_ _0\"></span>s accoun<span class=\"_ _0\"></span>ts exc<span class=\"_ _0\"></span>ept whe<span class=\"_ _0\"></span>n they<span class=\"_ _0\"></span> relate<span class=\"_ _0\"></span> to </span>components being part of the equ<span class=\"_ _0\"></span>ity and therefore allocated to the equity. Deferr<span class=\"_ _0\"></span>ed taxes are based upon the balance sheet <span class=\"_ _0\"></span>method applied on temporary differenc<span class=\"_ _0\"></span>es between the carrying amount of the asset<span class=\"_ _0\"></span>s<span class=\"ws1\"> </span>and liabilities of the balance sheet and their <span class=\"_ _0\"></span>tax ba<span class=\"_ _0\"></span>se. Th<span class=\"_ _0\"></span>e main<span class=\"_ _0\"></span> tempo<span class=\"_ _0\"></span>rary dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ces con<span class=\"_ _0\"></span>sist o<span class=\"_ _0\"></span>f diff<span class=\"_ _0\"></span>erent <span class=\"_ _0\"></span>amorti<span class=\"_ _0\"></span>sation<span class=\"_ _0\"></span> percen<span class=\"_ _0\"></span>tages<span class=\"_ _0\"></span> of tan<span class=\"_ _0\"></span>gible fi<span class=\"_ _0\"></span>xed as<span class=\"_ _0\"></span>sets, p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>ns for<span class=\"_ _0\"></span> pensio<span class=\"_ _0\"></span>ns<span class=\"ls40 ws218\">, <span class=\"_ _24\"></span></span><span class=\"ws1ec\">carry<span class=\"ls1 ws1\">-</span></span>f<span class=\"_ _0\"></span>orward t<span class=\"_ _0\"></span>ax loss<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and tax credits</span>. </span>Deferre<span class=\"_ _0\"></span>d tax li<span class=\"_ _0\"></span>abilitie<span class=\"_ _0\"></span>s are<span class=\"ls1 ws1\"> <span class=\"ws1f6\">r<span class=\"_ _0\"></span>ecognized for all taxable tempo<span class=\"_ _0\"></span>rary differences: <span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">except when the def<span class=\"_ _0\"></span>erred tax liability arises fr<span class=\"_ _0\"></span>om the original recogni<span class=\"_ _0\"></span>tion of </span></span>goodw<span class=\"_ _0\"></span>ill or th<span class=\"_ _0\"></span>e initia<span class=\"_ _0\"></span>l recor<span class=\"_ _0\"></span>ding of <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> and liab<span class=\"_ _9f\"></span>ilities in <span class=\"_ _0\"></span>a transa<span class=\"_ _0\"></span>ction t<span class=\"_ _0\"></span>hat is not a business combination and that at t<span class=\"ls33 ws208\">he t<span class=\"_ _3\"></span>ime of <span class=\"_ _3\"></span>the t<span class=\"_ _3\"></span>ransac<span class=\"_ _3\"></span>tion has<span class=\"_ _3\"></span> no i<span class=\"_ _3\"></span>mpact </span>on the taxable profit;<span class=\"_ _0\"></span><span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws27f\">except w<span class=\"_ _9f\"></span>ith rega<span class=\"_ _0\"></span>rd to inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> subsid<span class=\"_ _9f\"></span>iaries, jo<span class=\"_ _0\"></span>int an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ciated<span class=\"_ _0\"></span> </span></span>compan<span class=\"_ _0\"></span>ies, w<span class=\"_ _0\"></span>here th<span class=\"_ _0\"></span>e grou<span class=\"_ _0\"></span>p is ab<span class=\"_ _0\"></span>le to c<span class=\"_ _0\"></span>ontrol<span class=\"_ _0\"></span> the dat<span class=\"_ _0\"></span>e when<span class=\"_ _0\"></span> the tem<span class=\"_ _0\"></span>pora<span class=\"_ _0\"></span>ry difference will be reversed, and i<span class=\"_ _0\"></span>t is not lik<span class=\"ls25 ws1eb\">ely that <span class=\"_ _0\"></span>the tem<span class=\"_ _0\"></span>porary d<span class=\"_ _0\"></span>iffer<span class=\"_ _0\"></span>ence wil<span class=\"_ _0\"></span>l </span>be rev<span class=\"_ _0\"></span>ersed <span class=\"_ _0\"></span>in the f<span class=\"_ _0\"></span>ores<span class=\"_ _0\"></span>eeabl<span class=\"_ _0\"></span>e future.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Defer<span class=\"_ _0\"></span>red tax a<span class=\"_ _0\"></span>ssets ar<span class=\"_ _0\"></span>e record<span class=\"_ _0\"></span>ed for al<span class=\"_ _0\"></span>l deductib<span class=\"_ _9f\"></span>le tempora<span class=\"_ _0\"></span>ry diffe<span class=\"_ _0\"></span>rences an<span class=\"_ _0\"></span>d on carr<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">-<span class=\"ls25 ws207\">forw<span class=\"_ _0\"></span>ard tax cred<span class=\"_ _0\"></span>its and tax lo<span class=\"_ _0\"></span>sses that ca<span class=\"_ _0\"></span>n be recover<span class=\"_ _0\"></span>ed, to the exten<span class=\"_ _9f\"></span>t <span class=\"_ _3\"></span>that it<span class=\"_ _0\"></span> </span></span>is probable<span class=\"ws1\"> <span class=\"ls25 ws204\">that th<span class=\"_ _0\"></span>ere wil<span class=\"_ _0\"></span>l be tax<span class=\"_ _0\"></span>able pro<span class=\"_ _0\"></span>fits in<span class=\"_ _0\"></span> the n<span class=\"_ _0\"></span>ear fut<span class=\"_ _0\"></span>ure in o<span class=\"_ _0\"></span>rder to b<span class=\"_ _0\"></span>e able<span class=\"_ _0\"></span> </span></span>to en<span class=\"_ _0\"></span>joy th<span class=\"_ _0\"></span>e tax b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t. Th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>moun<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e def<span class=\"_ _0\"></span>erred <span class=\"_ _0\"></span>tax a<span class=\"_ _0\"></span>ssets i<span class=\"_ _0\"></span>s veri<span class=\"_ _0\"></span>fied on every bal<span class=\"_ _0\"></span>ance sheet date a<span class=\"_ _0\"></span>nd impaired to th<span class=\"_ _0\"></span>e extent that i<span class=\"_ _0\"></span>t is no longer pro<span class=\"_ _0\"></span>bable that suff<span class=\"_ _0\"></span>ic<span class=\"ws1f9\">ien<span class=\"_ _0\"></span>t taxab<span class=\"_ _0\"></span>le profi<span class=\"_ _0\"></span>t will b<span class=\"_ _0\"></span>e avai<span class=\"_ _0\"></span>lable to<span class=\"_ _0\"></span> credit <span class=\"_ _0\"></span>all or p<span class=\"_ _0\"></span>art of<span class=\"_ _0\"></span> the def<span class=\"_ _0\"></span>erred<span class=\"_ _0\"></span> </span>taxes. D<span class=\"_ _0\"></span>eferr<span class=\"_ _0\"></span>ed tax as<span class=\"_ _0\"></span>sets and l<span class=\"_ _0\"></span>iabiliti<span class=\"_ _0\"></span>es shall b<span class=\"_ _0\"></span>e measur<span class=\"_ _0\"></span>ed at the t<span class=\"_ _0\"></span>ax rate<span class=\"_ _0\"></span>s that ar<span class=\"_ _0\"></span>e expect<span class=\"_ _0\"></span>ed to ap<span class=\"_ _0\"></span>ply to th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> when th<span class=\"_ _0\"></span>e asset is r<span class=\"_ _0\"></span>eali<span class=\"_ _0\"></span>sed or th<span class=\"_ _0\"></span>e liabi<span class=\"_ _0\"></span>lity is s<span class=\"_ _0\"></span>ettled,<span class=\"_ _9f\"></span> base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">on <span class=\"_ _0\"></span>tax ra<span class=\"_ _0\"></span>tes (and<span class=\"_ _9f\"></span> tax laws)<span class=\"_ _0\"></span> that h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en ena<span class=\"_ _0\"></span>cted or s<span class=\"_ _0\"></span>ubstan<span class=\"_ _9f\"></span>tively en<span class=\"_ _0\"></span>acted </span></span>by the end of the reporting <span class=\"_ _0\"></span>period.<span class=\"ws1\"> </span>IFRIC 23, which became effective as from January 1, 2019 onw<span class=\"_ _0\"></span>ards, clarifies how to apply the recognition and m<span class=\"_ _0\"></span>easurement requirements in IAS 12<span class=\"ws1\"> <span class=\"ls30 ws25c\">income tax<span class=\"_ _0\"></span>es </span></span>when an uncertainty over curre<span class=\"_ _0\"></span>nt and deferred income tax treatm<span class=\"_ _0\"></span>ents exists. The acceptability of a par<span class=\"_ _0\"></span>ticular tax treatment<span class=\"_ _0\"></span> under tax law may not be <span class=\"_ _0\"></span>known until the r<span class=\"_ _0\"></span>elevan<span class=\"_ _0\"></span>t taxati<span class=\"_ _0\"></span>on au<span class=\"_ _0\"></span>thority<span class=\"_ _0\"></span> or a <span class=\"_ _0\"></span>court t<span class=\"_ _0\"></span>akes a d<span class=\"_ _0\"></span>ecisio<span class=\"_ _0\"></span>n in th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re. In<span class=\"_ _0\"></span> ass<span class=\"ls34 ws1ea\">essi<span class=\"_ _3\"></span>ng </span>wheth<span class=\"_ _0\"></span>er and<span class=\"_ _0\"></span> how an<span class=\"_ _0\"></span> unce<span class=\"_ _0\"></span>rtain <span class=\"_ _0\"></span>tax trea<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span> affec<span class=\"_ _0\"></span>ts the d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>inatio<span class=\"_ _0\"></span>n of ta<span class=\"_ _0\"></span>xabl<span class=\"_ _0\"></span>e resul<span class=\"_ _0\"></span>ts, the Grou<span class=\"_ _0\"></span>p assume<span class=\"_ _0\"></span>s that a taxatio<span class=\"_ _9f\"></span>n <span class=\"_ _3\"></span>autho<span class=\"_ _9f\"></span>rity will exam<span class=\"_ _0\"></span>ine amoun<span class=\"_ _0\"></span>ts it has a right to examine and has full knowledge of all related information when m<span class=\"_ _0\"></span>aking those<span class=\"_ _3\"></span> e<span class=\"ls25 ws249\">xamin<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s. If th<span class=\"_ _0\"></span>e Group co<span class=\"_ _9f\"></span>ncludes it <span class=\"_ _0\"></span>is proba<span class=\"_ _0\"></span>ble th<span class=\"_ _0\"></span>at the <span class=\"_ _0\"></span>taxati<span class=\"_ _0\"></span>on </span>authority will accept <span class=\"_ _0\"></span>an uncertain ta<span class=\"ws1\">x <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">tre<span class=\"_ _0\"></span>atment, <span class=\"_ _0\"></span>it de<span class=\"_ _0\"></span>termine<span class=\"_ _0\"></span>s the t<span class=\"_ _0\"></span>axable<span class=\"_ _0\"></span> result<span class=\"_ _0\"></span> </span></span>consi<span class=\"_ _0\"></span>stently w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e tax treat<span class=\"_ _0\"></span>ment u<span class=\"_ _0\"></span>sed or p<span class=\"_ _0\"></span>lanned to<span class=\"_ _0\"></span> be used<span class=\"_ _0\"></span> in its in<span class=\"_ _0\"></span>come tax<span class=\"_ _0\"></span> fil<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>gs. I<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> Grou<span class=\"_ _3\"></span>p c<span class=\"ls25 ws204\">onclud<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at it i<span class=\"_ _0\"></span>s no<span class=\"_ _0\"></span>t probab<span class=\"_ _9f\"></span>le that a <span class=\"_ _0\"></span>taxat<span class=\"_ _0\"></span>ion au<span class=\"_ _0\"></span>thori<span class=\"_ _0\"></span>ty will<span class=\"_ _0\"></span> </span>accept <span class=\"_ _0\"></span>an un<span class=\"_ _0\"></span>certain<span class=\"_ _0\"></span> tax t<span class=\"_ _0\"></span>reatmen<span class=\"_ _9f\"></span>t, it refl<span class=\"_ _0\"></span>ects th<span class=\"_ _0\"></span>e eff<span class=\"_ _0\"></span>ect of un<span class=\"_ _0\"></span>certa<span class=\"_ _0\"></span>inty in<span class=\"_ _0\"></span> determining its accounting tax position. <span class=\"_ _0\"></span>If the possible outcomes are binary or concentrated to one value, the uncer<span class=\"_ _0\"></span><span class=\"ls25 ws204\">tain tax<span class=\"_ _0\"></span> posit<span class=\"_ _0\"></span>ion is me<span class=\"_ _0\"></span>asured u<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e most </span>likel<span class=\"_ _0\"></span>y amount.<span class=\"_ _0\"></span> In case th<span class=\"_ _0\"></span>ere exi<span class=\"_ _0\"></span>sts a rang<span class=\"_ _0\"></span>e of possib<span class=\"_ _0\"></span>le outco<span class=\"_ _0\"></span>mes tha<span class=\"_ _0\"></span>t are neith<span class=\"_ _0\"></span>er binary nor concentrated on on<span class=\"_ _0\"></span>e value, the sum of the weighted amounts in a range<span class=\"_ _0\"></span> of po<span class=\"_ _0\"></span>ssible ou<span class=\"_ _0\"></span>tcom<span class=\"_ _0\"></span>es might <span class=\"_ _0\"></span>best p<span class=\"_ _0\"></span>redict t<span class=\"_ _0\"></span>he reso<span class=\"_ _0\"></span><span class=\"ls34 ws1f5\">lu<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n of t<span class=\"_ _3\"></span>he u<span class=\"_ _3\"></span>ncer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>nty.<span class=\"ls1 ws1\"> </span></span>18.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">E<span class=\"_ _0\"></span>mployee b<span class=\"_ _0\"></span>enefits<span class=\"ls1 ws1\"> </span></span>Employee benefits cons<span class=\"_ _0\"></span>ist of short<span class=\"ws1\">-<span class=\"ls30 ws280\">ter<span class=\"_ _0\"></span>m emplo<span class=\"_ _0\"></span>yee ben<span class=\"_ _9f\"></span>efits, pos<span class=\"_ _0\"></span>templo<span class=\"_ _9f\"></span>yment </span></span>benefits, other long<span class=\"ws1\">-</span>term employe<span class=\"_ _0\"></span>e benefits, redundancy pay and rewards in equity instruments. The post<span class=\"ws1\">-<span class=\"ls30 ws281\">emplo<span class=\"_ _9f\"></span>yment ben<span class=\"_ _9f\"></span>efits incl<span class=\"_ _0\"></span>ude t<span class=\"_ _0\"></span>he p<span class=\"ls34 ws23f\">ensi<span class=\"_ _3\"></span>on pl<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>, li<span class=\"_ _3\"></span>fe </span></span></span>insurance policies and<span class=\"_ _0\"></span> insurance poli<span class=\"_ _0\"></span>cies for medical assis<span class=\"_ _0\"></span>tance. Pension plans w<span class=\"_ _0\"></span>ith fixed contribution or<span class=\"_ _0\"></span> defined benefit plan<span class=\"_ _0\"></span>s are provided <span class=\"_ _0\"></span>through separate fund<span class=\"_ _0\"></span>s or insurance plans. In addition, e<span class=\"_ _0\"></span>mployee benefits consisting of <span class=\"_ _0\"></span>equity <span class=\"ls25 ws1ec\">instru<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> </span>also exi<span class=\"_ _0\"></span>st.<span class=\"ls1 ws1\"> </span>Pension pl<span class=\"_ _0\"></span>ans<span class=\"ls1 ws1\"> </span>Defined Co<span class=\"_ _0\"></span>ntributio<span class=\"_ _0\"></span>n Plans<span class=\"ls1 ws1\"> </span>Several subsidiaries within the group hav<span class=\"_ _0\"></span>e taken out group insurance policies for the benefit of their employees. Since <span class=\"_ _0\"></span>Belgian subsidiaries are obliged to make<span class=\"_ _0\"></span> additional payments if <span class=\"_ _0\"></span>the average return on the em<span class=\"_ _0\"></span>ployers\u2019 contributions and o<span class=\"_ _0\"></span>n the e<span class=\"_ _3\"></span>mployees<span class=\"_ _3\"></span>\u2019<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">contributions is not atta<span class=\"_ _0\"></span>ined, those plans <span class=\"_ _0\"></span>should be treated as<span class=\"_ _0\"></span> </span></span>\u201cdefined benefit\u201d plans <span class=\"_ _0\"></span>in accordance with IAS19 (R<span class=\"_ _0\"></span>evised). <span class=\"ws1\"> </span>Defi<span class=\"_ _0\"></span>ned B<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t Plans<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The group has a number of defined benefit pension plans. The costs of the defined benefit pension plan<span class=\"_ _0\"></span>s are <span class=\"ls25 ws1f9\">actuar<span class=\"_ _0\"></span>ially d<span class=\"_ _0\"></span>etermin<span class=\"_ _9f\"></span>ed using th<span class=\"_ _0\"></span>e \u2018pro<span class=\"_ _0\"></span>jected u<span class=\"_ _0\"></span>nit cred<span class=\"_ _9f\"></span>it\u2019 </span>me<span class=\"_ _3\"></span>thod<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Reme<span class=\"_ _0\"></span>asuremen<span class=\"_ _9f\"></span>ts, compos<span class=\"_ _0\"></span>ed of ac<span class=\"_ _0\"></span>tuaria<span class=\"_ _0\"></span>l gains <span class=\"_ _0\"></span>and loss<span class=\"_ _0\"></span>es, th<span class=\"_ _0\"></span>e effect o<span class=\"_ _0\"></span>f chang<span class=\"_ _0\"></span>es to the asset ceiling and the return on plan<span class=\"_ _0\"></span> assets, are directly recognized in the balance sheet; a correspondin<span class=\"_ _0\"></span>g<span class=\"ws1\"> </span>amou<span class=\"_ _0\"></span>nt is credited or charg<span class=\"_ _0\"></span>ed to retained earnings through other comp<span class=\"_ _0\"></span>rehensive income in the period in whi<span class=\"_ _0\"></span>ch they arise. <span class=\"ws1\"> </span>Reme<span class=\"_ _0\"></span>asuremen<span class=\"_ _9f\"></span>ts are not reclas<span class=\"_ _0\"></span>sified to pr<span class=\"_ _0\"></span>ofit or loss in sub<span class=\"_ _9f\"></span>se<span class=\"_ _3\"></span>qu<span class=\"_ _0\"></span>ent period<span class=\"_ _9f\"></span>s.<span class=\"ls1 ws1\"> </span>Past se<span class=\"_ _0\"></span>rvice co<span class=\"_ _0\"></span>sts are r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ized in pro<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>r loss on t<span class=\"ls30 ws283\">h<span class=\"_ _0\"></span>e effec<span class=\"_ _9f\"></span>tive date o<span class=\"_ _0\"></span>f the ch<span class=\"_ _0\"></span>ange </span>or restriction of the pension plan or the date on which the group accoun<span class=\"_ _0\"></span>ts for reorgan<span class=\"_ _9f\"></span>ization co<span class=\"_ _0\"></span>sts, wh<span class=\"_ _0\"></span>icheve<span class=\"_ _0\"></span>r occu<span class=\"_ _0\"></span>rs firs<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Net interest is calculated by applying th<span class=\"_ _0\"></span>e discount rate to the net defined benefit asset o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>il<span class=\"ls1 ws1f6\">ity and is recognized <span class=\"_ _0\"></span>in consolidated profit or los<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span>Empl<span class=\"_ _0\"></span>oyee b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts in eq<span class=\"_ _0\"></span>uity<span class=\"_ _0\"></span> instr<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>On different level<span class=\"_ _0\"></span>s stock option plans exis<span class=\"_ _0\"></span>t within the AvH, giv<span class=\"_ _0\"></span>ing employees the right to<span class=\"_ _0\"></span> buy Av<span class=\"_ _0\"></span>H share<span class=\"_ _0\"></span>s or th<span class=\"_ _0\"></span>e shares o<span class=\"_ _0\"></span>f some su<span class=\"_ _9f\"></span>bsidiary <span class=\"_ _0\"></span>at a pred<span class=\"_ _0\"></span>efined p<span class=\"_ _9f\"></span>rice. <span class=\"ls52 ws24e\">This </span>price <span class=\"_ _0\"></span>is dete<span class=\"_ _0\"></span>rmined<span class=\"_ _0\"></span> at th<span class=\"_ _0\"></span>e time w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e optio<span class=\"_ _9f\"></span>ns are g<span class=\"_ _0\"></span>ranted a<span class=\"_ _0\"></span>nd it i<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on the mar<span class=\"_ _0\"></span>ket p<span class=\"_ _0\"></span>rice or th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> in<span class=\"_ _0\"></span>trinsic<span class=\"_ _0\"></span> value.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The pe<span class=\"_ _0\"></span>rform<span class=\"_ _0\"></span>ance of th<span class=\"_ _9f\"></span>e benefici<span class=\"_ _0\"></span>ary i<span class=\"_ _0\"></span>s measu<span class=\"_ _0\"></span>red (<span class=\"_ _0\"></span>at the mo<span class=\"_ _0\"></span>ment of<span class=\"_ _0\"></span> gran<span class=\"_ _0\"></span>ting) o<span class=\"_ _0\"></span>n the bas<span class=\"_ _0\"></span>is of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of the g<span class=\"_ _9f\"></span>ranted <span class=\"_ _0\"></span>options a<span class=\"_ _9f\"></span><span class=\"ls1 ws1fe\">nd warrants and recognized in<span class=\"_ _0\"></span> </span>profit <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>ss when <span class=\"_ _0\"></span>the serv<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>re ren<span class=\"_ _0\"></span>dered d<span class=\"_ _0\"></span>uring <span class=\"_ _0\"></span>the ve<span class=\"_ _0\"></span>sting pe<span class=\"_ _0\"></span>riod.<span class=\"ls1 ws1\"> </span>19.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls2f ws1e\">Revenue re<span class=\"_ _3\"></span>cognition (IFRS 1<span class=\"_ _3\"></span>5)</span> Revenue is recognised in accordanc<span class=\"_ _0\"></span>e with the IFRS standards, taking into account<span class=\"_ _0\"></span> the spe<span class=\"_ _0\"></span>cific a<span class=\"_ _0\"></span>ctivit<span class=\"_ _0\"></span>ies of ea<span class=\"_ _9f\"></span>ch segmen<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Revenu<span class=\"_ _0\"></span>e recognition <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Revenue is recognised when or as each performanc<span class=\"_ _0\"></span>e obligation is satisfied, at the amount<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e transa<span class=\"_ _0\"></span>ction<span class=\"_ _0\"></span> price a<span class=\"_ _0\"></span>llocat<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>at perf<span class=\"_ _0\"></span>orman<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igation<span class=\"_ _0\"></span>. Cont<span class=\"_ _0\"></span>rol of an ass<span class=\"_ _0\"></span>et refer<span class=\"_ _0\"></span>s to the abi<span class=\"_ _0\"></span>lity to d<span class=\"_ _0\"></span>irect th<span class=\"_ _0\"></span>e use of and<span class=\"_ _0\"></span> obtain su<span class=\"_ _0\"></span>bst<span class=\"ls35 ws1ec\">an<span class=\"_ _0\"></span>tially all th<span class=\"_ _9f\"></span>e </span>remain<span class=\"_ _0\"></span>ing benef<span class=\"_ _9f\"></span>its from the asse<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>When a performanc<span class=\"_ _0\"></span>e obligation is satisfi<span class=\"_ _0\"></span>ed by transferring a <span class=\"_ _0\"></span>promised good or servic<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er befo<span class=\"_ _0\"></span>re the <span class=\"_ _0\"></span>custom<span class=\"_ _0\"></span>er pays <span class=\"_ _0\"></span>consid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n or bef<span class=\"_ _0\"></span>ore pa<span class=\"_ _0\"></span>yment<span class=\"_ _0\"></span> is due,the Group presents the <span class=\"ls25 ws224\">con<span class=\"_ _9f\"></span>tract as a co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t asse<span class=\"_ _0\"></span>t, unles<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up's </span>rights to that amo<span class=\"_ _0\"></span>unt of consideration <span class=\"_ _0\"></span>are unconditional, in<span class=\"_ _0\"></span> which case the <span class=\"_ _0\"></span>Group recogn<span class=\"_ _0\"></span>ises a rece<span class=\"_ _0\"></span>ivable.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>When an a<span class=\"_ _0\"></span>mount o<span class=\"_ _0\"></span>f consid<span class=\"_ _9f\"></span>eration i<span class=\"_ _0\"></span>s recei<span class=\"_ _0\"></span>ved from a c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er prio<span class=\"_ _0\"></span>r to the G<span class=\"_ _0\"></span>roup transferring a good o<span class=\"ls25 ws1db\">r se<span class=\"_ _0\"></span>rvice to th<span class=\"_ _0\"></span>e customer, th<span class=\"_ _0\"></span>e Group pr<span class=\"_ _0\"></span>esents the co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span> as </span>a contract l<span class=\"_ _0\"></span>iability.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ma<span class=\"_ _0\"></span>in str<span class=\"_ _0\"></span>eams o<span class=\"_ _0\"></span>f rev<span class=\"_ _0\"></span>enue a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed if i<span class=\"_ _0\"></span>t meet<span class=\"_ _0\"></span>s the <span class=\"_ _0\"></span>criteri<span class=\"_ _0\"></span>a ou<span class=\"_ _0\"></span>tlined<span class=\"_ _0\"></span> below<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>Identi<span class=\"_ _0\"></span>fying t<span class=\"_ _0\"></span>he sepa<span class=\"_ _0\"></span>rate perf<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ance obli<span class=\"_ _0\"></span>gations<span class=\"_ _0\"></span> in a contr<span class=\"_ _0\"></span>act wit<span class=\"_ _0\"></span>h a cus<span class=\"_ _3\"></span>tomer<span class=\"ls1 ws1\"> </span>Most of t<span class=\"ls30 ws203\">he rev<span class=\"_ _0\"></span>enue r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ised b<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>struct<span class=\"_ _0\"></span>ion co<span class=\"_ _0\"></span>mpani<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span> the g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> relat<span class=\"_ _0\"></span>es </span>to cont<span class=\"_ _0\"></span>racts wi<span class=\"_ _0\"></span>th custo<span class=\"_ _0\"></span>mers f<span class=\"_ _0\"></span>or the sa<span class=\"_ _0\"></span>le of prope<span class=\"_ _0\"></span>rties an<span class=\"_ _0\"></span>d servic<span class=\"_ _9f\"></span>es revenue<span class=\"_ _0\"></span> generated from construc<span class=\"_ _0\"></span>tion, project management <span class=\"_ _0\"></span>and selling activities. In accoun<span class=\"_ _0\"></span>ting f<span class=\"_ _0\"></span>or these con<span class=\"_ _9f\"></span>tracts, <span class=\"ls1 ws1f7\">the Group is required to identify which good<span class=\"_ _0\"></span>s or </span>servic<span class=\"_ _0\"></span>es are d<span class=\"_ _0\"></span>istinct an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span>refore r<span class=\"_ _0\"></span>eprese<span class=\"_ _0\"></span>nt separ<span class=\"_ _0\"></span>ate perf<span class=\"_ _0\"></span>ormanc<span class=\"_ _0\"></span>e oblig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s to which revenue can be a<span class=\"_ _0\"></span>ssigned.<span class=\"ws1\"> </span>Manag<span class=\"_ _0\"></span>ement u<span class=\"_ _0\"></span>ses j<span class=\"_ _0\"></span>udgeme<span class=\"_ _0\"></span>nt to d<span class=\"_ _0\"></span>etermi<span class=\"_ _0\"></span>ne whe<span class=\"_ _0\"></span>ther a p<span class=\"_ _9f\"></span>romised go<span class=\"_ _0\"></span>od or<span class=\"_ _0\"></span> serv<span class=\"_ _0\"></span>ice is<span class=\"_ _0\"></span> dist<span class=\"_ _3\"></span>inct b<span class=\"_ _3\"></span>y asses<span class=\"ls25 ws232\">sing if th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r can b<span class=\"_ _0\"></span>enefit f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e good o<span class=\"_ _0\"></span>r servi<span class=\"_ _0\"></span>ce on i<span class=\"_ _0\"></span>ts </span>own or tog<span class=\"_ _0\"></span>ether<span class=\"_ _0\"></span> with othe<span class=\"_ _0\"></span>r resour<span class=\"_ _0\"></span>ces that ar<span class=\"_ _0\"></span>e readi<span class=\"_ _0\"></span>ly availab<span class=\"_ _9f\"></span>le to the custom<span class=\"_ _9f\"></span>er and by a<span class=\"_ _0\"></span>scertai<span class=\"_ _0\"></span>ning w<span class=\"_ _0\"></span>hether <span class=\"_ _0\"></span>the Grou<span class=\"_ _9f\"></span>p's promi<span class=\"_ _0\"></span>se to tran<span class=\"_ _9f\"></span>sfer the goo<span class=\"_ _0\"></span>d or se<span class=\"_ _0\"></span>rvice to the cu<span class=\"_ _9f\"></span>stomer i<span class=\"_ _0\"></span>s separa<span class=\"_ _0\"></span>tely id<span class=\"_ _0\"></span>entifi<span class=\"_ _0\"></span>able fro<span class=\"_ _0\"></span>m othe<span class=\"_ _0\"></span>r promis<span class=\"_ _0\"></span>es in <span class=\"_ _0\"></span>the cont<span class=\"_ _0\"></span>ract.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Deter<span class=\"_ _0\"></span>minati<span class=\"_ _0\"></span>on of tr<span class=\"_ _0\"></span>ansacti<span class=\"_ _0\"></span>on pri<span class=\"_ _0\"></span>ces for rev<span class=\"_ _0\"></span>enue <span class=\"_ _0\"></span>recogni<span class=\"_ _0\"></span>tion<span class=\"ls1 ws1\"> </span>The G<span class=\"_ _0\"></span>roup is <span class=\"_ _0\"></span>requi<span class=\"_ _0\"></span>red to<span class=\"_ _0\"></span> determi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>n pric<span class=\"_ _0\"></span>e in re<span class=\"_ _0\"></span>spect o<span class=\"_ _0\"></span>f each<span class=\"_ _0\"></span> of i<span class=\"_ _0\"></span>ts contr<span class=\"_ _0\"></span>acts w<span class=\"_ _0\"></span>ith cu<span class=\"_ _0\"></span>stomers.<span class=\"_ _9f\"></span> Where con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>ration <span class=\"_ _0\"></span>is va<span class=\"_ _0\"></span>riable d<span class=\"_ _0\"></span>ue to<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls34 ws1ef\">a per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e </span></span>bon<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>, the<span class=\"_ _3\"></span> Gr<span class=\"_ _3\"></span>oup e<span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>mate<span class=\"_ _3\"></span>s t<span class=\"_ _3\"></span>he a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span> of <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>iab<span class=\"_ _3\"></span>le c<span class=\"_ _3\"></span>onsi<span class=\"_ _3\"></span>dera<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n to<span class=\"_ _3\"></span> be<span class=\"_ _3\"></span> incl<span class=\"_ _3\"></span>ude<span class=\"_ _3\"></span>d in the t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tion pr<span class=\"_ _0\"></span>ice. <span class=\"ls1 ws1\"> </span>Allocation of transaction price to performance obli<span class=\"_ _0\"></span>gations in contracts with cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>rs <span class=\"ls1 ws1\"> </span>The Group us<span class=\"_ _0\"></span>es the stand<span class=\"ws1\">-<span class=\"ls35 ws269\">alon<span class=\"_ _0\"></span>e selling<span class=\"_ _0\"></span> price of<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls33 ws224\">the disti<span class=\"_ _3\"></span>nct good<span class=\"_ _3\"></span>s and servi<span class=\"_ _3\"></span>ces </span></span></span></span>underlying each performanc<span class=\"_ _0\"></span>e obligation to apportion the transaction price to id<span class=\"_ _3\"></span>enti<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> obl<span class=\"_ _3\"></span>igat<span class=\"_ _3\"></span>ions<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ws252\">This occurs for<span class=\"_ _0\"></span> a limited number of EPC<span class=\"_ _0\"></span>I </span></span>contracts in the \"Marine Engineering &amp; Contracting\" segment, where th<span class=\"ls39 ws1f4\">e multipl<span class=\"_ _3\"></span>e </span>perfor<span class=\"_ _0\"></span>mance ob<span class=\"_ _0\"></span>ligat<span class=\"_ _0\"></span>ions (procu<span class=\"_ _9f\"></span>rement act<span class=\"_ _0\"></span>ivities an<span class=\"_ _0\"></span>d insta<span class=\"_ _0\"></span>llation ac<span class=\"_ _0\"></span>tiviti<span class=\"_ _0\"></span>es) give ri<span class=\"_ _0\"></span>se to a sep<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>e revenu<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nition p<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>rn.<span class=\"ls1 ws1\">  </span>Satisfaction of perfo<span class=\"_ _0\"></span>rmance obligations for revenue recognition<span class=\"_ _0\"></span><span class=\"ws1\"> </span>The Grou<span class=\"_ _0\"></span>p asses<span class=\"_ _0\"></span>ses each<span class=\"_ _0\"></span> of its cu<span class=\"_ _0\"></span>stomer c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts to d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>e wheth<span class=\"_ _0\"></span>er perfor<span class=\"_ _0\"></span>mance o<span class=\"_ _0\"></span>bliga<span class=\"_ _0\"></span>tions a<span class=\"_ _0\"></span>re sati<span class=\"_ _0\"></span>sfied ov<span class=\"_ _0\"></span>er time o<span class=\"_ _0\"></span>r at a po<span class=\"_ _0\"></span>int in t<span class=\"_ _0\"></span>ime in ord<span class=\"_ _0\"></span>er to<span class=\"_ _0\"></span> determine when r<span class=\"_ _0\"></span>evenue is recognised. F<span class=\"_ _0\"></span>or sales of pro<span class=\"_ _0\"></span>perties under deve<span class=\"_ _0\"></span>lopment the Gro<span class=\"_ _0\"></span>up reco<span class=\"_ _9f\"></span>gnises rev<span class=\"_ _9f\"></span>enue over <span class=\"_ _0\"></span>time, <span class=\"_ _0\"></span>accord<span class=\"_ _0\"></span>ing to<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>ercen<span class=\"ls4a ws287\">tage<span class=\"_ _3\"></span> of </span>compl<span class=\"_ _0\"></span>etion me<span class=\"_ _0\"></span>thod, be<span class=\"_ _0\"></span>cause co<span class=\"_ _0\"></span>ntrol tr<span class=\"_ _0\"></span>ansf<span class=\"_ _0\"></span>ers ove<span class=\"_ _0\"></span>r time. It<span class=\"_ _0\"></span>s perform<span class=\"_ _0\"></span>ance cre<span class=\"_ _0\"></span>ates an ass<span class=\"_ _0\"></span>et tha<span class=\"_ _0\"></span>t the cu<span class=\"_ _0\"></span>stomer<span class=\"_ _0\"></span> contro<span class=\"_ _9f\"></span>ls as the a<span class=\"_ _0\"></span>sset i<span class=\"_ _0\"></span>s crea<span class=\"_ _0\"></span>ted. I<span class=\"_ _0\"></span>t does n<span class=\"_ _0\"></span>ot crea<span class=\"_ _9f\"></span>te<span class=\"_ _3\"></span> a<span class=\"_ _0\"></span>n asset <span class=\"_ _0\"></span>with alt<span class=\"_ _0\"></span>ernati<span class=\"_ _0\"></span>ve use a<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up has an <span class=\"_ _0\"></span>enforc<span class=\"_ _0\"></span>eable <span class=\"_ _0\"></span>right to p<span class=\"_ _0\"></span>aymen<span class=\"_ _0\"></span>t for perfo<span class=\"ls1 ws23f\">rmance completed to date. For the EPCI contracts, revenue on the </span>procu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t activiti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e recogni<span class=\"_ _0\"></span>sed at a<span class=\"_ _0\"></span> point in ti<span class=\"_ _0\"></span>me and th<span class=\"_ _0\"></span>e inst<span class=\"_ _0\"></span>allatio<span class=\"_ _0\"></span>n acti<span class=\"_ _3\"></span>vities<span class=\"_ _3\"></span> are rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d over ti<span class=\"_ _3\"></span>me.<span class=\"ls1 ws1\"> </span>Method of measuring progress<span class=\"_ _0\"></span> of completion of performance obligations and re<span class=\"ws1ec\">cognition of revenue <span class=\"ws1\"> </span></span>For perf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>nce oblig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>sfied ov<span class=\"_ _9f\"></span>er time, con<span class=\"_ _9f\"></span>tract reven<span class=\"_ _0\"></span>ue is re<span class=\"_ _0\"></span>cogniz<span class=\"_ _0\"></span>ed accord<span class=\"_ _0\"></span>ing to th<span class=\"_ _9f\"></span>e percentag<span class=\"_ _0\"></span>e of comp<span class=\"_ _0\"></span>letio<span class=\"_ _0\"></span>n of the co<span class=\"_ _0\"></span>ntract a<span class=\"_ _0\"></span>ctivit<span class=\"_ _0\"></span>y at the c<span class=\"_ _0\"></span>losing<span class=\"_ _9f\"></span> date by using an <span class=\"_ _0\"></span>input method calcu<span class=\"_ _0\"></span>lated as the propor<span class=\"_ _0\"></span>tion of contract c<span class=\"ls25 ws208\">o<span class=\"_ _9f\"></span>sts at the </span>closin<span class=\"_ _0\"></span>g dat<span class=\"_ _0\"></span>e and th<span class=\"_ _0\"></span>e estim<span class=\"_ _0\"></span>ated to<span class=\"_ _0\"></span>tal co<span class=\"_ _0\"></span>ntract <span class=\"_ _0\"></span>costs. A<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>ected lo<span class=\"_ _0\"></span>ss on a<span class=\"_ _0\"></span> cons<span class=\"_ _0\"></span>tructio<span class=\"_ _0\"></span>n contract is i<span class=\"_ _0\"></span>mmedi<span class=\"_ _0\"></span>ately reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d.<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> </span>Contr<span class=\"_ _0\"></span>acts for th<span class=\"_ _9f\"></span>e sale of pro<span class=\"_ _0\"></span>pertie<span class=\"_ _0\"></span>s conta<span class=\"_ _0\"></span>in cer<span class=\"_ _0\"></span>tain war<span class=\"_ _0\"></span>ranti<span class=\"_ _0\"></span>es cover<span class=\"_ _0\"></span>ing a per<span class=\"_ _0\"></span>iod of up t<span class=\"_ _3\"></span>o ten yea<span class=\"_ _3\"></span>rs afte<span class=\"_ _3\"></span>r compl<span class=\"_ _3\"></span>et<span class=\"ls25 ws1f9\">ion of<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>perty.<span class=\"_ _0\"></span> The Gro<span class=\"_ _0\"></span>up ass<span class=\"_ _0\"></span>essed tha<span class=\"_ _0\"></span>t the<span class=\"_ _0\"></span>se </span>condi<span class=\"_ _0\"></span>tions r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>t 'assuranc<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-</span>type'<span class=\"_ _0\"></span> warran<span class=\"_ _0\"></span>ties th<span class=\"_ _0\"></span>at are <span class=\"_ _0\"></span>legally<span class=\"_ _0\"></span> requir<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e provided as quality guarant<span class=\"_ _0\"></span>ees and will continue to be accounted fo<span class=\"_ _0\"></span>r under IAS 37, co<span class=\"_ _0\"></span>nsisten<span class=\"_ _0\"></span>t with <span class=\"_ _0\"></span>its curr<span class=\"_ _0\"></span>ent pra<span class=\"_ _0\"></span>ctic<span class=\"_ _0\"></span>e.<span class=\"ls1 ws1\"> </span>A v<span class=\"ls42 ws213\">ariation m<span class=\"_ _0\"></span>ay lead to an in<span class=\"_ _0\"></span>crease or a d<span class=\"_ _0\"></span>ecrease in con<span class=\"_ _0\"></span>tract revenu<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>. A v<span class=\"_ _0\"></span>ariation<span class=\"_ _0\"></span> </span>is an instruction by <span class=\"_ _0\"></span>the customer for a c<span class=\"_ _0\"></span>hange in the scope of th<span class=\"_ _0\"></span>e work to be perfor<span class=\"_ _0\"></span>med un<span class=\"_ _0\"></span>der th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>tract.<span class=\"_ _0\"></span> These<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>ract mo<span class=\"_ _0\"></span>dific<span class=\"_ _0\"></span>ations<span class=\"_ _0\"></span> form t<span class=\"_ _0\"></span>ypical<span class=\"_ _0\"></span>ly pa<span class=\"_ _0\"></span>rt of the performance <span class=\"ls25 ws236\">obl<span class=\"_ _0\"></span>igation th<span class=\"_ _9f\"></span>at is partia<span class=\"_ _0\"></span>lly satisf<span class=\"_ _0\"></span>ied at th<span class=\"_ _0\"></span>e date of th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act </span>modification, henc<span class=\"_ _0\"></span>e the effect is recognised as an adjus<span class=\"_ _0\"></span>tment to revenue.<span class=\"ws1\"> </span>Dividend revenue is recognised wh<span class=\"_ _0\"></span>en the<span class=\"_ _3\"></span> Group'<span class=\"_ _0\"></span>s right to receive the payment is esta<span class=\"_ _3\"></span>blishe<span class=\"_ _3\"></span>d.<span class=\"ls1 ws1\"> </span>Other r<span class=\"_ _0\"></span>evenu<span class=\"_ _0\"></span>e is recogn<span class=\"_ _9f\"></span>ised when it<span class=\"_ _0\"></span> is receiv<span class=\"_ _9f\"></span>ed or when th<span class=\"_ _0\"></span>e right to<span class=\"_ _0\"></span> receiv<span class=\"_ _0\"></span>e payment is established.<span class=\"ws1\"> </span>20.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Assets he<span class=\"_ _3\"></span>ld for sale a<span class=\"_ _3\"></span>nd disc<span class=\"_ _3\"></span>ontinued op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s</span> The Group classifies <span class=\"_ _3\"></span>non<span class=\"ws1\">-<span class=\"ls25 ws207\">cu<span class=\"_ _9f\"></span>rrent asse<span class=\"_ _0\"></span>ts and disp<span class=\"_ _0\"></span>osal<span class=\"_ _0\"></span> groups a<span class=\"_ _0\"></span>s held f<span class=\"_ _0\"></span>or sale i<span class=\"_ _0\"></span>f thei<span class=\"_ _0\"></span>r </span></span>carrying amounts will be recov<span class=\"_ _0\"></span>ered principally through a sale transaction rathe<span class=\"_ _0\"></span>r than through continuing use. Non<span class=\"ws1\">-<span class=\"ws1f6\">current as<span class=\"_ _0\"></span>sets and disposal group<span class=\"_ _0\"></span>s classified as </span></span>held fo<span class=\"_ _0\"></span>r sale a<span class=\"_ _0\"></span>re measur<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>r of their c<span class=\"_ _0\"></span>arrying<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t and fai<span class=\"_ _0\"></span>r value l<span class=\"_ _0\"></span>ess costs <span class=\"_ _0\"></span>to sel<span class=\"_ _0\"></span>l. Cost<span class=\"_ _0\"></span>s to sel<span class=\"_ _0\"></span>l are th<span class=\"_ _9f\"></span>e increm<span class=\"_ _0\"></span>ental c<span class=\"ws20a\">o<span class=\"_ _0\"></span>sts direc<span class=\"_ _0\"></span>tly att<span class=\"_ _0\"></span>ributab<span class=\"_ _0\"></span>le to the </span>disposal of an a<span class=\"_ _0\"></span>sset (disposal group)<span class=\"_ _0\"></span>, excluding finance <span class=\"_ _0\"></span>costs and income t<span class=\"_ _0\"></span>ax expense. The cri<span class=\"_ _0\"></span>teria f<span class=\"_ _0\"></span>or held f<span class=\"_ _0\"></span>or sal<span class=\"_ _0\"></span>e class<span class=\"_ _0\"></span>ificat<span class=\"_ _0\"></span>ion is r<span class=\"_ _0\"></span>egarded <span class=\"_ _0\"></span>as me<span class=\"_ _0\"></span>t only wh<span class=\"_ _0\"></span>en the <span class=\"_ _0\"></span>sale is<span class=\"_ _0\"></span> highly probable, and th<span class=\"_ _0\"></span>e asset or disposal group<span class=\"ws1\"> <span class=\"ls52 ws1f0\">is avai<span class=\"_ _3\"></span>lable<span class=\"_ _3\"></span> for imme<span class=\"_ _3\"></span>diate<span class=\"_ _3\"></span> sale<span class=\"_ _3\"></span> in </span></span>its pre<span class=\"_ _0\"></span>sent cond<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span>. Action<span class=\"_ _0\"></span>s requi<span class=\"_ _0\"></span>red to com<span class=\"_ _0\"></span>plete th<span class=\"_ _0\"></span>e sale sho<span class=\"_ _0\"></span>uld ind<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at it is unli<span class=\"_ _0\"></span>kely th<span class=\"_ _0\"></span>at sign<span class=\"_ _0\"></span>ifican<span class=\"_ _0\"></span>t chang<span class=\"_ _0\"></span>es to th<span class=\"_ _0\"></span>e sale w<span class=\"_ _0\"></span>ill be m<span class=\"_ _0\"></span>ade or <span class=\"_ _0\"></span>that the d<span class=\"_ _9f\"></span>ecision to<span class=\"_ _0\"></span> sell will b<span class=\"_ _0\"></span>e withdra<span class=\"_ _0\"></span>wn. Man<span class=\"_ _0\"></span>agem<span class=\"_ _0\"></span>ent must be co<span class=\"_ _0\"></span>mmit<span class=\"ls1 ws1ef\">ted <span class=\"_ _0\"></span>to the plan to sell t<span class=\"_ _0\"></span>he </span>asset and the sale expected to be completed within one yea<span class=\"_ _0\"></span>r from the date of the classif<span class=\"_ _0\"></span>icatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>22.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls2f ws1e\">Earnings per sh<span class=\"_ _3\"></span>are</span> The group calculates bo<span class=\"_ _0\"></span>th the basic earnings per shar<span class=\"_ _0\"></span>e a<span class=\"ls34 ws1ea\">nd<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _3\"></span></span>the diluted earning<span class=\"_ _0\"></span>s per share in accordance with IAS 33. The<span class=\"_ _0\"></span> basic earnings per share are calculated on the basis of the we<span class=\"_ _0\"></span>ighted average number of<span class=\"_ _0\"></span> outstanding shares during th<span class=\"_ _0\"></span>e<span class=\"ws1\"> </span>period. Diluted earnings per share are calculated accord<span class=\"_ _0\"></span>ing to the average n<span class=\"ls34 ws1ea\">um<span class=\"_ _3\"></span>ber </span>of shares outstan<span class=\"_ _0\"></span>ding during the p<span class=\"_ _0\"></span>eriod plus the di<span class=\"_ _0\"></span>luted effect of the w<span class=\"_ _0\"></span>arrants and stock options outstand<span class=\"_ _0\"></span>ing during the period.<span class=\"ws1\"> </span>23.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">Segmen<span class=\"_ _0\"></span>t repo<span class=\"_ _0\"></span>rting<span class=\"ls1 ws1\"> </span></span>AvH is a d<span class=\"_ _0\"></span>ivers<span class=\"_ _0\"></span>ified grou<span class=\"_ _0\"></span>p which <span class=\"_ _0\"></span>is activ<span class=\"_ _0\"></span>e in the f<span class=\"_ _0\"></span>ollowin<span class=\"_ _0\"></span>g cor<span class=\"_ _0\"></span>e sector<span class=\"_ _0\"></span>s:<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _1\"></span><span class=\"ff3b ls49 ws205\">Marine E<span class=\"_ _3\"></span>ngineering &amp; <span class=\"ls25 ws1ec\">Contractin<span class=\"_ _0\"></span>g<span class=\"ff3a ls1 ws1\"> <span class=\"ws1ed\">wi<span class=\"_ _0\"></span>th DEME, one of the largest dr<span class=\"_ _0\"></span>edging </span></span></span></span></span>companies in the wor<span class=\"_ _0\"></span>ld, CFE a constructio<span class=\"_ _0\"></span>n group with headqua<span class=\"_ _0\"></span>rters in Belgium, Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ws1ed\">Port and Green Offshore.</span> </span>2. <span class=\"_ _2\"></span>Priv<span class=\"_ _0\"></span>ate B<span class=\"_ _0\"></span>anking<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws1f8\">with Delen Private Bank, one of th<span class=\"_ _0\"></span>e largest independent </span></span>priva<span class=\"_ _0\"></span>te asset mana<span class=\"_ _0\"></span>gers<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">in Belgium and asset manag<span class=\"_ _0\"></span>er JM Finn in the UK and </span></span>Bank Van<span class=\"_ _0\"></span> Breda,<span class=\"_ _0\"></span> a niche<span class=\"ls1 ws1\">-<span class=\"ws21f\">b<span class=\"_ _0\"></span>ank for entrepren<span class=\"_ _0\"></span>eurs and liberal profession<span class=\"_ _0\"></span>s in </span></span>Belgiu<span class=\"_ _0\"></span>m.3. <span class=\"_ _2\"></span>Real<span class=\"_ _0\"></span> Estat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span><span class=\"ls53 ws28c\">&amp; Se<span class=\"_ _3\"></span>nior Care</span><span class=\"ff3a\"> <span class=\"_ _4\"> </span>with <span class=\"_ _4\"></span><span class=\"ls33 ws1f0\">Nexte<span class=\"_ _3\"></span>nsa<span class=\"ls52 ws27a\">, a<span class=\"_ _3\"></span> listed<span class=\"_ _3\"></span></span></span> <span class=\"_ _24\"></span><span class=\"ls25 ws1ec\">integra<span class=\"_ _0\"></span>ted <span class=\"_ _24\"></span><span class=\"ws224\">real estate<span class=\"_ _0\"></span> </span></span></span>group.4.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _1\"></span><span class=\"ff3b ls3f ws262\">Energ<span class=\"_ _9f\"></span>y &amp; Resour<span class=\"_ _0\"></span>ces<span class=\"ff3a ls42 ws28e\">, SIP<span class=\"_ _0\"></span>EF, an agro<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-indust<span class=\"ls35 ws24c\">rial g<span class=\"_ _0\"></span>roup in t<span class=\"_ _0\"></span>ropica<span class=\"_ _0\"></span>l agricu<span class=\"_ _0\"></span>lture<span class=\"ls31 ws206\">, </span></span></span></span></span></span>Verdan<span class=\"_ _9f\"></span>t Biosci<span class=\"_ _0\"></span>ence <span class=\"ls1 ws1ed\">and Sagar Cements.<span class=\"ws1\"> </span></span>5.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _1\"></span><span class=\"ff3b ls49 ws205\">AvH &amp; Grow<span class=\"_ _3\"></span>th Capita<span class=\"_ _3\"></span>l<span class=\"ff3a ls1 ws1\"> <span class=\"ws219\">w<span class=\"_ _0\"></span>ith AvH G<span class=\"_ _3\"></span>row<span class=\"_ _0\"></span>th Capital a<span class=\"_ _3\"></span>nd their respective Growth </span></span></span></span>Capital participations.<span class=\"ws1\"> </span>The segment infor<span class=\"_ _0\"></span>mation in the financi<span class=\"_ _0\"></span>al statements of AvH <span class=\"_ _0\"></span>is published in line<span class=\"_ _0\"></span> wi<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span> IFR<span class=\"_ _3\"></span>S 8<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-2-2": {
   "value": "1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls26 ws1dc\">Stat<span class=\"_ _0\"></span>ement<span class=\"ls1 ws1\"> <span class=\"ls3a ws20c\">of complianc<span class=\"_ _3\"></span>e</span> </span></span>The consolidated annual account<span class=\"_ _0\"></span>s are pre<span class=\"_ _3\"></span>par<span class=\"_ _0\"></span>ed in accordance with the Interna<span class=\"_ _9f\"></span>tional Finan<span class=\"_ _0\"></span>cial Re<span class=\"_ _0\"></span>porting S<span class=\"_ _0\"></span>tandar<span class=\"_ _0\"></span>ds and IF<span class=\"_ _0\"></span>RIC interp<span class=\"_ _0\"></span>retatio<span class=\"_ _0\"></span>ns effec<span class=\"_ _9f\"></span>tive on 31 December 20<span class=\"ls1 ws1\">22<span class=\"ls40\">, as approved </span><span class=\"ws1ed\">by the</span> <span class=\"ws1f6\">European Com<span class=\"_ _0\"></span>mission.<span class=\"ws1\"> </span></span></span>New and amended sta<span class=\"_ _0\"></span>ndards and interpret<span class=\"_ _0\"></span>ations<span class=\"ls1 ws1\"> </span>Following new standard<span class=\"_ _0\"></span>s and amendments to existing standards p<span class=\"_ _0\"></span>ublished by the<span class=\"ws1\"> </span>IASB, ar<span class=\"_ _0\"></span>e applied a<span class=\"_ _0\"></span>s from Janu<span class=\"_ _9f\"></span>ary 1, 202<span class=\"ls1 ws1\">2<span class=\"_ _0\"></span>. </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ws1ed\">Amendments to IFRS <span class=\"_ _3\"></span>3 Business combinat<span class=\"_ _0\"></span>ions<span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls25 ws1eb\">Amendm<span class=\"_ _0\"></span>ents to I<span class=\"_ _0\"></span>AS 16 <span class=\"ls34 ws1f5\">Prope<span class=\"_ _3\"></span>rty<span class=\"_ _3\"></span>, Pla<span class=\"_ _3\"></span>nt<span class=\"_ _3\"></span> and Eq<span class=\"_ _3\"></span>uipm<span class=\"_ _3\"></span>ent<span class=\"ls1 ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ws21f\">Amendments to IAS 37 Provis<span class=\"_ _0\"></span>ions, Contingent Liabil<span class=\"_ _0\"></span>ities and Contingent </span></span>Asse<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ws1f6\">Annual Improvement 2018 <span class=\"ws1\">- <span class=\"ls24 ws1da\">2020<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>The application of t<span class=\"_ _0\"></span>he new and amende<span class=\"_ _0\"></span>d standards and interpret<span class=\"_ _0\"></span>ations has no significant impact on the <span class=\"_ _0\"></span>group\u2019s financ<span class=\"ls25 ws1eb\">ial<span class=\"_ _0\"></span> statemen<span class=\"_ _9f\"></span>ts. <span class=\"ls1 ws1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-3-2": {
   "value": "2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws10d\">Main assumpti<span class=\"_ _3\"></span>ons and estim<span class=\"_ _3\"></span>ates</span> The prep<span class=\"_ _0\"></span>aratio<span class=\"_ _0\"></span>n of f<span class=\"_ _0\"></span>inancial st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ents un<span class=\"_ _0\"></span>der IFRS r<span class=\"_ _0\"></span>equir<span class=\"_ _0\"></span>es estima<span class=\"_ _0\"></span>tes to be u<span class=\"_ _0\"></span>sed and assumptions to <span class=\"_ _0\"></span>be made that affect th<span class=\"_ _0\"></span>e amounts shown in th<span class=\"_ _0\"></span>e financial state<span class=\"_ _0\"></span>ments, par<span class=\"_ _0\"></span>ticul<span class=\"_ _0\"></span>arly as rega<span class=\"_ _0\"></span>rds the <span class=\"ls35 ws1ec\">foll<span class=\"_ _0\"></span>owing it<span class=\"_ _0\"></span>ems:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the period over which non<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls25 ws1db\">current a<span class=\"_ _0\"></span>ssets are dep<span class=\"_ _0\"></span>recia<span class=\"_ _0\"></span>ted or amorti<span class=\"_ _0\"></span>zed;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the measurement of prov<span class=\"_ _0\"></span>isions and pension obligat<span class=\"_ _0\"></span>ions;<span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws222\">the mea<span class=\"_ _0\"></span>suremen<span class=\"_ _9f\"></span>t of income o<span class=\"_ _9f\"></span>r losses <span class=\"_ _0\"></span>on cons<span class=\"_ _0\"></span>truct<span class=\"_ _0\"></span>ion con<span class=\"_ _0\"></span>tracts u<span class=\"_ _0\"></span>sing th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> </span></span>percentage of completio<span class=\"_ _0\"></span>n method;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls33 ws1f0\">est<span class=\"_ _3\"></span>imate<span class=\"ws204\">s<span class=\"_ _3\"></span> used in<span class=\"_ _3\"></span> impairme<span class=\"_ _3\"></span>nt test<span class=\"_ _3\"></span>s;<span class=\"ls1 ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws207\">the measu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t of<span class=\"ls1 ws1\"> </span>in<span class=\"_ _0\"></span>vestmen<span class=\"_ _9f\"></span>t <span class=\"_ _3\"></span>pro<span class=\"_ _0\"></span>perty a<span class=\"_ _0\"></span>nd<span class=\"ls1 ws1\"> <span class=\"ls35 ws223\">f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l instru<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> at fair v<span class=\"_ _0\"></span>alue;<span class=\"ls1 ws1\"> </span></span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">the as<span class=\"_ _0\"></span>sessmen<span class=\"_ _0\"></span>t of con<span class=\"_ _0\"></span>trol;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f8\">the qualification of a company acqui<span class=\"_ _0\"></span>sition as a business combination or an<span class=\"_ _0\"></span> </span></span>acqui<span class=\"_ _0\"></span>sition of as<span class=\"_ _0\"></span>sets;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb\"> <span class=\"ws1f7\">the assumptions used to<span class=\"_ _0\"></span> determine the f<span class=\"_ _0\"></span>inancial liabilities in <span class=\"_ _0\"></span>accordance with </span></span></span>IFRS 16.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws208\">The estim<span class=\"_ _9f\"></span>ates used in<span class=\"_ _0\"></span> the ass<span class=\"_ _0\"></span>essmen<span class=\"_ _0\"></span>t of inc<span class=\"_ _0\"></span>ome tax<span class=\"_ _0\"></span>es or unc<span class=\"_ _0\"></span>ertain <span class=\"_ _0\"></span>tax posi<span class=\"_ _0\"></span>tions.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span></span>These estimates<span class=\"_ _0\"></span> assume the operat<span class=\"_ _0\"></span>ion is a going conc<span class=\"_ _0\"></span>ern and are made<span class=\"_ _0\"></span> on the basis o<span class=\"_ _0\"></span>f the info<span class=\"_ _0\"></span>rmation<span class=\"_ _0\"></span> avail<span class=\"_ _0\"></span>able at th<span class=\"_ _0\"></span>e time. E<span class=\"_ _0\"></span>stimate<span class=\"_ _0\"></span>s may be r<span class=\"_ _0\"></span>evised if<span class=\"_ _0\"></span> the circumstances on wh<span class=\"_ _0\"></span>ich they were based alte<span class=\"_ _0\"></span>r or if new information becom<span class=\"_ _0\"></span>es availab<span class=\"_ _0\"></span>le. <span class=\"ls25 ws1eb\">Actua<span class=\"_ _9f\"></span>l results m<span class=\"_ _0\"></span>ay be dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>t from<span class=\"_ _0\"></span> these <span class=\"_ _0\"></span>estimat<span class=\"_ _0\"></span>es.<span class=\"ls1 ws1\"> </span></span>The va<span class=\"_ _0\"></span>luatio<span class=\"_ _0\"></span>n rule<span class=\"_ _0\"></span>s, wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re part<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e ann<span class=\"_ _0\"></span><span class=\"ls1 ws1f6\">ual report, a<span class=\"_ _0\"></span>re approved annually by<span class=\"_ _0\"></span> </span>AvH's board of directors. The most rec<span class=\"_ _0\"></span>ent deliberation on and approval of these valuation rules by <span class=\"_ _3\"></span>AvH's board <span class=\"ls40 ws1\">of directors took plac<span class=\"_ _0\"></span>e on March 22, 202<span class=\"ls1\">3. </span></span>Spe<span class=\"_ _3\"></span>cific topic<span class=\"ls1\">s <span class=\"ls44 ws227\">in 2022</span> </span>Since A<span class=\"_ _0\"></span>vH's di<span class=\"_ _0\"></span>rect exp<span class=\"_ _0\"></span>osure to<span class=\"_ _0\"></span> the mi<span class=\"_ _0\"></span>lita<span class=\"ls35 ws228\">ry co<span class=\"_ _0\"></span>nflict in U<span class=\"_ _0\"></span>kraine i<span class=\"_ _0\"></span>s limited,<span class=\"_ _0\"></span> the indir<span class=\"_ _0\"></span>ect </span>effects, including increa<span class=\"_ _0\"></span>sed commodity prices, disrup<span class=\"_ _0\"></span>tion of logistics chains, declining financial mar<span class=\"_ _0\"></span>kets and increased infla<span class=\"_ _0\"></span>tion are more likely to play a role.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>In a challenging env<span class=\"_ _0\"></span>ironment with steep cos<span class=\"_ _0\"></span>t <span class=\"ls33 ws224\">inc<span class=\"_ _3\"></span>reases<span class=\"_ _3\"></span>, deteri<span class=\"_ _3\"></span>oratin<span class=\"_ _3\"></span>g consu<span class=\"_ _3\"></span>mer </span>confidence and decreasing stock markets, the companies of the group have shown high r<span class=\"_ _0\"></span>esilie<span class=\"_ _0\"></span>nce with<span class=\"_ _9f\"></span> a result of<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> core p<span class=\"_ _0\"></span>articip<span class=\"_ _0\"></span>ations <span class=\"_ _0\"></span>in lin<span class=\"_ _0\"></span>e with<span class=\"_ _0\"></span> the re<span class=\"_ _0\"></span>cord r<span class=\"_ _0\"></span>esult achieved in 2021. The dive<span class=\"_ _0\"></span>rsified portfolio has also on<span class=\"_ _0\"></span>ce again proven its pertinence, amongst others through the positive impact of the increasing raw mater<span class=\"_ _0\"></span>ial pric<span class=\"_ _0\"></span>es on the resu<span class=\"_ _0\"></span>lts of SIPEF<span class=\"_ _0\"></span>. Our par<span class=\"_ _0\"></span>ticipa<span class=\"_ _0\"></span>tions can b<span class=\"_ _0\"></span>e \u2018part of th<span class=\"_ _0\"></span>e solution\u2019 in these challenging ma<span class=\"_ _0\"></span>rkets, amongst others becau<span class=\"_ _0\"></span>se they offer innov<span class=\"ws1f6\">ative and cost</span>-<span class=\"ls25 ws1eb\">eff<span class=\"_ _0\"></span>icient s<span class=\"_ _0\"></span>olution<span class=\"_ _9f\"></span>s to their cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>s or they con<span class=\"_ _0\"></span>tribu<span class=\"_ _0\"></span>te to the<span class=\"_ _0\"></span> </span>energy <span class=\"_ _0\"></span>trans<span class=\"_ _0\"></span>ition, f<span class=\"_ _0\"></span>or examp<span class=\"_ _0\"></span>le thro<span class=\"_ _0\"></span>ugh th<span class=\"_ _0\"></span>e insta<span class=\"_ _0\"></span>llatio<span class=\"_ _0\"></span>n of off<span class=\"_ _0\"></span>shore wi<span class=\"_ _0\"></span>nd park<span class=\"_ _0\"></span>s and biodigesters, the construction of smart b<span class=\"_ _0\"></span>uildings and the development of green hydrogen. For <span class=\"_ _3\"></span><span class=\"ls25 ws215\">abov<span class=\"_ _0\"></span>e topic<span class=\"_ _0\"></span>s and fo<span class=\"_ _0\"></span>r clim<span class=\"_ _0\"></span>ate rel<span class=\"_ _0\"></span>ated <span class=\"_ _0\"></span>matters,<span class=\"_ _0\"></span> refer<span class=\"_ _0\"></span>ence i<span class=\"_ _0\"></span>s made <span class=\"_ _0\"></span>to the N<span class=\"_ _0\"></span>otes: </span>Segmen<span class=\"_ _9f\"></span>t<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span>reporting <span class=\"ls46 ws22d\">(6), Goodwi<span class=\"_ _3\"></span>ll (8), Tangible as<span class=\"_ _3\"></span>sets (9), Investmen<span class=\"_ _3\"></span>t property (9), </span></span>Participations accounted for us<span class=\"_ _0\"></span>ing the equity method (11), Financial risk management and <span class=\"ls35 ws22f\">financia<span class=\"_ _0\"></span>l deriv<span class=\"_ _0\"></span>atives (<span class=\"_ _0\"></span>12), Bank<span class=\"_ _0\"></span>s: receivab<span class=\"_ _9f\"></span>les and deb<span class=\"_ _0\"></span>ts (14<span class=\"ls1 ws1\">\u2013<span class=\"ls24 ws1da\">20), </span></span></span>Financial debts (19) and Pe<span class=\"_ _3\"></span>nsion liabilities<span class=\"_ _0\"></span> (26).<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-4-2": {
   "value": "3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Principle<span class=\"_ _3\"></span>s of conso<span class=\"_ _3\"></span>lidatio<span class=\"_ _3\"></span>n</span> The consolidated annua<span class=\"_ _0\"></span>l accounts contain the f<span class=\"_ _0\"></span>inancial details of the par<span class=\"_ _0\"></span>ent AvH, its subsid<span class=\"_ _0\"></span>iaries and<span class=\"_ _0\"></span> jointly <span class=\"ls25 ws1eb\">con<span class=\"_ _0\"></span>trolle<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>panies, <span class=\"_ _0\"></span>as wel<span class=\"_ _0\"></span>l as the <span class=\"_ _0\"></span>share <span class=\"_ _0\"></span>of the g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> </span>in the r<span class=\"_ _0\"></span>esult<span class=\"_ _0\"></span>s of the a<span class=\"_ _0\"></span>ssoci<span class=\"_ _0\"></span>ated com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es.<span class=\"ls1 ws1\"> </span>3.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Subsidiaries<span class=\"ls1 ws1\"> </span></span>Subsidiaries are entitie<span class=\"_ _0\"></span>s which are controlled by <span class=\"_ _0\"></span>the group. Control exis<span class=\"_ _0\"></span>ts when AvH (<span class=\"_ _0\"></span>a) has pow<span class=\"_ _0\"></span>er over <span class=\"_ _0\"></span>the sub<span class=\"_ _0\"></span>sidiar<span class=\"_ _0\"></span>y; (b) is ex<span class=\"_ _0\"></span>posed<span class=\"_ _0\"></span>, or has <span class=\"ls1 ws1f3\">r<span class=\"_ _0\"></span>ights, to variable </span>return<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts involv<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>with the su<span class=\"_ _9f\"></span>bsidiar<span class=\"_ _0\"></span>y; and (c)<span class=\"_ _0\"></span> has the ab<span class=\"_ _0\"></span>ility to <span class=\"_ _0\"></span>affect<span class=\"_ _0\"></span> those r<span class=\"_ _0\"></span>eturn<span class=\"_ _0\"></span>s throug<span class=\"_ _0\"></span>h its pow<span class=\"_ _9f\"></span>er over th<span class=\"_ _0\"></span>e subsidi<span class=\"_ _0\"></span>ary. Th<span class=\"_ _0\"></span>e part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ing inte<span class=\"_ _0\"></span>rests i<span class=\"_ _0\"></span>n subsidiaries are conso<span class=\"_ _0\"></span>lidated in full as from the date of a<span class=\"_ _0\"></span>cquisition until the end of<span class=\"_ _0\"></span> the control.<span class=\"ls1 ws1\"> </span>Consolidation of a subsidiary b<span class=\"_ _0\"></span>egins when the Group obtains control ov<span class=\"_ _0\"></span>er the subsidiary and ceases whe<span class=\"_ _0\"></span>n the Group loses control of th<span class=\"_ _0\"></span>e subsidiary. Specifically, income and expense<span class=\"_ _0\"></span>s of a subsidiary acq<span class=\"_ _0\"></span>uired or disposed of dur<span class=\"ws1fe\">i<span class=\"_ _0\"></span>ng the year a<span class=\"_ _3\"></span>re </span>included in the consolidated statement of<span class=\"_ _0\"></span> profit or l<span class=\"_ _3\"></span>oss and other compr<span class=\"_ _0\"></span>ehensive income from the date <span class=\"_ _0\"></span>the Group gains control until th<span class=\"_ _0\"></span>e date when the Group<span class=\"_ _0\"></span> cease<span class=\"_ _0\"></span>s to con<span class=\"_ _0\"></span>trol th<span class=\"_ _0\"></span>e subsi<span class=\"_ _0\"></span>diary.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Profit o<span class=\"_ _0\"></span>r loss an<span class=\"_ _0\"></span>d each com<span class=\"_ _0\"></span>ponent o<span class=\"_ _0\"></span>f other c<span class=\"_ _0\"></span>ompre<span class=\"_ _0\"></span>hensiv<span class=\"_ _0\"></span>e income a<span class=\"_ _0\"></span>re attr<span class=\"_ _0\"></span>ibuted<span class=\"_ _0\"></span> to the owners<span class=\"_ _0\"></span> of the Group <span class=\"_ _0\"></span>and to the non<span class=\"ws1\">-<span class=\"ls25 ws235\">c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>lling int<span class=\"_ _0\"></span>erests.<span class=\"_ _9f\"></span> Total </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive inco<span class=\"_ _0\"></span>me of <span class=\"_ _0\"></span>subsid<span class=\"_ _0\"></span>iaries i<span class=\"_ _0\"></span>s attrib<span class=\"_ _9f\"></span>uted to th<span class=\"_ _0\"></span>e own<span class=\"_ _0\"></span>ers of th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> to the non<span class=\"ls1\">-<span class=\"ws1ed\">controlling i<span class=\"ls33 ws204\">ntere<span class=\"_ _3\"></span>sts, eve<span class=\"_ _3\"></span>n if this<span class=\"_ _3\"></span> resul<span class=\"_ _3\"></span>ts in th<span class=\"_ _3\"></span>e non</span></span>-<span class=\"ls33 ws204\">co<span class=\"_ _3\"></span>ntrollin<span class=\"_ _3\"></span>g intere<span class=\"_ _3\"></span>sts </span></span>having a deficit balance. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>When <span class=\"_ _0\"></span>necess<span class=\"_ _0\"></span>ary, ad<span class=\"_ _0\"></span>justm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>are mad<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>ncial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>f subs<span class=\"_ _0\"></span>idiari<span class=\"_ _0\"></span>es to bring their accounting <span class=\"_ _0\"></span>policies in line with the Group'<span class=\"_ _0\"></span>s accounting policies. <span class=\"ws1\"> </span>Al<span class=\"ls1 ws21f\">l intragroup assets and liabil<span class=\"_ _0\"></span>ities, equity, income, expenses and ca<span class=\"_ _0\"></span>sh flows </span>relating to transactions between members of the Group are eliminated in full <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> the consolidated financial statements. <span class=\"ws1\"> </span>Changes in the Gr<span class=\"_ _0\"></span>oup's ownership inter<span class=\"_ _0\"></span>ests in subsidiaries <span class=\"ls25 ws208\">th<span class=\"_ _0\"></span>at do not r<span class=\"_ _0\"></span>esult in the<span class=\"_ _0\"></span> </span>Group<span class=\"_ _0\"></span> losing<span class=\"_ _0\"></span> contro<span class=\"_ _0\"></span>l ove<span class=\"_ _0\"></span>r the su<span class=\"_ _0\"></span>bsidia<span class=\"_ _0\"></span>ries <span class=\"_ _0\"></span>are a<span class=\"_ _0\"></span>ccounted<span class=\"_ _9f\"></span> for as equ<span class=\"_ _0\"></span>ity t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> The carrying amounts of the Group's interests and the non<span class=\"ws1\">-<span class=\"ls25 ws208\">c<span class=\"_ _0\"></span>ontrol<span class=\"_ _0\"></span>ling inte<span class=\"_ _0\"></span>rests ar<span class=\"_ _0\"></span>e </span></span>adjust<span class=\"_ _0\"></span>ed to refl<span class=\"_ _0\"></span>ect the chan<span class=\"_ _0\"></span>ges in<span class=\"_ _0\"></span> their rela<span class=\"_ _0\"></span>tive int<span class=\"_ _0\"></span>erests<span class=\"_ _0\"></span> i<span class=\"ls1 ws1f7\">n the subsidiaries. Any </span>difference between the amou<span class=\"_ _0\"></span>nt by which the non<span class=\"ws1\">-<span class=\"ls25 ws208\">cont<span class=\"_ _0\"></span>rolling<span class=\"_ _0\"></span> inter<span class=\"_ _0\"></span>ests are a<span class=\"_ _0\"></span>djust<span class=\"_ _0\"></span>ed </span></span>and th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>idera<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>aid or <span class=\"_ _0\"></span>receiv<span class=\"_ _0\"></span>ed is <span class=\"_ _0\"></span>recogni<span class=\"_ _0\"></span>sed d<span class=\"_ _0\"></span>irectly<span class=\"_ _9f\"></span> in equity and attributed to t<span class=\"_ _0\"></span>he owners of the Group. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>When the Group l<span class=\"ls25 ws1eb\">o<span class=\"_ _0\"></span>ses co<span class=\"_ _0\"></span>ntrol o<span class=\"_ _0\"></span>f a sub<span class=\"_ _9f\"></span>sidiary, a g<span class=\"_ _0\"></span>ain or l<span class=\"_ _0\"></span>oss i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nised<span class=\"_ _0\"></span> in prof<span class=\"_ _0\"></span>it </span>or loss a<span class=\"_ _9f\"></span>nd is calcu<span class=\"_ _0\"></span>lated <span class=\"_ _0\"></span>as the d<span class=\"_ _0\"></span>ifferen<span class=\"_ _0\"></span>ce be<span class=\"_ _0\"></span>tween (<span class=\"_ _0\"></span>i) the a<span class=\"_ _0\"></span>ggrega<span class=\"_ _0\"></span>te of th<span class=\"_ _0\"></span>e fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e of the <span class=\"_ _0\"></span>consid<span class=\"_ _0\"></span>eration<span class=\"_ _9f\"></span> received <span class=\"_ _0\"></span>and th<span class=\"_ _9f\"></span>e fair valu<span class=\"_ _9f\"></span>e of any re<span class=\"_ _0\"></span>tained<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest and<span class=\"_ _0\"></span> (ii) the previous carrying amount of<span class=\"_ _0\"></span> the assets (including goodwill), and liabilities<span class=\"_ _0\"></span> of the subsidiary<span class=\"_ _0\"></span> and any non<span class=\"ws1\">-</span>con<span class=\"_ _0\"></span>trolling interests. All<span class=\"_ _0\"></span> amounts previously<span class=\"_ _0\"></span> recognised in oth<span class=\"_ _0\"></span>er comprehensive inco<span class=\"_ _0\"></span>me in relation to that<span class=\"_ _0\"></span> subsidiary are accounted for as if the Group had dire<span class=\"_ _0\"></span>c<span class=\"ls33 ws1fb\">tly<span class=\"_ _3\"></span> dispo<span class=\"_ _3\"></span>sed of t<span class=\"_ _3\"></span>he rela<span class=\"_ _3\"></span>ted as<span class=\"_ _3\"></span>sets or </span>liabil<span class=\"_ _0\"></span>ities o<span class=\"_ _0\"></span>f the sub<span class=\"_ _0\"></span>sidiary (<span class=\"_ _0\"></span>i.e. r<span class=\"_ _0\"></span>eclassif<span class=\"_ _9f\"></span>ied to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss or tran<span class=\"_ _0\"></span>sferred<span class=\"_ _0\"></span> to ano<span class=\"_ _0\"></span>ther category of equity as sp<span class=\"_ _0\"></span>ecified/ permitted by app<span class=\"_ _0\"></span>licable IFRSs). <span class=\"ws1\"> </span>An inve<span class=\"_ _0\"></span>stment <span class=\"_ _0\"></span>retain<span class=\"_ _0\"></span>ed is i<span class=\"_ _0\"></span>nitially<span class=\"_ _0\"></span> measu<span class=\"_ _0\"></span>red at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e.<span class=\"ls1 ws1\"> <span class=\"ws1fe\">This fair value be<span class=\"_ _0\"></span>comes </span></span>the init<span class=\"_ _0\"></span>ial ca<span class=\"_ _0\"></span>rrying a<span class=\"_ _0\"></span>moun<span class=\"_ _0\"></span>t at the d<span class=\"_ _0\"></span>ate wh<span class=\"_ _0\"></span>en contro<span class=\"_ _9f\"></span>l is lost and f<span class=\"_ _0\"></span>or the pu<span class=\"_ _9f\"></span>rposes of<span class=\"_ _0\"></span> subseq<span class=\"_ _0\"></span>uently<span class=\"_ _9f\"></span> accountin<span class=\"_ _0\"></span>g for <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>retained<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest a<span class=\"_ _0\"></span>s an a<span class=\"_ _0\"></span>ssociat<span class=\"_ _0\"></span>e, join<span class=\"_ _9f\"></span>t ventur<span class=\"_ _0\"></span>e or financ<span class=\"_ _0\"></span>ial asset.<span class=\"ls1 ws1\"> </span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span><span class=\"ff3a\">J<span class=\"ls48 ws239\">ointly controlled sub<span class=\"_ _3\"></span>sidiaries and associated particip<span class=\"_ _3\"></span>ating </span></span></span>interests<span class=\"ls1 ws1\"> </span>Joint<span class=\"_ _3\"></span>ly controlle<span class=\"_ _3\"></span>d subsidiar<span class=\"_ _3\"></span>ies<span class=\"ls1\"> </span>Companies which are con<span class=\"_ _0\"></span>trolled jointly (defined as those entitie<span class=\"_ _0\"></span>s in which the group has joint<span class=\"_ _0\"></span> control, among oth<span class=\"_ _0\"></span>ers via the shareho<span class=\"_ _0\"></span>lders\u2019 percentage o<span class=\"_ _0\"></span>r via contr<span class=\"_ _0\"></span>actual a<span class=\"_ _0\"></span>greem<span class=\"_ _0\"></span>ent with<span class=\"_ _0\"></span> one o<span class=\"_ _0\"></span>r <span class=\"ws232\">more<span class=\"_ _0\"></span> of the o<span class=\"_ _0\"></span>ther sh<span class=\"_ _0\"></span>areho<span class=\"_ _0\"></span>lders an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>at are<span class=\"_ _0\"></span> </span>consi<span class=\"_ _0\"></span>dered to<span class=\"_ _0\"></span> be joi<span class=\"_ _0\"></span>nt ventu<span class=\"_ _0\"></span>res) ar<span class=\"_ _0\"></span>e inclu<span class=\"_ _0\"></span>ded on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of th<span class=\"_ _0\"></span>e equi<span class=\"_ _0\"></span>ty metho<span class=\"_ _0\"></span>d as from the date of acqu<span class=\"_ _0\"></span>isition until the end of the joint cont<span class=\"_ _0\"></span>rol.<span class=\"ws1\"> </span>Associ<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>articip<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> interes<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>Assoc<span class=\"_ _0\"></span>iated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pating<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">rests in which th<span class=\"_ _0\"></span>e group has <span class=\"_ _0\"></span>a significant influenc<span class=\"_ _0\"></span>e, </span>more specifically companies in w<span class=\"_ _0\"></span>hich AvH has the<span class=\"_ _3\"></span> pow<span class=\"_ _0\"></span>er to participate (without control) in the financi<span class=\"_ _0\"></span>al and operational <span class=\"_ _0\"></span>management decisions, are <span class=\"_ _0\"></span>included in accordance with the equity m<span class=\"_ _0\"></span>ethod, as from the date of acquisition unt<span class=\"_ _0\"></span>il the end of the significant influenc<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>The equity method<span class=\"ws1\"> </span>Asset<span class=\"_ _0\"></span>s, liabi<span class=\"_ _0\"></span>lities,<span class=\"_ _0\"></span> reven<span class=\"_ _0\"></span>ues an<span class=\"_ _0\"></span>d expen<span class=\"_ _0\"></span>ses f<span class=\"_ _0\"></span>rom join<span class=\"_ _0\"></span>tly con<span class=\"_ _0\"></span>trolled<span class=\"_ _0\"></span> subsi<span class=\"_ _0\"></span>diaries <span class=\"_ _0\"></span>and associates are accounted for und<span class=\"_ _0\"></span>er the equity method in the consolid<span class=\"_ _0\"></span>ated financial sta<span class=\"ls1 ws21a\">tements.<span class=\"_ _0\"></span> Under the equi<span class=\"_ _0\"></span>ty method, an inv<span class=\"_ _0\"></span>estment in a jo<span class=\"_ _0\"></span>int<span class=\"ls35 ws213\">ly</span><span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls40 ws218\">controlled </span></span></span>subsidiary <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">or a<span class=\"_ _0\"></span>ssociat<span class=\"_ _0\"></span>e is fir<span class=\"_ _0\"></span>stly rec<span class=\"_ _0\"></span>orded<span class=\"_ _0\"></span> at cost <span class=\"_ _0\"></span>in the con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l </span>state<span class=\"_ _0\"></span>ment<span class=\"ls1 ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f7\">and then adjusted to record <span class=\"_ _0\"></span>the share of the Group in the net result </span></span>and in the<span class=\"_ _3\"></span> comprehen<span class=\"_ _0\"></span>si<span class=\"ls30 ws23d\">ve inco<span class=\"_ _0\"></span>me of t<span class=\"_ _0\"></span>he <span class=\"ls25 ws204\">jo<span class=\"_ _0\"></span>intly con<span class=\"_ _9f\"></span>trolled su<span class=\"_ _0\"></span>bsidia<span class=\"_ _0\"></span>ry or a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>te<span class=\"ls31 ws206\">. </span></span></span>When th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span>'s share o<span class=\"_ _0\"></span>f losse<span class=\"_ _0\"></span>s of a<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span>jointly con<span class=\"_ _0\"></span>trolle<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>sidiary o<span class=\"_ _0\"></span>r assoc<span class=\"_ _0\"></span>iate<span class=\"ls1 ws1\"> </span>exceed<span class=\"_ _0\"></span>s the Grou<span class=\"_ _0\"></span>p's int<span class=\"_ _0\"></span>erest in th<span class=\"_ _9f\"></span>at jointly <span class=\"_ _0\"></span>control<span class=\"_ _0\"></span>led sub<span class=\"_ _0\"></span>sidiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">(wh<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>h </span></span>includes any long<span class=\"ws1\">-<span class=\"ls25 ws1f9\">term<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rests <span class=\"_ _0\"></span>that, <span class=\"_ _0\"></span>in su<span class=\"_ _0\"></span>bstanc<span class=\"_ _0\"></span>e, form<span class=\"_ _0\"></span> part o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> Group'<span class=\"_ _9f\"></span>s net </span></span>investm<span class=\"_ _9f\"></span>ent in the <span class=\"ws208\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary o<span class=\"_ _0\"></span>r asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws20b\">), th<span class=\"_ _0\"></span>e Group discontinues<span class=\"_ _0\"></span> </span></span>recogn<span class=\"_ _0\"></span>ising i<span class=\"_ _0\"></span>ts share o<span class=\"_ _0\"></span>f furth<span class=\"_ _0\"></span>er loss<span class=\"_ _0\"></span>es. Additio<span class=\"_ _9f\"></span>nal losse<span class=\"_ _0\"></span>s are reco<span class=\"_ _0\"></span>gnised<span class=\"_ _0\"></span> only to th<span class=\"_ _0\"></span>e extent th<span class=\"_ _9f\"></span>at the Group h<span class=\"_ _0\"></span>as incur<span class=\"_ _0\"></span>red leg<span class=\"_ _0\"></span>al or cons<span class=\"_ _0\"></span>tructiv<span class=\"_ _0\"></span>e obliga<span class=\"_ _0\"></span>tions o<span class=\"_ _0\"></span>r made<span class=\"_ _0\"></span> payments on behalf of<span class=\"_ _0\"></span> the <span class=\"ls25 ws1eb\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls40 ws218\">. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>According to the equity me<span class=\"_ _0\"></span>thod, the participating int<span class=\"_ _0\"></span>erests are initially record<span class=\"_ _0\"></span>ed at cost.  An<span class=\"_ _0\"></span>y surplu<span class=\"_ _0\"></span>s between<span class=\"_ _0\"></span> the co<span class=\"_ _0\"></span>st of the inve<span class=\"_ _0\"></span>stme<span class=\"ls1 ws1f3\">nt and the share in the fair </span>val<span class=\"_ _3\"></span>ue of net as<span class=\"_ _3\"></span>sets of the<span class=\"_ _3\"></span> entity is re<span class=\"_ _3\"></span>corded<span class=\"_ _3\"></span> as goodwil<span class=\"_ _3\"></span>l inclu<span class=\"_ _3\"></span>ded in the c<span class=\"_ _3\"></span>arryin<span class=\"_ _3\"></span>g amount of the investment. The carryin<span class=\"_ _0\"></span>g amount is subsequently modified to inclu<span class=\"_ _0\"></span>de the sh<span class=\"_ _0\"></span>are of<span class=\"_ _0\"></span> the grou<span class=\"_ _9f\"></span>p in the pro<span class=\"_ _0\"></span>fit or l<span class=\"_ _0\"></span>oss of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipat<span class=\"_ _9f\"></span><span class=\"ls33 ws215\">i<span class=\"_ _3\"></span>ng inte<span class=\"_ _3\"></span>rest, as </span>from th<span class=\"_ _0\"></span>e dat<span class=\"_ _0\"></span>e of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>e. The f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al state<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>ese com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es are prepared for the same <span class=\"_ _0\"></span>reporting period a<span class=\"_ _0\"></span>s AvH and uniform IFRS valua<span class=\"_ _0\"></span>tion rules ar<span class=\"_ _3\"></span>e ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d. Un<span class=\"_ _3\"></span>real<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d int<span class=\"_ _3\"></span>ra-group p<span class=\"_ _0\"></span>rofits <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>sses on<span class=\"_ _0\"></span> tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span>s are elimin<span class=\"_ _0\"></span>ated<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">to th<span class=\"_ _0\"></span>e extent of th<span class=\"_ _0\"></span>e interest in th<span class=\"_ _0\"></span>e compan<span class=\"_ _0\"></span>y.<span class=\"ls1 ws1\"> </span></span></span>The Group continu<span class=\"_ _0\"></span>es to use the equ<span class=\"_ _0\"></span>ity method when an<span class=\"_ _0\"></span> investment in an <span class=\"_ _0\"></span>associate becomes an investment in a jo<span class=\"_ _0\"></span>intly controlled subsidary or an investmen<span class=\"_ _0\"></span>t in a jointly controlled subsidiary beco<span class=\"_ _0\"></span>mes an investment <span class=\"_ _9c\"> </span>in an as<span class=\"_ _0\"></span>sociat<span class=\"_ _0\"></span>e. Ther<span class=\"_ _0\"></span>e is no<span class=\"_ _0\"></span> remeasurement to fair va<span class=\"_ _0\"></span>lue upon such changes in ownership <span class=\"_ _0\"></span>interests. When the Group<span class=\"_ _0\"></span> reduc<span class=\"_ _0\"></span>es its ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span> in an <span class=\"_ _0\"></span>associa<span class=\"_ _0\"></span>te or a<span class=\"_ _0\"></span> jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subsidiary but <span class=\"_ _0\"></span>the Group continues<span class=\"_ _0\"></span> to use the <span class=\"_ _0\"></span>equity method, the <span class=\"_ _0\"></span>Group<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls33 ws1f0\">r<span class=\"_ _3\"></span>eclassi<span class=\"_ _3\"></span>fies </span></span>to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _9f\"></span>ss the pro<span class=\"_ _0\"></span>portion<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e gain o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>had prev<span class=\"_ _0\"></span>iously<span class=\"_ _0\"></span> been<span class=\"_ _0\"></span> re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d in o<span class=\"_ _3\"></span>ther<span class=\"_ _3\"></span> comp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome<span class=\"_ _3\"></span> rela<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g to tha<span class=\"_ _3\"></span>t re<span class=\"_ _3\"></span>duct<span class=\"_ _3\"></span>ion i<span class=\"_ _3\"></span>n own<span class=\"_ _3\"></span>ers<span class=\"_ _3\"></span>hip inter<span class=\"_ _0\"></span>est if tha<span class=\"_ _0\"></span>t gain o<span class=\"_ _0\"></span>r loss w<span class=\"_ _0\"></span>ould be <span class=\"_ _0\"></span>reclas<span class=\"_ _0\"></span>sified to<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss on the d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>s<span class=\"ls4a ws22c\">a<span class=\"_ _3\"></span>l o<span class=\"_ _3\"></span>f </span>the rela<span class=\"_ _0\"></span>ted assets o<span class=\"_ _0\"></span>r liabili<span class=\"_ _0\"></span>ties.<span class=\"ls1 ws1\"> </span>Joint op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ons<span class=\"ls1 ws1\"> </span>A joint o<span class=\"_ _0\"></span>peratio<span class=\"_ _0\"></span>n is a joi<span class=\"_ _0\"></span>nt arran<span class=\"_ _0\"></span>gemen<span class=\"_ _0\"></span>t in wh<span class=\"_ _0\"></span>ich the part<span class=\"_ _0\"></span>ies (join<span class=\"_ _9f\"></span>t operator<span class=\"_ _0\"></span>s) have<span class=\"_ _0\"></span> direct <span class=\"_ _0\"></span>rights ov<span class=\"_ _9f\"></span>er the asset<span class=\"_ _0\"></span>s and dire<span class=\"_ _0\"></span>ct obl<span class=\"_ _0\"></span>igatio<span class=\"_ _0\"></span>ns with re<span class=\"_ _0\"></span>spect <span class=\"_ _0\"></span>to the ent<span class=\"_ _0\"></span>ity\u2019s<span class=\"_ _0\"></span> liabil<span class=\"_ _0\"></span>ities. Joi<span class=\"_ _0\"></span>nt control is t<span class=\"ls1 ws247\">he contractu<span class=\"_ _0\"></span>ally agreed sharing <span class=\"_ _3\"></span>of control of an </span>arrang<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>me<span class=\"_ _0\"></span>nt, wh<span class=\"_ _0\"></span>ich exi<span class=\"_ _0\"></span>sts on<span class=\"_ _0\"></span>ly when<span class=\"_ _0\"></span> decis<span class=\"_ _0\"></span>ions abo<span class=\"_ _0\"></span>ut th<span class=\"_ _0\"></span>e releva<span class=\"_ _0\"></span>nt act<span class=\"_ _0\"></span>iviti<span class=\"_ _0\"></span>es requi<span class=\"_ _0\"></span>re unanimous consen<span class=\"_ _0\"></span>t of the parties sharing control.<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws1db\">When<span class=\"_ _0\"></span> a sub<span class=\"_ _0\"></span>sidiary o<span class=\"_ _0\"></span>f AvH <span class=\"_ _0\"></span>starts<span class=\"_ _0\"></span> </span></span>a join<span class=\"_ _0\"></span>t opera<span class=\"_ _0\"></span>tion, th<span class=\"_ _0\"></span>at <span class=\"ls33 ws204\">subsid<span class=\"_ _3\"></span>iary rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>s:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">its asse<span class=\"_ _0\"></span>ts, inc<span class=\"_ _0\"></span>ludin<span class=\"_ _0\"></span>g its sha<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span> of<span class=\"_ _0\"></span> any ass<span class=\"_ _0\"></span>ets h<span class=\"_ _0\"></span>eld join<span class=\"_ _0\"></span>tly;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws223\">its liabilit<span class=\"_ _0\"></span>ies, includ<span class=\"_ _9f\"></span>ing its share of any liab<span class=\"_ _0\"></span>ilities inc<span class=\"_ _0\"></span>urred held<span class=\"_ _0\"></span> jointly;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fc\">its rev<span class=\"_ _0\"></span>enue fro<span class=\"_ _0\"></span>m the <span class=\"_ _0\"></span>sale of i<span class=\"_ _0\"></span>ts sha<span class=\"_ _0\"></span>re of<span class=\"_ _0\"></span> the outp<span class=\"_ _0\"></span>ut aris<span class=\"_ _0\"></span>ing fro<span class=\"_ _0\"></span>m the <span class=\"_ _0\"></span>joint </span>ope<span class=\"_ _3\"></span>ration;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws20a\">its sh<span class=\"_ _0\"></span>a<span class=\"ls30 ws248\">re of th<span class=\"_ _9f\"></span>e revenu<span class=\"_ _0\"></span>e from<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le of<span class=\"_ _0\"></span> its sh<span class=\"_ _0\"></span>are of t<span class=\"_ _0\"></span>he ou<span class=\"_ _0\"></span>tput by<span class=\"_ _9f\"></span> the joint<span class=\"_ _0\"></span> </span></span></span>ope<span class=\"_ _3\"></span>ration;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">its expenses, including its s<span class=\"_ _3\"></span>hare of any expenses incurred jointly.<span class=\"ws1\"> </span></span></span>Note 3:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>associate<span class=\"_ _3\"></span>d and <span class=\"ls1 ws1\">n<span class=\"ls60 ws145\">on</span>-</span>consoli<span class=\"_ _3\"></span>dated part<span class=\"_ _3\"></span>icipati<span class=\"_ _3\"></span>ons<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Associate<span class=\"_ _3\"></span>d particip<span class=\"_ _3\"></span>ating int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>sts accounte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the e<span class=\"_ _3\"></span>quity me<span class=\"_ _3\"></span>thod </span>- 2022 Beneficial Minori<span class=\"_ _3\"></span>ty (\u20ac 1,000<span class=\"_ _3\"></span>) Name of associa<span class=\"_ _3\"></span>ted partici<span class=\"_ _3\"></span>pating<span class=\"fc3 sc0\"> </span>Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>intere<span class=\"_ _3\"></span>st<span class=\"ls1 ws1\"> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>BSTOR<span class=\"ls1 ws1\"> </span>(1)0648.717.687<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>30.80%<span class=\"ls1 ws1\"> </span>5,200<span class=\"ls1 ws1\"> </span>1,739<span class=\"ls1 ws1\"> </span>499<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">413</span> ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">LUX</span> </span>(1)0749.614.317<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>23.10%<span class=\"ls1 ws1\"> </span>13,402<span class=\"ls1 ws1\"> </span>8,456<span class=\"ls1 ws1\"> </span>5,010<span class=\"ls1 ws1\"> </span>3,031<span class=\"ls1 ws1\"> </span>ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws1e7\">LUX II</span> </span>(1)0791.483.574<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>23.10%<span class=\"ls1 ws1\"> </span>684<span class=\"ls1 ws1\"> </span>192<span class=\"ls1 ws1\"> </span>0 -8 Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>(2)Rentel<span class=\"ls1 ws1\"> </span>0700.246.364<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>903,397<span class=\"ls1 ws1\"> </span>728,235<span class=\"ls1 ws1\"> </span>123,211<span class=\"ls1 ws1\"> </span>20,366<span class=\"ls1 ws1\"> </span>SeaMade<span class=\"ls1 ws1\"> </span>0543.401.324<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>7.09%<span class=\"ls1 ws1\"> </span>1.66%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>1,255,529<span class=\"ls1 ws1\"> </span>1,062,860<span class=\"ls1 ws1\"> </span>140,683<span class=\"ls1 ws1\"> </span>11,296<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y RS<span class=\"ls1 ws1\"> </span>0833.507.538<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>86,158<span class=\"ls1 ws1\"> </span>7,848<span class=\"ls1 ws1\"> </span>13,246<span class=\"ls1 ws1\"> </span>20,352<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y BIS<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0842.251.889<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>54,530<span class=\"ls1 ws1\"> </span>12<span class=\"ls1 ws1\"> </span>0 6,271<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>L26942AP<span class=\"_ _3\"></span>19 Sagar Ceme<span class=\"_ _3\"></span>nts (INR milli<span class=\"_ _3\"></span>on)<span class=\"ls1 ws1\"> </span>(3)81PLC002<span class=\"_ _3\"></span>887<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>19.64%<span class=\"ls1 ws1\"> </span>p. 117<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,535<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21,358<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21,097<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">830</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Axe In<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents<span class=\"ls1 ws1\"> </span>419,822,<span class=\"_ _3\"></span>730<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>48.34%<span class=\"ls1 ws1\"> </span>p. 123<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,622<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>503<span class=\"ls1 ws1\"> </span>403<span class=\"ls1 ws1\"> </span>Financi\u00e8re E<span class=\"_ _3\"></span>MG<span class=\"ls1 ws1\">  </span>801.720.<span class=\"_ _3\"></span>343<span class=\"ls1 ws1\"> </span>France<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22.73%<span class=\"ls1 ws1\"> </span>p. 125<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>352,915<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>281,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>359,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Mediahuis<span class=\"ls1 ws1\"> </span>(4)439.849.<span class=\"_ _3\"></span>666<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>13.93%<span class=\"ls1 ws1\"> </span>p. 126<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,179,89<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>696,270<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,222,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>65,264<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>OM Par<span class=\"_ _3\"></span>tners<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>428.328.<span class=\"_ _3\"></span>442<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>20.01%<span class=\"ls1 ws1\"> </span>p. 127<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>162,491<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>47,363<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>166,657<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,519<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Van Moer Gro<span class=\"_ _3\"></span>up<span class=\"ls1 ws1\"> </span>885.987.<span class=\"_ _3\"></span>706<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>21.74%<span class=\"ls1 ws1\"> </span>p. 130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>163,800<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>121,694<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>310,267<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,754<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">Following SRIW Environnement\u2019s entry into the <span class=\"_ _3\"></span>shareholding of BStor (formerly Rent</span><span class=\"ff3a\">-A-<span class=\"ls29 ws298\">Port Green Energy<span class=\"_ _0\"></span>), Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws211\">Port holds a 38% <span class=\"_ _3\"></span>stake in BStor. With the <span class=\"ls28 ws1de\">Estor<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls2b ws299\">Lux project,<span class=\"_ _3\"></span> Bstor respo<span class=\"_ _3\"></span>nds to<span class=\"_ _3\"></span> </span></span></span></span></span></span>the need for flexible solutions in t<span class=\"_ _0\"></span>he electricity markets.<span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws298\">The stakes in the offshore wind farms Rentel and SeaMade (and the intermediate holdings<span class=\"_ _0\"></span> Otary RS and Ot<span class=\"_ _0\"></span>ary BIS) are held through Green Offshore, which is a 50/<span class=\"_ _0\"></span>50 investment vehicle of AvH </span>and CFE. AvH has a (transitive) part<span class=\"_ _0\"></span>icipation of 10.13% in Rentel and 7.09% in SeaMade. When DEME\u2019s interests in Rentel and SeaMade are also taken into account,<span class=\"_ _0\"></span> the (beneficial) interests of AvH amount to 21.9% and 15.3% respec<span class=\"ws1e1\">tively<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span></span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29e\">As a result of a capital increase of Sagar Cements that was fully subscribed by a new shareholder, the participat<span class=\"_ _0\"></span>ion of AvH in Sagar Cement<span class=\"_ _3\"></span>s was diluted fr<span class=\"_ _0\"></span>om 21.85% (a<span class=\"_ _3\"></span>t year<span class=\"ls1 ws1\">-</span>end 2021) to </span>19.64%.<span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29e\">AvH has at the end of 2022 a 49.9% s<span class=\"_ _0\"></span>take in Mediac<span class=\"_ _0\"></span>ore, the controlling shareholder (<span class=\"_ _0\"></span>53,5%) in Mediahuis Partners. Mediahuis Partner<span class=\"_ _0\"></span>s has a controlling s<span class=\"_ _0\"></span>hare of 52.14% in Mediahui<span class=\"ls28 ws29f\">s. The<span class=\"_ _3\"></span> </span></span>participation perc<span class=\"_ _0\"></span>entage of AvH in Mediahuis is therefore 13.93%.<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Associate<span class=\"_ _3\"></span>d particip<span class=\"_ _3\"></span>ating int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>sts accounte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the</span> <span class=\"ls2f ws1e\">e<span class=\"_ _3\"></span>quity method </span>-<span class=\"_ _3\"></span> 2021 Beneficial Minori<span class=\"_ _3\"></span>ty (\u20ac 1,000) N<span class=\"_ _3\"></span>ame of associa<span class=\"_ _3\"></span>ted partici<span class=\"_ _3\"></span>pating<span class=\"fc3 sc0\"> </span>Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>intere<span class=\"_ _3\"></span>st<span class=\"ls1 ws1\"> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> <span class=\"ls56 ws13d\">Engi<span class=\"_ _0\"></span>neering &amp; Cont<span class=\"_ _0\"></span>racting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>Rentel<span class=\"ls1 ws1\"> </span>0700.246.364<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>933,616<span class=\"ls1 ws1\"> </span>837,698<span class=\"ls1 ws1\"> </span>138,307<span class=\"ls1 ws1\"> </span>29,698<span class=\"ls1 ws1\"> </span>SeaMade<span class=\"ls1 ws1\"> </span>0543.401.324<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>7.09%<span class=\"ls1 ws1\"> </span>1.66%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>1,373,451<span class=\"ls1 ws1\"> </span>1,322,510<span class=\"ls1 ws1\"> </span>145,762<span class=\"ls1 ws1\"> </span>12,220<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y RS<span class=\"ls1 ws1\"> </span>0833.507.538<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>84,142<span class=\"ls1 ws1\"> </span>1,551<span class=\"ls1 ws1\"> </span>10,254<span class=\"ls1 ws1\"> </span>18,605<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y BIS<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0842.251.889<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>54,330<span class=\"ls1 ws1\"> </span>171<span class=\"ls1 ws1\"> </span>0 8,437<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>L26942AP<span class=\"_ _3\"></span>19 Sagar Ceme<span class=\"_ _3\"></span>nts (INR milli<span class=\"_ _3\"></span>on)<span class=\"ls1 ws1\"> </span>81PLC002<span class=\"_ _3\"></span>887<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>21.85%<span class=\"ls1 ws1\"> </span>p. 117<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>32,605<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,840<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>15,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,278<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Axe In<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents<span class=\"ls1 ws1\"> </span>419,822,<span class=\"_ _3\"></span>730<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>48.34%<span class=\"ls1 ws1\"> </span>p. 123<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,230<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>47<span class=\"ls1 ws1\"> </span>542<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">223</span> Financi\u00e8re E<span class=\"_ _3\"></span>MG<span class=\"ls1 ws1\">  </span>801.720.<span class=\"_ _3\"></span>343<span class=\"ls1 ws1\"> </span>France<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22.51%<span class=\"ls1 ws1\"> </span>p. 125<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>381,248<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>310,442<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>366,845<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>152<span class=\"ls1 ws1\"> </span>Mediahuis<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>439.849.<span class=\"_ _3\"></span>666<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>13.51%<span class=\"ls1 ws1\"> </span>p. 126<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,107,53<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>625,059<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,130,79<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>117,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>OM Par<span class=\"_ _3\"></span>tners<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>428.328.<span class=\"_ _3\"></span>442<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>20.01%<span class=\"ls1 ws1\"> </span>p. 127<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>125,662<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>42,167<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>115,713<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,777<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Van Moer Gro<span class=\"_ _3\"></span>up<span class=\"ls1 ws1\"> </span>885.987.<span class=\"_ _3\"></span>706<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>21.74%<span class=\"ls1 ws1\"> </span>p. 130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>119,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>82,785<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>222,378<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Non</span>-<span class=\"ls3a ws20c\">consol<span class=\"_ _3\"></span>idated par<span class=\"_ _3\"></span>ticipat<span class=\"_ _3\"></span>ions</span> <span class=\"ls3a ws20c\">at f<span class=\"_ _3\"></span>air value<span class=\"_ _3\"></span></span> Registere<span class=\"_ _3\"></span>d Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 (\u20ac <span class=\"ls2b ws1e3\">1,000) Name of the partici<span class=\"_ _3\"></span>pation<span class=\"ls1 ws1\"> <span class=\"_ _15f\"> </span></span><span class=\"ws1e4\">Registration<span class=\"_ _3\"></span> nr<span class=\"ls1 ws1\"> </span></span></span>Activi<span class=\"_ _3\"></span>ty repo<span class=\"_ _3\"></span>rt<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>(1)0787.990.881<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 131<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>0508.931.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 132<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Bio Cap Invest (Epics Therapeutics)<span class=\"ls1 ws1\"> </span>0719.433.261<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>29.5%<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\">  </span>0666.442.557<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 133<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\">  </span>0742.910.132<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 134<span class=\"ls1 ws1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>0501.631.837<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 135<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>(2)160130<span class=\"ls1 ws1\"> </span>Mauritius<span class=\"ls1 ws1\"> </span>p. 136<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>U74999DL2019PTC352056<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>(3)U74999DL2019PTC352056<span class=\"ls1 ws1\"> <span class=\"_ _92\"> </span></span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>10.0%<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>(4)U51397MH2013PTC245092<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 138<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>(5)T21VC0008K<span class=\"ls1 ws1\">-</span>SF001<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>201906515N<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>0872.203.709<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>(6)0687.984.772<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0430.636.943<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>25.0%<span class=\"ls1 ws1\"> </span>Koffie F. Rombouts<span class=\"ws1\"> </span>(7)0404.850.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>68.887.590<span class=\"ls1 ws1\"> </span>The <span class=\"ls29 ws1e1\">Netherlands<span class=\"ls1 ws1\"> </span></span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>B0107957<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In August 2022, AvH announced its investment in AstriV<span class=\"_ _0\"></span>ax (AvH 5.8%), as part of the capital round that was organised by<span class=\"_ _0\"></span> the s<span class=\"ws1e1\">pin<span class=\"ls1 ws1\">-</span></span>off from KU Leuven. Over time, AvH will acquire a shareholding </span>of 7.7% in AstriVax. AstriVax has raised a total of 30 million euros of seed capital. The compan<span class=\"_ _3\"></span>y will develop new vaccines that are easier to produce, have less cold chain requirements, an<span class=\"ls1 ws1e4\">d offer </span>broad and long<span class=\"ls1 ws1\">-</span>lasting prot<span class=\"_ _0\"></span>ection against various viruses and other pathogens. <span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of October, AvH announced a partnership with Convergent Finance, a Mumbai</span><span class=\"ff3a\">-<span class=\"ls29 ws1e0\">based investment management and advisory partnership that focus<span class=\"_ _0\"></span>es on investments in well<span class=\"ls1 ws1\">-</span><span class=\"ws1e1\">established </span></span></span>and listed companies in India. A<span class=\"_ _0\"></span>vH invest<span class=\"ls2a ws1ee\">ed<span class=\"ls1 ws1\"> </span></span>6 million euros in the partn<span class=\"_ _0\"></span>ership. Convergent focuses on various sectors such as food &amp; beverages, specialty chemicals<span class=\"_ _0\"></span>, clean technology and healthcare.<span class=\"ls1 ws1\"> </span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29c\">In March 2022, HealthQuad completed t<span class=\"_ _0\"></span>he final closing of its second fund with 161 million USD c<span class=\"_ _0\"></span>ommitted funds. AvH participated as anc<span class=\"_ _0\"></span>hor investor with a commitment of 17.5 million USD. </span>HealthQuad Fund II has already<span class=\"_ _0\"></span> invested approximately 98 million USD in 11 companies. <span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Medikabazaar collected 65 million USD in a new capital round. Bes<span class=\"_ _0\"></span>ides the contribution of the current investors, which include AvH, Lighthouse India Fund III has also joined the c<span class=\"_ _0\"></span>apital. <span class=\"ls1 ws1\"> </span></span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">In June 2022, Venturi Fund I was closed with total commitments of 180 million USD. AvH part<span class=\"_ _0\"></span>icipated in the initial closing and is an anchor investor, with a co<span class=\"_ _0\"></span>mmitment of 20 million USD, to be </span>invested over a 4<span class=\"ls1 ws1\">-</span>year period. <span class=\"ls1 ws1\"> </span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of<span class=\"_ _3\"></span> 2022, Van Laere, a subsidiary of CFE, sold 65% <span class=\"_ _3\"></span>of its stake in Hofkouter (the company</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">whose sole property i<span class=\"_ _3\"></span>s Van Laere\u2019s former head office and workshops in Zwijndrecht) <span class=\"_ _3\"></span>to AvH. </span></span>The capital gain that CFE realised on t<span class=\"_ _0\"></span>his was eliminated at AvH level.<span class=\"ls1 ws1\"> </span>(7) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">The stake in Koffie Rombouts was further</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">reduced in 2022.</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-4-4": {
   "value": "3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Principle<span class=\"_ _3\"></span>s of conso<span class=\"_ _3\"></span>lidatio<span class=\"_ _3\"></span>n</span> The consolidated annua<span class=\"_ _0\"></span>l accounts contain the f<span class=\"_ _0\"></span>inancial details of the par<span class=\"_ _0\"></span>ent AvH, its subsid<span class=\"_ _0\"></span>iaries and<span class=\"_ _0\"></span> jointly <span class=\"ls25 ws1eb\">con<span class=\"_ _0\"></span>trolle<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>panies, <span class=\"_ _0\"></span>as wel<span class=\"_ _0\"></span>l as the <span class=\"_ _0\"></span>share <span class=\"_ _0\"></span>of the g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> </span>in the r<span class=\"_ _0\"></span>esult<span class=\"_ _0\"></span>s of the a<span class=\"_ _0\"></span>ssoci<span class=\"_ _0\"></span>ated com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es.<span class=\"ls1 ws1\"> </span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span><span class=\"ff3a\">J<span class=\"ls48 ws239\">ointly controlled sub<span class=\"_ _3\"></span>sidiaries and associated particip<span class=\"_ _3\"></span>ating </span></span></span>interests<span class=\"ls1 ws1\"> </span>Joint<span class=\"_ _3\"></span>ly controlle<span class=\"_ _3\"></span>d subsidiar<span class=\"_ _3\"></span>ies<span class=\"ls1\"> </span>Companies which are con<span class=\"_ _0\"></span>trolled jointly (defined as those entitie<span class=\"_ _0\"></span>s in which the group has joint<span class=\"_ _0\"></span> control, among oth<span class=\"_ _0\"></span>ers via the shareho<span class=\"_ _0\"></span>lders\u2019 percentage o<span class=\"_ _0\"></span>r via contr<span class=\"_ _0\"></span>actual a<span class=\"_ _0\"></span>greem<span class=\"_ _0\"></span>ent with<span class=\"_ _0\"></span> one o<span class=\"_ _0\"></span>r <span class=\"ws232\">more<span class=\"_ _0\"></span> of the o<span class=\"_ _0\"></span>ther sh<span class=\"_ _0\"></span>areho<span class=\"_ _0\"></span>lders an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>at are<span class=\"_ _0\"></span> </span>consi<span class=\"_ _0\"></span>dered to<span class=\"_ _0\"></span> be joi<span class=\"_ _0\"></span>nt ventu<span class=\"_ _0\"></span>res) ar<span class=\"_ _0\"></span>e inclu<span class=\"_ _0\"></span>ded on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of th<span class=\"_ _0\"></span>e equi<span class=\"_ _0\"></span>ty metho<span class=\"_ _0\"></span>d as from the date of acqu<span class=\"_ _0\"></span>isition until the end of the joint cont<span class=\"_ _0\"></span>rol.<span class=\"ws1\"> </span>The equity method<span class=\"ws1\"> </span>Asset<span class=\"_ _0\"></span>s, liabi<span class=\"_ _0\"></span>lities,<span class=\"_ _0\"></span> reven<span class=\"_ _0\"></span>ues an<span class=\"_ _0\"></span>d expen<span class=\"_ _0\"></span>ses f<span class=\"_ _0\"></span>rom join<span class=\"_ _0\"></span>tly con<span class=\"_ _0\"></span>trolled<span class=\"_ _0\"></span> subsi<span class=\"_ _0\"></span>diaries <span class=\"_ _0\"></span>and associates are accounted for und<span class=\"_ _0\"></span>er the equity method in the consolid<span class=\"_ _0\"></span>ated financial sta<span class=\"ls1 ws21a\">tements.<span class=\"_ _0\"></span> Under the equi<span class=\"_ _0\"></span>ty method, an inv<span class=\"_ _0\"></span>estment in a jo<span class=\"_ _0\"></span>int<span class=\"ls35 ws213\">ly</span><span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls40 ws218\">controlled </span></span></span>subsidiary <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">or a<span class=\"_ _0\"></span>ssociat<span class=\"_ _0\"></span>e is fir<span class=\"_ _0\"></span>stly rec<span class=\"_ _0\"></span>orded<span class=\"_ _0\"></span> at cost <span class=\"_ _0\"></span>in the con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l </span>state<span class=\"_ _0\"></span>ment<span class=\"ls1 ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f7\">and then adjusted to record <span class=\"_ _0\"></span>the share of the Group in the net result </span></span>and in the<span class=\"_ _3\"></span> comprehen<span class=\"_ _0\"></span>si<span class=\"ls30 ws23d\">ve inco<span class=\"_ _0\"></span>me of t<span class=\"_ _0\"></span>he <span class=\"ls25 ws204\">jo<span class=\"_ _0\"></span>intly con<span class=\"_ _9f\"></span>trolled su<span class=\"_ _0\"></span>bsidia<span class=\"_ _0\"></span>ry or a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>te<span class=\"ls31 ws206\">. </span></span></span>When th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span>'s share o<span class=\"_ _0\"></span>f losse<span class=\"_ _0\"></span>s of a<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span>jointly con<span class=\"_ _0\"></span>trolle<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>sidiary o<span class=\"_ _0\"></span>r assoc<span class=\"_ _0\"></span>iate<span class=\"ls1 ws1\"> </span>exceed<span class=\"_ _0\"></span>s the Grou<span class=\"_ _0\"></span>p's int<span class=\"_ _0\"></span>erest in th<span class=\"_ _9f\"></span>at jointly <span class=\"_ _0\"></span>control<span class=\"_ _0\"></span>led sub<span class=\"_ _0\"></span>sidiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">(wh<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>h </span></span>includes any long<span class=\"ws1\">-<span class=\"ls25 ws1f9\">term<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rests <span class=\"_ _0\"></span>that, <span class=\"_ _0\"></span>in su<span class=\"_ _0\"></span>bstanc<span class=\"_ _0\"></span>e, form<span class=\"_ _0\"></span> part o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> Group'<span class=\"_ _9f\"></span>s net </span></span>investm<span class=\"_ _9f\"></span>ent in the <span class=\"ws208\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary o<span class=\"_ _0\"></span>r asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws20b\">), th<span class=\"_ _0\"></span>e Group discontinues<span class=\"_ _0\"></span> </span></span>recogn<span class=\"_ _0\"></span>ising i<span class=\"_ _0\"></span>ts share o<span class=\"_ _0\"></span>f furth<span class=\"_ _0\"></span>er loss<span class=\"_ _0\"></span>es. Additio<span class=\"_ _9f\"></span>nal losse<span class=\"_ _0\"></span>s are reco<span class=\"_ _0\"></span>gnised<span class=\"_ _0\"></span> only to th<span class=\"_ _0\"></span>e extent th<span class=\"_ _9f\"></span>at the Group h<span class=\"_ _0\"></span>as incur<span class=\"_ _0\"></span>red leg<span class=\"_ _0\"></span>al or cons<span class=\"_ _0\"></span>tructiv<span class=\"_ _0\"></span>e obliga<span class=\"_ _0\"></span>tions o<span class=\"_ _0\"></span>r made<span class=\"_ _0\"></span> payments on behalf of<span class=\"_ _0\"></span> the <span class=\"ls25 ws1eb\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls40 ws218\">. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>According to the equity me<span class=\"_ _0\"></span>thod, the participating int<span class=\"_ _0\"></span>erests are initially record<span class=\"_ _0\"></span>ed at cost.  An<span class=\"_ _0\"></span>y surplu<span class=\"_ _0\"></span>s between<span class=\"_ _0\"></span> the co<span class=\"_ _0\"></span>st of the inve<span class=\"_ _0\"></span>stme<span class=\"ls1 ws1f3\">nt and the share in the fair </span>val<span class=\"_ _3\"></span>ue of net as<span class=\"_ _3\"></span>sets of the<span class=\"_ _3\"></span> entity is re<span class=\"_ _3\"></span>corded<span class=\"_ _3\"></span> as goodwil<span class=\"_ _3\"></span>l inclu<span class=\"_ _3\"></span>ded in the c<span class=\"_ _3\"></span>arryin<span class=\"_ _3\"></span>g amount of the investment. The carryin<span class=\"_ _0\"></span>g amount is subsequently modified to inclu<span class=\"_ _0\"></span>de the sh<span class=\"_ _0\"></span>are of<span class=\"_ _0\"></span> the grou<span class=\"_ _9f\"></span>p in the pro<span class=\"_ _0\"></span>fit or l<span class=\"_ _0\"></span>oss of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipat<span class=\"_ _9f\"></span><span class=\"ls33 ws215\">i<span class=\"_ _3\"></span>ng inte<span class=\"_ _3\"></span>rest, as </span>from th<span class=\"_ _0\"></span>e dat<span class=\"_ _0\"></span>e of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>e. The f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al state<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>ese com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es are prepared for the same <span class=\"_ _0\"></span>reporting period a<span class=\"_ _0\"></span>s AvH and uniform IFRS valua<span class=\"_ _0\"></span>tion rules ar<span class=\"_ _3\"></span>e ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d. Un<span class=\"_ _3\"></span>real<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d int<span class=\"_ _3\"></span>ra-group p<span class=\"_ _0\"></span>rofits <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>sses on<span class=\"_ _0\"></span> tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span>s are elimin<span class=\"_ _0\"></span>ated<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">to th<span class=\"_ _0\"></span>e extent of th<span class=\"_ _0\"></span>e interest in th<span class=\"_ _0\"></span>e compan<span class=\"_ _0\"></span>y.<span class=\"ls1 ws1\"> </span></span></span>The Group continu<span class=\"_ _0\"></span>es to use the equ<span class=\"_ _0\"></span>ity method when an<span class=\"_ _0\"></span> investment in an <span class=\"_ _0\"></span>associate becomes an investment in a jo<span class=\"_ _0\"></span>intly controlled subsidary or an investmen<span class=\"_ _0\"></span>t in a jointly controlled subsidiary beco<span class=\"_ _0\"></span>mes an investment <span class=\"_ _9c\"> </span>in an as<span class=\"_ _0\"></span>sociat<span class=\"_ _0\"></span>e. Ther<span class=\"_ _0\"></span>e is no<span class=\"_ _0\"></span> remeasurement to fair va<span class=\"_ _0\"></span>lue upon such changes in ownership <span class=\"_ _0\"></span>interests. When the Group<span class=\"_ _0\"></span> reduc<span class=\"_ _0\"></span>es its ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span> in an <span class=\"_ _0\"></span>associa<span class=\"_ _0\"></span>te or a<span class=\"_ _0\"></span> jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subsidiary but <span class=\"_ _0\"></span>the Group continues<span class=\"_ _0\"></span> to use the <span class=\"_ _0\"></span>equity method, the <span class=\"_ _0\"></span>Group<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls33 ws1f0\">r<span class=\"_ _3\"></span>eclassi<span class=\"_ _3\"></span>fies </span></span>to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _9f\"></span>ss the pro<span class=\"_ _0\"></span>portion<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e gain o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>had prev<span class=\"_ _0\"></span>iously<span class=\"_ _0\"></span> been<span class=\"_ _0\"></span> re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d in o<span class=\"_ _3\"></span>ther<span class=\"_ _3\"></span> comp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome<span class=\"_ _3\"></span> rela<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g to tha<span class=\"_ _3\"></span>t re<span class=\"_ _3\"></span>duct<span class=\"_ _3\"></span>ion i<span class=\"_ _3\"></span>n own<span class=\"_ _3\"></span>ers<span class=\"_ _3\"></span>hip inter<span class=\"_ _0\"></span>est if tha<span class=\"_ _0\"></span>t gain o<span class=\"_ _0\"></span>r loss w<span class=\"_ _0\"></span>ould be <span class=\"_ _0\"></span>reclas<span class=\"_ _0\"></span>sified to<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss on the d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>s<span class=\"ls4a ws22c\">a<span class=\"_ _3\"></span>l o<span class=\"_ _3\"></span>f </span>the rela<span class=\"_ _0\"></span>ted assets o<span class=\"_ _0\"></span>r liabili<span class=\"_ _0\"></span>ties.<span class=\"ls1 ws1\"> </span>Joint op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ons<span class=\"ls1 ws1\"> </span>A joint o<span class=\"_ _0\"></span>peratio<span class=\"_ _0\"></span>n is a joi<span class=\"_ _0\"></span>nt arran<span class=\"_ _0\"></span>gemen<span class=\"_ _0\"></span>t in wh<span class=\"_ _0\"></span>ich the part<span class=\"_ _0\"></span>ies (join<span class=\"_ _9f\"></span>t operator<span class=\"_ _0\"></span>s) have<span class=\"_ _0\"></span> direct <span class=\"_ _0\"></span>rights ov<span class=\"_ _9f\"></span>er the asset<span class=\"_ _0\"></span>s and dire<span class=\"_ _0\"></span>ct obl<span class=\"_ _0\"></span>igatio<span class=\"_ _0\"></span>ns with re<span class=\"_ _0\"></span>spect <span class=\"_ _0\"></span>to the ent<span class=\"_ _0\"></span>ity\u2019s<span class=\"_ _0\"></span> liabil<span class=\"_ _0\"></span>ities. Joi<span class=\"_ _0\"></span>nt control is t<span class=\"ls1 ws247\">he contractu<span class=\"_ _0\"></span>ally agreed sharing <span class=\"_ _3\"></span>of control of an </span>arrang<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>me<span class=\"_ _0\"></span>nt, wh<span class=\"_ _0\"></span>ich exi<span class=\"_ _0\"></span>sts on<span class=\"_ _0\"></span>ly when<span class=\"_ _0\"></span> decis<span class=\"_ _0\"></span>ions abo<span class=\"_ _0\"></span>ut th<span class=\"_ _0\"></span>e releva<span class=\"_ _0\"></span>nt act<span class=\"_ _0\"></span>iviti<span class=\"_ _0\"></span>es requi<span class=\"_ _0\"></span>re unanimous consen<span class=\"_ _0\"></span>t of the parties sharing control.<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws1db\">When<span class=\"_ _0\"></span> a sub<span class=\"_ _0\"></span>sidiary o<span class=\"_ _0\"></span>f AvH <span class=\"_ _0\"></span>starts<span class=\"_ _0\"></span> </span></span>a join<span class=\"_ _0\"></span>t opera<span class=\"_ _0\"></span>tion, th<span class=\"_ _0\"></span>at <span class=\"ls33 ws204\">subsid<span class=\"_ _3\"></span>iary rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>s:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">its asse<span class=\"_ _0\"></span>ts, inc<span class=\"_ _0\"></span>ludin<span class=\"_ _0\"></span>g its sha<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span> of<span class=\"_ _0\"></span> any ass<span class=\"_ _0\"></span>ets h<span class=\"_ _0\"></span>eld join<span class=\"_ _0\"></span>tly;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws223\">its liabilit<span class=\"_ _0\"></span>ies, includ<span class=\"_ _9f\"></span>ing its share of any liab<span class=\"_ _0\"></span>ilities inc<span class=\"_ _0\"></span>urred held<span class=\"_ _0\"></span> jointly;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fc\">its rev<span class=\"_ _0\"></span>enue fro<span class=\"_ _0\"></span>m the <span class=\"_ _0\"></span>sale of i<span class=\"_ _0\"></span>ts sha<span class=\"_ _0\"></span>re of<span class=\"_ _0\"></span> the outp<span class=\"_ _0\"></span>ut aris<span class=\"_ _0\"></span>ing fro<span class=\"_ _0\"></span>m the <span class=\"_ _0\"></span>joint </span>ope<span class=\"_ _3\"></span>ration;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws20a\">its sh<span class=\"_ _0\"></span>a<span class=\"ls30 ws248\">re of th<span class=\"_ _9f\"></span>e revenu<span class=\"_ _0\"></span>e from<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le of<span class=\"_ _0\"></span> its sh<span class=\"_ _0\"></span>are of t<span class=\"_ _0\"></span>he ou<span class=\"_ _0\"></span>tput by<span class=\"_ _9f\"></span> the joint<span class=\"_ _0\"></span> </span></span></span>ope<span class=\"_ _3\"></span>ration;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">its expenses, including its s<span class=\"_ _3\"></span>hare of any expenses incurred jointly.<span class=\"ws1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-5-4": {
   "value": "3.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Subsidiaries<span class=\"ls1 ws1\"> </span></span>Subsidiaries are entitie<span class=\"_ _0\"></span>s which are controlled by <span class=\"_ _0\"></span>the group. Control exis<span class=\"_ _0\"></span>ts when AvH (<span class=\"_ _0\"></span>a) has pow<span class=\"_ _0\"></span>er over <span class=\"_ _0\"></span>the sub<span class=\"_ _0\"></span>sidiar<span class=\"_ _0\"></span>y; (b) is ex<span class=\"_ _0\"></span>posed<span class=\"_ _0\"></span>, or has <span class=\"ls1 ws1f3\">r<span class=\"_ _0\"></span>ights, to variable </span>return<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts involv<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>with the su<span class=\"_ _9f\"></span>bsidiar<span class=\"_ _0\"></span>y; and (c)<span class=\"_ _0\"></span> has the ab<span class=\"_ _0\"></span>ility to <span class=\"_ _0\"></span>affect<span class=\"_ _0\"></span> those r<span class=\"_ _0\"></span>eturn<span class=\"_ _0\"></span>s throug<span class=\"_ _0\"></span>h its pow<span class=\"_ _9f\"></span>er over th<span class=\"_ _0\"></span>e subsidi<span class=\"_ _0\"></span>ary. Th<span class=\"_ _0\"></span>e part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ing inte<span class=\"_ _0\"></span>rests i<span class=\"_ _0\"></span>n subsidiaries are conso<span class=\"_ _0\"></span>lidated in full as from the date of a<span class=\"_ _0\"></span>cquisition until the end of<span class=\"_ _0\"></span> the control.<span class=\"ls1 ws1\"> </span>Consolidation of a subsidiary b<span class=\"_ _0\"></span>egins when the Group obtains control ov<span class=\"_ _0\"></span>er the subsidiary and ceases whe<span class=\"_ _0\"></span>n the Group loses control of th<span class=\"_ _0\"></span>e subsidiary. Specifically, income and expense<span class=\"_ _0\"></span>s of a subsidiary acq<span class=\"_ _0\"></span>uired or disposed of dur<span class=\"ws1fe\">i<span class=\"_ _0\"></span>ng the year a<span class=\"_ _3\"></span>re </span>included in the consolidated statement of<span class=\"_ _0\"></span> profit or l<span class=\"_ _3\"></span>oss and other compr<span class=\"_ _0\"></span>ehensive income from the date <span class=\"_ _0\"></span>the Group gains control until th<span class=\"_ _0\"></span>e date when the Group<span class=\"_ _0\"></span> cease<span class=\"_ _0\"></span>s to con<span class=\"_ _0\"></span>trol th<span class=\"_ _0\"></span>e subsi<span class=\"_ _0\"></span>diary.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Profit o<span class=\"_ _0\"></span>r loss an<span class=\"_ _0\"></span>d each com<span class=\"_ _0\"></span>ponent o<span class=\"_ _0\"></span>f other c<span class=\"_ _0\"></span>ompre<span class=\"_ _0\"></span>hensiv<span class=\"_ _0\"></span>e income a<span class=\"_ _0\"></span>re attr<span class=\"_ _0\"></span>ibuted<span class=\"_ _0\"></span> to the owners<span class=\"_ _0\"></span> of the Group <span class=\"_ _0\"></span>and to the non<span class=\"ws1\">-<span class=\"ls25 ws235\">c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>lling int<span class=\"_ _0\"></span>erests.<span class=\"_ _9f\"></span> Total </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive inco<span class=\"_ _0\"></span>me of <span class=\"_ _0\"></span>subsid<span class=\"_ _0\"></span>iaries i<span class=\"_ _0\"></span>s attrib<span class=\"_ _9f\"></span>uted to th<span class=\"_ _0\"></span>e own<span class=\"_ _0\"></span>ers of th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> and<span class=\"_ _0\"></span> to the non<span class=\"ls1\">-<span class=\"ws1ed\">controlling i<span class=\"ls33 ws204\">ntere<span class=\"_ _3\"></span>sts, eve<span class=\"_ _3\"></span>n if this<span class=\"_ _3\"></span> resul<span class=\"_ _3\"></span>ts in th<span class=\"_ _3\"></span>e non</span></span>-<span class=\"ls33 ws204\">co<span class=\"_ _3\"></span>ntrollin<span class=\"_ _3\"></span>g intere<span class=\"_ _3\"></span>sts </span></span>having a deficit balance. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>When <span class=\"_ _0\"></span>necess<span class=\"_ _0\"></span>ary, ad<span class=\"_ _0\"></span>justm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>are mad<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>ncial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>f subs<span class=\"_ _0\"></span>idiari<span class=\"_ _0\"></span>es to bring their accounting <span class=\"_ _0\"></span>policies in line with the Group'<span class=\"_ _0\"></span>s accounting policies. <span class=\"ws1\"> </span>Al<span class=\"ls1 ws21f\">l intragroup assets and liabil<span class=\"_ _0\"></span>ities, equity, income, expenses and ca<span class=\"_ _0\"></span>sh flows </span>relating to transactions between members of the Group are eliminated in full <span class=\"_ _3\"></span>in<span class=\"_ _0\"></span> the consolidated financial statements. <span class=\"ws1\"> </span>Changes in the Gr<span class=\"_ _0\"></span>oup's ownership inter<span class=\"_ _0\"></span>ests in subsidiaries <span class=\"ls25 ws208\">th<span class=\"_ _0\"></span>at do not r<span class=\"_ _0\"></span>esult in the<span class=\"_ _0\"></span> </span>Group<span class=\"_ _0\"></span> losing<span class=\"_ _0\"></span> contro<span class=\"_ _0\"></span>l ove<span class=\"_ _0\"></span>r the su<span class=\"_ _0\"></span>bsidia<span class=\"_ _0\"></span>ries <span class=\"_ _0\"></span>are a<span class=\"_ _0\"></span>ccounted<span class=\"_ _9f\"></span> for as equ<span class=\"_ _0\"></span>ity t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> The carrying amounts of the Group's interests and the non<span class=\"ws1\">-<span class=\"ls25 ws208\">c<span class=\"_ _0\"></span>ontrol<span class=\"_ _0\"></span>ling inte<span class=\"_ _0\"></span>rests ar<span class=\"_ _0\"></span>e </span></span>adjust<span class=\"_ _0\"></span>ed to refl<span class=\"_ _0\"></span>ect the chan<span class=\"_ _0\"></span>ges in<span class=\"_ _0\"></span> their rela<span class=\"_ _0\"></span>tive int<span class=\"_ _0\"></span>erests<span class=\"_ _0\"></span> i<span class=\"ls1 ws1f7\">n the subsidiaries. Any </span>difference between the amou<span class=\"_ _0\"></span>nt by which the non<span class=\"ws1\">-<span class=\"ls25 ws208\">cont<span class=\"_ _0\"></span>rolling<span class=\"_ _0\"></span> inter<span class=\"_ _0\"></span>ests are a<span class=\"_ _0\"></span>djust<span class=\"_ _0\"></span>ed </span></span>and th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>idera<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>aid or <span class=\"_ _0\"></span>receiv<span class=\"_ _0\"></span>ed is <span class=\"_ _0\"></span>recogni<span class=\"_ _0\"></span>sed d<span class=\"_ _0\"></span>irectly<span class=\"_ _9f\"></span> in equity and attributed to t<span class=\"_ _0\"></span>he owners of the Group. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>When the Group l<span class=\"ls25 ws1eb\">o<span class=\"_ _0\"></span>ses co<span class=\"_ _0\"></span>ntrol o<span class=\"_ _0\"></span>f a sub<span class=\"_ _9f\"></span>sidiary, a g<span class=\"_ _0\"></span>ain or l<span class=\"_ _0\"></span>oss i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nised<span class=\"_ _0\"></span> in prof<span class=\"_ _0\"></span>it </span>or loss a<span class=\"_ _9f\"></span>nd is calcu<span class=\"_ _0\"></span>lated <span class=\"_ _0\"></span>as the d<span class=\"_ _0\"></span>ifferen<span class=\"_ _0\"></span>ce be<span class=\"_ _0\"></span>tween (<span class=\"_ _0\"></span>i) the a<span class=\"_ _0\"></span>ggrega<span class=\"_ _0\"></span>te of th<span class=\"_ _0\"></span>e fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e of the <span class=\"_ _0\"></span>consid<span class=\"_ _0\"></span>eration<span class=\"_ _9f\"></span> received <span class=\"_ _0\"></span>and th<span class=\"_ _9f\"></span>e fair valu<span class=\"_ _9f\"></span>e of any re<span class=\"_ _0\"></span>tained<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest and<span class=\"_ _0\"></span> (ii) the previous carrying amount of<span class=\"_ _0\"></span> the assets (including goodwill), and liabilities<span class=\"_ _0\"></span> of the subsidiary<span class=\"_ _0\"></span> and any non<span class=\"ws1\">-</span>con<span class=\"_ _0\"></span>trolling interests. All<span class=\"_ _0\"></span> amounts previously<span class=\"_ _0\"></span> recognised in oth<span class=\"_ _0\"></span>er comprehensive inco<span class=\"_ _0\"></span>me in relation to that<span class=\"_ _0\"></span> subsidiary are accounted for as if the Group had dire<span class=\"_ _0\"></span>c<span class=\"ls33 ws1fb\">tly<span class=\"_ _3\"></span> dispo<span class=\"_ _3\"></span>sed of t<span class=\"_ _3\"></span>he rela<span class=\"_ _3\"></span>ted as<span class=\"_ _3\"></span>sets or </span>liabil<span class=\"_ _0\"></span>ities o<span class=\"_ _0\"></span>f the sub<span class=\"_ _0\"></span>sidiary (<span class=\"_ _0\"></span>i.e. r<span class=\"_ _0\"></span>eclassif<span class=\"_ _9f\"></span>ied to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss or tran<span class=\"_ _0\"></span>sferred<span class=\"_ _0\"></span> to ano<span class=\"_ _0\"></span>ther category of equity as sp<span class=\"_ _0\"></span>ecified/ permitted by app<span class=\"_ _0\"></span>licable IFRSs). <span class=\"ws1\"> </span>An inve<span class=\"_ _0\"></span>stment <span class=\"_ _0\"></span>retain<span class=\"_ _0\"></span>ed is i<span class=\"_ _0\"></span>nitially<span class=\"_ _0\"></span> measu<span class=\"_ _0\"></span>red at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e.<span class=\"ls1 ws1\"> <span class=\"ws1fe\">This fair value be<span class=\"_ _0\"></span>comes </span></span>the init<span class=\"_ _0\"></span>ial ca<span class=\"_ _0\"></span>rrying a<span class=\"_ _0\"></span>moun<span class=\"_ _0\"></span>t at the d<span class=\"_ _0\"></span>ate wh<span class=\"_ _0\"></span>en contro<span class=\"_ _9f\"></span>l is lost and f<span class=\"_ _0\"></span>or the pu<span class=\"_ _9f\"></span>rposes of<span class=\"_ _0\"></span> subseq<span class=\"_ _0\"></span>uently<span class=\"_ _9f\"></span> accountin<span class=\"_ _0\"></span>g for <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>retained<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest a<span class=\"_ _0\"></span>s an a<span class=\"_ _0\"></span>ssociat<span class=\"_ _0\"></span>e, join<span class=\"_ _9f\"></span>t ventur<span class=\"_ _0\"></span>e or financ<span class=\"_ _0\"></span>ial asset.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-6-5": {
   "value": "3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span><span class=\"ff3a\">J<span class=\"ls48 ws239\">ointly controlled sub<span class=\"_ _3\"></span>sidiaries and associated particip<span class=\"_ _3\"></span>ating </span></span></span>interests<span class=\"ls1 ws1\"> </span>Associ<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>articip<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> interes<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>Assoc<span class=\"_ _0\"></span>iated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pating<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">rests in which th<span class=\"_ _0\"></span>e group has <span class=\"_ _0\"></span>a significant influenc<span class=\"_ _0\"></span>e, </span>more specifically companies in w<span class=\"_ _0\"></span>hich AvH has the<span class=\"_ _3\"></span> pow<span class=\"_ _0\"></span>er to participate (without control) in the financi<span class=\"_ _0\"></span>al and operational <span class=\"_ _0\"></span>management decisions, are <span class=\"_ _0\"></span>included in accordance with the equity m<span class=\"_ _0\"></span>ethod, as from the date of acquisition unt<span class=\"_ _0\"></span>il the end of the significant influenc<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>The equity method<span class=\"ws1\"> </span>Asset<span class=\"_ _0\"></span>s, liabi<span class=\"_ _0\"></span>lities,<span class=\"_ _0\"></span> reven<span class=\"_ _0\"></span>ues an<span class=\"_ _0\"></span>d expen<span class=\"_ _0\"></span>ses f<span class=\"_ _0\"></span>rom join<span class=\"_ _0\"></span>tly con<span class=\"_ _0\"></span>trolled<span class=\"_ _0\"></span> subsi<span class=\"_ _0\"></span>diaries <span class=\"_ _0\"></span>and associates are accounted for und<span class=\"_ _0\"></span>er the equity method in the consolid<span class=\"_ _0\"></span>ated financial sta<span class=\"ls1 ws21a\">tements.<span class=\"_ _0\"></span> Under the equi<span class=\"_ _0\"></span>ty method, an inv<span class=\"_ _0\"></span>estment in a jo<span class=\"_ _0\"></span>int<span class=\"ls35 ws213\">ly</span><span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls40 ws218\">controlled </span></span></span>subsidiary <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">or a<span class=\"_ _0\"></span>ssociat<span class=\"_ _0\"></span>e is fir<span class=\"_ _0\"></span>stly rec<span class=\"_ _0\"></span>orded<span class=\"_ _0\"></span> at cost <span class=\"_ _0\"></span>in the con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l </span>state<span class=\"_ _0\"></span>ment<span class=\"ls1 ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f7\">and then adjusted to record <span class=\"_ _0\"></span>the share of the Group in the net result </span></span>and in the<span class=\"_ _3\"></span> comprehen<span class=\"_ _0\"></span>si<span class=\"ls30 ws23d\">ve inco<span class=\"_ _0\"></span>me of t<span class=\"_ _0\"></span>he <span class=\"ls25 ws204\">jo<span class=\"_ _0\"></span>intly con<span class=\"_ _9f\"></span>trolled su<span class=\"_ _0\"></span>bsidia<span class=\"_ _0\"></span>ry or a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>te<span class=\"ls31 ws206\">. </span></span></span>When th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span>'s share o<span class=\"_ _0\"></span>f losse<span class=\"_ _0\"></span>s of a<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span>jointly con<span class=\"_ _0\"></span>trolle<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>sidiary o<span class=\"_ _0\"></span>r assoc<span class=\"_ _0\"></span>iate<span class=\"ls1 ws1\"> </span>exceed<span class=\"_ _0\"></span>s the Grou<span class=\"_ _0\"></span>p's int<span class=\"_ _0\"></span>erest in th<span class=\"_ _9f\"></span>at jointly <span class=\"_ _0\"></span>control<span class=\"_ _0\"></span>led sub<span class=\"_ _0\"></span>sidiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">(wh<span class=\"_ _3\"></span>ic<span class=\"_ _3\"></span>h </span></span>includes any long<span class=\"ws1\">-<span class=\"ls25 ws1f9\">term<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rests <span class=\"_ _0\"></span>that, <span class=\"_ _0\"></span>in su<span class=\"_ _0\"></span>bstanc<span class=\"_ _0\"></span>e, form<span class=\"_ _0\"></span> part o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> Group'<span class=\"_ _9f\"></span>s net </span></span>investm<span class=\"_ _9f\"></span>ent in the <span class=\"ws208\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary o<span class=\"_ _0\"></span>r asso<span class=\"_ _0\"></span>ciate<span class=\"ls1 ws20b\">), th<span class=\"_ _0\"></span>e Group discontinues<span class=\"_ _0\"></span> </span></span>recogn<span class=\"_ _0\"></span>ising i<span class=\"_ _0\"></span>ts share o<span class=\"_ _0\"></span>f furth<span class=\"_ _0\"></span>er loss<span class=\"_ _0\"></span>es. Additio<span class=\"_ _9f\"></span>nal losse<span class=\"_ _0\"></span>s are reco<span class=\"_ _0\"></span>gnised<span class=\"_ _0\"></span> only to th<span class=\"_ _0\"></span>e extent th<span class=\"_ _9f\"></span>at the Group h<span class=\"_ _0\"></span>as incur<span class=\"_ _0\"></span>red leg<span class=\"_ _0\"></span>al or cons<span class=\"_ _0\"></span>tructiv<span class=\"_ _0\"></span>e obliga<span class=\"_ _0\"></span>tions o<span class=\"_ _0\"></span>r made<span class=\"_ _0\"></span> payments on behalf of<span class=\"_ _0\"></span> the <span class=\"ls25 ws1eb\">jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subs<span class=\"_ _0\"></span>idiary<span class=\"_ _0\"></span> or asso<span class=\"_ _0\"></span>ciate<span class=\"ls40 ws218\">. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>According to the equity me<span class=\"_ _0\"></span>thod, the participating int<span class=\"_ _0\"></span>erests are initially record<span class=\"_ _0\"></span>ed at cost.  An<span class=\"_ _0\"></span>y surplu<span class=\"_ _0\"></span>s between<span class=\"_ _0\"></span> the co<span class=\"_ _0\"></span>st of the inve<span class=\"_ _0\"></span>stme<span class=\"ls1 ws1f3\">nt and the share in the fair </span>val<span class=\"_ _3\"></span>ue of net as<span class=\"_ _3\"></span>sets of the<span class=\"_ _3\"></span> entity is re<span class=\"_ _3\"></span>corded<span class=\"_ _3\"></span> as goodwil<span class=\"_ _3\"></span>l inclu<span class=\"_ _3\"></span>ded in the c<span class=\"_ _3\"></span>arryin<span class=\"_ _3\"></span>g amount of the investment. The carryin<span class=\"_ _0\"></span>g amount is subsequently modified to inclu<span class=\"_ _0\"></span>de the sh<span class=\"_ _0\"></span>are of<span class=\"_ _0\"></span> the grou<span class=\"_ _9f\"></span>p in the pro<span class=\"_ _0\"></span>fit or l<span class=\"_ _0\"></span>oss of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipat<span class=\"_ _9f\"></span><span class=\"ls33 ws215\">i<span class=\"_ _3\"></span>ng inte<span class=\"_ _3\"></span>rest, as </span>from th<span class=\"_ _0\"></span>e dat<span class=\"_ _0\"></span>e of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>e. The f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al state<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>ese com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es are prepared for the same <span class=\"_ _0\"></span>reporting period a<span class=\"_ _0\"></span>s AvH and uniform IFRS valua<span class=\"_ _0\"></span>tion rules ar<span class=\"_ _3\"></span>e ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d. Un<span class=\"_ _3\"></span>real<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d int<span class=\"_ _3\"></span>ra-group p<span class=\"_ _0\"></span>rofits <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>sses on<span class=\"_ _0\"></span> tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span>s are elimin<span class=\"_ _0\"></span>ated<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">to th<span class=\"_ _0\"></span>e extent of th<span class=\"_ _0\"></span>e interest in th<span class=\"_ _0\"></span>e compan<span class=\"_ _0\"></span>y.<span class=\"ls1 ws1\"> </span></span></span>The Group continu<span class=\"_ _0\"></span>es to use the equ<span class=\"_ _0\"></span>ity method when an<span class=\"_ _0\"></span> investment in an <span class=\"_ _0\"></span>associate becomes an investment in a jo<span class=\"_ _0\"></span>intly controlled subsidary or an investmen<span class=\"_ _0\"></span>t in a jointly controlled subsidiary beco<span class=\"_ _0\"></span>mes an investment <span class=\"_ _9c\"> </span>in an as<span class=\"_ _0\"></span>sociat<span class=\"_ _0\"></span>e. Ther<span class=\"_ _0\"></span>e is no<span class=\"_ _0\"></span> remeasurement to fair va<span class=\"_ _0\"></span>lue upon such changes in ownership <span class=\"_ _0\"></span>interests. When the Group<span class=\"_ _0\"></span> reduc<span class=\"_ _0\"></span>es its ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span> in an <span class=\"_ _0\"></span>associa<span class=\"_ _0\"></span>te or a<span class=\"_ _0\"></span> jointl<span class=\"_ _0\"></span>y contro<span class=\"_ _9f\"></span>lled subsidiary but <span class=\"_ _0\"></span>the Group continues<span class=\"_ _0\"></span> to use the <span class=\"_ _0\"></span>equity method, the <span class=\"_ _0\"></span>Group<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls33 ws1f0\">r<span class=\"_ _3\"></span>eclassi<span class=\"_ _3\"></span>fies </span></span>to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _9f\"></span>ss the pro<span class=\"_ _0\"></span>portion<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e gain o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>had prev<span class=\"_ _0\"></span>iously<span class=\"_ _0\"></span> been<span class=\"_ _0\"></span> re<span class=\"_ _3\"></span>cogn<span class=\"_ _3\"></span>ise<span class=\"_ _3\"></span>d in o<span class=\"_ _3\"></span>ther<span class=\"_ _3\"></span> comp<span class=\"_ _3\"></span>rehe<span class=\"_ _3\"></span>nsi<span class=\"_ _3\"></span>ve inc<span class=\"_ _3\"></span>ome<span class=\"_ _3\"></span> rela<span class=\"_ _3\"></span>tin<span class=\"_ _3\"></span>g to tha<span class=\"_ _3\"></span>t re<span class=\"_ _3\"></span>duct<span class=\"_ _3\"></span>ion i<span class=\"_ _3\"></span>n own<span class=\"_ _3\"></span>ers<span class=\"_ _3\"></span>hip inter<span class=\"_ _0\"></span>est if tha<span class=\"_ _0\"></span>t gain o<span class=\"_ _0\"></span>r loss w<span class=\"_ _0\"></span>ould be <span class=\"_ _0\"></span>reclas<span class=\"_ _0\"></span>sified to<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss on the d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>s<span class=\"ls4a ws22c\">a<span class=\"_ _3\"></span>l o<span class=\"_ _3\"></span>f </span>the rela<span class=\"_ _0\"></span>ted assets o<span class=\"_ _0\"></span>r liabili<span class=\"_ _0\"></span>ties.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-8-5": {
   "value": "Associ<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>articip<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> interes<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>Assoc<span class=\"_ _0\"></span>iated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pating<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">rests in which th<span class=\"_ _0\"></span>e group has <span class=\"_ _0\"></span>a significant influenc<span class=\"_ _0\"></span>e, </span>more specifically companies in w<span class=\"_ _0\"></span>hich AvH has the<span class=\"_ _3\"></span> pow<span class=\"_ _0\"></span>er to participate (without control) in the financi<span class=\"_ _0\"></span>al and operational <span class=\"_ _0\"></span>management decisions, are <span class=\"_ _0\"></span>included in accordance with the equity m<span class=\"_ _0\"></span>ethod, as from the date of acquisition unt<span class=\"_ _0\"></span>il the end of the significant influenc<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-12-3": {
   "value": "4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Business c<span class=\"_ _3\"></span>ombinatio<span class=\"_ _3\"></span>ns</span> Acquisitions of busine<span class=\"_ _0\"></span>sses are accounted f<span class=\"_ _0\"></span>or using the acquisition method. <span class=\"_ _0\"></span>The consideration transferr<span class=\"_ _0\"></span>ed in a business combination is measured at fair value, which is calculated as the sum of the acquis<span class=\"_ _0\"></span>ition<span class=\"ws1\">-<span class=\"ls25 ws20a\">date f<span class=\"_ _0\"></span>air value<span class=\"_ _0\"></span>s of the a<span class=\"_ _0\"></span>ssets </span></span>transf<span class=\"_ _0\"></span>erred by th<span class=\"ls1 ws1f6\">e <span class=\"_ _0\"></span>Group, liabilities incurred by the Group to t<span class=\"_ _0\"></span>he former owners of </span>the acquiree and t<span class=\"_ _0\"></span>he equity interests <span class=\"_ _0\"></span>issued by the Gro<span class=\"_ _0\"></span>up in exchange for c<span class=\"_ _0\"></span>ontrol of the acquiree. Acquisit<span class=\"_ _0\"></span>ion<span class=\"ws1\">-</span>related costs are gener<span class=\"_ _0\"></span>ally recognised in the incom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>ment as <span class=\"ls34 ws1ea\">opera<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span><span class=\"ls30\">ex<span class=\"ls34 ws1f5\">pense<span class=\"_ _3\"></span>s as<span class=\"_ _3\"></span> incu<span class=\"_ _3\"></span>rred<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span></span></span>Goodw<span class=\"_ _0\"></span>ill is ini<span class=\"_ _0\"></span>tiall<span class=\"_ _0\"></span>y measu<span class=\"_ _0\"></span>red at co<span class=\"_ _0\"></span>st (be<span class=\"_ _0\"></span>ing the ex<span class=\"_ _0\"></span>cess of<span class=\"_ _0\"></span> the ag<span class=\"_ _0\"></span>grega<span class=\"_ _0\"></span>te of the<span class=\"_ _0\"></span> consideration transferred and th<span class=\"_ _0\"></span>e amount recognised for non<span class=\"ws1\">-<span class=\"ls25 ws1eb\">con<span class=\"_ _0\"></span>trollin<span class=\"_ _0\"></span>g inter<span class=\"_ _0\"></span>ests </span></span>and an<span class=\"_ _0\"></span>y prev<span class=\"_ _0\"></span>ious in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>held ov<span class=\"_ _9f\"></span>er the n<span class=\"_ _0\"></span>et identif<span class=\"_ _9f\"></span>iable as<span class=\"_ _0\"></span>sets acq<span class=\"_ _0\"></span>uired <span class=\"_ _0\"></span><span class=\"ls34 ws1ea\">an<span class=\"_ _3\"></span>d </span>liabil<span class=\"_ _0\"></span>ities as<span class=\"_ _0\"></span>sumed). A<span class=\"_ _0\"></span>fter in<span class=\"_ _0\"></span>itial r<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on, go<span class=\"_ _0\"></span>odwill is <span class=\"_ _0\"></span>measured<span class=\"_ _0\"></span> at cos<span class=\"_ _0\"></span>t less any<span class=\"_ _0\"></span> accumulated impairment loss<span class=\"_ _0\"></span>es. For the purpose of impairment testing, goodwi<span class=\"_ _0\"></span>ll acquired in a busin<span class=\"_ _0\"></span>ess combination is, from th<span class=\"_ _0\"></span>e acquisition date, allocated t<span class=\"_ _0\"></span>o each of<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ls25 ws249\">the Grou<span class=\"_ _0\"></span>p\u2019s cash<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ws1f1\">generating units that are expect<span class=\"_ _0\"></span>ed to benefit from the </span></span></span></span>combin<span class=\"_ _0\"></span>ation,<span class=\"_ _0\"></span> irres<span class=\"_ _0\"></span>pectiv<span class=\"_ _0\"></span>e of wh<span class=\"_ _0\"></span>ether <span class=\"_ _0\"></span>other a<span class=\"_ _0\"></span>ssets o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es of the<span class=\"_ _0\"></span> acquir<span class=\"_ _0\"></span>ee are<span class=\"_ _0\"></span> assign<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>ose un<span class=\"_ _0\"></span>its. <span class=\"ls1 ws1\"> </span>Where goodwill has been al<span class=\"_ _0\"></span>located to a cash<span class=\"ws1\">-</span>generating un<span class=\"_ _0\"></span>it (CGU) and pa<span class=\"ls4a ws24a\">rt<span class=\"_ _3\"></span> of </span>the op<span class=\"_ _0\"></span>eration<span class=\"_ _0\"></span> within <span class=\"_ _0\"></span>that un<span class=\"_ _9f\"></span>it is dispo<span class=\"_ _0\"></span>sed of<span class=\"_ _0\"></span>, the goo<span class=\"_ _0\"></span>dwill a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>ted with<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> disposed operation is includ<span class=\"_ _0\"></span>ed in the carrying amount of the oper<span class=\"_ _0\"></span>ation when determining the gain or loss on disposal.  Goodwil<span class=\"_ _0\"></span>l disposed in these circumstances is measu<span class=\"_ _0\"></span>re<span class=\"ls1 ws219\">d based on <span class=\"_ _0\"></span>the relative value<span class=\"_ _0\"></span>s of the disposed<span class=\"_ _0\"></span> operation and the po<span class=\"_ _0\"></span>rtion </span>of the c<span class=\"_ _0\"></span>ash<span class=\"ls1 ws1\">-<span class=\"ws1ed\">gene<span class=\"_ _0\"></span>rating <span class=\"_ _3\"></span>unit retained.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws244\">contro<span class=\"_ _0\"></span>lling i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>ests tha<span class=\"_ _0\"></span>t rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span> owner<span class=\"_ _0\"></span>ship in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span>s and en<span class=\"_ _0\"></span>title t<span class=\"_ _0\"></span>heir </span></span>holde<span class=\"_ _0\"></span>rs to a prop<span class=\"_ _0\"></span>ortion<span class=\"_ _0\"></span>ate sh<span class=\"_ _0\"></span>are of the en<span class=\"_ _0\"></span>tity's n<span class=\"_ _9f\"></span>et assets in th<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ws241\">event of liquidation </span></span>may be init<span class=\"_ _0\"></span>ially measu<span class=\"_ _0\"></span>red eith<span class=\"_ _0\"></span>er at fair valu<span class=\"_ _0\"></span>e or at the non<span class=\"ls1 ws1\">-<span class=\"ls33 ws23a\">contro<span class=\"_ _3\"></span>lling<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>sts' </span></span>proportionate share of th<span class=\"_ _0\"></span>e recognised amount<span class=\"_ _0\"></span>s of the acquiree's identifiable n<span class=\"_ _0\"></span>et assets.<span class=\"_ _0\"></span> The ch<span class=\"_ _0\"></span>oic<span class=\"_ _0\"></span>e of mea<span class=\"_ _0\"></span>surem<span class=\"_ _0\"></span>ent ba<span class=\"_ _0\"></span>sis is ma<span class=\"_ _0\"></span>de on a<span class=\"_ _0\"></span> trans<span class=\"_ _0\"></span>action<span class=\"ls1 ws1\">-<span class=\"_ _0\"></span>by-t<span class=\"ls33 ws1f0\">ransa<span class=\"_ _3\"></span>ction </span></span>basis.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>When the consideration transferred by the Group in a business combinat<span class=\"_ _0\"></span>ion inclu<span class=\"_ _0\"></span>des asse<span class=\"_ _0\"></span>ts or lia<span class=\"_ _0\"></span>bilitie<span class=\"_ _0\"></span>s resu<span class=\"_ _0\"></span>lting fro<span class=\"_ _0\"></span>m a conti<span class=\"_ _0\"></span>ngent c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n arrang<span class=\"_ _0\"></span>ement,<span class=\"_ _0\"></span> the con<span class=\"_ _0\"></span>tingen<span class=\"_ _0\"></span>t consid<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>ra<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s measure<span class=\"_ _0\"></span>d at its a<span class=\"_ _0\"></span>cquisi<span class=\"_ _0\"></span>tion<span class=\"ls1 ws1\">-<span class=\"ls42 ws24d\">dat<span class=\"_ _0\"></span>e fair val<span class=\"_ _0\"></span>ue an<span class=\"ls34 ws1ea\">d </span></span></span>inclu<span class=\"_ _0\"></span>ded as pa<span class=\"_ _0\"></span>rt of th<span class=\"_ _0\"></span>e consid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n tran<span class=\"_ _0\"></span>sferred<span class=\"_ _0\"></span> in a busin<span class=\"_ _0\"></span>ess comb<span class=\"_ _9f\"></span>ination.<span class=\"_ _0\"></span> <span class=\"_ _23\"></span> Changes in the fair v<span class=\"_ _0\"></span>alue of the contingent con<span class=\"_ _0\"></span>sideration that qualify a<span class=\"_ _0\"></span>s measur<span class=\"_ _0\"></span>ement pe<span class=\"_ _0\"></span>riod adju<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>ts are adju<span class=\"_ _0\"></span>sted retro<span class=\"_ _0\"></span>spectiv<span class=\"_ _9f\"></span>ely, with corre<span class=\"_ _0\"></span>spond<span class=\"_ _0\"></span>ing adjustm<span class=\"_ _9f\"></span>ents agains<span class=\"_ _0\"></span>t goodwi<span class=\"_ _0\"></span>ll. Meas<span class=\"_ _0\"></span>uremen<span class=\"_ _0\"></span>t period adju<span class=\"_ _9f\"></span>stments ar<span class=\"_ _0\"></span>e adjustm<span class=\"_ _0\"></span>ents that arise from addi<span class=\"_ _0\"></span>tional information ob<span class=\"_ _0\"></span>tained during the \u2018m<span class=\"_ _0\"></span>easurement period\u2019 (which cannot ex<span class=\"_ _0\"></span>ceed one year from <span class=\"_ _0\"></span>the acquisition da<span class=\"_ _0\"></span>te) about facts and<span class=\"_ _0\"></span> circumstances that existed at the ac<span class=\"_ _3\"></span>quis<span class=\"_ _0\"></span>ition da<span class=\"ls33 ws1f0\">te<span class=\"_ _3\"></span>.</span><span class=\"ws1\"> </span>The subsequent accounting f<span class=\"_ _0\"></span>or changes in the fair value of the contingent consideration that do<span class=\"_ _0\"></span> not qualify a<span class=\"_ _0\"></span>s measurement period <span class=\"_ _0\"></span>adjustments depend<span class=\"_ _0\"></span>s on how the contingent considera<span class=\"_ _0\"></span>tion is classified. Contingent consideration that is<span class=\"_ _0\"></span> classif<span class=\"_ _0\"></span>ied as an a<span class=\"ls33 ws1fa\">sset or a lia<span class=\"_ _3\"></span>bility is<span class=\"_ _3\"></span> remeas<span class=\"_ _3\"></span>ured at sub<span class=\"_ _3\"></span>sequen<span class=\"_ _3\"></span>t report<span class=\"_ _3\"></span>ing dates i<span class=\"_ _3\"></span>n </span>accord<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith IF<span class=\"_ _0\"></span>RS 9, o<span class=\"_ _0\"></span>r IAS 37<span class=\"_ _0\"></span> provi<span class=\"_ _0\"></span>sions,<span class=\"_ _0\"></span> contin<span class=\"_ _0\"></span>gent l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ities and<span class=\"_ _9f\"></span> conting<span class=\"_ _0\"></span>ent assets, as appropr<span class=\"_ _0\"></span>iate, with the corresponding g<span class=\"_ _0\"></span>ain or loss being r<span class=\"_ _0\"></span>ecognised in profit o<span class=\"_ _9f\"></span>r loss. <span class=\"ls1 ws1\"> </span>When a b<span class=\"ls25 ws1f9\">usin<span class=\"_ _0\"></span>ess com<span class=\"_ _0\"></span>binatio<span class=\"_ _0\"></span>n is ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>d in stage<span class=\"_ _0\"></span>s, the G<span class=\"_ _0\"></span>roup'<span class=\"_ _0\"></span>s previou<span class=\"_ _9f\"></span>sly held </span>equity i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st in the acqu<span class=\"_ _9f\"></span>iree is reme<span class=\"_ _0\"></span>asured<span class=\"_ _0\"></span> to its acqu<span class=\"_ _0\"></span>isitio<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls42 ws24e\">date fai<span class=\"_ _0\"></span>r value and<span class=\"_ _0\"></span> </span></span>the r<span class=\"_ _0\"></span>esulting g<span class=\"_ _9f\"></span>ain or lo<span class=\"_ _0\"></span>ss, if a<span class=\"_ _0\"></span>ny, is<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ised in p<span class=\"_ _0\"></span>rofit <span class=\"_ _0\"></span>or loss.<span class=\"_ _0\"></span> Amoun<span class=\"_ _0\"></span>ts aris<span class=\"_ _0\"></span>ing from<span class=\"_ _3\"></span> interest<span class=\"_ _3\"></span>s <span class=\"ls25 ws20a\">in th<span class=\"_ _0\"></span>e acqu<span class=\"_ _0\"></span>iree p<span class=\"_ _0\"></span>rior to<span class=\"_ _0\"></span> the a<span class=\"_ _0\"></span>cquisi<span class=\"_ _0\"></span>tion d<span class=\"_ _0\"></span>ate th<span class=\"_ _0\"></span>at hav<span class=\"_ _0\"></span>e prev<span class=\"_ _0\"></span>iously<span class=\"_ _0\"></span> </span>been r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ised <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>preh<span class=\"_ _0\"></span>ensive<span class=\"_ _0\"></span> incom<span class=\"_ _9f\"></span>e are rec<span class=\"_ _0\"></span>lassif<span class=\"_ _0\"></span>ied to<span class=\"_ _0\"></span> profi<span class=\"_ _9f\"></span>t or loss<span class=\"_ _0\"></span> wher<span class=\"_ _0\"></span>e such t<span class=\"_ _0\"></span>reatmen<span class=\"_ _0\"></span>t would b<span class=\"_ _9f\"></span>e appropri<span class=\"_ _0\"></span>ate if th<span class=\"_ _0\"></span>at inte<span class=\"_ _0\"></span>rest w<span class=\"_ _0\"></span>ere disp<span class=\"_ _0\"></span>osed of<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>If the initial accounting for a<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">business combination is incompl<span class=\"_ _0\"></span>ete by the end of the </span></span>reporting period <span class=\"_ _0\"></span>in which the combina<span class=\"_ _0\"></span>tion occurs, the Group<span class=\"_ _0\"></span> reports provisional<span class=\"_ _0\"></span> amounts for <span class=\"_ _0\"></span>the items for which <span class=\"_ _0\"></span>the accounting i<span class=\"_ _0\"></span>s incomplete. Those p<span class=\"_ _0\"></span>rovisional amount<span class=\"_ _0\"></span>s are adjust<span class=\"_ _0\"></span>ed retro<span class=\"_ _0\"></span>spect<span class=\"_ _0\"></span>ively duri<span class=\"_ _0\"></span>n<span class=\"ws1eb\">g the <span class=\"_ _0\"></span>measure<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>eriod (<span class=\"_ _0\"></span>see abo<span class=\"_ _0\"></span>ve), </span>or add<span class=\"_ _0\"></span>itional <span class=\"_ _0\"></span>assets o<span class=\"_ _9f\"></span>r liabiliti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ised, to <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t new in<span class=\"_ _0\"></span>forma<span class=\"_ _0\"></span>tion obtained about fa<span class=\"_ _0\"></span>cts and circumstance<span class=\"_ _0\"></span>s that existed at th<span class=\"_ _0\"></span>e acquisition dat<span class=\"_ _0\"></span>e that, if known, would hav<span class=\"_ _0\"></span>e affected the amounts recogni<span class=\"_ _0\"></span>sed at t<span class=\"ls4b ws24e\">hat d<span class=\"_ _3\"></span>ate.</span><span class=\"ws1\"> </span>As current IFRSs do not <span class=\"_ _0\"></span>specify recognition and m<span class=\"_ _0\"></span>easurement principles in resp<span class=\"_ _0\"></span>ect  of business comb<span class=\"_ _0\"></span>inations between <span class=\"_ _0\"></span>entities under common <span class=\"_ _0\"></span>control (these <span class=\"_ _0\"></span>are excluded from the scope of IFRS 3 business comb<span class=\"_ _0\"></span>inations), the Group applies predec<span class=\"_ _9f\"></span>essor a<span class=\"ls1 ws1f5\">ccount<span class=\"_ _0\"></span>ing. This <span class=\"_ _3\"></span>mean<span class=\"_ _0\"></span>s that the<span class=\"_ _3\"></span> assets and liabilities of the acquiree </span>are in<span class=\"_ _0\"></span>itially<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nised <span class=\"_ _0\"></span>at the<span class=\"_ _0\"></span>ir carr<span class=\"_ _0\"></span>ying am<span class=\"_ _9f\"></span>ount witho<span class=\"_ _0\"></span>ut fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e adju<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">T<span class=\"_ _3\"></span>he </span></span>difference between <span class=\"_ _0\"></span>the acquisition/selling <span class=\"_ _0\"></span>price and the carrying <span class=\"_ _0\"></span>amount of the net assets <span class=\"_ _0\"></span>acquir<span class=\"_ _0\"></span>ed/<span class=\"ls1 ws1f7\">disposed of is accounted for in equity as a<span class=\"_ _3\"></span> compensation to the </span>shareholder. 6.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Goodwill</span> Goodwil<span class=\"_ _0\"></span>l arisin<span class=\"_ _0\"></span>g from a <span class=\"ls1 ws20b\">bu<span class=\"_ _0\"></span>siness combination is recogni<span class=\"_ _0\"></span>sed as an asset on the date </span>on which control was obtained (the acquisition date). Goodw<span class=\"_ _0\"></span>ill is measured at cost being the excess of the consideration transferr<span class=\"_ _0\"></span>ed, the non<span class=\"ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>ts in </span></span>th<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>quire<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpan<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span><span class=\"ls1 ws1f6\">air valu<span class=\"_ _0\"></span>e of the s<span class=\"_ _0\"></span>take already owned by<span class=\"_ _0\"></span> the Group </span>in the acquired company (if any) over the net amount of identif<span class=\"_ _0\"></span>iable assets acquired and liabilities assumed on <span class=\"_ _3\"></span>the acquisition dat<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling <span class=\"_ _0\"></span>inter<span class=\"_ _0\"></span>ests a<span class=\"_ _0\"></span>re initi<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ed eithe<span class=\"_ _0\"></span>r at fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue, o<span class=\"_ _0\"></span><span class=\"ws204\">r at the non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-</span></span></span></span>controlling interests' <span class=\"_ _0\"></span>share of the acquiree'<span class=\"_ _0\"></span>s recognised identifiable net as<span class=\"_ _0\"></span>sets. The basis o<span class=\"_ _0\"></span>f mea<span class=\"_ _0\"></span>suremen<span class=\"_ _0\"></span>t is se<span class=\"_ _0\"></span>lected o<span class=\"_ _0\"></span>n a tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-by-<span class=\"ls33 ws204\">transa<span class=\"_ _3\"></span>ction ba<span class=\"_ _3\"></span>sis.</span> </span>If, after reassessment, the net balance, at the acquisition date, of identifia<span class=\"_ _0\"></span>ble as<span class=\"ls1 ws219\">sets acquired and liabilities assumed is higher than the sum of the c<span class=\"_ _3\"></span>on<span class=\"_ _0\"></span>sideration </span>transf<span class=\"_ _0\"></span>erred, n<span class=\"_ _0\"></span>on<span class=\"ls1 ws1\">-<span class=\"ws219\">con<span class=\"_ _0\"></span>trolling interests in th<span class=\"_ _0\"></span>e acquiree and the fair<span class=\"_ _0\"></span> value of the stake </span></span>in the acquiree prev<span class=\"_ _0\"></span>iously owned by the Group (if <span class=\"_ _0\"></span>any), the surplus is r<span class=\"_ _0\"></span>ecognised im<span class=\"_ _3\"></span>med<span class=\"ls25 ws1eb\">iately in<span class=\"_ _0\"></span> the in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tatemen<span class=\"_ _0\"></span>t as a<span class=\"_ _0\"></span> gain fro<span class=\"_ _0\"></span>m a barg<span class=\"_ _0\"></span>ain pu<span class=\"_ _0\"></span>rchase.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>Goodwill is not amortised but is subj<span class=\"_ _0\"></span>ect to impairment tests taking place annua<span class=\"_ _0\"></span>lly or mor<span class=\"_ _0\"></span>e frequ<span class=\"_ _0\"></span>ently <span class=\"_ _0\"></span>if ther<span class=\"_ _0\"></span>e is an i<span class=\"_ _0\"></span>ndica<span class=\"_ _0\"></span>tion tha<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>ash<span class=\"ls1 ws1\">-<span class=\"ws1f5\">genera<span class=\"_ _0\"></span>ting unit to which </span></span>it is alloc<span class=\"_ _0\"></span>ated coul<span class=\"_ _0\"></span>d h<span class=\"ls1 ws20b\">ave suffered a loss of value. Goodwill is stated on the balance </span>sheet<span class=\"_ _0\"></span> at co<span class=\"_ _0\"></span>st less <span class=\"_ _0\"></span>accum<span class=\"_ _0\"></span>ulated<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>irment lo<span class=\"_ _9f\"></span>sses, if <span class=\"_ _0\"></span>any. Im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ent of <span class=\"_ _0\"></span>goodw<span class=\"_ _0\"></span>ill is not reversed in future p<span class=\"_ _0\"></span>eriods. <span class=\"ws1\"> </span>If the G<span class=\"_ _0\"></span>roup lo<span class=\"_ _0\"></span>ses con<span class=\"_ _0\"></span>trol ov<span class=\"_ _0\"></span>er a sub<span class=\"_ _0\"></span>sidiar<span class=\"_ _0\"></span>y, it der<span class=\"_ _0\"></span>ecogni<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>e relat<span class=\"_ _0\"></span>ed a<span class=\"ls33 ws1f0\">ssets </span>(including goodwill), liabili<span class=\"_ _0\"></span>ties, noncontrolling interest and oth<span class=\"_ _0\"></span>er components of equity, while any resultant gain or <span class=\"_ _0\"></span>loss is recognised in profit or loss. Any investm<span class=\"_ _9f\"></span>ent retain<span class=\"_ _0\"></span>ed is r<span class=\"_ _0\"></span>ecognis<span class=\"_ _0\"></span>ed at f<span class=\"_ _0\"></span>air valu<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-12-4": {
   "value": "4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Business c<span class=\"_ _3\"></span>ombinatio<span class=\"_ _3\"></span>ns</span> Acquisitions of busine<span class=\"_ _0\"></span>sses are accounted f<span class=\"_ _0\"></span>or using the acquisition method. <span class=\"_ _0\"></span>The consideration transferr<span class=\"_ _0\"></span>ed in a business combination is measured at fair value, which is calculated as the sum of the acquis<span class=\"_ _0\"></span>ition<span class=\"ws1\">-<span class=\"ls25 ws20a\">date f<span class=\"_ _0\"></span>air value<span class=\"_ _0\"></span>s of the a<span class=\"_ _0\"></span>ssets </span></span>transf<span class=\"_ _0\"></span>erred by th<span class=\"ls1 ws1f6\">e <span class=\"_ _0\"></span>Group, liabilities incurred by the Group to t<span class=\"_ _0\"></span>he former owners of </span>the acquiree and t<span class=\"_ _0\"></span>he equity interests <span class=\"_ _0\"></span>issued by the Gro<span class=\"_ _0\"></span>up in exchange for c<span class=\"_ _0\"></span>ontrol of the acquiree. Acquisit<span class=\"_ _0\"></span>ion<span class=\"ws1\">-</span>related costs are gener<span class=\"_ _0\"></span>ally recognised in the incom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>ment as <span class=\"ls34 ws1ea\">opera<span class=\"_ _3\"></span>ting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span><span class=\"ls30\">ex<span class=\"ls34 ws1f5\">pense<span class=\"_ _3\"></span>s as<span class=\"_ _3\"></span> incu<span class=\"_ _3\"></span>rred<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span></span></span>Goodw<span class=\"_ _0\"></span>ill is ini<span class=\"_ _0\"></span>tiall<span class=\"_ _0\"></span>y measu<span class=\"_ _0\"></span>red at co<span class=\"_ _0\"></span>st (be<span class=\"_ _0\"></span>ing the ex<span class=\"_ _0\"></span>cess of<span class=\"_ _0\"></span> the ag<span class=\"_ _0\"></span>grega<span class=\"_ _0\"></span>te of the<span class=\"_ _0\"></span> consideration transferred and th<span class=\"_ _0\"></span>e amount recognised for non<span class=\"ws1\">-<span class=\"ls25 ws1eb\">con<span class=\"_ _0\"></span>trollin<span class=\"_ _0\"></span>g inter<span class=\"_ _0\"></span>ests </span></span>and an<span class=\"_ _0\"></span>y prev<span class=\"_ _0\"></span>ious in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>held ov<span class=\"_ _9f\"></span>er the n<span class=\"_ _0\"></span>et identif<span class=\"_ _9f\"></span>iable as<span class=\"_ _0\"></span>sets acq<span class=\"_ _0\"></span>uired <span class=\"_ _0\"></span><span class=\"ls34 ws1ea\">an<span class=\"_ _3\"></span>d </span>liabil<span class=\"_ _0\"></span>ities as<span class=\"_ _0\"></span>sumed). A<span class=\"_ _0\"></span>fter in<span class=\"_ _0\"></span>itial r<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on, go<span class=\"_ _0\"></span>odwill is <span class=\"_ _0\"></span>measured<span class=\"_ _0\"></span> at cos<span class=\"_ _0\"></span>t less any<span class=\"_ _0\"></span> accumulated impairment loss<span class=\"_ _0\"></span>es. For the purpose of impairment testing, goodwi<span class=\"_ _0\"></span>ll acquired in a busin<span class=\"_ _0\"></span>ess combination is, from th<span class=\"_ _0\"></span>e acquisition date, allocated t<span class=\"_ _0\"></span>o each of<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ls25 ws249\">the Grou<span class=\"_ _0\"></span>p\u2019s cash<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ws1f1\">generating units that are expect<span class=\"_ _0\"></span>ed to benefit from the </span></span></span></span>combin<span class=\"_ _0\"></span>ation,<span class=\"_ _0\"></span> irres<span class=\"_ _0\"></span>pectiv<span class=\"_ _0\"></span>e of wh<span class=\"_ _0\"></span>ether <span class=\"_ _0\"></span>other a<span class=\"_ _0\"></span>ssets o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es of the<span class=\"_ _0\"></span> acquir<span class=\"_ _0\"></span>ee are<span class=\"_ _0\"></span> assign<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>ose un<span class=\"_ _0\"></span>its. <span class=\"ls1 ws1\"> </span>Where goodwill has been al<span class=\"_ _0\"></span>located to a cash<span class=\"ws1\">-</span>generating un<span class=\"_ _0\"></span>it (CGU) and pa<span class=\"ls4a ws24a\">rt<span class=\"_ _3\"></span> of </span>the op<span class=\"_ _0\"></span>eration<span class=\"_ _0\"></span> within <span class=\"_ _0\"></span>that un<span class=\"_ _9f\"></span>it is dispo<span class=\"_ _0\"></span>sed of<span class=\"_ _0\"></span>, the goo<span class=\"_ _0\"></span>dwill a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>ted with<span class=\"_ _0\"></span> the<span class=\"_ _0\"></span> disposed operation is includ<span class=\"_ _0\"></span>ed in the carrying amount of the oper<span class=\"_ _0\"></span>ation when determining the gain or loss on disposal.  Goodwil<span class=\"_ _0\"></span>l disposed in these circumstances is measu<span class=\"_ _0\"></span>re<span class=\"ls1 ws219\">d based on <span class=\"_ _0\"></span>the relative value<span class=\"_ _0\"></span>s of the disposed<span class=\"_ _0\"></span> operation and the po<span class=\"_ _0\"></span>rtion </span>of the c<span class=\"_ _0\"></span>ash<span class=\"ls1 ws1\">-<span class=\"ws1ed\">gene<span class=\"_ _0\"></span>rating <span class=\"_ _3\"></span>unit retained.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws244\">contro<span class=\"_ _0\"></span>lling i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>ests tha<span class=\"_ _0\"></span>t rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span> owner<span class=\"_ _0\"></span>ship in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span>s and en<span class=\"_ _0\"></span>title t<span class=\"_ _0\"></span>heir </span></span>holde<span class=\"_ _0\"></span>rs to a prop<span class=\"_ _0\"></span>ortion<span class=\"_ _0\"></span>ate sh<span class=\"_ _0\"></span>are of the en<span class=\"_ _0\"></span>tity's n<span class=\"_ _9f\"></span>et assets in th<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ws241\">event of liquidation </span></span>may be init<span class=\"_ _0\"></span>ially measu<span class=\"_ _0\"></span>red eith<span class=\"_ _0\"></span>er at fair valu<span class=\"_ _0\"></span>e or at the non<span class=\"ls1 ws1\">-<span class=\"ls33 ws23a\">contro<span class=\"_ _3\"></span>lling<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>sts' </span></span>proportionate share of th<span class=\"_ _0\"></span>e recognised amount<span class=\"_ _0\"></span>s of the acquiree's identifiable n<span class=\"_ _0\"></span>et assets.<span class=\"_ _0\"></span> The ch<span class=\"_ _0\"></span>oic<span class=\"_ _0\"></span>e of mea<span class=\"_ _0\"></span>surem<span class=\"_ _0\"></span>ent ba<span class=\"_ _0\"></span>sis is ma<span class=\"_ _0\"></span>de on a<span class=\"_ _0\"></span> trans<span class=\"_ _0\"></span>action<span class=\"ls1 ws1\">-<span class=\"_ _0\"></span>by-t<span class=\"ls33 ws1f0\">ransa<span class=\"_ _3\"></span>ction </span></span>basis.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>When the consideration transferred by the Group in a business combinat<span class=\"_ _0\"></span>ion inclu<span class=\"_ _0\"></span>des asse<span class=\"_ _0\"></span>ts or lia<span class=\"_ _0\"></span>bilitie<span class=\"_ _0\"></span>s resu<span class=\"_ _0\"></span>lting fro<span class=\"_ _0\"></span>m a conti<span class=\"_ _0\"></span>ngent c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n arrang<span class=\"_ _0\"></span>ement,<span class=\"_ _0\"></span> the con<span class=\"_ _0\"></span>tingen<span class=\"_ _0\"></span>t consid<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>ra<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s measure<span class=\"_ _0\"></span>d at its a<span class=\"_ _0\"></span>cquisi<span class=\"_ _0\"></span>tion<span class=\"ls1 ws1\">-<span class=\"ls42 ws24d\">dat<span class=\"_ _0\"></span>e fair val<span class=\"_ _0\"></span>ue an<span class=\"ls34 ws1ea\">d </span></span></span>inclu<span class=\"_ _0\"></span>ded as pa<span class=\"_ _0\"></span>rt of th<span class=\"_ _0\"></span>e consid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n tran<span class=\"_ _0\"></span>sferred<span class=\"_ _0\"></span> in a busin<span class=\"_ _0\"></span>ess comb<span class=\"_ _9f\"></span>ination.<span class=\"_ _0\"></span> <span class=\"_ _23\"></span> Changes in the fair v<span class=\"_ _0\"></span>alue of the contingent con<span class=\"_ _0\"></span>sideration that qualify a<span class=\"_ _0\"></span>s measur<span class=\"_ _0\"></span>ement pe<span class=\"_ _0\"></span>riod adju<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>ts are adju<span class=\"_ _0\"></span>sted retro<span class=\"_ _0\"></span>spectiv<span class=\"_ _9f\"></span>ely, with corre<span class=\"_ _0\"></span>spond<span class=\"_ _0\"></span>ing adjustm<span class=\"_ _9f\"></span>ents agains<span class=\"_ _0\"></span>t goodwi<span class=\"_ _0\"></span>ll. Meas<span class=\"_ _0\"></span>uremen<span class=\"_ _0\"></span>t period adju<span class=\"_ _9f\"></span>stments ar<span class=\"_ _0\"></span>e adjustm<span class=\"_ _0\"></span>ents that arise from addi<span class=\"_ _0\"></span>tional information ob<span class=\"_ _0\"></span>tained during the \u2018m<span class=\"_ _0\"></span>easurement period\u2019 (which cannot ex<span class=\"_ _0\"></span>ceed one year from <span class=\"_ _0\"></span>the acquisition da<span class=\"_ _0\"></span>te) about facts and<span class=\"_ _0\"></span> circumstances that existed at the ac<span class=\"_ _3\"></span>quis<span class=\"_ _0\"></span>ition da<span class=\"ls33 ws1f0\">te<span class=\"_ _3\"></span>.</span><span class=\"ws1\"> </span>The subsequent accounting f<span class=\"_ _0\"></span>or changes in the fair value of the contingent consideration that do<span class=\"_ _0\"></span> not qualify a<span class=\"_ _0\"></span>s measurement period <span class=\"_ _0\"></span>adjustments depend<span class=\"_ _0\"></span>s on how the contingent considera<span class=\"_ _0\"></span>tion is classified. Contingent consideration that is<span class=\"_ _0\"></span> classif<span class=\"_ _0\"></span>ied as an a<span class=\"ls33 ws1fa\">sset or a lia<span class=\"_ _3\"></span>bility is<span class=\"_ _3\"></span> remeas<span class=\"_ _3\"></span>ured at sub<span class=\"_ _3\"></span>sequen<span class=\"_ _3\"></span>t report<span class=\"_ _3\"></span>ing dates i<span class=\"_ _3\"></span>n </span>accord<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith IF<span class=\"_ _0\"></span>RS 9, o<span class=\"_ _0\"></span>r IAS 37<span class=\"_ _0\"></span> provi<span class=\"_ _0\"></span>sions,<span class=\"_ _0\"></span> contin<span class=\"_ _0\"></span>gent l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ities and<span class=\"_ _9f\"></span> conting<span class=\"_ _0\"></span>ent assets, as appropr<span class=\"_ _0\"></span>iate, with the corresponding g<span class=\"_ _0\"></span>ain or loss being r<span class=\"_ _0\"></span>ecognised in profit o<span class=\"_ _9f\"></span>r loss. <span class=\"ls1 ws1\"> </span>When a b<span class=\"ls25 ws1f9\">usin<span class=\"_ _0\"></span>ess com<span class=\"_ _0\"></span>binatio<span class=\"_ _0\"></span>n is ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>d in stage<span class=\"_ _0\"></span>s, the G<span class=\"_ _0\"></span>roup'<span class=\"_ _0\"></span>s previou<span class=\"_ _9f\"></span>sly held </span>equity i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st in the acqu<span class=\"_ _9f\"></span>iree is reme<span class=\"_ _0\"></span>asured<span class=\"_ _0\"></span> to its acqu<span class=\"_ _0\"></span>isitio<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls42 ws24e\">date fai<span class=\"_ _0\"></span>r value and<span class=\"_ _0\"></span> </span></span>the r<span class=\"_ _0\"></span>esulting g<span class=\"_ _9f\"></span>ain or lo<span class=\"_ _0\"></span>ss, if a<span class=\"_ _0\"></span>ny, is<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ised in p<span class=\"_ _0\"></span>rofit <span class=\"_ _0\"></span>or loss.<span class=\"_ _0\"></span> Amoun<span class=\"_ _0\"></span>ts aris<span class=\"_ _0\"></span>ing from<span class=\"_ _3\"></span> interest<span class=\"_ _3\"></span>s <span class=\"ls25 ws20a\">in th<span class=\"_ _0\"></span>e acqu<span class=\"_ _0\"></span>iree p<span class=\"_ _0\"></span>rior to<span class=\"_ _0\"></span> the a<span class=\"_ _0\"></span>cquisi<span class=\"_ _0\"></span>tion d<span class=\"_ _0\"></span>ate th<span class=\"_ _0\"></span>at hav<span class=\"_ _0\"></span>e prev<span class=\"_ _0\"></span>iously<span class=\"_ _0\"></span> </span>been r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ised <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>preh<span class=\"_ _0\"></span>ensive<span class=\"_ _0\"></span> incom<span class=\"_ _9f\"></span>e are rec<span class=\"_ _0\"></span>lassif<span class=\"_ _0\"></span>ied to<span class=\"_ _0\"></span> profi<span class=\"_ _9f\"></span>t or loss<span class=\"_ _0\"></span> wher<span class=\"_ _0\"></span>e such t<span class=\"_ _0\"></span>reatmen<span class=\"_ _0\"></span>t would b<span class=\"_ _9f\"></span>e appropri<span class=\"_ _0\"></span>ate if th<span class=\"_ _0\"></span>at inte<span class=\"_ _0\"></span>rest w<span class=\"_ _0\"></span>ere disp<span class=\"_ _0\"></span>osed of<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>If the initial accounting for a<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">business combination is incompl<span class=\"_ _0\"></span>ete by the end of the </span></span>reporting period <span class=\"_ _0\"></span>in which the combina<span class=\"_ _0\"></span>tion occurs, the Group<span class=\"_ _0\"></span> reports provisional<span class=\"_ _0\"></span> amounts for <span class=\"_ _0\"></span>the items for which <span class=\"_ _0\"></span>the accounting i<span class=\"_ _0\"></span>s incomplete. Those p<span class=\"_ _0\"></span>rovisional amount<span class=\"_ _0\"></span>s are adjust<span class=\"_ _0\"></span>ed retro<span class=\"_ _0\"></span>spect<span class=\"_ _0\"></span>ively duri<span class=\"_ _0\"></span>n<span class=\"ws1eb\">g the <span class=\"_ _0\"></span>measure<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>eriod (<span class=\"_ _0\"></span>see abo<span class=\"_ _0\"></span>ve), </span>or add<span class=\"_ _0\"></span>itional <span class=\"_ _0\"></span>assets o<span class=\"_ _9f\"></span>r liabiliti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ised, to <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t new in<span class=\"_ _0\"></span>forma<span class=\"_ _0\"></span>tion obtained about fa<span class=\"_ _0\"></span>cts and circumstance<span class=\"_ _0\"></span>s that existed at th<span class=\"_ _0\"></span>e acquisition dat<span class=\"_ _0\"></span>e that, if known, would hav<span class=\"_ _0\"></span>e affected the amounts recogni<span class=\"_ _0\"></span>sed at t<span class=\"ls4b ws24e\">hat d<span class=\"_ _3\"></span>ate.</span><span class=\"ws1\"> </span>As current IFRSs do not <span class=\"_ _0\"></span>specify recognition and m<span class=\"_ _0\"></span>easurement principles in resp<span class=\"_ _0\"></span>ect  of business comb<span class=\"_ _0\"></span>inations between <span class=\"_ _0\"></span>entities under common <span class=\"_ _0\"></span>control (these <span class=\"_ _0\"></span>are excluded from the scope of IFRS 3 business comb<span class=\"_ _0\"></span>inations), the Group applies predec<span class=\"_ _9f\"></span>essor a<span class=\"ls1 ws1f5\">ccount<span class=\"_ _0\"></span>ing. This <span class=\"_ _3\"></span>mean<span class=\"_ _0\"></span>s that the<span class=\"_ _3\"></span> assets and liabilities of the acquiree </span>are in<span class=\"_ _0\"></span>itially<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nised <span class=\"_ _0\"></span>at the<span class=\"_ _0\"></span>ir carr<span class=\"_ _0\"></span>ying am<span class=\"_ _9f\"></span>ount witho<span class=\"_ _0\"></span>ut fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e adju<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">T<span class=\"_ _3\"></span>he </span></span>difference between <span class=\"_ _0\"></span>the acquisition/selling <span class=\"_ _0\"></span>price and the carrying <span class=\"_ _0\"></span>amount of the net assets <span class=\"_ _0\"></span>acquir<span class=\"_ _0\"></span>ed/<span class=\"ls1 ws1f7\">disposed of is accounted for in equity as a<span class=\"_ _3\"></span> compensation to the </span>shareholder. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-14-3": {
   "value": "5.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Intangible<span class=\"_ _3\"></span> fixed as<span class=\"_ _3\"></span>sets</span> Intang<span class=\"_ _0\"></span>ible fix<span class=\"_ _9f\"></span>ed assets wi<span class=\"_ _0\"></span>th a fini<span class=\"_ _0\"></span>te usef<span class=\"_ _0\"></span>ul life a<span class=\"_ _0\"></span>re stat<span class=\"_ _0\"></span>ed at cost,<span class=\"_ _0\"></span> less a<span class=\"_ _0\"></span>ccumul<span class=\"_ _0\"></span>ated amortisation and any ac<span class=\"_ _0\"></span>cumulated impairment loss<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>Intangible fixed<span class=\"ws1\"> <span class=\"_ _7\"> </span><span class=\"ls33 ws222\">asse<span class=\"_ _3\"></span>ts are amo<span class=\"_ _3\"></span>rtised on a<span class=\"_ _3\"></span> straigh<span class=\"_ _3\"></span>t</span>-<span class=\"ws21f\">line basis over the useful </span></span>economic life. <span class=\"_ _0\"></span>The useful economic<span class=\"_ _0\"></span> life is reviewed p<span class=\"_ _0\"></span>er annum and thi<span class=\"_ _0\"></span>s is also the<span class=\"_ _0\"></span> case fo<span class=\"_ _0\"></span>r any re<span class=\"_ _0\"></span>sidual va<span class=\"_ _0\"></span>lue. Th<span class=\"_ _0\"></span>e residu<span class=\"_ _0\"></span>al valu<span class=\"_ _0\"></span>e is assum<span class=\"_ _0\"></span>ed to be <span class=\"_ _0\"></span>zero.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Intangible fixed assets with indefinite<span class=\"ws1\"> <span class=\"ls25 ws1eb\">us<span class=\"_ _0\"></span>eful life,<span class=\"_ _0\"></span> stated a<span class=\"_ _0\"></span>t cost, a<span class=\"_ _0\"></span>re not amor<span class=\"_ _0\"></span>tised<span class=\"_ _9f\"></span> </span></span>but are subject to <span class=\"_ _0\"></span>an impairment test on <span class=\"_ _0\"></span>an annual basis and wh<span class=\"_ _0\"></span>enever indications<span class=\"_ _0\"></span> of a po<span class=\"_ _0\"></span>ssible i<span class=\"_ _0\"></span>mpairm<span class=\"_ _0\"></span>ent occ<span class=\"_ _0\"></span>ur.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Costs f<span class=\"_ _0\"></span>or st<span class=\"_ _0\"></span>arting u<span class=\"_ _0\"></span>p new a<span class=\"_ _0\"></span>ctiviti<span class=\"_ _0\"></span>es are i<span class=\"_ _0\"></span>nclud<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss at th<span class=\"_ _0\"></span>e tim<span class=\"_ _0\"></span>e they occu<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">. </span>Resear<span class=\"_ _0\"></span>ch exp<span class=\"_ _0\"></span>enses a<span class=\"_ _0\"></span>re taken<span class=\"_ _0\"></span> into p<span class=\"_ _0\"></span>rofit o<span class=\"_ _9f\"></span>r loss in th<span class=\"_ _0\"></span>e period <span class=\"_ _0\"></span>in whic<span class=\"_ _0\"></span>h they a<span class=\"_ _0\"></span>rise. Deve<span class=\"_ _0\"></span>lopmen<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>enses <span class=\"_ _0\"></span>that m<span class=\"_ _0\"></span>eet <span class=\"_ _0\"></span>the se<span class=\"_ _0\"></span>vere <span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span> criter<span class=\"_ _0\"></span>ia of<span class=\"_ _0\"></span> IAS 3<span class=\"_ _0\"></span>8 ar<span class=\"_ _0\"></span>e capitalised and amortised over the useful li<span class=\"_ _3\"></span>fe.<span class=\"ws1\"> </span>6.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Goodwill</span> Goodwil<span class=\"_ _0\"></span>l arisin<span class=\"_ _0\"></span>g from a <span class=\"ls1 ws20b\">bu<span class=\"_ _0\"></span>siness combination is recogni<span class=\"_ _0\"></span>sed as an asset on the date </span>on which control was obtained (the acquisition date). Goodw<span class=\"_ _0\"></span>ill is measured at cost being the excess of the consideration transferr<span class=\"_ _0\"></span>ed, the non<span class=\"ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>ts in </span></span>th<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>quire<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpan<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span><span class=\"ls1 ws1f6\">air valu<span class=\"_ _0\"></span>e of the s<span class=\"_ _0\"></span>take already owned by<span class=\"_ _0\"></span> the Group </span>in the acquired company (if any) over the net amount of identif<span class=\"_ _0\"></span>iable assets acquired and liabilities assumed on <span class=\"_ _3\"></span>the acquisition dat<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling <span class=\"_ _0\"></span>inter<span class=\"_ _0\"></span>ests a<span class=\"_ _0\"></span>re initi<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ed eithe<span class=\"_ _0\"></span>r at fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue, o<span class=\"_ _0\"></span><span class=\"ws204\">r at the non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-</span></span></span></span>controlling interests' <span class=\"_ _0\"></span>share of the acquiree'<span class=\"_ _0\"></span>s recognised identifiable net as<span class=\"_ _0\"></span>sets. The basis o<span class=\"_ _0\"></span>f mea<span class=\"_ _0\"></span>suremen<span class=\"_ _0\"></span>t is se<span class=\"_ _0\"></span>lected o<span class=\"_ _0\"></span>n a tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-by-<span class=\"ls33 ws204\">transa<span class=\"_ _3\"></span>ction ba<span class=\"_ _3\"></span>sis.</span> </span>If, after reassessment, the net balance, at the acquisition date, of identifia<span class=\"_ _0\"></span>ble as<span class=\"ls1 ws219\">sets acquired and liabilities assumed is higher than the sum of the c<span class=\"_ _3\"></span>on<span class=\"_ _0\"></span>sideration </span>transf<span class=\"_ _0\"></span>erred, n<span class=\"_ _0\"></span>on<span class=\"ls1 ws1\">-<span class=\"ws219\">con<span class=\"_ _0\"></span>trolling interests in th<span class=\"_ _0\"></span>e acquiree and the fair<span class=\"_ _0\"></span> value of the stake </span></span>in the acquiree prev<span class=\"_ _0\"></span>iously owned by the Group (if <span class=\"_ _0\"></span>any), the surplus is r<span class=\"_ _0\"></span>ecognised im<span class=\"_ _3\"></span>med<span class=\"ls25 ws1eb\">iately in<span class=\"_ _0\"></span> the in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tatemen<span class=\"_ _0\"></span>t as a<span class=\"_ _0\"></span> gain fro<span class=\"_ _0\"></span>m a barg<span class=\"_ _0\"></span>ain pu<span class=\"_ _0\"></span>rchase.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>Goodwill is not amortised but is subj<span class=\"_ _0\"></span>ect to impairment tests taking place annua<span class=\"_ _0\"></span>lly or mor<span class=\"_ _0\"></span>e frequ<span class=\"_ _0\"></span>ently <span class=\"_ _0\"></span>if ther<span class=\"_ _0\"></span>e is an i<span class=\"_ _0\"></span>ndica<span class=\"_ _0\"></span>tion tha<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>ash<span class=\"ls1 ws1\">-<span class=\"ws1f5\">genera<span class=\"_ _0\"></span>ting unit to which </span></span>it is alloc<span class=\"_ _0\"></span>ated coul<span class=\"_ _0\"></span>d h<span class=\"ls1 ws20b\">ave suffered a loss of value. Goodwill is stated on the balance </span>sheet<span class=\"_ _0\"></span> at co<span class=\"_ _0\"></span>st less <span class=\"_ _0\"></span>accum<span class=\"_ _0\"></span>ulated<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>irment lo<span class=\"_ _9f\"></span>sses, if <span class=\"_ _0\"></span>any. Im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ent of <span class=\"_ _0\"></span>goodw<span class=\"_ _0\"></span>ill is not reversed in future p<span class=\"_ _0\"></span>eriods. <span class=\"ws1\"> </span>If the G<span class=\"_ _0\"></span>roup lo<span class=\"_ _0\"></span>ses con<span class=\"_ _0\"></span>trol ov<span class=\"_ _0\"></span>er a sub<span class=\"_ _0\"></span>sidiar<span class=\"_ _0\"></span>y, it der<span class=\"_ _0\"></span>ecogni<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>e relat<span class=\"_ _0\"></span>ed a<span class=\"ls33 ws1f0\">ssets </span>(including goodwill), liabili<span class=\"_ _0\"></span>ties, noncontrolling interest and oth<span class=\"_ _0\"></span>er components of equity, while any resultant gain or <span class=\"_ _0\"></span>loss is recognised in profit or loss. Any investm<span class=\"_ _9f\"></span>ent retain<span class=\"_ _0\"></span>ed is r<span class=\"_ _0\"></span>ecognis<span class=\"_ _0\"></span>ed at f<span class=\"_ _0\"></span>air valu<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-14-4": {
   "value": "5.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Intangible<span class=\"_ _3\"></span> fixed as<span class=\"_ _3\"></span>sets</span> Intang<span class=\"_ _0\"></span>ible fix<span class=\"_ _9f\"></span>ed assets wi<span class=\"_ _0\"></span>th a fini<span class=\"_ _0\"></span>te usef<span class=\"_ _0\"></span>ul life a<span class=\"_ _0\"></span>re stat<span class=\"_ _0\"></span>ed at cost,<span class=\"_ _0\"></span> less a<span class=\"_ _0\"></span>ccumul<span class=\"_ _0\"></span>ated amortisation and any ac<span class=\"_ _0\"></span>cumulated impairment loss<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>Intangible fixed<span class=\"ws1\"> <span class=\"_ _7\"> </span><span class=\"ls33 ws222\">asse<span class=\"_ _3\"></span>ts are amo<span class=\"_ _3\"></span>rtised on a<span class=\"_ _3\"></span> straigh<span class=\"_ _3\"></span>t</span>-<span class=\"ws21f\">line basis over the useful </span></span>economic life. <span class=\"_ _0\"></span>The useful economic<span class=\"_ _0\"></span> life is reviewed p<span class=\"_ _0\"></span>er annum and thi<span class=\"_ _0\"></span>s is also the<span class=\"_ _0\"></span> case fo<span class=\"_ _0\"></span>r any re<span class=\"_ _0\"></span>sidual va<span class=\"_ _0\"></span>lue. Th<span class=\"_ _0\"></span>e residu<span class=\"_ _0\"></span>al valu<span class=\"_ _0\"></span>e is assum<span class=\"_ _0\"></span>ed to be <span class=\"_ _0\"></span>zero.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Intangible fixed assets with indefinite<span class=\"ws1\"> <span class=\"ls25 ws1eb\">us<span class=\"_ _0\"></span>eful life,<span class=\"_ _0\"></span> stated a<span class=\"_ _0\"></span>t cost, a<span class=\"_ _0\"></span>re not amor<span class=\"_ _0\"></span>tised<span class=\"_ _9f\"></span> </span></span>but are subject to <span class=\"_ _0\"></span>an impairment test on <span class=\"_ _0\"></span>an annual basis and wh<span class=\"_ _0\"></span>enever indications<span class=\"_ _0\"></span> of a po<span class=\"_ _0\"></span>ssible i<span class=\"_ _0\"></span>mpairm<span class=\"_ _0\"></span>ent occ<span class=\"_ _0\"></span>ur.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Costs f<span class=\"_ _0\"></span>or st<span class=\"_ _0\"></span>arting u<span class=\"_ _0\"></span>p new a<span class=\"_ _0\"></span>ctiviti<span class=\"_ _0\"></span>es are i<span class=\"_ _0\"></span>nclud<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss at th<span class=\"_ _0\"></span>e tim<span class=\"_ _0\"></span>e they occu<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">. </span>Resear<span class=\"_ _0\"></span>ch exp<span class=\"_ _0\"></span>enses a<span class=\"_ _0\"></span>re taken<span class=\"_ _0\"></span> into p<span class=\"_ _0\"></span>rofit o<span class=\"_ _9f\"></span>r loss in th<span class=\"_ _0\"></span>e period <span class=\"_ _0\"></span>in whic<span class=\"_ _0\"></span>h they a<span class=\"_ _0\"></span>rise. Deve<span class=\"_ _0\"></span>lopmen<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>enses <span class=\"_ _0\"></span>that m<span class=\"_ _0\"></span>eet <span class=\"_ _0\"></span>the se<span class=\"_ _0\"></span>vere <span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span> criter<span class=\"_ _0\"></span>ia of<span class=\"_ _0\"></span> IAS 3<span class=\"_ _0\"></span>8 ar<span class=\"_ _0\"></span>e capitalised and amortised over the useful li<span class=\"_ _3\"></span>fe.<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-15-5": {
   "value": "Intangible fixed<span class=\"ws1\"> <span class=\"_ _7\"> </span><span class=\"ls33 ws222\">asse<span class=\"_ _3\"></span>ts are amo<span class=\"_ _3\"></span>rtised on a<span class=\"_ _3\"></span> straigh<span class=\"_ _3\"></span>t</span>-<span class=\"ws21f\">line basis over the useful </span></span>economic life. <span class=\"_ _0\"></span>The useful economic<span class=\"_ _0\"></span> life is reviewed p<span class=\"_ _0\"></span>er annum and thi<span class=\"_ _0\"></span>s is also the<span class=\"_ _0\"></span> case fo<span class=\"_ _0\"></span>r any re<span class=\"_ _0\"></span>sidual va<span class=\"_ _0\"></span>lue. Th<span class=\"_ _0\"></span>e residu<span class=\"_ _0\"></span>al valu<span class=\"_ _0\"></span>e is assum<span class=\"_ _0\"></span>ed to be <span class=\"_ _0\"></span>zero.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>7.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Tangible f<span class=\"_ _3\"></span>ixed asset<span class=\"_ _3\"></span>s</span> Tangible <span class=\"_ _7\"> </span><span class=\"ls33 ws1fb\">fi<span class=\"_ _3\"></span>xed asset<span class=\"_ _3\"></span>s are carr<span class=\"_ _3\"></span>ied at co<span class=\"_ _3\"></span>st or pr<span class=\"_ _3\"></span>oduction<span class=\"_ _3\"></span> cost less<span class=\"_ _3\"></span> accumul<span class=\"_ _3\"></span>ated </span>amorti<span class=\"_ _0\"></span>sation<span class=\"_ _9f\"></span>s <span class=\"_ _3\"></span>and any im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ents.<span class=\"ls1 ws1\"> </span>Tan<span class=\"_ _3\"></span>gible fi<span class=\"_ _3\"></span>xed asse<span class=\"_ _3\"></span>ts are a<span class=\"_ _3\"></span>mortise<span class=\"_ _3\"></span>d on a str<span class=\"_ _3\"></span>aight<span class=\"ls1 ws1\">-<span class=\"ls25 ws244\">line ba<span class=\"_ _0\"></span>sis ove<span class=\"_ _0\"></span>r the usef<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span> </span></span>econom<span class=\"_ _0\"></span>ic lif<span class=\"_ _0\"></span>e. The u<span class=\"_ _0\"></span>seful l<span class=\"_ _0\"></span>ife is<span class=\"_ _0\"></span> reviewed<span class=\"_ _9f\"></span> on a year<span class=\"_ _0\"></span>ly bas<span class=\"_ _0\"></span>is and th<span class=\"_ _9f\"></span>is is al<span class=\"ls25 ws1db\">so<span class=\"_ _0\"></span> the case </span>for any <span class=\"_ _0\"></span>residual v<span class=\"_ _0\"></span>alue.<span class=\"ls1 ws1\"> </span>The depreciation p<span class=\"_ _0\"></span>eriods as defined b<span class=\"_ _0\"></span>y DEME of the flo<span class=\"_ _0\"></span>ating and other cons<span class=\"_ _0\"></span>truction mater<span class=\"_ _0\"></span>ials ran<span class=\"_ _0\"></span>ge fro<span class=\"_ _0\"></span>m 3 ye<span class=\"_ _0\"></span>ars (su<span class=\"_ _0\"></span>ch as f<span class=\"_ _9f\"></span>or pipelin<span class=\"_ _0\"></span>es) to<span class=\"_ _0\"></span> 21 yea<span class=\"_ _0\"></span>rs. Th<span class=\"_ _0\"></span>e prin<span class=\"_ _0\"></span>cipal component of trailing suction hopp<span class=\"_ _0\"></span>er dredgers and cutter <span class=\"ls33 ws1fc\">suctio<span class=\"_ _3\"></span>n dred<span class=\"_ _3\"></span>gers is </span>deprec<span class=\"_ _0\"></span>iated ov<span class=\"_ _9f\"></span>er a period o<span class=\"_ _0\"></span>f 18 ye<span class=\"_ _0\"></span>ars. F<span class=\"_ _0\"></span>or new hop<span class=\"_ _0\"></span>per dred<span class=\"_ _9f\"></span>gers, cutt<span class=\"_ _0\"></span>er sucti<span class=\"_ _0\"></span>on dredg<span class=\"_ _0\"></span>ers, cab<span class=\"_ _0\"></span>le lay v<span class=\"_ _0\"></span>essels a<span class=\"_ _0\"></span>nd DP3 <span class=\"_ _0\"></span>Offs<span class=\"_ _0\"></span>hore cran<span class=\"_ _0\"></span>e vesse<span class=\"_ _0\"></span>ls in pro<span class=\"_ _0\"></span>ducti<span class=\"_ _0\"></span>on sinc<span class=\"_ _0\"></span>e 2019 the principal componen<span class=\"_ _0\"></span>t is depreciated over a period of 20 years and a se<span class=\"ls1 ws220\">cond component is <span class=\"ls30 ws1eb\">dep<span class=\"_ _9f\"></span>reciated<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls40 ws255\">over a period of 10 year<span class=\"_ _0\"></span>s. For major jack<span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">up </span></span></span></span></span></span>vessels this depreciation r<span class=\"_ _0\"></span>ule was already applic<span class=\"_ _0\"></span>able. The principal compon<span class=\"_ _0\"></span>ent mainly includes the hull and machinery and the second component relates to parts of a vesse<span class=\"_ _3\"></span>l for which<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws220\">the lifespan is<span class=\"_ _0\"></span> shorter than the e<span class=\"_ _0\"></span>conomic life cycle of t<span class=\"_ _0\"></span>he </span></span>vess<span class=\"_ _3\"></span>el. <span class=\"ls1 ws1\"> </span>Repai<span class=\"_ _0\"></span>r and m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>enanc<span class=\"_ _0\"></span>e expen<span class=\"_ _0\"></span>ses fo<span class=\"_ _0\"></span>r tan<span class=\"_ _0\"></span>gibl<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s are<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized a<span class=\"_ _0\"></span>s an ex<span class=\"_ _9f\"></span>pense in the period in which they occur, unless<span class=\"_ _0\"></span> they result in an increase of the future economic benefit of th<span class=\"ls25 ws1fb\">e re<span class=\"_ _0\"></span>spectiv<span class=\"_ _0\"></span>e tang<span class=\"_ _0\"></span>ible fix<span class=\"_ _0\"></span>ed ass<span class=\"_ _0\"></span>ets, wh<span class=\"_ _0\"></span>ich jus<span class=\"_ _0\"></span>tifies th<span class=\"_ _9f\"></span>eir </span>capita<span class=\"_ _0\"></span>lisation<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _0\"></span>s under co<span class=\"_ _9f\"></span>nstructio<span class=\"_ _0\"></span>n are a<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>sed as f<span class=\"_ _0\"></span>rom the <span class=\"_ _0\"></span>time th<span class=\"_ _0\"></span>ey are t<span class=\"_ _0\"></span>aken in<span class=\"_ _0\"></span>to use. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-17-5": {
   "value": "6.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Goodwill</span> Goodwil<span class=\"_ _0\"></span>l arisin<span class=\"_ _0\"></span>g from a <span class=\"ls1 ws20b\">bu<span class=\"_ _0\"></span>siness combination is recogni<span class=\"_ _0\"></span>sed as an asset on the date </span>on which control was obtained (the acquisition date). Goodw<span class=\"_ _0\"></span>ill is measured at cost being the excess of the consideration transferr<span class=\"_ _0\"></span>ed, the non<span class=\"ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>ts in </span></span>th<span class=\"_ _3\"></span>e ac<span class=\"_ _3\"></span>quire<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpan<span class=\"_ _3\"></span>y and t<span class=\"_ _3\"></span>he f<span class=\"_ _3\"></span><span class=\"ls1 ws1f6\">air valu<span class=\"_ _0\"></span>e of the s<span class=\"_ _0\"></span>take already owned by<span class=\"_ _0\"></span> the Group </span>in the acquired company (if any) over the net amount of identif<span class=\"_ _0\"></span>iable assets acquired and liabilities assumed on <span class=\"_ _3\"></span>the acquisition dat<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws215\">contro<span class=\"_ _0\"></span>lling <span class=\"_ _0\"></span>inter<span class=\"_ _0\"></span>ests a<span class=\"_ _0\"></span>re initi<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ed eithe<span class=\"_ _0\"></span>r at fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue, o<span class=\"_ _0\"></span><span class=\"ws204\">r at the non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-</span></span></span></span>controlling interests' <span class=\"_ _0\"></span>share of the acquiree'<span class=\"_ _0\"></span>s recognised identifiable net as<span class=\"_ _0\"></span>sets. The basis o<span class=\"_ _0\"></span>f mea<span class=\"_ _0\"></span>suremen<span class=\"_ _0\"></span>t is se<span class=\"_ _0\"></span>lected o<span class=\"_ _0\"></span>n a tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-by-<span class=\"ls33 ws204\">transa<span class=\"_ _3\"></span>ction ba<span class=\"_ _3\"></span>sis.</span> </span>If, after reassessment, the net balance, at the acquisition date, of identifia<span class=\"_ _0\"></span>ble as<span class=\"ls1 ws219\">sets acquired and liabilities assumed is higher than the sum of the c<span class=\"_ _3\"></span>on<span class=\"_ _0\"></span>sideration </span>transf<span class=\"_ _0\"></span>erred, n<span class=\"_ _0\"></span>on<span class=\"ls1 ws1\">-<span class=\"ws219\">con<span class=\"_ _0\"></span>trolling interests in th<span class=\"_ _0\"></span>e acquiree and the fair<span class=\"_ _0\"></span> value of the stake </span></span>in the acquiree prev<span class=\"_ _0\"></span>iously owned by the Group (if <span class=\"_ _0\"></span>any), the surplus is r<span class=\"_ _0\"></span>ecognised im<span class=\"_ _3\"></span>med<span class=\"ls25 ws1eb\">iately in<span class=\"_ _0\"></span> the in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tatemen<span class=\"_ _0\"></span>t as a<span class=\"_ _0\"></span> gain fro<span class=\"_ _0\"></span>m a barg<span class=\"_ _0\"></span>ain pu<span class=\"_ _0\"></span>rchase.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>Goodwill is not amortised but is subj<span class=\"_ _0\"></span>ect to impairment tests taking place annua<span class=\"_ _0\"></span>lly or mor<span class=\"_ _0\"></span>e frequ<span class=\"_ _0\"></span>ently <span class=\"_ _0\"></span>if ther<span class=\"_ _0\"></span>e is an i<span class=\"_ _0\"></span>ndica<span class=\"_ _0\"></span>tion tha<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>ash<span class=\"ls1 ws1\">-<span class=\"ws1f5\">genera<span class=\"_ _0\"></span>ting unit to which </span></span>it is alloc<span class=\"_ _0\"></span>ated coul<span class=\"_ _0\"></span>d h<span class=\"ls1 ws20b\">ave suffered a loss of value. Goodwill is stated on the balance </span>sheet<span class=\"_ _0\"></span> at co<span class=\"_ _0\"></span>st less <span class=\"_ _0\"></span>accum<span class=\"_ _0\"></span>ulated<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>irment lo<span class=\"_ _9f\"></span>sses, if <span class=\"_ _0\"></span>any. Im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ent of <span class=\"_ _0\"></span>goodw<span class=\"_ _0\"></span>ill is not reversed in future p<span class=\"_ _0\"></span>eriods. <span class=\"ws1\"> </span>If the G<span class=\"_ _0\"></span>roup lo<span class=\"_ _0\"></span>ses con<span class=\"_ _0\"></span>trol ov<span class=\"_ _0\"></span>er a sub<span class=\"_ _0\"></span>sidiar<span class=\"_ _0\"></span>y, it der<span class=\"_ _0\"></span>ecogni<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>e relat<span class=\"_ _0\"></span>ed a<span class=\"ls33 ws1f0\">ssets </span>(including goodwill), liabili<span class=\"_ _0\"></span>ties, noncontrolling interest and oth<span class=\"_ _0\"></span>er components of equity, while any resultant gain or <span class=\"_ _0\"></span>loss is recognised in profit or loss. Any investm<span class=\"_ _9f\"></span>ent retain<span class=\"_ _0\"></span>ed is r<span class=\"_ _0\"></span>ecognis<span class=\"_ _0\"></span>ed at f<span class=\"_ _0\"></span>air valu<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-18-4": {
   "value": "7.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Tangible f<span class=\"_ _3\"></span>ixed asset<span class=\"_ _3\"></span>s</span> Tangible <span class=\"_ _7\"> </span><span class=\"ls33 ws1fb\">fi<span class=\"_ _3\"></span>xed asset<span class=\"_ _3\"></span>s are carr<span class=\"_ _3\"></span>ied at co<span class=\"_ _3\"></span>st or pr<span class=\"_ _3\"></span>oduction<span class=\"_ _3\"></span> cost less<span class=\"_ _3\"></span> accumul<span class=\"_ _3\"></span>ated </span>amorti<span class=\"_ _0\"></span>sation<span class=\"_ _9f\"></span>s <span class=\"_ _3\"></span>and any im<span class=\"_ _0\"></span>pairm<span class=\"_ _0\"></span>ents.<span class=\"ls1 ws1\"> </span>Tan<span class=\"_ _3\"></span>gible fi<span class=\"_ _3\"></span>xed asse<span class=\"_ _3\"></span>ts are a<span class=\"_ _3\"></span>mortise<span class=\"_ _3\"></span>d on a str<span class=\"_ _3\"></span>aight<span class=\"ls1 ws1\">-<span class=\"ls25 ws244\">line ba<span class=\"_ _0\"></span>sis ove<span class=\"_ _0\"></span>r the usef<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span> </span></span>econom<span class=\"_ _0\"></span>ic lif<span class=\"_ _0\"></span>e. The u<span class=\"_ _0\"></span>seful l<span class=\"_ _0\"></span>ife is<span class=\"_ _0\"></span> reviewed<span class=\"_ _9f\"></span> on a year<span class=\"_ _0\"></span>ly bas<span class=\"_ _0\"></span>is and th<span class=\"_ _9f\"></span>is is al<span class=\"ls25 ws1db\">so<span class=\"_ _0\"></span> the case </span>for any <span class=\"_ _0\"></span>residual v<span class=\"_ _0\"></span>alue.<span class=\"ls1 ws1\"> </span>The depreciation p<span class=\"_ _0\"></span>eriods as defined b<span class=\"_ _0\"></span>y DEME of the flo<span class=\"_ _0\"></span>ating and other cons<span class=\"_ _0\"></span>truction mater<span class=\"_ _0\"></span>ials ran<span class=\"_ _0\"></span>ge fro<span class=\"_ _0\"></span>m 3 ye<span class=\"_ _0\"></span>ars (su<span class=\"_ _0\"></span>ch as f<span class=\"_ _9f\"></span>or pipelin<span class=\"_ _0\"></span>es) to<span class=\"_ _0\"></span> 21 yea<span class=\"_ _0\"></span>rs. Th<span class=\"_ _0\"></span>e prin<span class=\"_ _0\"></span>cipal component of trailing suction hopp<span class=\"_ _0\"></span>er dredgers and cutter <span class=\"ls33 ws1fc\">suctio<span class=\"_ _3\"></span>n dred<span class=\"_ _3\"></span>gers is </span>deprec<span class=\"_ _0\"></span>iated ov<span class=\"_ _9f\"></span>er a period o<span class=\"_ _0\"></span>f 18 ye<span class=\"_ _0\"></span>ars. F<span class=\"_ _0\"></span>or new hop<span class=\"_ _0\"></span>per dred<span class=\"_ _9f\"></span>gers, cutt<span class=\"_ _0\"></span>er sucti<span class=\"_ _0\"></span>on dredg<span class=\"_ _0\"></span>ers, cab<span class=\"_ _0\"></span>le lay v<span class=\"_ _0\"></span>essels a<span class=\"_ _0\"></span>nd DP3 <span class=\"_ _0\"></span>Offs<span class=\"_ _0\"></span>hore cran<span class=\"_ _0\"></span>e vesse<span class=\"_ _0\"></span>ls in pro<span class=\"_ _0\"></span>ducti<span class=\"_ _0\"></span>on sinc<span class=\"_ _0\"></span>e 2019 the principal componen<span class=\"_ _0\"></span>t is depreciated over a period of 20 years and a se<span class=\"ls1 ws220\">cond component is <span class=\"ls30 ws1eb\">dep<span class=\"_ _9f\"></span>reciated<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls40 ws255\">over a period of 10 year<span class=\"_ _0\"></span>s. For major jack<span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">up </span></span></span></span></span></span>vessels this depreciation r<span class=\"_ _0\"></span>ule was already applic<span class=\"_ _0\"></span>able. The principal compon<span class=\"_ _0\"></span>ent mainly includes the hull and machinery and the second component relates to parts of a vesse<span class=\"_ _3\"></span>l for which<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws220\">the lifespan is<span class=\"_ _0\"></span> shorter than the e<span class=\"_ _0\"></span>conomic life cycle of t<span class=\"_ _0\"></span>he </span></span>vess<span class=\"_ _3\"></span>el. <span class=\"ls1 ws1\"> </span>Repai<span class=\"_ _0\"></span>r and m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>enanc<span class=\"_ _0\"></span>e expen<span class=\"_ _0\"></span>ses fo<span class=\"_ _0\"></span>r tan<span class=\"_ _0\"></span>gibl<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s are<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized a<span class=\"_ _0\"></span>s an ex<span class=\"_ _9f\"></span>pense in the period in which they occur, unless<span class=\"_ _0\"></span> they result in an increase of the future economic benefit of th<span class=\"ls25 ws1fb\">e re<span class=\"_ _0\"></span>spectiv<span class=\"_ _0\"></span>e tang<span class=\"_ _0\"></span>ible fix<span class=\"_ _0\"></span>ed ass<span class=\"_ _0\"></span>ets, wh<span class=\"_ _0\"></span>ich jus<span class=\"_ _0\"></span>tifies th<span class=\"_ _9f\"></span>eir </span>capita<span class=\"_ _0\"></span>lisation<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _0\"></span>s under co<span class=\"_ _9f\"></span>nstructio<span class=\"_ _0\"></span>n are a<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>sed as f<span class=\"_ _0\"></span>rom the <span class=\"_ _0\"></span>time th<span class=\"_ _0\"></span>ey are t<span class=\"_ _0\"></span>aken in<span class=\"_ _0\"></span>to use. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-19-5": {
   "value": "Repai<span class=\"_ _0\"></span>r and m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>enanc<span class=\"_ _0\"></span>e expen<span class=\"_ _0\"></span>ses fo<span class=\"_ _0\"></span>r tan<span class=\"_ _0\"></span>gibl<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s are<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized a<span class=\"_ _0\"></span>s an ex<span class=\"_ _9f\"></span>pense in the period in which they occur, unless<span class=\"_ _0\"></span> they result in an increase of the future economic benefit of th<span class=\"ls25 ws1fb\">e re<span class=\"_ _0\"></span>spectiv<span class=\"_ _0\"></span>e tang<span class=\"_ _0\"></span>ible fix<span class=\"_ _0\"></span>ed ass<span class=\"_ _0\"></span>ets, wh<span class=\"_ _0\"></span>ich jus<span class=\"_ _0\"></span>tifies th<span class=\"_ _9f\"></span>eir </span>capita<span class=\"_ _0\"></span>lisation<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-20-5": {
   "value": "Asset<span class=\"_ _0\"></span>s under co<span class=\"_ _9f\"></span>nstructio<span class=\"_ _0\"></span>n are a<span class=\"_ _0\"></span>morti<span class=\"_ _0\"></span>sed as f<span class=\"_ _0\"></span>rom the <span class=\"_ _0\"></span>time th<span class=\"_ _0\"></span>ey are t<span class=\"_ _0\"></span>aken in<span class=\"_ _0\"></span>to use. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>12.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls50 wscc\">In<span class=\"_ _0\"></span>ventories / con<span class=\"_ _0\"></span>struction contracts<span class=\"ls1 ws1\"> </span></span>Inven<span class=\"_ _0\"></span>tories a<span class=\"_ _0\"></span>re valu<span class=\"_ _0\"></span>ed at co<span class=\"_ _0\"></span>st (purch<span class=\"_ _9f\"></span>ase or produ<span class=\"_ _9f\"></span>ction co<span class=\"_ _0\"></span>st) or at n<span class=\"_ _0\"></span>et reali<span class=\"_ _0\"></span>sable<span class=\"_ _0\"></span> value w<span class=\"_ _0\"></span>hen this <span class=\"_ _0\"></span>is lower. <span class=\"_ _0\"></span>The produ<span class=\"_ _0\"></span>ction c<span class=\"_ _0\"></span>ost comp<span class=\"_ _0\"></span>rises a<span class=\"_ _0\"></span>ll direct <span class=\"_ _0\"></span>and indir<span class=\"_ _0\"></span>ect cost<span class=\"ls33 ws1f0\">s </span>incurred in bringing th<span class=\"_ _0\"></span>e inventories to the<span class=\"_ _0\"></span>ir completion at balance sh<span class=\"_ _0\"></span>eet date and this co<span class=\"_ _9f\"></span>rresponds<span class=\"_ _0\"></span> with th<span class=\"_ _9f\"></span>e estimat<span class=\"_ _0\"></span>ed sale<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>ces in n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>l circu<span class=\"_ _0\"></span>mstanc<span class=\"_ _0\"></span>es, min<span class=\"_ _0\"></span>us the handling, marketing <span class=\"_ _0\"></span>and distribution costs (net real<span class=\"_ _0\"></span>izable value). Construction<span class=\"_ _0\"></span> cont<span class=\"_ _3\"></span>rac<span class=\"ls1 ws1f5\">ts are valued according to the Perc<span class=\"_ _0\"></span>entage of Completion method where<span class=\"_ _0\"></span>by </span>the re<span class=\"_ _0\"></span>sult is <span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized in<span class=\"_ _0\"></span> acco<span class=\"_ _0\"></span>rdance<span class=\"_ _0\"></span> with pro<span class=\"_ _0\"></span>gress o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e works. <span class=\"_ _0\"></span><span class=\"ls33\">Expec<span class=\"_ _3\"></span>ted l<span class=\"_ _3\"></span>osses </span>are imm<span class=\"_ _9f\"></span>ediatel<span class=\"_ _0\"></span>y recogn<span class=\"_ _9f\"></span>ized as an <span class=\"_ _0\"></span>expen<span class=\"_ _0\"></span>se.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-21-3": {
   "value": "8.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Impairme<span class=\"_ _3\"></span>nt of fixe<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span></span> On each closing date, th<span class=\"_ _0\"></span>e group verifies whether ther<span class=\"_ _0\"></span>e are indications t<span class=\"ls33 ws208\">hat <span class=\"_ _3\"></span>an ass<span class=\"_ _3\"></span>et </span>is subjec<span class=\"_ _0\"></span>t to an impai<span class=\"_ _0\"></span>rment. In th<span class=\"_ _0\"></span>e event that su<span class=\"_ _0\"></span>ch indicat<span class=\"_ _0\"></span>ions are p<span class=\"_ _0\"></span>resent, a<span class=\"_ _0\"></span>n estimation is made <span class=\"_ _0\"></span>of the recoverable am<span class=\"_ _0\"></span>ount. When the carrying <span class=\"_ _0\"></span>amount of an asset i<span class=\"_ _0\"></span>s high<span class=\"_ _9f\"></span>er than <span class=\"_ _0\"></span>the rec<span class=\"_ _0\"></span>overab<span class=\"_ _0\"></span>le amou<span class=\"_ _9f\"></span>nt, an im<span class=\"_ _0\"></span>pairmen<span class=\"_ _9f\"></span>t is recor<span class=\"_ _0\"></span>ded in<span class=\"_ _0\"></span> orde<span class=\"_ _0\"></span>r to<span class=\"_ _0\"></span> bri<span class=\"ls25 ws1eb\">ng the <span class=\"_ _0\"></span>carryi<span class=\"_ _0\"></span>ng amou<span class=\"_ _0\"></span>nt of th<span class=\"_ _9f\"></span>e asset ba<span class=\"_ _0\"></span>ck to th<span class=\"_ _0\"></span>e recov<span class=\"_ _0\"></span>erabl<span class=\"_ _0\"></span>e amount.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>The re<span class=\"_ _0\"></span>coverab<span class=\"_ _0\"></span>le amou<span class=\"_ _0\"></span>nt of an<span class=\"_ _0\"></span> asset i<span class=\"_ _0\"></span>s defined<span class=\"_ _0\"></span> as the h<span class=\"_ _0\"></span>igher of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r value m<span class=\"_ _0\"></span>inus<span class=\"_ _0\"></span> costs to sell (ass<span class=\"_ _0\"></span>uming a voluntary <span class=\"_ _0\"></span>sale) and the valu<span class=\"_ _0\"></span>e in use (based upo<span class=\"_ _0\"></span>n the net presen<span class=\"_ _0\"></span>t value o<span class=\"_ _0\"></span>f the est<span class=\"_ _0\"></span>imated<span class=\"_ _0\"></span> future ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows). A<span class=\"_ _0\"></span>ny result<span class=\"_ _0\"></span>ing impai<span class=\"_ _0\"></span>rments a<span class=\"_ _0\"></span>re charg<span class=\"_ _0\"></span>ed to the profi<span class=\"_ _0\"></span>t and loss acc<span class=\"_ _0\"></span>ount.<span class=\"ls1 ws1\"> </span>Previously recorded impairmen<span class=\"_ _0\"></span>ts, except on goodwill, are reversed th<span class=\"_ _0\"></span>rough the profit and loss account wh<span class=\"_ _0\"></span>en they are no longer val<span class=\"_ _0\"></span>id.<span class=\"ws1\"> </span>11.6<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Impairment o<span class=\"_ _3\"></span>f financial assets<span class=\"ls1 ws1\"> </span></span>Under <span class=\"_ _0\"></span>IFRS 9, <span class=\"_ _0\"></span>a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce is ma<span class=\"_ _0\"></span>de at <span class=\"ls1 ws1f7\">initia<span class=\"_ _0\"></span>l <span class=\"_ _3\"></span>recogni<span class=\"_ _0\"></span>tion <span class=\"_ _3\"></span>fo<span class=\"_ _0\"></span>r expected credit </span>losse<span class=\"_ _0\"></span>s (ECL<span class=\"_ _0\"></span>s) for:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">financ<span class=\"_ _0\"></span>ial assets m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>d at amorti<span class=\"_ _0\"></span>sed cost;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">debt instruments measured at fai<span class=\"_ _0\"></span>r value with value changes recognized <span class=\"_ _0\"></span>in other </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _9f\"></span>e;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls39 ws1f4\">fina<span class=\"_ _3\"></span>nce le<span class=\"_ _3\"></span>ase r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">loan <span class=\"ls1 ws1f6\">commitments and finan<span class=\"_ _0\"></span>cial guarantee contract<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">for the purpose of determining the loss allo<span class=\"_ _0\"></span>wance for expected credit losses, the </span></span>financ<span class=\"_ _0\"></span>ial asse<span class=\"_ _0\"></span>ts are classif<span class=\"_ _9f\"></span>ied in three stag<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>s:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws251\">Stage 1: perf<span class=\"_ _0\"></span>orming<span class=\"_ _0\"></span> asse<span class=\"_ _0\"></span>ts, for w<span class=\"_ _0\"></span>hich<span class=\"_ _0\"></span> at initial<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nition <span class=\"_ _0\"></span>a one<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">year </span></span></span>expec<span class=\"_ _3\"></span>t<span class=\"ls1 ws1f2\">ed credit loss <span class=\"_ _0\"></span>allowance is made b<span class=\"_ _0\"></span>ased on the probability that <span class=\"_ _0\"></span>events </span>will oc<span class=\"_ _0\"></span>cur with<span class=\"_ _0\"></span>in 12 mon<span class=\"_ _0\"></span>ths tha<span class=\"_ _0\"></span>t give r<span class=\"_ _0\"></span>ise to def<span class=\"_ _0\"></span>ault;<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ws1f8\">S<span class=\"_ _3\"></span>tage 2: underpe<span class=\"_ _0\"></span>rforming assets for which a lifetim<span class=\"_ _0\"></span>e expected credit loss </span>allowance is made if there has been a significa<span class=\"_ _0\"></span>nt increas<span class=\"ls35 ws1f0\">e in cre<span class=\"_ _0\"></span>dit risk s<span class=\"_ _0\"></span>ince </span>initia<span class=\"_ _0\"></span>l recogn<span class=\"_ _0\"></span>ition; <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls40 ws275\">S<span class=\"_ _3\"></span>tage 3: for non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws236\">perform<span class=\"_ _0\"></span>ing as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span> estim<span class=\"_ _0\"></span>ate is m<span class=\"_ _0\"></span>ade of<span class=\"_ _0\"></span> the rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble </span></span></span>amount. When the carrying am<span class=\"_ _0\"></span>ount of an asset is higher than the recove<span class=\"_ _0\"></span>rable amount,<span class=\"_ _0\"></span> an impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t is reco<span class=\"_ _0\"></span>rded in ord<span class=\"_ _9f\"></span>er to bring th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span><span class=\"ls1 ws1fe\">ing amount of </span>the as<span class=\"_ _0\"></span>set bac<span class=\"_ _0\"></span>k to the r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>able a<span class=\"_ _0\"></span>mount.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Changes in lo<span class=\"_ _0\"></span>ss allowances ar<span class=\"_ _0\"></span>e recognized under th<span class=\"_ _0\"></span>e item \u2018Impairmen<span class=\"_ _0\"></span>t losses\u2019 in profit an<span class=\"_ _0\"></span>d loss. <span class=\"ws1eb\">Th<span class=\"_ _0\"></span>e loss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e for ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es is pre<span class=\"_ _0\"></span>sented<span class=\"_ _0\"></span>: <span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">as deducted from th<span class=\"_ _0\"></span>e gross carrying amount<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls33 ws276\">of fi<span class=\"_ _3\"></span>nancial as<span class=\"_ _3\"></span>sets tha<span class=\"_ _3\"></span>t are </span></span></span></span>measur<span class=\"_ _0\"></span>ed at amor<span class=\"_ _0\"></span>tised cos<span class=\"_ _0\"></span>t (incl. lea<span class=\"_ _0\"></span>se receiva<span class=\"_ _0\"></span>bles);<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws244\">as a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce in oth<span class=\"_ _0\"></span>er comp<span class=\"_ _0\"></span>rehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>come fo<span class=\"_ _0\"></span>r debt ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts </span></span>measured at fair va<span class=\"_ _0\"></span>lue with value chang<span class=\"_ _0\"></span>es recognized in othe<span class=\"_ _0\"></span>r comprehensive in<span class=\"_ _3\"></span>come<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls42 ws277\">as a loss allowan<span class=\"ls25 ws224\">c<span class=\"_ _0\"></span>e under obl<span class=\"_ _0\"></span>igation<span class=\"_ _9f\"></span>s resulting f<span class=\"_ _0\"></span>rom loan com<span class=\"_ _0\"></span>mitmen<span class=\"_ _9f\"></span>ts and </span></span></span>financ<span class=\"_ _0\"></span>ial guarant<span class=\"_ _0\"></span>ee contr<span class=\"_ _0\"></span>acts.<span class=\"ls1 ws1\"> </span>The staging in the event of a significant increase (or decreas<span class=\"_ _0\"></span>e) in credit risk is done on an individual contract level (\u2018botto<span class=\"_ _0\"></span>m<span class=\"ws1\">-</span>up\u2019 staging) based on certain criteria <span class=\"ls34 ws1ea\">such </span>as paym<span class=\"_ _0\"></span>ent arre<span class=\"_ _0\"></span>ars, ren<span class=\"_ _0\"></span>egotia<span class=\"_ _0\"></span>tions, a<span class=\"_ _0\"></span>nd ratin<span class=\"_ _0\"></span>g catego<span class=\"_ _0\"></span>ry. Th<span class=\"_ _0\"></span>e internal<span class=\"_ _0\"></span> credit r<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> is used for the indiv<span class=\"_ _0\"></span>idual staging of loans. As <span class=\"_ _0\"></span>this is a criterion based on <span class=\"_ _0\"></span>past history<span class=\"_ _0\"></span>, a dist<span class=\"_ _0\"></span>inct \u2018coll<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e staging<span class=\"_ _0\"></span>\u2019 logic<span class=\"_ _0\"></span> is used as w<span class=\"_ _0\"></span>ell to tak<span class=\"_ _0\"></span>e into accou<span class=\"_ _9f\"></span>nt t<span class=\"ls34 ws1ea\">he </span>macroeconomic outlook.<span class=\"ls1\"> </span>For the bond por<span class=\"_ _0\"></span>tfolio, the \u2018low credit ri<span class=\"_ _0\"></span>sk exemption\u2019 is applied: <span class=\"_ _0\"></span>as long as bonds retain their investment grade rat<span class=\"_ _0\"></span>ing category, they remain in stage 1. On th<span class=\"_ _0\"></span>e basis of the low credit risk at the reporting dat<span class=\"_ _0\"></span>e it may be concluded that there has been<span class=\"_ _0\"></span> no significant increase in credit risk. <span class=\"_ _0\"></span>Should a bond migrate to a non<span class=\"ws1\">-<span class=\"ls33 ws1f0\">investm<span class=\"_ _3\"></span>ent </span></span>grade <span class=\"_ _0\"></span>rating<span class=\"_ _0\"></span> categ<span class=\"_ _0\"></span>ory, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> b<span class=\"_ _0\"></span>ank wi<span class=\"_ _0\"></span>ll eith<span class=\"_ _9f\"></span>er sell <span class=\"_ _0\"></span>the bond<span class=\"_ _9f\"></span> or tran<span class=\"_ _0\"></span>sfer it t<span class=\"_ _0\"></span>o stag<span class=\"_ _0\"></span>e 2 and determine an approp<span class=\"_ _0\"></span>riate lifetime ECL. <span class=\"ws1\"> </span>A valua<span class=\"_ _0\"></span>tion mod<span class=\"_ _0\"></span>el calc<span class=\"ls25 ws1f9\">u<span class=\"_ _0\"></span>lates <span class=\"_ _0\"></span>the exp<span class=\"_ _9f\"></span>ected cred<span class=\"_ _0\"></span>it loss<span class=\"_ _0\"></span>es for co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in st<span class=\"_ _0\"></span>ages 1<span class=\"_ _0\"></span> </span>and 2 in line with the litera<span class=\"_ _0\"></span>ture on IFRS9 ECL modelling. They ar<span class=\"_ _0\"></span>e determined withou<span class=\"_ _0\"></span>t any d<span class=\"_ _9f\"></span>eliberate o<span class=\"_ _0\"></span>ptimi<span class=\"_ _0\"></span>stic o<span class=\"_ _0\"></span>r conse<span class=\"_ _0\"></span>rvativ<span class=\"_ _0\"></span>e bias,<span class=\"_ _0\"></span> and ar<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ed on al<span class=\"_ _0\"></span>l reasonable and subst<span class=\"_ _0\"></span>antiated information <span class=\"ls25 ws224\">av<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le by ju<span class=\"_ _0\"></span>stifi<span class=\"_ _0\"></span>able co<span class=\"_ _0\"></span>st or ef<span class=\"_ _0\"></span>fort.<span class=\"_ _0\"></span> </span>This includes inf<span class=\"_ _0\"></span>ormation about past h<span class=\"_ _0\"></span>istory, present circumstan<span class=\"_ _0\"></span>ces and future<span class=\"_ _0\"></span> projec<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> They <span class=\"_ _0\"></span>also <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t the ex<span class=\"_ _9f\"></span>pected v<span class=\"_ _0\"></span>alue th<span class=\"_ _9f\"></span>at the b<span class=\"_ _0\"></span>ank dee<span class=\"_ _0\"></span>ms pos<span class=\"_ _0\"></span>sible<span class=\"_ _0\"></span> in the for<span class=\"_ _0\"></span>eseea<span class=\"_ _0\"></span>ble fu<span class=\"_ _0\"></span>ture.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span>These one<span class=\"ws1\">-<span class=\"ls30 ws278\">yea<span class=\"_ _0\"></span>r expect<span class=\"_ _0\"></span>ed credi<span class=\"_ _0\"></span><span class=\"ls25 ws1fc\">t loss<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> lifeti<span class=\"_ _0\"></span>me expe<span class=\"_ _0\"></span>cted cre<span class=\"_ _0\"></span>dit los<span class=\"_ _0\"></span>ses are<span class=\"_ _0\"></span> </span></span></span>calculated for each individual <span class=\"_ _0\"></span>contract on the basis of the future c<span class=\"_ _0\"></span>ash flows and the following model pa<span class=\"_ _0\"></span>rameters:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">PD stands for \u2018Probability of Default\u2019 in a<span class=\"_ _0\"></span> given period. The PD modelling has </span></span>been set up using m<span class=\"_ _0\"></span>igration matrice<span class=\"_ _0\"></span>s based on existing in<span class=\"_ _0\"></span>ternal credit ratings<span class=\"_ _0\"></span> for loans and supplied by <span class=\"_ _0\"></span>rating agency DBRS for the bond po<span class=\"_ _0\"></span>rtfolio.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">Loss <span class=\"_ _3\"></span><span class=\"ls1 ws1\">G<span class=\"ls54 ws279\">i<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span> <span class=\"_ _3\"></span></span>D<span class=\"ls25 ws1f9\">efau<span class=\"_ _9f\"></span>lt (LGD) s<span class=\"_ _0\"></span>tands f<span class=\"_ _0\"></span>or ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> loss in<span class=\"_ _9f\"></span> the even<span class=\"_ _0\"></span>t of def<span class=\"_ _0\"></span>ault.<span class=\"_ _0\"></span> The </span></span></span></span>LGD figure is obtained<span class=\"_ _0\"></span> from the \u2018exposure at d<span class=\"_ _0\"></span>efault\u2019 and the pledged coll<span class=\"_ _0\"></span>ateral.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws27a\">\u2018Surviv<span class=\"_ _0\"></span>al Probab<span class=\"_ _0\"></span>ility\u2019 is t<span class=\"_ _0\"></span>he prob<span class=\"_ _0\"></span>ability t<span class=\"_ _0\"></span>hat a contr<span class=\"_ _0\"></span>act is sti<span class=\"_ _0\"></span>ll liab<span class=\"_ _0\"></span>le to credi<span class=\"_ _0\"></span>t </span></span>losse<span class=\"_ _0\"></span>s. The <span class=\"_ _0\"></span>Survival <span class=\"_ _0\"></span>Prob<span class=\"_ _0\"></span>ability i<span class=\"_ _0\"></span>s dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ed on the b<span class=\"_ _0\"></span>asis of<span class=\"_ _0\"></span>:<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws232\">the probab<span class=\"_ _0\"></span>ility th<span class=\"_ _0\"></span>at a cont<span class=\"_ _0\"></span>ract ha<span class=\"_ _0\"></span>s not di<span class=\"_ _0\"></span>sappea<span class=\"_ _0\"></span>red fro<span class=\"_ _0\"></span>m the bal<span class=\"_ _0\"></span>ance <span class=\"ws1ec\">sh<span class=\"_ _0\"></span>eet </span></span>following an earlier d<span class=\"_ _0\"></span>efault, and <span class=\"ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws208\">the probabi<span class=\"_ _0\"></span>lity tha<span class=\"_ _0\"></span>t a contra<span class=\"_ _0\"></span>ct has no<span class=\"_ _0\"></span>t yet disap<span class=\"_ _0\"></span>peared<span class=\"_ _0\"></span> from the b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> sheet </span>follow<span class=\"_ _0\"></span>ing full e<span class=\"_ _0\"></span>arly rep<span class=\"_ _0\"></span>ayment.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws1fa\">Effective I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t Rate\u2019<span class=\"_ _0\"></span> (EIR)<span class=\"_ _0\"></span> is the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st rate a<span class=\"_ _0\"></span>t whic<span class=\"_ _0\"></span>h the lo<span class=\"_ _0\"></span>sses </span>are di<span class=\"_ _0\"></span>scounted<span class=\"_ _0\"></span>. For f<span class=\"_ _0\"></span>i<span class=\"ls31 ws206\">xed<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-</span></span>rat<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>acts thi<span class=\"_ _0\"></span>s is th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ctual <span class=\"_ _0\"></span>effectiv<span class=\"_ _9f\"></span>e interest<span class=\"_ _0\"></span> rate; for v<span class=\"_ _9f\"></span>ar<span class=\"_ _3\"></span>iab<span class=\"_ _0\"></span>le<span class=\"ls1 ws1\">-<span class=\"ls25 ws1db\">rate co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, the most rec<span class=\"_ _0\"></span>ent fixing<span class=\"_ _0\"></span> is used.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>On each closing date, <span class=\"ws1\">an <span class=\"_ _24\"></span><span class=\"ls35 ws213\">inv<span class=\"_ _0\"></span>estigat<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">ion is performed<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws232\">whet<span class=\"_ _3\"></span>her ther<span class=\"_ _3\"></span>e are<span class=\"_ _3\"></span> object<span class=\"_ _3\"></span>ive </span></span></span></span></span>indications that a financial ass<span class=\"_ _0\"></span>et is becoming non<span class=\"ws1\">-</span>performing an<span class=\"_ _0\"></span>d therefore transf<span class=\"_ _0\"></span>ers to s<span class=\"_ _0\"></span>tage 3<span class=\"ls34 ws1f5\">, base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls40\">on one of the following objectively observable ev<span class=\"_ _0\"></span>ents:<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">major f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al diffi<span class=\"_ _0\"></span>culti<span class=\"_ _0\"></span>es at the b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>er;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws27b\">breach of contract, in<span class=\"ls1 ws24b\">cluding failure to meet due date<span class=\"_ _0\"></span>s for principal and/or </span></span></span>inte<span class=\"_ _3\"></span>rest re<span class=\"_ _3\"></span>payments<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the granting by the bank of certain terms, for economic or lega<span class=\"_ _0\"></span>l reasons, which </span></span>the Group under norma<span class=\"_ _0\"></span>l circumstances would not grant t<span class=\"_ _0\"></span>o the borrower;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">the likelihood <span class=\"_ _3\"></span>of the <span class=\"ws1f6\">borrower going b<span class=\"_ _0\"></span>ankrupt or being restruc<span class=\"_ _0\"></span>tured;<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">for bonds, the e<span class=\"_ _0\"></span>xtinction of an ac<span class=\"_ _0\"></span>tive market due to<span class=\"_ _0\"></span> financial difficult<span class=\"_ _0\"></span>ies or other </span></span>indications threatening <span class=\"_ _0\"></span>the recoverability of<span class=\"_ _0\"></span> the acquisition value;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">objective criteria showing a m<span class=\"_ _0\"></span>easurable deterioration o<span class=\"ls30 ws27c\">f<span class=\"_ _0\"></span> the exp<span class=\"_ _0\"></span>ected f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e </span></span></span>cash flows from a <span class=\"_ _0\"></span>collective group of f<span class=\"_ _0\"></span>inancial assets, even though <span class=\"_ _0\"></span>such deterioration cannot b<span class=\"_ _0\"></span>e detected on an individu<span class=\"_ _0\"></span>al basis, or criteria indicating <span class=\"_ _0\"></span>a deter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on of <span class=\"_ _0\"></span>the cred<span class=\"_ _0\"></span>itwo<span class=\"_ _0\"></span>rthiness<span class=\"_ _0\"></span> or f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al cap<span class=\"_ _0\"></span>acity o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> borrow<span class=\"_ _0\"></span>ers of<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>the group, or national or<span class=\"_ _0\"></span> economic circumstances sp<span class=\"_ _0\"></span>ecific to that group of borrow<span class=\"_ _9f\"></span>ers.<span class=\"ls1 ws1\"> </span>For st<span class=\"_ _0\"></span>age 3 con<span class=\"_ _0\"></span>tracts, <span class=\"_ _0\"></span>an esti<span class=\"_ _0\"></span>mate is m<span class=\"_ _9f\"></span>ade of the <span class=\"_ _0\"></span>recove<span class=\"_ _0\"></span>rable am<span class=\"_ _0\"></span>ount. W<span class=\"_ _0\"></span>hen the<span class=\"_ _0\"></span> carrying amount of an asset is higher than<span class=\"_ _0\"></span> the recoverable amount, an impairment is reco<span class=\"_ _0\"></span>rd<span class=\"ls1 ws252\">ed in order to bring the c<span class=\"_ _0\"></span>arrying amount of the asset back to th<span class=\"_ _0\"></span>e </span>recoverable amount. <span class=\"ls1\"> </span>The net recoverab<span class=\"_ _0\"></span>le amount of an <span class=\"_ _0\"></span>asset is defined as the<span class=\"_ _0\"></span> higher of the followin<span class=\"_ _0\"></span>g va<span class=\"_ _3\"></span>lues<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the net sale price (assuming a vol<span class=\"_ _0\"></span>untary sale), and<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the value in us<span class=\"_ _0\"></span>e (based on the p<span class=\"_ _0\"></span>resent value of the e<span class=\"_ _0\"></span>xpected future cash<span class=\"_ _0\"></span> flows).<span class=\"ws1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-21-4": {
   "value": "8.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Impairme<span class=\"_ _3\"></span>nt of fixe<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span></span> On each closing date, th<span class=\"_ _0\"></span>e group verifies whether ther<span class=\"_ _0\"></span>e are indications t<span class=\"ls33 ws208\">hat <span class=\"_ _3\"></span>an ass<span class=\"_ _3\"></span>et </span>is subjec<span class=\"_ _0\"></span>t to an impai<span class=\"_ _0\"></span>rment. In th<span class=\"_ _0\"></span>e event that su<span class=\"_ _0\"></span>ch indicat<span class=\"_ _0\"></span>ions are p<span class=\"_ _0\"></span>resent, a<span class=\"_ _0\"></span>n estimation is made <span class=\"_ _0\"></span>of the recoverable am<span class=\"_ _0\"></span>ount. When the carrying <span class=\"_ _0\"></span>amount of an asset i<span class=\"_ _0\"></span>s high<span class=\"_ _9f\"></span>er than <span class=\"_ _0\"></span>the rec<span class=\"_ _0\"></span>overab<span class=\"_ _0\"></span>le amou<span class=\"_ _9f\"></span>nt, an im<span class=\"_ _0\"></span>pairmen<span class=\"_ _9f\"></span>t is recor<span class=\"_ _0\"></span>ded in<span class=\"_ _0\"></span> orde<span class=\"_ _0\"></span>r to<span class=\"_ _0\"></span> bri<span class=\"ls25 ws1eb\">ng the <span class=\"_ _0\"></span>carryi<span class=\"_ _0\"></span>ng amou<span class=\"_ _0\"></span>nt of th<span class=\"_ _9f\"></span>e asset ba<span class=\"_ _0\"></span>ck to th<span class=\"_ _0\"></span>e recov<span class=\"_ _0\"></span>erabl<span class=\"_ _0\"></span>e amount.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>The re<span class=\"_ _0\"></span>coverab<span class=\"_ _0\"></span>le amou<span class=\"_ _0\"></span>nt of an<span class=\"_ _0\"></span> asset i<span class=\"_ _0\"></span>s defined<span class=\"_ _0\"></span> as the h<span class=\"_ _0\"></span>igher of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r value m<span class=\"_ _0\"></span>inus<span class=\"_ _0\"></span> costs to sell (ass<span class=\"_ _0\"></span>uming a voluntary <span class=\"_ _0\"></span>sale) and the valu<span class=\"_ _0\"></span>e in use (based upo<span class=\"_ _0\"></span>n the net presen<span class=\"_ _0\"></span>t value o<span class=\"_ _0\"></span>f the est<span class=\"_ _0\"></span>imated<span class=\"_ _0\"></span> future ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows). A<span class=\"_ _0\"></span>ny result<span class=\"_ _0\"></span>ing impai<span class=\"_ _0\"></span>rments a<span class=\"_ _0\"></span>re charg<span class=\"_ _0\"></span>ed to the profi<span class=\"_ _0\"></span>t and loss acc<span class=\"_ _0\"></span>ount.<span class=\"ls1 ws1\"> </span>Previously recorded impairmen<span class=\"_ _0\"></span>ts, except on goodwill, are reversed th<span class=\"_ _0\"></span>rough the profit and loss account wh<span class=\"_ _0\"></span>en they are no longer val<span class=\"_ _0\"></span>id.<span class=\"ws1\"> </span>11.6<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Impairment o<span class=\"_ _3\"></span>f financial assets<span class=\"ls1 ws1\"> </span></span>Under <span class=\"_ _0\"></span>IFRS 9, <span class=\"_ _0\"></span>a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce is ma<span class=\"_ _0\"></span>de at <span class=\"ls1 ws1f7\">initia<span class=\"_ _0\"></span>l <span class=\"_ _3\"></span>recogni<span class=\"_ _0\"></span>tion <span class=\"_ _3\"></span>fo<span class=\"_ _0\"></span>r expected credit </span>losse<span class=\"_ _0\"></span>s (ECL<span class=\"_ _0\"></span>s) for:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">financ<span class=\"_ _0\"></span>ial assets m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>d at amorti<span class=\"_ _0\"></span>sed cost;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">debt instruments measured at fai<span class=\"_ _0\"></span>r value with value changes recognized <span class=\"_ _0\"></span>in other </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _9f\"></span>e;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls39 ws1f4\">fina<span class=\"_ _3\"></span>nce le<span class=\"_ _3\"></span>ase r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">loan <span class=\"ls1 ws1f6\">commitments and finan<span class=\"_ _0\"></span>cial guarantee contract<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">for the purpose of determining the loss allo<span class=\"_ _0\"></span>wance for expected credit losses, the </span></span>financ<span class=\"_ _0\"></span>ial asse<span class=\"_ _0\"></span>ts are classif<span class=\"_ _9f\"></span>ied in three stag<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>s:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws251\">Stage 1: perf<span class=\"_ _0\"></span>orming<span class=\"_ _0\"></span> asse<span class=\"_ _0\"></span>ts, for w<span class=\"_ _0\"></span>hich<span class=\"_ _0\"></span> at initial<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nition <span class=\"_ _0\"></span>a one<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">year </span></span></span>expec<span class=\"_ _3\"></span>t<span class=\"ls1 ws1f2\">ed credit loss <span class=\"_ _0\"></span>allowance is made b<span class=\"_ _0\"></span>ased on the probability that <span class=\"_ _0\"></span>events </span>will oc<span class=\"_ _0\"></span>cur with<span class=\"_ _0\"></span>in 12 mon<span class=\"_ _0\"></span>ths tha<span class=\"_ _0\"></span>t give r<span class=\"_ _0\"></span>ise to def<span class=\"_ _0\"></span>ault;<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ws1f8\">S<span class=\"_ _3\"></span>tage 2: underpe<span class=\"_ _0\"></span>rforming assets for which a lifetim<span class=\"_ _0\"></span>e expected credit loss </span>allowance is made if there has been a significa<span class=\"_ _0\"></span>nt increas<span class=\"ls35 ws1f0\">e in cre<span class=\"_ _0\"></span>dit risk s<span class=\"_ _0\"></span>ince </span>initia<span class=\"_ _0\"></span>l recogn<span class=\"_ _0\"></span>ition; <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls40 ws275\">S<span class=\"_ _3\"></span>tage 3: for non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws236\">perform<span class=\"_ _0\"></span>ing as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span> estim<span class=\"_ _0\"></span>ate is m<span class=\"_ _0\"></span>ade of<span class=\"_ _0\"></span> the rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble </span></span></span>amount. When the carrying am<span class=\"_ _0\"></span>ount of an asset is higher than the recove<span class=\"_ _0\"></span>rable amount,<span class=\"_ _0\"></span> an impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t is reco<span class=\"_ _0\"></span>rded in ord<span class=\"_ _9f\"></span>er to bring th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span><span class=\"ls1 ws1fe\">ing amount of </span>the as<span class=\"_ _0\"></span>set bac<span class=\"_ _0\"></span>k to the r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>able a<span class=\"_ _0\"></span>mount.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Changes in lo<span class=\"_ _0\"></span>ss allowances ar<span class=\"_ _0\"></span>e recognized under th<span class=\"_ _0\"></span>e item \u2018Impairmen<span class=\"_ _0\"></span>t losses\u2019 in profit an<span class=\"_ _0\"></span>d loss. <span class=\"ws1eb\">Th<span class=\"_ _0\"></span>e loss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e for ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es is pre<span class=\"_ _0\"></span>sented<span class=\"_ _0\"></span>: <span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">as deducted from th<span class=\"_ _0\"></span>e gross carrying amount<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls33 ws276\">of fi<span class=\"_ _3\"></span>nancial as<span class=\"_ _3\"></span>sets tha<span class=\"_ _3\"></span>t are </span></span></span></span>measur<span class=\"_ _0\"></span>ed at amor<span class=\"_ _0\"></span>tised cos<span class=\"_ _0\"></span>t (incl. lea<span class=\"_ _0\"></span>se receiva<span class=\"_ _0\"></span>bles);<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws244\">as a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce in oth<span class=\"_ _0\"></span>er comp<span class=\"_ _0\"></span>rehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>come fo<span class=\"_ _0\"></span>r debt ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts </span></span>measured at fair va<span class=\"_ _0\"></span>lue with value chang<span class=\"_ _0\"></span>es recognized in othe<span class=\"_ _0\"></span>r comprehensive in<span class=\"_ _3\"></span>come<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls42 ws277\">as a loss allowan<span class=\"ls25 ws224\">c<span class=\"_ _0\"></span>e under obl<span class=\"_ _0\"></span>igation<span class=\"_ _9f\"></span>s resulting f<span class=\"_ _0\"></span>rom loan com<span class=\"_ _0\"></span>mitmen<span class=\"_ _9f\"></span>ts and </span></span></span>financ<span class=\"_ _0\"></span>ial guarant<span class=\"_ _0\"></span>ee contr<span class=\"_ _0\"></span>acts.<span class=\"ls1 ws1\"> </span>The staging in the event of a significant increase (or decreas<span class=\"_ _0\"></span>e) in credit risk is done on an individual contract level (\u2018botto<span class=\"_ _0\"></span>m<span class=\"ws1\">-</span>up\u2019 staging) based on certain criteria <span class=\"ls34 ws1ea\">such </span>as paym<span class=\"_ _0\"></span>ent arre<span class=\"_ _0\"></span>ars, ren<span class=\"_ _0\"></span>egotia<span class=\"_ _0\"></span>tions, a<span class=\"_ _0\"></span>nd ratin<span class=\"_ _0\"></span>g catego<span class=\"_ _0\"></span>ry. Th<span class=\"_ _0\"></span>e internal<span class=\"_ _0\"></span> credit r<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> is used for the indiv<span class=\"_ _0\"></span>idual staging of loans. As <span class=\"_ _0\"></span>this is a criterion based on <span class=\"_ _0\"></span>past history<span class=\"_ _0\"></span>, a dist<span class=\"_ _0\"></span>inct \u2018coll<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e staging<span class=\"_ _0\"></span>\u2019 logic<span class=\"_ _0\"></span> is used as w<span class=\"_ _0\"></span>ell to tak<span class=\"_ _0\"></span>e into accou<span class=\"_ _9f\"></span>nt t<span class=\"ls34 ws1ea\">he </span>macroeconomic outlook.<span class=\"ls1\"> </span>For the bond por<span class=\"_ _0\"></span>tfolio, the \u2018low credit ri<span class=\"_ _0\"></span>sk exemption\u2019 is applied: <span class=\"_ _0\"></span>as long as bonds retain their investment grade rat<span class=\"_ _0\"></span>ing category, they remain in stage 1. On th<span class=\"_ _0\"></span>e basis of the low credit risk at the reporting dat<span class=\"_ _0\"></span>e it may be concluded that there has been<span class=\"_ _0\"></span> no significant increase in credit risk. <span class=\"_ _0\"></span>Should a bond migrate to a non<span class=\"ws1\">-<span class=\"ls33 ws1f0\">investm<span class=\"_ _3\"></span>ent </span></span>grade <span class=\"_ _0\"></span>rating<span class=\"_ _0\"></span> categ<span class=\"_ _0\"></span>ory, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> b<span class=\"_ _0\"></span>ank wi<span class=\"_ _0\"></span>ll eith<span class=\"_ _9f\"></span>er sell <span class=\"_ _0\"></span>the bond<span class=\"_ _9f\"></span> or tran<span class=\"_ _0\"></span>sfer it t<span class=\"_ _0\"></span>o stag<span class=\"_ _0\"></span>e 2 and determine an approp<span class=\"_ _0\"></span>riate lifetime ECL. <span class=\"ws1\"> </span>A valua<span class=\"_ _0\"></span>tion mod<span class=\"_ _0\"></span>el calc<span class=\"ls25 ws1f9\">u<span class=\"_ _0\"></span>lates <span class=\"_ _0\"></span>the exp<span class=\"_ _9f\"></span>ected cred<span class=\"_ _0\"></span>it loss<span class=\"_ _0\"></span>es for co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in st<span class=\"_ _0\"></span>ages 1<span class=\"_ _0\"></span> </span>and 2 in line with the litera<span class=\"_ _0\"></span>ture on IFRS9 ECL modelling. They ar<span class=\"_ _0\"></span>e determined withou<span class=\"_ _0\"></span>t any d<span class=\"_ _9f\"></span>eliberate o<span class=\"_ _0\"></span>ptimi<span class=\"_ _0\"></span>stic o<span class=\"_ _0\"></span>r conse<span class=\"_ _0\"></span>rvativ<span class=\"_ _0\"></span>e bias,<span class=\"_ _0\"></span> and ar<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ed on al<span class=\"_ _0\"></span>l reasonable and subst<span class=\"_ _0\"></span>antiated information <span class=\"ls25 ws224\">av<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le by ju<span class=\"_ _0\"></span>stifi<span class=\"_ _0\"></span>able co<span class=\"_ _0\"></span>st or ef<span class=\"_ _0\"></span>fort.<span class=\"_ _0\"></span> </span>This includes inf<span class=\"_ _0\"></span>ormation about past h<span class=\"_ _0\"></span>istory, present circumstan<span class=\"_ _0\"></span>ces and future<span class=\"_ _0\"></span> projec<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> They <span class=\"_ _0\"></span>also <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t the ex<span class=\"_ _9f\"></span>pected v<span class=\"_ _0\"></span>alue th<span class=\"_ _9f\"></span>at the b<span class=\"_ _0\"></span>ank dee<span class=\"_ _0\"></span>ms pos<span class=\"_ _0\"></span>sible<span class=\"_ _0\"></span> in the for<span class=\"_ _0\"></span>eseea<span class=\"_ _0\"></span>ble fu<span class=\"_ _0\"></span>ture.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span>These one<span class=\"ws1\">-<span class=\"ls30 ws278\">yea<span class=\"_ _0\"></span>r expect<span class=\"_ _0\"></span>ed credi<span class=\"_ _0\"></span><span class=\"ls25 ws1fc\">t loss<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> lifeti<span class=\"_ _0\"></span>me expe<span class=\"_ _0\"></span>cted cre<span class=\"_ _0\"></span>dit los<span class=\"_ _0\"></span>ses are<span class=\"_ _0\"></span> </span></span></span>calculated for each individual <span class=\"_ _0\"></span>contract on the basis of the future c<span class=\"_ _0\"></span>ash flows and the following model pa<span class=\"_ _0\"></span>rameters:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">PD stands for \u2018Probability of Default\u2019 in a<span class=\"_ _0\"></span> given period. The PD modelling has </span></span>been set up using m<span class=\"_ _0\"></span>igration matrice<span class=\"_ _0\"></span>s based on existing in<span class=\"_ _0\"></span>ternal credit ratings<span class=\"_ _0\"></span> for loans and supplied by <span class=\"_ _0\"></span>rating agency DBRS for the bond po<span class=\"_ _0\"></span>rtfolio.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">Loss <span class=\"_ _3\"></span><span class=\"ls1 ws1\">G<span class=\"ls54 ws279\">i<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span> <span class=\"_ _3\"></span></span>D<span class=\"ls25 ws1f9\">efau<span class=\"_ _9f\"></span>lt (LGD) s<span class=\"_ _0\"></span>tands f<span class=\"_ _0\"></span>or ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> loss in<span class=\"_ _9f\"></span> the even<span class=\"_ _0\"></span>t of def<span class=\"_ _0\"></span>ault.<span class=\"_ _0\"></span> The </span></span></span></span>LGD figure is obtained<span class=\"_ _0\"></span> from the \u2018exposure at d<span class=\"_ _0\"></span>efault\u2019 and the pledged coll<span class=\"_ _0\"></span>ateral.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws27a\">\u2018Surviv<span class=\"_ _0\"></span>al Probab<span class=\"_ _0\"></span>ility\u2019 is t<span class=\"_ _0\"></span>he prob<span class=\"_ _0\"></span>ability t<span class=\"_ _0\"></span>hat a contr<span class=\"_ _0\"></span>act is sti<span class=\"_ _0\"></span>ll liab<span class=\"_ _0\"></span>le to credi<span class=\"_ _0\"></span>t </span></span>losse<span class=\"_ _0\"></span>s. The <span class=\"_ _0\"></span>Survival <span class=\"_ _0\"></span>Prob<span class=\"_ _0\"></span>ability i<span class=\"_ _0\"></span>s dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ed on the b<span class=\"_ _0\"></span>asis of<span class=\"_ _0\"></span>:<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws232\">the probab<span class=\"_ _0\"></span>ility th<span class=\"_ _0\"></span>at a cont<span class=\"_ _0\"></span>ract ha<span class=\"_ _0\"></span>s not di<span class=\"_ _0\"></span>sappea<span class=\"_ _0\"></span>red fro<span class=\"_ _0\"></span>m the bal<span class=\"_ _0\"></span>ance <span class=\"ws1ec\">sh<span class=\"_ _0\"></span>eet </span></span>following an earlier d<span class=\"_ _0\"></span>efault, and <span class=\"ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws208\">the probabi<span class=\"_ _0\"></span>lity tha<span class=\"_ _0\"></span>t a contra<span class=\"_ _0\"></span>ct has no<span class=\"_ _0\"></span>t yet disap<span class=\"_ _0\"></span>peared<span class=\"_ _0\"></span> from the b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> sheet </span>follow<span class=\"_ _0\"></span>ing full e<span class=\"_ _0\"></span>arly rep<span class=\"_ _0\"></span>ayment.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws1fa\">Effective I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t Rate\u2019<span class=\"_ _0\"></span> (EIR)<span class=\"_ _0\"></span> is the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st rate a<span class=\"_ _0\"></span>t whic<span class=\"_ _0\"></span>h the lo<span class=\"_ _0\"></span>sses </span>are di<span class=\"_ _0\"></span>scounted<span class=\"_ _0\"></span>. For f<span class=\"_ _0\"></span>i<span class=\"ls31 ws206\">xed<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-</span></span>rat<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>acts thi<span class=\"_ _0\"></span>s is th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ctual <span class=\"_ _0\"></span>effectiv<span class=\"_ _9f\"></span>e interest<span class=\"_ _0\"></span> rate; for v<span class=\"_ _9f\"></span>ar<span class=\"_ _3\"></span>iab<span class=\"_ _0\"></span>le<span class=\"ls1 ws1\">-<span class=\"ls25 ws1db\">rate co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, the most rec<span class=\"_ _0\"></span>ent fixing<span class=\"_ _0\"></span> is used.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>On each closing date, <span class=\"ws1\">an <span class=\"_ _24\"></span><span class=\"ls35 ws213\">inv<span class=\"_ _0\"></span>estigat<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">ion is performed<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws232\">whet<span class=\"_ _3\"></span>her ther<span class=\"_ _3\"></span>e are<span class=\"_ _3\"></span> object<span class=\"_ _3\"></span>ive </span></span></span></span></span>indications that a financial ass<span class=\"_ _0\"></span>et is becoming non<span class=\"ws1\">-</span>performing an<span class=\"_ _0\"></span>d therefore transf<span class=\"_ _0\"></span>ers to s<span class=\"_ _0\"></span>tage 3<span class=\"ls34 ws1f5\">, base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls40\">on one of the following objectively observable ev<span class=\"_ _0\"></span>ents:<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">major f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al diffi<span class=\"_ _0\"></span>culti<span class=\"_ _0\"></span>es at the b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>er;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws27b\">breach of contract, in<span class=\"ls1 ws24b\">cluding failure to meet due date<span class=\"_ _0\"></span>s for principal and/or </span></span></span>inte<span class=\"_ _3\"></span>rest re<span class=\"_ _3\"></span>payments<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the granting by the bank of certain terms, for economic or lega<span class=\"_ _0\"></span>l reasons, which </span></span>the Group under norma<span class=\"_ _0\"></span>l circumstances would not grant t<span class=\"_ _0\"></span>o the borrower;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">the likelihood <span class=\"_ _3\"></span>of the <span class=\"ws1f6\">borrower going b<span class=\"_ _0\"></span>ankrupt or being restruc<span class=\"_ _0\"></span>tured;<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">for bonds, the e<span class=\"_ _0\"></span>xtinction of an ac<span class=\"_ _0\"></span>tive market due to<span class=\"_ _0\"></span> financial difficult<span class=\"_ _0\"></span>ies or other </span></span>indications threatening <span class=\"_ _0\"></span>the recoverability of<span class=\"_ _0\"></span> the acquisition value;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">objective criteria showing a m<span class=\"_ _0\"></span>easurable deterioration o<span class=\"ls30 ws27c\">f<span class=\"_ _0\"></span> the exp<span class=\"_ _0\"></span>ected f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e </span></span></span>cash flows from a <span class=\"_ _0\"></span>collective group of f<span class=\"_ _0\"></span>inancial assets, even though <span class=\"_ _0\"></span>such deterioration cannot b<span class=\"_ _0\"></span>e detected on an individu<span class=\"_ _0\"></span>al basis, or criteria indicating <span class=\"_ _0\"></span>a deter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on of <span class=\"_ _0\"></span>the cred<span class=\"_ _0\"></span>itwo<span class=\"_ _0\"></span>rthiness<span class=\"_ _0\"></span> or f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al cap<span class=\"_ _0\"></span>acity o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> borrow<span class=\"_ _0\"></span>ers of<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>the group, or national or<span class=\"_ _0\"></span> economic circumstances sp<span class=\"_ _0\"></span>ecific to that group of borrow<span class=\"_ _9f\"></span>ers.<span class=\"ls1 ws1\"> </span>For st<span class=\"_ _0\"></span>age 3 con<span class=\"_ _0\"></span>tracts, <span class=\"_ _0\"></span>an esti<span class=\"_ _0\"></span>mate is m<span class=\"_ _9f\"></span>ade of the <span class=\"_ _0\"></span>recove<span class=\"_ _0\"></span>rable am<span class=\"_ _0\"></span>ount. W<span class=\"_ _0\"></span>hen the<span class=\"_ _0\"></span> carrying amount of an asset is higher than<span class=\"_ _0\"></span> the recoverable amount, an impairment is reco<span class=\"_ _0\"></span>rd<span class=\"ls1 ws252\">ed in order to bring the c<span class=\"_ _0\"></span>arrying amount of the asset back to th<span class=\"_ _0\"></span>e </span>recoverable amount. <span class=\"ls1\"> </span>The net recoverab<span class=\"_ _0\"></span>le amount of an <span class=\"_ _0\"></span>asset is defined as the<span class=\"_ _0\"></span> higher of the followin<span class=\"_ _0\"></span>g va<span class=\"_ _3\"></span>lues<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the net sale price (assuming a vol<span class=\"_ _0\"></span>untary sale), and<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the value in us<span class=\"_ _0\"></span>e (based on the p<span class=\"_ _0\"></span>resent value of the e<span class=\"_ _0\"></span>xpected future cash<span class=\"_ _0\"></span> flows).<span class=\"ws1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-21-5": {
   "value": "8.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Impairme<span class=\"_ _3\"></span>nt of fixe<span class=\"_ _3\"></span>d assets<span class=\"_ _3\"></span></span> On each closing date, th<span class=\"_ _0\"></span>e group verifies whether ther<span class=\"_ _0\"></span>e are indications t<span class=\"ls33 ws208\">hat <span class=\"_ _3\"></span>an ass<span class=\"_ _3\"></span>et </span>is subjec<span class=\"_ _0\"></span>t to an impai<span class=\"_ _0\"></span>rment. In th<span class=\"_ _0\"></span>e event that su<span class=\"_ _0\"></span>ch indicat<span class=\"_ _0\"></span>ions are p<span class=\"_ _0\"></span>resent, a<span class=\"_ _0\"></span>n estimation is made <span class=\"_ _0\"></span>of the recoverable am<span class=\"_ _0\"></span>ount. When the carrying <span class=\"_ _0\"></span>amount of an asset i<span class=\"_ _0\"></span>s high<span class=\"_ _9f\"></span>er than <span class=\"_ _0\"></span>the rec<span class=\"_ _0\"></span>overab<span class=\"_ _0\"></span>le amou<span class=\"_ _9f\"></span>nt, an im<span class=\"_ _0\"></span>pairmen<span class=\"_ _9f\"></span>t is recor<span class=\"_ _0\"></span>ded in<span class=\"_ _0\"></span> orde<span class=\"_ _0\"></span>r to<span class=\"_ _0\"></span> bri<span class=\"ls25 ws1eb\">ng the <span class=\"_ _0\"></span>carryi<span class=\"_ _0\"></span>ng amou<span class=\"_ _0\"></span>nt of th<span class=\"_ _9f\"></span>e asset ba<span class=\"_ _0\"></span>ck to th<span class=\"_ _0\"></span>e recov<span class=\"_ _0\"></span>erabl<span class=\"_ _0\"></span>e amount.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>The re<span class=\"_ _0\"></span>coverab<span class=\"_ _0\"></span>le amou<span class=\"_ _0\"></span>nt of an<span class=\"_ _0\"></span> asset i<span class=\"_ _0\"></span>s defined<span class=\"_ _0\"></span> as the h<span class=\"_ _0\"></span>igher of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r value m<span class=\"_ _0\"></span>inus<span class=\"_ _0\"></span> costs to sell (ass<span class=\"_ _0\"></span>uming a voluntary <span class=\"_ _0\"></span>sale) and the valu<span class=\"_ _0\"></span>e in use (based upo<span class=\"_ _0\"></span>n the net presen<span class=\"_ _0\"></span>t value o<span class=\"_ _0\"></span>f the est<span class=\"_ _0\"></span>imated<span class=\"_ _0\"></span> future ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows). A<span class=\"_ _0\"></span>ny result<span class=\"_ _0\"></span>ing impai<span class=\"_ _0\"></span>rments a<span class=\"_ _0\"></span>re charg<span class=\"_ _0\"></span>ed to the profi<span class=\"_ _0\"></span>t and loss acc<span class=\"_ _0\"></span>ount.<span class=\"ls1 ws1\"> </span>Previously recorded impairmen<span class=\"_ _0\"></span>ts, except on goodwill, are reversed th<span class=\"_ _0\"></span>rough the profit and loss account wh<span class=\"_ _0\"></span>en they are no longer val<span class=\"_ _0\"></span>id.<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-22-3": {
   "value": "9.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls36 ws200\">Leases </span> 9.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls4e ws25a\">Lessor<span class=\"_ _0\"></span> accounti<span class=\"ls4f ws25b\">ng<span class=\"ls1 ws1\"> </span></span></span>When th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> acts as a l<span class=\"_ _0\"></span>esso<span class=\"_ _0\"></span>r, it deter<span class=\"_ _0\"></span>mines a<span class=\"_ _0\"></span>t lease in<span class=\"_ _0\"></span>ceptio<span class=\"_ _0\"></span>n wheth<span class=\"_ _9f\"></span>er a lease<span class=\"_ _0\"></span> is a f<span class=\"_ _0\"></span>inanc<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se or an<span class=\"_ _0\"></span> ope<span class=\"_ _0\"></span>rating <span class=\"_ _0\"></span>leas<span class=\"_ _0\"></span>e. To c<span class=\"_ _0\"></span>lassi<span class=\"_ _0\"></span>fy each<span class=\"_ _0\"></span> lea<span class=\"_ _0\"></span>se, th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span> make<span class=\"_ _0\"></span>s an over<span class=\"_ _0\"></span>all asse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>t of wheth<span class=\"_ _9f\"></span>er the lea<span class=\"_ _0\"></span>se transf<span class=\"_ _0\"></span>ers su<span class=\"_ _0\"></span>bstanti<span class=\"_ _0\"></span>ally al<span class=\"_ _0\"></span>l of the r<span class=\"_ _0\"></span>isks and rewards incid<span class=\"_ _0\"></span>ental to ownership of t<span class=\"_ _0\"></span>he underlying asset. If t<span class=\"_ _0\"></span>his is the case, then th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> lea<span class=\"_ _0\"></span>se is c<span class=\"_ _9f\"></span>onsidere<span class=\"_ _0\"></span>d a fina<span class=\"_ _0\"></span>nce l<span class=\"_ _0\"></span>ease. As<span class=\"_ _0\"></span> part of<span class=\"_ _0\"></span> the a<span class=\"_ _0\"></span>ssessm<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _0\"></span>t, the <span class=\"_ _0\"></span>Group<span class=\"_ _0\"></span> consi<span class=\"_ _0\"></span>ders c<span class=\"_ _0\"></span>ertain<span class=\"_ _0\"></span> indic<span class=\"_ _0\"></span>ators su<span class=\"_ _9f\"></span>ch as whe<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span> the le<span class=\"_ _0\"></span>ase is<span class=\"_ _0\"></span> for th<span class=\"_ _9f\"></span>e major p<span class=\"_ _0\"></span>art of <span class=\"_ _0\"></span>the econom<span class=\"_ _0\"></span>ic lif<span class=\"ls25 ws1db\">e of the asse<span class=\"_ _0\"></span>t. <span class=\"ls1 ws1\"> </span></span>If the lease agreement contains both lea<span class=\"_ _0\"></span>se and non<span class=\"ws1\">-</span>lease components, the Group<span class=\"_ _0\"></span> appli<span class=\"_ _0\"></span>es IFRS 1<span class=\"_ _0\"></span>5 to al<span class=\"_ _0\"></span>locat<span class=\"_ _0\"></span>e the con<span class=\"_ _0\"></span>sider<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> in the con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t. <span class=\"ls1 ws1\"> </span>9.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls4e ws25a\">Lessee a<span class=\"_ _0\"></span>ccounting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>IFRS 16 s<span class=\"_ _0\"></span>ets out t<span class=\"_ _0\"></span>he princ<span class=\"_ _0\"></span>iples f<span class=\"_ _0\"></span>or the re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ition, m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>ment, p<span class=\"_ _0\"></span>resen<span class=\"_ _0\"></span>tation<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">a<span class=\"_ _3\"></span>nd </span></span>disclosure of leases and requires lessees to account for all leases under a single on<span class=\"ls1 ws1\">-<span class=\"ls30 ws1f4\">balan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et mod<span class=\"_ _0\"></span>el. IF<span class=\"_ _0\"></span>RS 16 r<span class=\"_ _0\"></span>eplac<span class=\"_ _0\"></span>es IAS 1<span class=\"_ _0\"></span>7 \u201cLea<span class=\"_ _0\"></span>ses\u201d, IF<span class=\"_ _9f\"></span>RIC 4 \u201cDet<span class=\"_ _0\"></span>ermin<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span> </span></span>Whether an Ar<span class=\"_ _0\"></span>rangement Contains a<span class=\"_ _0\"></span> Lease\u201d, SIC 15<span class=\"_ _0\"></span> \u201cOperating L<span class=\"_ _0\"></span>eases <span class=\"ws1\">\u2013 </span>Incentives\u201d and S<span class=\"_ _0\"></span>IC <span class=\"ls34 ws233\">27 \u201c<span class=\"_ _3\"></span>Eval<span class=\"_ _3\"></span>uat<span class=\"_ _3\"></span>ing t<span class=\"_ _3\"></span>he S<span class=\"_ _3\"></span>ubst<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e of Tr<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>acti<span class=\"_ _3\"></span>ons i<span class=\"_ _3\"></span>n the<span class=\"_ _3\"></span> Leg<span class=\"_ _3\"></span>al </span>Form of a Lease\u201d.<span class=\"ls1\"> </span>Under IF<span class=\"_ _9f\"></span>RS 16, a contr<span class=\"_ _0\"></span>act is, o<span class=\"_ _0\"></span>r cont<span class=\"_ _0\"></span>ains, a le<span class=\"_ _0\"></span>ase if th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ct conv<span class=\"_ _0\"></span>eys a ri<span class=\"_ _0\"></span>ght to<span class=\"_ _0\"></span> control the use of an <span class=\"_ _3\"></span>identified asset fo<span class=\"_ _0\"></span>r <span class=\"_ _3\"></span>a period of time in exchange for consideration. The <span class=\"_ _0\"></span><span class=\"ws20b\">Group recognises a right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws207\">us<span class=\"_ _0\"></span>e asset <span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span> corresp<span class=\"_ _0\"></span>onding<span class=\"_ _9f\"></span> lease l<span class=\"_ _0\"></span>iability<span class=\"_ _9f\"></span> at the </span></span></span>lease co<span class=\"_ _0\"></span>mmenc<span class=\"_ _0\"></span>ement date.<span class=\"_ _0\"></span> Assets a<span class=\"_ _0\"></span>nd liabil<span class=\"_ _0\"></span>ities ar<span class=\"_ _0\"></span>ising from<span class=\"_ _0\"></span> a lease are in<span class=\"_ _9f\"></span>it<span class=\"_ _3\"></span>ia<span class=\"_ _0\"></span>lly measured on a present value basis, di<span class=\"_ _0\"></span>scounted using the incremental borrow<span class=\"_ _0\"></span>ing rate of<span class=\"_ _0\"></span> the l<span class=\"_ _0\"></span><span class=\"ls30 ws25f\">essee.<span class=\"_ _9f\"></span> <span class=\"_ _3\"></span>The rig<span class=\"_ _0\"></span>ht<span class=\"ls1 ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws222\">u<span class=\"_ _0\"></span>se ass<span class=\"_ _0\"></span>et is su<span class=\"_ _0\"></span>bseque<span class=\"_ _0\"></span>ntly d<span class=\"_ _0\"></span>eprec<span class=\"_ _0\"></span>iated an<span class=\"_ _0\"></span>d/or<span class=\"_ _0\"></span> </span></span></span>impaired when deem<span class=\"_ _0\"></span>ed necessary. The right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws1fc\">u<span class=\"_ _0\"></span>se asse<span class=\"_ _0\"></span>t is also<span class=\"_ _0\"></span> adju<span class=\"_ _0\"></span>sted fo<span class=\"_ _0\"></span>r </span></span>certa<span class=\"_ _0\"></span>in rem<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e lease <span class=\"_ _0\"></span>liabil<span class=\"_ _0\"></span>ity.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The lease liability i<span class=\"_ _0\"></span>s subsequently increas<span class=\"_ _0\"></span>ed by the <span class=\"ls35 ws260\">inter<span class=\"_ _0\"></span>est cost on the le<span class=\"_ _0\"></span>ase liabil<span class=\"_ _0\"></span>ity </span>and reduced by lease payment made. It is remea<span class=\"_ _0\"></span>sured when there is a change in future lease payments arising from a cha<span class=\"_ _0\"></span>nge in an i<span class=\"_ _3\"></span>ndex or rat<span class=\"_ _0\"></span>e, a change in the estim<span class=\"_ _0\"></span>ate of<span class=\"_ _0\"></span> the am<span class=\"_ _0\"></span>ount <span class=\"_ _0\"></span>expec<span class=\"_ _9f\"></span>ted to be<span class=\"_ _0\"></span> payab<span class=\"_ _9f\"></span>le, or a c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e i<span class=\"ls33 ws215\">n the <span class=\"_ _3\"></span>reasse<span class=\"_ _3\"></span>ssment </span>of whether a purchase or extension option<span class=\"_ _0\"></span> is reasonably certain to be exercised (or a termination option cur<span class=\"_ _0\"></span>tained not to be exercised). <span class=\"_ _0\"></span>The Group has applied judge<span class=\"_ _0\"></span>ment to det<span class=\"_ _0\"></span>ermin<span class=\"_ _0\"></span>e the leas<span class=\"_ _0\"></span>e term fo<span class=\"_ _0\"></span>r lease con<span class=\"_ _0\"></span>tracts co<span class=\"_ _0\"></span>ntain<span class=\"_ _0\"></span>ing renew<span class=\"_ _0\"></span>al o<span class=\"ls25 ws1ec\">ption<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span></span>In acc<span class=\"_ _0\"></span>ordanc<span class=\"_ _0\"></span>e with<span class=\"_ _0\"></span> the <span class=\"_ _0\"></span>standa<span class=\"_ _0\"></span>rd on <span class=\"_ _0\"></span>lease<span class=\"_ _0\"></span> contra<span class=\"_ _0\"></span>cts, <span class=\"_ _0\"></span>the Gro<span class=\"_ _0\"></span>up el<span class=\"_ _0\"></span>ected <span class=\"_ _0\"></span>to use<span class=\"_ _0\"></span> following exemptions wh<span class=\"_ _0\"></span>en applying IFRS 16 accounting f<span class=\"_ _0\"></span>or:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls33 ws1f0\">sho<span class=\"_ _3\"></span>rt<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">term l<span class=\"_ _0\"></span>eases,<span class=\"_ _0\"></span> i.e. con<span class=\"_ _9f\"></span>tracts wi<span class=\"_ _0\"></span>th a dur<span class=\"_ _0\"></span>ation o<span class=\"_ _0\"></span>f less th<span class=\"_ _0\"></span>an one <span class=\"_ _0\"></span>year;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">leases for which the underl<span class=\"_ _0\"></span>ying asset i<span class=\"ls40 ws1\">s of low value;<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">intang<span class=\"_ _0\"></span>ible asse<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span></span></span>The mo<span class=\"_ _0\"></span>st impo<span class=\"_ _0\"></span>rtant j<span class=\"_ _0\"></span>udge<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>nd assu<span class=\"_ _9f\"></span>mptions i<span class=\"_ _0\"></span>n determ<span class=\"_ _0\"></span>ining<span class=\"_ _0\"></span> the lea<span class=\"_ _0\"></span>se ass<span class=\"_ _0\"></span>et and liab<span class=\"_ _0\"></span>ility a<span class=\"_ _0\"></span>re as fo<span class=\"_ _0\"></span>llows: <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fa\">The leas<span class=\"_ _0\"></span>e paymen<span class=\"_ _9f\"></span>ts are disco<span class=\"_ _0\"></span>unted us<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e intere<span class=\"_ _0\"></span>st rate im<span class=\"_ _0\"></span>plici<span class=\"_ _0\"></span>t in the l<span class=\"_ _0\"></span>ease </span></span>agreem<span class=\"_ _0\"></span>ent. If<span class=\"_ _0\"></span> that rat<span class=\"_ _0\"></span>e cannot b<span class=\"_ _9f\"></span>e<span class=\"ls1 ws1\"> <span class=\"ls30 ws257\">re<span class=\"_ _0\"></span>adily d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ined, w<span class=\"_ _0\"></span>hich i<span class=\"_ _0\"></span>s gener<span class=\"_ _0\"></span>ally th<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span> </span></span>for leases in the group, <span class=\"_ _0\"></span>the lessee has used judgemen<span class=\"_ _0\"></span>t to determine its<span class=\"_ _0\"></span> incremental borrowing rate, being the rate<span class=\"_ _0\"></span> that t<span class=\"_ _3\"></span>he individua<span class=\"_ _0\"></span>l lessee would have to pay<span class=\"_ _0\"></span> to bor<span class=\"_ _0\"></span>row th<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>s neces<span class=\"_ _0\"></span>sary to<span class=\"_ _0\"></span> obtai<span class=\"_ _0\"></span>n an as<span class=\"_ _0\"></span>set of <span class=\"_ _0\"></span>simil<span class=\"_ _0\"></span>ar valu<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e ri<span class=\"_ _3\"></span>ght<span class=\"ls1 ws1\">-<span class=\"_ _3\"></span><span class=\"ls40 ws218\">of</span>-<span class=\"ls25 ws208\">u<span class=\"_ _0\"></span>se asset in a s<span class=\"_ _0\"></span>imila<span class=\"_ _0\"></span>r econo<span class=\"_ _0\"></span>mic  enviro<span class=\"_ _0\"></span>nmen<span class=\"_ _0\"></span>t with simil<span class=\"_ _0\"></span>ar ter<span class=\"_ _0\"></span>ms, secu<span class=\"_ _0\"></span>rity </span></span>and conditions. <span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws261\">In dete<span class=\"_ _0\"></span>rmining<span class=\"_ _9f\"></span> the leas<span class=\"_ _0\"></span>e term,<span class=\"_ _0\"></span> man<span class=\"_ _0\"></span>agemen<span class=\"_ _0\"></span>t consid<span class=\"_ _0\"></span>ers al<span class=\"_ _0\"></span>l facts<span class=\"_ _0\"></span> and </span></span>circ<span class=\"_ _3\"></span>umsta<span class=\"_ _3\"></span>nces that<span class=\"_ _3\"></span> create a<span class=\"_ _3\"></span>n incen<span class=\"_ _3\"></span>tive to<span class=\"_ _3\"></span> exercise<span class=\"_ _3\"></span> an <span class=\"ls40 ws262\">extension option, (or not<span class=\"_ _0\"></span> </span>exerci<span class=\"_ _0\"></span>se a ter<span class=\"_ _0\"></span>minatio<span class=\"_ _0\"></span>n opti<span class=\"_ _0\"></span>on). Ex<span class=\"_ _0\"></span>tension<span class=\"_ _0\"></span> option<span class=\"_ _9f\"></span>s (or perio<span class=\"_ _0\"></span>ds afte<span class=\"_ _0\"></span>r termin<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> options) are only included<span class=\"_ _0\"></span> in the lease ter<span class=\"_ _0\"></span>m if the lease agreement is <span class=\"_ _0\"></span>reasonably certain to be extended (or no<span class=\"_ _0\"></span>t terminated).<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-24-3": {
   "value": "10.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls50 wscc\">In<span class=\"_ _0\"></span>vestment property <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">le<span class=\"ls2f ws1e\">ased buildings <span class=\"_ _3\"></span>and </span></span></span></span>proj<span class=\"_ _0\"></span>ect develo<span class=\"_ _0\"></span>pments<span class=\"ls1 ws1\"> </span>These <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ments co<span class=\"_ _0\"></span>ver bui<span class=\"_ _0\"></span>lding<span class=\"_ _0\"></span>s which a<span class=\"_ _0\"></span>re ready to<span class=\"_ _0\"></span> be lea<span class=\"_ _0\"></span>sed (rea<span class=\"_ _0\"></span>l estat<span class=\"_ _0\"></span>e investm<span class=\"_ _9f\"></span>ents) as w<span class=\"_ _0\"></span>ell as bu<span class=\"_ _0\"></span>ildings un<span class=\"_ _0\"></span>der co<span class=\"_ _9f\"></span>nstruction<span class=\"_ _0\"></span> or bein<span class=\"_ _0\"></span>g develo<span class=\"_ _0\"></span>ped fo<span class=\"_ _0\"></span>r future<span class=\"_ _0\"></span> use as oper<span class=\"_ _0\"></span>ative rea<span class=\"_ _0\"></span>l estate inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>ts (proj<span class=\"_ _0\"></span>ect develop<span class=\"_ _9f\"></span><span class=\"ls34 ws1ea\">m<span class=\"_ _3\"></span>ent<span class=\"_ _3\"></span>).<span class=\"ls1 ws1\"> </span></span>Inves<span class=\"_ _0\"></span>tment p<span class=\"_ _0\"></span>roper<span class=\"_ _0\"></span>ty is measu<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span>d <span class=\"_ _0\"></span>at fair v<span class=\"_ _0\"></span>alue thro<span class=\"_ _9f\"></span>ugh profi<span class=\"_ _0\"></span>t or los<span class=\"_ _0\"></span>s. On a yea<span class=\"_ _0\"></span>rly basis, the fair value of the leas<span class=\"_ _0\"></span>ed buildings is determined based upon v<span class=\"_ _0\"></span>aluation report<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-25-3": {
   "value": "11.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws10d\">Financial instr<span class=\"_ _3\"></span>uments </span> 11.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Recogniti<span class=\"_ _0\"></span>on and der<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on of financ<span class=\"_ _0\"></span>ial instr<span class=\"_ _0\"></span>uments<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">Financial assets and liabilities <span class=\"_ _0\"></span>are recognized when the Group b<span class=\"_ _0\"></span>ecomes a party </span></span>to the c<span class=\"_ _0\"></span>ontrac<span class=\"_ _9f\"></span>tual prov<span class=\"_ _0\"></span>isions o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>instru<span class=\"_ _0\"></span>ment. F<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts boug<span class=\"_ _0\"></span>ht an<span class=\"_ _0\"></span>d sold<span class=\"_ _0\"></span> in accordance with standard mar<span class=\"_ _0\"></span>ket conventions are recognized on the transa<span class=\"_ _0\"></span>ction d<span class=\"_ _0\"></span>ate. <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb\">Financ<span class=\"ls25 ws236\">ial a<span class=\"_ _0\"></span>ssets <span class=\"_ _0\"></span>are de<span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized w<span class=\"_ _0\"></span>hen t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>ractua<span class=\"_ _0\"></span>l righ<span class=\"_ _0\"></span>ts to r<span class=\"_ _0\"></span>eceiv<span class=\"_ _0\"></span>e cash<span class=\"_ _0\"></span> </span></span></span>flow<span class=\"_ _0\"></span>s from the a<span class=\"_ _9f\"></span>ssets have ex<span class=\"_ _0\"></span>pired<span class=\"_ _0\"></span> or hav<span class=\"_ _0\"></span>e been t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred and <span class=\"_ _0\"></span>the Grou<span class=\"_ _0\"></span>p has transf<span class=\"_ _0\"></span>erred a<span class=\"_ _0\"></span>ll risk<span class=\"_ _0\"></span>s and rew<span class=\"_ _9f\"></span>ards of ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip of th<span class=\"_ _0\"></span>ose ass<span class=\"_ _0\"></span>ets.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">Financial liabilities ar<span class=\"_ _0\"></span>e derecognized when the ob<span class=\"_ _0\"></span>ligation specified in th<span class=\"_ _0\"></span>e </span></span>contr<span class=\"_ _0\"></span>act is di<span class=\"_ _0\"></span>scharg<span class=\"_ _0\"></span>ed, ca<span class=\"_ _0\"></span>ncelled<span class=\"_ _0\"></span>, or exp<span class=\"_ _0\"></span>ires.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial asse<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span></span>When another fin<span class=\"_ _0\"></span>ancial asset is acqui<span class=\"_ _0\"></span>red or invested in, th<span class=\"_ _0\"></span>e contractual term<span class=\"_ _0\"></span>s determine whether it i<span class=\"_ _0\"></span>s an equity instrument <span class=\"ls25 ws1eb\">o<span class=\"_ _0\"></span>r a debt <span class=\"_ _0\"></span>instrum<span class=\"_ _0\"></span>ent. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Equity<span class=\"_ _0\"></span> instrum<span class=\"_ _9f\"></span>ents give<span class=\"_ _0\"></span> entitl<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>to th<span class=\"_ _0\"></span>e remain<span class=\"_ _0\"></span>ing in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e net as<span class=\"_ _0\"></span>sets of<span class=\"_ _0\"></span> anot<span class=\"_ _3\"></span>her e<span class=\"_ _3\"></span>ntity.<span class=\"_ _3\"></span> <span class=\"ls1 ws1\"> </span>Clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>ication <span class=\"_ _0\"></span>and m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ement o<span class=\"_ _0\"></span>f deb<span class=\"_ _0\"></span>t ins<span class=\"_ _0\"></span>trume<span class=\"_ _0\"></span>nts<span class=\"ls1 ws1\"> </span>The a<span class=\"ls25 ws215\">sse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>t of the co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>tual ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span> charact<span class=\"_ _0\"></span>eristic<span class=\"_ _0\"></span>s or SPP<span class=\"_ _0\"></span>I test <span class=\"_ _0\"></span>is <span class=\"ls34 ws1ea\">ca<span class=\"_ _3\"></span>rrie<span class=\"_ _3\"></span>d </span></span>out pe<span class=\"_ _0\"></span>r produc<span class=\"_ _0\"></span>t group (<span class=\"_ _0\"></span>finan<span class=\"_ _0\"></span>cial ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>ith simi<span class=\"_ _0\"></span>lar ca<span class=\"_ _0\"></span>sh flow ch<span class=\"_ _9f\"></span>aracteris<span class=\"_ _0\"></span>tics) o<span class=\"_ _0\"></span>r, wher<span class=\"_ _0\"></span>e necessa<span class=\"_ _0\"></span>ry, on an in<span class=\"_ _0\"></span>dividu<span class=\"_ _9f\"></span>al basis.<span class=\"_ _0\"></span> It is asses<span class=\"_ _0\"></span>sed wheth<span class=\"_ _9f\"></span>er the instru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> genera<span class=\"_ _0\"></span>tes ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _9f\"></span>s on spec<span class=\"_ _0\"></span>ified d<span class=\"_ _0\"></span>ates <span class=\"_ _0\"></span>that a<span class=\"_ _0\"></span>re sol<span class=\"_ _0\"></span>ely pa<span class=\"_ _0\"></span>yment<span class=\"_ _0\"></span>s of prin<span class=\"_ _9f\"></span>cipal and<span class=\"_ _0\"></span> int<span class=\"ws1f3\">erest on the principal amount outstanding (SPPI: sole<span class=\"_ _0\"></span>ly payments of principal </span>and interest).<span class=\"ws1\"> <span class=\"ls25 ws215\">It is also inv<span class=\"_ _9f\"></span>estigated<span class=\"_ _0\"></span> how th<span class=\"_ _0\"></span>ese cash f<span class=\"_ _0\"></span>lows fi<span class=\"_ _0\"></span>t in with <span class=\"_ _0\"></span>the busin<span class=\"_ _9f\"></span>ess </span></span>model of the<span class=\"_ _3\"></span> entity in question.<span class=\"ws1\"> </span>The rel<span class=\"_ _0\"></span>evant c<span class=\"_ _0\"></span>lassif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ion and me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t metho<span class=\"_ _0\"></span>d follow<span class=\"_ _0\"></span>s f<span class=\"ls25 ws265\">rom<span class=\"_ _0\"></span> thos<span class=\"_ _0\"></span>e </span>assessm<span class=\"_ _9f\"></span>ents:<span class=\"ls1 ws1\"> </span>i) <span class=\"_ _24\"></span><span class=\"ff3b ls25 ws267\">meas<span class=\"_ _0\"></span>ured at amo<span class=\"_ _9f\"></span>rtised cost (A<span class=\"_ _0\"></span>C)<span class=\"ff3a ls1 ws1ef\">: debt instrum<span class=\"_ _0\"></span>ents that pass the SPPI<span class=\"_ _0\"></span> </span></span>test and are he<span class=\"_ _0\"></span>ld under an HTC bu<span class=\"_ _0\"></span>siness model<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls52 ws24e\">(H<span class=\"_ _3\"></span>eld</span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls4c ws268\">collect)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls35 ws269\">At initia<span class=\"_ _0\"></span>l </span></span></span></span>recogn<span class=\"_ _0\"></span>ition, th<span class=\"_ _9f\"></span>ey are measu<span class=\"_ _0\"></span>red at fai<span class=\"_ _0\"></span>r value p<span class=\"_ _0\"></span>lus tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span> costs th<span class=\"_ _0\"></span>at are dire<span class=\"_ _3\"></span>ctly<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws232\">attrib<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>le to the<span class=\"_ _0\"></span>ir acqui<span class=\"_ _0\"></span>sition. <span class=\"_ _0\"></span>Subsequ<span class=\"_ _9f\"></span>ently, the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st </span></span>rate method is applied where the difference betwe<span class=\"_ _0\"></span>en the measurement at initial recognition and the repaymen<span class=\"_ _0\"></span>t value is recognized pro rata temporis in profit o<span class=\"_ _9f\"></span>r loss on th<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span><span class=\"ws1db\">e effectiv<span class=\"_ _0\"></span>e intere<span class=\"_ _0\"></span>st rate.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>ii) <span class=\"_ _24\"></span><span class=\"ff3b ls3f ws26a\">fair v<span class=\"_ _0\"></span>alue me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t with v<span class=\"_ _0\"></span>alue c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>zed in o<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span> </span>compr<span class=\"_ _3\"></span>ehensive inc<span class=\"_ _3\"></span>ome (FVOCI<span class=\"_ _3\"></span>)<span class=\"ff3a ls25 ws1db\">: deb<span class=\"_ _0\"></span>t instrum<span class=\"_ _0\"></span>ents tha<span class=\"_ _0\"></span>t pass the<span class=\"_ _0\"></span> SPPI test<span class=\"_ _0\"></span> </span>and are held unde<span class=\"_ _0\"></span>r an HTC&amp;S busine<span class=\"_ _0\"></span>ss model<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls52 ws24e\">(Held<span class=\"_ _3\"></span></span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls35 ws26b\">co<span class=\"_ _0\"></span>llect &amp; sell)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">O<span class=\"_ _3\"></span>n </span></span></span></span>disposal, the cumula<span class=\"ls25 ws1eb\">tiv<span class=\"_ _9f\"></span>e fair valu<span class=\"_ _0\"></span>e chan<span class=\"_ _0\"></span>ges are r<span class=\"_ _0\"></span>ecla<span class=\"_ _0\"></span>ssified<span class=\"_ _0\"></span> to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span></span>iii) <span class=\"_ _0\"></span><span class=\"ff3b ls3f ws26c\">fair v<span class=\"_ _0\"></span>alue m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nt with<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> chang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gniz<span class=\"_ _0\"></span>ed in pro<span class=\"_ _0\"></span>fit or<span class=\"_ _0\"></span> </span>loss (FVPL)<span class=\"ff3a ls1 ws20b\">: debt instruments that fail th<span class=\"_ _0\"></span>e SPPI test and/or are no<span class=\"_ _0\"></span>t held under </span>an HTC or HTC&amp;S mod<span class=\"_ _0\"></span>el must mandatorily be mea<span class=\"_ _0\"></span>sured in this way.<span class=\"ws1\"> </span>Irresp<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e of thes<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>ts, one <span class=\"_ _13\"> </span><span class=\"ls30 ws26e\">can make an irrev<span class=\"_ _0\"></span>ocab<span class=\"_ _0\"></span>le elec<span class=\"_ _0\"></span>tion to<span class=\"_ _0\"></span> </span>design<span class=\"_ _0\"></span>ate, at <span class=\"_ _0\"></span>initi<span class=\"_ _0\"></span>al reco<span class=\"_ _0\"></span>gnition<span class=\"_ _0\"></span>, a fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l asset <span class=\"_ _0\"></span>as mea<span class=\"_ _0\"></span>sured <span class=\"_ _0\"></span>at FVTP<span class=\"_ _0\"></span>L (fair v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span> option) if doing so eliminates or significant<span class=\"_ _0\"></span>ly reduces a measurement or rec<span class=\"ws1\">ognition<span class=\"_ _0\"></span> </span>inconsistency (\u2018accounti<span class=\"_ _0\"></span>ng mismatch\u2019).<span class=\"ws1\"> </span>For the af<span class=\"_ _0\"></span>orem<span class=\"_ _0\"></span>ention<span class=\"_ _0\"></span>ed fina<span class=\"_ _0\"></span>ncial ass<span class=\"_ _0\"></span>ets th<span class=\"_ _0\"></span>at are mea<span class=\"_ _0\"></span>sured a<span class=\"_ _0\"></span>t amorti<span class=\"_ _0\"></span>sed cos<span class=\"_ _0\"></span>t and at fair value with value chang<span class=\"_ _0\"></span>es recognized in other comprehensive <span class=\"_ _0\"></span>income, a loss allowa<span class=\"_ _0\"></span>nce f<span class=\"_ _0\"></span>or exp<span class=\"_ _9f\"></span>ected c<span class=\"_ _0\"></span>redit lo<span class=\"_ _9f\"></span>sses is r<span class=\"_ _0\"></span>equired<span class=\"_ _9f\"></span> (see sec<span class=\"_ _9f\"></span>tion 6. Im<span class=\"_ _9f\"></span>pairment<span class=\"_ _0\"></span> of<span class=\"_ _0\"></span> financ<span class=\"_ _0\"></span>ial assets). <span class=\"ls1 ws1\"> </span>Classific<span class=\"_ _0\"></span>ation and measurement of equi<span class=\"_ _0\"></span>ty instruments<span class=\"ls1 ws1\"> </span>Equity<span class=\"_ _0\"></span> instru<span class=\"_ _0\"></span>ments h<span class=\"_ _0\"></span>eld for tra<span class=\"_ _0\"></span>ding mu<span class=\"_ _0\"></span>st mand<span class=\"_ _0\"></span>atorily<span class=\"_ _0\"></span> be measu<span class=\"_ _9f\"></span>red at fair v<span class=\"_ _0\"></span>alue with value changes r<span class=\"_ _0\"></span>ecognized in profit or loss (FVTPL).<span class=\"_ _0\"></span><span class=\"ws1\"> </span>For othe<span class=\"_ _0\"></span>r <span class=\"ls1 ws219\">equity instrument<span class=\"_ _0\"></span>s, the Group can make an irrevocable election, at init<span class=\"_ _0\"></span>ial </span>recogn<span class=\"_ _0\"></span>ition, <span class=\"_ _0\"></span>to mea<span class=\"_ _0\"></span>sure tho<span class=\"_ _0\"></span>se in<span class=\"_ _0\"></span>strum<span class=\"_ _0\"></span>ents at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alue with<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e chang<span class=\"_ _0\"></span>es recognized in other comprehen<span class=\"_ _0\"></span>sive income (FVTOCI). This el<span class=\"_ _0\"></span>ection can be made instrument by instrument (per <span class=\"_ _7\"> </span><span class=\"ls35 ws270\">share). On<span class=\"_ _0\"></span> disposa<span class=\"_ _0\"></span>l, the cumu<span class=\"_ _0\"></span>lativ<span class=\"_ _0\"></span>e fair valu<span class=\"_ _0\"></span>e </span>changes must not b<span class=\"_ _0\"></span>e reclassified to profi<span class=\"_ _0\"></span>t or loss. Only dividen<span class=\"_ _0\"></span>d income may be<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized i<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span>For equ<span class=\"_ _0\"></span>ity in<span class=\"_ _0\"></span>strume<span class=\"_ _0\"></span>nts, no l<span class=\"_ _0\"></span>oss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e is req<span class=\"_ _0\"></span>uired f<span class=\"_ _0\"></span>or exp<span class=\"_ _0\"></span>ected c<span class=\"_ _0\"></span>redit l<span class=\"_ _0\"></span>osses.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.3<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial liabilit<span class=\"_ _3\"></span>ies<span class=\"ls1 ws1\"> </span></span>For th<span class=\"_ _0\"></span>e classif<span class=\"_ _9f\"></span>ication an<span class=\"_ _0\"></span>d mea<span class=\"_ _0\"></span>sureme<span class=\"_ _0\"></span>nt of f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s, othe<span class=\"_ _0\"></span>r than<span class=\"_ _0\"></span> derivat<span class=\"_ _0\"></span>ives, t<span class=\"_ _0\"></span>here ar<span class=\"_ _0\"></span>e the fol<span class=\"_ _0\"></span>lowing po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ilities:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">fair v<span class=\"_ _0\"></span>alue mea<span class=\"_ _0\"></span>surem<span class=\"_ _0\"></span>ent wit<span class=\"_ _0\"></span>h valu<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nges re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss (F<span class=\"_ _0\"></span>VTPL):<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls46 ws22c\">i<span class=\"_ _3\"></span>f the f</span><span class=\"ws1f6\">inancial liability is held for tr<span class=\"_ _0\"></span>ading;<span class=\"ws1\"> </span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws204\">if the Group o<span class=\"_ _0\"></span>pts for th<span class=\"_ _0\"></span>is method (<span class=\"_ _0\"></span>fair v<span class=\"_ _0\"></span>alue optio<span class=\"_ _0\"></span>n), mo<span class=\"_ _0\"></span>re specif<span class=\"_ _0\"></span>ic rega<span class=\"_ _0\"></span>rding </span>Bank Van<span class=\"_ _0\"></span> Breda) <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">measur<span class=\"_ _0\"></span>ement at amo<span class=\"_ _9f\"></span>rtised cost: at in<span class=\"_ _0\"></span>itial reco<span class=\"_ _0\"></span>gnitio<span class=\"_ _0\"></span>n, they a<span class=\"_ _0\"></span>re measured<span class=\"_ _0\"></span> at fair </span></span>valu<span class=\"_ _0\"></span>e, less t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tion cos<span class=\"_ _0\"></span>ts tha<span class=\"_ _0\"></span>t are <span class=\"ws1db\">dir<span class=\"_ _0\"></span>ectly at<span class=\"_ _0\"></span>tribut<span class=\"_ _0\"></span>able to their is<span class=\"_ _0\"></span>sue.<span class=\"ls1 ws1\"> </span></span>11.4<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Derivative financial in<span class=\"_ _3\"></span>struments<span class=\"ls1 ws1\"> </span></span>The operational sub<span class=\"_ _0\"></span>sidiaries belonging <span class=\"_ _0\"></span>to the AvH<span class=\"ws1\">-<span class=\"ls33 ws1fa\">group are re<span class=\"_ _3\"></span>sponsi<span class=\"_ _3\"></span>ble for t<span class=\"_ _3\"></span>heir </span></span>risk<span class=\"_ _3\"></span> manag<span class=\"_ _3\"></span>ement,<span class=\"_ _3\"></span> such a<span class=\"_ _3\"></span>s ex<span class=\"_ _3\"></span>change r<span class=\"_ _3\"></span>isk,<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>st ri<span class=\"_ _3\"></span>sk, cre<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>risk, <span class=\"_ _3\"></span>commodi<span class=\"_ _3\"></span>ty risk<span class=\"_ _3\"></span>, etc. Th<span class=\"_ _9f\"></span>e risks v<span class=\"_ _0\"></span>ary<span class=\"ls1 ws1\"> <span class=\"ls25 ws204\">accord<span class=\"_ _0\"></span>ing to the par<span class=\"_ _0\"></span>ticular bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> where the sub<span class=\"_ _0\"></span>sidia<span class=\"_ _0\"></span>ries are<span class=\"_ _0\"></span> </span></span>active and therefore <span class=\"_ _0\"></span>they are not managed cen<span class=\"_ _0\"></span>trally at group level. The re<span class=\"_ _0\"></span>spective execut<span class=\"_ _0\"></span>ive com<span class=\"_ _0\"></span>mittee<span class=\"_ _0\"></span>s repor<span class=\"_ _0\"></span>t to their b<span class=\"_ _0\"></span>oard of<span class=\"_ _0\"></span> directo<span class=\"_ _0\"></span>rs or audi<span class=\"_ _0\"></span>t comm<span class=\"_ _0\"></span>ittee<span class=\"_ _0\"></span> regarding their hedging pol<span class=\"_ _0\"></span>icy.<span class=\"ws1\"> </span>D<span class=\"ls25 ws236\">erivat<span class=\"_ _0\"></span>ive ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts are re<span class=\"_ _0\"></span>corded<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet a<span class=\"_ _0\"></span>t their fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e; the </span>changes in fai<span class=\"_ _0\"></span>r value are reported i<span class=\"_ _0\"></span>n the income <span class=\"_ _0\"></span>statement unless <span class=\"_ _0\"></span>these instrum<span class=\"_ _9f\"></span>ents are pa<span class=\"_ _0\"></span>rt of h<span class=\"_ _0\"></span>edging<span class=\"_ _0\"></span> transac<span class=\"_ _9f\"></span>tions.<span class=\"ls1 ws1\"> </span>The recognition of deriva<span class=\"_ _0\"></span>tive instruments is in accord<span class=\"_ _0\"></span>anc<span class=\"ls49 ws272\">e wit<span class=\"_ _3\"></span>h</span><span class=\"ws1\"> <span class=\"ls30 ws253\">IFRS 9<span class=\"_ _0\"></span>, excep<span class=\"_ _0\"></span>t for<span class=\"_ _0\"></span> </span></span>macro hedge accounting f<span class=\"_ _0\"></span>or which<span class=\"ws1\"> <span class=\"ls54 ws206\">IAS<span class=\"_ _3\"></span> 39 <span class=\"ls35 ws1ec\">is applied</span></span>.<span class=\"_ _0\"></span> </span>Cash flow hedges<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The valu<span class=\"_ _9f\"></span>e fluctua<span class=\"_ _0\"></span>tions of<span class=\"_ _0\"></span> a deriv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nancia<span class=\"_ _0\"></span>l inst<span class=\"_ _0\"></span>rument <span class=\"_ _0\"></span>that com<span class=\"_ _0\"></span>plies w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e stric<span class=\"_ _0\"></span>t condi<span class=\"_ _0\"></span>tions f<span class=\"_ _0\"></span>or reco<span class=\"_ _9f\"></span>gnition<span class=\"_ _0\"></span> as a c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w hedg<span class=\"_ _9f\"></span>e are reco<span class=\"_ _0\"></span>rded <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r c<span class=\"ls30 ws273\">ompr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _0\"></span>e for the eff<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e part. Th<span class=\"_ _0\"></span>e ineffec<span class=\"_ _0\"></span>tive pa<span class=\"_ _0\"></span>rt is record<span class=\"_ _0\"></span>ed </span>directly in the profit and lo<span class=\"_ _0\"></span>ss account. The hedging results a<span class=\"_ _0\"></span>re transferred from of<span class=\"_ _0\"></span> 'other comprehens<span class=\"_ _0\"></span>ive income' into the pro<span class=\"_ _0\"></span>fit and loss account at <span class=\"_ _0\"></span>the same moment the hedged transact<span class=\"_ _0\"></span>ion has impact on the result.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _9f\"></span>es<span class=\"ls1 ws1\"> </span>Chang<span class=\"_ _0\"></span>es in fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of a deriv<span class=\"_ _9f\"></span>ative ins<span class=\"_ _0\"></span>trument <span class=\"_ _0\"></span>that i<span class=\"_ _0\"></span>s formall<span class=\"_ _0\"></span>y alloc<span class=\"_ _0\"></span>ated to h<span class=\"_ _9f\"></span>edge the cha<span class=\"_ _0\"></span>nges o<span class=\"_ _0\"></span>f fair <span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>e of reco<span class=\"_ _0\"></span>rded a<span class=\"_ _0\"></span>ssets an<span class=\"_ _0\"></span>d liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es, ar<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized<span class=\"_ _0\"></span> in the<span class=\"_ _0\"></span> profit an<span class=\"_ _9f\"></span>d loss accou<span class=\"_ _0\"></span>nt toget<span class=\"_ _0\"></span>her with<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>fits and<span class=\"_ _0\"></span> losses c<span class=\"_ _0\"></span>aused b<span class=\"_ _0\"></span>y the fair v<span class=\"_ _0\"></span>alue re<span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _3\"></span>on of<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> hedge<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpone<span class=\"_ _3\"></span>nt.<span class=\"_ _3\"></span> The v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span> fl<span class=\"_ _3\"></span>uctua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns of<span class=\"_ _3\"></span> der<span class=\"_ _3\"></span>ivati<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> fina<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al instrum<span class=\"_ _9f\"></span>ents, wh<span class=\"_ _0\"></span>ich do no<span class=\"_ _9f\"></span>t meet th<span class=\"_ _0\"></span>e cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r fair<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> hedge <span class=\"_ _0\"></span>or ca<span class=\"_ _0\"></span>sh flow <span class=\"_ _0\"></span>hedge<span class=\"_ _0\"></span> are r<span class=\"_ _0\"></span>ecorded<span class=\"_ _0\"></span> direc<span class=\"_ _0\"></span>tly in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>rofit<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and loss account.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>11.5<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Cash a<span class=\"_ _0\"></span>nd cash equival<span class=\"_ _0\"></span>ents<span class=\"ls1 ws1\"> </span></span>Cash and cash<span class=\"_ _0\"></span> equivalents consist o<span class=\"_ _0\"></span>f cash and <span class=\"_ _0\"></span>short<span class=\"ws1\">-<span class=\"ls25 ws224\">term <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ments an<span class=\"_ _9f\"></span>d are </span></span>recorded on the balanc<span class=\"_ _0\"></span>e sheet at nominal valu<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>11.6<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Impairment o<span class=\"_ _3\"></span>f financial assets<span class=\"ls1 ws1\"> </span></span>Under <span class=\"_ _0\"></span>IFRS 9, <span class=\"_ _0\"></span>a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce is ma<span class=\"_ _0\"></span>de at <span class=\"ls1 ws1f7\">initia<span class=\"_ _0\"></span>l <span class=\"_ _3\"></span>recogni<span class=\"_ _0\"></span>tion <span class=\"_ _3\"></span>fo<span class=\"_ _0\"></span>r expected credit </span>losse<span class=\"_ _0\"></span>s (ECL<span class=\"_ _0\"></span>s) for:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">financ<span class=\"_ _0\"></span>ial assets m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>d at amorti<span class=\"_ _0\"></span>sed cost;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">debt instruments measured at fai<span class=\"_ _0\"></span>r value with value changes recognized <span class=\"_ _0\"></span>in other </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _9f\"></span>e;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls39 ws1f4\">fina<span class=\"_ _3\"></span>nce le<span class=\"_ _3\"></span>ase r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">loan <span class=\"ls1 ws1f6\">commitments and finan<span class=\"_ _0\"></span>cial guarantee contract<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">for the purpose of determining the loss allo<span class=\"_ _0\"></span>wance for expected credit losses, the </span></span>financ<span class=\"_ _0\"></span>ial asse<span class=\"_ _0\"></span>ts are classif<span class=\"_ _9f\"></span>ied in three stag<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>s:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws251\">Stage 1: perf<span class=\"_ _0\"></span>orming<span class=\"_ _0\"></span> asse<span class=\"_ _0\"></span>ts, for w<span class=\"_ _0\"></span>hich<span class=\"_ _0\"></span> at initial<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nition <span class=\"_ _0\"></span>a one<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">year </span></span></span>expec<span class=\"_ _3\"></span>t<span class=\"ls1 ws1f2\">ed credit loss <span class=\"_ _0\"></span>allowance is made b<span class=\"_ _0\"></span>ased on the probability that <span class=\"_ _0\"></span>events </span>will oc<span class=\"_ _0\"></span>cur with<span class=\"_ _0\"></span>in 12 mon<span class=\"_ _0\"></span>ths tha<span class=\"_ _0\"></span>t give r<span class=\"_ _0\"></span>ise to def<span class=\"_ _0\"></span>ault;<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ws1f8\">S<span class=\"_ _3\"></span>tage 2: underpe<span class=\"_ _0\"></span>rforming assets for which a lifetim<span class=\"_ _0\"></span>e expected credit loss </span>allowance is made if there has been a significa<span class=\"_ _0\"></span>nt increas<span class=\"ls35 ws1f0\">e in cre<span class=\"_ _0\"></span>dit risk s<span class=\"_ _0\"></span>ince </span>initia<span class=\"_ _0\"></span>l recogn<span class=\"_ _0\"></span>ition; <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls40 ws275\">S<span class=\"_ _3\"></span>tage 3: for non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws236\">perform<span class=\"_ _0\"></span>ing as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span> estim<span class=\"_ _0\"></span>ate is m<span class=\"_ _0\"></span>ade of<span class=\"_ _0\"></span> the rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble </span></span></span>amount. When the carrying am<span class=\"_ _0\"></span>ount of an asset is higher than the recove<span class=\"_ _0\"></span>rable amount,<span class=\"_ _0\"></span> an impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t is reco<span class=\"_ _0\"></span>rded in ord<span class=\"_ _9f\"></span>er to bring th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span><span class=\"ls1 ws1fe\">ing amount of </span>the as<span class=\"_ _0\"></span>set bac<span class=\"_ _0\"></span>k to the r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>able a<span class=\"_ _0\"></span>mount.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Changes in lo<span class=\"_ _0\"></span>ss allowances ar<span class=\"_ _0\"></span>e recognized under th<span class=\"_ _0\"></span>e item \u2018Impairmen<span class=\"_ _0\"></span>t losses\u2019 in profit an<span class=\"_ _0\"></span>d loss. <span class=\"ws1eb\">Th<span class=\"_ _0\"></span>e loss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e for ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es is pre<span class=\"_ _0\"></span>sented<span class=\"_ _0\"></span>: <span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">as deducted from th<span class=\"_ _0\"></span>e gross carrying amount<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls33 ws276\">of fi<span class=\"_ _3\"></span>nancial as<span class=\"_ _3\"></span>sets tha<span class=\"_ _3\"></span>t are </span></span></span></span>measur<span class=\"_ _0\"></span>ed at amor<span class=\"_ _0\"></span>tised cos<span class=\"_ _0\"></span>t (incl. lea<span class=\"_ _0\"></span>se receiva<span class=\"_ _0\"></span>bles);<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws244\">as a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce in oth<span class=\"_ _0\"></span>er comp<span class=\"_ _0\"></span>rehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>come fo<span class=\"_ _0\"></span>r debt ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts </span></span>measured at fair va<span class=\"_ _0\"></span>lue with value chang<span class=\"_ _0\"></span>es recognized in othe<span class=\"_ _0\"></span>r comprehensive in<span class=\"_ _3\"></span>come<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls42 ws277\">as a loss allowan<span class=\"ls25 ws224\">c<span class=\"_ _0\"></span>e under obl<span class=\"_ _0\"></span>igation<span class=\"_ _9f\"></span>s resulting f<span class=\"_ _0\"></span>rom loan com<span class=\"_ _0\"></span>mitmen<span class=\"_ _9f\"></span>ts and </span></span></span>financ<span class=\"_ _0\"></span>ial guarant<span class=\"_ _0\"></span>ee contr<span class=\"_ _0\"></span>acts.<span class=\"ls1 ws1\"> </span>The staging in the event of a significant increase (or decreas<span class=\"_ _0\"></span>e) in credit risk is done on an individual contract level (\u2018botto<span class=\"_ _0\"></span>m<span class=\"ws1\">-</span>up\u2019 staging) based on certain criteria <span class=\"ls34 ws1ea\">such </span>as paym<span class=\"_ _0\"></span>ent arre<span class=\"_ _0\"></span>ars, ren<span class=\"_ _0\"></span>egotia<span class=\"_ _0\"></span>tions, a<span class=\"_ _0\"></span>nd ratin<span class=\"_ _0\"></span>g catego<span class=\"_ _0\"></span>ry. Th<span class=\"_ _0\"></span>e internal<span class=\"_ _0\"></span> credit r<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> is used for the indiv<span class=\"_ _0\"></span>idual staging of loans. As <span class=\"_ _0\"></span>this is a criterion based on <span class=\"_ _0\"></span>past history<span class=\"_ _0\"></span>, a dist<span class=\"_ _0\"></span>inct \u2018coll<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e staging<span class=\"_ _0\"></span>\u2019 logic<span class=\"_ _0\"></span> is used as w<span class=\"_ _0\"></span>ell to tak<span class=\"_ _0\"></span>e into accou<span class=\"_ _9f\"></span>nt t<span class=\"ls34 ws1ea\">he </span>macroeconomic outlook.<span class=\"ls1\"> </span>For the bond por<span class=\"_ _0\"></span>tfolio, the \u2018low credit ri<span class=\"_ _0\"></span>sk exemption\u2019 is applied: <span class=\"_ _0\"></span>as long as bonds retain their investment grade rat<span class=\"_ _0\"></span>ing category, they remain in stage 1. On th<span class=\"_ _0\"></span>e basis of the low credit risk at the reporting dat<span class=\"_ _0\"></span>e it may be concluded that there has been<span class=\"_ _0\"></span> no significant increase in credit risk. <span class=\"_ _0\"></span>Should a bond migrate to a non<span class=\"ws1\">-<span class=\"ls33 ws1f0\">investm<span class=\"_ _3\"></span>ent </span></span>grade <span class=\"_ _0\"></span>rating<span class=\"_ _0\"></span> categ<span class=\"_ _0\"></span>ory, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> b<span class=\"_ _0\"></span>ank wi<span class=\"_ _0\"></span>ll eith<span class=\"_ _9f\"></span>er sell <span class=\"_ _0\"></span>the bond<span class=\"_ _9f\"></span> or tran<span class=\"_ _0\"></span>sfer it t<span class=\"_ _0\"></span>o stag<span class=\"_ _0\"></span>e 2 and determine an approp<span class=\"_ _0\"></span>riate lifetime ECL. <span class=\"ws1\"> </span>A valua<span class=\"_ _0\"></span>tion mod<span class=\"_ _0\"></span>el calc<span class=\"ls25 ws1f9\">u<span class=\"_ _0\"></span>lates <span class=\"_ _0\"></span>the exp<span class=\"_ _9f\"></span>ected cred<span class=\"_ _0\"></span>it loss<span class=\"_ _0\"></span>es for co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in st<span class=\"_ _0\"></span>ages 1<span class=\"_ _0\"></span> </span>and 2 in line with the litera<span class=\"_ _0\"></span>ture on IFRS9 ECL modelling. They ar<span class=\"_ _0\"></span>e determined withou<span class=\"_ _0\"></span>t any d<span class=\"_ _9f\"></span>eliberate o<span class=\"_ _0\"></span>ptimi<span class=\"_ _0\"></span>stic o<span class=\"_ _0\"></span>r conse<span class=\"_ _0\"></span>rvativ<span class=\"_ _0\"></span>e bias,<span class=\"_ _0\"></span> and ar<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ed on al<span class=\"_ _0\"></span>l reasonable and subst<span class=\"_ _0\"></span>antiated information <span class=\"ls25 ws224\">av<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le by ju<span class=\"_ _0\"></span>stifi<span class=\"_ _0\"></span>able co<span class=\"_ _0\"></span>st or ef<span class=\"_ _0\"></span>fort.<span class=\"_ _0\"></span> </span>This includes inf<span class=\"_ _0\"></span>ormation about past h<span class=\"_ _0\"></span>istory, present circumstan<span class=\"_ _0\"></span>ces and future<span class=\"_ _0\"></span> projec<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> They <span class=\"_ _0\"></span>also <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t the ex<span class=\"_ _9f\"></span>pected v<span class=\"_ _0\"></span>alue th<span class=\"_ _9f\"></span>at the b<span class=\"_ _0\"></span>ank dee<span class=\"_ _0\"></span>ms pos<span class=\"_ _0\"></span>sible<span class=\"_ _0\"></span> in the for<span class=\"_ _0\"></span>eseea<span class=\"_ _0\"></span>ble fu<span class=\"_ _0\"></span>ture.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span>These one<span class=\"ws1\">-<span class=\"ls30 ws278\">yea<span class=\"_ _0\"></span>r expect<span class=\"_ _0\"></span>ed credi<span class=\"_ _0\"></span><span class=\"ls25 ws1fc\">t loss<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> lifeti<span class=\"_ _0\"></span>me expe<span class=\"_ _0\"></span>cted cre<span class=\"_ _0\"></span>dit los<span class=\"_ _0\"></span>ses are<span class=\"_ _0\"></span> </span></span></span>calculated for each individual <span class=\"_ _0\"></span>contract on the basis of the future c<span class=\"_ _0\"></span>ash flows and the following model pa<span class=\"_ _0\"></span>rameters:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">PD stands for \u2018Probability of Default\u2019 in a<span class=\"_ _0\"></span> given period. The PD modelling has </span></span>been set up using m<span class=\"_ _0\"></span>igration matrice<span class=\"_ _0\"></span>s based on existing in<span class=\"_ _0\"></span>ternal credit ratings<span class=\"_ _0\"></span> for loans and supplied by <span class=\"_ _0\"></span>rating agency DBRS for the bond po<span class=\"_ _0\"></span>rtfolio.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">Loss <span class=\"_ _3\"></span><span class=\"ls1 ws1\">G<span class=\"ls54 ws279\">i<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span> <span class=\"_ _3\"></span></span>D<span class=\"ls25 ws1f9\">efau<span class=\"_ _9f\"></span>lt (LGD) s<span class=\"_ _0\"></span>tands f<span class=\"_ _0\"></span>or ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> loss in<span class=\"_ _9f\"></span> the even<span class=\"_ _0\"></span>t of def<span class=\"_ _0\"></span>ault.<span class=\"_ _0\"></span> The </span></span></span></span>LGD figure is obtained<span class=\"_ _0\"></span> from the \u2018exposure at d<span class=\"_ _0\"></span>efault\u2019 and the pledged coll<span class=\"_ _0\"></span>ateral.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws27a\">\u2018Surviv<span class=\"_ _0\"></span>al Probab<span class=\"_ _0\"></span>ility\u2019 is t<span class=\"_ _0\"></span>he prob<span class=\"_ _0\"></span>ability t<span class=\"_ _0\"></span>hat a contr<span class=\"_ _0\"></span>act is sti<span class=\"_ _0\"></span>ll liab<span class=\"_ _0\"></span>le to credi<span class=\"_ _0\"></span>t </span></span>losse<span class=\"_ _0\"></span>s. The <span class=\"_ _0\"></span>Survival <span class=\"_ _0\"></span>Prob<span class=\"_ _0\"></span>ability i<span class=\"_ _0\"></span>s dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ed on the b<span class=\"_ _0\"></span>asis of<span class=\"_ _0\"></span>:<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws232\">the probab<span class=\"_ _0\"></span>ility th<span class=\"_ _0\"></span>at a cont<span class=\"_ _0\"></span>ract ha<span class=\"_ _0\"></span>s not di<span class=\"_ _0\"></span>sappea<span class=\"_ _0\"></span>red fro<span class=\"_ _0\"></span>m the bal<span class=\"_ _0\"></span>ance <span class=\"ws1ec\">sh<span class=\"_ _0\"></span>eet </span></span>following an earlier d<span class=\"_ _0\"></span>efault, and <span class=\"ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws208\">the probabi<span class=\"_ _0\"></span>lity tha<span class=\"_ _0\"></span>t a contra<span class=\"_ _0\"></span>ct has no<span class=\"_ _0\"></span>t yet disap<span class=\"_ _0\"></span>peared<span class=\"_ _0\"></span> from the b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> sheet </span>follow<span class=\"_ _0\"></span>ing full e<span class=\"_ _0\"></span>arly rep<span class=\"_ _0\"></span>ayment.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws1fa\">Effective I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t Rate\u2019<span class=\"_ _0\"></span> (EIR)<span class=\"_ _0\"></span> is the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st rate a<span class=\"_ _0\"></span>t whic<span class=\"_ _0\"></span>h the lo<span class=\"_ _0\"></span>sses </span>are di<span class=\"_ _0\"></span>scounted<span class=\"_ _0\"></span>. For f<span class=\"_ _0\"></span>i<span class=\"ls31 ws206\">xed<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-</span></span>rat<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>acts thi<span class=\"_ _0\"></span>s is th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ctual <span class=\"_ _0\"></span>effectiv<span class=\"_ _9f\"></span>e interest<span class=\"_ _0\"></span> rate; for v<span class=\"_ _9f\"></span>ar<span class=\"_ _3\"></span>iab<span class=\"_ _0\"></span>le<span class=\"ls1 ws1\">-<span class=\"ls25 ws1db\">rate co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, the most rec<span class=\"_ _0\"></span>ent fixing<span class=\"_ _0\"></span> is used.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>On each closing date, <span class=\"ws1\">an <span class=\"_ _24\"></span><span class=\"ls35 ws213\">inv<span class=\"_ _0\"></span>estigat<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">ion is performed<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws232\">whet<span class=\"_ _3\"></span>her ther<span class=\"_ _3\"></span>e are<span class=\"_ _3\"></span> object<span class=\"_ _3\"></span>ive </span></span></span></span></span>indications that a financial ass<span class=\"_ _0\"></span>et is becoming non<span class=\"ws1\">-</span>performing an<span class=\"_ _0\"></span>d therefore transf<span class=\"_ _0\"></span>ers to s<span class=\"_ _0\"></span>tage 3<span class=\"ls34 ws1f5\">, base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls40\">on one of the following objectively observable ev<span class=\"_ _0\"></span>ents:<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">major f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al diffi<span class=\"_ _0\"></span>culti<span class=\"_ _0\"></span>es at the b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>er;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws27b\">breach of contract, in<span class=\"ls1 ws24b\">cluding failure to meet due date<span class=\"_ _0\"></span>s for principal and/or </span></span></span>inte<span class=\"_ _3\"></span>rest re<span class=\"_ _3\"></span>payments<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the granting by the bank of certain terms, for economic or lega<span class=\"_ _0\"></span>l reasons, which </span></span>the Group under norma<span class=\"_ _0\"></span>l circumstances would not grant t<span class=\"_ _0\"></span>o the borrower;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">the likelihood <span class=\"_ _3\"></span>of the <span class=\"ws1f6\">borrower going b<span class=\"_ _0\"></span>ankrupt or being restruc<span class=\"_ _0\"></span>tured;<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">for bonds, the e<span class=\"_ _0\"></span>xtinction of an ac<span class=\"_ _0\"></span>tive market due to<span class=\"_ _0\"></span> financial difficult<span class=\"_ _0\"></span>ies or other </span></span>indications threatening <span class=\"_ _0\"></span>the recoverability of<span class=\"_ _0\"></span> the acquisition value;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">objective criteria showing a m<span class=\"_ _0\"></span>easurable deterioration o<span class=\"ls30 ws27c\">f<span class=\"_ _0\"></span> the exp<span class=\"_ _0\"></span>ected f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e </span></span></span>cash flows from a <span class=\"_ _0\"></span>collective group of f<span class=\"_ _0\"></span>inancial assets, even though <span class=\"_ _0\"></span>such deterioration cannot b<span class=\"_ _0\"></span>e detected on an individu<span class=\"_ _0\"></span>al basis, or criteria indicating <span class=\"_ _0\"></span>a deter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on of <span class=\"_ _0\"></span>the cred<span class=\"_ _0\"></span>itwo<span class=\"_ _0\"></span>rthiness<span class=\"_ _0\"></span> or f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al cap<span class=\"_ _0\"></span>acity o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> borrow<span class=\"_ _0\"></span>ers of<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>the group, or national or<span class=\"_ _0\"></span> economic circumstances sp<span class=\"_ _0\"></span>ecific to that group of borrow<span class=\"_ _9f\"></span>ers.<span class=\"ls1 ws1\"> </span>For st<span class=\"_ _0\"></span>age 3 con<span class=\"_ _0\"></span>tracts, <span class=\"_ _0\"></span>an esti<span class=\"_ _0\"></span>mate is m<span class=\"_ _9f\"></span>ade of the <span class=\"_ _0\"></span>recove<span class=\"_ _0\"></span>rable am<span class=\"_ _0\"></span>ount. W<span class=\"_ _0\"></span>hen the<span class=\"_ _0\"></span> carrying amount of an asset is higher than<span class=\"_ _0\"></span> the recoverable amount, an impairment is reco<span class=\"_ _0\"></span>rd<span class=\"ls1 ws252\">ed in order to bring the c<span class=\"_ _0\"></span>arrying amount of the asset back to th<span class=\"_ _0\"></span>e </span>recoverable amount. <span class=\"ls1\"> </span>The net recoverab<span class=\"_ _0\"></span>le amount of an <span class=\"_ _0\"></span>asset is defined as the<span class=\"_ _0\"></span> higher of the followin<span class=\"_ _0\"></span>g va<span class=\"_ _3\"></span>lues<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the net sale price (assuming a vol<span class=\"_ _0\"></span>untary sale), and<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the value in us<span class=\"_ _0\"></span>e (based on the p<span class=\"_ _0\"></span>resent value of the e<span class=\"_ _0\"></span>xpected future cash<span class=\"_ _0\"></span> flows).<span class=\"ws1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-25-4": {
   "value": "11.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws10d\">Financial instr<span class=\"_ _3\"></span>uments </span> 11.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Recogniti<span class=\"_ _0\"></span>on and der<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on of financ<span class=\"_ _0\"></span>ial instr<span class=\"_ _0\"></span>uments<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">Financial assets and liabilities <span class=\"_ _0\"></span>are recognized when the Group b<span class=\"_ _0\"></span>ecomes a party </span></span>to the c<span class=\"_ _0\"></span>ontrac<span class=\"_ _9f\"></span>tual prov<span class=\"_ _0\"></span>isions o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>instru<span class=\"_ _0\"></span>ment. F<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts boug<span class=\"_ _0\"></span>ht an<span class=\"_ _0\"></span>d sold<span class=\"_ _0\"></span> in accordance with standard mar<span class=\"_ _0\"></span>ket conventions are recognized on the transa<span class=\"_ _0\"></span>ction d<span class=\"_ _0\"></span>ate. <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb\">Financ<span class=\"ls25 ws236\">ial a<span class=\"_ _0\"></span>ssets <span class=\"_ _0\"></span>are de<span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized w<span class=\"_ _0\"></span>hen t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>ractua<span class=\"_ _0\"></span>l righ<span class=\"_ _0\"></span>ts to r<span class=\"_ _0\"></span>eceiv<span class=\"_ _0\"></span>e cash<span class=\"_ _0\"></span> </span></span></span>flow<span class=\"_ _0\"></span>s from the a<span class=\"_ _9f\"></span>ssets have ex<span class=\"_ _0\"></span>pired<span class=\"_ _0\"></span> or hav<span class=\"_ _0\"></span>e been t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred and <span class=\"_ _0\"></span>the Grou<span class=\"_ _0\"></span>p has transf<span class=\"_ _0\"></span>erred a<span class=\"_ _0\"></span>ll risk<span class=\"_ _0\"></span>s and rew<span class=\"_ _9f\"></span>ards of ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip of th<span class=\"_ _0\"></span>ose ass<span class=\"_ _0\"></span>ets.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">Financial liabilities ar<span class=\"_ _0\"></span>e derecognized when the ob<span class=\"_ _0\"></span>ligation specified in th<span class=\"_ _0\"></span>e </span></span>contr<span class=\"_ _0\"></span>act is di<span class=\"_ _0\"></span>scharg<span class=\"_ _0\"></span>ed, ca<span class=\"_ _0\"></span>ncelled<span class=\"_ _0\"></span>, or exp<span class=\"_ _0\"></span>ires.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial asse<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span></span>When another fin<span class=\"_ _0\"></span>ancial asset is acqui<span class=\"_ _0\"></span>red or invested in, th<span class=\"_ _0\"></span>e contractual term<span class=\"_ _0\"></span>s determine whether it i<span class=\"_ _0\"></span>s an equity instrument <span class=\"ls25 ws1eb\">o<span class=\"_ _0\"></span>r a debt <span class=\"_ _0\"></span>instrum<span class=\"_ _0\"></span>ent. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Equity<span class=\"_ _0\"></span> instrum<span class=\"_ _9f\"></span>ents give<span class=\"_ _0\"></span> entitl<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>to th<span class=\"_ _0\"></span>e remain<span class=\"_ _0\"></span>ing in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e net as<span class=\"_ _0\"></span>sets of<span class=\"_ _0\"></span> anot<span class=\"_ _3\"></span>her e<span class=\"_ _3\"></span>ntity.<span class=\"_ _3\"></span> <span class=\"ls1 ws1\"> </span>Clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>ication <span class=\"_ _0\"></span>and m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ement o<span class=\"_ _0\"></span>f deb<span class=\"_ _0\"></span>t ins<span class=\"_ _0\"></span>trume<span class=\"_ _0\"></span>nts<span class=\"ls1 ws1\"> </span>The a<span class=\"ls25 ws215\">sse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>t of the co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>tual ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span> charact<span class=\"_ _0\"></span>eristic<span class=\"_ _0\"></span>s or SPP<span class=\"_ _0\"></span>I test <span class=\"_ _0\"></span>is <span class=\"ls34 ws1ea\">ca<span class=\"_ _3\"></span>rrie<span class=\"_ _3\"></span>d </span></span>out pe<span class=\"_ _0\"></span>r produc<span class=\"_ _0\"></span>t group (<span class=\"_ _0\"></span>finan<span class=\"_ _0\"></span>cial ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>ith simi<span class=\"_ _0\"></span>lar ca<span class=\"_ _0\"></span>sh flow ch<span class=\"_ _9f\"></span>aracteris<span class=\"_ _0\"></span>tics) o<span class=\"_ _0\"></span>r, wher<span class=\"_ _0\"></span>e necessa<span class=\"_ _0\"></span>ry, on an in<span class=\"_ _0\"></span>dividu<span class=\"_ _9f\"></span>al basis.<span class=\"_ _0\"></span> It is asses<span class=\"_ _0\"></span>sed wheth<span class=\"_ _9f\"></span>er the instru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> genera<span class=\"_ _0\"></span>tes ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _9f\"></span>s on spec<span class=\"_ _0\"></span>ified d<span class=\"_ _0\"></span>ates <span class=\"_ _0\"></span>that a<span class=\"_ _0\"></span>re sol<span class=\"_ _0\"></span>ely pa<span class=\"_ _0\"></span>yment<span class=\"_ _0\"></span>s of prin<span class=\"_ _9f\"></span>cipal and<span class=\"_ _0\"></span> int<span class=\"ws1f3\">erest on the principal amount outstanding (SPPI: sole<span class=\"_ _0\"></span>ly payments of principal </span>and interest).<span class=\"ws1\"> <span class=\"ls25 ws215\">It is also inv<span class=\"_ _9f\"></span>estigated<span class=\"_ _0\"></span> how th<span class=\"_ _0\"></span>ese cash f<span class=\"_ _0\"></span>lows fi<span class=\"_ _0\"></span>t in with <span class=\"_ _0\"></span>the busin<span class=\"_ _9f\"></span>ess </span></span>model of the<span class=\"_ _3\"></span> entity in question.<span class=\"ws1\"> </span>The rel<span class=\"_ _0\"></span>evant c<span class=\"_ _0\"></span>lassif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ion and me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t metho<span class=\"_ _0\"></span>d follow<span class=\"_ _0\"></span>s f<span class=\"ls25 ws265\">rom<span class=\"_ _0\"></span> thos<span class=\"_ _0\"></span>e </span>assessm<span class=\"_ _9f\"></span>ents:<span class=\"ls1 ws1\"> </span>i) <span class=\"_ _24\"></span><span class=\"ff3b ls25 ws267\">meas<span class=\"_ _0\"></span>ured at amo<span class=\"_ _9f\"></span>rtised cost (A<span class=\"_ _0\"></span>C)<span class=\"ff3a ls1 ws1ef\">: debt instrum<span class=\"_ _0\"></span>ents that pass the SPPI<span class=\"_ _0\"></span> </span></span>test and are he<span class=\"_ _0\"></span>ld under an HTC bu<span class=\"_ _0\"></span>siness model<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls52 ws24e\">(H<span class=\"_ _3\"></span>eld</span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls4c ws268\">collect)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls35 ws269\">At initia<span class=\"_ _0\"></span>l </span></span></span></span>recogn<span class=\"_ _0\"></span>ition, th<span class=\"_ _9f\"></span>ey are measu<span class=\"_ _0\"></span>red at fai<span class=\"_ _0\"></span>r value p<span class=\"_ _0\"></span>lus tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span> costs th<span class=\"_ _0\"></span>at are dire<span class=\"_ _3\"></span>ctly<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws232\">attrib<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>le to the<span class=\"_ _0\"></span>ir acqui<span class=\"_ _0\"></span>sition. <span class=\"_ _0\"></span>Subsequ<span class=\"_ _9f\"></span>ently, the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st </span></span>rate method is applied where the difference betwe<span class=\"_ _0\"></span>en the measurement at initial recognition and the repaymen<span class=\"_ _0\"></span>t value is recognized pro rata temporis in profit o<span class=\"_ _9f\"></span>r loss on th<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span><span class=\"ws1db\">e effectiv<span class=\"_ _0\"></span>e intere<span class=\"_ _0\"></span>st rate.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>ii) <span class=\"_ _24\"></span><span class=\"ff3b ls3f ws26a\">fair v<span class=\"_ _0\"></span>alue me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t with v<span class=\"_ _0\"></span>alue c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>zed in o<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span> </span>compr<span class=\"_ _3\"></span>ehensive inc<span class=\"_ _3\"></span>ome (FVOCI<span class=\"_ _3\"></span>)<span class=\"ff3a ls25 ws1db\">: deb<span class=\"_ _0\"></span>t instrum<span class=\"_ _0\"></span>ents tha<span class=\"_ _0\"></span>t pass the<span class=\"_ _0\"></span> SPPI test<span class=\"_ _0\"></span> </span>and are held unde<span class=\"_ _0\"></span>r an HTC&amp;S busine<span class=\"_ _0\"></span>ss model<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls52 ws24e\">(Held<span class=\"_ _3\"></span></span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls35 ws26b\">co<span class=\"_ _0\"></span>llect &amp; sell)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">O<span class=\"_ _3\"></span>n </span></span></span></span>disposal, the cumula<span class=\"ls25 ws1eb\">tiv<span class=\"_ _9f\"></span>e fair valu<span class=\"_ _0\"></span>e chan<span class=\"_ _0\"></span>ges are r<span class=\"_ _0\"></span>ecla<span class=\"_ _0\"></span>ssified<span class=\"_ _0\"></span> to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span></span>iii) <span class=\"_ _0\"></span><span class=\"ff3b ls3f ws26c\">fair v<span class=\"_ _0\"></span>alue m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nt with<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> chang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gniz<span class=\"_ _0\"></span>ed in pro<span class=\"_ _0\"></span>fit or<span class=\"_ _0\"></span> </span>loss (FVPL)<span class=\"ff3a ls1 ws20b\">: debt instruments that fail th<span class=\"_ _0\"></span>e SPPI test and/or are no<span class=\"_ _0\"></span>t held under </span>an HTC or HTC&amp;S mod<span class=\"_ _0\"></span>el must mandatorily be mea<span class=\"_ _0\"></span>sured in this way.<span class=\"ws1\"> </span>Irresp<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e of thes<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>ts, one <span class=\"_ _13\"> </span><span class=\"ls30 ws26e\">can make an irrev<span class=\"_ _0\"></span>ocab<span class=\"_ _0\"></span>le elec<span class=\"_ _0\"></span>tion to<span class=\"_ _0\"></span> </span>design<span class=\"_ _0\"></span>ate, at <span class=\"_ _0\"></span>initi<span class=\"_ _0\"></span>al reco<span class=\"_ _0\"></span>gnition<span class=\"_ _0\"></span>, a fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l asset <span class=\"_ _0\"></span>as mea<span class=\"_ _0\"></span>sured <span class=\"_ _0\"></span>at FVTP<span class=\"_ _0\"></span>L (fair v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span> option) if doing so eliminates or significant<span class=\"_ _0\"></span>ly reduces a measurement or rec<span class=\"ws1\">ognition<span class=\"_ _0\"></span> </span>inconsistency (\u2018accounti<span class=\"_ _0\"></span>ng mismatch\u2019).<span class=\"ws1\"> </span>For the af<span class=\"_ _0\"></span>orem<span class=\"_ _0\"></span>ention<span class=\"_ _0\"></span>ed fina<span class=\"_ _0\"></span>ncial ass<span class=\"_ _0\"></span>ets th<span class=\"_ _0\"></span>at are mea<span class=\"_ _0\"></span>sured a<span class=\"_ _0\"></span>t amorti<span class=\"_ _0\"></span>sed cos<span class=\"_ _0\"></span>t and at fair value with value chang<span class=\"_ _0\"></span>es recognized in other comprehensive <span class=\"_ _0\"></span>income, a loss allowa<span class=\"_ _0\"></span>nce f<span class=\"_ _0\"></span>or exp<span class=\"_ _9f\"></span>ected c<span class=\"_ _0\"></span>redit lo<span class=\"_ _9f\"></span>sses is r<span class=\"_ _0\"></span>equired<span class=\"_ _9f\"></span> (see sec<span class=\"_ _9f\"></span>tion 6. Im<span class=\"_ _9f\"></span>pairment<span class=\"_ _0\"></span> of<span class=\"_ _0\"></span> financ<span class=\"_ _0\"></span>ial assets). <span class=\"ls1 ws1\"> </span>Classific<span class=\"_ _0\"></span>ation and measurement of equi<span class=\"_ _0\"></span>ty instruments<span class=\"ls1 ws1\"> </span>Equity<span class=\"_ _0\"></span> instru<span class=\"_ _0\"></span>ments h<span class=\"_ _0\"></span>eld for tra<span class=\"_ _0\"></span>ding mu<span class=\"_ _0\"></span>st mand<span class=\"_ _0\"></span>atorily<span class=\"_ _0\"></span> be measu<span class=\"_ _9f\"></span>red at fair v<span class=\"_ _0\"></span>alue with value changes r<span class=\"_ _0\"></span>ecognized in profit or loss (FVTPL).<span class=\"_ _0\"></span><span class=\"ws1\"> </span>For othe<span class=\"_ _0\"></span>r <span class=\"ls1 ws219\">equity instrument<span class=\"_ _0\"></span>s, the Group can make an irrevocable election, at init<span class=\"_ _0\"></span>ial </span>recogn<span class=\"_ _0\"></span>ition, <span class=\"_ _0\"></span>to mea<span class=\"_ _0\"></span>sure tho<span class=\"_ _0\"></span>se in<span class=\"_ _0\"></span>strum<span class=\"_ _0\"></span>ents at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alue with<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e chang<span class=\"_ _0\"></span>es recognized in other comprehen<span class=\"_ _0\"></span>sive income (FVTOCI). This el<span class=\"_ _0\"></span>ection can be made instrument by instrument (per <span class=\"_ _7\"> </span><span class=\"ls35 ws270\">share). On<span class=\"_ _0\"></span> disposa<span class=\"_ _0\"></span>l, the cumu<span class=\"_ _0\"></span>lativ<span class=\"_ _0\"></span>e fair valu<span class=\"_ _0\"></span>e </span>changes must not b<span class=\"_ _0\"></span>e reclassified to profi<span class=\"_ _0\"></span>t or loss. Only dividen<span class=\"_ _0\"></span>d income may be<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized i<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span>For equ<span class=\"_ _0\"></span>ity in<span class=\"_ _0\"></span>strume<span class=\"_ _0\"></span>nts, no l<span class=\"_ _0\"></span>oss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e is req<span class=\"_ _0\"></span>uired f<span class=\"_ _0\"></span>or exp<span class=\"_ _0\"></span>ected c<span class=\"_ _0\"></span>redit l<span class=\"_ _0\"></span>osses.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.3<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial liabilit<span class=\"_ _3\"></span>ies<span class=\"ls1 ws1\"> </span></span>For th<span class=\"_ _0\"></span>e classif<span class=\"_ _9f\"></span>ication an<span class=\"_ _0\"></span>d mea<span class=\"_ _0\"></span>sureme<span class=\"_ _0\"></span>nt of f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s, othe<span class=\"_ _0\"></span>r than<span class=\"_ _0\"></span> derivat<span class=\"_ _0\"></span>ives, t<span class=\"_ _0\"></span>here ar<span class=\"_ _0\"></span>e the fol<span class=\"_ _0\"></span>lowing po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ilities:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">fair v<span class=\"_ _0\"></span>alue mea<span class=\"_ _0\"></span>surem<span class=\"_ _0\"></span>ent wit<span class=\"_ _0\"></span>h valu<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nges re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss (F<span class=\"_ _0\"></span>VTPL):<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls46 ws22c\">i<span class=\"_ _3\"></span>f the f</span><span class=\"ws1f6\">inancial liability is held for tr<span class=\"_ _0\"></span>ading;<span class=\"ws1\"> </span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws204\">if the Group o<span class=\"_ _0\"></span>pts for th<span class=\"_ _0\"></span>is method (<span class=\"_ _0\"></span>fair v<span class=\"_ _0\"></span>alue optio<span class=\"_ _0\"></span>n), mo<span class=\"_ _0\"></span>re specif<span class=\"_ _0\"></span>ic rega<span class=\"_ _0\"></span>rding </span>Bank Van<span class=\"_ _0\"></span> Breda) <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">measur<span class=\"_ _0\"></span>ement at amo<span class=\"_ _9f\"></span>rtised cost: at in<span class=\"_ _0\"></span>itial reco<span class=\"_ _0\"></span>gnitio<span class=\"_ _0\"></span>n, they a<span class=\"_ _0\"></span>re measured<span class=\"_ _0\"></span> at fair </span></span>valu<span class=\"_ _0\"></span>e, less t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tion cos<span class=\"_ _0\"></span>ts tha<span class=\"_ _0\"></span>t are <span class=\"ws1db\">dir<span class=\"_ _0\"></span>ectly at<span class=\"_ _0\"></span>tribut<span class=\"_ _0\"></span>able to their is<span class=\"_ _0\"></span>sue.<span class=\"ls1 ws1\"> </span></span>11.4<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Derivative financial in<span class=\"_ _3\"></span>struments<span class=\"ls1 ws1\"> </span></span>The operational sub<span class=\"_ _0\"></span>sidiaries belonging <span class=\"_ _0\"></span>to the AvH<span class=\"ws1\">-<span class=\"ls33 ws1fa\">group are re<span class=\"_ _3\"></span>sponsi<span class=\"_ _3\"></span>ble for t<span class=\"_ _3\"></span>heir </span></span>risk<span class=\"_ _3\"></span> manag<span class=\"_ _3\"></span>ement,<span class=\"_ _3\"></span> such a<span class=\"_ _3\"></span>s ex<span class=\"_ _3\"></span>change r<span class=\"_ _3\"></span>isk,<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>st ri<span class=\"_ _3\"></span>sk, cre<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>risk, <span class=\"_ _3\"></span>commodi<span class=\"_ _3\"></span>ty risk<span class=\"_ _3\"></span>, etc. Th<span class=\"_ _9f\"></span>e risks v<span class=\"_ _0\"></span>ary<span class=\"ls1 ws1\"> <span class=\"ls25 ws204\">accord<span class=\"_ _0\"></span>ing to the par<span class=\"_ _0\"></span>ticular bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> where the sub<span class=\"_ _0\"></span>sidia<span class=\"_ _0\"></span>ries are<span class=\"_ _0\"></span> </span></span>active and therefore <span class=\"_ _0\"></span>they are not managed cen<span class=\"_ _0\"></span>trally at group level. The re<span class=\"_ _0\"></span>spective execut<span class=\"_ _0\"></span>ive com<span class=\"_ _0\"></span>mittee<span class=\"_ _0\"></span>s repor<span class=\"_ _0\"></span>t to their b<span class=\"_ _0\"></span>oard of<span class=\"_ _0\"></span> directo<span class=\"_ _0\"></span>rs or audi<span class=\"_ _0\"></span>t comm<span class=\"_ _0\"></span>ittee<span class=\"_ _0\"></span> regarding their hedging pol<span class=\"_ _0\"></span>icy.<span class=\"ws1\"> </span>D<span class=\"ls25 ws236\">erivat<span class=\"_ _0\"></span>ive ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts are re<span class=\"_ _0\"></span>corded<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet a<span class=\"_ _0\"></span>t their fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e; the </span>changes in fai<span class=\"_ _0\"></span>r value are reported i<span class=\"_ _0\"></span>n the income <span class=\"_ _0\"></span>statement unless <span class=\"_ _0\"></span>these instrum<span class=\"_ _9f\"></span>ents are pa<span class=\"_ _0\"></span>rt of h<span class=\"_ _0\"></span>edging<span class=\"_ _0\"></span> transac<span class=\"_ _9f\"></span>tions.<span class=\"ls1 ws1\"> </span>The recognition of deriva<span class=\"_ _0\"></span>tive instruments is in accord<span class=\"_ _0\"></span>anc<span class=\"ls49 ws272\">e wit<span class=\"_ _3\"></span>h</span><span class=\"ws1\"> <span class=\"ls30 ws253\">IFRS 9<span class=\"_ _0\"></span>, excep<span class=\"_ _0\"></span>t for<span class=\"_ _0\"></span> </span></span>macro hedge accounting f<span class=\"_ _0\"></span>or which<span class=\"ws1\"> <span class=\"ls54 ws206\">IAS<span class=\"_ _3\"></span> 39 <span class=\"ls35 ws1ec\">is applied</span></span>.<span class=\"_ _0\"></span> </span>Cash flow hedges<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The valu<span class=\"_ _9f\"></span>e fluctua<span class=\"_ _0\"></span>tions of<span class=\"_ _0\"></span> a deriv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nancia<span class=\"_ _0\"></span>l inst<span class=\"_ _0\"></span>rument <span class=\"_ _0\"></span>that com<span class=\"_ _0\"></span>plies w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e stric<span class=\"_ _0\"></span>t condi<span class=\"_ _0\"></span>tions f<span class=\"_ _0\"></span>or reco<span class=\"_ _9f\"></span>gnition<span class=\"_ _0\"></span> as a c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w hedg<span class=\"_ _9f\"></span>e are reco<span class=\"_ _0\"></span>rded <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r c<span class=\"ls30 ws273\">ompr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _0\"></span>e for the eff<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e part. Th<span class=\"_ _0\"></span>e ineffec<span class=\"_ _0\"></span>tive pa<span class=\"_ _0\"></span>rt is record<span class=\"_ _0\"></span>ed </span>directly in the profit and lo<span class=\"_ _0\"></span>ss account. The hedging results a<span class=\"_ _0\"></span>re transferred from of<span class=\"_ _0\"></span> 'other comprehens<span class=\"_ _0\"></span>ive income' into the pro<span class=\"_ _0\"></span>fit and loss account at <span class=\"_ _0\"></span>the same moment the hedged transact<span class=\"_ _0\"></span>ion has impact on the result.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _9f\"></span>es<span class=\"ls1 ws1\"> </span>Chang<span class=\"_ _0\"></span>es in fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of a deriv<span class=\"_ _9f\"></span>ative ins<span class=\"_ _0\"></span>trument <span class=\"_ _0\"></span>that i<span class=\"_ _0\"></span>s formall<span class=\"_ _0\"></span>y alloc<span class=\"_ _0\"></span>ated to h<span class=\"_ _9f\"></span>edge the cha<span class=\"_ _0\"></span>nges o<span class=\"_ _0\"></span>f fair <span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>e of reco<span class=\"_ _0\"></span>rded a<span class=\"_ _0\"></span>ssets an<span class=\"_ _0\"></span>d liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es, ar<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized<span class=\"_ _0\"></span> in the<span class=\"_ _0\"></span> profit an<span class=\"_ _9f\"></span>d loss accou<span class=\"_ _0\"></span>nt toget<span class=\"_ _0\"></span>her with<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>fits and<span class=\"_ _0\"></span> losses c<span class=\"_ _0\"></span>aused b<span class=\"_ _0\"></span>y the fair v<span class=\"_ _0\"></span>alue re<span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _3\"></span>on of<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> hedge<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpone<span class=\"_ _3\"></span>nt.<span class=\"_ _3\"></span> The v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span> fl<span class=\"_ _3\"></span>uctua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns of<span class=\"_ _3\"></span> der<span class=\"_ _3\"></span>ivati<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> fina<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al instrum<span class=\"_ _9f\"></span>ents, wh<span class=\"_ _0\"></span>ich do no<span class=\"_ _9f\"></span>t meet th<span class=\"_ _0\"></span>e cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r fair<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> hedge <span class=\"_ _0\"></span>or ca<span class=\"_ _0\"></span>sh flow <span class=\"_ _0\"></span>hedge<span class=\"_ _0\"></span> are r<span class=\"_ _0\"></span>ecorded<span class=\"_ _0\"></span> direc<span class=\"_ _0\"></span>tly in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>rofit<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and loss account.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>11.6<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Impairment o<span class=\"_ _3\"></span>f financial assets<span class=\"ls1 ws1\"> </span></span>Under <span class=\"_ _0\"></span>IFRS 9, <span class=\"_ _0\"></span>a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce is ma<span class=\"_ _0\"></span>de at <span class=\"ls1 ws1f7\">initia<span class=\"_ _0\"></span>l <span class=\"_ _3\"></span>recogni<span class=\"_ _0\"></span>tion <span class=\"_ _3\"></span>fo<span class=\"_ _0\"></span>r expected credit </span>losse<span class=\"_ _0\"></span>s (ECL<span class=\"_ _0\"></span>s) for:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">financ<span class=\"_ _0\"></span>ial assets m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>d at amorti<span class=\"_ _0\"></span>sed cost;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">debt instruments measured at fai<span class=\"_ _0\"></span>r value with value changes recognized <span class=\"_ _0\"></span>in other </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _9f\"></span>e;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls39 ws1f4\">fina<span class=\"_ _3\"></span>nce le<span class=\"_ _3\"></span>ase r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">loan <span class=\"ls1 ws1f6\">commitments and finan<span class=\"_ _0\"></span>cial guarantee contract<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">for the purpose of determining the loss allo<span class=\"_ _0\"></span>wance for expected credit losses, the </span></span>financ<span class=\"_ _0\"></span>ial asse<span class=\"_ _0\"></span>ts are classif<span class=\"_ _9f\"></span>ied in three stag<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>s:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws251\">Stage 1: perf<span class=\"_ _0\"></span>orming<span class=\"_ _0\"></span> asse<span class=\"_ _0\"></span>ts, for w<span class=\"_ _0\"></span>hich<span class=\"_ _0\"></span> at initial<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nition <span class=\"_ _0\"></span>a one<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">year </span></span></span>expec<span class=\"_ _3\"></span>t<span class=\"ls1 ws1f2\">ed credit loss <span class=\"_ _0\"></span>allowance is made b<span class=\"_ _0\"></span>ased on the probability that <span class=\"_ _0\"></span>events </span>will oc<span class=\"_ _0\"></span>cur with<span class=\"_ _0\"></span>in 12 mon<span class=\"_ _0\"></span>ths tha<span class=\"_ _0\"></span>t give r<span class=\"_ _0\"></span>ise to def<span class=\"_ _0\"></span>ault;<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ws1f8\">S<span class=\"_ _3\"></span>tage 2: underpe<span class=\"_ _0\"></span>rforming assets for which a lifetim<span class=\"_ _0\"></span>e expected credit loss </span>allowance is made if there has been a significa<span class=\"_ _0\"></span>nt increas<span class=\"ls35 ws1f0\">e in cre<span class=\"_ _0\"></span>dit risk s<span class=\"_ _0\"></span>ince </span>initia<span class=\"_ _0\"></span>l recogn<span class=\"_ _0\"></span>ition; <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls40 ws275\">S<span class=\"_ _3\"></span>tage 3: for non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws236\">perform<span class=\"_ _0\"></span>ing as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span> estim<span class=\"_ _0\"></span>ate is m<span class=\"_ _0\"></span>ade of<span class=\"_ _0\"></span> the rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble </span></span></span>amount. When the carrying am<span class=\"_ _0\"></span>ount of an asset is higher than the recove<span class=\"_ _0\"></span>rable amount,<span class=\"_ _0\"></span> an impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t is reco<span class=\"_ _0\"></span>rded in ord<span class=\"_ _9f\"></span>er to bring th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span><span class=\"ls1 ws1fe\">ing amount of </span>the as<span class=\"_ _0\"></span>set bac<span class=\"_ _0\"></span>k to the r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>able a<span class=\"_ _0\"></span>mount.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Changes in lo<span class=\"_ _0\"></span>ss allowances ar<span class=\"_ _0\"></span>e recognized under th<span class=\"_ _0\"></span>e item \u2018Impairmen<span class=\"_ _0\"></span>t losses\u2019 in profit an<span class=\"_ _0\"></span>d loss. <span class=\"ws1eb\">Th<span class=\"_ _0\"></span>e loss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e for ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es is pre<span class=\"_ _0\"></span>sented<span class=\"_ _0\"></span>: <span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">as deducted from th<span class=\"_ _0\"></span>e gross carrying amount<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls33 ws276\">of fi<span class=\"_ _3\"></span>nancial as<span class=\"_ _3\"></span>sets tha<span class=\"_ _3\"></span>t are </span></span></span></span>measur<span class=\"_ _0\"></span>ed at amor<span class=\"_ _0\"></span>tised cos<span class=\"_ _0\"></span>t (incl. lea<span class=\"_ _0\"></span>se receiva<span class=\"_ _0\"></span>bles);<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws244\">as a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce in oth<span class=\"_ _0\"></span>er comp<span class=\"_ _0\"></span>rehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>come fo<span class=\"_ _0\"></span>r debt ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts </span></span>measured at fair va<span class=\"_ _0\"></span>lue with value chang<span class=\"_ _0\"></span>es recognized in othe<span class=\"_ _0\"></span>r comprehensive in<span class=\"_ _3\"></span>come<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls42 ws277\">as a loss allowan<span class=\"ls25 ws224\">c<span class=\"_ _0\"></span>e under obl<span class=\"_ _0\"></span>igation<span class=\"_ _9f\"></span>s resulting f<span class=\"_ _0\"></span>rom loan com<span class=\"_ _0\"></span>mitmen<span class=\"_ _9f\"></span>ts and </span></span></span>financ<span class=\"_ _0\"></span>ial guarant<span class=\"_ _0\"></span>ee contr<span class=\"_ _0\"></span>acts.<span class=\"ls1 ws1\"> </span>The staging in the event of a significant increase (or decreas<span class=\"_ _0\"></span>e) in credit risk is done on an individual contract level (\u2018botto<span class=\"_ _0\"></span>m<span class=\"ws1\">-</span>up\u2019 staging) based on certain criteria <span class=\"ls34 ws1ea\">such </span>as paym<span class=\"_ _0\"></span>ent arre<span class=\"_ _0\"></span>ars, ren<span class=\"_ _0\"></span>egotia<span class=\"_ _0\"></span>tions, a<span class=\"_ _0\"></span>nd ratin<span class=\"_ _0\"></span>g catego<span class=\"_ _0\"></span>ry. Th<span class=\"_ _0\"></span>e internal<span class=\"_ _0\"></span> credit r<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> is used for the indiv<span class=\"_ _0\"></span>idual staging of loans. As <span class=\"_ _0\"></span>this is a criterion based on <span class=\"_ _0\"></span>past history<span class=\"_ _0\"></span>, a dist<span class=\"_ _0\"></span>inct \u2018coll<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e staging<span class=\"_ _0\"></span>\u2019 logic<span class=\"_ _0\"></span> is used as w<span class=\"_ _0\"></span>ell to tak<span class=\"_ _0\"></span>e into accou<span class=\"_ _9f\"></span>nt t<span class=\"ls34 ws1ea\">he </span>macroeconomic outlook.<span class=\"ls1\"> </span>For the bond por<span class=\"_ _0\"></span>tfolio, the \u2018low credit ri<span class=\"_ _0\"></span>sk exemption\u2019 is applied: <span class=\"_ _0\"></span>as long as bonds retain their investment grade rat<span class=\"_ _0\"></span>ing category, they remain in stage 1. On th<span class=\"_ _0\"></span>e basis of the low credit risk at the reporting dat<span class=\"_ _0\"></span>e it may be concluded that there has been<span class=\"_ _0\"></span> no significant increase in credit risk. <span class=\"_ _0\"></span>Should a bond migrate to a non<span class=\"ws1\">-<span class=\"ls33 ws1f0\">investm<span class=\"_ _3\"></span>ent </span></span>grade <span class=\"_ _0\"></span>rating<span class=\"_ _0\"></span> categ<span class=\"_ _0\"></span>ory, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> b<span class=\"_ _0\"></span>ank wi<span class=\"_ _0\"></span>ll eith<span class=\"_ _9f\"></span>er sell <span class=\"_ _0\"></span>the bond<span class=\"_ _9f\"></span> or tran<span class=\"_ _0\"></span>sfer it t<span class=\"_ _0\"></span>o stag<span class=\"_ _0\"></span>e 2 and determine an approp<span class=\"_ _0\"></span>riate lifetime ECL. <span class=\"ws1\"> </span>A valua<span class=\"_ _0\"></span>tion mod<span class=\"_ _0\"></span>el calc<span class=\"ls25 ws1f9\">u<span class=\"_ _0\"></span>lates <span class=\"_ _0\"></span>the exp<span class=\"_ _9f\"></span>ected cred<span class=\"_ _0\"></span>it loss<span class=\"_ _0\"></span>es for co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in st<span class=\"_ _0\"></span>ages 1<span class=\"_ _0\"></span> </span>and 2 in line with the litera<span class=\"_ _0\"></span>ture on IFRS9 ECL modelling. They ar<span class=\"_ _0\"></span>e determined withou<span class=\"_ _0\"></span>t any d<span class=\"_ _9f\"></span>eliberate o<span class=\"_ _0\"></span>ptimi<span class=\"_ _0\"></span>stic o<span class=\"_ _0\"></span>r conse<span class=\"_ _0\"></span>rvativ<span class=\"_ _0\"></span>e bias,<span class=\"_ _0\"></span> and ar<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ed on al<span class=\"_ _0\"></span>l reasonable and subst<span class=\"_ _0\"></span>antiated information <span class=\"ls25 ws224\">av<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le by ju<span class=\"_ _0\"></span>stifi<span class=\"_ _0\"></span>able co<span class=\"_ _0\"></span>st or ef<span class=\"_ _0\"></span>fort.<span class=\"_ _0\"></span> </span>This includes inf<span class=\"_ _0\"></span>ormation about past h<span class=\"_ _0\"></span>istory, present circumstan<span class=\"_ _0\"></span>ces and future<span class=\"_ _0\"></span> projec<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> They <span class=\"_ _0\"></span>also <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t the ex<span class=\"_ _9f\"></span>pected v<span class=\"_ _0\"></span>alue th<span class=\"_ _9f\"></span>at the b<span class=\"_ _0\"></span>ank dee<span class=\"_ _0\"></span>ms pos<span class=\"_ _0\"></span>sible<span class=\"_ _0\"></span> in the for<span class=\"_ _0\"></span>eseea<span class=\"_ _0\"></span>ble fu<span class=\"_ _0\"></span>ture.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span>These one<span class=\"ws1\">-<span class=\"ls30 ws278\">yea<span class=\"_ _0\"></span>r expect<span class=\"_ _0\"></span>ed credi<span class=\"_ _0\"></span><span class=\"ls25 ws1fc\">t loss<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> lifeti<span class=\"_ _0\"></span>me expe<span class=\"_ _0\"></span>cted cre<span class=\"_ _0\"></span>dit los<span class=\"_ _0\"></span>ses are<span class=\"_ _0\"></span> </span></span></span>calculated for each individual <span class=\"_ _0\"></span>contract on the basis of the future c<span class=\"_ _0\"></span>ash flows and the following model pa<span class=\"_ _0\"></span>rameters:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">PD stands for \u2018Probability of Default\u2019 in a<span class=\"_ _0\"></span> given period. The PD modelling has </span></span>been set up using m<span class=\"_ _0\"></span>igration matrice<span class=\"_ _0\"></span>s based on existing in<span class=\"_ _0\"></span>ternal credit ratings<span class=\"_ _0\"></span> for loans and supplied by <span class=\"_ _0\"></span>rating agency DBRS for the bond po<span class=\"_ _0\"></span>rtfolio.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">Loss <span class=\"_ _3\"></span><span class=\"ls1 ws1\">G<span class=\"ls54 ws279\">i<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span> <span class=\"_ _3\"></span></span>D<span class=\"ls25 ws1f9\">efau<span class=\"_ _9f\"></span>lt (LGD) s<span class=\"_ _0\"></span>tands f<span class=\"_ _0\"></span>or ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> loss in<span class=\"_ _9f\"></span> the even<span class=\"_ _0\"></span>t of def<span class=\"_ _0\"></span>ault.<span class=\"_ _0\"></span> The </span></span></span></span>LGD figure is obtained<span class=\"_ _0\"></span> from the \u2018exposure at d<span class=\"_ _0\"></span>efault\u2019 and the pledged coll<span class=\"_ _0\"></span>ateral.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws27a\">\u2018Surviv<span class=\"_ _0\"></span>al Probab<span class=\"_ _0\"></span>ility\u2019 is t<span class=\"_ _0\"></span>he prob<span class=\"_ _0\"></span>ability t<span class=\"_ _0\"></span>hat a contr<span class=\"_ _0\"></span>act is sti<span class=\"_ _0\"></span>ll liab<span class=\"_ _0\"></span>le to credi<span class=\"_ _0\"></span>t </span></span>losse<span class=\"_ _0\"></span>s. The <span class=\"_ _0\"></span>Survival <span class=\"_ _0\"></span>Prob<span class=\"_ _0\"></span>ability i<span class=\"_ _0\"></span>s dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ed on the b<span class=\"_ _0\"></span>asis of<span class=\"_ _0\"></span>:<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws232\">the probab<span class=\"_ _0\"></span>ility th<span class=\"_ _0\"></span>at a cont<span class=\"_ _0\"></span>ract ha<span class=\"_ _0\"></span>s not di<span class=\"_ _0\"></span>sappea<span class=\"_ _0\"></span>red fro<span class=\"_ _0\"></span>m the bal<span class=\"_ _0\"></span>ance <span class=\"ws1ec\">sh<span class=\"_ _0\"></span>eet </span></span>following an earlier d<span class=\"_ _0\"></span>efault, and <span class=\"ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws208\">the probabi<span class=\"_ _0\"></span>lity tha<span class=\"_ _0\"></span>t a contra<span class=\"_ _0\"></span>ct has no<span class=\"_ _0\"></span>t yet disap<span class=\"_ _0\"></span>peared<span class=\"_ _0\"></span> from the b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> sheet </span>follow<span class=\"_ _0\"></span>ing full e<span class=\"_ _0\"></span>arly rep<span class=\"_ _0\"></span>ayment.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws1fa\">Effective I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t Rate\u2019<span class=\"_ _0\"></span> (EIR)<span class=\"_ _0\"></span> is the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st rate a<span class=\"_ _0\"></span>t whic<span class=\"_ _0\"></span>h the lo<span class=\"_ _0\"></span>sses </span>are di<span class=\"_ _0\"></span>scounted<span class=\"_ _0\"></span>. For f<span class=\"_ _0\"></span>i<span class=\"ls31 ws206\">xed<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-</span></span>rat<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>acts thi<span class=\"_ _0\"></span>s is th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ctual <span class=\"_ _0\"></span>effectiv<span class=\"_ _9f\"></span>e interest<span class=\"_ _0\"></span> rate; for v<span class=\"_ _9f\"></span>ar<span class=\"_ _3\"></span>iab<span class=\"_ _0\"></span>le<span class=\"ls1 ws1\">-<span class=\"ls25 ws1db\">rate co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, the most rec<span class=\"_ _0\"></span>ent fixing<span class=\"_ _0\"></span> is used.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>On each closing date, <span class=\"ws1\">an <span class=\"_ _24\"></span><span class=\"ls35 ws213\">inv<span class=\"_ _0\"></span>estigat<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">ion is performed<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws232\">whet<span class=\"_ _3\"></span>her ther<span class=\"_ _3\"></span>e are<span class=\"_ _3\"></span> object<span class=\"_ _3\"></span>ive </span></span></span></span></span>indications that a financial ass<span class=\"_ _0\"></span>et is becoming non<span class=\"ws1\">-</span>performing an<span class=\"_ _0\"></span>d therefore transf<span class=\"_ _0\"></span>ers to s<span class=\"_ _0\"></span>tage 3<span class=\"ls34 ws1f5\">, base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls40\">on one of the following objectively observable ev<span class=\"_ _0\"></span>ents:<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">major f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al diffi<span class=\"_ _0\"></span>culti<span class=\"_ _0\"></span>es at the b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>er;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws27b\">breach of contract, in<span class=\"ls1 ws24b\">cluding failure to meet due date<span class=\"_ _0\"></span>s for principal and/or </span></span></span>inte<span class=\"_ _3\"></span>rest re<span class=\"_ _3\"></span>payments<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the granting by the bank of certain terms, for economic or lega<span class=\"_ _0\"></span>l reasons, which </span></span>the Group under norma<span class=\"_ _0\"></span>l circumstances would not grant t<span class=\"_ _0\"></span>o the borrower;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">the likelihood <span class=\"_ _3\"></span>of the <span class=\"ws1f6\">borrower going b<span class=\"_ _0\"></span>ankrupt or being restruc<span class=\"_ _0\"></span>tured;<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">for bonds, the e<span class=\"_ _0\"></span>xtinction of an ac<span class=\"_ _0\"></span>tive market due to<span class=\"_ _0\"></span> financial difficult<span class=\"_ _0\"></span>ies or other </span></span>indications threatening <span class=\"_ _0\"></span>the recoverability of<span class=\"_ _0\"></span> the acquisition value;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">objective criteria showing a m<span class=\"_ _0\"></span>easurable deterioration o<span class=\"ls30 ws27c\">f<span class=\"_ _0\"></span> the exp<span class=\"_ _0\"></span>ected f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e </span></span></span>cash flows from a <span class=\"_ _0\"></span>collective group of f<span class=\"_ _0\"></span>inancial assets, even though <span class=\"_ _0\"></span>such deterioration cannot b<span class=\"_ _0\"></span>e detected on an individu<span class=\"_ _0\"></span>al basis, or criteria indicating <span class=\"_ _0\"></span>a deter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on of <span class=\"_ _0\"></span>the cred<span class=\"_ _0\"></span>itwo<span class=\"_ _0\"></span>rthiness<span class=\"_ _0\"></span> or f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al cap<span class=\"_ _0\"></span>acity o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> borrow<span class=\"_ _0\"></span>ers of<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>the group, or national or<span class=\"_ _0\"></span> economic circumstances sp<span class=\"_ _0\"></span>ecific to that group of borrow<span class=\"_ _9f\"></span>ers.<span class=\"ls1 ws1\"> </span>For st<span class=\"_ _0\"></span>age 3 con<span class=\"_ _0\"></span>tracts, <span class=\"_ _0\"></span>an esti<span class=\"_ _0\"></span>mate is m<span class=\"_ _9f\"></span>ade of the <span class=\"_ _0\"></span>recove<span class=\"_ _0\"></span>rable am<span class=\"_ _0\"></span>ount. W<span class=\"_ _0\"></span>hen the<span class=\"_ _0\"></span> carrying amount of an asset is higher than<span class=\"_ _0\"></span> the recoverable amount, an impairment is reco<span class=\"_ _0\"></span>rd<span class=\"ls1 ws252\">ed in order to bring the c<span class=\"_ _0\"></span>arrying amount of the asset back to th<span class=\"_ _0\"></span>e </span>recoverable amount. <span class=\"ls1\"> </span>The net recoverab<span class=\"_ _0\"></span>le amount of an <span class=\"_ _0\"></span>asset is defined as the<span class=\"_ _0\"></span> higher of the followin<span class=\"_ _0\"></span>g va<span class=\"_ _3\"></span>lues<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the net sale price (assuming a vol<span class=\"_ _0\"></span>untary sale), and<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the value in us<span class=\"_ _0\"></span>e (based on the p<span class=\"_ _0\"></span>resent value of the e<span class=\"_ _0\"></span>xpected future cash<span class=\"_ _0\"></span> flows).<span class=\"ws1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-25-5": {
   "value": "11.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws10d\">Financial instr<span class=\"_ _3\"></span>uments </span> 11.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Recogniti<span class=\"_ _0\"></span>on and der<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on of financ<span class=\"_ _0\"></span>ial instr<span class=\"_ _0\"></span>uments<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">Financial assets and liabilities <span class=\"_ _0\"></span>are recognized when the Group b<span class=\"_ _0\"></span>ecomes a party </span></span>to the c<span class=\"_ _0\"></span>ontrac<span class=\"_ _9f\"></span>tual prov<span class=\"_ _0\"></span>isions o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>instru<span class=\"_ _0\"></span>ment. F<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts boug<span class=\"_ _0\"></span>ht an<span class=\"_ _0\"></span>d sold<span class=\"_ _0\"></span> in accordance with standard mar<span class=\"_ _0\"></span>ket conventions are recognized on the transa<span class=\"_ _0\"></span>ction d<span class=\"_ _0\"></span>ate. <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb\">Financ<span class=\"ls25 ws236\">ial a<span class=\"_ _0\"></span>ssets <span class=\"_ _0\"></span>are de<span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized w<span class=\"_ _0\"></span>hen t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>ractua<span class=\"_ _0\"></span>l righ<span class=\"_ _0\"></span>ts to r<span class=\"_ _0\"></span>eceiv<span class=\"_ _0\"></span>e cash<span class=\"_ _0\"></span> </span></span></span>flow<span class=\"_ _0\"></span>s from the a<span class=\"_ _9f\"></span>ssets have ex<span class=\"_ _0\"></span>pired<span class=\"_ _0\"></span> or hav<span class=\"_ _0\"></span>e been t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred and <span class=\"_ _0\"></span>the Grou<span class=\"_ _0\"></span>p has transf<span class=\"_ _0\"></span>erred a<span class=\"_ _0\"></span>ll risk<span class=\"_ _0\"></span>s and rew<span class=\"_ _9f\"></span>ards of ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip of th<span class=\"_ _0\"></span>ose ass<span class=\"_ _0\"></span>ets.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">Financial liabilities ar<span class=\"_ _0\"></span>e derecognized when the ob<span class=\"_ _0\"></span>ligation specified in th<span class=\"_ _0\"></span>e </span></span>contr<span class=\"_ _0\"></span>act is di<span class=\"_ _0\"></span>scharg<span class=\"_ _0\"></span>ed, ca<span class=\"_ _0\"></span>ncelled<span class=\"_ _0\"></span>, or exp<span class=\"_ _0\"></span>ires.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial asse<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span></span>When another fin<span class=\"_ _0\"></span>ancial asset is acqui<span class=\"_ _0\"></span>red or invested in, th<span class=\"_ _0\"></span>e contractual term<span class=\"_ _0\"></span>s determine whether it i<span class=\"_ _0\"></span>s an equity instrument <span class=\"ls25 ws1eb\">o<span class=\"_ _0\"></span>r a debt <span class=\"_ _0\"></span>instrum<span class=\"_ _0\"></span>ent. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Equity<span class=\"_ _0\"></span> instrum<span class=\"_ _9f\"></span>ents give<span class=\"_ _0\"></span> entitl<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>to th<span class=\"_ _0\"></span>e remain<span class=\"_ _0\"></span>ing in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e net as<span class=\"_ _0\"></span>sets of<span class=\"_ _0\"></span> anot<span class=\"_ _3\"></span>her e<span class=\"_ _3\"></span>ntity.<span class=\"_ _3\"></span> <span class=\"ls1 ws1\"> </span>Clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>ication <span class=\"_ _0\"></span>and m<span class=\"_ _0\"></span>easur<span class=\"_ _0\"></span>ement o<span class=\"_ _0\"></span>f deb<span class=\"_ _0\"></span>t ins<span class=\"_ _0\"></span>trume<span class=\"_ _0\"></span>nts<span class=\"ls1 ws1\"> </span>The a<span class=\"ls25 ws215\">sse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>t of the co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>tual ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span> charact<span class=\"_ _0\"></span>eristic<span class=\"_ _0\"></span>s or SPP<span class=\"_ _0\"></span>I test <span class=\"_ _0\"></span>is <span class=\"ls34 ws1ea\">ca<span class=\"_ _3\"></span>rrie<span class=\"_ _3\"></span>d </span></span>out pe<span class=\"_ _0\"></span>r produc<span class=\"_ _0\"></span>t group (<span class=\"_ _0\"></span>finan<span class=\"_ _0\"></span>cial ass<span class=\"_ _0\"></span>ets w<span class=\"_ _0\"></span>ith simi<span class=\"_ _0\"></span>lar ca<span class=\"_ _0\"></span>sh flow ch<span class=\"_ _9f\"></span>aracteris<span class=\"_ _0\"></span>tics) o<span class=\"_ _0\"></span>r, wher<span class=\"_ _0\"></span>e necessa<span class=\"_ _0\"></span>ry, on an in<span class=\"_ _0\"></span>dividu<span class=\"_ _9f\"></span>al basis.<span class=\"_ _0\"></span> It is asses<span class=\"_ _0\"></span>sed wheth<span class=\"_ _9f\"></span>er the instru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> genera<span class=\"_ _0\"></span>tes ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _9f\"></span>s on spec<span class=\"_ _0\"></span>ified d<span class=\"_ _0\"></span>ates <span class=\"_ _0\"></span>that a<span class=\"_ _0\"></span>re sol<span class=\"_ _0\"></span>ely pa<span class=\"_ _0\"></span>yment<span class=\"_ _0\"></span>s of prin<span class=\"_ _9f\"></span>cipal and<span class=\"_ _0\"></span> int<span class=\"ws1f3\">erest on the principal amount outstanding (SPPI: sole<span class=\"_ _0\"></span>ly payments of principal </span>and interest).<span class=\"ws1\"> <span class=\"ls25 ws215\">It is also inv<span class=\"_ _9f\"></span>estigated<span class=\"_ _0\"></span> how th<span class=\"_ _0\"></span>ese cash f<span class=\"_ _0\"></span>lows fi<span class=\"_ _0\"></span>t in with <span class=\"_ _0\"></span>the busin<span class=\"_ _9f\"></span>ess </span></span>model of the<span class=\"_ _3\"></span> entity in question.<span class=\"ws1\"> </span>The rel<span class=\"_ _0\"></span>evant c<span class=\"_ _0\"></span>lassif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ion and me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t metho<span class=\"_ _0\"></span>d follow<span class=\"_ _0\"></span>s f<span class=\"ls25 ws265\">rom<span class=\"_ _0\"></span> thos<span class=\"_ _0\"></span>e </span>assessm<span class=\"_ _9f\"></span>ents:<span class=\"ls1 ws1\"> </span>i) <span class=\"_ _24\"></span><span class=\"ff3b ls25 ws267\">meas<span class=\"_ _0\"></span>ured at amo<span class=\"_ _9f\"></span>rtised cost (A<span class=\"_ _0\"></span>C)<span class=\"ff3a ls1 ws1ef\">: debt instrum<span class=\"_ _0\"></span>ents that pass the SPPI<span class=\"_ _0\"></span> </span></span>test and are he<span class=\"_ _0\"></span>ld under an HTC bu<span class=\"_ _0\"></span>siness model<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls52 ws24e\">(H<span class=\"_ _3\"></span>eld</span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls4c ws268\">collect)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls35 ws269\">At initia<span class=\"_ _0\"></span>l </span></span></span></span>recogn<span class=\"_ _0\"></span>ition, th<span class=\"_ _9f\"></span>ey are measu<span class=\"_ _0\"></span>red at fai<span class=\"_ _0\"></span>r value p<span class=\"_ _0\"></span>lus tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span> costs th<span class=\"_ _0\"></span>at are dire<span class=\"_ _3\"></span>ctly<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws232\">attrib<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>le to the<span class=\"_ _0\"></span>ir acqui<span class=\"_ _0\"></span>sition. <span class=\"_ _0\"></span>Subsequ<span class=\"_ _9f\"></span>ently, the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st </span></span>rate method is applied where the difference betwe<span class=\"_ _0\"></span>en the measurement at initial recognition and the repaymen<span class=\"_ _0\"></span>t value is recognized pro rata temporis in profit o<span class=\"_ _9f\"></span>r loss on th<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span><span class=\"ws1db\">e effectiv<span class=\"_ _0\"></span>e intere<span class=\"_ _0\"></span>st rate.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>ii) <span class=\"_ _24\"></span><span class=\"ff3b ls3f ws26a\">fair v<span class=\"_ _0\"></span>alue me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t with v<span class=\"_ _0\"></span>alue c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>zed in o<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span> </span>compr<span class=\"_ _3\"></span>ehensive inc<span class=\"_ _3\"></span>ome (FVOCI<span class=\"_ _3\"></span>)<span class=\"ff3a ls25 ws1db\">: deb<span class=\"_ _0\"></span>t instrum<span class=\"_ _0\"></span>ents tha<span class=\"_ _0\"></span>t pass the<span class=\"_ _0\"></span> SPPI test<span class=\"_ _0\"></span> </span>and are held unde<span class=\"_ _0\"></span>r an HTC&amp;S busine<span class=\"_ _0\"></span>ss model<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls52 ws24e\">(Held<span class=\"_ _3\"></span></span>-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls35 ws26b\">co<span class=\"_ _0\"></span>llect &amp; sell)<span class=\"_ _0\"></span><span class=\"ls1 ws1\">. <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">O<span class=\"_ _3\"></span>n </span></span></span></span>disposal, the cumula<span class=\"ls25 ws1eb\">tiv<span class=\"_ _9f\"></span>e fair valu<span class=\"_ _0\"></span>e chan<span class=\"_ _0\"></span>ges are r<span class=\"_ _0\"></span>ecla<span class=\"_ _0\"></span>ssified<span class=\"_ _0\"></span> to prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span></span>iii) <span class=\"_ _0\"></span><span class=\"ff3b ls3f ws26c\">fair v<span class=\"_ _0\"></span>alue m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>reme<span class=\"_ _0\"></span>nt with<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> chang<span class=\"_ _0\"></span>es reco<span class=\"_ _0\"></span>gniz<span class=\"_ _0\"></span>ed in pro<span class=\"_ _0\"></span>fit or<span class=\"_ _0\"></span> </span>loss (FVPL)<span class=\"ff3a ls1 ws20b\">: debt instruments that fail th<span class=\"_ _0\"></span>e SPPI test and/or are no<span class=\"_ _0\"></span>t held under </span>an HTC or HTC&amp;S mod<span class=\"_ _0\"></span>el must mandatorily be mea<span class=\"_ _0\"></span>sured in this way.<span class=\"ws1\"> </span>Irresp<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e of thes<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ssmen<span class=\"_ _0\"></span>ts, one <span class=\"_ _13\"> </span><span class=\"ls30 ws26e\">can make an irrev<span class=\"_ _0\"></span>ocab<span class=\"_ _0\"></span>le elec<span class=\"_ _0\"></span>tion to<span class=\"_ _0\"></span> </span>design<span class=\"_ _0\"></span>ate, at <span class=\"_ _0\"></span>initi<span class=\"_ _0\"></span>al reco<span class=\"_ _0\"></span>gnition<span class=\"_ _0\"></span>, a fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l asset <span class=\"_ _0\"></span>as mea<span class=\"_ _0\"></span>sured <span class=\"_ _0\"></span>at FVTP<span class=\"_ _0\"></span>L (fair v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span> option) if doing so eliminates or significant<span class=\"_ _0\"></span>ly reduces a measurement or rec<span class=\"ws1\">ognition<span class=\"_ _0\"></span> </span>inconsistency (\u2018accounti<span class=\"_ _0\"></span>ng mismatch\u2019).<span class=\"ws1\"> </span>For the af<span class=\"_ _0\"></span>orem<span class=\"_ _0\"></span>ention<span class=\"_ _0\"></span>ed fina<span class=\"_ _0\"></span>ncial ass<span class=\"_ _0\"></span>ets th<span class=\"_ _0\"></span>at are mea<span class=\"_ _0\"></span>sured a<span class=\"_ _0\"></span>t amorti<span class=\"_ _0\"></span>sed cos<span class=\"_ _0\"></span>t and at fair value with value chang<span class=\"_ _0\"></span>es recognized in other comprehensive <span class=\"_ _0\"></span>income, a loss allowa<span class=\"_ _0\"></span>nce f<span class=\"_ _0\"></span>or exp<span class=\"_ _9f\"></span>ected c<span class=\"_ _0\"></span>redit lo<span class=\"_ _9f\"></span>sses is r<span class=\"_ _0\"></span>equired<span class=\"_ _9f\"></span> (see sec<span class=\"_ _9f\"></span>tion 6. Im<span class=\"_ _9f\"></span>pairment<span class=\"_ _0\"></span> of<span class=\"_ _0\"></span> financ<span class=\"_ _0\"></span>ial assets). <span class=\"ls1 ws1\"> </span>Classific<span class=\"_ _0\"></span>ation and measurement of equi<span class=\"_ _0\"></span>ty instruments<span class=\"ls1 ws1\"> </span>Equity<span class=\"_ _0\"></span> instru<span class=\"_ _0\"></span>ments h<span class=\"_ _0\"></span>eld for tra<span class=\"_ _0\"></span>ding mu<span class=\"_ _0\"></span>st mand<span class=\"_ _0\"></span>atorily<span class=\"_ _0\"></span> be measu<span class=\"_ _9f\"></span>red at fair v<span class=\"_ _0\"></span>alue with value changes r<span class=\"_ _0\"></span>ecognized in profit or loss (FVTPL).<span class=\"_ _0\"></span><span class=\"ws1\"> </span>For othe<span class=\"_ _0\"></span>r <span class=\"ls1 ws219\">equity instrument<span class=\"_ _0\"></span>s, the Group can make an irrevocable election, at init<span class=\"_ _0\"></span>ial </span>recogn<span class=\"_ _0\"></span>ition, <span class=\"_ _0\"></span>to mea<span class=\"_ _0\"></span>sure tho<span class=\"_ _0\"></span>se in<span class=\"_ _0\"></span>strum<span class=\"_ _0\"></span>ents at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alue with<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e chang<span class=\"_ _0\"></span>es recognized in other comprehen<span class=\"_ _0\"></span>sive income (FVTOCI). This el<span class=\"_ _0\"></span>ection can be made instrument by instrument (per <span class=\"_ _7\"> </span><span class=\"ls35 ws270\">share). On<span class=\"_ _0\"></span> disposa<span class=\"_ _0\"></span>l, the cumu<span class=\"_ _0\"></span>lativ<span class=\"_ _0\"></span>e fair valu<span class=\"_ _0\"></span>e </span>changes must not b<span class=\"_ _0\"></span>e reclassified to profi<span class=\"_ _0\"></span>t or loss. Only dividen<span class=\"_ _0\"></span>d income may be<span class=\"_ _0\"></span> recogn<span class=\"_ _0\"></span>ized i<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss.<span class=\"ls1 ws1\"> </span>For equ<span class=\"_ _0\"></span>ity in<span class=\"_ _0\"></span>strume<span class=\"_ _0\"></span>nts, no l<span class=\"_ _0\"></span>oss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e is req<span class=\"_ _0\"></span>uired f<span class=\"_ _0\"></span>or exp<span class=\"_ _0\"></span>ected c<span class=\"_ _0\"></span>redit l<span class=\"_ _0\"></span>osses.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>11.3<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Classification and<span class=\"_ _3\"></span> measurement o<span class=\"_ _3\"></span>f <span class=\"_ _0\"></span>financial liabilit<span class=\"_ _3\"></span>ies<span class=\"ls1 ws1\"> </span></span>For th<span class=\"_ _0\"></span>e classif<span class=\"_ _9f\"></span>ication an<span class=\"_ _0\"></span>d mea<span class=\"_ _0\"></span>sureme<span class=\"_ _0\"></span>nt of f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s, othe<span class=\"_ _0\"></span>r than<span class=\"_ _0\"></span> derivat<span class=\"_ _0\"></span>ives, t<span class=\"_ _0\"></span>here ar<span class=\"_ _0\"></span>e the fol<span class=\"_ _0\"></span>lowing po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>ilities:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">fair v<span class=\"_ _0\"></span>alue mea<span class=\"_ _0\"></span>surem<span class=\"_ _0\"></span>ent wit<span class=\"_ _0\"></span>h valu<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nges re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in<span class=\"_ _0\"></span> profit o<span class=\"_ _9f\"></span>r loss (F<span class=\"_ _0\"></span>VTPL):<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls46 ws22c\">i<span class=\"_ _3\"></span>f the f</span><span class=\"ws1f6\">inancial liability is held for tr<span class=\"_ _0\"></span>ading;<span class=\"ws1\"> </span></span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws204\">if the Group o<span class=\"_ _0\"></span>pts for th<span class=\"_ _0\"></span>is method (<span class=\"_ _0\"></span>fair v<span class=\"_ _0\"></span>alue optio<span class=\"_ _0\"></span>n), mo<span class=\"_ _0\"></span>re specif<span class=\"_ _0\"></span>ic rega<span class=\"_ _0\"></span>rding </span>Bank Van<span class=\"_ _0\"></span> Breda) <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">measur<span class=\"_ _0\"></span>ement at amo<span class=\"_ _9f\"></span>rtised cost: at in<span class=\"_ _0\"></span>itial reco<span class=\"_ _0\"></span>gnitio<span class=\"_ _0\"></span>n, they a<span class=\"_ _0\"></span>re measured<span class=\"_ _0\"></span> at fair </span></span>valu<span class=\"_ _0\"></span>e, less t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tion cos<span class=\"_ _0\"></span>ts tha<span class=\"_ _0\"></span>t are <span class=\"ws1db\">dir<span class=\"_ _0\"></span>ectly at<span class=\"_ _0\"></span>tribut<span class=\"_ _0\"></span>able to their is<span class=\"_ _0\"></span>sue.<span class=\"ls1 ws1\"> </span></span>11.4<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Derivative financial in<span class=\"_ _3\"></span>struments<span class=\"ls1 ws1\"> </span></span>The operational sub<span class=\"_ _0\"></span>sidiaries belonging <span class=\"_ _0\"></span>to the AvH<span class=\"ws1\">-<span class=\"ls33 ws1fa\">group are re<span class=\"_ _3\"></span>sponsi<span class=\"_ _3\"></span>ble for t<span class=\"_ _3\"></span>heir </span></span>risk<span class=\"_ _3\"></span> manag<span class=\"_ _3\"></span>ement,<span class=\"_ _3\"></span> such a<span class=\"_ _3\"></span>s ex<span class=\"_ _3\"></span>change r<span class=\"_ _3\"></span>isk,<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>st ri<span class=\"_ _3\"></span>sk, cre<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>risk, <span class=\"_ _3\"></span>commodi<span class=\"_ _3\"></span>ty risk<span class=\"_ _3\"></span>, etc. Th<span class=\"_ _9f\"></span>e risks v<span class=\"_ _0\"></span>ary<span class=\"ls1 ws1\"> <span class=\"ls25 ws204\">accord<span class=\"_ _0\"></span>ing to the par<span class=\"_ _0\"></span>ticular bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> where the sub<span class=\"_ _0\"></span>sidia<span class=\"_ _0\"></span>ries are<span class=\"_ _0\"></span> </span></span>active and therefore <span class=\"_ _0\"></span>they are not managed cen<span class=\"_ _0\"></span>trally at group level. The re<span class=\"_ _0\"></span>spective execut<span class=\"_ _0\"></span>ive com<span class=\"_ _0\"></span>mittee<span class=\"_ _0\"></span>s repor<span class=\"_ _0\"></span>t to their b<span class=\"_ _0\"></span>oard of<span class=\"_ _0\"></span> directo<span class=\"_ _0\"></span>rs or audi<span class=\"_ _0\"></span>t comm<span class=\"_ _0\"></span>ittee<span class=\"_ _0\"></span> regarding their hedging pol<span class=\"_ _0\"></span>icy.<span class=\"ws1\"> </span>D<span class=\"ls25 ws236\">erivat<span class=\"_ _0\"></span>ive ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts are re<span class=\"_ _0\"></span>corded<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet a<span class=\"_ _0\"></span>t their fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e; the </span>changes in fai<span class=\"_ _0\"></span>r value are reported i<span class=\"_ _0\"></span>n the income <span class=\"_ _0\"></span>statement unless <span class=\"_ _0\"></span>these instrum<span class=\"_ _9f\"></span>ents are pa<span class=\"_ _0\"></span>rt of h<span class=\"_ _0\"></span>edging<span class=\"_ _0\"></span> transac<span class=\"_ _9f\"></span>tions.<span class=\"ls1 ws1\"> </span>The recognition of deriva<span class=\"_ _0\"></span>tive instruments is in accord<span class=\"_ _0\"></span>anc<span class=\"ls49 ws272\">e wit<span class=\"_ _3\"></span>h</span><span class=\"ws1\"> <span class=\"ls30 ws253\">IFRS 9<span class=\"_ _0\"></span>, excep<span class=\"_ _0\"></span>t for<span class=\"_ _0\"></span> </span></span>macro hedge accounting f<span class=\"_ _0\"></span>or which<span class=\"ws1\"> <span class=\"ls54 ws206\">IAS<span class=\"_ _3\"></span> 39 <span class=\"ls35 ws1ec\">is applied</span></span>.<span class=\"_ _0\"></span> </span>Cash flow hedges<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The valu<span class=\"_ _9f\"></span>e fluctua<span class=\"_ _0\"></span>tions of<span class=\"_ _0\"></span> a deriv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nancia<span class=\"_ _0\"></span>l inst<span class=\"_ _0\"></span>rument <span class=\"_ _0\"></span>that com<span class=\"_ _0\"></span>plies w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e stric<span class=\"_ _0\"></span>t condi<span class=\"_ _0\"></span>tions f<span class=\"_ _0\"></span>or reco<span class=\"_ _9f\"></span>gnition<span class=\"_ _0\"></span> as a c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w hedg<span class=\"_ _9f\"></span>e are reco<span class=\"_ _0\"></span>rded <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r c<span class=\"ls30 ws273\">ompr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _0\"></span>e for the eff<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e part. Th<span class=\"_ _0\"></span>e ineffec<span class=\"_ _0\"></span>tive pa<span class=\"_ _0\"></span>rt is record<span class=\"_ _0\"></span>ed </span>directly in the profit and lo<span class=\"_ _0\"></span>ss account. The hedging results a<span class=\"_ _0\"></span>re transferred from of<span class=\"_ _0\"></span> 'other comprehens<span class=\"_ _0\"></span>ive income' into the pro<span class=\"_ _0\"></span>fit and loss account at <span class=\"_ _0\"></span>the same moment the hedged transact<span class=\"_ _0\"></span>ion has impact on the result.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _9f\"></span>es<span class=\"ls1 ws1\"> </span>Chang<span class=\"_ _0\"></span>es in fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of a deriv<span class=\"_ _9f\"></span>ative ins<span class=\"_ _0\"></span>trument <span class=\"_ _0\"></span>that i<span class=\"_ _0\"></span>s formall<span class=\"_ _0\"></span>y alloc<span class=\"_ _0\"></span>ated to h<span class=\"_ _9f\"></span>edge the cha<span class=\"_ _0\"></span>nges o<span class=\"_ _0\"></span>f fair <span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>e of reco<span class=\"_ _0\"></span>rded a<span class=\"_ _0\"></span>ssets an<span class=\"_ _0\"></span>d liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es, ar<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized<span class=\"_ _0\"></span> in the<span class=\"_ _0\"></span> profit an<span class=\"_ _9f\"></span>d loss accou<span class=\"_ _0\"></span>nt toget<span class=\"_ _0\"></span>her with<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>fits and<span class=\"_ _0\"></span> losses c<span class=\"_ _0\"></span>aused b<span class=\"_ _0\"></span>y the fair v<span class=\"_ _0\"></span>alue re<span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _3\"></span>on of<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> hedge<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpone<span class=\"_ _3\"></span>nt.<span class=\"_ _3\"></span> The v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span> fl<span class=\"_ _3\"></span>uctua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns of<span class=\"_ _3\"></span> der<span class=\"_ _3\"></span>ivati<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> fina<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al instrum<span class=\"_ _9f\"></span>ents, wh<span class=\"_ _0\"></span>ich do no<span class=\"_ _9f\"></span>t meet th<span class=\"_ _0\"></span>e cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r fair<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> hedge <span class=\"_ _0\"></span>or ca<span class=\"_ _0\"></span>sh flow <span class=\"_ _0\"></span>hedge<span class=\"_ _0\"></span> are r<span class=\"_ _0\"></span>ecorded<span class=\"_ _0\"></span> direc<span class=\"_ _0\"></span>tly in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>rofit<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and loss account.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>11.6<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Impairment o<span class=\"_ _3\"></span>f financial assets<span class=\"ls1 ws1\"> </span></span>Under <span class=\"_ _0\"></span>IFRS 9, <span class=\"_ _0\"></span>a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce is ma<span class=\"_ _0\"></span>de at <span class=\"ls1 ws1f7\">initia<span class=\"_ _0\"></span>l <span class=\"_ _3\"></span>recogni<span class=\"_ _0\"></span>tion <span class=\"_ _3\"></span>fo<span class=\"_ _0\"></span>r expected credit </span>losse<span class=\"_ _0\"></span>s (ECL<span class=\"_ _0\"></span>s) for:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1db\">financ<span class=\"_ _0\"></span>ial assets m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>d at amorti<span class=\"_ _0\"></span>sed cost;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">debt instruments measured at fai<span class=\"_ _0\"></span>r value with value changes recognized <span class=\"_ _0\"></span>in other </span></span>compr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _9f\"></span>e;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls39 ws1f4\">fina<span class=\"_ _3\"></span>nce le<span class=\"_ _3\"></span>ase r<span class=\"_ _3\"></span>eceivabl<span class=\"_ _3\"></span>es;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">loan <span class=\"ls1 ws1f6\">commitments and finan<span class=\"_ _0\"></span>cial guarantee contract<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">for the purpose of determining the loss allo<span class=\"_ _0\"></span>wance for expected credit losses, the </span></span>financ<span class=\"_ _0\"></span>ial asse<span class=\"_ _0\"></span>ts are classif<span class=\"_ _9f\"></span>ied in three stag<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>s:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws251\">Stage 1: perf<span class=\"_ _0\"></span>orming<span class=\"_ _0\"></span> asse<span class=\"_ _0\"></span>ts, for w<span class=\"_ _0\"></span>hich<span class=\"_ _0\"></span> at initial<span class=\"_ _0\"></span> recog<span class=\"_ _0\"></span>nition <span class=\"_ _0\"></span>a one<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">year </span></span></span>expec<span class=\"_ _3\"></span>t<span class=\"ls1 ws1f2\">ed credit loss <span class=\"_ _0\"></span>allowance is made b<span class=\"_ _0\"></span>ased on the probability that <span class=\"_ _0\"></span>events </span>will oc<span class=\"_ _0\"></span>cur with<span class=\"_ _0\"></span>in 12 mon<span class=\"_ _0\"></span>ths tha<span class=\"_ _0\"></span>t give r<span class=\"_ _0\"></span>ise to def<span class=\"_ _0\"></span>ault;<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ws1f8\">S<span class=\"_ _3\"></span>tage 2: underpe<span class=\"_ _0\"></span>rforming assets for which a lifetim<span class=\"_ _0\"></span>e expected credit loss </span>allowance is made if there has been a significa<span class=\"_ _0\"></span>nt increas<span class=\"ls35 ws1f0\">e in cre<span class=\"_ _0\"></span>dit risk s<span class=\"_ _0\"></span>ince </span>initia<span class=\"_ _0\"></span>l recogn<span class=\"_ _0\"></span>ition; <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls40 ws275\">S<span class=\"_ _3\"></span>tage 3: for non<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws236\">perform<span class=\"_ _0\"></span>ing as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span> estim<span class=\"_ _0\"></span>ate is m<span class=\"_ _0\"></span>ade of<span class=\"_ _0\"></span> the rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble </span></span></span>amount. When the carrying am<span class=\"_ _0\"></span>ount of an asset is higher than the recove<span class=\"_ _0\"></span>rable amount,<span class=\"_ _0\"></span> an impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t is reco<span class=\"_ _0\"></span>rded in ord<span class=\"_ _9f\"></span>er to bring th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span><span class=\"ls1 ws1fe\">ing amount of </span>the as<span class=\"_ _0\"></span>set bac<span class=\"_ _0\"></span>k to the r<span class=\"_ _0\"></span>ecover<span class=\"_ _0\"></span>able a<span class=\"_ _0\"></span>mount.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Changes in lo<span class=\"_ _0\"></span>ss allowances ar<span class=\"_ _0\"></span>e recognized under th<span class=\"_ _0\"></span>e item \u2018Impairmen<span class=\"_ _0\"></span>t losses\u2019 in profit an<span class=\"_ _0\"></span>d loss. <span class=\"ws1eb\">Th<span class=\"_ _0\"></span>e loss al<span class=\"_ _0\"></span>lowanc<span class=\"_ _0\"></span>e for ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es is pre<span class=\"_ _0\"></span>sented<span class=\"_ _0\"></span>: <span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">as deducted from th<span class=\"_ _0\"></span>e gross carrying amount<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls33 ws276\">of fi<span class=\"_ _3\"></span>nancial as<span class=\"_ _3\"></span>sets tha<span class=\"_ _3\"></span>t are </span></span></span></span>measur<span class=\"_ _0\"></span>ed at amor<span class=\"_ _0\"></span>tised cos<span class=\"_ _0\"></span>t (incl. lea<span class=\"_ _0\"></span>se receiva<span class=\"_ _0\"></span>bles);<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws244\">as a loss a<span class=\"_ _0\"></span>llowan<span class=\"_ _0\"></span>ce in oth<span class=\"_ _0\"></span>er comp<span class=\"_ _0\"></span>rehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>come fo<span class=\"_ _0\"></span>r debt ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts </span></span>measured at fair va<span class=\"_ _0\"></span>lue with value chang<span class=\"_ _0\"></span>es recognized in othe<span class=\"_ _0\"></span>r comprehensive in<span class=\"_ _3\"></span>come<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls42 ws277\">as a loss allowan<span class=\"ls25 ws224\">c<span class=\"_ _0\"></span>e under obl<span class=\"_ _0\"></span>igation<span class=\"_ _9f\"></span>s resulting f<span class=\"_ _0\"></span>rom loan com<span class=\"_ _0\"></span>mitmen<span class=\"_ _9f\"></span>ts and </span></span></span>financ<span class=\"_ _0\"></span>ial guarant<span class=\"_ _0\"></span>ee contr<span class=\"_ _0\"></span>acts.<span class=\"ls1 ws1\"> </span>The staging in the event of a significant increase (or decreas<span class=\"_ _0\"></span>e) in credit risk is done on an individual contract level (\u2018botto<span class=\"_ _0\"></span>m<span class=\"ws1\">-</span>up\u2019 staging) based on certain criteria <span class=\"ls34 ws1ea\">such </span>as paym<span class=\"_ _0\"></span>ent arre<span class=\"_ _0\"></span>ars, ren<span class=\"_ _0\"></span>egotia<span class=\"_ _0\"></span>tions, a<span class=\"_ _0\"></span>nd ratin<span class=\"_ _0\"></span>g catego<span class=\"_ _0\"></span>ry. Th<span class=\"_ _0\"></span>e internal<span class=\"_ _0\"></span> credit r<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span> is used for the indiv<span class=\"_ _0\"></span>idual staging of loans. As <span class=\"_ _0\"></span>this is a criterion based on <span class=\"_ _0\"></span>past history<span class=\"_ _0\"></span>, a dist<span class=\"_ _0\"></span>inct \u2018coll<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e staging<span class=\"_ _0\"></span>\u2019 logic<span class=\"_ _0\"></span> is used as w<span class=\"_ _0\"></span>ell to tak<span class=\"_ _0\"></span>e into accou<span class=\"_ _9f\"></span>nt t<span class=\"ls34 ws1ea\">he </span>macroeconomic outlook.<span class=\"ls1\"> </span>For the bond por<span class=\"_ _0\"></span>tfolio, the \u2018low credit ri<span class=\"_ _0\"></span>sk exemption\u2019 is applied: <span class=\"_ _0\"></span>as long as bonds retain their investment grade rat<span class=\"_ _0\"></span>ing category, they remain in stage 1. On th<span class=\"_ _0\"></span>e basis of the low credit risk at the reporting dat<span class=\"_ _0\"></span>e it may be concluded that there has been<span class=\"_ _0\"></span> no significant increase in credit risk. <span class=\"_ _0\"></span>Should a bond migrate to a non<span class=\"ws1\">-<span class=\"ls33 ws1f0\">investm<span class=\"_ _3\"></span>ent </span></span>grade <span class=\"_ _0\"></span>rating<span class=\"_ _0\"></span> categ<span class=\"_ _0\"></span>ory, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> b<span class=\"_ _0\"></span>ank wi<span class=\"_ _0\"></span>ll eith<span class=\"_ _9f\"></span>er sell <span class=\"_ _0\"></span>the bond<span class=\"_ _9f\"></span> or tran<span class=\"_ _0\"></span>sfer it t<span class=\"_ _0\"></span>o stag<span class=\"_ _0\"></span>e 2 and determine an approp<span class=\"_ _0\"></span>riate lifetime ECL. <span class=\"ws1\"> </span>A valua<span class=\"_ _0\"></span>tion mod<span class=\"_ _0\"></span>el calc<span class=\"ls25 ws1f9\">u<span class=\"_ _0\"></span>lates <span class=\"_ _0\"></span>the exp<span class=\"_ _9f\"></span>ected cred<span class=\"_ _0\"></span>it loss<span class=\"_ _0\"></span>es for co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in st<span class=\"_ _0\"></span>ages 1<span class=\"_ _0\"></span> </span>and 2 in line with the litera<span class=\"_ _0\"></span>ture on IFRS9 ECL modelling. They ar<span class=\"_ _0\"></span>e determined withou<span class=\"_ _0\"></span>t any d<span class=\"_ _9f\"></span>eliberate o<span class=\"_ _0\"></span>ptimi<span class=\"_ _0\"></span>stic o<span class=\"_ _0\"></span>r conse<span class=\"_ _0\"></span>rvativ<span class=\"_ _0\"></span>e bias,<span class=\"_ _0\"></span> and ar<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ed on al<span class=\"_ _0\"></span>l reasonable and subst<span class=\"_ _0\"></span>antiated information <span class=\"ls25 ws224\">av<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le by ju<span class=\"_ _0\"></span>stifi<span class=\"_ _0\"></span>able co<span class=\"_ _0\"></span>st or ef<span class=\"_ _0\"></span>fort.<span class=\"_ _0\"></span> </span>This includes inf<span class=\"_ _0\"></span>ormation about past h<span class=\"_ _0\"></span>istory, present circumstan<span class=\"_ _0\"></span>ces and future<span class=\"_ _0\"></span> projec<span class=\"_ _0\"></span>tions.<span class=\"_ _0\"></span> They <span class=\"_ _0\"></span>also <span class=\"_ _0\"></span>reflec<span class=\"_ _0\"></span>t the ex<span class=\"_ _9f\"></span>pected v<span class=\"_ _0\"></span>alue th<span class=\"_ _9f\"></span>at the b<span class=\"_ _0\"></span>ank dee<span class=\"_ _0\"></span>ms pos<span class=\"_ _0\"></span>sible<span class=\"_ _0\"></span> in the for<span class=\"_ _0\"></span>eseea<span class=\"_ _0\"></span>ble fu<span class=\"_ _0\"></span>ture.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span>These one<span class=\"ws1\">-<span class=\"ls30 ws278\">yea<span class=\"_ _0\"></span>r expect<span class=\"_ _0\"></span>ed credi<span class=\"_ _0\"></span><span class=\"ls25 ws1fc\">t loss<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> lifeti<span class=\"_ _0\"></span>me expe<span class=\"_ _0\"></span>cted cre<span class=\"_ _0\"></span>dit los<span class=\"_ _0\"></span>ses are<span class=\"_ _0\"></span> </span></span></span>calculated for each individual <span class=\"_ _0\"></span>contract on the basis of the future c<span class=\"_ _0\"></span>ash flows and the following model pa<span class=\"_ _0\"></span>rameters:<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">PD stands for \u2018Probability of Default\u2019 in a<span class=\"_ _0\"></span> given period. The PD modelling has </span></span>been set up using m<span class=\"_ _0\"></span>igration matrice<span class=\"_ _0\"></span>s based on existing in<span class=\"_ _0\"></span>ternal credit ratings<span class=\"_ _0\"></span> for loans and supplied by <span class=\"_ _0\"></span>rating agency DBRS for the bond po<span class=\"_ _0\"></span>rtfolio.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">Loss <span class=\"_ _3\"></span><span class=\"ls1 ws1\">G<span class=\"ls54 ws279\">i<span class=\"_ _3\"></span>ven<span class=\"_ _3\"></span> <span class=\"_ _3\"></span></span>D<span class=\"ls25 ws1f9\">efau<span class=\"_ _9f\"></span>lt (LGD) s<span class=\"_ _0\"></span>tands f<span class=\"_ _0\"></span>or ex<span class=\"_ _0\"></span>pected<span class=\"_ _0\"></span> loss in<span class=\"_ _9f\"></span> the even<span class=\"_ _0\"></span>t of def<span class=\"_ _0\"></span>ault.<span class=\"_ _0\"></span> The </span></span></span></span>LGD figure is obtained<span class=\"_ _0\"></span> from the \u2018exposure at d<span class=\"_ _0\"></span>efault\u2019 and the pledged coll<span class=\"_ _0\"></span>ateral.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls35 ws27a\">\u2018Surviv<span class=\"_ _0\"></span>al Probab<span class=\"_ _0\"></span>ility\u2019 is t<span class=\"_ _0\"></span>he prob<span class=\"_ _0\"></span>ability t<span class=\"_ _0\"></span>hat a contr<span class=\"_ _0\"></span>act is sti<span class=\"_ _0\"></span>ll liab<span class=\"_ _0\"></span>le to credi<span class=\"_ _0\"></span>t </span></span>losse<span class=\"_ _0\"></span>s. The <span class=\"_ _0\"></span>Survival <span class=\"_ _0\"></span>Prob<span class=\"_ _0\"></span>ability i<span class=\"_ _0\"></span>s dete<span class=\"_ _0\"></span>rmin<span class=\"_ _0\"></span>ed on the b<span class=\"_ _0\"></span>asis of<span class=\"_ _0\"></span>:<span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws232\">the probab<span class=\"_ _0\"></span>ility th<span class=\"_ _0\"></span>at a cont<span class=\"_ _0\"></span>ract ha<span class=\"_ _0\"></span>s not di<span class=\"_ _0\"></span>sappea<span class=\"_ _0\"></span>red fro<span class=\"_ _0\"></span>m the bal<span class=\"_ _0\"></span>ance <span class=\"ws1ec\">sh<span class=\"_ _0\"></span>eet </span></span>following an earlier d<span class=\"_ _0\"></span>efault, and <span class=\"ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws208\">the probabi<span class=\"_ _0\"></span>lity tha<span class=\"_ _0\"></span>t a contra<span class=\"_ _0\"></span>ct has no<span class=\"_ _0\"></span>t yet disap<span class=\"_ _0\"></span>peared<span class=\"_ _0\"></span> from the b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> sheet </span>follow<span class=\"_ _0\"></span>ing full e<span class=\"_ _0\"></span>arly rep<span class=\"_ _0\"></span>ayment.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ff3c\"> <span class=\"_\"> </span></span><span class=\"ls25 ws1fa\">Effective I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t Rate\u2019<span class=\"_ _0\"></span> (EIR)<span class=\"_ _0\"></span> is the ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st rate a<span class=\"_ _0\"></span>t whic<span class=\"_ _0\"></span>h the lo<span class=\"_ _0\"></span>sses </span>are di<span class=\"_ _0\"></span>scounted<span class=\"_ _0\"></span>. For f<span class=\"_ _0\"></span>i<span class=\"ls31 ws206\">xed<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-</span></span>rat<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>acts thi<span class=\"_ _0\"></span>s is th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ctual <span class=\"_ _0\"></span>effectiv<span class=\"_ _9f\"></span>e interest<span class=\"_ _0\"></span> rate; for v<span class=\"_ _9f\"></span>ar<span class=\"_ _3\"></span>iab<span class=\"_ _0\"></span>le<span class=\"ls1 ws1\">-<span class=\"ls25 ws1db\">rate co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, the most rec<span class=\"_ _0\"></span>ent fixing<span class=\"_ _0\"></span> is used.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>On each closing date, <span class=\"ws1\">an <span class=\"_ _24\"></span><span class=\"ls35 ws213\">inv<span class=\"_ _0\"></span>estigat<span class=\"_ _0\"></span><span class=\"ls1 ws23c\">ion is performed<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws232\">whet<span class=\"_ _3\"></span>her ther<span class=\"_ _3\"></span>e are<span class=\"_ _3\"></span> object<span class=\"_ _3\"></span>ive </span></span></span></span></span>indications that a financial ass<span class=\"_ _0\"></span>et is becoming non<span class=\"ws1\">-</span>performing an<span class=\"_ _0\"></span>d therefore transf<span class=\"_ _0\"></span>ers to s<span class=\"_ _0\"></span>tage 3<span class=\"ls34 ws1f5\">, base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls40\">on one of the following objectively observable ev<span class=\"_ _0\"></span>ents:<span class=\"ls1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">major f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al diffi<span class=\"_ _0\"></span>culti<span class=\"_ _0\"></span>es at the b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>er;<span class=\"ls1 ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws27b\">breach of contract, in<span class=\"ls1 ws24b\">cluding failure to meet due date<span class=\"_ _0\"></span>s for principal and/or </span></span></span>inte<span class=\"_ _3\"></span>rest re<span class=\"_ _3\"></span>payments<span class=\"_ _3\"></span>;<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the granting by the bank of certain terms, for economic or lega<span class=\"_ _0\"></span>l reasons, which </span></span>the Group under norma<span class=\"_ _0\"></span>l circumstances would not grant t<span class=\"_ _0\"></span>o the borrower;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">the likelihood <span class=\"_ _3\"></span>of the <span class=\"ws1f6\">borrower going b<span class=\"_ _0\"></span>ankrupt or being restruc<span class=\"_ _0\"></span>tured;<span class=\"ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">for bonds, the e<span class=\"_ _0\"></span>xtinction of an ac<span class=\"_ _0\"></span>tive market due to<span class=\"_ _0\"></span> financial difficult<span class=\"_ _0\"></span>ies or other </span></span>indications threatening <span class=\"_ _0\"></span>the recoverability of<span class=\"_ _0\"></span> the acquisition value;<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">objective criteria showing a m<span class=\"_ _0\"></span>easurable deterioration o<span class=\"ls30 ws27c\">f<span class=\"_ _0\"></span> the exp<span class=\"_ _0\"></span>ected f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e </span></span></span>cash flows from a <span class=\"_ _0\"></span>collective group of f<span class=\"_ _0\"></span>inancial assets, even though <span class=\"_ _0\"></span>such deterioration cannot b<span class=\"_ _0\"></span>e detected on an individu<span class=\"_ _0\"></span>al basis, or criteria indicating <span class=\"_ _0\"></span>a deter<span class=\"_ _0\"></span>iorati<span class=\"_ _0\"></span>on of <span class=\"_ _0\"></span>the cred<span class=\"_ _0\"></span>itwo<span class=\"_ _0\"></span>rthiness<span class=\"_ _0\"></span> or f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al cap<span class=\"_ _0\"></span>acity o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> borrow<span class=\"_ _0\"></span>ers of<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>the group, or national or<span class=\"_ _0\"></span> economic circumstances sp<span class=\"_ _0\"></span>ecific to that group of borrow<span class=\"_ _9f\"></span>ers.<span class=\"ls1 ws1\"> </span>For st<span class=\"_ _0\"></span>age 3 con<span class=\"_ _0\"></span>tracts, <span class=\"_ _0\"></span>an esti<span class=\"_ _0\"></span>mate is m<span class=\"_ _9f\"></span>ade of the <span class=\"_ _0\"></span>recove<span class=\"_ _0\"></span>rable am<span class=\"_ _0\"></span>ount. W<span class=\"_ _0\"></span>hen the<span class=\"_ _0\"></span> carrying amount of an asset is higher than<span class=\"_ _0\"></span> the recoverable amount, an impairment is reco<span class=\"_ _0\"></span>rd<span class=\"ls1 ws252\">ed in order to bring the c<span class=\"_ _0\"></span>arrying amount of the asset back to th<span class=\"_ _0\"></span>e </span>recoverable amount. <span class=\"ls1\"> </span>The net recoverab<span class=\"_ _0\"></span>le amount of an <span class=\"_ _0\"></span>asset is defined as the<span class=\"_ _0\"></span> higher of the followin<span class=\"_ _0\"></span>g va<span class=\"_ _3\"></span>lues<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the net sale price (assuming a vol<span class=\"_ _0\"></span>untary sale), and<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">the value in us<span class=\"_ _0\"></span>e (based on the p<span class=\"_ _0\"></span>resent value of the e<span class=\"_ _0\"></span>xpected future cash<span class=\"_ _0\"></span> flows).<span class=\"ws1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-25-6": {
   "value": "11.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws10d\">Financial instr<span class=\"_ _3\"></span>uments </span> 11.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Recogniti<span class=\"_ _0\"></span>on and der<span class=\"_ _0\"></span>ecogniti<span class=\"_ _0\"></span>on of financ<span class=\"_ _0\"></span>ial instr<span class=\"_ _0\"></span>uments<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">Financial assets and liabilities <span class=\"_ _0\"></span>are recognized when the Group b<span class=\"_ _0\"></span>ecomes a party </span></span>to the c<span class=\"_ _0\"></span>ontrac<span class=\"_ _9f\"></span>tual prov<span class=\"_ _0\"></span>isions o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>instru<span class=\"_ _0\"></span>ment. F<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts boug<span class=\"_ _0\"></span>ht an<span class=\"_ _0\"></span>d sold<span class=\"_ _0\"></span> in accordance with standard mar<span class=\"_ _0\"></span>ket conventions are recognized on the transa<span class=\"_ _0\"></span>ction d<span class=\"_ _0\"></span>ate. <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb\">Financ<span class=\"ls25 ws236\">ial a<span class=\"_ _0\"></span>ssets <span class=\"_ _0\"></span>are de<span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized w<span class=\"_ _0\"></span>hen t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>ractua<span class=\"_ _0\"></span>l righ<span class=\"_ _0\"></span>ts to r<span class=\"_ _0\"></span>eceiv<span class=\"_ _0\"></span>e cash<span class=\"_ _0\"></span> </span></span></span>flow<span class=\"_ _0\"></span>s from the a<span class=\"_ _9f\"></span>ssets have ex<span class=\"_ _0\"></span>pired<span class=\"_ _0\"></span> or hav<span class=\"_ _0\"></span>e been t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred and <span class=\"_ _0\"></span>the Grou<span class=\"_ _0\"></span>p has transf<span class=\"_ _0\"></span>erred a<span class=\"_ _0\"></span>ll risk<span class=\"_ _0\"></span>s and rew<span class=\"_ _9f\"></span>ards of ow<span class=\"_ _0\"></span>nersh<span class=\"_ _0\"></span>ip of th<span class=\"_ _0\"></span>ose ass<span class=\"_ _0\"></span>ets.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws21a\">Financial liabilities ar<span class=\"_ _0\"></span>e derecognized when the ob<span class=\"_ _0\"></span>ligation specified in th<span class=\"_ _0\"></span>e </span></span>contr<span class=\"_ _0\"></span>act is di<span class=\"_ _0\"></span>scharg<span class=\"_ _0\"></span>ed, ca<span class=\"_ _0\"></span>ncelled<span class=\"_ _0\"></span>, or exp<span class=\"_ _0\"></span>ires.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-29-6": {
   "value": "11.4<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Derivative financial in<span class=\"_ _3\"></span>struments<span class=\"ls1 ws1\"> </span></span>The operational sub<span class=\"_ _0\"></span>sidiaries belonging <span class=\"_ _0\"></span>to the AvH<span class=\"ws1\">-<span class=\"ls33 ws1fa\">group are re<span class=\"_ _3\"></span>sponsi<span class=\"_ _3\"></span>ble for t<span class=\"_ _3\"></span>heir </span></span>risk<span class=\"_ _3\"></span> manag<span class=\"_ _3\"></span>ement,<span class=\"_ _3\"></span> such a<span class=\"_ _3\"></span>s ex<span class=\"_ _3\"></span>change r<span class=\"_ _3\"></span>isk,<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>st ri<span class=\"_ _3\"></span>sk, cre<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>risk, <span class=\"_ _3\"></span>commodi<span class=\"_ _3\"></span>ty risk<span class=\"_ _3\"></span>, etc. Th<span class=\"_ _9f\"></span>e risks v<span class=\"_ _0\"></span>ary<span class=\"ls1 ws1\"> <span class=\"ls25 ws204\">accord<span class=\"_ _0\"></span>ing to the par<span class=\"_ _0\"></span>ticular bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> where the sub<span class=\"_ _0\"></span>sidia<span class=\"_ _0\"></span>ries are<span class=\"_ _0\"></span> </span></span>active and therefore <span class=\"_ _0\"></span>they are not managed cen<span class=\"_ _0\"></span>trally at group level. The re<span class=\"_ _0\"></span>spective execut<span class=\"_ _0\"></span>ive com<span class=\"_ _0\"></span>mittee<span class=\"_ _0\"></span>s repor<span class=\"_ _0\"></span>t to their b<span class=\"_ _0\"></span>oard of<span class=\"_ _0\"></span> directo<span class=\"_ _0\"></span>rs or audi<span class=\"_ _0\"></span>t comm<span class=\"_ _0\"></span>ittee<span class=\"_ _0\"></span> regarding their hedging pol<span class=\"_ _0\"></span>icy.<span class=\"ws1\"> </span>D<span class=\"ls25 ws236\">erivat<span class=\"_ _0\"></span>ive ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts are re<span class=\"_ _0\"></span>corded<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet a<span class=\"_ _0\"></span>t their fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e; the </span>changes in fai<span class=\"_ _0\"></span>r value are reported i<span class=\"_ _0\"></span>n the income <span class=\"_ _0\"></span>statement unless <span class=\"_ _0\"></span>these instrum<span class=\"_ _9f\"></span>ents are pa<span class=\"_ _0\"></span>rt of h<span class=\"_ _0\"></span>edging<span class=\"_ _0\"></span> transac<span class=\"_ _9f\"></span>tions.<span class=\"ls1 ws1\"> </span>The recognition of deriva<span class=\"_ _0\"></span>tive instruments is in accord<span class=\"_ _0\"></span>anc<span class=\"ls49 ws272\">e wit<span class=\"_ _3\"></span>h</span><span class=\"ws1\"> <span class=\"ls30 ws253\">IFRS 9<span class=\"_ _0\"></span>, excep<span class=\"_ _0\"></span>t for<span class=\"_ _0\"></span> </span></span>macro hedge accounting f<span class=\"_ _0\"></span>or which<span class=\"ws1\"> <span class=\"ls54 ws206\">IAS<span class=\"_ _3\"></span> 39 <span class=\"ls35 ws1ec\">is applied</span></span>.<span class=\"_ _0\"></span> </span>Cash flow hedges<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The valu<span class=\"_ _9f\"></span>e fluctua<span class=\"_ _0\"></span>tions of<span class=\"_ _0\"></span> a deriv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nancia<span class=\"_ _0\"></span>l inst<span class=\"_ _0\"></span>rument <span class=\"_ _0\"></span>that com<span class=\"_ _0\"></span>plies w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e stric<span class=\"_ _0\"></span>t condi<span class=\"_ _0\"></span>tions f<span class=\"_ _0\"></span>or reco<span class=\"_ _9f\"></span>gnition<span class=\"_ _0\"></span> as a c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w hedg<span class=\"_ _9f\"></span>e are reco<span class=\"_ _0\"></span>rded <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r c<span class=\"ls30 ws273\">ompr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _0\"></span>e for the eff<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e part. Th<span class=\"_ _0\"></span>e ineffec<span class=\"_ _0\"></span>tive pa<span class=\"_ _0\"></span>rt is record<span class=\"_ _0\"></span>ed </span>directly in the profit and lo<span class=\"_ _0\"></span>ss account. The hedging results a<span class=\"_ _0\"></span>re transferred from of<span class=\"_ _0\"></span> 'other comprehens<span class=\"_ _0\"></span>ive income' into the pro<span class=\"_ _0\"></span>fit and loss account at <span class=\"_ _0\"></span>the same moment the hedged transact<span class=\"_ _0\"></span>ion has impact on the result.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _9f\"></span>es<span class=\"ls1 ws1\"> </span>Chang<span class=\"_ _0\"></span>es in fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of a deriv<span class=\"_ _9f\"></span>ative ins<span class=\"_ _0\"></span>trument <span class=\"_ _0\"></span>that i<span class=\"_ _0\"></span>s formall<span class=\"_ _0\"></span>y alloc<span class=\"_ _0\"></span>ated to h<span class=\"_ _9f\"></span>edge the cha<span class=\"_ _0\"></span>nges o<span class=\"_ _0\"></span>f fair <span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>e of reco<span class=\"_ _0\"></span>rded a<span class=\"_ _0\"></span>ssets an<span class=\"_ _0\"></span>d liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es, ar<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized<span class=\"_ _0\"></span> in the<span class=\"_ _0\"></span> profit an<span class=\"_ _9f\"></span>d loss accou<span class=\"_ _0\"></span>nt toget<span class=\"_ _0\"></span>her with<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>fits and<span class=\"_ _0\"></span> losses c<span class=\"_ _0\"></span>aused b<span class=\"_ _0\"></span>y the fair v<span class=\"_ _0\"></span>alue re<span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _3\"></span>on of<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> hedge<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpone<span class=\"_ _3\"></span>nt.<span class=\"_ _3\"></span> The v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span> fl<span class=\"_ _3\"></span>uctua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns of<span class=\"_ _3\"></span> der<span class=\"_ _3\"></span>ivati<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> fina<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al instrum<span class=\"_ _9f\"></span>ents, wh<span class=\"_ _0\"></span>ich do no<span class=\"_ _9f\"></span>t meet th<span class=\"_ _0\"></span>e cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r fair<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> hedge <span class=\"_ _0\"></span>or ca<span class=\"_ _0\"></span>sh flow <span class=\"_ _0\"></span>hedge<span class=\"_ _0\"></span> are r<span class=\"_ _0\"></span>ecorded<span class=\"_ _0\"></span> direc<span class=\"_ _0\"></span>tly in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>rofit<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and loss account.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-29-7": {
   "value": "11.4<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls48 ws239\">Derivative financial in<span class=\"_ _3\"></span>struments<span class=\"ls1 ws1\"> </span></span>The operational sub<span class=\"_ _0\"></span>sidiaries belonging <span class=\"_ _0\"></span>to the AvH<span class=\"ws1\">-<span class=\"ls33 ws1fa\">group are re<span class=\"_ _3\"></span>sponsi<span class=\"_ _3\"></span>ble for t<span class=\"_ _3\"></span>heir </span></span>risk<span class=\"_ _3\"></span> manag<span class=\"_ _3\"></span>ement,<span class=\"_ _3\"></span> such a<span class=\"_ _3\"></span>s ex<span class=\"_ _3\"></span>change r<span class=\"_ _3\"></span>isk,<span class=\"_ _3\"></span> intere<span class=\"_ _3\"></span>st ri<span class=\"_ _3\"></span>sk, cre<span class=\"_ _3\"></span>dit <span class=\"_ _3\"></span>risk, <span class=\"_ _3\"></span>commodi<span class=\"_ _3\"></span>ty risk<span class=\"_ _3\"></span>, etc. Th<span class=\"_ _9f\"></span>e risks v<span class=\"_ _0\"></span>ary<span class=\"ls1 ws1\"> <span class=\"ls25 ws204\">accord<span class=\"_ _0\"></span>ing to the par<span class=\"_ _0\"></span>ticular bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> where the sub<span class=\"_ _0\"></span>sidia<span class=\"_ _0\"></span>ries are<span class=\"_ _0\"></span> </span></span>active and therefore <span class=\"_ _0\"></span>they are not managed cen<span class=\"_ _0\"></span>trally at group level. The re<span class=\"_ _0\"></span>spective execut<span class=\"_ _0\"></span>ive com<span class=\"_ _0\"></span>mittee<span class=\"_ _0\"></span>s repor<span class=\"_ _0\"></span>t to their b<span class=\"_ _0\"></span>oard of<span class=\"_ _0\"></span> directo<span class=\"_ _0\"></span>rs or audi<span class=\"_ _0\"></span>t comm<span class=\"_ _0\"></span>ittee<span class=\"_ _0\"></span> regarding their hedging pol<span class=\"_ _0\"></span>icy.<span class=\"ws1\"> </span>D<span class=\"ls25 ws236\">erivat<span class=\"_ _0\"></span>ive ins<span class=\"_ _0\"></span>trumen<span class=\"_ _0\"></span>ts are re<span class=\"_ _0\"></span>corded<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet a<span class=\"_ _0\"></span>t their fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e; the </span>changes in fai<span class=\"_ _0\"></span>r value are reported i<span class=\"_ _0\"></span>n the income <span class=\"_ _0\"></span>statement unless <span class=\"_ _0\"></span>these instrum<span class=\"_ _9f\"></span>ents are pa<span class=\"_ _0\"></span>rt of h<span class=\"_ _0\"></span>edging<span class=\"_ _0\"></span> transac<span class=\"_ _9f\"></span>tions.<span class=\"ls1 ws1\"> </span>The recognition of deriva<span class=\"_ _0\"></span>tive instruments is in accord<span class=\"_ _0\"></span>anc<span class=\"ls49 ws272\">e wit<span class=\"_ _3\"></span>h</span><span class=\"ws1\"> <span class=\"ls30 ws253\">IFRS 9<span class=\"_ _0\"></span>, excep<span class=\"_ _0\"></span>t for<span class=\"_ _0\"></span> </span></span>macro hedge accounting f<span class=\"_ _0\"></span>or which<span class=\"ws1\"> <span class=\"ls54 ws206\">IAS<span class=\"_ _3\"></span> 39 <span class=\"ls35 ws1ec\">is applied</span></span>.<span class=\"_ _0\"></span> </span>Cash flow hedges<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The valu<span class=\"_ _9f\"></span>e fluctua<span class=\"_ _0\"></span>tions of<span class=\"_ _0\"></span> a deriv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nancia<span class=\"_ _0\"></span>l inst<span class=\"_ _0\"></span>rument <span class=\"_ _0\"></span>that com<span class=\"_ _0\"></span>plies w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e stric<span class=\"_ _0\"></span>t condi<span class=\"_ _0\"></span>tions f<span class=\"_ _0\"></span>or reco<span class=\"_ _9f\"></span>gnition<span class=\"_ _0\"></span> as a c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w hedg<span class=\"_ _9f\"></span>e are reco<span class=\"_ _0\"></span>rded <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r c<span class=\"ls30 ws273\">ompr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _0\"></span>e for the eff<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e part. Th<span class=\"_ _0\"></span>e ineffec<span class=\"_ _0\"></span>tive pa<span class=\"_ _0\"></span>rt is record<span class=\"_ _0\"></span>ed </span>directly in the profit and lo<span class=\"_ _0\"></span>ss account. The hedging results a<span class=\"_ _0\"></span>re transferred from of<span class=\"_ _0\"></span> 'other comprehens<span class=\"_ _0\"></span>ive income' into the pro<span class=\"_ _0\"></span>fit and loss account at <span class=\"_ _0\"></span>the same moment the hedged transact<span class=\"_ _0\"></span>ion has impact on the result.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _9f\"></span>es<span class=\"ls1 ws1\"> </span>Chang<span class=\"_ _0\"></span>es in fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of a deriv<span class=\"_ _9f\"></span>ative ins<span class=\"_ _0\"></span>trument <span class=\"_ _0\"></span>that i<span class=\"_ _0\"></span>s formall<span class=\"_ _0\"></span>y alloc<span class=\"_ _0\"></span>ated to h<span class=\"_ _9f\"></span>edge the cha<span class=\"_ _0\"></span>nges o<span class=\"_ _0\"></span>f fair <span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>e of reco<span class=\"_ _0\"></span>rded a<span class=\"_ _0\"></span>ssets an<span class=\"_ _0\"></span>d liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es, ar<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized<span class=\"_ _0\"></span> in the<span class=\"_ _0\"></span> profit an<span class=\"_ _9f\"></span>d loss accou<span class=\"_ _0\"></span>nt toget<span class=\"_ _0\"></span>her with<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>fits and<span class=\"_ _0\"></span> losses c<span class=\"_ _0\"></span>aused b<span class=\"_ _0\"></span>y the fair v<span class=\"_ _0\"></span>alue re<span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _3\"></span>on of<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> hedge<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpone<span class=\"_ _3\"></span>nt.<span class=\"_ _3\"></span> The v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span> fl<span class=\"_ _3\"></span>uctua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns of<span class=\"_ _3\"></span> der<span class=\"_ _3\"></span>ivati<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> fina<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al instrum<span class=\"_ _9f\"></span>ents, wh<span class=\"_ _0\"></span>ich do no<span class=\"_ _9f\"></span>t meet th<span class=\"_ _0\"></span>e cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r fair<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> hedge <span class=\"_ _0\"></span>or ca<span class=\"_ _0\"></span>sh flow <span class=\"_ _0\"></span>hedge<span class=\"_ _0\"></span> are r<span class=\"_ _0\"></span>ecorded<span class=\"_ _0\"></span> direc<span class=\"_ _0\"></span>tly in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>rofit<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and loss account.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-30-8": {
   "value": "Cash flow hedges<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The valu<span class=\"_ _9f\"></span>e fluctua<span class=\"_ _0\"></span>tions of<span class=\"_ _0\"></span> a deriv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nancia<span class=\"_ _0\"></span>l inst<span class=\"_ _0\"></span>rument <span class=\"_ _0\"></span>that com<span class=\"_ _0\"></span>plies w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e stric<span class=\"_ _0\"></span>t condi<span class=\"_ _0\"></span>tions f<span class=\"_ _0\"></span>or reco<span class=\"_ _9f\"></span>gnition<span class=\"_ _0\"></span> as a c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w hedg<span class=\"_ _9f\"></span>e are reco<span class=\"_ _0\"></span>rded <span class=\"_ _0\"></span>in othe<span class=\"_ _0\"></span>r c<span class=\"ls30 ws273\">ompr<span class=\"_ _0\"></span>ehens<span class=\"_ _0\"></span>ive incom<span class=\"_ _0\"></span>e for the eff<span class=\"_ _0\"></span>ectiv<span class=\"_ _0\"></span>e part. Th<span class=\"_ _0\"></span>e ineffec<span class=\"_ _0\"></span>tive pa<span class=\"_ _0\"></span>rt is record<span class=\"_ _0\"></span>ed </span>directly in the profit and lo<span class=\"_ _0\"></span>ss account. The hedging results a<span class=\"_ _0\"></span>re transferred from of<span class=\"_ _0\"></span> 'other comprehens<span class=\"_ _0\"></span>ive income' into the pro<span class=\"_ _0\"></span>fit and loss account at <span class=\"_ _0\"></span>the same moment the hedged transact<span class=\"_ _0\"></span>ion has impact on the result.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Fair v<span class=\"_ _0\"></span>alue hedg<span class=\"_ _9f\"></span>es<span class=\"ls1 ws1\"> </span>Chang<span class=\"_ _0\"></span>es in fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of a deriv<span class=\"_ _9f\"></span>ative ins<span class=\"_ _0\"></span>trument <span class=\"_ _0\"></span>that i<span class=\"_ _0\"></span>s formall<span class=\"_ _0\"></span>y alloc<span class=\"_ _0\"></span>ated to h<span class=\"_ _9f\"></span>edge the cha<span class=\"_ _0\"></span>nges o<span class=\"_ _0\"></span>f fair <span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>e of reco<span class=\"_ _0\"></span>rded a<span class=\"_ _0\"></span>ssets an<span class=\"_ _0\"></span>d liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es, ar<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized<span class=\"_ _0\"></span> in the<span class=\"_ _0\"></span> profit an<span class=\"_ _9f\"></span>d loss accou<span class=\"_ _0\"></span>nt toget<span class=\"_ _0\"></span>her with<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>fits and<span class=\"_ _0\"></span> losses c<span class=\"_ _0\"></span>aused b<span class=\"_ _0\"></span>y the fair v<span class=\"_ _0\"></span>alue re<span class=\"_ _3\"></span>val<span class=\"_ _3\"></span>uati<span class=\"_ _3\"></span>on of<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> hedge<span class=\"_ _3\"></span>d co<span class=\"_ _3\"></span>mpone<span class=\"_ _3\"></span>nt.<span class=\"_ _3\"></span> The v<span class=\"_ _3\"></span>alue<span class=\"_ _3\"></span> fl<span class=\"_ _3\"></span>uctua<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>ns of<span class=\"_ _3\"></span> der<span class=\"_ _3\"></span>ivati<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> fina<span class=\"_ _3\"></span>nci<span class=\"_ _3\"></span>al instrum<span class=\"_ _9f\"></span>ents, wh<span class=\"_ _0\"></span>ich do no<span class=\"_ _9f\"></span>t meet th<span class=\"_ _0\"></span>e cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r fair<span class=\"_ _0\"></span> value<span class=\"_ _0\"></span> hedge <span class=\"_ _0\"></span>or ca<span class=\"_ _0\"></span>sh flow <span class=\"_ _0\"></span>hedge<span class=\"_ _0\"></span> are r<span class=\"_ _0\"></span>ecorded<span class=\"_ _0\"></span> direc<span class=\"_ _0\"></span>tly in<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>rofit<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and loss account.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-31-4": {
   "value": "11.5<span class=\"ff3c ls1 ws1\"> <span class=\"_ _13\"> </span></span><span class=\"ls51 ws263\">Cash a<span class=\"_ _0\"></span>nd cash equival<span class=\"_ _0\"></span>ents<span class=\"ls1 ws1\"> </span></span>Cash and cash<span class=\"_ _0\"></span> equivalents consist o<span class=\"_ _0\"></span>f cash and <span class=\"_ _0\"></span>short<span class=\"ws1\">-<span class=\"ls25 ws224\">term <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ments an<span class=\"_ _9f\"></span>d are </span></span>recorded on the balanc<span class=\"_ _0\"></span>e sheet at nominal valu<span class=\"_ _0\"></span>e.<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-34-4": {
   "value": "12.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls50 wscc\">In<span class=\"_ _0\"></span>ventories / con<span class=\"_ _0\"></span>struction contracts<span class=\"ls1 ws1\"> </span></span>Inven<span class=\"_ _0\"></span>tories a<span class=\"_ _0\"></span>re valu<span class=\"_ _0\"></span>ed at co<span class=\"_ _0\"></span>st (purch<span class=\"_ _9f\"></span>ase or produ<span class=\"_ _9f\"></span>ction co<span class=\"_ _0\"></span>st) or at n<span class=\"_ _0\"></span>et reali<span class=\"_ _0\"></span>sable<span class=\"_ _0\"></span> value w<span class=\"_ _0\"></span>hen this <span class=\"_ _0\"></span>is lower. <span class=\"_ _0\"></span>The produ<span class=\"_ _0\"></span>ction c<span class=\"_ _0\"></span>ost comp<span class=\"_ _0\"></span>rises a<span class=\"_ _0\"></span>ll direct <span class=\"_ _0\"></span>and indir<span class=\"_ _0\"></span>ect cost<span class=\"ls33 ws1f0\">s </span>incurred in bringing th<span class=\"_ _0\"></span>e inventories to the<span class=\"_ _0\"></span>ir completion at balance sh<span class=\"_ _0\"></span>eet date and this co<span class=\"_ _9f\"></span>rresponds<span class=\"_ _0\"></span> with th<span class=\"_ _9f\"></span>e estimat<span class=\"_ _0\"></span>ed sale<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>ces in n<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>l circu<span class=\"_ _0\"></span>mstanc<span class=\"_ _0\"></span>es, min<span class=\"_ _0\"></span>us the handling, marketing <span class=\"_ _0\"></span>and distribution costs (net real<span class=\"_ _0\"></span>izable value). Construction<span class=\"_ _0\"></span> cont<span class=\"_ _3\"></span>rac<span class=\"ls1 ws1f5\">ts are valued according to the Perc<span class=\"_ _0\"></span>entage of Completion method where<span class=\"_ _0\"></span>by </span>the re<span class=\"_ _0\"></span>sult is <span class=\"_ _0\"></span>recogn<span class=\"_ _0\"></span>ized in<span class=\"_ _0\"></span> acco<span class=\"_ _0\"></span>rdance<span class=\"_ _0\"></span> with pro<span class=\"_ _0\"></span>gress o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e works. <span class=\"_ _0\"></span><span class=\"ls33\">Expec<span class=\"_ _3\"></span>ted l<span class=\"_ _3\"></span>osses </span>are imm<span class=\"_ _9f\"></span>ediatel<span class=\"_ _0\"></span>y recogn<span class=\"_ _9f\"></span>ized as an <span class=\"_ _0\"></span>expen<span class=\"_ _0\"></span>se.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-35-3": {
   "value": "13.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Capital and re<span class=\"_ _3\"></span>serve<span class=\"_ _3\"></span>s</span> Costs which are related <span class=\"_ _0\"></span>to a capital transaction ar<span class=\"_ _0\"></span>e deducted from the capital.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>The purchase of <span class=\"_ _0\"></span>treasury shares i<span class=\"_ _0\"></span>s deducted from <span class=\"_ _0\"></span>equity at purchase p<span class=\"_ _0\"></span>rice. Sub<span class=\"_ _3\"></span>sequent sa<span class=\"_ _3\"></span>le or ca<span class=\"_ _3\"></span>ncellat<span class=\"_ _3\"></span>ion at a l<span class=\"_ _3\"></span>ater date<span class=\"_ _3\"></span> does not a<span class=\"_ _3\"></span>ffect th<span class=\"_ _3\"></span>e result<span class=\"_ _3\"></span>. Profit<span class=\"_ _3\"></span>s and loss<span class=\"_ _0\"></span>es with reg<span class=\"_ _0\"></span>ard to treasu<span class=\"_ _0\"></span>ry share<span class=\"_ _0\"></span>s are record<span class=\"_ _0\"></span>ed d<span class=\"ls1 ws1ed\">irectly in equity.<span class=\"ws1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-36-3": {
   "value": "14.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Translation d<span class=\"_ _3\"></span>iffer<span class=\"_ _3\"></span>ences</span> Transactions in foreign currenc<span class=\"_ _0\"></span>y are recorded at the exchange rate on <span class=\"_ _0\"></span>the date of the transaction. Positive <span class=\"_ _0\"></span>and negative unrealised translation diff<span class=\"_ _0\"></span>erences, resulting from th<span class=\"_ _0\"></span>e calc<span class=\"_ _0\"></span>ulation<span class=\"_ _0\"></span> of mo<span class=\"_ _0\"></span>netary <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> and li<span class=\"_ _0\"></span><span class=\"ls35 ws24c\">abilit<span class=\"_ _0\"></span>ies at c<span class=\"_ _0\"></span>losing <span class=\"_ _0\"></span>rate on b<span class=\"_ _0\"></span>alance<span class=\"_ _0\"></span> </span>sheet<span class=\"_ _0\"></span> date,<span class=\"_ _0\"></span> are re<span class=\"_ _0\"></span>corded <span class=\"_ _0\"></span>as in<span class=\"_ _0\"></span>come or<span class=\"_ _0\"></span> cost<span class=\"_ _0\"></span> respec<span class=\"_ _0\"></span>tivel<span class=\"_ _0\"></span>y in th<span class=\"_ _0\"></span>e profi<span class=\"_ _0\"></span>t and lo<span class=\"_ _9f\"></span>ss account.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Based<span class=\"_ _0\"></span> upon<span class=\"_ _0\"></span> the clo<span class=\"_ _0\"></span>sing ra<span class=\"_ _0\"></span>te m<span class=\"_ _0\"></span>ethod, a<span class=\"_ _9f\"></span>ssets and<span class=\"_ _0\"></span> liabi<span class=\"_ _0\"></span>lities<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>olidat<span class=\"_ _0\"></span>ed subsidiary are conve<span class=\"_ _0\"></span>rted at closing rate, while th<span class=\"_ _0\"></span>e <span class=\"ls30 ws23d\">income st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent is conv<span class=\"_ _9f\"></span>erted </span>at the average ra<span class=\"_ _0\"></span>te of the period, w<span class=\"_ _0\"></span>hich results in tran<span class=\"_ _0\"></span>slation differences includ<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e consol<span class=\"_ _9f\"></span>idated 'o<span class=\"_ _0\"></span>ther c<span class=\"_ _0\"></span>ompreh<span class=\"_ _9f\"></span>ensive inc<span class=\"_ _0\"></span>ome'.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-37-3": {
   "value": "15.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Provisions<span class=\"_ _3\"></span></span> A provision is recognized if a <span class=\"_ _0\"></span>company belonging to the grou<span class=\"_ _0\"></span>p has a (legal or co<span class=\"ls25 ws224\">nstru<span class=\"_ _0\"></span>ctive)<span class=\"_ _0\"></span> obliga<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>s a r<span class=\"_ _0\"></span>esult o<span class=\"_ _0\"></span>f a pas<span class=\"_ _0\"></span>t even<span class=\"_ _0\"></span>t, and i<span class=\"_ _0\"></span>t is p<span class=\"_ _0\"></span>robable<span class=\"_ _0\"></span> that<span class=\"_ _0\"></span> the </span>settlem<span class=\"_ _9f\"></span>ent of th<span class=\"_ _0\"></span>is obl<span class=\"_ _0\"></span>igatio<span class=\"_ _0\"></span>n will<span class=\"_ _0\"></span> requ<span class=\"_ _0\"></span>ire an o<span class=\"_ _0\"></span>utflow<span class=\"_ _0\"></span> and <span class=\"_ _0\"></span>the <span class=\"_ _0\"></span>amount o<span class=\"_ _0\"></span>f thi<span class=\"_ _0\"></span>s obligation can be determined in <span class=\"_ _3\"></span>a reliable manner. In the event that the difference betw<span class=\"_ _0\"></span>een the no<span class=\"_ _0\"></span>m<span class=\"ls34 ws23c\">ina<span class=\"_ _3\"></span>l an<span class=\"_ _3\"></span>d disc<span class=\"_ _3\"></span>ount<span class=\"_ _3\"></span>ed va<span class=\"_ _3\"></span>lue<span class=\"_ _3\"></span> is sig<span class=\"_ _3\"></span>nif<span class=\"_ _3\"></span>ica<span class=\"_ _3\"></span>nt, a pr<span class=\"_ _3\"></span>ovi<span class=\"_ _3\"></span>sio<span class=\"_ _3\"></span>n is re<span class=\"_ _3\"></span>cor<span class=\"_ _3\"></span>ded </span>for the amount of the discounted value of<span class=\"_ _0\"></span> the e<span class=\"_ _3\"></span>stimat<span class=\"_ _0\"></span>ed expenses. The resulting increa<span class=\"_ _0\"></span>se of th<span class=\"_ _9f\"></span>e provisio<span class=\"_ _0\"></span>n in p<span class=\"_ _0\"></span>roportio<span class=\"_ _0\"></span>n to <span class=\"_ _0\"></span>the tim<span class=\"_ _0\"></span>e is reco<span class=\"_ _9f\"></span>rded as an<span class=\"_ _0\"></span> inte<span class=\"_ _0\"></span>rest cha<span class=\"_ _0\"></span>rge.<span class=\"ls1 ws1\"> </span>Rest<span class=\"_ _0\"></span>ructuri<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span>Provi<span class=\"_ _0\"></span>sions f<span class=\"_ _0\"></span>or restru<span class=\"_ _0\"></span>cturing<span class=\"_ _0\"></span> costs a<span class=\"_ _9f\"></span>re<span class=\"_ _3\"></span> on<span class=\"_ _0\"></span>ly reco<span class=\"_ _0\"></span>gnized<span class=\"_ _0\"></span> when th<span class=\"_ _0\"></span>e group <span class=\"_ _0\"></span>alread<span class=\"_ _0\"></span>y has a detailed and approved <span class=\"_ _0\"></span>restructuring plan and the pl<span class=\"_ _0\"></span>anned restructuring has<span class=\"_ _0\"></span> alread<span class=\"_ _0\"></span>y start<span class=\"_ _0\"></span>ed or b<span class=\"_ _0\"></span>een an<span class=\"_ _0\"></span>nounced<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>e relevan<span class=\"_ _9f\"></span>t staff m<span class=\"_ _0\"></span>embers.<span class=\"_ _0\"></span> No prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s are mad<span class=\"_ _0\"></span>e for c<span class=\"_ _0\"></span>osts<span class=\"ls1 ws1\"> <span class=\"ls35 ws1ec\">re<span class=\"_ _0\"></span>lating <span class=\"_ _0\"></span>to the nor<span class=\"_ _0\"></span>mal act<span class=\"_ _0\"></span>ivities of<span class=\"_ _0\"></span> the gro<span class=\"_ _0\"></span>up.<span class=\"ls1 ws1\"> </span></span></span>Guar<span class=\"_ _0\"></span>antees<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>A prov<span class=\"_ _0\"></span>ision i<span class=\"_ _0\"></span>s mad<span class=\"_ _0\"></span>e fo<span class=\"_ _0\"></span>r warra<span class=\"_ _0\"></span>nty ob<span class=\"_ _0\"></span>ligatio<span class=\"_ _0\"></span>ns re<span class=\"_ _0\"></span>lating<span class=\"_ _0\"></span> to deli<span class=\"_ _0\"></span>vered <span class=\"_ _0\"></span>produ<span class=\"_ _0\"></span>cts, <span class=\"_ _0\"></span>service<span class=\"_ _0\"></span>s and con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s, bas<span class=\"_ _0\"></span>ed upon <span class=\"_ _0\"></span>statist<span class=\"_ _0\"></span>ical da<span class=\"_ _0\"></span>ta from<span class=\"_ _0\"></span> the pa<span class=\"_ _0\"></span>st.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-39-3": {
   "value": "16.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Contingent a<span class=\"_ _3\"></span>ssets and <span class=\"_ _3\"></span>liabil<span class=\"_ _3\"></span>ities</span> Contin<span class=\"_ _0\"></span>gent as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws23f\">and liabilities are mentioned in the note \u201cRights and </span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s not ref<span class=\"_ _0\"></span>lected<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e sheet\u201d<span class=\"_ _0\"></span>, if th<span class=\"_ _0\"></span>eir imp<span class=\"_ _0\"></span>act is im<span class=\"_ _0\"></span>port<span class=\"_ _0\"></span>ant.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-40-3": {
   "value": "17.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">Ta<span class=\"_ _0\"></span>xes<span class=\"ls1 ws1\"> </span></span>Taxes c<span class=\"_ _0\"></span>oncern b<span class=\"_ _0\"></span>oth cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>t taxes o<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>sult as <span class=\"_ _0\"></span>deferr<span class=\"_ _0\"></span>ed tax<span class=\"_ _0\"></span>es. Both <span class=\"_ _0\"></span>types of<span class=\"_ _0\"></span> taxes <span class=\"_ _0\"></span>are r<span class=\"_ _0\"></span>ecord<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e <span class=\"ls25 ws22a\">prof<span class=\"_ _0\"></span>it and<span class=\"_ _0\"></span> los<span class=\"_ _0\"></span>s accoun<span class=\"_ _0\"></span>ts exc<span class=\"_ _0\"></span>ept whe<span class=\"_ _0\"></span>n they<span class=\"_ _0\"></span> relate<span class=\"_ _0\"></span> to </span>components being part of the equ<span class=\"_ _0\"></span>ity and therefore allocated to the equity. Deferr<span class=\"_ _0\"></span>ed taxes are based upon the balance sheet <span class=\"_ _0\"></span>method applied on temporary differenc<span class=\"_ _0\"></span>es between the carrying amount of the asset<span class=\"_ _0\"></span>s<span class=\"ws1\"> </span>and liabilities of the balance sheet and their <span class=\"_ _0\"></span>tax ba<span class=\"_ _0\"></span>se. Th<span class=\"_ _0\"></span>e main<span class=\"_ _0\"></span> tempo<span class=\"_ _0\"></span>rary dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ces con<span class=\"_ _0\"></span>sist o<span class=\"_ _0\"></span>f diff<span class=\"_ _0\"></span>erent <span class=\"_ _0\"></span>amorti<span class=\"_ _0\"></span>sation<span class=\"_ _0\"></span> percen<span class=\"_ _0\"></span>tages<span class=\"_ _0\"></span> of tan<span class=\"_ _0\"></span>gible fi<span class=\"_ _0\"></span>xed as<span class=\"_ _0\"></span>sets, p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>ns for<span class=\"_ _0\"></span> pensio<span class=\"_ _0\"></span>ns<span class=\"ls40 ws218\">, <span class=\"_ _24\"></span></span><span class=\"ws1ec\">carry<span class=\"ls1 ws1\">-</span></span>f<span class=\"_ _0\"></span>orward t<span class=\"_ _0\"></span>ax loss<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and tax credits</span>. </span>Deferre<span class=\"_ _0\"></span>d tax li<span class=\"_ _0\"></span>abilitie<span class=\"_ _0\"></span>s are<span class=\"ls1 ws1\"> <span class=\"ws1f6\">r<span class=\"_ _0\"></span>ecognized for all taxable tempo<span class=\"_ _0\"></span>rary differences: <span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">except when the def<span class=\"_ _0\"></span>erred tax liability arises fr<span class=\"_ _0\"></span>om the original recogni<span class=\"_ _0\"></span>tion of </span></span>goodw<span class=\"_ _0\"></span>ill or th<span class=\"_ _0\"></span>e initia<span class=\"_ _0\"></span>l recor<span class=\"_ _0\"></span>ding of <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> and liab<span class=\"_ _9f\"></span>ilities in <span class=\"_ _0\"></span>a transa<span class=\"_ _0\"></span>ction t<span class=\"_ _0\"></span>hat is not a business combination and that at t<span class=\"ls33 ws208\">he t<span class=\"_ _3\"></span>ime of <span class=\"_ _3\"></span>the t<span class=\"_ _3\"></span>ransac<span class=\"_ _3\"></span>tion has<span class=\"_ _3\"></span> no i<span class=\"_ _3\"></span>mpact </span>on the taxable profit;<span class=\"_ _0\"></span><span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws27f\">except w<span class=\"_ _9f\"></span>ith rega<span class=\"_ _0\"></span>rd to inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> subsid<span class=\"_ _9f\"></span>iaries, jo<span class=\"_ _0\"></span>int an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ciated<span class=\"_ _0\"></span> </span></span>compan<span class=\"_ _0\"></span>ies, w<span class=\"_ _0\"></span>here th<span class=\"_ _0\"></span>e grou<span class=\"_ _0\"></span>p is ab<span class=\"_ _0\"></span>le to c<span class=\"_ _0\"></span>ontrol<span class=\"_ _0\"></span> the dat<span class=\"_ _0\"></span>e when<span class=\"_ _0\"></span> the tem<span class=\"_ _0\"></span>pora<span class=\"_ _0\"></span>ry difference will be reversed, and i<span class=\"_ _0\"></span>t is not lik<span class=\"ls25 ws1eb\">ely that <span class=\"_ _0\"></span>the tem<span class=\"_ _0\"></span>porary d<span class=\"_ _0\"></span>iffer<span class=\"_ _0\"></span>ence wil<span class=\"_ _0\"></span>l </span>be rev<span class=\"_ _0\"></span>ersed <span class=\"_ _0\"></span>in the f<span class=\"_ _0\"></span>ores<span class=\"_ _0\"></span>eeabl<span class=\"_ _0\"></span>e future.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Defer<span class=\"_ _0\"></span>red tax a<span class=\"_ _0\"></span>ssets ar<span class=\"_ _0\"></span>e record<span class=\"_ _0\"></span>ed for al<span class=\"_ _0\"></span>l deductib<span class=\"_ _9f\"></span>le tempora<span class=\"_ _0\"></span>ry diffe<span class=\"_ _0\"></span>rences an<span class=\"_ _0\"></span>d on carr<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">-<span class=\"ls25 ws207\">forw<span class=\"_ _0\"></span>ard tax cred<span class=\"_ _0\"></span>its and tax lo<span class=\"_ _0\"></span>sses that ca<span class=\"_ _0\"></span>n be recover<span class=\"_ _0\"></span>ed, to the exten<span class=\"_ _9f\"></span>t <span class=\"_ _3\"></span>that it<span class=\"_ _0\"></span> </span></span>is probable<span class=\"ws1\"> <span class=\"ls25 ws204\">that th<span class=\"_ _0\"></span>ere wil<span class=\"_ _0\"></span>l be tax<span class=\"_ _0\"></span>able pro<span class=\"_ _0\"></span>fits in<span class=\"_ _0\"></span> the n<span class=\"_ _0\"></span>ear fut<span class=\"_ _0\"></span>ure in o<span class=\"_ _0\"></span>rder to b<span class=\"_ _0\"></span>e able<span class=\"_ _0\"></span> </span></span>to en<span class=\"_ _0\"></span>joy th<span class=\"_ _0\"></span>e tax b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t. Th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>moun<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e def<span class=\"_ _0\"></span>erred <span class=\"_ _0\"></span>tax a<span class=\"_ _0\"></span>ssets i<span class=\"_ _0\"></span>s veri<span class=\"_ _0\"></span>fied on every bal<span class=\"_ _0\"></span>ance sheet date a<span class=\"_ _0\"></span>nd impaired to th<span class=\"_ _0\"></span>e extent that i<span class=\"_ _0\"></span>t is no longer pro<span class=\"_ _0\"></span>bable that suff<span class=\"_ _0\"></span>ic<span class=\"ws1f9\">ien<span class=\"_ _0\"></span>t taxab<span class=\"_ _0\"></span>le profi<span class=\"_ _0\"></span>t will b<span class=\"_ _0\"></span>e avai<span class=\"_ _0\"></span>lable to<span class=\"_ _0\"></span> credit <span class=\"_ _0\"></span>all or p<span class=\"_ _0\"></span>art of<span class=\"_ _0\"></span> the def<span class=\"_ _0\"></span>erred<span class=\"_ _0\"></span> </span>taxes. D<span class=\"_ _0\"></span>eferr<span class=\"_ _0\"></span>ed tax as<span class=\"_ _0\"></span>sets and l<span class=\"_ _0\"></span>iabiliti<span class=\"_ _0\"></span>es shall b<span class=\"_ _0\"></span>e measur<span class=\"_ _0\"></span>ed at the t<span class=\"_ _0\"></span>ax rate<span class=\"_ _0\"></span>s that ar<span class=\"_ _0\"></span>e expect<span class=\"_ _0\"></span>ed to ap<span class=\"_ _0\"></span>ply to th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> when th<span class=\"_ _0\"></span>e asset is r<span class=\"_ _0\"></span>eali<span class=\"_ _0\"></span>sed or th<span class=\"_ _0\"></span>e liabi<span class=\"_ _0\"></span>lity is s<span class=\"_ _0\"></span>ettled,<span class=\"_ _9f\"></span> base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">on <span class=\"_ _0\"></span>tax ra<span class=\"_ _0\"></span>tes (and<span class=\"_ _9f\"></span> tax laws)<span class=\"_ _0\"></span> that h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en ena<span class=\"_ _0\"></span>cted or s<span class=\"_ _0\"></span>ubstan<span class=\"_ _9f\"></span>tively en<span class=\"_ _0\"></span>acted </span></span>by the end of the reporting <span class=\"_ _0\"></span>period.<span class=\"ws1\"> </span>IFRIC 23, which became effective as from January 1, 2019 onw<span class=\"_ _0\"></span>ards, clarifies how to apply the recognition and m<span class=\"_ _0\"></span>easurement requirements in IAS 12<span class=\"ws1\"> <span class=\"ls30 ws25c\">income tax<span class=\"_ _0\"></span>es </span></span>when an uncertainty over curre<span class=\"_ _0\"></span>nt and deferred income tax treatm<span class=\"_ _0\"></span>ents exists. The acceptability of a par<span class=\"_ _0\"></span>ticular tax treatment<span class=\"_ _0\"></span> under tax law may not be <span class=\"_ _0\"></span>known until the r<span class=\"_ _0\"></span>elevan<span class=\"_ _0\"></span>t taxati<span class=\"_ _0\"></span>on au<span class=\"_ _0\"></span>thority<span class=\"_ _0\"></span> or a <span class=\"_ _0\"></span>court t<span class=\"_ _0\"></span>akes a d<span class=\"_ _0\"></span>ecisio<span class=\"_ _0\"></span>n in th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re. In<span class=\"_ _0\"></span> ass<span class=\"ls34 ws1ea\">essi<span class=\"_ _3\"></span>ng </span>wheth<span class=\"_ _0\"></span>er and<span class=\"_ _0\"></span> how an<span class=\"_ _0\"></span> unce<span class=\"_ _0\"></span>rtain <span class=\"_ _0\"></span>tax trea<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span> affec<span class=\"_ _0\"></span>ts the d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>inatio<span class=\"_ _0\"></span>n of ta<span class=\"_ _0\"></span>xabl<span class=\"_ _0\"></span>e resul<span class=\"_ _0\"></span>ts, the Grou<span class=\"_ _0\"></span>p assume<span class=\"_ _0\"></span>s that a taxatio<span class=\"_ _9f\"></span>n <span class=\"_ _3\"></span>autho<span class=\"_ _9f\"></span>rity will exam<span class=\"_ _0\"></span>ine amoun<span class=\"_ _0\"></span>ts it has a right to examine and has full knowledge of all related information when m<span class=\"_ _0\"></span>aking those<span class=\"_ _3\"></span> e<span class=\"ls25 ws249\">xamin<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s. If th<span class=\"_ _0\"></span>e Group co<span class=\"_ _9f\"></span>ncludes it <span class=\"_ _0\"></span>is proba<span class=\"_ _0\"></span>ble th<span class=\"_ _0\"></span>at the <span class=\"_ _0\"></span>taxati<span class=\"_ _0\"></span>on </span>authority will accept <span class=\"_ _0\"></span>an uncertain ta<span class=\"ws1\">x <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">tre<span class=\"_ _0\"></span>atment, <span class=\"_ _0\"></span>it de<span class=\"_ _0\"></span>termine<span class=\"_ _0\"></span>s the t<span class=\"_ _0\"></span>axable<span class=\"_ _0\"></span> result<span class=\"_ _0\"></span> </span></span>consi<span class=\"_ _0\"></span>stently w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e tax treat<span class=\"_ _0\"></span>ment u<span class=\"_ _0\"></span>sed or p<span class=\"_ _0\"></span>lanned to<span class=\"_ _0\"></span> be used<span class=\"_ _0\"></span> in its in<span class=\"_ _0\"></span>come tax<span class=\"_ _0\"></span> fil<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>gs. I<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> Grou<span class=\"_ _3\"></span>p c<span class=\"ls25 ws204\">onclud<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at it i<span class=\"_ _0\"></span>s no<span class=\"_ _0\"></span>t probab<span class=\"_ _9f\"></span>le that a <span class=\"_ _0\"></span>taxat<span class=\"_ _0\"></span>ion au<span class=\"_ _0\"></span>thori<span class=\"_ _0\"></span>ty will<span class=\"_ _0\"></span> </span>accept <span class=\"_ _0\"></span>an un<span class=\"_ _0\"></span>certain<span class=\"_ _0\"></span> tax t<span class=\"_ _0\"></span>reatmen<span class=\"_ _9f\"></span>t, it refl<span class=\"_ _0\"></span>ects th<span class=\"_ _0\"></span>e eff<span class=\"_ _0\"></span>ect of un<span class=\"_ _0\"></span>certa<span class=\"_ _0\"></span>inty in<span class=\"_ _0\"></span> determining its accounting tax position. <span class=\"_ _0\"></span>If the possible outcomes are binary or concentrated to one value, the uncer<span class=\"_ _0\"></span><span class=\"ls25 ws204\">tain tax<span class=\"_ _0\"></span> posit<span class=\"_ _0\"></span>ion is me<span class=\"_ _0\"></span>asured u<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e most </span>likel<span class=\"_ _0\"></span>y amount.<span class=\"_ _0\"></span> In case th<span class=\"_ _0\"></span>ere exi<span class=\"_ _0\"></span>sts a rang<span class=\"_ _0\"></span>e of possib<span class=\"_ _0\"></span>le outco<span class=\"_ _0\"></span>mes tha<span class=\"_ _0\"></span>t are neith<span class=\"_ _0\"></span>er binary nor concentrated on on<span class=\"_ _0\"></span>e value, the sum of the weighted amounts in a range<span class=\"_ _0\"></span> of po<span class=\"_ _0\"></span>ssible ou<span class=\"_ _0\"></span>tcom<span class=\"_ _0\"></span>es might <span class=\"_ _0\"></span>best p<span class=\"_ _0\"></span>redict t<span class=\"_ _0\"></span>he reso<span class=\"_ _0\"></span><span class=\"ls34 ws1f5\">lu<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n of t<span class=\"_ _3\"></span>he u<span class=\"_ _3\"></span>ncer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>nty.<span class=\"ls1 ws1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-40-4": {
   "value": "17.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">Ta<span class=\"_ _0\"></span>xes<span class=\"ls1 ws1\"> </span></span>Taxes c<span class=\"_ _0\"></span>oncern b<span class=\"_ _0\"></span>oth cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>t taxes o<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>sult as <span class=\"_ _0\"></span>deferr<span class=\"_ _0\"></span>ed tax<span class=\"_ _0\"></span>es. Both <span class=\"_ _0\"></span>types of<span class=\"_ _0\"></span> taxes <span class=\"_ _0\"></span>are r<span class=\"_ _0\"></span>ecord<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e <span class=\"ls25 ws22a\">prof<span class=\"_ _0\"></span>it and<span class=\"_ _0\"></span> los<span class=\"_ _0\"></span>s accoun<span class=\"_ _0\"></span>ts exc<span class=\"_ _0\"></span>ept whe<span class=\"_ _0\"></span>n they<span class=\"_ _0\"></span> relate<span class=\"_ _0\"></span> to </span>components being part of the equ<span class=\"_ _0\"></span>ity and therefore allocated to the equity. Deferr<span class=\"_ _0\"></span>ed taxes are based upon the balance sheet <span class=\"_ _0\"></span>method applied on temporary differenc<span class=\"_ _0\"></span>es between the carrying amount of the asset<span class=\"_ _0\"></span>s<span class=\"ws1\"> </span>and liabilities of the balance sheet and their <span class=\"_ _0\"></span>tax ba<span class=\"_ _0\"></span>se. Th<span class=\"_ _0\"></span>e main<span class=\"_ _0\"></span> tempo<span class=\"_ _0\"></span>rary dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ces con<span class=\"_ _0\"></span>sist o<span class=\"_ _0\"></span>f diff<span class=\"_ _0\"></span>erent <span class=\"_ _0\"></span>amorti<span class=\"_ _0\"></span>sation<span class=\"_ _0\"></span> percen<span class=\"_ _0\"></span>tages<span class=\"_ _0\"></span> of tan<span class=\"_ _0\"></span>gible fi<span class=\"_ _0\"></span>xed as<span class=\"_ _0\"></span>sets, p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>ns for<span class=\"_ _0\"></span> pensio<span class=\"_ _0\"></span>ns<span class=\"ls40 ws218\">, <span class=\"_ _24\"></span></span><span class=\"ws1ec\">carry<span class=\"ls1 ws1\">-</span></span>f<span class=\"_ _0\"></span>orward t<span class=\"_ _0\"></span>ax loss<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> <span class=\"ws1ed\">and tax credits</span>. </span>Deferre<span class=\"_ _0\"></span>d tax li<span class=\"_ _0\"></span>abilitie<span class=\"_ _0\"></span>s are<span class=\"ls1 ws1\"> <span class=\"ws1f6\">r<span class=\"_ _0\"></span>ecognized for all taxable tempo<span class=\"_ _0\"></span>rary differences: <span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws233\">except when the def<span class=\"_ _0\"></span>erred tax liability arises fr<span class=\"_ _0\"></span>om the original recogni<span class=\"_ _0\"></span>tion of </span></span>goodw<span class=\"_ _0\"></span>ill or th<span class=\"_ _0\"></span>e initia<span class=\"_ _0\"></span>l recor<span class=\"_ _0\"></span>ding of <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> and liab<span class=\"_ _9f\"></span>ilities in <span class=\"_ _0\"></span>a transa<span class=\"_ _0\"></span>ction t<span class=\"_ _0\"></span>hat is not a business combination and that at t<span class=\"ls33 ws208\">he t<span class=\"_ _3\"></span>ime of <span class=\"_ _3\"></span>the t<span class=\"_ _3\"></span>ransac<span class=\"_ _3\"></span>tion has<span class=\"_ _3\"></span> no i<span class=\"_ _3\"></span>mpact </span>on the taxable profit;<span class=\"_ _0\"></span><span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws27f\">except w<span class=\"_ _9f\"></span>ith rega<span class=\"_ _0\"></span>rd to inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> subsid<span class=\"_ _9f\"></span>iaries, jo<span class=\"_ _0\"></span>int an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ciated<span class=\"_ _0\"></span> </span></span>compan<span class=\"_ _0\"></span>ies, w<span class=\"_ _0\"></span>here th<span class=\"_ _0\"></span>e grou<span class=\"_ _0\"></span>p is ab<span class=\"_ _0\"></span>le to c<span class=\"_ _0\"></span>ontrol<span class=\"_ _0\"></span> the dat<span class=\"_ _0\"></span>e when<span class=\"_ _0\"></span> the tem<span class=\"_ _0\"></span>pora<span class=\"_ _0\"></span>ry difference will be reversed, and i<span class=\"_ _0\"></span>t is not lik<span class=\"ls25 ws1eb\">ely that <span class=\"_ _0\"></span>the tem<span class=\"_ _0\"></span>porary d<span class=\"_ _0\"></span>iffer<span class=\"_ _0\"></span>ence wil<span class=\"_ _0\"></span>l </span>be rev<span class=\"_ _0\"></span>ersed <span class=\"_ _0\"></span>in the f<span class=\"_ _0\"></span>ores<span class=\"_ _0\"></span>eeabl<span class=\"_ _0\"></span>e future.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Defer<span class=\"_ _0\"></span>red tax a<span class=\"_ _0\"></span>ssets ar<span class=\"_ _0\"></span>e record<span class=\"_ _0\"></span>ed for al<span class=\"_ _0\"></span>l deductib<span class=\"_ _9f\"></span>le tempora<span class=\"_ _0\"></span>ry diffe<span class=\"_ _0\"></span>rences an<span class=\"_ _0\"></span>d on carr<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">-<span class=\"ls25 ws207\">forw<span class=\"_ _0\"></span>ard tax cred<span class=\"_ _0\"></span>its and tax lo<span class=\"_ _0\"></span>sses that ca<span class=\"_ _0\"></span>n be recover<span class=\"_ _0\"></span>ed, to the exten<span class=\"_ _9f\"></span>t <span class=\"_ _3\"></span>that it<span class=\"_ _0\"></span> </span></span>is probable<span class=\"ws1\"> <span class=\"ls25 ws204\">that th<span class=\"_ _0\"></span>ere wil<span class=\"_ _0\"></span>l be tax<span class=\"_ _0\"></span>able pro<span class=\"_ _0\"></span>fits in<span class=\"_ _0\"></span> the n<span class=\"_ _0\"></span>ear fut<span class=\"_ _0\"></span>ure in o<span class=\"_ _0\"></span>rder to b<span class=\"_ _0\"></span>e able<span class=\"_ _0\"></span> </span></span>to en<span class=\"_ _0\"></span>joy th<span class=\"_ _0\"></span>e tax b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t. Th<span class=\"_ _0\"></span>e carry<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>moun<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e def<span class=\"_ _0\"></span>erred <span class=\"_ _0\"></span>tax a<span class=\"_ _0\"></span>ssets i<span class=\"_ _0\"></span>s veri<span class=\"_ _0\"></span>fied on every bal<span class=\"_ _0\"></span>ance sheet date a<span class=\"_ _0\"></span>nd impaired to th<span class=\"_ _0\"></span>e extent that i<span class=\"_ _0\"></span>t is no longer pro<span class=\"_ _0\"></span>bable that suff<span class=\"_ _0\"></span>ic<span class=\"ws1f9\">ien<span class=\"_ _0\"></span>t taxab<span class=\"_ _0\"></span>le profi<span class=\"_ _0\"></span>t will b<span class=\"_ _0\"></span>e avai<span class=\"_ _0\"></span>lable to<span class=\"_ _0\"></span> credit <span class=\"_ _0\"></span>all or p<span class=\"_ _0\"></span>art of<span class=\"_ _0\"></span> the def<span class=\"_ _0\"></span>erred<span class=\"_ _0\"></span> </span>taxes. D<span class=\"_ _0\"></span>eferr<span class=\"_ _0\"></span>ed tax as<span class=\"_ _0\"></span>sets and l<span class=\"_ _0\"></span>iabiliti<span class=\"_ _0\"></span>es shall b<span class=\"_ _0\"></span>e measur<span class=\"_ _0\"></span>ed at the t<span class=\"_ _0\"></span>ax rate<span class=\"_ _0\"></span>s that ar<span class=\"_ _0\"></span>e expect<span class=\"_ _0\"></span>ed to ap<span class=\"_ _0\"></span>ply to th<span class=\"_ _0\"></span>e period<span class=\"_ _0\"></span> when th<span class=\"_ _0\"></span>e asset is r<span class=\"_ _0\"></span>eali<span class=\"_ _0\"></span>sed or th<span class=\"_ _0\"></span>e liabi<span class=\"_ _0\"></span>lity is s<span class=\"_ _0\"></span>ettled,<span class=\"_ _9f\"></span> base<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">on <span class=\"_ _0\"></span>tax ra<span class=\"_ _0\"></span>tes (and<span class=\"_ _9f\"></span> tax laws)<span class=\"_ _0\"></span> that h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en ena<span class=\"_ _0\"></span>cted or s<span class=\"_ _0\"></span>ubstan<span class=\"_ _9f\"></span>tively en<span class=\"_ _0\"></span>acted </span></span>by the end of the reporting <span class=\"_ _0\"></span>period.<span class=\"ws1\"> </span>IFRIC 23, which became effective as from January 1, 2019 onw<span class=\"_ _0\"></span>ards, clarifies how to apply the recognition and m<span class=\"_ _0\"></span>easurement requirements in IAS 12<span class=\"ws1\"> <span class=\"ls30 ws25c\">income tax<span class=\"_ _0\"></span>es </span></span>when an uncertainty over curre<span class=\"_ _0\"></span>nt and deferred income tax treatm<span class=\"_ _0\"></span>ents exists. The acceptability of a par<span class=\"_ _0\"></span>ticular tax treatment<span class=\"_ _0\"></span> under tax law may not be <span class=\"_ _0\"></span>known until the r<span class=\"_ _0\"></span>elevan<span class=\"_ _0\"></span>t taxati<span class=\"_ _0\"></span>on au<span class=\"_ _0\"></span>thority<span class=\"_ _0\"></span> or a <span class=\"_ _0\"></span>court t<span class=\"_ _0\"></span>akes a d<span class=\"_ _0\"></span>ecisio<span class=\"_ _0\"></span>n in th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re. In<span class=\"_ _0\"></span> ass<span class=\"ls34 ws1ea\">essi<span class=\"_ _3\"></span>ng </span>wheth<span class=\"_ _0\"></span>er and<span class=\"_ _0\"></span> how an<span class=\"_ _0\"></span> unce<span class=\"_ _0\"></span>rtain <span class=\"_ _0\"></span>tax trea<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span> affec<span class=\"_ _0\"></span>ts the d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>inatio<span class=\"_ _0\"></span>n of ta<span class=\"_ _0\"></span>xabl<span class=\"_ _0\"></span>e resul<span class=\"_ _0\"></span>ts, the Grou<span class=\"_ _0\"></span>p assume<span class=\"_ _0\"></span>s that a taxatio<span class=\"_ _9f\"></span>n <span class=\"_ _3\"></span>autho<span class=\"_ _9f\"></span>rity will exam<span class=\"_ _0\"></span>ine amoun<span class=\"_ _0\"></span>ts it has a right to examine and has full knowledge of all related information when m<span class=\"_ _0\"></span>aking those<span class=\"_ _3\"></span> e<span class=\"ls25 ws249\">xamin<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s. If th<span class=\"_ _0\"></span>e Group co<span class=\"_ _9f\"></span>ncludes it <span class=\"_ _0\"></span>is proba<span class=\"_ _0\"></span>ble th<span class=\"_ _0\"></span>at the <span class=\"_ _0\"></span>taxati<span class=\"_ _0\"></span>on </span>authority will accept <span class=\"_ _0\"></span>an uncertain ta<span class=\"ws1\">x <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">tre<span class=\"_ _0\"></span>atment, <span class=\"_ _0\"></span>it de<span class=\"_ _0\"></span>termine<span class=\"_ _0\"></span>s the t<span class=\"_ _0\"></span>axable<span class=\"_ _0\"></span> result<span class=\"_ _0\"></span> </span></span>consi<span class=\"_ _0\"></span>stently w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e tax treat<span class=\"_ _0\"></span>ment u<span class=\"_ _0\"></span>sed or p<span class=\"_ _0\"></span>lanned to<span class=\"_ _0\"></span> be used<span class=\"_ _0\"></span> in its in<span class=\"_ _0\"></span>come tax<span class=\"_ _0\"></span> fil<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>gs. I<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> Grou<span class=\"_ _3\"></span>p c<span class=\"ls25 ws204\">onclud<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at it i<span class=\"_ _0\"></span>s no<span class=\"_ _0\"></span>t probab<span class=\"_ _9f\"></span>le that a <span class=\"_ _0\"></span>taxat<span class=\"_ _0\"></span>ion au<span class=\"_ _0\"></span>thori<span class=\"_ _0\"></span>ty will<span class=\"_ _0\"></span> </span>accept <span class=\"_ _0\"></span>an un<span class=\"_ _0\"></span>certain<span class=\"_ _0\"></span> tax t<span class=\"_ _0\"></span>reatmen<span class=\"_ _9f\"></span>t, it refl<span class=\"_ _0\"></span>ects th<span class=\"_ _0\"></span>e eff<span class=\"_ _0\"></span>ect of un<span class=\"_ _0\"></span>certa<span class=\"_ _0\"></span>inty in<span class=\"_ _0\"></span> determining its accounting tax position. <span class=\"_ _0\"></span>If the possible outcomes are binary or concentrated to one value, the uncer<span class=\"_ _0\"></span><span class=\"ls25 ws204\">tain tax<span class=\"_ _0\"></span> posit<span class=\"_ _0\"></span>ion is me<span class=\"_ _0\"></span>asured u<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e most </span>likel<span class=\"_ _0\"></span>y amount.<span class=\"_ _0\"></span> In case th<span class=\"_ _0\"></span>ere exi<span class=\"_ _0\"></span>sts a rang<span class=\"_ _0\"></span>e of possib<span class=\"_ _0\"></span>le outco<span class=\"_ _0\"></span>mes tha<span class=\"_ _0\"></span>t are neith<span class=\"_ _0\"></span>er binary nor concentrated on on<span class=\"_ _0\"></span>e value, the sum of the weighted amounts in a range<span class=\"_ _0\"></span> of po<span class=\"_ _0\"></span>ssible ou<span class=\"_ _0\"></span>tcom<span class=\"_ _0\"></span>es might <span class=\"_ _0\"></span>best p<span class=\"_ _0\"></span>redict t<span class=\"_ _0\"></span>he reso<span class=\"_ _0\"></span><span class=\"ls34 ws1f5\">lu<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n of t<span class=\"_ _3\"></span>he u<span class=\"_ _3\"></span>ncer<span class=\"_ _3\"></span>tai<span class=\"_ _3\"></span>nty.<span class=\"ls1 ws1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-41-3": {
   "value": "18.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">E<span class=\"_ _0\"></span>mployee b<span class=\"_ _0\"></span>enefits<span class=\"ls1 ws1\"> </span></span>Employee benefits cons<span class=\"_ _0\"></span>ist of short<span class=\"ws1\">-<span class=\"ls30 ws280\">ter<span class=\"_ _0\"></span>m emplo<span class=\"_ _0\"></span>yee ben<span class=\"_ _9f\"></span>efits, pos<span class=\"_ _0\"></span>templo<span class=\"_ _9f\"></span>yment </span></span>benefits, other long<span class=\"ws1\">-</span>term employe<span class=\"_ _0\"></span>e benefits, redundancy pay and rewards in equity instruments. The post<span class=\"ws1\">-<span class=\"ls30 ws281\">emplo<span class=\"_ _9f\"></span>yment ben<span class=\"_ _9f\"></span>efits incl<span class=\"_ _0\"></span>ude t<span class=\"_ _0\"></span>he p<span class=\"ls34 ws23f\">ensi<span class=\"_ _3\"></span>on pl<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>, li<span class=\"_ _3\"></span>fe </span></span></span>insurance policies and<span class=\"_ _0\"></span> insurance poli<span class=\"_ _0\"></span>cies for medical assis<span class=\"_ _0\"></span>tance. Pension plans w<span class=\"_ _0\"></span>ith fixed contribution or<span class=\"_ _0\"></span> defined benefit plan<span class=\"_ _0\"></span>s are provided <span class=\"_ _0\"></span>through separate fund<span class=\"_ _0\"></span>s or insurance plans. In addition, e<span class=\"_ _0\"></span>mployee benefits consisting of <span class=\"_ _0\"></span>equity <span class=\"ls25 ws1ec\">instru<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> </span>also exi<span class=\"_ _0\"></span>st.<span class=\"ls1 ws1\"> </span>Pension pl<span class=\"_ _0\"></span>ans<span class=\"ls1 ws1\"> </span>Defined Co<span class=\"_ _0\"></span>ntributio<span class=\"_ _0\"></span>n Plans<span class=\"ls1 ws1\"> </span>Several subsidiaries within the group hav<span class=\"_ _0\"></span>e taken out group insurance policies for the benefit of their employees. Since <span class=\"_ _0\"></span>Belgian subsidiaries are obliged to make<span class=\"_ _0\"></span> additional payments if <span class=\"_ _0\"></span>the average return on the em<span class=\"_ _0\"></span>ployers\u2019 contributions and o<span class=\"_ _0\"></span>n the e<span class=\"_ _3\"></span>mployees<span class=\"_ _3\"></span>\u2019<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">contributions is not atta<span class=\"_ _0\"></span>ined, those plans <span class=\"_ _0\"></span>should be treated as<span class=\"_ _0\"></span> </span></span>\u201cdefined benefit\u201d plans <span class=\"_ _0\"></span>in accordance with IAS19 (R<span class=\"_ _0\"></span>evised). <span class=\"ws1\"> </span>Defi<span class=\"_ _0\"></span>ned B<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t Plans<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The group has a number of defined benefit pension plans. The costs of the defined benefit pension plan<span class=\"_ _0\"></span>s are <span class=\"ls25 ws1f9\">actuar<span class=\"_ _0\"></span>ially d<span class=\"_ _0\"></span>etermin<span class=\"_ _9f\"></span>ed using th<span class=\"_ _0\"></span>e \u2018pro<span class=\"_ _0\"></span>jected u<span class=\"_ _0\"></span>nit cred<span class=\"_ _9f\"></span>it\u2019 </span>me<span class=\"_ _3\"></span>thod<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Reme<span class=\"_ _0\"></span>asuremen<span class=\"_ _9f\"></span>ts, compos<span class=\"_ _0\"></span>ed of ac<span class=\"_ _0\"></span>tuaria<span class=\"_ _0\"></span>l gains <span class=\"_ _0\"></span>and loss<span class=\"_ _0\"></span>es, th<span class=\"_ _0\"></span>e effect o<span class=\"_ _0\"></span>f chang<span class=\"_ _0\"></span>es to the asset ceiling and the return on plan<span class=\"_ _0\"></span> assets, are directly recognized in the balance sheet; a correspondin<span class=\"_ _0\"></span>g<span class=\"ws1\"> </span>amou<span class=\"_ _0\"></span>nt is credited or charg<span class=\"_ _0\"></span>ed to retained earnings through other comp<span class=\"_ _0\"></span>rehensive income in the period in whi<span class=\"_ _0\"></span>ch they arise. <span class=\"ws1\"> </span>Reme<span class=\"_ _0\"></span>asuremen<span class=\"_ _9f\"></span>ts are not reclas<span class=\"_ _0\"></span>sified to pr<span class=\"_ _0\"></span>ofit or loss in sub<span class=\"_ _9f\"></span>se<span class=\"_ _3\"></span>qu<span class=\"_ _0\"></span>ent period<span class=\"_ _9f\"></span>s.<span class=\"ls1 ws1\"> </span>Past se<span class=\"_ _0\"></span>rvice co<span class=\"_ _0\"></span>sts are r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ized in pro<span class=\"_ _0\"></span>fit o<span class=\"_ _0\"></span>r loss on t<span class=\"ls30 ws283\">h<span class=\"_ _0\"></span>e effec<span class=\"_ _9f\"></span>tive date o<span class=\"_ _0\"></span>f the ch<span class=\"_ _0\"></span>ange </span>or restriction of the pension plan or the date on which the group accoun<span class=\"_ _0\"></span>ts for reorgan<span class=\"_ _9f\"></span>ization co<span class=\"_ _0\"></span>sts, wh<span class=\"_ _0\"></span>icheve<span class=\"_ _0\"></span>r occu<span class=\"_ _0\"></span>rs firs<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Net interest is calculated by applying th<span class=\"_ _0\"></span>e discount rate to the net defined benefit asset o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>il<span class=\"ls1 ws1f6\">ity and is recognized <span class=\"_ _0\"></span>in consolidated profit or los<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span></span>Empl<span class=\"_ _0\"></span>oyee b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts in eq<span class=\"_ _0\"></span>uity<span class=\"_ _0\"></span> instr<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>On different level<span class=\"_ _0\"></span>s stock option plans exis<span class=\"_ _0\"></span>t within the AvH, giv<span class=\"_ _0\"></span>ing employees the right to<span class=\"_ _0\"></span> buy Av<span class=\"_ _0\"></span>H share<span class=\"_ _0\"></span>s or th<span class=\"_ _0\"></span>e shares o<span class=\"_ _0\"></span>f some su<span class=\"_ _9f\"></span>bsidiary <span class=\"_ _0\"></span>at a pred<span class=\"_ _0\"></span>efined p<span class=\"_ _9f\"></span>rice. <span class=\"ls52 ws24e\">This </span>price <span class=\"_ _0\"></span>is dete<span class=\"_ _0\"></span>rmined<span class=\"_ _0\"></span> at th<span class=\"_ _0\"></span>e time w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e optio<span class=\"_ _9f\"></span>ns are g<span class=\"_ _0\"></span>ranted a<span class=\"_ _0\"></span>nd it i<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on the mar<span class=\"_ _0\"></span>ket p<span class=\"_ _0\"></span>rice or th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> in<span class=\"_ _0\"></span>trinsic<span class=\"_ _0\"></span> value.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The pe<span class=\"_ _0\"></span>rform<span class=\"_ _0\"></span>ance of th<span class=\"_ _9f\"></span>e benefici<span class=\"_ _0\"></span>ary i<span class=\"_ _0\"></span>s measu<span class=\"_ _0\"></span>red (<span class=\"_ _0\"></span>at the mo<span class=\"_ _0\"></span>ment of<span class=\"_ _0\"></span> gran<span class=\"_ _0\"></span>ting) o<span class=\"_ _0\"></span>n the bas<span class=\"_ _0\"></span>is of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of the g<span class=\"_ _9f\"></span>ranted <span class=\"_ _0\"></span>options a<span class=\"_ _9f\"></span><span class=\"ls1 ws1fe\">nd warrants and recognized in<span class=\"_ _0\"></span> </span>profit <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>ss when <span class=\"_ _0\"></span>the serv<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>re ren<span class=\"_ _0\"></span>dered d<span class=\"_ _0\"></span>uring <span class=\"_ _0\"></span>the ve<span class=\"_ _0\"></span>sting pe<span class=\"_ _0\"></span>riod.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-43-4": {
   "value": "Empl<span class=\"_ _0\"></span>oyee b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts in eq<span class=\"_ _0\"></span>uity<span class=\"_ _0\"></span> instr<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>On different level<span class=\"_ _0\"></span>s stock option plans exis<span class=\"_ _0\"></span>t within the AvH, giv<span class=\"_ _0\"></span>ing employees the right to<span class=\"_ _0\"></span> buy Av<span class=\"_ _0\"></span>H share<span class=\"_ _0\"></span>s or th<span class=\"_ _0\"></span>e shares o<span class=\"_ _0\"></span>f some su<span class=\"_ _9f\"></span>bsidiary <span class=\"_ _0\"></span>at a pred<span class=\"_ _0\"></span>efined p<span class=\"_ _9f\"></span>rice. <span class=\"ls52 ws24e\">This </span>price <span class=\"_ _0\"></span>is dete<span class=\"_ _0\"></span>rmined<span class=\"_ _0\"></span> at th<span class=\"_ _0\"></span>e time w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e optio<span class=\"_ _9f\"></span>ns are g<span class=\"_ _0\"></span>ranted a<span class=\"_ _0\"></span>nd it i<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on the mar<span class=\"_ _0\"></span>ket p<span class=\"_ _0\"></span>rice or th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> in<span class=\"_ _0\"></span>trinsic<span class=\"_ _0\"></span> value.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The pe<span class=\"_ _0\"></span>rform<span class=\"_ _0\"></span>ance of th<span class=\"_ _9f\"></span>e benefici<span class=\"_ _0\"></span>ary i<span class=\"_ _0\"></span>s measu<span class=\"_ _0\"></span>red (<span class=\"_ _0\"></span>at the mo<span class=\"_ _0\"></span>ment of<span class=\"_ _0\"></span> gran<span class=\"_ _0\"></span>ting) o<span class=\"_ _0\"></span>n the bas<span class=\"_ _0\"></span>is of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of the g<span class=\"_ _9f\"></span>ranted <span class=\"_ _0\"></span>options a<span class=\"_ _9f\"></span><span class=\"ls1 ws1fe\">nd warrants and recognized in<span class=\"_ _0\"></span> </span>profit <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>ss when <span class=\"_ _0\"></span>the serv<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>re ren<span class=\"_ _0\"></span>dered d<span class=\"_ _0\"></span>uring <span class=\"_ _0\"></span>the ve<span class=\"_ _0\"></span>sting pe<span class=\"_ _0\"></span>riod.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-43-5": {
   "value": "Empl<span class=\"_ _0\"></span>oyee b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts in eq<span class=\"_ _0\"></span>uity<span class=\"_ _0\"></span> instr<span class=\"_ _0\"></span>umen<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> </span>On different level<span class=\"_ _0\"></span>s stock option plans exis<span class=\"_ _0\"></span>t within the AvH, giv<span class=\"_ _0\"></span>ing employees the right to<span class=\"_ _0\"></span> buy Av<span class=\"_ _0\"></span>H share<span class=\"_ _0\"></span>s or th<span class=\"_ _0\"></span>e shares o<span class=\"_ _0\"></span>f some su<span class=\"_ _9f\"></span>bsidiary <span class=\"_ _0\"></span>at a pred<span class=\"_ _0\"></span>efined p<span class=\"_ _9f\"></span>rice. <span class=\"ls52 ws24e\">This </span>price <span class=\"_ _0\"></span>is dete<span class=\"_ _0\"></span>rmined<span class=\"_ _0\"></span> at th<span class=\"_ _0\"></span>e time w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e optio<span class=\"_ _9f\"></span>ns are g<span class=\"_ _0\"></span>ranted a<span class=\"_ _0\"></span>nd it i<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on the mar<span class=\"_ _0\"></span>ket p<span class=\"_ _0\"></span>rice or th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> in<span class=\"_ _0\"></span>trinsic<span class=\"_ _0\"></span> value.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The pe<span class=\"_ _0\"></span>rform<span class=\"_ _0\"></span>ance of th<span class=\"_ _9f\"></span>e benefici<span class=\"_ _0\"></span>ary i<span class=\"_ _0\"></span>s measu<span class=\"_ _0\"></span>red (<span class=\"_ _0\"></span>at the mo<span class=\"_ _0\"></span>ment of<span class=\"_ _0\"></span> gran<span class=\"_ _0\"></span>ting) o<span class=\"_ _0\"></span>n the bas<span class=\"_ _0\"></span>is of<span class=\"_ _0\"></span> the fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of the g<span class=\"_ _9f\"></span>ranted <span class=\"_ _0\"></span>options a<span class=\"_ _9f\"></span><span class=\"ls1 ws1fe\">nd warrants and recognized in<span class=\"_ _0\"></span> </span>profit <span class=\"_ _0\"></span>and lo<span class=\"_ _0\"></span>ss when <span class=\"_ _0\"></span>the serv<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>re ren<span class=\"_ _0\"></span>dered d<span class=\"_ _0\"></span>uring <span class=\"_ _0\"></span>the ve<span class=\"_ _0\"></span>sting pe<span class=\"_ _0\"></span>riod.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-44-3": {
   "value": "19.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls2f ws1e\">Revenue re<span class=\"_ _3\"></span>cognition (IFRS 1<span class=\"_ _3\"></span>5)</span> Revenue is recognised in accordanc<span class=\"_ _0\"></span>e with the IFRS standards, taking into account<span class=\"_ _0\"></span> the spe<span class=\"_ _0\"></span>cific a<span class=\"_ _0\"></span>ctivit<span class=\"_ _0\"></span>ies of ea<span class=\"_ _9f\"></span>ch segmen<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Revenu<span class=\"_ _0\"></span>e recognition <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Revenue is recognised when or as each performanc<span class=\"_ _0\"></span>e obligation is satisfied, at the amount<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e transa<span class=\"_ _0\"></span>ction<span class=\"_ _0\"></span> price a<span class=\"_ _0\"></span>llocat<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>at perf<span class=\"_ _0\"></span>orman<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igation<span class=\"_ _0\"></span>. Cont<span class=\"_ _0\"></span>rol of an ass<span class=\"_ _0\"></span>et refer<span class=\"_ _0\"></span>s to the abi<span class=\"_ _0\"></span>lity to d<span class=\"_ _0\"></span>irect th<span class=\"_ _0\"></span>e use of and<span class=\"_ _0\"></span> obtain su<span class=\"_ _0\"></span>bst<span class=\"ls35 ws1ec\">an<span class=\"_ _0\"></span>tially all th<span class=\"_ _9f\"></span>e </span>remain<span class=\"_ _0\"></span>ing benef<span class=\"_ _9f\"></span>its from the asse<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>When a performanc<span class=\"_ _0\"></span>e obligation is satisfi<span class=\"_ _0\"></span>ed by transferring a <span class=\"_ _0\"></span>promised good or servic<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er befo<span class=\"_ _0\"></span>re the <span class=\"_ _0\"></span>custom<span class=\"_ _0\"></span>er pays <span class=\"_ _0\"></span>consid<span class=\"_ _0\"></span>eratio<span class=\"_ _0\"></span>n or bef<span class=\"_ _0\"></span>ore pa<span class=\"_ _0\"></span>yment<span class=\"_ _0\"></span> is due,the Group presents the <span class=\"ls25 ws224\">con<span class=\"_ _9f\"></span>tract as a co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t asse<span class=\"_ _0\"></span>t, unles<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up's </span>rights to that amo<span class=\"_ _0\"></span>unt of consideration <span class=\"_ _0\"></span>are unconditional, in<span class=\"_ _0\"></span> which case the <span class=\"_ _0\"></span>Group recogn<span class=\"_ _0\"></span>ises a rece<span class=\"_ _0\"></span>ivable.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>When an a<span class=\"_ _0\"></span>mount o<span class=\"_ _0\"></span>f consid<span class=\"_ _9f\"></span>eration i<span class=\"_ _0\"></span>s recei<span class=\"_ _0\"></span>ved from a c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er prio<span class=\"_ _0\"></span>r to the G<span class=\"_ _0\"></span>roup transferring a good o<span class=\"ls25 ws1db\">r se<span class=\"_ _0\"></span>rvice to th<span class=\"_ _0\"></span>e customer, th<span class=\"_ _0\"></span>e Group pr<span class=\"_ _0\"></span>esents the co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span> as </span>a contract l<span class=\"_ _0\"></span>iability.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ma<span class=\"_ _0\"></span>in str<span class=\"_ _0\"></span>eams o<span class=\"_ _0\"></span>f rev<span class=\"_ _0\"></span>enue a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed if i<span class=\"_ _0\"></span>t meet<span class=\"_ _0\"></span>s the <span class=\"_ _0\"></span>criteri<span class=\"_ _0\"></span>a ou<span class=\"_ _0\"></span>tlined<span class=\"_ _0\"></span> below<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>Identi<span class=\"_ _0\"></span>fying t<span class=\"_ _0\"></span>he sepa<span class=\"_ _0\"></span>rate perf<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ance obli<span class=\"_ _0\"></span>gations<span class=\"_ _0\"></span> in a contr<span class=\"_ _0\"></span>act wit<span class=\"_ _0\"></span>h a cus<span class=\"_ _3\"></span>tomer<span class=\"ls1 ws1\"> </span>Most of t<span class=\"ls30 ws203\">he rev<span class=\"_ _0\"></span>enue r<span class=\"_ _0\"></span>ecogn<span class=\"_ _0\"></span>ised b<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>struct<span class=\"_ _0\"></span>ion co<span class=\"_ _0\"></span>mpani<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span> the g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> relat<span class=\"_ _0\"></span>es </span>to cont<span class=\"_ _0\"></span>racts wi<span class=\"_ _0\"></span>th custo<span class=\"_ _0\"></span>mers f<span class=\"_ _0\"></span>or the sa<span class=\"_ _0\"></span>le of prope<span class=\"_ _0\"></span>rties an<span class=\"_ _0\"></span>d servic<span class=\"_ _9f\"></span>es revenue<span class=\"_ _0\"></span> generated from construc<span class=\"_ _0\"></span>tion, project management <span class=\"_ _0\"></span>and selling activities. In accoun<span class=\"_ _0\"></span>ting f<span class=\"_ _0\"></span>or these con<span class=\"_ _9f\"></span>tracts, <span class=\"ls1 ws1f7\">the Group is required to identify which good<span class=\"_ _0\"></span>s or </span>servic<span class=\"_ _0\"></span>es are d<span class=\"_ _0\"></span>istinct an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span>refore r<span class=\"_ _0\"></span>eprese<span class=\"_ _0\"></span>nt separ<span class=\"_ _0\"></span>ate perf<span class=\"_ _0\"></span>ormanc<span class=\"_ _0\"></span>e oblig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s to which revenue can be a<span class=\"_ _0\"></span>ssigned.<span class=\"ws1\"> </span>Manag<span class=\"_ _0\"></span>ement u<span class=\"_ _0\"></span>ses j<span class=\"_ _0\"></span>udgeme<span class=\"_ _0\"></span>nt to d<span class=\"_ _0\"></span>etermi<span class=\"_ _0\"></span>ne whe<span class=\"_ _0\"></span>ther a p<span class=\"_ _9f\"></span>romised go<span class=\"_ _0\"></span>od or<span class=\"_ _0\"></span> serv<span class=\"_ _0\"></span>ice is<span class=\"_ _0\"></span> dist<span class=\"_ _3\"></span>inct b<span class=\"_ _3\"></span>y asses<span class=\"ls25 ws232\">sing if th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r can b<span class=\"_ _0\"></span>enefit f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e good o<span class=\"_ _0\"></span>r servi<span class=\"_ _0\"></span>ce on i<span class=\"_ _0\"></span>ts </span>own or tog<span class=\"_ _0\"></span>ether<span class=\"_ _0\"></span> with othe<span class=\"_ _0\"></span>r resour<span class=\"_ _0\"></span>ces that ar<span class=\"_ _0\"></span>e readi<span class=\"_ _0\"></span>ly availab<span class=\"_ _9f\"></span>le to the custom<span class=\"_ _9f\"></span>er and by a<span class=\"_ _0\"></span>scertai<span class=\"_ _0\"></span>ning w<span class=\"_ _0\"></span>hether <span class=\"_ _0\"></span>the Grou<span class=\"_ _9f\"></span>p's promi<span class=\"_ _0\"></span>se to tran<span class=\"_ _9f\"></span>sfer the goo<span class=\"_ _0\"></span>d or se<span class=\"_ _0\"></span>rvice to the cu<span class=\"_ _9f\"></span>stomer i<span class=\"_ _0\"></span>s separa<span class=\"_ _0\"></span>tely id<span class=\"_ _0\"></span>entifi<span class=\"_ _0\"></span>able fro<span class=\"_ _0\"></span>m othe<span class=\"_ _0\"></span>r promis<span class=\"_ _0\"></span>es in <span class=\"_ _0\"></span>the cont<span class=\"_ _0\"></span>ract.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Deter<span class=\"_ _0\"></span>minati<span class=\"_ _0\"></span>on of tr<span class=\"_ _0\"></span>ansacti<span class=\"_ _0\"></span>on pri<span class=\"_ _0\"></span>ces for rev<span class=\"_ _0\"></span>enue <span class=\"_ _0\"></span>recogni<span class=\"_ _0\"></span>tion<span class=\"ls1 ws1\"> </span>The G<span class=\"_ _0\"></span>roup is <span class=\"_ _0\"></span>requi<span class=\"_ _0\"></span>red to<span class=\"_ _0\"></span> determi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>n pric<span class=\"_ _0\"></span>e in re<span class=\"_ _0\"></span>spect o<span class=\"_ _0\"></span>f each<span class=\"_ _0\"></span> of i<span class=\"_ _0\"></span>ts contr<span class=\"_ _0\"></span>acts w<span class=\"_ _0\"></span>ith cu<span class=\"_ _0\"></span>stomers.<span class=\"_ _9f\"></span> Where con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>ration <span class=\"_ _0\"></span>is va<span class=\"_ _0\"></span>riable d<span class=\"_ _0\"></span>ue to<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls34 ws1ef\">a per<span class=\"_ _3\"></span>form<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e </span></span>bon<span class=\"_ _3\"></span>us<span class=\"_ _3\"></span>, the<span class=\"_ _3\"></span> Gr<span class=\"_ _3\"></span>oup e<span class=\"_ _3\"></span>sti<span class=\"_ _3\"></span>mate<span class=\"_ _3\"></span>s t<span class=\"_ _3\"></span>he a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span> of <span class=\"_ _3\"></span>var<span class=\"_ _3\"></span>iab<span class=\"_ _3\"></span>le c<span class=\"_ _3\"></span>onsi<span class=\"_ _3\"></span>dera<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>n to<span class=\"_ _3\"></span> be<span class=\"_ _3\"></span> incl<span class=\"_ _3\"></span>ude<span class=\"_ _3\"></span>d in the t<span class=\"_ _0\"></span>ransac<span class=\"_ _0\"></span>tion pr<span class=\"_ _0\"></span>ice. <span class=\"ls1 ws1\"> </span>Allocation of transaction price to performance obli<span class=\"_ _0\"></span>gations in contracts with cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>rs <span class=\"ls1 ws1\"> </span>The Group us<span class=\"_ _0\"></span>es the stand<span class=\"ws1\">-<span class=\"ls35 ws269\">alon<span class=\"_ _0\"></span>e selling<span class=\"_ _0\"></span> price of<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls33 ws224\">the disti<span class=\"_ _3\"></span>nct good<span class=\"_ _3\"></span>s and servi<span class=\"_ _3\"></span>ces </span></span></span></span>underlying each performanc<span class=\"_ _0\"></span>e obligation to apportion the transaction price to id<span class=\"_ _3\"></span>enti<span class=\"_ _3\"></span>fie<span class=\"_ _3\"></span>d pe<span class=\"_ _3\"></span>rfor<span class=\"_ _3\"></span>ma<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span> obl<span class=\"_ _3\"></span>igat<span class=\"_ _3\"></span>ions<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ws252\">This occurs for<span class=\"_ _0\"></span> a limited number of EPC<span class=\"_ _0\"></span>I </span></span>contracts in the \"Marine Engineering &amp; Contracting\" segment, where th<span class=\"ls39 ws1f4\">e multipl<span class=\"_ _3\"></span>e </span>perfor<span class=\"_ _0\"></span>mance ob<span class=\"_ _0\"></span>ligat<span class=\"_ _0\"></span>ions (procu<span class=\"_ _9f\"></span>rement act<span class=\"_ _0\"></span>ivities an<span class=\"_ _0\"></span>d insta<span class=\"_ _0\"></span>llation ac<span class=\"_ _0\"></span>tiviti<span class=\"_ _0\"></span>es) give ri<span class=\"_ _0\"></span>se to a sep<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>e revenu<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nition p<span class=\"_ _0\"></span>atte<span class=\"_ _0\"></span>rn.<span class=\"ls1 ws1\">  </span>Satisfaction of perfo<span class=\"_ _0\"></span>rmance obligations for revenue recognition<span class=\"_ _0\"></span><span class=\"ws1\"> </span>The Grou<span class=\"_ _0\"></span>p asses<span class=\"_ _0\"></span>ses each<span class=\"_ _0\"></span> of its cu<span class=\"_ _0\"></span>stomer c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts to d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>e wheth<span class=\"_ _0\"></span>er perfor<span class=\"_ _0\"></span>mance o<span class=\"_ _0\"></span>bliga<span class=\"_ _0\"></span>tions a<span class=\"_ _0\"></span>re sati<span class=\"_ _0\"></span>sfied ov<span class=\"_ _0\"></span>er time o<span class=\"_ _0\"></span>r at a po<span class=\"_ _0\"></span>int in t<span class=\"_ _0\"></span>ime in ord<span class=\"_ _0\"></span>er to<span class=\"_ _0\"></span> determine when r<span class=\"_ _0\"></span>evenue is recognised. F<span class=\"_ _0\"></span>or sales of pro<span class=\"_ _0\"></span>perties under deve<span class=\"_ _0\"></span>lopment the Gro<span class=\"_ _0\"></span>up reco<span class=\"_ _9f\"></span>gnises rev<span class=\"_ _9f\"></span>enue over <span class=\"_ _0\"></span>time, <span class=\"_ _0\"></span>accord<span class=\"_ _0\"></span>ing to<span class=\"_ _0\"></span> the p<span class=\"_ _0\"></span>ercen<span class=\"ls4a ws287\">tage<span class=\"_ _3\"></span> of </span>compl<span class=\"_ _0\"></span>etion me<span class=\"_ _0\"></span>thod, be<span class=\"_ _0\"></span>cause co<span class=\"_ _0\"></span>ntrol tr<span class=\"_ _0\"></span>ansf<span class=\"_ _0\"></span>ers ove<span class=\"_ _0\"></span>r time. It<span class=\"_ _0\"></span>s perform<span class=\"_ _0\"></span>ance cre<span class=\"_ _0\"></span>ates an ass<span class=\"_ _0\"></span>et tha<span class=\"_ _0\"></span>t the cu<span class=\"_ _0\"></span>stomer<span class=\"_ _0\"></span> contro<span class=\"_ _9f\"></span>ls as the a<span class=\"_ _0\"></span>sset i<span class=\"_ _0\"></span>s crea<span class=\"_ _0\"></span>ted. I<span class=\"_ _0\"></span>t does n<span class=\"_ _0\"></span>ot crea<span class=\"_ _9f\"></span>te<span class=\"_ _3\"></span> a<span class=\"_ _0\"></span>n asset <span class=\"_ _0\"></span>with alt<span class=\"_ _0\"></span>ernati<span class=\"_ _0\"></span>ve use a<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up has an <span class=\"_ _0\"></span>enforc<span class=\"_ _0\"></span>eable <span class=\"_ _0\"></span>right to p<span class=\"_ _0\"></span>aymen<span class=\"_ _0\"></span>t for perfo<span class=\"ls1 ws23f\">rmance completed to date. For the EPCI contracts, revenue on the </span>procu<span class=\"_ _0\"></span>remen<span class=\"_ _0\"></span>t activiti<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>e recogni<span class=\"_ _0\"></span>sed at a<span class=\"_ _0\"></span> point in ti<span class=\"_ _0\"></span>me and th<span class=\"_ _0\"></span>e inst<span class=\"_ _0\"></span>allatio<span class=\"_ _0\"></span>n acti<span class=\"_ _3\"></span>vities<span class=\"_ _3\"></span> are rec<span class=\"_ _3\"></span>ognise<span class=\"_ _3\"></span>d over ti<span class=\"_ _3\"></span>me.<span class=\"ls1 ws1\"> </span>Method of measuring progress<span class=\"_ _0\"></span> of completion of performance obligations and re<span class=\"ws1ec\">cognition of revenue <span class=\"ws1\"> </span></span>For perf<span class=\"_ _0\"></span>orma<span class=\"_ _0\"></span>nce oblig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>sfied ov<span class=\"_ _9f\"></span>er time, con<span class=\"_ _9f\"></span>tract reven<span class=\"_ _0\"></span>ue is re<span class=\"_ _0\"></span>cogniz<span class=\"_ _0\"></span>ed accord<span class=\"_ _0\"></span>ing to th<span class=\"_ _9f\"></span>e percentag<span class=\"_ _0\"></span>e of comp<span class=\"_ _0\"></span>letio<span class=\"_ _0\"></span>n of the co<span class=\"_ _0\"></span>ntract a<span class=\"_ _0\"></span>ctivit<span class=\"_ _0\"></span>y at the c<span class=\"_ _0\"></span>losing<span class=\"_ _9f\"></span> date by using an <span class=\"_ _0\"></span>input method calcu<span class=\"_ _0\"></span>lated as the propor<span class=\"_ _0\"></span>tion of contract c<span class=\"ls25 ws208\">o<span class=\"_ _9f\"></span>sts at the </span>closin<span class=\"_ _0\"></span>g dat<span class=\"_ _0\"></span>e and th<span class=\"_ _0\"></span>e estim<span class=\"_ _0\"></span>ated to<span class=\"_ _0\"></span>tal co<span class=\"_ _0\"></span>ntract <span class=\"_ _0\"></span>costs. A<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>ected lo<span class=\"_ _0\"></span>ss on a<span class=\"_ _0\"></span> cons<span class=\"_ _0\"></span>tructio<span class=\"_ _0\"></span>n contract is i<span class=\"_ _0\"></span>mmedi<span class=\"_ _0\"></span>ately reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d.<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> </span>Contr<span class=\"_ _0\"></span>acts for th<span class=\"_ _9f\"></span>e sale of pro<span class=\"_ _0\"></span>pertie<span class=\"_ _0\"></span>s conta<span class=\"_ _0\"></span>in cer<span class=\"_ _0\"></span>tain war<span class=\"_ _0\"></span>ranti<span class=\"_ _0\"></span>es cover<span class=\"_ _0\"></span>ing a per<span class=\"_ _0\"></span>iod of up t<span class=\"_ _3\"></span>o ten yea<span class=\"_ _3\"></span>rs afte<span class=\"_ _3\"></span>r compl<span class=\"_ _3\"></span>et<span class=\"ls25 ws1f9\">ion of<span class=\"_ _0\"></span> the pro<span class=\"_ _0\"></span>perty.<span class=\"_ _0\"></span> The Gro<span class=\"_ _0\"></span>up ass<span class=\"_ _0\"></span>essed tha<span class=\"_ _0\"></span>t the<span class=\"_ _0\"></span>se </span>condi<span class=\"_ _0\"></span>tions r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>t 'assuranc<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-</span>type'<span class=\"_ _0\"></span> warran<span class=\"_ _0\"></span>ties th<span class=\"_ _0\"></span>at are <span class=\"_ _0\"></span>legally<span class=\"_ _0\"></span> requir<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e provided as quality guarant<span class=\"_ _0\"></span>ees and will continue to be accounted fo<span class=\"_ _0\"></span>r under IAS 37, co<span class=\"_ _0\"></span>nsisten<span class=\"_ _0\"></span>t with <span class=\"_ _0\"></span>its curr<span class=\"_ _0\"></span>ent pra<span class=\"_ _0\"></span>ctic<span class=\"_ _0\"></span>e.<span class=\"ls1 ws1\"> </span>A v<span class=\"ls42 ws213\">ariation m<span class=\"_ _0\"></span>ay lead to an in<span class=\"_ _0\"></span>crease or a d<span class=\"_ _0\"></span>ecrease in con<span class=\"_ _0\"></span>tract revenu<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>. A v<span class=\"_ _0\"></span>ariation<span class=\"_ _0\"></span> </span>is an instruction by <span class=\"_ _0\"></span>the customer for a c<span class=\"_ _0\"></span>hange in the scope of th<span class=\"_ _0\"></span>e work to be perfor<span class=\"_ _0\"></span>med un<span class=\"_ _0\"></span>der th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>tract.<span class=\"_ _0\"></span> These<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>ract mo<span class=\"_ _0\"></span>dific<span class=\"_ _0\"></span>ations<span class=\"_ _0\"></span> form t<span class=\"_ _0\"></span>ypical<span class=\"_ _0\"></span>ly pa<span class=\"_ _0\"></span>rt of the performance <span class=\"ls25 ws236\">obl<span class=\"_ _0\"></span>igation th<span class=\"_ _9f\"></span>at is partia<span class=\"_ _0\"></span>lly satisf<span class=\"_ _0\"></span>ied at th<span class=\"_ _0\"></span>e date of th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act </span>modification, henc<span class=\"_ _0\"></span>e the effect is recognised as an adjus<span class=\"_ _0\"></span>tment to revenue.<span class=\"ws1\"> </span>Dividend revenue is recognised wh<span class=\"_ _0\"></span>en the<span class=\"_ _3\"></span> Group'<span class=\"_ _0\"></span>s right to receive the payment is esta<span class=\"_ _3\"></span>blishe<span class=\"_ _3\"></span>d.<span class=\"ls1 ws1\"> </span>Other r<span class=\"_ _0\"></span>evenu<span class=\"_ _0\"></span>e is recogn<span class=\"_ _9f\"></span>ised when it<span class=\"_ _0\"></span> is receiv<span class=\"_ _9f\"></span>ed or when th<span class=\"_ _0\"></span>e right to<span class=\"_ _0\"></span> receiv<span class=\"_ _0\"></span>e payment is established.<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-46-4": {
   "value": "Dividend revenue is recognised wh<span class=\"_ _0\"></span>en the<span class=\"_ _3\"></span> Group'<span class=\"_ _0\"></span>s right to receive the payment is esta<span class=\"_ _3\"></span>blishe<span class=\"_ _3\"></span>d.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-48-3": {
   "value": "20.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Assets he<span class=\"_ _3\"></span>ld for sale a<span class=\"_ _3\"></span>nd disc<span class=\"_ _3\"></span>ontinued op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s</span> The Group classifies <span class=\"_ _3\"></span>non<span class=\"ws1\">-<span class=\"ls25 ws207\">cu<span class=\"_ _9f\"></span>rrent asse<span class=\"_ _0\"></span>ts and disp<span class=\"_ _0\"></span>osal<span class=\"_ _0\"></span> groups a<span class=\"_ _0\"></span>s held f<span class=\"_ _0\"></span>or sale i<span class=\"_ _0\"></span>f thei<span class=\"_ _0\"></span>r </span></span>carrying amounts will be recov<span class=\"_ _0\"></span>ered principally through a sale transaction rathe<span class=\"_ _0\"></span>r than through continuing use. Non<span class=\"ws1\">-<span class=\"ws1f6\">current as<span class=\"_ _0\"></span>sets and disposal group<span class=\"_ _0\"></span>s classified as </span></span>held fo<span class=\"_ _0\"></span>r sale a<span class=\"_ _0\"></span>re measur<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>r of their c<span class=\"_ _0\"></span>arrying<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t and fai<span class=\"_ _0\"></span>r value l<span class=\"_ _0\"></span>ess costs <span class=\"_ _0\"></span>to sel<span class=\"_ _0\"></span>l. Cost<span class=\"_ _0\"></span>s to sel<span class=\"_ _0\"></span>l are th<span class=\"_ _9f\"></span>e increm<span class=\"_ _0\"></span>ental c<span class=\"ws20a\">o<span class=\"_ _0\"></span>sts direc<span class=\"_ _0\"></span>tly att<span class=\"_ _0\"></span>ributab<span class=\"_ _0\"></span>le to the </span>disposal of an a<span class=\"_ _0\"></span>sset (disposal group)<span class=\"_ _0\"></span>, excluding finance <span class=\"_ _0\"></span>costs and income t<span class=\"_ _0\"></span>ax expense. The cri<span class=\"_ _0\"></span>teria f<span class=\"_ _0\"></span>or held f<span class=\"_ _0\"></span>or sal<span class=\"_ _0\"></span>e class<span class=\"_ _0\"></span>ificat<span class=\"_ _0\"></span>ion is r<span class=\"_ _0\"></span>egarded <span class=\"_ _0\"></span>as me<span class=\"_ _0\"></span>t only wh<span class=\"_ _0\"></span>en the <span class=\"_ _0\"></span>sale is<span class=\"_ _0\"></span> highly probable, and th<span class=\"_ _0\"></span>e asset or disposal group<span class=\"ws1\"> <span class=\"ls52 ws1f0\">is avai<span class=\"_ _3\"></span>lable<span class=\"_ _3\"></span> for imme<span class=\"_ _3\"></span>diate<span class=\"_ _3\"></span> sale<span class=\"_ _3\"></span> in </span></span>its pre<span class=\"_ _0\"></span>sent cond<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span>. Action<span class=\"_ _0\"></span>s requi<span class=\"_ _0\"></span>red to com<span class=\"_ _0\"></span>plete th<span class=\"_ _0\"></span>e sale sho<span class=\"_ _0\"></span>uld ind<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at it is unli<span class=\"_ _0\"></span>kely th<span class=\"_ _0\"></span>at sign<span class=\"_ _0\"></span>ifican<span class=\"_ _0\"></span>t chang<span class=\"_ _0\"></span>es to th<span class=\"_ _0\"></span>e sale w<span class=\"_ _0\"></span>ill be m<span class=\"_ _0\"></span>ade or <span class=\"_ _0\"></span>that the d<span class=\"_ _9f\"></span>ecision to<span class=\"_ _0\"></span> sell will b<span class=\"_ _0\"></span>e withdra<span class=\"_ _0\"></span>wn. Man<span class=\"_ _0\"></span>agem<span class=\"_ _0\"></span>ent must be co<span class=\"_ _0\"></span>mmit<span class=\"ls1 ws1ef\">ted <span class=\"_ _0\"></span>to the plan to sell t<span class=\"_ _0\"></span>he </span>asset and the sale expected to be completed within one yea<span class=\"_ _0\"></span>r from the date of the classif<span class=\"_ _0\"></span>icatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-48-4": {
   "value": "20.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Assets he<span class=\"_ _3\"></span>ld for sale a<span class=\"_ _3\"></span>nd disc<span class=\"_ _3\"></span>ontinued op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s</span> The Group classifies <span class=\"_ _3\"></span>non<span class=\"ws1\">-<span class=\"ls25 ws207\">cu<span class=\"_ _9f\"></span>rrent asse<span class=\"_ _0\"></span>ts and disp<span class=\"_ _0\"></span>osal<span class=\"_ _0\"></span> groups a<span class=\"_ _0\"></span>s held f<span class=\"_ _0\"></span>or sale i<span class=\"_ _0\"></span>f thei<span class=\"_ _0\"></span>r </span></span>carrying amounts will be recov<span class=\"_ _0\"></span>ered principally through a sale transaction rathe<span class=\"_ _0\"></span>r than through continuing use. Non<span class=\"ws1\">-<span class=\"ws1f6\">current as<span class=\"_ _0\"></span>sets and disposal group<span class=\"_ _0\"></span>s classified as </span></span>held fo<span class=\"_ _0\"></span>r sale a<span class=\"_ _0\"></span>re measur<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>r of their c<span class=\"_ _0\"></span>arrying<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t and fai<span class=\"_ _0\"></span>r value l<span class=\"_ _0\"></span>ess costs <span class=\"_ _0\"></span>to sel<span class=\"_ _0\"></span>l. Cost<span class=\"_ _0\"></span>s to sel<span class=\"_ _0\"></span>l are th<span class=\"_ _9f\"></span>e increm<span class=\"_ _0\"></span>ental c<span class=\"ws20a\">o<span class=\"_ _0\"></span>sts direc<span class=\"_ _0\"></span>tly att<span class=\"_ _0\"></span>ributab<span class=\"_ _0\"></span>le to the </span>disposal of an a<span class=\"_ _0\"></span>sset (disposal group)<span class=\"_ _0\"></span>, excluding finance <span class=\"_ _0\"></span>costs and income t<span class=\"_ _0\"></span>ax expense. The cri<span class=\"_ _0\"></span>teria f<span class=\"_ _0\"></span>or held f<span class=\"_ _0\"></span>or sal<span class=\"_ _0\"></span>e class<span class=\"_ _0\"></span>ificat<span class=\"_ _0\"></span>ion is r<span class=\"_ _0\"></span>egarded <span class=\"_ _0\"></span>as me<span class=\"_ _0\"></span>t only wh<span class=\"_ _0\"></span>en the <span class=\"_ _0\"></span>sale is<span class=\"_ _0\"></span> highly probable, and th<span class=\"_ _0\"></span>e asset or disposal group<span class=\"ws1\"> <span class=\"ls52 ws1f0\">is avai<span class=\"_ _3\"></span>lable<span class=\"_ _3\"></span> for imme<span class=\"_ _3\"></span>diate<span class=\"_ _3\"></span> sale<span class=\"_ _3\"></span> in </span></span>its pre<span class=\"_ _0\"></span>sent cond<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span>. Action<span class=\"_ _0\"></span>s requi<span class=\"_ _0\"></span>red to com<span class=\"_ _0\"></span>plete th<span class=\"_ _0\"></span>e sale sho<span class=\"_ _0\"></span>uld ind<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at it is unli<span class=\"_ _0\"></span>kely th<span class=\"_ _0\"></span>at sign<span class=\"_ _0\"></span>ifican<span class=\"_ _0\"></span>t chang<span class=\"_ _0\"></span>es to th<span class=\"_ _0\"></span>e sale w<span class=\"_ _0\"></span>ill be m<span class=\"_ _0\"></span>ade or <span class=\"_ _0\"></span>that the d<span class=\"_ _9f\"></span>ecision to<span class=\"_ _0\"></span> sell will b<span class=\"_ _0\"></span>e withdra<span class=\"_ _0\"></span>wn. Man<span class=\"_ _0\"></span>agem<span class=\"_ _0\"></span>ent must be co<span class=\"_ _0\"></span>mmit<span class=\"ls1 ws1ef\">ted <span class=\"_ _0\"></span>to the plan to sell t<span class=\"_ _0\"></span>he </span>asset and the sale expected to be completed within one yea<span class=\"_ _0\"></span>r from the date of the classif<span class=\"_ _0\"></span>icatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-48-5": {
   "value": "20.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Assets he<span class=\"_ _3\"></span>ld for sale a<span class=\"_ _3\"></span>nd disc<span class=\"_ _3\"></span>ontinued op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s</span> The Group classifies <span class=\"_ _3\"></span>non<span class=\"ws1\">-<span class=\"ls25 ws207\">cu<span class=\"_ _9f\"></span>rrent asse<span class=\"_ _0\"></span>ts and disp<span class=\"_ _0\"></span>osal<span class=\"_ _0\"></span> groups a<span class=\"_ _0\"></span>s held f<span class=\"_ _0\"></span>or sale i<span class=\"_ _0\"></span>f thei<span class=\"_ _0\"></span>r </span></span>carrying amounts will be recov<span class=\"_ _0\"></span>ered principally through a sale transaction rathe<span class=\"_ _0\"></span>r than through continuing use. Non<span class=\"ws1\">-<span class=\"ws1f6\">current as<span class=\"_ _0\"></span>sets and disposal group<span class=\"_ _0\"></span>s classified as </span></span>held fo<span class=\"_ _0\"></span>r sale a<span class=\"_ _0\"></span>re measur<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>r of their c<span class=\"_ _0\"></span>arrying<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t and fai<span class=\"_ _0\"></span>r value l<span class=\"_ _0\"></span>ess costs <span class=\"_ _0\"></span>to sel<span class=\"_ _0\"></span>l. Cost<span class=\"_ _0\"></span>s to sel<span class=\"_ _0\"></span>l are th<span class=\"_ _9f\"></span>e increm<span class=\"_ _0\"></span>ental c<span class=\"ws20a\">o<span class=\"_ _0\"></span>sts direc<span class=\"_ _0\"></span>tly att<span class=\"_ _0\"></span>ributab<span class=\"_ _0\"></span>le to the </span>disposal of an a<span class=\"_ _0\"></span>sset (disposal group)<span class=\"_ _0\"></span>, excluding finance <span class=\"_ _0\"></span>costs and income t<span class=\"_ _0\"></span>ax expense. The cri<span class=\"_ _0\"></span>teria f<span class=\"_ _0\"></span>or held f<span class=\"_ _0\"></span>or sal<span class=\"_ _0\"></span>e class<span class=\"_ _0\"></span>ificat<span class=\"_ _0\"></span>ion is r<span class=\"_ _0\"></span>egarded <span class=\"_ _0\"></span>as me<span class=\"_ _0\"></span>t only wh<span class=\"_ _0\"></span>en the <span class=\"_ _0\"></span>sale is<span class=\"_ _0\"></span> highly probable, and th<span class=\"_ _0\"></span>e asset or disposal group<span class=\"ws1\"> <span class=\"ls52 ws1f0\">is avai<span class=\"_ _3\"></span>lable<span class=\"_ _3\"></span> for imme<span class=\"_ _3\"></span>diate<span class=\"_ _3\"></span> sale<span class=\"_ _3\"></span> in </span></span>its pre<span class=\"_ _0\"></span>sent cond<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span>. Action<span class=\"_ _0\"></span>s requi<span class=\"_ _0\"></span>red to com<span class=\"_ _0\"></span>plete th<span class=\"_ _0\"></span>e sale sho<span class=\"_ _0\"></span>uld ind<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at it is unli<span class=\"_ _0\"></span>kely th<span class=\"_ _0\"></span>at sign<span class=\"_ _0\"></span>ifican<span class=\"_ _0\"></span>t chang<span class=\"_ _0\"></span>es to th<span class=\"_ _0\"></span>e sale w<span class=\"_ _0\"></span>ill be m<span class=\"_ _0\"></span>ade or <span class=\"_ _0\"></span>that the d<span class=\"_ _9f\"></span>ecision to<span class=\"_ _0\"></span> sell will b<span class=\"_ _0\"></span>e withdra<span class=\"_ _0\"></span>wn. Man<span class=\"_ _0\"></span>agem<span class=\"_ _0\"></span>ent must be co<span class=\"_ _0\"></span>mmit<span class=\"ls1 ws1ef\">ted <span class=\"_ _0\"></span>to the plan to sell t<span class=\"_ _0\"></span>he </span>asset and the sale expected to be completed within one yea<span class=\"_ _0\"></span>r from the date of the classif<span class=\"_ _0\"></span>icatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-48-6": {
   "value": "20.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Assets he<span class=\"_ _3\"></span>ld for sale a<span class=\"_ _3\"></span>nd disc<span class=\"_ _3\"></span>ontinued op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s</span> The Group classifies <span class=\"_ _3\"></span>non<span class=\"ws1\">-<span class=\"ls25 ws207\">cu<span class=\"_ _9f\"></span>rrent asse<span class=\"_ _0\"></span>ts and disp<span class=\"_ _0\"></span>osal<span class=\"_ _0\"></span> groups a<span class=\"_ _0\"></span>s held f<span class=\"_ _0\"></span>or sale i<span class=\"_ _0\"></span>f thei<span class=\"_ _0\"></span>r </span></span>carrying amounts will be recov<span class=\"_ _0\"></span>ered principally through a sale transaction rathe<span class=\"_ _0\"></span>r than through continuing use. Non<span class=\"ws1\">-<span class=\"ws1f6\">current as<span class=\"_ _0\"></span>sets and disposal group<span class=\"_ _0\"></span>s classified as </span></span>held fo<span class=\"_ _0\"></span>r sale a<span class=\"_ _0\"></span>re measur<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>r of their c<span class=\"_ _0\"></span>arrying<span class=\"_ _0\"></span> amoun<span class=\"_ _0\"></span>t and fai<span class=\"_ _0\"></span>r value l<span class=\"_ _0\"></span>ess costs <span class=\"_ _0\"></span>to sel<span class=\"_ _0\"></span>l. Cost<span class=\"_ _0\"></span>s to sel<span class=\"_ _0\"></span>l are th<span class=\"_ _9f\"></span>e increm<span class=\"_ _0\"></span>ental c<span class=\"ws20a\">o<span class=\"_ _0\"></span>sts direc<span class=\"_ _0\"></span>tly att<span class=\"_ _0\"></span>ributab<span class=\"_ _0\"></span>le to the </span>disposal of an a<span class=\"_ _0\"></span>sset (disposal group)<span class=\"_ _0\"></span>, excluding finance <span class=\"_ _0\"></span>costs and income t<span class=\"_ _0\"></span>ax expense. The cri<span class=\"_ _0\"></span>teria f<span class=\"_ _0\"></span>or held f<span class=\"_ _0\"></span>or sal<span class=\"_ _0\"></span>e class<span class=\"_ _0\"></span>ificat<span class=\"_ _0\"></span>ion is r<span class=\"_ _0\"></span>egarded <span class=\"_ _0\"></span>as me<span class=\"_ _0\"></span>t only wh<span class=\"_ _0\"></span>en the <span class=\"_ _0\"></span>sale is<span class=\"_ _0\"></span> highly probable, and th<span class=\"_ _0\"></span>e asset or disposal group<span class=\"ws1\"> <span class=\"ls52 ws1f0\">is avai<span class=\"_ _3\"></span>lable<span class=\"_ _3\"></span> for imme<span class=\"_ _3\"></span>diate<span class=\"_ _3\"></span> sale<span class=\"_ _3\"></span> in </span></span>its pre<span class=\"_ _0\"></span>sent cond<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span>. Action<span class=\"_ _0\"></span>s requi<span class=\"_ _0\"></span>red to com<span class=\"_ _0\"></span>plete th<span class=\"_ _0\"></span>e sale sho<span class=\"_ _0\"></span>uld ind<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at it is unli<span class=\"_ _0\"></span>kely th<span class=\"_ _0\"></span>at sign<span class=\"_ _0\"></span>ifican<span class=\"_ _0\"></span>t chang<span class=\"_ _0\"></span>es to th<span class=\"_ _0\"></span>e sale w<span class=\"_ _0\"></span>ill be m<span class=\"_ _0\"></span>ade or <span class=\"_ _0\"></span>that the d<span class=\"_ _9f\"></span>ecision to<span class=\"_ _0\"></span> sell will b<span class=\"_ _0\"></span>e withdra<span class=\"_ _0\"></span>wn. Man<span class=\"_ _0\"></span>agem<span class=\"_ _0\"></span>ent must be co<span class=\"_ _0\"></span>mmit<span class=\"ls1 ws1ef\">ted <span class=\"_ _0\"></span>to the plan to sell t<span class=\"_ _0\"></span>he </span>asset and the sale expected to be completed within one yea<span class=\"_ _0\"></span>r from the date of the classif<span class=\"_ _0\"></span>icatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-49-2": {
   "value": "21.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls3a ws20c\">Events afte<span class=\"_ _3\"></span>r balance<span class=\"_ _3\"></span> sheet d<span class=\"_ _3\"></span>ate</span> Events may occur aft<span class=\"_ _0\"></span>er the balance sheet date whi<span class=\"_ _0\"></span>ch provide additional information with regard to the fin<span class=\"_ _0\"></span>ancial situation of the company at balan<span class=\"_ _0\"></span>ce sheet date (adjusting events). This information a<span class=\"_ _0\"></span>llows the adjustment of estimations and a better reflection of<span class=\"_ _0\"></span> the actual situation on the<span class=\"_ _0\"></span> balance sheet date. Thes<span class=\"_ _0\"></span>e events re<span class=\"_ _3\"></span>quir<span class=\"_ _3\"></span>e a<span class=\"_ _3\"></span>n adj<span class=\"_ _3\"></span>ustm<span class=\"_ _3\"></span>ent o<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> ba<span class=\"_ _3\"></span>lan<span class=\"ls1 ws1f6\">ce sheet and the profit and loss acco<span class=\"_ _0\"></span>unt. Other </span>events <span class=\"_ _0\"></span>after ba<span class=\"_ _9f\"></span>lance sheet d<span class=\"_ _9f\"></span>ate are men<span class=\"_ _0\"></span>tioned<span class=\"_ _0\"></span> in the n<span class=\"_ _0\"></span>otes if <span class=\"_ _0\"></span>they hav<span class=\"_ _9f\"></span>e a signific<span class=\"_ _0\"></span>ant imp<span class=\"_ _3\"></span>act.<span class=\"ls1 ws1\"> </span>Note 30:<span class=\"ff3c\"> </span><span class=\"ls3a ws20c\">Major <span class=\"ls26 ws1dc\">events aft<span class=\"_ _0\"></span>er balanc<span class=\"_ _0\"></span>e sheet da<span class=\"_ _0\"></span>te<span class=\"ls1 ws1\"> </span></span></span>Early F<span class=\"_ _0\"></span>ebrua<span class=\"_ _0\"></span>ry 2023, a<span class=\"_ _0\"></span>fter a succ<span class=\"_ _0\"></span>essful co<span class=\"_ _9f\"></span>llaboratio<span class=\"_ _0\"></span>n of mor<span class=\"_ _0\"></span>e than 30 ye<span class=\"_ _0\"></span>ars, Av<span class=\"_ _0\"></span>H sold it<span class=\"_ _0\"></span>s 50% p<span class=\"_ _0\"></span>articip<span class=\"_ _0\"></span>ation in<span class=\"_ _0\"></span> <span class=\"ls30 ws1eb\">Tel<span class=\"_ _0\"></span>emond<span class=\"ls1 ws1\"> <span class=\"ls25 ws215\">to th<span class=\"_ _0\"></span>e Ger<span class=\"_ _0\"></span>man fa<span class=\"_ _0\"></span>mily Ma<span class=\"_ _0\"></span>as, it<span class=\"_ _0\"></span>s long<span class=\"ls1 ws1\">-<span class=\"_ _0\"></span><span class=\"ls25 ws1ec\">term </span></span></span></span></span>partner. This sale earned AvH a cash revenue of 55 million euros and a capital gain of 19 milli<span class=\"ls40 ws1\">on euros. <span class=\"ls1\"> </span></span>AvH is proud <span class=\"_ _0\"></span>to have been s<span class=\"_ _0\"></span>elected as one of <span class=\"_ _0\"></span>the 20 comp<span class=\"_ _0\"></span>anies in the new<span class=\"_ _0\"></span> <span class=\"ls53 ws23d\">BEL</span><span class=\"ff3b ws1\"> </span>ESG In<span class=\"_ _0\"></span>dex<span class=\"ls1 ws1ef\">, which<span class=\"_ _0\"></span> was launched by Euronext o<span class=\"_ _0\"></span>n February 15. This sustain<span class=\"_ _0\"></span>ability </span>index<span class=\"_ _0\"></span> monito<span class=\"_ _0\"></span>rs th<span class=\"_ _0\"></span>e 20 com<span class=\"_ _9f\"></span>panies l<span class=\"_ _0\"></span>isted i<span class=\"_ _0\"></span>n Brus<span class=\"_ _0\"></span>sels wi<span class=\"_ _0\"></span>th the<span class=\"_ _0\"></span> best E<span class=\"_ _9f\"></span>SG practic<span class=\"_ _0\"></span>es (En<span class=\"_ _3\"></span>vir<span class=\"_ _3\"></span>onm<span class=\"_ _3\"></span>en<span class=\"ls25 ws236\">tal, So<span class=\"_ _0\"></span>cial &amp; Go<span class=\"_ _0\"></span>verna<span class=\"_ _0\"></span>nce). T<span class=\"_ _0\"></span>his se<span class=\"_ _0\"></span>lection<span class=\"_ _0\"></span> acknow<span class=\"_ _0\"></span>ledg<span class=\"_ _0\"></span>es AvH for <span class=\"_ _0\"></span>the </span>way in which it develops <span class=\"_ _0\"></span>its ESG policy and takes relat<span class=\"_ _0\"></span>ed initiatives<span class=\"ws1\">. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-50-3": {
   "value": "22.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls2f ws1e\">Earnings per sh<span class=\"_ _3\"></span>are</span> The group calculates bo<span class=\"_ _0\"></span>th the basic earnings per shar<span class=\"_ _0\"></span>e a<span class=\"ls34 ws1ea\">nd<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _3\"></span></span>the diluted earning<span class=\"_ _0\"></span>s per share in accordance with IAS 33. The<span class=\"_ _0\"></span> basic earnings per share are calculated on the basis of the we<span class=\"_ _0\"></span>ighted average number of<span class=\"_ _0\"></span> outstanding shares during th<span class=\"_ _0\"></span>e<span class=\"ws1\"> </span>period. Diluted earnings per share are calculated accord<span class=\"_ _0\"></span>ing to the average n<span class=\"ls34 ws1ea\">um<span class=\"_ _3\"></span>ber </span>of shares outstan<span class=\"_ _0\"></span>ding during the p<span class=\"_ _0\"></span>eriod plus the di<span class=\"_ _0\"></span>luted effect of the w<span class=\"_ _0\"></span>arrants and stock options outstand<span class=\"_ _0\"></span>ing during the period.<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-51-3": {
   "value": "23.<span class=\"ff3c\"> <span class=\"_ _72\"> </span></span><span class=\"ls26 ws1dc\">Segmen<span class=\"_ _0\"></span>t repo<span class=\"_ _0\"></span>rting<span class=\"ls1 ws1\"> </span></span>AvH is a d<span class=\"_ _0\"></span>ivers<span class=\"_ _0\"></span>ified grou<span class=\"_ _0\"></span>p which <span class=\"_ _0\"></span>is activ<span class=\"_ _0\"></span>e in the f<span class=\"_ _0\"></span>ollowin<span class=\"_ _0\"></span>g cor<span class=\"_ _0\"></span>e sector<span class=\"_ _0\"></span>s:<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _1\"></span><span class=\"ff3b ls49 ws205\">Marine E<span class=\"_ _3\"></span>ngineering &amp; <span class=\"ls25 ws1ec\">Contractin<span class=\"_ _0\"></span>g<span class=\"ff3a ls1 ws1\"> <span class=\"ws1ed\">wi<span class=\"_ _0\"></span>th DEME, one of the largest dr<span class=\"_ _0\"></span>edging </span></span></span></span></span>companies in the wor<span class=\"_ _0\"></span>ld, CFE a constructio<span class=\"_ _0\"></span>n group with headqua<span class=\"_ _0\"></span>rters in Belgium, Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ws1ed\">Port and Green Offshore.</span> </span>2. <span class=\"_ _2\"></span>Priv<span class=\"_ _0\"></span>ate B<span class=\"_ _0\"></span>anking<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws1f8\">with Delen Private Bank, one of th<span class=\"_ _0\"></span>e largest independent </span></span>priva<span class=\"_ _0\"></span>te asset mana<span class=\"_ _0\"></span>gers<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">in Belgium and asset manag<span class=\"_ _0\"></span>er JM Finn in the UK and </span></span>Bank Van<span class=\"_ _0\"></span> Breda,<span class=\"_ _0\"></span> a niche<span class=\"ls1 ws1\">-<span class=\"ws21f\">b<span class=\"_ _0\"></span>ank for entrepren<span class=\"_ _0\"></span>eurs and liberal profession<span class=\"_ _0\"></span>s in </span></span>Belgiu<span class=\"_ _0\"></span>m.3. <span class=\"_ _2\"></span>Real<span class=\"_ _0\"></span> Estat<span class=\"_ _0\"></span>e <span class=\"_ _4\"> </span><span class=\"ls53 ws28c\">&amp; Se<span class=\"_ _3\"></span>nior Care</span><span class=\"ff3a\"> <span class=\"_ _4\"> </span>with <span class=\"_ _4\"></span><span class=\"ls33 ws1f0\">Nexte<span class=\"_ _3\"></span>nsa<span class=\"ls52 ws27a\">, a<span class=\"_ _3\"></span> listed<span class=\"_ _3\"></span></span></span> <span class=\"_ _24\"></span><span class=\"ls25 ws1ec\">integra<span class=\"_ _0\"></span>ted <span class=\"_ _24\"></span><span class=\"ws224\">real estate<span class=\"_ _0\"></span> </span></span></span>group.4.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _1\"></span><span class=\"ff3b ls3f ws262\">Energ<span class=\"_ _9f\"></span>y &amp; Resour<span class=\"_ _0\"></span>ces<span class=\"ff3a ls42 ws28e\">, SIP<span class=\"_ _0\"></span>EF, an agro<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-indust<span class=\"ls35 ws24c\">rial g<span class=\"_ _0\"></span>roup in t<span class=\"_ _0\"></span>ropica<span class=\"_ _0\"></span>l agricu<span class=\"_ _0\"></span>lture<span class=\"ls31 ws206\">, </span></span></span></span></span></span>Verdan<span class=\"_ _9f\"></span>t Biosci<span class=\"_ _0\"></span>ence <span class=\"ls1 ws1ed\">and Sagar Cements.<span class=\"ws1\"> </span></span>5.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _1\"></span><span class=\"ff3b ls49 ws205\">AvH &amp; Grow<span class=\"_ _3\"></span>th Capita<span class=\"_ _3\"></span>l<span class=\"ff3a ls1 ws1\"> <span class=\"ws219\">w<span class=\"_ _0\"></span>ith AvH G<span class=\"_ _3\"></span>row<span class=\"_ _0\"></span>th Capital a<span class=\"_ _3\"></span>nd their respective Growth </span></span></span></span>Capital participations.<span class=\"ws1\"> </span>The segment infor<span class=\"_ _0\"></span>mation in the financi<span class=\"_ _0\"></span>al statements of AvH <span class=\"_ _0\"></span>is published in line<span class=\"_ _0\"></span> wi<span class=\"_ _3\"></span>th<span class=\"_ _3\"></span> IFR<span class=\"_ _3\"></span>S 8<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-52-2": {
   "value": "Note 2:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>subsidi<span class=\"_ _3\"></span>aries and jo<span class=\"_ _3\"></span>intly c<span class=\"_ _3\"></span>ontrolle<span class=\"_ _3\"></span>d subsidiar<span class=\"_ _3\"></span>ies<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Fully conso<span class=\"_ _3\"></span>lidate<span class=\"_ _3\"></span>d subsidi<span class=\"_ _3\"></span>aries</span> Beneficial Beneficial Minori<span class=\"_ _3\"></span>ty Minori<span class=\"_ _3\"></span>ty Registere<span class=\"_ _3\"></span>d Name of subs<span class=\"_ _3\"></span>idiary<span class=\"ls1 ws1\"> <span class=\"_ _11d\"> </span></span>Registration nr<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>CFE<span class=\"ls1 ws1\"> </span>(1) (2)0400.46<span class=\"_ _3\"></span>4.795<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>62.12%<span class=\"ls1 ws1\"> </span>62.10%<span class=\"ls1 ws1\"> </span>37.88%<span class=\"ls1 ws1\"> </span>37.90%<span class=\"ls1 ws1\"> </span>DEME<span class=\"ls1 ws1\"> </span>(1)0400.47<span class=\"_ _3\"></span>3.705<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>62.10%<span class=\"ls1 ws1\"> </span>37.90%<span class=\"ls1 ws1\"> </span>DEME Group<span class=\"ws1\"> </span>(1) (2)787,829,<span class=\"_ _3\"></span>347<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>62.12%<span class=\"ls1 ws1\"> </span>37.88%<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>(3)0885.56<span class=\"_ _3\"></span>5.854<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>International Port Engineering and Management (IPEM)<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>0441.086.318<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Infra Asia Consultancy and Pr<span class=\"_ _0\"></span>oject Management<span class=\"ls1 ws1\"> </span>0891.321.320<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Rent-A-<span class=\"ls2b ws1df\">Port Gre<span class=\"_ _3\"></span>en Energy</span> (4)0648.717.687<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>54.04%<span class=\"ls1 ws1\"> </span>45.96%<span class=\"ls1 ws1\"> </span>IPEM Holdings<span class=\"ls1 ws1\"> </span>Cyprus<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Port Management <span class=\"ws1e1\">Development<span class=\"ls1 ws1\"> </span></span>Cyprus<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Infra Asia Consultancy<span class=\"ls1 ws1\"> </span>Hong Kong<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>OK SPM FTZ Enterprise (liquidat<span class=\"_ _0\"></span>ed)<span class=\"ls1 ws1\"> </span>Nigeria<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Infra Asia Investments (subgrou<span class=\"_ _0\"></span>p Rent<span class=\"ls1 ws1\">-A-<span class=\"ls2b ws1dd\">Por<span class=\"_ _3\"></span>t)</span> </span>(3)IPEM <span class=\"ls3e ws1e2\">Reclamation<span class=\"ls1 ws1\"> </span></span>Cyprus<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Rent-A-<span class=\"ls2b ws1df\">Port Reclam<span class=\"_ _3\"></span>ation</span>  Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Infra Asia Investment<span class=\"_ _0\"></span> Green Utilities<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Infra Asia Investment<span class=\"_ _0\"></span> HK<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Warehousing Workshop Worldwide<span class=\"ls1 ws1\"> </span>Hong Kong<span class=\"ls1 ws1\"> </span>68.58%<span class=\"ls1 ws1\"> </span>44.80%<span class=\"ls1 ws1\"> </span>31.42%<span class=\"ls1 ws1\"> </span>55.20%<span class=\"ls1 ws1\"> </span>Deep C Blue (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>IPEM Vietnam<span class=\"ls1 ws1\"> </span>Hong Kong<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Dinh Vu Industrial Zone jsc<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>57.61%<span class=\"ls1 ws1\"> </span>40.72%<span class=\"ls1 ws1\"> </span>42.39%<span class=\"ls1 ws1\"> </span>59.28%<span class=\"ls1 ws1\"> </span>Hong Duc Industrial Zone jsc<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>76.30%<span class=\"ls1 ws1\"> </span>50.40%<span class=\"ls1 ws1\"> </span>23.70%<span class=\"ls1 ws1\"> </span>49.60%<span class=\"ls1 ws1\"> </span>Hai Phong Industrial Park jsc<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>76.25%<span class=\"ls1 ws1\"> </span>50.09%<span class=\"ls1 ws1\"> </span>23.75%<span class=\"ls1 ws1\"> </span>49.91%<span class=\"ls1 ws1\"> </span>Deep C Blue Hai Phong Company<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>DC Red Hai Phong<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>68.58%<span class=\"ls1 ws1\"> </span>44.80%<span class=\"ls1 ws1\"> </span>31.42%<span class=\"ls1 ws1\"> </span>55.20%<span class=\"ls1 ws1\"> </span>Deep C Management<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>76.20%<span class=\"ls1 ws1\"> </span>49.78%<span class=\"ls1 ws1\"> </span>23.80%<span class=\"ls1 ws1\"> </span>50.22%<span class=\"ls1 ws1\"> </span>Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>0832.27<span class=\"_ _3\"></span>3.757<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>81.06%<span class=\"ls1 ws1\"> </span>81.05%<span class=\"ls1 ws1\"> </span>18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking<span class=\"ls1 ws1\"> </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>0404.05<span class=\"_ _3\"></span>5.577<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>Van Breda <span class=\"ls5e ws202\">Immo Consult<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span></span>0726.963.530<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>FinAx<span class=\"ls1 ws1\"> </span>(5)0718.69<span class=\"_ _3\"></span>4.279<span class=\"ls1 ws1\"> <span class=\"_ _b7\"> </span><span class=\"ls2b ws1dd\">Belgium<span class=\"_ _3\"></span></span> </span>100.00%<span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span></span>100.<span class=\"_ _3\"></span>00%<span class=\"ls1 ws1\"> </span>Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>Nextensa (2)0436.32<span class=\"_ _3\"></span>3.915<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>58.53%<span class=\"ls1 ws1\"> </span>58.53%<span class=\"ls1 ws1\"> </span>41.47%<span class=\"ls1 ws1\"> </span>41.47%<span class=\"ls1 ws1\"> </span>Anima<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(6)0469.96<span class=\"_ _3\"></span>9.453<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Anima Vlaanderen<span class=\"ls1 ws1\"> </span>0698.940.725<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Gilman<span class=\"ls1 ws1\">  </span>0870.238.171<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Engagement<span class=\"ls1 ws1\">  </span>0462.433.147<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Le Gu<span class=\"_ _3\"></span>i<span class=\"ls1 ws1\"> </span>0455.218.624<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Anima Walloni\u00eb<span class=\"ls1 ws1\"> </span>0428.283.308<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Huize Philemon &amp; Baucis<span class=\"ls1 ws1\">  </span>0462.432.652<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Anima Cura<span class=\"ls1 ws1\"> </span>0480.262.143<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Glamar<span class=\"ls1 ws1\">  </span>0430.378.904<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws296\">On June 29, 2022, the Extraordinary G<span class=\"_ _0\"></span>eneral Meeting of Shareholders of C<span class=\"_ _0\"></span>FE approved the partial demerger of C<span class=\"_ _0\"></span>FE. On that date, CFE c<span class=\"_ _0\"></span>ontributed its 100% partic<span class=\"_ _0\"></span>ipation in DEME to a new company, </span>DEME Group, and transferred the shares of that company to its shareholders. The DEME Group shares were then listed on Euronext Brussels on June 30, 2022. Accordingly, as of June 30, 2<span class=\"_ _3\"></span>022, CFE and DEME Group are separ<span class=\"_ _0\"></span>ately listed companies. The partial demerger of CFE did not cha<span class=\"_ _0\"></span>nge AvH\u2019s economic interes<span class=\"_ _0\"></span>t in DEME/CFE: the only change is that<span class=\"_ _0\"></span>, as of June 30, 2022, AvH holds shares directly in the listed companies DEME Group (62.12%) and CFE (62.12%), wherea<span class=\"_ _3\"></span>s before that date DEME was a 100% participation of the listed company CFE, in whi<span class=\"_ _3\"></span>ch AvH held a 62.12% participation. Consequently<span class=\"_ _0\"></span>, this partial demerger has no consequences for the reporting of DEME (Group) by full c<span class=\"_ _0\"></span>onsolidation in the consolidated financial statements of AvH.<span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">For an overview of the participations held by the listed c<span class=\"_ _0\"></span>ompanies DEME Group, CFE and Nextensa, we refer to their respective<span class=\"ls1 ws1\"> </span>annual reports.<span class=\"ls1 ws1\"> </span></span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In December 2021, </span><span class=\"ff3a\">Rent-<span class=\"_ _3\"></span>A-<span class=\"ls29 ws1e0\">Port concluded an agreement to acquire an additional 32.6% stake in IAI, which brought its total participation to 94%. The <span class=\"_ _3\"></span>closing o<span class=\"_ _0\"></span>f the t<span class=\"_ _3\"></span>ransaction too<span class=\"_ _0\"></span>k<span class=\"_ _3\"></span> place in the </span></span>first quarter<span class=\"_ _0\"></span> of 2022.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">Following SRIW Environnement\u2019s entry into the <span class=\"_ _3\"></span>shareholding</span><span class=\"ff3a\"> <span class=\"ws297\">of BStor (formerl<span class=\"_ _3\"></span>y Rent</span>-A-<span class=\"ls29 ws298\">Port Green Energy), Rent</span>-A-<span class=\"ls29 ws211\">Port holds a 38% stake in BStor. With the Estor</span>-<span class=\"ls2b ws299\">Lux<span class=\"_ _3\"></span> project, Bs<span class=\"_ _3\"></span>tor respond<span class=\"_ _3\"></span>s to </span></span>the need for flexible solutions in t<span class=\"_ _0\"></span>he electricity markets. Bstor is now included in the ass<span class=\"_ _0\"></span>ociated participating interests<span class=\"ls1 ws1\"> <span class=\"ls28 ws20e\">(Note<span class=\"_ _3\"></span> 3).</span> </span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">AvH has, through its 100% subsidiary FinAx, a direct 78.75% stake in Delen Private Bank and Bank V<span class=\"_ _0\"></span>an Breda.<span class=\"ls1 ws1\"> </span></span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the beginning of July 2022, AvH and the management of Anima transferred 100% of t<span class=\"_ _0\"></span>he An<span class=\"_ _3\"></span>ima shares to<span class=\"_ _0\"></span> AG.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Beneficial Beneficial Minori<span class=\"_ _3\"></span>ty Minori<span class=\"_ _3\"></span>ty Registere<span class=\"_ _3\"></span>d Name of subs<span class=\"_ _3\"></span>idiary<span class=\"ls1 ws1\"> <span class=\"_ _11d\"> </span><span class=\"ls28 ws1de\">Registra<span class=\"_ _3\"></span>ti</span></span>on nr<span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e (continu<span class=\"_ _3\"></span>ed)<span class=\"ls1 ws1\"> </span>Zorgcentrum Lucia<span class=\"ls1 ws1\"> </span>0818.244.092<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidence Parc des <span class=\"ws1e1\">Princes<span class=\"ls1 ws1\"> </span></span>0431.555.572<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidenc<span class=\"_ _0\"></span>e St. James<span class=\"ls1 ws1\"> </span>0428.096.434<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Ch\u00e2teau d'Awans<span class=\"ls1 ws1\"> </span>0427.620.342<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Home Scheut<span class=\"ls1 ws1\"> </span>0458.643.516<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Le Birmingham<span class=\"ls1 ws1\">  </span>0428.227.284<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Zandsteen<span class=\"ls1 ws1\">  </span>0664.573.823<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Les R\u00e9sidences de l'Eden<span class=\"ls1 ws1\"> </span>0455.832.197<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidence Arcade<span class=\"ls1 ws1\"> </span>0835.637.281<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>La Roseraie<span class=\"ls1 ws1\"> </span>0466.582.668<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Patrium<span class=\"ls1 ws1\">  </span>0675.568.178<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Elenchus Invest<span class=\"ls1 ws1\">  </span>0478.953.930<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidence Edelweiss<span class=\"ls1 ws1\">  </span>0439.605.582<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>R\u00e9sidenc<span class=\"_ _0\"></span>e Neerveld<span class=\"ls1 ws1\">  </span>0427.883.628<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Villa 34<span class=\"ls1 ws1\">  </span>0432.423.822<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Le Rossignol<span class=\"ls1 ws1\">  </span>0432.049.381<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Immo Markant<span class=\"ls1 ws1\">  </span>0537.654.073<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Les 3 Arbres<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0435.646.893<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Saint<span class=\"ls1 ws1\">-</span>Vincent<span class=\"ls1 ws1\"> </span>0465.771.630<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>92.50%<span class=\"ls1 ws1\"> </span>7.50%<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>U74300DL2<span class=\"_ _3\"></span>001 AvH Resourc<span class=\"_ _3\"></span>es India<span class=\"ls1 ws1\">  </span>India<span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span><span class=\"ls27 ws1df\">100.00%</span> <span class=\"_ _61\"> </span><span class=\"ls27 ws1df\">100.<span class=\"_ _3\"></span>00%</span> </span>PTC11168<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\">  </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>AvH G<span class=\"_ _3\"></span>rowth <span class=\"_ _3\"></span>Capital<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  </span>0434.33<span class=\"_ _3\"></span>0.168<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Sofinim Luxemburg<span class=\"ls1 ws1\"> </span>2003.2218.661<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Agidens In<span class=\"_ _3\"></span>ternational<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0468.07<span class=\"_ _3\"></span>0.629<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Life Sciences<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>0411.592.279<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Proces Automation<span class=\"ls1 ws1\"> </span>0465.624.744<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Proces Automation BV<span class=\"ls1 ws1\">  </span>005469272B01<span class=\"ls1 ws1\"> </span>The Netherlands<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Life Sciences<span class=\"_ _0\"></span> BV<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>850983411B01<span class=\"ls1 ws1\"> </span>The Netherlands<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens Inc<span class=\"ls1 ws1\">  </span>32.067.705.379<span class=\"ls1 ws1\"> </span>USA<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens SAS<span class=\"ls1 ws1\"> </span>10.813.818.424<span class=\"ls1 ws1\"> </span>Fran<span class=\"_ _3\"></span>ce<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens GmbH<span class=\"ls1 ws1\"> </span>76301<span class=\"ls1 ws1\"> </span>Germany<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Agidens AG<span class=\"ls1 ws1\">  </span>539301<span class=\"ls1 ws1\"> </span>Switzerland<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Argus Technologies<span class=\"ls1 ws1\"> </span>0844.260.284<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Baarbeek Immo<span class=\"ls1 ws1\"> </span>651.662.133<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>84.98%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>Biolec<span class=\"_ _3\"></span>tric G<span class=\"_ _3\"></span>roup<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0422.60<span class=\"_ _3\"></span>9.402<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>Biolectric<span class=\"ls1 ws1\">  </span>0879.126.440<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>Biolectric Ltd<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>UK<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>55.83%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>44.17%<span class=\"ls1 ws1\"> </span>Subholdings<span class=\"_ _0\"></span> AvH<span class=\"ls1 ws1\"> </span>Anfima<span class=\"ls1 ws1\"> </span>0426.265.213<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>AvH Singapore<span class=\"ls1 ws1\"> </span>202118768G<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Brinvest<span class=\"ls1 ws1\"> </span>0431.697.411<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Profimolux<span class=\"ls1 ws1\"> </span>1992.2213.650<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-54-2": {
   "value": "2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Jointly contr<span class=\"_ _3\"></span>olled subsidi<span class=\"_ _3\"></span>aries acc<span class=\"_ _3\"></span>ounted for<span class=\"_ _3\"></span> using the equit<span class=\"_ _3\"></span>y method </span>\u2013 2022<span class=\"_ _3\"></span> Beneficial Minori<span class=\"_ _3\"></span>ty Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total (\u20ac 1,000<span class=\"_ _3\"></span>) Name of su<span class=\"_ _3\"></span>bsidiary<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>Infra Asia Investments (subgrou<span class=\"_ _0\"></span>p Rent<span class=\"ls1 ws1\">-A-<span class=\"ls2b ws1dd\">Por<span class=\"_ _3\"></span>t)</span> </span>(1)Euro Jetty (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span></span><span class=\"ws1e1\">38.10%<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>11.90%<span class=\"ls1 ws1\"> </span></span>17,401<span class=\"ls1 ws1\"> <span class=\"_ _5c\"> </span></span>10<span class=\"ls1 ws1\"> <span class=\"_ _19\"> </span></span>455<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>2,435<span class=\"ls1 ws1\"> </span>Deep C Green Energy (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>16,251<span class=\"ls1 ws1\"> </span>224<span class=\"ls1 ws1\"> </span>455<span class=\"ls1 ws1\"> </span>720<span class=\"ls1 ws1\"> </span>Deep C Gr<span class=\"_ _0\"></span>een Energy (Vietnam)<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>19,896<span class=\"ls1 ws1\"> </span>17,367<span class=\"ls1 ws1\"> </span>35,635<span class=\"ls1 ws1\"> </span>582<span class=\"ls1 ws1\"> </span>Euro Jetty (Vi<span class=\"_ _3\"></span>etnam) Compan<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>4,612<span class=\"ls1 ws1\"> </span>1,214<span class=\"ls1 ws1\"> </span>4,846<span class=\"ls1 ws1\"> </span>2,648<span class=\"ls1 ws1\"> </span>Tien Phong Industrial Zone<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">38.10%<span class=\"_ _3\"></span></span> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">11.90%<span class=\"_ _3\"></span></span> </span>27,988<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>8,857<span class=\"ls1 ws1\"> <span class=\"_ _6\"> </span>0 <span class=\"_ _e0\"> </span>-</span>1,206<span class=\"ls1 ws1\"> </span>Bac Tien Phong Industrial Zone<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>83,859<span class=\"ls1 ws1\"> </span>36,248<span class=\"ls1 ws1\"> </span>17,286<span class=\"ls1 ws1\"> </span>3,774<span class=\"ls1 ws1\"> </span>Hateco Deep <span class=\"_ _3\"></span>C Port<span class=\"ls1 ws1\"> </span>(2)Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>6 4 0 -9 Infra Asia Investments fund (<span class=\"_ _0\"></span>liquidated)<span class=\"ls1 ws1\"> </span>0648.714.620<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking<span class=\"ls1 ws1\"> </span>Delen Private Ba<span class=\"_ _3\"></span>nk<span class=\"ws1\"> </span>(3)0453.07<span class=\"_ _3\"></span>6.211<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>p. 98<span class=\"ls1 ws1\"> </span>2,582,45<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,503,86<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>512,143<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>160,623<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>SIPEF (USD 1.00<span class=\"_ _3\"></span>0)<span class=\"ws1\"> </span>(4)0404.49<span class=\"_ _3\"></span>1.285<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>36.81%<span class=\"ls1 ws1\"> </span>p. 112<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,062,22<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>244,420<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>527,460<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>108,157<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Verdant Bioscience (<span class=\"_ _3\"></span>USD 1.000)<span class=\"ws1\"> </span>(5)Singapore<span class=\"ls1 ws1\"> </span>42.00%<span class=\"ls1 ws1\"> </span>p. 116<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>32,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,087<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,905<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,288</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>The Amsteldijk<span class=\"_ _3\"></span> Beheer<span class=\"ls1 ws1\"> </span>33.080.4<span class=\"_ _3\"></span>56<span class=\"ls1 ws1\"> </span>Netherlands<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>5,349<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,711<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>592<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">56</span> Manuchar (USD<span class=\"_ _3\"></span> 1.000)<span class=\"ls1 ws1\"> </span>(6)0407.04<span class=\"_ _3\"></span>5.751<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>Turbo's Hoe<span class=\"_ _3\"></span>t Groep<span class=\"ls1 ws1\"> </span>0881.77<span class=\"_ _3\"></span>4.936<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>399,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>247,563<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>653,767<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>24,826<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Telemond<span class=\"ls1 ws202\">  <span class=\"_ _3\"></span><span class=\"ws1\"> </span></span>0893.55<span class=\"_ _3\"></span>2.617<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>99,490<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>128,408<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>15,156<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In December 2021, Rent</span><span class=\"ff3a\">-A-<span class=\"ls29 ws1e0\">Port concluded an a<span class=\"_ _3\"></span>greement to acq<span class=\"_ _0\"></span>uire an additional 32.6<span class=\"_ _3\"></span>% stake in IAI, which brought its total participation to 94%. The closing of the transaction took place in the<span class=\"_ _3\"></span> </span></span>first <span class=\"ls29 ws1e0\">quarter of 2022.<span class=\"ls1 ws1\"> </span></span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a\">Rent-A-<span class=\"ls29 ws1e0\">Port acquired 50% of the shares of H<span class=\"_ _0\"></span>ateco Deep C Port Jsc,<span class=\"_ _0\"></span> active in the development and management of a barge t<span class=\"_ _0\"></span>erminal for the Hai Pho<span class=\"_ _0\"></span>ng International Gateway Port Indus<span class=\"_ _0\"></span>trial Zone in </span></span>Cat Hai.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">FinAx holds a 78.75% stake in Delen Pri<span class=\"ls2b ws1df\">vate Ba<span class=\"_ _3\"></span>nk NV. </span>The shareholder agreements between AvH and the Jacques Delen family, which holds a 21.25% stake through Promofi NV, include, <span class=\"ws1e1\">among </span></span>other things, agreements concerning representation on the board of directors and decision<span class=\"ls1 ws1\">-</span>making at the level of the board of directors and the shareholders\u2019 meeting. The special majority requirements specified for c<span class=\"_ _0\"></span>ertain key decisions lead to joint control.<span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">The shareholders\u2019 agreement between the Baron Bracht family and AvH results<span class=\"_ _0\"></span> in joint control of SIPEF. AvH\u2019s stake in SIPEF increased from 35.13% to 36.81% in 2022.<span class=\"ls1 ws1\"> </span></span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">AvH holds 42% in Verdant Bioscience, a strategic investment in line with it<span class=\"_ _0\"></span>s 35.13% interest in SIPEF. SIPEF holds a 38% inte<span class=\"ls2b ws1df\">rest in VBS.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29c\">Early 2022, an agreement was signed with Lone Star Funds for</span><span class=\"ff3a\"> <span class=\"_ _3\"></span><span class=\"ls29 ws29c\">the sale of 100% of the share capital of Manuchar. In view of the announced sale of the participation in Manuchar, whic<span class=\"_ _0\"></span>h w<span class=\"_ _3\"></span>as </span></span>completed during the second quart<span class=\"_ _0\"></span>er of 2022, this participation was already reclassified to \u2018Assets held for s<span class=\"_ _0\"></span>ale\u2019 at year<span class=\"ls1 ws1\">-</span>end 202<span class=\"ws1e1\">1.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Jointly contr<span class=\"_ _3\"></span>olled subsidi<span class=\"_ _3\"></span>aries acc<span class=\"_ _3\"></span>ounted for<span class=\"_ _3\"></span> using the equit<span class=\"_ _3\"></span>y method </span>\u2013 2021<span class=\"_ _3\"></span> Beneficial Minori<span class=\"_ _3\"></span>ty Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total (\u20ac 1,000<span class=\"_ _3\"></span>) Name of su<span class=\"_ _3\"></span>bsidiary<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>Infra Asia Investments (subgrou<span class=\"_ _0\"></span>p Rent<span class=\"ls1 ws1\">-A-<span class=\"ls2b ws1dd\">Por<span class=\"_ _3\"></span>t)</span> </span>Euro Jetty (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span></span><span class=\"ws1e1\">24.89%<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>25.11%<span class=\"ls1 ws1\"> </span></span>14,132<span class=\"ls1 ws1\"> <span class=\"_ _6\"> </span>9 <span class=\"_ _19\"> </span></span>406<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>1,764<span class=\"ls1 ws1\"> </span>Deep C Green Energy (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong <span class=\"ls1 ws1\">Kong </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>14,642<span class=\"ls1 ws1\"> </span>211<span class=\"ls1 ws1\"> </span>406<span class=\"ls1 ws1\"> </span>411<span class=\"ls1 ws1\"> </span>Deep C Gr<span class=\"_ _0\"></span>een Energy (Vietnam)<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>14,495<span class=\"ls1 ws1\"> </span>12,687<span class=\"ls1 ws1\"> </span>26,307<span class=\"ls1 ws1\"> </span>374<span class=\"ls1 ws1\"> </span>Euro Jetty (Vi<span class=\"_ _3\"></span>etnam) Compan<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>4,453<span class=\"ls1 ws1\"> </span>1,687<span class=\"ls1 ws1\"> </span>4,133<span class=\"ls1 ws1\"> </span>2,200<span class=\"ls1 ws1\"> </span>Tien Phong Industrial Zone<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">24.89%<span class=\"_ _3\"></span></span> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">25.11%<span class=\"_ _3\"></span></span> </span>23,141<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>4,368<span class=\"ls1 ws1\"> <span class=\"_ _6\"> </span>0 <span class=\"_ _115\"> </span>-</span>680<span class=\"ls1 ws1\"> </span>Bac Tien Phong Industrial Zone<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>61,965<span class=\"ls1 ws1\"> </span>19,010<span class=\"ls1 ws1\"> </span>11,739<span class=\"ls1 ws1\"> </span>5,074<span class=\"ls1 ws1\"> </span>Infra Asia Investment<span class=\"_ _0\"></span> Fund<span class=\"ls1 ws1\"> </span>0648.714.620<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>40.53%<span class=\"ls1 ws1\"> </span>9.47%<span class=\"ls1 ws1\"> </span>32,182<span class=\"ls1 ws1\"> </span>30,787<span class=\"ls1 ws1\"> </span>0 17<span class=\"ls1 ws1\"> </span>ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">LUX</span>  </span>0749.614.317<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>24.32%<span class=\"ls1 ws1\"> </span>5.68%<span class=\"ls1 ws1\"> </span>9,689<span class=\"ls1 ws1\"> </span>7,792<span class=\"ls1 ws1\"> </span>432<span class=\"ls1 ws1\"> </span>158<span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking<span class=\"ls1 ws1\"> </span>Delen Private Ba<span class=\"_ _3\"></span>nk<span class=\"ws1\"> </span>0453.07<span class=\"_ _3\"></span>6.211<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>p. 98<span class=\"ls1 ws1\"> </span>2,429,15<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>1,406,70<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>506,760<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>167,556<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>SIPEF (USD 1.00<span class=\"_ _3\"></span>0)<span class=\"ws1\">  </span>0404.49<span class=\"_ _3\"></span>1.285<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>35.13%<span class=\"ls1 ws1\"> </span>p. 112<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>991,765<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264,436<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>416,053<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,749<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Verdant <span class=\"ls27\">Bi<span class=\"_ _3\"></span>oscience (<span class=\"_ _3\"></span>USD 1.000)<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span></span>Singapore<span class=\"ls1 ws1\"> </span>42.00%<span class=\"ls1 ws1\"> </span>p. 116<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,665<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22,475<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,319<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,514</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>The Amsteldijk<span class=\"_ _3\"></span> Beheer<span class=\"ls1 ws1\"> </span>33.080.4<span class=\"_ _3\"></span>56<span class=\"ls1 ws1\"> </span>Netherlands<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>5,529<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,835<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>847<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,160</span> Manuchar (USD<span class=\"_ _3\"></span> 1.000)<span class=\"ls1 ws1\">  </span>0407.04<span class=\"_ _3\"></span>5.751<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>30.00%<span class=\"ls1 ws1\"> </span>796,436<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>622,605<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,481,65<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>62,610<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Turbo's Hoe<span class=\"_ _3\"></span>t Groep<span class=\"ls1 ws1\"> </span>0881.77<span class=\"_ _3\"></span>4.936<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>352,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>220,069<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>620,486<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>18,083<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Telemond<span class=\"ls1 ws202\">  <span class=\"_ _3\"></span><span class=\"ws1\"> </span></span>0893.55<span class=\"_ _3\"></span>2.617<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>27,904<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>98,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,888<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Note 11:<span class=\"ff3c\"> </span>P<span class=\"ls3a ws20c\">articip<span class=\"_ _3\"></span>ations acc<span class=\"_ _3\"></span>ounted f<span class=\"_ _3\"></span>or usin<span class=\"_ _3\"></span>g the equit<span class=\"_ _3\"></span>y method<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Participations accounted fo<span class=\"_ _0\"></span>r using the equ<span class=\"_ _0\"></span>ity method<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>362,398<span class=\"ls1 ws1\"> </span>267,220<span class=\"ls1 ws1\"> </span>Private Banking<span class=\"ls1 ws1\"> </span>849,394<span class=\"ls1 ws1\"> </span>805,182<span class=\"ls1 ws1\"> </span>Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,946<span class=\"ls1 ws1\"> </span>44,287<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>341,798<span class=\"ls1 ws1\"> </span>288,169<span class=\"ls1 ws1\"> </span>AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>238,701<span class=\"ls1 ws1\"> </span>242,338<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Goodwill Equity value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span></span>Total 202<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>allocated Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ions ac<span class=\"_ _0\"></span>coun<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r using t<span class=\"_ _0\"></span>he eq<span class=\"_ _0\"></span>uity m<span class=\"_ _0\"></span>etho<span class=\"_ _0\"></span>d<span class=\"ls1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod: opening<span class=\"_ _3\"></span> balance<span class=\"ls1 ws1\"> </span>1,555,04<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>92,151<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,456,07<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>35,375<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">204</span> 35,171<span class=\"ls1 ws1\"> </span>25,729<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">19,389</span> 0 -<span class=\"ls29 ws1e1\">19,389</span> -<span class=\"ls29 ws1e1\">4,051</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 139<span class=\"ls1 ws1\"> </span>Share of profit (loss) fr<span class=\"_ _0\"></span>om equity accounted investments<span class=\"ls1 ws1\"> </span>243,874<span class=\"ls1 ws1\"> </span>0 243,874<span class=\"ls1 ws1\"> </span>255,191<span class=\"ls1 ws1\"> </span>Impairments through pr<span class=\"_ _0\"></span>ofit and loss<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>11,746<span class=\"ls1 ws1\"> </span>0 11,746<span class=\"ls1 ws1\"> </span>35,118<span class=\"ls1 ws1\"> </span>Impact of dividends dis<span class=\"_ _0\"></span>tributed by the participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">122,246</span> 0 -<span class=\"ls29 ws1e1\">122,246</span> -<span class=\"ls29 ws1e1\">112,497</span> Transfers (to<span class=\"_ _3\"></span>) from other ite<span class=\"_ _3\"></span>ms<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,507</span> -<span class=\"ls29 ws1e1\">4,421</span> -<span class=\"ls29 ws1e1\">25,928</span> -<span class=\"ls29 ws1e1\">35,505</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>74,812<span class=\"ls1 ws1\"> </span>0 74,812<span class=\"ls1 ws1\"> </span>27,003<span class=\"ls1 ws1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod: ending <span class=\"_ _3\"></span>balance<span class=\"ls1 ws1\"> </span>1,757,71<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>87,526<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>General<span class=\"_ _3\"></span> evolutio<span class=\"_ _3\"></span>n <span class=\"ls1 ws1\"> </span>The participations ac<span class=\"_ _0\"></span>counted for using the equi<span class=\"_ _0\"></span>ty method comprise the<span class=\"_ _0\"></span> interests in jointly controlled participations or in par<span class=\"_ _0\"></span>ticipations in which no controlling interest is held. This is the case amongst oth<span class=\"_ _0\"></span>ers with <span class=\"ls30 ws203\">Delen P<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>te Bank,<span class=\"_ _0\"></span> the of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e wind<span class=\"_ _0\"></span> </span>f<span class=\"ls30 ws212\">arms<span class=\"_ _0\"></span> Rentel,<span class=\"_ _9f\"></span> SeaMade <span class=\"_ _0\"></span>and C<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">Powe<span class=\"_ _0\"></span>r, SIP<span class=\"_ _0\"></span>EF, Saga<span class=\"_ _0\"></span>r Cemen<span class=\"_ _9f\"></span>ts, as we<span class=\"_ _0\"></span>ll as <span class=\"ls4d ws1f5\">many<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls46 ws266\">of </span></span></span></span></span></span>the participations <span class=\"_ _0\"></span>in the \u201cGrowth Capital\u201d <span class=\"_ _0\"></span>segment of AvH\u2019s portfol<span class=\"_ _0\"></span>io. The increase in the \u2018Participa<span class=\"_ _0\"></span>tions accounted fo<span class=\"_ _0\"></span>r using the equity method\u2019 by 19<span class=\"ls24 ws1da\">8.0<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>million eu<span class=\"_ _9f\"></span>ros is explained<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"ls45 ws2b7\">by AvH\u2019s 2<span class=\"ls24 ws1da\">43.9</span></span> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">million <span class=\"_ _0\"></span>euros sh<span class=\"_ _0\"></span>are in <span class=\"_ _0\"></span>the p<span class=\"_ _0\"></span>rofits o<span class=\"_ _0\"></span>f thos<span class=\"_ _0\"></span>e </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s, less th<span class=\"_ _0\"></span>e divi<span class=\"_ _0\"></span>dends <span class=\"_ _0\"></span>that tho<span class=\"_ _0\"></span>se part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ions p<span class=\"_ _0\"></span>ay to A<span class=\"_ _0\"></span>vH.<span class=\"_ _0\"></span> Furthermore, in 2021 AvH Growt<span class=\"_ _0\"></span>h Capital acquired a new particip<span class=\"_ _0\"></span>ation in Van Moer Lo<span class=\"_ _0\"></span>gisti<span class=\"_ _0\"></span>cs. In<span class=\"_ _0\"></span> view <span class=\"_ _0\"></span>of the <span class=\"_ _0\"></span>announ<span class=\"_ _9f\"></span>ced sale o<span class=\"ls1 ws1f7\">f<span class=\"_ _0\"></span> the participation in Manuchar, </span>which is expected to be complet<span class=\"_ _0\"></span>ed during the second quarter of 20<span class=\"_ _0\"></span>22, this partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> was a<span class=\"_ _0\"></span>lready<span class=\"_ _0\"></span> reclas<span class=\"_ _0\"></span>sified <span class=\"_ _0\"></span>to \u2018A<span class=\"_ _0\"></span>ssets he<span class=\"_ _0\"></span>ld for <span class=\"_ _0\"></span>sale\u2019 at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2021.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>During the past <span class=\"_ _3\"></span>year 202<span class=\"ws1\">2<span class=\"ws1f6\">, the g<span class=\"_ _0\"></span>roup invested <span class=\"ls24 ws1da\">35.2</span><span class=\"ws1\"> <span class=\"ls52 ws1f0\">milli<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os:</span> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws216\">In \u201cMarine Engineering &amp; Contracting\u201d<span class=\"_ _0\"></span>, DEME invested, among others, in </span></span>Thist<span class=\"_ _0\"></span>le Wind P<span class=\"_ _0\"></span>artners (<span class=\"_ _0\"></span>Conce<span class=\"_ _0\"></span>ssions <span class=\"_ _0\"></span>segme<span class=\"_ _0\"></span>nt) and ca<span class=\"_ _0\"></span>rried ou<span class=\"_ _0\"></span>t a capita<span class=\"_ _0\"></span>l incre<span class=\"_ _0\"></span>ase at Sca<span class=\"_ _0\"></span>ldis (Of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e Energy<span class=\"_ _0\"></span> segmen<span class=\"_ _9f\"></span>t). Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws204\">Po<span class=\"_ _9f\"></span>rt subscribed<span class=\"_ _0\"></span> to Bstor\u2019<span class=\"_ _0\"></span>s capital<span class=\"_ _0\"></span> </span>increase and acquired 50%<span class=\"ws1\"> <span class=\"ws1f6\">in Hateco Deep C Port <span class=\"_ _0\"></span>jsc (Vietnam)<span class=\"ws1\">. </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The shareholding percentage in SIP<span class=\"_ _0\"></span>EF was increased by <span class=\"ls24 ws1da\">1.68<span class=\"ls25 ws1f9\">% to<span class=\"_ _0\"></span> 3<span class=\"ls24 ws1da\">6.81<span class=\"ls34 ws23c\">% by<span class=\"_ _3\"></span> </span></span></span></span></span></span>purch<span class=\"_ _0\"></span>asing S<span class=\"_ _0\"></span>IPEF sh<span class=\"_ _0\"></span>ares on<span class=\"_ _0\"></span> the stoc<span class=\"_ _0\"></span>k mar<span class=\"_ _0\"></span>ket.<span class=\"ls1 ws1\"> </span>The disp<span class=\"_ _0\"></span>osals e<span class=\"_ _0\"></span>ssen<span class=\"_ _0\"></span>tially re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e sale b<span class=\"_ _0\"></span>y CFE<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">and Nextensa</span> <span class=\"_ _3\"></span><span class=\"ws1f7\">of a number of </span></span>prope<span class=\"_ _0\"></span>rty dev<span class=\"_ _0\"></span>elopme<span class=\"_ _0\"></span>nts th<span class=\"_ _0\"></span>at wer<span class=\"_ _0\"></span>e held in<span class=\"_ _0\"></span> partne<span class=\"_ _0\"></span>rship wi<span class=\"_ _0\"></span>th oth<span class=\"_ _0\"></span>er parti<span class=\"_ _0\"></span>es. Th<span class=\"_ _0\"></span>e participation in M<span class=\"_ _0\"></span>anuchar had already<span class=\"_ _0\"></span> been recognised as \u2018A<span class=\"_ _0\"></span>sset held for sal<span class=\"_ _0\"></span>e\u2019 in the 2021 financial statements.<span class=\"ls1 ws1\"> </span>As it w<span class=\"_ _0\"></span>as also<span class=\"_ _0\"></span> the c<span class=\"_ _0\"></span>ase in<span class=\"_ _0\"></span> previou<span class=\"_ _0\"></span>s yea<span class=\"_ _0\"></span>rs, th<span class=\"_ _0\"></span>e equi<span class=\"ws1ec\">ty<span class=\"_ _9f\"></span><span class=\"ls1 ws1\">-<span class=\"_ _3\"></span><span class=\"ws1f5\">accoun<span class=\"_ _0\"></span>ted investments made </span></span></span>a subs<span class=\"_ _0\"></span>tantia<span class=\"_ _0\"></span>l cont<span class=\"_ _0\"></span>ributio<span class=\"_ _0\"></span>n to th<span class=\"_ _9f\"></span>e group p<span class=\"_ _0\"></span>rofit.<span class=\"_ _0\"></span> In 202<span class=\"_ _0\"></span>2, thi<span class=\"_ _0\"></span>s contr<span class=\"_ _0\"></span>ibutio<span class=\"_ _0\"></span>n amou<span class=\"_ _0\"></span>nted<span class=\"_ _0\"></span> to 243.9 million euros (2021: 255.2 million euros, including a contribution from Manuc<span class=\"_ _0\"></span>har). Th<span class=\"_ _9f\"></span>is profit f<span class=\"_ _0\"></span>rom eq<span class=\"_ _0\"></span>uity<span class=\"ls1 ws1\">-<span class=\"ws241\">accoun<span class=\"_ _0\"></span>ted investments comp<span class=\"ls33 ws208\">rises<span class=\"_ _3\"></span> a.o.<span class=\"_ _3\"></span> the s<span class=\"_ _3\"></span>hare </span></span></span>of the A<span class=\"_ _0\"></span>vH gro<span class=\"_ _0\"></span>up in th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rofit of<span class=\"_ _0\"></span> Delen <span class=\"_ _0\"></span>Priva<span class=\"_ _0\"></span>te Bank, <span class=\"_ _0\"></span>SIPEF<span class=\"_ _0\"></span>, Verd<span class=\"_ _0\"></span>ant Bio<span class=\"_ _0\"></span>science,<span class=\"_ _9f\"></span> Sagar C<span class=\"_ _0\"></span>ements and <span class=\"_ _0\"></span>several \u201cA<span class=\"_ _0\"></span>vH &amp; Grow<span class=\"_ _9f\"></span>th Capital\u201d p<span class=\"_ _0\"></span>articipa<span class=\"_ _0\"></span>tions<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span>In 202<span class=\"ls1 ws1\">2<span class=\"ls40 ws218\">, <span class=\"_ _13\"> </span><span class=\"ls25 ws2da\">the Group</span></span> <span class=\"_\"> </span><span class=\"ls39 ws2db\">r<span class=\"_ _3\"></span>eceive<span class=\"_ _3\"></span>d 1</span></span>22.2<span class=\"ls1 ws1\"> <span class=\"_ _13\"> </span><span class=\"ls40 ws2dc\">million e<span class=\"_ _3\"></span>uros worth of dividends from </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span><span class=\"ls1 ws259\">s accounted for using<span class=\"_ _0\"></span> the equity method.<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws26b\">Th<span class=\"_ _0\"></span>is figur<span class=\"_ _0\"></span>e is 9.8 <span class=\"_ _0\"></span>million<span class=\"_ _0\"></span> </span></span></span>euros higher t<span class=\"_ _3\"></span>han in 2021. Delen Private Bank (80.1 mil<span class=\"_ _3\"></span>lion euros), SIPEF (7.6 million euros) and equity<span class=\"ws1\">-<span class=\"ws259\">accounted participat<span class=\"_ _0\"></span>ions of DEME and CFE made <span class=\"_ _0\"></span>the </span></span>bigge<span class=\"_ _0\"></span>st contrib<span class=\"_ _0\"></span>ution<span class=\"_ _0\"></span>s to this amo<span class=\"ls24 ws218\">unt of 122.2 million euros. <span class=\"ls1 ws1\"> </span></span>The \u2018Tr<span class=\"_ _0\"></span>ansfer (<span class=\"_ _0\"></span>to) fro<span class=\"_ _0\"></span>m othe<span class=\"_ _0\"></span>r items\u2019 i<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>marily <span class=\"_ _0\"></span>explain<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e recla<span class=\"_ _0\"></span>ssific<span class=\"_ _0\"></span>ation of<span class=\"_ _0\"></span> the <span class=\"_ _4\"> </span>Telemon<span class=\"_ _0\"></span>d <span class=\"_ _4\"> </span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> to \u2018Asse<span class=\"_ _0\"></span>ts held f<span class=\"_ _0\"></span>or sale\u2019 a<span class=\"_ _0\"></span>s a result o<span class=\"_ _0\"></span>f the sal<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls46 ws266\">of </span></span>Telem<span class=\"_ _0\"></span>ond in th<span class=\"_ _9f\"></span>e first quar<span class=\"_ _0\"></span>ter of<span class=\"_ _0\"></span> 2023. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The 'O<span class=\"_ _0\"></span>ther inc<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>decre<span class=\"_ _0\"></span>ase)'<span class=\"_ _0\"></span> item ref<span class=\"_ _0\"></span>lects mo<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ents in th<span class=\"_ _0\"></span>e equity<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span>s, with <span class=\"_ _0\"></span>the pos<span class=\"_ _0\"></span>itive f<span class=\"_ _0\"></span>air va<span class=\"_ _0\"></span>lue evolu<span class=\"_ _9f\"></span>tion in 2021<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls24 ws206\">as well as in 2022</span> <span class=\"ls46 ws266\">of </span></span>the cash flow hedges a<span class=\"_ _0\"></span>t the participations of DEME an<span class=\"_ _0\"></span>d Green Offshore in the Re<span class=\"_ _3\"></span>ntel<span class=\"_ _3\"></span> an<span class=\"_ _3\"></span>d Sea<span class=\"_ _3\"></span>Made<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ls25 ws207\">o<span class=\"_ _0\"></span>ffsho<span class=\"_ _0\"></span>re wind<span class=\"_ _9f\"></span> farms, h<span class=\"_ _0\"></span>aving th<span class=\"_ _0\"></span>e gre<span class=\"_ _0\"></span>atest <span class=\"_ _0\"></span>impact<span class=\"_ _0\"></span> (25.4<span class=\"_ _0\"></span> millio<span class=\"_ _0\"></span>n </span></span>euros re<span class=\"_ _0\"></span>spect<span class=\"_ _0\"></span>ively 22.1<span class=\"_ _0\"></span> millio<span class=\"_ _0\"></span>n euros)<span class=\"_ _0\"></span>. Other mov<span class=\"_ _0\"></span>emen<span class=\"_ _0\"></span>ts in the equi<span class=\"_ _0\"></span>ty of the partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s include<span class=\"_ _0\"></span> a.o. <span class=\"_ _0\"></span>the eli<span class=\"_ _0\"></span>minatio<span class=\"_ _9f\"></span>ns of re<span class=\"_ _0\"></span>sults<span class=\"_ _0\"></span> on sal<span class=\"_ _0\"></span>es of <span class=\"ls33 ws23a\">treasury s<span class=\"_ _3\"></span>hares<span class=\"_ _3\"></span>, </span>the impact of the buy<span class=\"ws1\">-<span class=\"ls40 ws285\">out of min<span class=\"ls25 ws1ec\">ori<span class=\"_ _0\"></span>ty<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">interes<span class=\"_ _0\"></span>ts, and th<span class=\"_ _9f\"></span>e impact of th<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>suremen<span class=\"_ _0\"></span>t </span></span></span></span></span>of the purchase obliga<span class=\"_ _0\"></span>tion resting on<span class=\"ws1\"> <span class=\"ls33 ws204\">certai<span class=\"_ _3\"></span>n shares<span class=\"_ _3\"></span>.</span> </span>Direct<span class=\"_ _3\"></span>ly held <span class=\"_ _3\"></span>partic<span class=\"_ _3\"></span>ipatio<span class=\"_ _3\"></span>ns acco<span class=\"_ _3\"></span>unte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the <span class=\"_ _3\"></span>equity m<span class=\"_ _3\"></span>etho<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>AvH ap<span class=\"_ _0\"></span>plies th<span class=\"_ _9f\"></span>e equity m<span class=\"_ _0\"></span>ethod to <span class=\"_ _0\"></span>the jo<span class=\"_ _0\"></span>intly <span class=\"_ _0\"></span>contro<span class=\"_ _0\"></span>lled sub<span class=\"_ _9f\"></span>sidiaries D<span class=\"_ _9f\"></span>elen Priva<span class=\"_ _0\"></span>te B<span class=\"ls24 ws2d6\">ank (78.75%), SIPEF (3<span class=\"ws1da\">6.8<span class=\"ls30 ws278\">%), V<span class=\"_ _0\"></span>erdan<span class=\"_ _0\"></span>t Biosc<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e (42<span class=\"_ _0\"></span>%), Amst<span class=\"_ _0\"></span>eldij<span class=\"_ _0\"></span>k Behe<span class=\"_ _0\"></span>er </span></span></span>(50%), Turbo\u2019s Hoet Groep (50%) and Telemond (50%<span class=\"ls25 ws204\">, rec<span class=\"_ _0\"></span>lassed to<span class=\"_ _0\"></span> \u2018Ass<span class=\"_ _0\"></span>ets held<span class=\"_ _9f\"></span> </span>for sa<span class=\"_ _0\"></span>le\u2019<span class=\"ls33\">). Th<span class=\"_ _3\"></span>is bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>item<span class=\"_ _3\"></span> also <span class=\"_ _3\"></span>compris<span class=\"_ _3\"></span>es th<span class=\"_ _3\"></span>e ass<span class=\"_ _3\"></span>ociate<span class=\"_ _3\"></span>d inte<span class=\"_ _3\"></span>rests<span class=\"_ _3\"></span> in Sa<span class=\"_ _3\"></span>gar </span>Cements (<span class=\"ls24 ws1da\">19.6<span class=\"ls31 ws1\">%),<span class=\"_ _3\"></span> Axe <span class=\"ls33 ws1eb\">I<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nts (48.<span class=\"_ _3\"></span>3%), Fin<span class=\"_ _3\"></span>anci\u00e8re<span class=\"_ _3\"></span> EMG (22.</span><span class=\"ls1\">7</span></span></span><span class=\"ls34\">%<span class=\"_ _3\"></span>), M<span class=\"_ _3\"></span>edi<span class=\"_ _3\"></span>ahui<span class=\"_ _3\"></span>s </span>(13.<span class=\"ls1 ws1\">9<span class=\"ls25 ws208\">%), OM P<span class=\"_ _0\"></span>artner<span class=\"_ _0\"></span>s (20%)<span class=\"_ _0\"></span> and Van Mo<span class=\"_ _9f\"></span>er Logistic<span class=\"_ _0\"></span>s (21.<span class=\"_ _0\"></span>7%). For a<span class=\"_ _0\"></span> more de<span class=\"_ _0\"></span>tailed<span class=\"_ _0\"></span> </span></span>description of the change<span class=\"_ _0\"></span>s in the scope, see Note 6. S<span class=\"_ _0\"></span>egment information. <span class=\"ws1\"> </span>Some of the group companies mention<span class=\"_ _0\"></span>ed above are<span class=\"ws1\"> <span class=\"ls25 ws204\">list<span class=\"_ _0\"></span>ed on the sto<span class=\"_ _9f\"></span>ck market. I<span class=\"_ _0\"></span>f </span></span>the in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span>s in <span class=\"_ _0\"></span>SIPEF and<span class=\"_ _9f\"></span> Sagar C<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> were<span class=\"_ _0\"></span> to b<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>ed at th<span class=\"_ _9f\"></span>e market p<span class=\"_ _0\"></span>rice a<span class=\"_ _0\"></span>t ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ls24 ws2dd\">end 202</span>2 <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">those <span class=\"_ _0\"></span>compa<span class=\"_ _0\"></span>nies wou<span class=\"_ _0\"></span>ld repr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>t stock m<span class=\"_ _0\"></span>arket va<span class=\"_ _0\"></span>lues of<span class=\"_ _0\"></span> 2<span class=\"ls24 ws1da\">29.4<span class=\"ls1 ws1\"> </span></span></span></span>million eu<span class=\"_ _9f\"></span>ros and <span class=\"ls24 ws1da\">67.8<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws204\">mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s respec<span class=\"_ _0\"></span>tively.<span class=\"_ _0\"></span> If the sto<span class=\"_ _0\"></span>ck mar<span class=\"ls39 ws25c\">ket value a<span class=\"_ _3\"></span>t the </span></span></span></span>end of the year was lower than the consolidated equity method value, oth<span class=\"_ _0\"></span>er eleme<span class=\"_ _0\"></span>nts we<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>sidered<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ssment<span class=\"_ _0\"></span> as to<span class=\"_ _0\"></span> wheth<span class=\"_ _0\"></span>er an i<span class=\"_ _0\"></span>mpair<span class=\"_ _0\"></span>ment w<span class=\"_ _0\"></span>as neces<span class=\"_ _0\"></span>sary. <span class=\"_ _0\"></span>This was n<span class=\"_ _0\"></span>ot the <span class=\"_ _0\"></span>case a<span class=\"_ _0\"></span>t the en<span class=\"_ _0\"></span>d of 20<span class=\"_ _0\"></span>2<span class=\"ls1 ws1\">2. </span>Indirec<span class=\"_ _3\"></span>tly hel<span class=\"_ _3\"></span>d parti<span class=\"_ _3\"></span>cipatio<span class=\"_ _3\"></span>ns acc<span class=\"_ _3\"></span>ounted fo<span class=\"_ _3\"></span>r usin<span class=\"_ _3\"></span>g the equi<span class=\"_ _3\"></span>ty metho<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>The full consolidation of CFE, DEME, Rent<span class=\"ls1 ws1\">-A-<span class=\"ls31 ws206\">Port<span class=\"_ _3\"></span></span></span><span class=\"ws218\">, <span class=\"_ _3\"></span><span class=\"ls1 ws1f7\">Green Offshore and <span class=\"_ _0\"></span>Nextensa </span></span>gives ri<span class=\"_ _0\"></span>se to th<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span> of their jo<span class=\"_ _0\"></span>intly c<span class=\"_ _0\"></span>ontroll<span class=\"_ _0\"></span>ed subs<span class=\"_ _0\"></span>idiari<span class=\"_ _0\"></span>es and a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>ted partic<span class=\"_ _0\"></span>ipating i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>ts for a tot<span class=\"_ _0\"></span>al amoun<span class=\"_ _0\"></span>t of 41<span class=\"_ _0\"></span>5,3 million<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">euros, th<span class=\"_ _9f\"></span>e main inte<span class=\"_ _0\"></span>rests<span class=\"_ _0\"></span> </span></span>being those of DEM<span class=\"_ _0\"></span>E in C<span class=\"ws1\">-<span class=\"ls46 ws2e1\">Power (6.5%),<span class=\"_ _3\"></span> of DEME/Green O<span class=\"_ _3\"></span>ffshore in Rentel </span></span>(18.9% and 12.5% res<span class=\"_ _3\"></span>pectively) and in SeaMade (13.2% and 8.75% respectively<span class=\"_ _3\"></span>), of DEME <span class=\"_ _0\"></span>in CDWE <span class=\"_ _0\"></span>Taiwan, D<span class=\"_ _0\"></span>eeproc<span class=\"_ _0\"></span>k and GEM/E<span class=\"_ _0\"></span>MW, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _0\"></span>e real est<span class=\"_ _0\"></span>ate and PPP projects set up by CF<span class=\"_ _0\"></span>E and Nextensa together with pa<span class=\"_ _0\"></span>rtners and port<span class=\"ws1\">-</span>relat<span class=\"_ _0\"></span>ed partne<span class=\"_ _0\"></span>rships at R<span class=\"_ _0\"></span>ent<span class=\"ls1 ws1\">-A-<span class=\"ls33 ws1f0\">Port.</span> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-54-3": {
   "value": "2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Jointly contr<span class=\"_ _3\"></span>olled subsidi<span class=\"_ _3\"></span>aries acc<span class=\"_ _3\"></span>ounted for<span class=\"_ _3\"></span> using the equit<span class=\"_ _3\"></span>y method </span>\u2013 2022<span class=\"_ _3\"></span> Beneficial Minori<span class=\"_ _3\"></span>ty Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total (\u20ac 1,000<span class=\"_ _3\"></span>) Name of su<span class=\"_ _3\"></span>bsidiary<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>Infra Asia Investments (subgrou<span class=\"_ _0\"></span>p Rent<span class=\"ls1 ws1\">-A-<span class=\"ls2b ws1dd\">Por<span class=\"_ _3\"></span>t)</span> </span>(1)Euro Jetty (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span></span><span class=\"ws1e1\">38.10%<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>11.90%<span class=\"ls1 ws1\"> </span></span>17,401<span class=\"ls1 ws1\"> <span class=\"_ _5c\"> </span></span>10<span class=\"ls1 ws1\"> <span class=\"_ _19\"> </span></span>455<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>2,435<span class=\"ls1 ws1\"> </span>Deep C Green Energy (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>16,251<span class=\"ls1 ws1\"> </span>224<span class=\"ls1 ws1\"> </span>455<span class=\"ls1 ws1\"> </span>720<span class=\"ls1 ws1\"> </span>Deep C Gr<span class=\"_ _0\"></span>een Energy (Vietnam)<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>19,896<span class=\"ls1 ws1\"> </span>17,367<span class=\"ls1 ws1\"> </span>35,635<span class=\"ls1 ws1\"> </span>582<span class=\"ls1 ws1\"> </span>Euro Jetty (Vi<span class=\"_ _3\"></span>etnam) Compan<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>4,612<span class=\"ls1 ws1\"> </span>1,214<span class=\"ls1 ws1\"> </span>4,846<span class=\"ls1 ws1\"> </span>2,648<span class=\"ls1 ws1\"> </span>Tien Phong Industrial Zone<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">38.10%<span class=\"_ _3\"></span></span> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">11.90%<span class=\"_ _3\"></span></span> </span>27,988<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>8,857<span class=\"ls1 ws1\"> <span class=\"_ _6\"> </span>0 <span class=\"_ _e0\"> </span>-</span>1,206<span class=\"ls1 ws1\"> </span>Bac Tien Phong Industrial Zone<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>83,859<span class=\"ls1 ws1\"> </span>36,248<span class=\"ls1 ws1\"> </span>17,286<span class=\"ls1 ws1\"> </span>3,774<span class=\"ls1 ws1\"> </span>Hateco Deep <span class=\"_ _3\"></span>C Port<span class=\"ls1 ws1\"> </span>(2)Vietnam<span class=\"ls1 ws1\"> </span>38.10%<span class=\"ls1 ws1\"> </span>11.90%<span class=\"ls1 ws1\"> </span>6 4 0 -9 Infra Asia Investments fund (<span class=\"_ _0\"></span>liquidated)<span class=\"ls1 ws1\"> </span>0648.714.620<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking<span class=\"ls1 ws1\"> </span>Delen Private Ba<span class=\"_ _3\"></span>nk<span class=\"ws1\"> </span>(3)0453.07<span class=\"_ _3\"></span>6.211<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>p. 98<span class=\"ls1 ws1\"> </span>2,582,45<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,503,86<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>512,143<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>160,623<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>SIPEF (USD 1.00<span class=\"_ _3\"></span>0)<span class=\"ws1\"> </span>(4)0404.49<span class=\"_ _3\"></span>1.285<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>36.81%<span class=\"ls1 ws1\"> </span>p. 112<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,062,22<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>244,420<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>527,460<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>108,157<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Verdant Bioscience (<span class=\"_ _3\"></span>USD 1.000)<span class=\"ws1\"> </span>(5)Singapore<span class=\"ls1 ws1\"> </span>42.00%<span class=\"ls1 ws1\"> </span>p. 116<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>32,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,087<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,905<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,288</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>The Amsteldijk<span class=\"_ _3\"></span> Beheer<span class=\"ls1 ws1\"> </span>33.080.4<span class=\"_ _3\"></span>56<span class=\"ls1 ws1\"> </span>Netherlands<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>5,349<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,711<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>592<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">56</span> Manuchar (USD<span class=\"_ _3\"></span> 1.000)<span class=\"ls1 ws1\"> </span>(6)0407.04<span class=\"_ _3\"></span>5.751<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>Turbo's Hoe<span class=\"_ _3\"></span>t Groep<span class=\"ls1 ws1\"> </span>0881.77<span class=\"_ _3\"></span>4.936<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>399,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>247,563<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>653,767<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>24,826<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Telemond<span class=\"ls1 ws202\">  <span class=\"_ _3\"></span><span class=\"ws1\"> </span></span>0893.55<span class=\"_ _3\"></span>2.617<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>99,490<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>128,408<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>15,156<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In December 2021, Rent</span><span class=\"ff3a\">-A-<span class=\"ls29 ws1e0\">Port concluded an a<span class=\"_ _3\"></span>greement to acq<span class=\"_ _0\"></span>uire an additional 32.6<span class=\"_ _3\"></span>% stake in IAI, which brought its total participation to 94%. The closing of the transaction took place in the<span class=\"_ _3\"></span> </span></span>first <span class=\"ls29 ws1e0\">quarter of 2022.<span class=\"ls1 ws1\"> </span></span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a\">Rent-A-<span class=\"ls29 ws1e0\">Port acquired 50% of the shares of H<span class=\"_ _0\"></span>ateco Deep C Port Jsc,<span class=\"_ _0\"></span> active in the development and management of a barge t<span class=\"_ _0\"></span>erminal for the Hai Pho<span class=\"_ _0\"></span>ng International Gateway Port Indus<span class=\"_ _0\"></span>trial Zone in </span></span>Cat Hai.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">FinAx holds a 78.75% stake in Delen Pri<span class=\"ls2b ws1df\">vate Ba<span class=\"_ _3\"></span>nk NV. </span>The shareholder agreements between AvH and the Jacques Delen family, which holds a 21.25% stake through Promofi NV, include, <span class=\"ws1e1\">among </span></span>other things, agreements concerning representation on the board of directors and decision<span class=\"ls1 ws1\">-</span>making at the level of the board of directors and the shareholders\u2019 meeting. The special majority requirements specified for c<span class=\"_ _0\"></span>ertain key decisions lead to joint control.<span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">The shareholders\u2019 agreement between the Baron Bracht family and AvH results<span class=\"_ _0\"></span> in joint control of SIPEF. AvH\u2019s stake in SIPEF increased from 35.13% to 36.81% in 2022.<span class=\"ls1 ws1\"> </span></span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">AvH holds 42% in Verdant Bioscience, a strategic investment in line with it<span class=\"_ _0\"></span>s 35.13% interest in SIPEF. SIPEF holds a 38% inte<span class=\"ls2b ws1df\">rest in VBS.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29c\">Early 2022, an agreement was signed with Lone Star Funds for</span><span class=\"ff3a\"> <span class=\"_ _3\"></span><span class=\"ls29 ws29c\">the sale of 100% of the share capital of Manuchar. In view of the announced sale of the participation in Manuchar, whic<span class=\"_ _0\"></span>h w<span class=\"_ _3\"></span>as </span></span>completed during the second quart<span class=\"_ _0\"></span>er of 2022, this participation was already reclassified to \u2018Assets held for s<span class=\"_ _0\"></span>ale\u2019 at year<span class=\"ls1 ws1\">-</span>end 202<span class=\"ws1e1\">1.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Jointly contr<span class=\"_ _3\"></span>olled subsidi<span class=\"_ _3\"></span>aries acc<span class=\"_ _3\"></span>ounted for<span class=\"_ _3\"></span> using the equit<span class=\"_ _3\"></span>y method </span>\u2013 2021<span class=\"_ _3\"></span> Beneficial Minori<span class=\"_ _3\"></span>ty Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total (\u20ac 1,000<span class=\"_ _3\"></span>) Name of su<span class=\"_ _3\"></span>bsidiary<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>Infra Asia Investments (subgrou<span class=\"_ _0\"></span>p Rent<span class=\"ls1 ws1\">-A-<span class=\"ls2b ws1dd\">Por<span class=\"_ _3\"></span>t)</span> </span>Euro Jetty (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong Kong<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span></span><span class=\"ws1e1\">24.89%<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>25.11%<span class=\"ls1 ws1\"> </span></span>14,132<span class=\"ls1 ws1\"> <span class=\"_ _6\"> </span>9 <span class=\"_ _19\"> </span></span>406<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>1,764<span class=\"ls1 ws1\"> </span>Deep C Green Energy (Hong Kong)<span class=\"ls1 ws1\">  </span>Hong <span class=\"ls1 ws1\">Kong </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>14,642<span class=\"ls1 ws1\"> </span>211<span class=\"ls1 ws1\"> </span>406<span class=\"ls1 ws1\"> </span>411<span class=\"ls1 ws1\"> </span>Deep C Gr<span class=\"_ _0\"></span>een Energy (Vietnam)<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>14,495<span class=\"ls1 ws1\"> </span>12,687<span class=\"ls1 ws1\"> </span>26,307<span class=\"ls1 ws1\"> </span>374<span class=\"ls1 ws1\"> </span>Euro Jetty (Vi<span class=\"_ _3\"></span>etnam) Compan<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>4,453<span class=\"ls1 ws1\"> </span>1,687<span class=\"ls1 ws1\"> </span>4,133<span class=\"ls1 ws1\"> </span>2,200<span class=\"ls1 ws1\"> </span>Tien Phong Industrial Zone<span class=\"ls1 ws1\">  </span>Vietnam<span class=\"ls1 ws1\"> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">24.89%<span class=\"_ _3\"></span></span> <span class=\"_ _cb\"> </span><span class=\"ls29 ws1e1\">25.11%<span class=\"_ _3\"></span></span> </span>23,141<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span></span>4,368<span class=\"ls1 ws1\"> <span class=\"_ _6\"> </span>0 <span class=\"_ _115\"> </span>-</span>680<span class=\"ls1 ws1\"> </span>Bac Tien Phong Industrial Zone<span class=\"ls1 ws1\"> </span>Vietnam<span class=\"ls1 ws1\"> </span>24.89%<span class=\"ls1 ws1\"> </span>25.11%<span class=\"ls1 ws1\"> </span>61,965<span class=\"ls1 ws1\"> </span>19,010<span class=\"ls1 ws1\"> </span>11,739<span class=\"ls1 ws1\"> </span>5,074<span class=\"ls1 ws1\"> </span>Infra Asia Investment<span class=\"_ _0\"></span> Fund<span class=\"ls1 ws1\"> </span>0648.714.620<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>40.53%<span class=\"ls1 ws1\"> </span>9.47%<span class=\"ls1 ws1\"> </span>32,182<span class=\"ls1 ws1\"> </span>30,787<span class=\"ls1 ws1\"> </span>0 17<span class=\"ls1 ws1\"> </span>ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">LUX</span>  </span>0749.614.317<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>24.32%<span class=\"ls1 ws1\"> </span>5.68%<span class=\"ls1 ws1\"> </span>9,689<span class=\"ls1 ws1\"> </span>7,792<span class=\"ls1 ws1\"> </span>432<span class=\"ls1 ws1\"> </span>158<span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking<span class=\"ls1 ws1\"> </span>Delen Private Ba<span class=\"_ _3\"></span>nk<span class=\"ws1\"> </span>0453.07<span class=\"_ _3\"></span>6.211<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>78.75%<span class=\"ls1 ws1\"> </span>p. 98<span class=\"ls1 ws1\"> </span>2,429,15<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>1,406,70<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>506,760<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>167,556<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>SIPEF (USD 1.00<span class=\"_ _3\"></span>0)<span class=\"ws1\">  </span>0404.49<span class=\"_ _3\"></span>1.285<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>35.13%<span class=\"ls1 ws1\"> </span>p. 112<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>991,765<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264,436<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>416,053<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,749<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Verdant <span class=\"ls27\">Bi<span class=\"_ _3\"></span>oscience (<span class=\"_ _3\"></span>USD 1.000)<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span></span>Singapore<span class=\"ls1 ws1\"> </span>42.00%<span class=\"ls1 ws1\"> </span>p. 116<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,665<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22,475<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,319<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,514</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>The Amsteldijk<span class=\"_ _3\"></span> Beheer<span class=\"ls1 ws1\"> </span>33.080.4<span class=\"_ _3\"></span>56<span class=\"ls1 ws1\"> </span>Netherlands<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>5,529<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,835<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>847<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,160</span> Manuchar (USD<span class=\"_ _3\"></span> 1.000)<span class=\"ls1 ws1\">  </span>0407.04<span class=\"_ _3\"></span>5.751<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>30.00%<span class=\"ls1 ws1\"> </span>796,436<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>622,605<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,481,65<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>62,610<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Turbo's Hoe<span class=\"_ _3\"></span>t Groep<span class=\"ls1 ws1\"> </span>0881.77<span class=\"_ _3\"></span>4.936<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>352,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>220,069<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>620,486<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>18,083<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Telemond<span class=\"ls1 ws202\">  <span class=\"_ _3\"></span><span class=\"ws1\"> </span></span>0893.55<span class=\"_ _3\"></span>2.617<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>50.00%<span class=\"ls1 ws1\"> </span>p. 128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>27,904<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>98,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,888<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Note 3:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>associate<span class=\"_ _3\"></span>d and <span class=\"ls1 ws1\">n<span class=\"ls60 ws145\">on</span>-</span>consoli<span class=\"_ _3\"></span>dated part<span class=\"_ _3\"></span>icipati<span class=\"_ _3\"></span>ons<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Associate<span class=\"_ _3\"></span>d particip<span class=\"_ _3\"></span>ating int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>sts accounte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the e<span class=\"_ _3\"></span>quity me<span class=\"_ _3\"></span>thod </span>- 2022 Beneficial Minori<span class=\"_ _3\"></span>ty (\u20ac 1,000<span class=\"_ _3\"></span>) Name of associa<span class=\"_ _3\"></span>ted partici<span class=\"_ _3\"></span>pating<span class=\"fc3 sc0\"> </span>Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>intere<span class=\"_ _3\"></span>st<span class=\"ls1 ws1\"> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>BSTOR<span class=\"ls1 ws1\"> </span>(1)0648.717.687<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>30.80%<span class=\"ls1 ws1\"> </span>5,200<span class=\"ls1 ws1\"> </span>1,739<span class=\"ls1 ws1\"> </span>499<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">413</span> ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">LUX</span> </span>(1)0749.614.317<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>23.10%<span class=\"ls1 ws1\"> </span>13,402<span class=\"ls1 ws1\"> </span>8,456<span class=\"ls1 ws1\"> </span>5,010<span class=\"ls1 ws1\"> </span>3,031<span class=\"ls1 ws1\"> </span>ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws1e7\">LUX II</span> </span>(1)0791.483.574<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>23.10%<span class=\"ls1 ws1\"> </span>684<span class=\"ls1 ws1\"> </span>192<span class=\"ls1 ws1\"> </span>0 -8 Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>(2)Rentel<span class=\"ls1 ws1\"> </span>0700.246.364<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>903,397<span class=\"ls1 ws1\"> </span>728,235<span class=\"ls1 ws1\"> </span>123,211<span class=\"ls1 ws1\"> </span>20,366<span class=\"ls1 ws1\"> </span>SeaMade<span class=\"ls1 ws1\"> </span>0543.401.324<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>7.09%<span class=\"ls1 ws1\"> </span>1.66%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>1,255,529<span class=\"ls1 ws1\"> </span>1,062,860<span class=\"ls1 ws1\"> </span>140,683<span class=\"ls1 ws1\"> </span>11,296<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y RS<span class=\"ls1 ws1\"> </span>0833.507.538<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>86,158<span class=\"ls1 ws1\"> </span>7,848<span class=\"ls1 ws1\"> </span>13,246<span class=\"ls1 ws1\"> </span>20,352<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y BIS<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0842.251.889<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>54,530<span class=\"ls1 ws1\"> </span>12<span class=\"ls1 ws1\"> </span>0 6,271<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>L26942AP<span class=\"_ _3\"></span>19 Sagar Ceme<span class=\"_ _3\"></span>nts (INR milli<span class=\"_ _3\"></span>on)<span class=\"ls1 ws1\"> </span>(3)81PLC002<span class=\"_ _3\"></span>887<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>19.64%<span class=\"ls1 ws1\"> </span>p. 117<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,535<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21,358<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21,097<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">830</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Axe In<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents<span class=\"ls1 ws1\"> </span>419,822,<span class=\"_ _3\"></span>730<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>48.34%<span class=\"ls1 ws1\"> </span>p. 123<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,622<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>503<span class=\"ls1 ws1\"> </span>403<span class=\"ls1 ws1\"> </span>Financi\u00e8re E<span class=\"_ _3\"></span>MG<span class=\"ls1 ws1\">  </span>801.720.<span class=\"_ _3\"></span>343<span class=\"ls1 ws1\"> </span>France<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22.73%<span class=\"ls1 ws1\"> </span>p. 125<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>352,915<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>281,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>359,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Mediahuis<span class=\"ls1 ws1\"> </span>(4)439.849.<span class=\"_ _3\"></span>666<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>13.93%<span class=\"ls1 ws1\"> </span>p. 126<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,179,89<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>696,270<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,222,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>65,264<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>OM Par<span class=\"_ _3\"></span>tners<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>428.328.<span class=\"_ _3\"></span>442<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>20.01%<span class=\"ls1 ws1\"> </span>p. 127<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>162,491<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>47,363<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>166,657<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,519<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Van Moer Gro<span class=\"_ _3\"></span>up<span class=\"ls1 ws1\"> </span>885.987.<span class=\"_ _3\"></span>706<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>21.74%<span class=\"ls1 ws1\"> </span>p. 130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>163,800<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>121,694<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>310,267<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,754<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">Following SRIW Environnement\u2019s entry into the <span class=\"_ _3\"></span>shareholding of BStor (formerly Rent</span><span class=\"ff3a\">-A-<span class=\"ls29 ws298\">Port Green Energy<span class=\"_ _0\"></span>), Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws211\">Port holds a 38% <span class=\"_ _3\"></span>stake in BStor. With the <span class=\"ls28 ws1de\">Estor<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls2b ws299\">Lux project,<span class=\"_ _3\"></span> Bstor respo<span class=\"_ _3\"></span>nds to<span class=\"_ _3\"></span> </span></span></span></span></span></span>the need for flexible solutions in t<span class=\"_ _0\"></span>he electricity markets.<span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws298\">The stakes in the offshore wind farms Rentel and SeaMade (and the intermediate holdings<span class=\"_ _0\"></span> Otary RS and Ot<span class=\"_ _0\"></span>ary BIS) are held through Green Offshore, which is a 50/<span class=\"_ _0\"></span>50 investment vehicle of AvH </span>and CFE. AvH has a (transitive) part<span class=\"_ _0\"></span>icipation of 10.13% in Rentel and 7.09% in SeaMade. When DEME\u2019s interests in Rentel and SeaMade are also taken into account,<span class=\"_ _0\"></span> the (beneficial) interests of AvH amount to 21.9% and 15.3% respec<span class=\"ws1e1\">tively<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span></span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29e\">As a result of a capital increase of Sagar Cements that was fully subscribed by a new shareholder, the participat<span class=\"_ _0\"></span>ion of AvH in Sagar Cement<span class=\"_ _3\"></span>s was diluted fr<span class=\"_ _0\"></span>om 21.85% (a<span class=\"_ _3\"></span>t year<span class=\"ls1 ws1\">-</span>end 2021) to </span>19.64%.<span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29e\">AvH has at the end of 2022 a 49.9% s<span class=\"_ _0\"></span>take in Mediac<span class=\"_ _0\"></span>ore, the controlling shareholder (<span class=\"_ _0\"></span>53,5%) in Mediahuis Partners. Mediahuis Partner<span class=\"_ _0\"></span>s has a controlling s<span class=\"_ _0\"></span>hare of 52.14% in Mediahui<span class=\"ls28 ws29f\">s. The<span class=\"_ _3\"></span> </span></span>participation perc<span class=\"_ _0\"></span>entage of AvH in Mediahuis is therefore 13.93%.<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Associate<span class=\"_ _3\"></span>d particip<span class=\"_ _3\"></span>ating int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>sts accounte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the</span> <span class=\"ls2f ws1e\">e<span class=\"_ _3\"></span>quity method </span>-<span class=\"_ _3\"></span> 2021 Beneficial Minori<span class=\"_ _3\"></span>ty (\u20ac 1,000) N<span class=\"_ _3\"></span>ame of associa<span class=\"_ _3\"></span>ted partici<span class=\"_ _3\"></span>pating<span class=\"fc3 sc0\"> </span>Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>intere<span class=\"_ _3\"></span>st<span class=\"ls1 ws1\"> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> <span class=\"ls56 ws13d\">Engi<span class=\"_ _0\"></span>neering &amp; Cont<span class=\"_ _0\"></span>racting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>Rentel<span class=\"ls1 ws1\"> </span>0700.246.364<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>933,616<span class=\"ls1 ws1\"> </span>837,698<span class=\"ls1 ws1\"> </span>138,307<span class=\"ls1 ws1\"> </span>29,698<span class=\"ls1 ws1\"> </span>SeaMade<span class=\"ls1 ws1\"> </span>0543.401.324<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>7.09%<span class=\"ls1 ws1\"> </span>1.66%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>1,373,451<span class=\"ls1 ws1\"> </span>1,322,510<span class=\"ls1 ws1\"> </span>145,762<span class=\"ls1 ws1\"> </span>12,220<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y RS<span class=\"ls1 ws1\"> </span>0833.507.538<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>84,142<span class=\"ls1 ws1\"> </span>1,551<span class=\"ls1 ws1\"> </span>10,254<span class=\"ls1 ws1\"> </span>18,605<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y BIS<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0842.251.889<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>54,330<span class=\"ls1 ws1\"> </span>171<span class=\"ls1 ws1\"> </span>0 8,437<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>L26942AP<span class=\"_ _3\"></span>19 Sagar Ceme<span class=\"_ _3\"></span>nts (INR milli<span class=\"_ _3\"></span>on)<span class=\"ls1 ws1\"> </span>81PLC002<span class=\"_ _3\"></span>887<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>21.85%<span class=\"ls1 ws1\"> </span>p. 117<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>32,605<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,840<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>15,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,278<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Axe In<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents<span class=\"ls1 ws1\"> </span>419,822,<span class=\"_ _3\"></span>730<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>48.34%<span class=\"ls1 ws1\"> </span>p. 123<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,230<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>47<span class=\"ls1 ws1\"> </span>542<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">223</span> Financi\u00e8re E<span class=\"_ _3\"></span>MG<span class=\"ls1 ws1\">  </span>801.720.<span class=\"_ _3\"></span>343<span class=\"ls1 ws1\"> </span>France<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22.51%<span class=\"ls1 ws1\"> </span>p. 125<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>381,248<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>310,442<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>366,845<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>152<span class=\"ls1 ws1\"> </span>Mediahuis<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>439.849.<span class=\"_ _3\"></span>666<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>13.51%<span class=\"ls1 ws1\"> </span>p. 126<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,107,53<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>625,059<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,130,79<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>117,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>OM Par<span class=\"_ _3\"></span>tners<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>428.328.<span class=\"_ _3\"></span>442<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>20.01%<span class=\"ls1 ws1\"> </span>p. 127<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>125,662<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>42,167<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>115,713<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,777<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Van Moer Gro<span class=\"_ _3\"></span>up<span class=\"ls1 ws1\"> </span>885.987.<span class=\"_ _3\"></span>706<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>21.74%<span class=\"ls1 ws1\"> </span>p. 130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>119,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>82,785<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>222,378<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Non</span>-<span class=\"ls3a ws20c\">consol<span class=\"_ _3\"></span>idated par<span class=\"_ _3\"></span>ticipat<span class=\"_ _3\"></span>ions</span> <span class=\"ls3a ws20c\">at f<span class=\"_ _3\"></span>air value<span class=\"_ _3\"></span></span> Registere<span class=\"_ _3\"></span>d Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 (\u20ac <span class=\"ls2b ws1e3\">1,000) Name of the partici<span class=\"_ _3\"></span>pation<span class=\"ls1 ws1\"> <span class=\"_ _15f\"> </span></span><span class=\"ws1e4\">Registration<span class=\"_ _3\"></span> nr<span class=\"ls1 ws1\"> </span></span></span>Activi<span class=\"_ _3\"></span>ty repo<span class=\"_ _3\"></span>rt<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>(1)0787.990.881<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 131<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>0508.931.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 132<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Bio Cap Invest (Epics Therapeutics)<span class=\"ls1 ws1\"> </span>0719.433.261<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>29.5%<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\">  </span>0666.442.557<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 133<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\">  </span>0742.910.132<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 134<span class=\"ls1 ws1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>0501.631.837<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 135<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>(2)160130<span class=\"ls1 ws1\"> </span>Mauritius<span class=\"ls1 ws1\"> </span>p. 136<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>U74999DL2019PTC352056<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>(3)U74999DL2019PTC352056<span class=\"ls1 ws1\"> <span class=\"_ _92\"> </span></span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>10.0%<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>(4)U51397MH2013PTC245092<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 138<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>(5)T21VC0008K<span class=\"ls1 ws1\">-</span>SF001<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>201906515N<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>0872.203.709<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>(6)0687.984.772<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0430.636.943<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>25.0%<span class=\"ls1 ws1\"> </span>Koffie F. Rombouts<span class=\"ws1\"> </span>(7)0404.850.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>68.887.590<span class=\"ls1 ws1\"> </span>The <span class=\"ls29 ws1e1\">Netherlands<span class=\"ls1 ws1\"> </span></span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>B0107957<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In August 2022, AvH announced its investment in AstriV<span class=\"_ _0\"></span>ax (AvH 5.8%), as part of the capital round that was organised by<span class=\"_ _0\"></span> the s<span class=\"ws1e1\">pin<span class=\"ls1 ws1\">-</span></span>off from KU Leuven. Over time, AvH will acquire a shareholding </span>of 7.7% in AstriVax. AstriVax has raised a total of 30 million euros of seed capital. The compan<span class=\"_ _3\"></span>y will develop new vaccines that are easier to produce, have less cold chain requirements, an<span class=\"ls1 ws1e4\">d offer </span>broad and long<span class=\"ls1 ws1\">-</span>lasting prot<span class=\"_ _0\"></span>ection against various viruses and other pathogens. <span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of October, AvH announced a partnership with Convergent Finance, a Mumbai</span><span class=\"ff3a\">-<span class=\"ls29 ws1e0\">based investment management and advisory partnership that focus<span class=\"_ _0\"></span>es on investments in well<span class=\"ls1 ws1\">-</span><span class=\"ws1e1\">established </span></span></span>and listed companies in India. A<span class=\"_ _0\"></span>vH invest<span class=\"ls2a ws1ee\">ed<span class=\"ls1 ws1\"> </span></span>6 million euros in the partn<span class=\"_ _0\"></span>ership. Convergent focuses on various sectors such as food &amp; beverages, specialty chemicals<span class=\"_ _0\"></span>, clean technology and healthcare.<span class=\"ls1 ws1\"> </span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29c\">In March 2022, HealthQuad completed t<span class=\"_ _0\"></span>he final closing of its second fund with 161 million USD c<span class=\"_ _0\"></span>ommitted funds. AvH participated as anc<span class=\"_ _0\"></span>hor investor with a commitment of 17.5 million USD. </span>HealthQuad Fund II has already<span class=\"_ _0\"></span> invested approximately 98 million USD in 11 companies. <span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Medikabazaar collected 65 million USD in a new capital round. Bes<span class=\"_ _0\"></span>ides the contribution of the current investors, which include AvH, Lighthouse India Fund III has also joined the c<span class=\"_ _0\"></span>apital. <span class=\"ls1 ws1\"> </span></span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">In June 2022, Venturi Fund I was closed with total commitments of 180 million USD. AvH part<span class=\"_ _0\"></span>icipated in the initial closing and is an anchor investor, with a co<span class=\"_ _0\"></span>mmitment of 20 million USD, to be </span>invested over a 4<span class=\"ls1 ws1\">-</span>year period. <span class=\"ls1 ws1\"> </span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of<span class=\"_ _3\"></span> 2022, Van Laere, a subsidiary of CFE, sold 65% <span class=\"_ _3\"></span>of its stake in Hofkouter (the company</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">whose sole property i<span class=\"_ _3\"></span>s Van Laere\u2019s former head office and workshops in Zwijndrecht) <span class=\"_ _3\"></span>to AvH. </span></span>The capital gain that CFE realised on t<span class=\"_ _0\"></span>his was eliminated at AvH level.<span class=\"ls1 ws1\"> </span>(7) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">The stake in Koffie Rombouts was further</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">reduced in 2022.</span></span>Note 11:<span class=\"ff3c\"> </span>P<span class=\"ls3a ws20c\">articip<span class=\"_ _3\"></span>ations acc<span class=\"_ _3\"></span>ounted f<span class=\"_ _3\"></span>or usin<span class=\"_ _3\"></span>g the equit<span class=\"_ _3\"></span>y method<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Participations accounted fo<span class=\"_ _0\"></span>r using the equ<span class=\"_ _0\"></span>ity method<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>362,398<span class=\"ls1 ws1\"> </span>267,220<span class=\"ls1 ws1\"> </span>Private Banking<span class=\"ls1 ws1\"> </span>849,394<span class=\"ls1 ws1\"> </span>805,182<span class=\"ls1 ws1\"> </span>Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,946<span class=\"ls1 ws1\"> </span>44,287<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>341,798<span class=\"ls1 ws1\"> </span>288,169<span class=\"ls1 ws1\"> </span>AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>238,701<span class=\"ls1 ws1\"> </span>242,338<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Goodwill Equity value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span></span>Total 202<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>allocated Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ions ac<span class=\"_ _0\"></span>coun<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r using t<span class=\"_ _0\"></span>he eq<span class=\"_ _0\"></span>uity m<span class=\"_ _0\"></span>etho<span class=\"_ _0\"></span>d<span class=\"ls1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod: opening<span class=\"_ _3\"></span> balance<span class=\"ls1 ws1\"> </span>1,555,04<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>92,151<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,456,07<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>35,375<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">204</span> 35,171<span class=\"ls1 ws1\"> </span>25,729<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">19,389</span> 0 -<span class=\"ls29 ws1e1\">19,389</span> -<span class=\"ls29 ws1e1\">4,051</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 139<span class=\"ls1 ws1\"> </span>Share of profit (loss) fr<span class=\"_ _0\"></span>om equity accounted investments<span class=\"ls1 ws1\"> </span>243,874<span class=\"ls1 ws1\"> </span>0 243,874<span class=\"ls1 ws1\"> </span>255,191<span class=\"ls1 ws1\"> </span>Impairments through pr<span class=\"_ _0\"></span>ofit and loss<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>11,746<span class=\"ls1 ws1\"> </span>0 11,746<span class=\"ls1 ws1\"> </span>35,118<span class=\"ls1 ws1\"> </span>Impact of dividends dis<span class=\"_ _0\"></span>tributed by the participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">122,246</span> 0 -<span class=\"ls29 ws1e1\">122,246</span> -<span class=\"ls29 ws1e1\">112,497</span> Transfers (to<span class=\"_ _3\"></span>) from other ite<span class=\"_ _3\"></span>ms<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,507</span> -<span class=\"ls29 ws1e1\">4,421</span> -<span class=\"ls29 ws1e1\">25,928</span> -<span class=\"ls29 ws1e1\">35,505</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>74,812<span class=\"ls1 ws1\"> </span>0 74,812<span class=\"ls1 ws1\"> </span>27,003<span class=\"ls1 ws1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod: ending <span class=\"_ _3\"></span>balance<span class=\"ls1 ws1\"> </span>1,757,71<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>87,526<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>General<span class=\"_ _3\"></span> evolutio<span class=\"_ _3\"></span>n <span class=\"ls1 ws1\"> </span>The participations ac<span class=\"_ _0\"></span>counted for using the equi<span class=\"_ _0\"></span>ty method comprise the<span class=\"_ _0\"></span> interests in jointly controlled participations or in par<span class=\"_ _0\"></span>ticipations in which no controlling interest is held. This is the case amongst oth<span class=\"_ _0\"></span>ers with <span class=\"ls30 ws203\">Delen P<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>te Bank,<span class=\"_ _0\"></span> the of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e wind<span class=\"_ _0\"></span> </span>f<span class=\"ls30 ws212\">arms<span class=\"_ _0\"></span> Rentel,<span class=\"_ _9f\"></span> SeaMade <span class=\"_ _0\"></span>and C<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">Powe<span class=\"_ _0\"></span>r, SIP<span class=\"_ _0\"></span>EF, Saga<span class=\"_ _0\"></span>r Cemen<span class=\"_ _9f\"></span>ts, as we<span class=\"_ _0\"></span>ll as <span class=\"ls4d ws1f5\">many<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls46 ws266\">of </span></span></span></span></span></span>the participations <span class=\"_ _0\"></span>in the \u201cGrowth Capital\u201d <span class=\"_ _0\"></span>segment of AvH\u2019s portfol<span class=\"_ _0\"></span>io. The increase in the \u2018Participa<span class=\"_ _0\"></span>tions accounted fo<span class=\"_ _0\"></span>r using the equity method\u2019 by 19<span class=\"ls24 ws1da\">8.0<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>million eu<span class=\"_ _9f\"></span>ros is explained<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"ls45 ws2b7\">by AvH\u2019s 2<span class=\"ls24 ws1da\">43.9</span></span> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">million <span class=\"_ _0\"></span>euros sh<span class=\"_ _0\"></span>are in <span class=\"_ _0\"></span>the p<span class=\"_ _0\"></span>rofits o<span class=\"_ _0\"></span>f thos<span class=\"_ _0\"></span>e </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s, less th<span class=\"_ _0\"></span>e divi<span class=\"_ _0\"></span>dends <span class=\"_ _0\"></span>that tho<span class=\"_ _0\"></span>se part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ions p<span class=\"_ _0\"></span>ay to A<span class=\"_ _0\"></span>vH.<span class=\"_ _0\"></span> Furthermore, in 2021 AvH Growt<span class=\"_ _0\"></span>h Capital acquired a new particip<span class=\"_ _0\"></span>ation in Van Moer Lo<span class=\"_ _0\"></span>gisti<span class=\"_ _0\"></span>cs. In<span class=\"_ _0\"></span> view <span class=\"_ _0\"></span>of the <span class=\"_ _0\"></span>announ<span class=\"_ _9f\"></span>ced sale o<span class=\"ls1 ws1f7\">f<span class=\"_ _0\"></span> the participation in Manuchar, </span>which is expected to be complet<span class=\"_ _0\"></span>ed during the second quarter of 20<span class=\"_ _0\"></span>22, this partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> was a<span class=\"_ _0\"></span>lready<span class=\"_ _0\"></span> reclas<span class=\"_ _0\"></span>sified <span class=\"_ _0\"></span>to \u2018A<span class=\"_ _0\"></span>ssets he<span class=\"_ _0\"></span>ld for <span class=\"_ _0\"></span>sale\u2019 at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2021.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>During the past <span class=\"_ _3\"></span>year 202<span class=\"ws1\">2<span class=\"ws1f6\">, the g<span class=\"_ _0\"></span>roup invested <span class=\"ls24 ws1da\">35.2</span><span class=\"ws1\"> <span class=\"ls52 ws1f0\">milli<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os:</span> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws216\">In \u201cMarine Engineering &amp; Contracting\u201d<span class=\"_ _0\"></span>, DEME invested, among others, in </span></span>Thist<span class=\"_ _0\"></span>le Wind P<span class=\"_ _0\"></span>artners (<span class=\"_ _0\"></span>Conce<span class=\"_ _0\"></span>ssions <span class=\"_ _0\"></span>segme<span class=\"_ _0\"></span>nt) and ca<span class=\"_ _0\"></span>rried ou<span class=\"_ _0\"></span>t a capita<span class=\"_ _0\"></span>l incre<span class=\"_ _0\"></span>ase at Sca<span class=\"_ _0\"></span>ldis (Of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e Energy<span class=\"_ _0\"></span> segmen<span class=\"_ _9f\"></span>t). Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws204\">Po<span class=\"_ _9f\"></span>rt subscribed<span class=\"_ _0\"></span> to Bstor\u2019<span class=\"_ _0\"></span>s capital<span class=\"_ _0\"></span> </span>increase and acquired 50%<span class=\"ws1\"> <span class=\"ws1f6\">in Hateco Deep C Port <span class=\"_ _0\"></span>jsc (Vietnam)<span class=\"ws1\">. </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The shareholding percentage in SIP<span class=\"_ _0\"></span>EF was increased by <span class=\"ls24 ws1da\">1.68<span class=\"ls25 ws1f9\">% to<span class=\"_ _0\"></span> 3<span class=\"ls24 ws1da\">6.81<span class=\"ls34 ws23c\">% by<span class=\"_ _3\"></span> </span></span></span></span></span></span>purch<span class=\"_ _0\"></span>asing S<span class=\"_ _0\"></span>IPEF sh<span class=\"_ _0\"></span>ares on<span class=\"_ _0\"></span> the stoc<span class=\"_ _0\"></span>k mar<span class=\"_ _0\"></span>ket.<span class=\"ls1 ws1\"> </span>The disp<span class=\"_ _0\"></span>osals e<span class=\"_ _0\"></span>ssen<span class=\"_ _0\"></span>tially re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e sale b<span class=\"_ _0\"></span>y CFE<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">and Nextensa</span> <span class=\"_ _3\"></span><span class=\"ws1f7\">of a number of </span></span>prope<span class=\"_ _0\"></span>rty dev<span class=\"_ _0\"></span>elopme<span class=\"_ _0\"></span>nts th<span class=\"_ _0\"></span>at wer<span class=\"_ _0\"></span>e held in<span class=\"_ _0\"></span> partne<span class=\"_ _0\"></span>rship wi<span class=\"_ _0\"></span>th oth<span class=\"_ _0\"></span>er parti<span class=\"_ _0\"></span>es. Th<span class=\"_ _0\"></span>e participation in M<span class=\"_ _0\"></span>anuchar had already<span class=\"_ _0\"></span> been recognised as \u2018A<span class=\"_ _0\"></span>sset held for sal<span class=\"_ _0\"></span>e\u2019 in the 2021 financial statements.<span class=\"ls1 ws1\"> </span>As it w<span class=\"_ _0\"></span>as also<span class=\"_ _0\"></span> the c<span class=\"_ _0\"></span>ase in<span class=\"_ _0\"></span> previou<span class=\"_ _0\"></span>s yea<span class=\"_ _0\"></span>rs, th<span class=\"_ _0\"></span>e equi<span class=\"ws1ec\">ty<span class=\"_ _9f\"></span><span class=\"ls1 ws1\">-<span class=\"_ _3\"></span><span class=\"ws1f5\">accoun<span class=\"_ _0\"></span>ted investments made </span></span></span>a subs<span class=\"_ _0\"></span>tantia<span class=\"_ _0\"></span>l cont<span class=\"_ _0\"></span>ributio<span class=\"_ _0\"></span>n to th<span class=\"_ _9f\"></span>e group p<span class=\"_ _0\"></span>rofit.<span class=\"_ _0\"></span> In 202<span class=\"_ _0\"></span>2, thi<span class=\"_ _0\"></span>s contr<span class=\"_ _0\"></span>ibutio<span class=\"_ _0\"></span>n amou<span class=\"_ _0\"></span>nted<span class=\"_ _0\"></span> to 243.9 million euros (2021: 255.2 million euros, including a contribution from Manuc<span class=\"_ _0\"></span>har). Th<span class=\"_ _9f\"></span>is profit f<span class=\"_ _0\"></span>rom eq<span class=\"_ _0\"></span>uity<span class=\"ls1 ws1\">-<span class=\"ws241\">accoun<span class=\"_ _0\"></span>ted investments comp<span class=\"ls33 ws208\">rises<span class=\"_ _3\"></span> a.o.<span class=\"_ _3\"></span> the s<span class=\"_ _3\"></span>hare </span></span></span>of the A<span class=\"_ _0\"></span>vH gro<span class=\"_ _0\"></span>up in th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rofit of<span class=\"_ _0\"></span> Delen <span class=\"_ _0\"></span>Priva<span class=\"_ _0\"></span>te Bank, <span class=\"_ _0\"></span>SIPEF<span class=\"_ _0\"></span>, Verd<span class=\"_ _0\"></span>ant Bio<span class=\"_ _0\"></span>science,<span class=\"_ _9f\"></span> Sagar C<span class=\"_ _0\"></span>ements and <span class=\"_ _0\"></span>several \u201cA<span class=\"_ _0\"></span>vH &amp; Grow<span class=\"_ _9f\"></span>th Capital\u201d p<span class=\"_ _0\"></span>articipa<span class=\"_ _0\"></span>tions<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span>In 202<span class=\"ls1 ws1\">2<span class=\"ls40 ws218\">, <span class=\"_ _13\"> </span><span class=\"ls25 ws2da\">the Group</span></span> <span class=\"_\"> </span><span class=\"ls39 ws2db\">r<span class=\"_ _3\"></span>eceive<span class=\"_ _3\"></span>d 1</span></span>22.2<span class=\"ls1 ws1\"> <span class=\"_ _13\"> </span><span class=\"ls40 ws2dc\">million e<span class=\"_ _3\"></span>uros worth of dividends from </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span><span class=\"ls1 ws259\">s accounted for using<span class=\"_ _0\"></span> the equity method.<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws26b\">Th<span class=\"_ _0\"></span>is figur<span class=\"_ _0\"></span>e is 9.8 <span class=\"_ _0\"></span>million<span class=\"_ _0\"></span> </span></span></span>euros higher t<span class=\"_ _3\"></span>han in 2021. Delen Private Bank (80.1 mil<span class=\"_ _3\"></span>lion euros), SIPEF (7.6 million euros) and equity<span class=\"ws1\">-<span class=\"ws259\">accounted participat<span class=\"_ _0\"></span>ions of DEME and CFE made <span class=\"_ _0\"></span>the </span></span>bigge<span class=\"_ _0\"></span>st contrib<span class=\"_ _0\"></span>ution<span class=\"_ _0\"></span>s to this amo<span class=\"ls24 ws218\">unt of 122.2 million euros. <span class=\"ls1 ws1\"> </span></span>The \u2018Tr<span class=\"_ _0\"></span>ansfer (<span class=\"_ _0\"></span>to) fro<span class=\"_ _0\"></span>m othe<span class=\"_ _0\"></span>r items\u2019 i<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>marily <span class=\"_ _0\"></span>explain<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e recla<span class=\"_ _0\"></span>ssific<span class=\"_ _0\"></span>ation of<span class=\"_ _0\"></span> the <span class=\"_ _4\"> </span>Telemon<span class=\"_ _0\"></span>d <span class=\"_ _4\"> </span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> to \u2018Asse<span class=\"_ _0\"></span>ts held f<span class=\"_ _0\"></span>or sale\u2019 a<span class=\"_ _0\"></span>s a result o<span class=\"_ _0\"></span>f the sal<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls46 ws266\">of </span></span>Telem<span class=\"_ _0\"></span>ond in th<span class=\"_ _9f\"></span>e first quar<span class=\"_ _0\"></span>ter of<span class=\"_ _0\"></span> 2023. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The 'O<span class=\"_ _0\"></span>ther inc<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>decre<span class=\"_ _0\"></span>ase)'<span class=\"_ _0\"></span> item ref<span class=\"_ _0\"></span>lects mo<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ents in th<span class=\"_ _0\"></span>e equity<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span>s, with <span class=\"_ _0\"></span>the pos<span class=\"_ _0\"></span>itive f<span class=\"_ _0\"></span>air va<span class=\"_ _0\"></span>lue evolu<span class=\"_ _9f\"></span>tion in 2021<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls24 ws206\">as well as in 2022</span> <span class=\"ls46 ws266\">of </span></span>the cash flow hedges a<span class=\"_ _0\"></span>t the participations of DEME an<span class=\"_ _0\"></span>d Green Offshore in the Re<span class=\"_ _3\"></span>ntel<span class=\"_ _3\"></span> an<span class=\"_ _3\"></span>d Sea<span class=\"_ _3\"></span>Made<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ls25 ws207\">o<span class=\"_ _0\"></span>ffsho<span class=\"_ _0\"></span>re wind<span class=\"_ _9f\"></span> farms, h<span class=\"_ _0\"></span>aving th<span class=\"_ _0\"></span>e gre<span class=\"_ _0\"></span>atest <span class=\"_ _0\"></span>impact<span class=\"_ _0\"></span> (25.4<span class=\"_ _0\"></span> millio<span class=\"_ _0\"></span>n </span></span>euros re<span class=\"_ _0\"></span>spect<span class=\"_ _0\"></span>ively 22.1<span class=\"_ _0\"></span> millio<span class=\"_ _0\"></span>n euros)<span class=\"_ _0\"></span>. Other mov<span class=\"_ _0\"></span>emen<span class=\"_ _0\"></span>ts in the equi<span class=\"_ _0\"></span>ty of the partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s include<span class=\"_ _0\"></span> a.o. <span class=\"_ _0\"></span>the eli<span class=\"_ _0\"></span>minatio<span class=\"_ _9f\"></span>ns of re<span class=\"_ _0\"></span>sults<span class=\"_ _0\"></span> on sal<span class=\"_ _0\"></span>es of <span class=\"ls33 ws23a\">treasury s<span class=\"_ _3\"></span>hares<span class=\"_ _3\"></span>, </span>the impact of the buy<span class=\"ws1\">-<span class=\"ls40 ws285\">out of min<span class=\"ls25 ws1ec\">ori<span class=\"_ _0\"></span>ty<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">interes<span class=\"_ _0\"></span>ts, and th<span class=\"_ _9f\"></span>e impact of th<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>suremen<span class=\"_ _0\"></span>t </span></span></span></span></span>of the purchase obliga<span class=\"_ _0\"></span>tion resting on<span class=\"ws1\"> <span class=\"ls33 ws204\">certai<span class=\"_ _3\"></span>n shares<span class=\"_ _3\"></span>.</span> </span>Direct<span class=\"_ _3\"></span>ly held <span class=\"_ _3\"></span>partic<span class=\"_ _3\"></span>ipatio<span class=\"_ _3\"></span>ns acco<span class=\"_ _3\"></span>unte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the <span class=\"_ _3\"></span>equity m<span class=\"_ _3\"></span>etho<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>AvH ap<span class=\"_ _0\"></span>plies th<span class=\"_ _9f\"></span>e equity m<span class=\"_ _0\"></span>ethod to <span class=\"_ _0\"></span>the jo<span class=\"_ _0\"></span>intly <span class=\"_ _0\"></span>contro<span class=\"_ _0\"></span>lled sub<span class=\"_ _9f\"></span>sidiaries D<span class=\"_ _9f\"></span>elen Priva<span class=\"_ _0\"></span>te B<span class=\"ls24 ws2d6\">ank (78.75%), SIPEF (3<span class=\"ws1da\">6.8<span class=\"ls30 ws278\">%), V<span class=\"_ _0\"></span>erdan<span class=\"_ _0\"></span>t Biosc<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e (42<span class=\"_ _0\"></span>%), Amst<span class=\"_ _0\"></span>eldij<span class=\"_ _0\"></span>k Behe<span class=\"_ _0\"></span>er </span></span></span>(50%), Turbo\u2019s Hoet Groep (50%) and Telemond (50%<span class=\"ls25 ws204\">, rec<span class=\"_ _0\"></span>lassed to<span class=\"_ _0\"></span> \u2018Ass<span class=\"_ _0\"></span>ets held<span class=\"_ _9f\"></span> </span>for sa<span class=\"_ _0\"></span>le\u2019<span class=\"ls33\">). Th<span class=\"_ _3\"></span>is bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>item<span class=\"_ _3\"></span> also <span class=\"_ _3\"></span>compris<span class=\"_ _3\"></span>es th<span class=\"_ _3\"></span>e ass<span class=\"_ _3\"></span>ociate<span class=\"_ _3\"></span>d inte<span class=\"_ _3\"></span>rests<span class=\"_ _3\"></span> in Sa<span class=\"_ _3\"></span>gar </span>Cements (<span class=\"ls24 ws1da\">19.6<span class=\"ls31 ws1\">%),<span class=\"_ _3\"></span> Axe <span class=\"ls33 ws1eb\">I<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nts (48.<span class=\"_ _3\"></span>3%), Fin<span class=\"_ _3\"></span>anci\u00e8re<span class=\"_ _3\"></span> EMG (22.</span><span class=\"ls1\">7</span></span></span><span class=\"ls34\">%<span class=\"_ _3\"></span>), M<span class=\"_ _3\"></span>edi<span class=\"_ _3\"></span>ahui<span class=\"_ _3\"></span>s </span>(13.<span class=\"ls1 ws1\">9<span class=\"ls25 ws208\">%), OM P<span class=\"_ _0\"></span>artner<span class=\"_ _0\"></span>s (20%)<span class=\"_ _0\"></span> and Van Mo<span class=\"_ _9f\"></span>er Logistic<span class=\"_ _0\"></span>s (21.<span class=\"_ _0\"></span>7%). For a<span class=\"_ _0\"></span> more de<span class=\"_ _0\"></span>tailed<span class=\"_ _0\"></span> </span></span>description of the change<span class=\"_ _0\"></span>s in the scope, see Note 6. S<span class=\"_ _0\"></span>egment information. <span class=\"ws1\"> </span>Some of the group companies mention<span class=\"_ _0\"></span>ed above are<span class=\"ws1\"> <span class=\"ls25 ws204\">list<span class=\"_ _0\"></span>ed on the sto<span class=\"_ _9f\"></span>ck market. I<span class=\"_ _0\"></span>f </span></span>the in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span>s in <span class=\"_ _0\"></span>SIPEF and<span class=\"_ _9f\"></span> Sagar C<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> were<span class=\"_ _0\"></span> to b<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>ed at th<span class=\"_ _9f\"></span>e market p<span class=\"_ _0\"></span>rice a<span class=\"_ _0\"></span>t ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ls24 ws2dd\">end 202</span>2 <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">those <span class=\"_ _0\"></span>compa<span class=\"_ _0\"></span>nies wou<span class=\"_ _0\"></span>ld repr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>t stock m<span class=\"_ _0\"></span>arket va<span class=\"_ _0\"></span>lues of<span class=\"_ _0\"></span> 2<span class=\"ls24 ws1da\">29.4<span class=\"ls1 ws1\"> </span></span></span></span>million eu<span class=\"_ _9f\"></span>ros and <span class=\"ls24 ws1da\">67.8<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws204\">mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s respec<span class=\"_ _0\"></span>tively.<span class=\"_ _0\"></span> If the sto<span class=\"_ _0\"></span>ck mar<span class=\"ls39 ws25c\">ket value a<span class=\"_ _3\"></span>t the </span></span></span></span>end of the year was lower than the consolidated equity method value, oth<span class=\"_ _0\"></span>er eleme<span class=\"_ _0\"></span>nts we<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>sidered<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ssment<span class=\"_ _0\"></span> as to<span class=\"_ _0\"></span> wheth<span class=\"_ _0\"></span>er an i<span class=\"_ _0\"></span>mpair<span class=\"_ _0\"></span>ment w<span class=\"_ _0\"></span>as neces<span class=\"_ _0\"></span>sary. <span class=\"_ _0\"></span>This was n<span class=\"_ _0\"></span>ot the <span class=\"_ _0\"></span>case a<span class=\"_ _0\"></span>t the en<span class=\"_ _0\"></span>d of 20<span class=\"_ _0\"></span>2<span class=\"ls1 ws1\">2. </span>Indirec<span class=\"_ _3\"></span>tly hel<span class=\"_ _3\"></span>d parti<span class=\"_ _3\"></span>cipatio<span class=\"_ _3\"></span>ns acc<span class=\"_ _3\"></span>ounted fo<span class=\"_ _3\"></span>r usin<span class=\"_ _3\"></span>g the equi<span class=\"_ _3\"></span>ty metho<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>The full consolidation of CFE, DEME, Rent<span class=\"ls1 ws1\">-A-<span class=\"ls31 ws206\">Port<span class=\"_ _3\"></span></span></span><span class=\"ws218\">, <span class=\"_ _3\"></span><span class=\"ls1 ws1f7\">Green Offshore and <span class=\"_ _0\"></span>Nextensa </span></span>gives ri<span class=\"_ _0\"></span>se to th<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span> of their jo<span class=\"_ _0\"></span>intly c<span class=\"_ _0\"></span>ontroll<span class=\"_ _0\"></span>ed subs<span class=\"_ _0\"></span>idiari<span class=\"_ _0\"></span>es and a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>ted partic<span class=\"_ _0\"></span>ipating i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>ts for a tot<span class=\"_ _0\"></span>al amoun<span class=\"_ _0\"></span>t of 41<span class=\"_ _0\"></span>5,3 million<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">euros, th<span class=\"_ _9f\"></span>e main inte<span class=\"_ _0\"></span>rests<span class=\"_ _0\"></span> </span></span>being those of DEM<span class=\"_ _0\"></span>E in C<span class=\"ws1\">-<span class=\"ls46 ws2e1\">Power (6.5%),<span class=\"_ _3\"></span> of DEME/Green O<span class=\"_ _3\"></span>ffshore in Rentel </span></span>(18.9% and 12.5% res<span class=\"_ _3\"></span>pectively) and in SeaMade (13.2% and 8.75% respectively<span class=\"_ _3\"></span>), of DEME <span class=\"_ _0\"></span>in CDWE <span class=\"_ _0\"></span>Taiwan, D<span class=\"_ _0\"></span>eeproc<span class=\"_ _0\"></span>k and GEM/E<span class=\"_ _0\"></span>MW, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _0\"></span>e real est<span class=\"_ _0\"></span>ate and PPP projects set up by CF<span class=\"_ _0\"></span>E and Nextensa together with pa<span class=\"_ _0\"></span>rtners and port<span class=\"ws1\">-</span>relat<span class=\"_ _0\"></span>ed partne<span class=\"_ _0\"></span>rships at R<span class=\"_ _0\"></span>ent<span class=\"ls1 ws1\">-A-<span class=\"ls33 ws1f0\">Port.</span> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-56-4": {
   "value": "Note 3:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>associate<span class=\"_ _3\"></span>d and <span class=\"ls1 ws1\">n<span class=\"ls60 ws145\">on</span>-</span>consoli<span class=\"_ _3\"></span>dated part<span class=\"_ _3\"></span>icipati<span class=\"_ _3\"></span>ons<span class=\"ls1 ws1\"> </span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Associate<span class=\"_ _3\"></span>d particip<span class=\"_ _3\"></span>ating int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>sts accounte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the e<span class=\"_ _3\"></span>quity me<span class=\"_ _3\"></span>thod </span>- 2022 Beneficial Minori<span class=\"_ _3\"></span>ty (\u20ac 1,000<span class=\"_ _3\"></span>) Name of associa<span class=\"_ _3\"></span>ted partici<span class=\"_ _3\"></span>pating<span class=\"fc3 sc0\"> </span>Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>intere<span class=\"_ _3\"></span>st<span class=\"ls1 ws1\"> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Rent<span class=\"ls1 ws1\">-A-<span class=\"ls28 ws1de\">Po<span class=\"_ _3\"></span>rt</span> </span>BSTOR<span class=\"ls1 ws1\"> </span>(1)0648.717.687<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>30.80%<span class=\"ls1 ws1\"> </span>5,200<span class=\"ls1 ws1\"> </span>1,739<span class=\"ls1 ws1\"> </span>499<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">413</span> ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">LUX</span> </span>(1)0749.614.317<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>23.10%<span class=\"ls1 ws1\"> </span>13,402<span class=\"ls1 ws1\"> </span>8,456<span class=\"ls1 ws1\"> </span>5,010<span class=\"ls1 ws1\"> </span>3,031<span class=\"ls1 ws1\"> </span>ESTOR<span class=\"ls1 ws1\">-<span class=\"ls59 ws1e7\">LUX II</span> </span>(1)0791.483.574<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>23.10%<span class=\"ls1 ws1\"> </span>684<span class=\"ls1 ws1\"> </span>192<span class=\"ls1 ws1\"> </span>0 -8 Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>(2)Rentel<span class=\"ls1 ws1\"> </span>0700.246.364<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>903,397<span class=\"ls1 ws1\"> </span>728,235<span class=\"ls1 ws1\"> </span>123,211<span class=\"ls1 ws1\"> </span>20,366<span class=\"ls1 ws1\"> </span>SeaMade<span class=\"ls1 ws1\"> </span>0543.401.324<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>7.09%<span class=\"ls1 ws1\"> </span>1.66%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>1,255,529<span class=\"ls1 ws1\"> </span>1,062,860<span class=\"ls1 ws1\"> </span>140,683<span class=\"ls1 ws1\"> </span>11,296<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y RS<span class=\"ls1 ws1\"> </span>0833.507.538<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>86,158<span class=\"ls1 ws1\"> </span>7,848<span class=\"ls1 ws1\"> </span>13,246<span class=\"ls1 ws1\"> </span>20,352<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y BIS<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0842.251.889<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>54,530<span class=\"ls1 ws1\"> </span>12<span class=\"ls1 ws1\"> </span>0 6,271<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>L26942AP<span class=\"_ _3\"></span>19 Sagar Ceme<span class=\"_ _3\"></span>nts (INR milli<span class=\"_ _3\"></span>on)<span class=\"ls1 ws1\"> </span>(3)81PLC002<span class=\"_ _3\"></span>887<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>19.64%<span class=\"ls1 ws1\"> </span>p. 117<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,535<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21,358<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21,097<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">830</span> AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Axe In<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents<span class=\"ls1 ws1\"> </span>419,822,<span class=\"_ _3\"></span>730<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>48.34%<span class=\"ls1 ws1\"> </span>p. 123<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,622<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>503<span class=\"ls1 ws1\"> </span>403<span class=\"ls1 ws1\"> </span>Financi\u00e8re E<span class=\"_ _3\"></span>MG<span class=\"ls1 ws1\">  </span>801.720.<span class=\"_ _3\"></span>343<span class=\"ls1 ws1\"> </span>France<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22.73%<span class=\"ls1 ws1\"> </span>p. 125<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>352,915<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>281,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>359,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Mediahuis<span class=\"ls1 ws1\"> </span>(4)439.849.<span class=\"_ _3\"></span>666<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>13.93%<span class=\"ls1 ws1\"> </span>p. 126<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,179,89<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>696,270<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,222,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>65,264<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>OM Par<span class=\"_ _3\"></span>tners<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>428.328.<span class=\"_ _3\"></span>442<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>20.01%<span class=\"ls1 ws1\"> </span>p. 127<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>162,491<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>47,363<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>166,657<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,519<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Van Moer Gro<span class=\"_ _3\"></span>up<span class=\"ls1 ws1\"> </span>885.987.<span class=\"_ _3\"></span>706<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>21.74%<span class=\"ls1 ws1\"> </span>p. 130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>163,800<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>121,694<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>310,267<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,754<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">Following SRIW Environnement\u2019s entry into the <span class=\"_ _3\"></span>shareholding of BStor (formerly Rent</span><span class=\"ff3a\">-A-<span class=\"ls29 ws298\">Port Green Energy<span class=\"_ _0\"></span>), Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws211\">Port holds a 38% <span class=\"_ _3\"></span>stake in BStor. With the <span class=\"ls28 ws1de\">Estor<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls2b ws299\">Lux project,<span class=\"_ _3\"></span> Bstor respo<span class=\"_ _3\"></span>nds to<span class=\"_ _3\"></span> </span></span></span></span></span></span>the need for flexible solutions in t<span class=\"_ _0\"></span>he electricity markets.<span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws298\">The stakes in the offshore wind farms Rentel and SeaMade (and the intermediate holdings<span class=\"_ _0\"></span> Otary RS and Ot<span class=\"_ _0\"></span>ary BIS) are held through Green Offshore, which is a 50/<span class=\"_ _0\"></span>50 investment vehicle of AvH </span>and CFE. AvH has a (transitive) part<span class=\"_ _0\"></span>icipation of 10.13% in Rentel and 7.09% in SeaMade. When DEME\u2019s interests in Rentel and SeaMade are also taken into account,<span class=\"_ _0\"></span> the (beneficial) interests of AvH amount to 21.9% and 15.3% respec<span class=\"ws1e1\">tively<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span></span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29e\">As a result of a capital increase of Sagar Cements that was fully subscribed by a new shareholder, the participat<span class=\"_ _0\"></span>ion of AvH in Sagar Cement<span class=\"_ _3\"></span>s was diluted fr<span class=\"_ _0\"></span>om 21.85% (a<span class=\"_ _3\"></span>t year<span class=\"ls1 ws1\">-</span>end 2021) to </span>19.64%.<span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29e\">AvH has at the end of 2022 a 49.9% s<span class=\"_ _0\"></span>take in Mediac<span class=\"_ _0\"></span>ore, the controlling shareholder (<span class=\"_ _0\"></span>53,5%) in Mediahuis Partners. Mediahuis Partner<span class=\"_ _0\"></span>s has a controlling s<span class=\"_ _0\"></span>hare of 52.14% in Mediahui<span class=\"ls28 ws29f\">s. The<span class=\"_ _3\"></span> </span></span>participation perc<span class=\"_ _0\"></span>entage of AvH in Mediahuis is therefore 13.93%.<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Associate<span class=\"_ _3\"></span>d particip<span class=\"_ _3\"></span>ating int<span class=\"_ _3\"></span>ere<span class=\"_ _3\"></span>sts accounte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the</span> <span class=\"ls2f ws1e\">e<span class=\"_ _3\"></span>quity method </span>-<span class=\"_ _3\"></span> 2021 Beneficial Minori<span class=\"_ _3\"></span>ty (\u20ac 1,000) N<span class=\"_ _3\"></span>ame of associa<span class=\"_ _3\"></span>ted partici<span class=\"_ _3\"></span>pating<span class=\"fc3 sc0\"> </span>Regist<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span> Registere<span class=\"_ _3\"></span>d Activi<span class=\"_ _3\"></span>ty Total Total intere<span class=\"_ _3\"></span>st % intere<span class=\"_ _3\"></span>st % Turnover<span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span><span class=\"ls28 ws1e7\">Net resu<span class=\"_ _3\"></span>lt</span> </span>intere<span class=\"_ _3\"></span>st<span class=\"ls1 ws1\"> </span>nr<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>report<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>assets liabilities<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> <span class=\"ls56 ws13d\">Engi<span class=\"_ _0\"></span>neering &amp; Cont<span class=\"_ _0\"></span>racting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Green<span class=\"_ _0\"></span> Offshore<span class=\"ls1 ws1\"> </span>Rentel<span class=\"ls1 ws1\"> </span>0700.246.364<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>933,616<span class=\"ls1 ws1\"> </span>837,698<span class=\"ls1 ws1\"> </span>138,307<span class=\"ls1 ws1\"> </span>29,698<span class=\"ls1 ws1\"> </span>SeaMade<span class=\"ls1 ws1\"> </span>0543.401.324<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>7.09%<span class=\"ls1 ws1\"> </span>1.66%<span class=\"ls1 ws1\"> </span>p. 93<span class=\"ls1 ws1\"> </span>1,373,451<span class=\"ls1 ws1\"> </span>1,322,510<span class=\"ls1 ws1\"> </span>145,762<span class=\"ls1 ws1\"> </span>12,220<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y RS<span class=\"ls1 ws1\"> </span>0833.507.538<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>84,142<span class=\"ls1 ws1\"> </span>1,551<span class=\"ls1 ws1\"> </span>10,254<span class=\"ls1 ws1\"> </span>18,605<span class=\"ls1 ws1\"> </span>Otar<span class=\"_ _3\"></span>y BIS<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0842.251.889<span class=\"ls1 ws1\">  </span>Belgium<span class=\"ls1 ws1\"> </span>10.13%<span class=\"ls1 ws1\"> </span>2.37%<span class=\"ls1 ws1\"> </span>54,330<span class=\"ls1 ws1\"> </span>171<span class=\"ls1 ws1\"> </span>0 8,437<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>L26942AP<span class=\"_ _3\"></span>19 Sagar Ceme<span class=\"_ _3\"></span>nts (INR milli<span class=\"_ _3\"></span>on)<span class=\"ls1 ws1\"> </span>81PLC002<span class=\"_ _3\"></span>887<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>21.85%<span class=\"ls1 ws1\"> </span>p. 117<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>32,605<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,840<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>15,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,278<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Axe In<span class=\"_ _3\"></span>vestm<span class=\"_ _3\"></span>ents<span class=\"ls1 ws1\"> </span>419,822,<span class=\"_ _3\"></span>730<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>48.34%<span class=\"ls1 ws1\"> </span>p. 123<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,230<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>47<span class=\"ls1 ws1\"> </span>542<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">223</span> Financi\u00e8re E<span class=\"_ _3\"></span>MG<span class=\"ls1 ws1\">  </span>801.720.<span class=\"_ _3\"></span>343<span class=\"ls1 ws1\"> </span>France<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22.51%<span class=\"ls1 ws1\"> </span>p. 125<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>381,248<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>310,442<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>366,845<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>152<span class=\"ls1 ws1\"> </span>Mediahuis<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>439.849.<span class=\"_ _3\"></span>666<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>13.51%<span class=\"ls1 ws1\"> </span>p. 126<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,107,53<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>625,059<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,130,79<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>117,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>OM Par<span class=\"_ _3\"></span>tners<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>428.328.<span class=\"_ _3\"></span>442<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>20.01%<span class=\"ls1 ws1\"> </span>p. 127<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>125,662<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>42,167<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>115,713<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,777<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Van Moer Gro<span class=\"_ _3\"></span>up<span class=\"ls1 ws1\"> </span>885.987.<span class=\"_ _3\"></span>706<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>21.74%<span class=\"ls1 ws1\"> </span>p. 130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>119,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>82,785<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>222,378<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Non</span>-<span class=\"ls3a ws20c\">consol<span class=\"_ _3\"></span>idated par<span class=\"_ _3\"></span>ticipat<span class=\"_ _3\"></span>ions</span> <span class=\"ls3a ws20c\">at f<span class=\"_ _3\"></span>air value<span class=\"_ _3\"></span></span> Registere<span class=\"_ _3\"></span>d Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 (\u20ac <span class=\"ls2b ws1e3\">1,000) Name of the partici<span class=\"_ _3\"></span>pation<span class=\"ls1 ws1\"> <span class=\"_ _15f\"> </span></span><span class=\"ws1e4\">Registration<span class=\"_ _3\"></span> nr<span class=\"ls1 ws1\"> </span></span></span>Activi<span class=\"_ _3\"></span>ty repo<span class=\"_ _3\"></span>rt<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>(1)0787.990.881<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 131<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>0508.931.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 132<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Bio Cap Invest (Epics Therapeutics)<span class=\"ls1 ws1\"> </span>0719.433.261<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>29.5%<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\">  </span>0666.442.557<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 133<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\">  </span>0742.910.132<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 134<span class=\"ls1 ws1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>0501.631.837<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 135<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>(2)160130<span class=\"ls1 ws1\"> </span>Mauritius<span class=\"ls1 ws1\"> </span>p. 136<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>U74999DL2019PTC352056<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>(3)U74999DL2019PTC352056<span class=\"ls1 ws1\"> <span class=\"_ _92\"> </span></span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>10.0%<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>(4)U51397MH2013PTC245092<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 138<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>(5)T21VC0008K<span class=\"ls1 ws1\">-</span>SF001<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>201906515N<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>0872.203.709<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>(6)0687.984.772<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0430.636.943<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>25.0%<span class=\"ls1 ws1\"> </span>Koffie F. Rombouts<span class=\"ws1\"> </span>(7)0404.850.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>68.887.590<span class=\"ls1 ws1\"> </span>The <span class=\"ls29 ws1e1\">Netherlands<span class=\"ls1 ws1\"> </span></span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>B0107957<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In August 2022, AvH announced its investment in AstriV<span class=\"_ _0\"></span>ax (AvH 5.8%), as part of the capital round that was organised by<span class=\"_ _0\"></span> the s<span class=\"ws1e1\">pin<span class=\"ls1 ws1\">-</span></span>off from KU Leuven. Over time, AvH will acquire a shareholding </span>of 7.7% in AstriVax. AstriVax has raised a total of 30 million euros of seed capital. The compan<span class=\"_ _3\"></span>y will develop new vaccines that are easier to produce, have less cold chain requirements, an<span class=\"ls1 ws1e4\">d offer </span>broad and long<span class=\"ls1 ws1\">-</span>lasting prot<span class=\"_ _0\"></span>ection against various viruses and other pathogens. <span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of October, AvH announced a partnership with Convergent Finance, a Mumbai</span><span class=\"ff3a\">-<span class=\"ls29 ws1e0\">based investment management and advisory partnership that focus<span class=\"_ _0\"></span>es on investments in well<span class=\"ls1 ws1\">-</span><span class=\"ws1e1\">established </span></span></span>and listed companies in India. A<span class=\"_ _0\"></span>vH invest<span class=\"ls2a ws1ee\">ed<span class=\"ls1 ws1\"> </span></span>6 million euros in the partn<span class=\"_ _0\"></span>ership. Convergent focuses on various sectors such as food &amp; beverages, specialty chemicals<span class=\"_ _0\"></span>, clean technology and healthcare.<span class=\"ls1 ws1\"> </span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29c\">In March 2022, HealthQuad completed t<span class=\"_ _0\"></span>he final closing of its second fund with 161 million USD c<span class=\"_ _0\"></span>ommitted funds. AvH participated as anc<span class=\"_ _0\"></span>hor investor with a commitment of 17.5 million USD. </span>HealthQuad Fund II has already<span class=\"_ _0\"></span> invested approximately 98 million USD in 11 companies. <span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Medikabazaar collected 65 million USD in a new capital round. Bes<span class=\"_ _0\"></span>ides the contribution of the current investors, which include AvH, Lighthouse India Fund III has also joined the c<span class=\"_ _0\"></span>apital. <span class=\"ls1 ws1\"> </span></span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">In June 2022, Venturi Fund I was closed with total commitments of 180 million USD. AvH part<span class=\"_ _0\"></span>icipated in the initial closing and is an anchor investor, with a co<span class=\"_ _0\"></span>mmitment of 20 million USD, to be </span>invested over a 4<span class=\"ls1 ws1\">-</span>year period. <span class=\"ls1 ws1\"> </span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of<span class=\"_ _3\"></span> 2022, Van Laere, a subsidiary of CFE, sold 65% <span class=\"_ _3\"></span>of its stake in Hofkouter (the company</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">whose sole property i<span class=\"_ _3\"></span>s Van Laere\u2019s former head office and workshops in Zwijndrecht) <span class=\"_ _3\"></span>to AvH. </span></span>The capital gain that CFE realised on t<span class=\"_ _0\"></span>his was eliminated at AvH level.<span class=\"ls1 ws1\"> </span>(7) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">The stake in Koffie Rombouts was further</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">reduced in 2022.</span></span>Note 11:<span class=\"ff3c\"> </span>P<span class=\"ls3a ws20c\">articip<span class=\"_ _3\"></span>ations acc<span class=\"_ _3\"></span>ounted f<span class=\"_ _3\"></span>or usin<span class=\"_ _3\"></span>g the equit<span class=\"_ _3\"></span>y method<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Participations accounted fo<span class=\"_ _0\"></span>r using the equ<span class=\"_ _0\"></span>ity method<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>362,398<span class=\"ls1 ws1\"> </span>267,220<span class=\"ls1 ws1\"> </span>Private Banking<span class=\"ls1 ws1\"> </span>849,394<span class=\"ls1 ws1\"> </span>805,182<span class=\"ls1 ws1\"> </span>Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,946<span class=\"ls1 ws1\"> </span>44,287<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>341,798<span class=\"ls1 ws1\"> </span>288,169<span class=\"ls1 ws1\"> </span>AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>238,701<span class=\"ls1 ws1\"> </span>242,338<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Goodwill Equity value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span></span>Total 202<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>allocated Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ions ac<span class=\"_ _0\"></span>coun<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r using t<span class=\"_ _0\"></span>he eq<span class=\"_ _0\"></span>uity m<span class=\"_ _0\"></span>etho<span class=\"_ _0\"></span>d<span class=\"ls1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod: opening<span class=\"_ _3\"></span> balance<span class=\"ls1 ws1\"> </span>1,555,04<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>92,151<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,456,07<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>35,375<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">204</span> 35,171<span class=\"ls1 ws1\"> </span>25,729<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">19,389</span> 0 -<span class=\"ls29 ws1e1\">19,389</span> -<span class=\"ls29 ws1e1\">4,051</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 139<span class=\"ls1 ws1\"> </span>Share of profit (loss) fr<span class=\"_ _0\"></span>om equity accounted investments<span class=\"ls1 ws1\"> </span>243,874<span class=\"ls1 ws1\"> </span>0 243,874<span class=\"ls1 ws1\"> </span>255,191<span class=\"ls1 ws1\"> </span>Impairments through pr<span class=\"_ _0\"></span>ofit and loss<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>11,746<span class=\"ls1 ws1\"> </span>0 11,746<span class=\"ls1 ws1\"> </span>35,118<span class=\"ls1 ws1\"> </span>Impact of dividends dis<span class=\"_ _0\"></span>tributed by the participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">122,246</span> 0 -<span class=\"ls29 ws1e1\">122,246</span> -<span class=\"ls29 ws1e1\">112,497</span> Transfers (to<span class=\"_ _3\"></span>) from other ite<span class=\"_ _3\"></span>ms<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,507</span> -<span class=\"ls29 ws1e1\">4,421</span> -<span class=\"ls29 ws1e1\">25,928</span> -<span class=\"ls29 ws1e1\">35,505</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>74,812<span class=\"ls1 ws1\"> </span>0 74,812<span class=\"ls1 ws1\"> </span>27,003<span class=\"ls1 ws1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod: ending <span class=\"_ _3\"></span>balance<span class=\"ls1 ws1\"> </span>1,757,71<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>87,526<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>General<span class=\"_ _3\"></span> evolutio<span class=\"_ _3\"></span>n <span class=\"ls1 ws1\"> </span>The participations ac<span class=\"_ _0\"></span>counted for using the equi<span class=\"_ _0\"></span>ty method comprise the<span class=\"_ _0\"></span> interests in jointly controlled participations or in par<span class=\"_ _0\"></span>ticipations in which no controlling interest is held. This is the case amongst oth<span class=\"_ _0\"></span>ers with <span class=\"ls30 ws203\">Delen P<span class=\"_ _0\"></span>riva<span class=\"_ _0\"></span>te Bank,<span class=\"_ _0\"></span> the of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e wind<span class=\"_ _0\"></span> </span>f<span class=\"ls30 ws212\">arms<span class=\"_ _0\"></span> Rentel,<span class=\"_ _9f\"></span> SeaMade <span class=\"_ _0\"></span>and C<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">Powe<span class=\"_ _0\"></span>r, SIP<span class=\"_ _0\"></span>EF, Saga<span class=\"_ _0\"></span>r Cemen<span class=\"_ _9f\"></span>ts, as we<span class=\"_ _0\"></span>ll as <span class=\"ls4d ws1f5\">many<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls46 ws266\">of </span></span></span></span></span></span>the participations <span class=\"_ _0\"></span>in the \u201cGrowth Capital\u201d <span class=\"_ _0\"></span>segment of AvH\u2019s portfol<span class=\"_ _0\"></span>io. The increase in the \u2018Participa<span class=\"_ _0\"></span>tions accounted fo<span class=\"_ _0\"></span>r using the equity method\u2019 by 19<span class=\"ls24 ws1da\">8.0<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>million eu<span class=\"_ _9f\"></span>ros is explained<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"ls45 ws2b7\">by AvH\u2019s 2<span class=\"ls24 ws1da\">43.9</span></span> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">million <span class=\"_ _0\"></span>euros sh<span class=\"_ _0\"></span>are in <span class=\"_ _0\"></span>the p<span class=\"_ _0\"></span>rofits o<span class=\"_ _0\"></span>f thos<span class=\"_ _0\"></span>e </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s, less th<span class=\"_ _0\"></span>e divi<span class=\"_ _0\"></span>dends <span class=\"_ _0\"></span>that tho<span class=\"_ _0\"></span>se part<span class=\"_ _0\"></span>icipat<span class=\"_ _0\"></span>ions p<span class=\"_ _0\"></span>ay to A<span class=\"_ _0\"></span>vH.<span class=\"_ _0\"></span> Furthermore, in 2021 AvH Growt<span class=\"_ _0\"></span>h Capital acquired a new particip<span class=\"_ _0\"></span>ation in Van Moer Lo<span class=\"_ _0\"></span>gisti<span class=\"_ _0\"></span>cs. In<span class=\"_ _0\"></span> view <span class=\"_ _0\"></span>of the <span class=\"_ _0\"></span>announ<span class=\"_ _9f\"></span>ced sale o<span class=\"ls1 ws1f7\">f<span class=\"_ _0\"></span> the participation in Manuchar, </span>which is expected to be complet<span class=\"_ _0\"></span>ed during the second quarter of 20<span class=\"_ _0\"></span>22, this partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> was a<span class=\"_ _0\"></span>lready<span class=\"_ _0\"></span> reclas<span class=\"_ _0\"></span>sified <span class=\"_ _0\"></span>to \u2018A<span class=\"_ _0\"></span>ssets he<span class=\"_ _0\"></span>ld for <span class=\"_ _0\"></span>sale\u2019 at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2021.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>During the past <span class=\"_ _3\"></span>year 202<span class=\"ws1\">2<span class=\"ws1f6\">, the g<span class=\"_ _0\"></span>roup invested <span class=\"ls24 ws1da\">35.2</span><span class=\"ws1\"> <span class=\"ls52 ws1f0\">milli<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os:</span> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws216\">In \u201cMarine Engineering &amp; Contracting\u201d<span class=\"_ _0\"></span>, DEME invested, among others, in </span></span>Thist<span class=\"_ _0\"></span>le Wind P<span class=\"_ _0\"></span>artners (<span class=\"_ _0\"></span>Conce<span class=\"_ _0\"></span>ssions <span class=\"_ _0\"></span>segme<span class=\"_ _0\"></span>nt) and ca<span class=\"_ _0\"></span>rried ou<span class=\"_ _0\"></span>t a capita<span class=\"_ _0\"></span>l incre<span class=\"_ _0\"></span>ase at Sca<span class=\"_ _0\"></span>ldis (Of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e Energy<span class=\"_ _0\"></span> segmen<span class=\"_ _9f\"></span>t). Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws204\">Po<span class=\"_ _9f\"></span>rt subscribed<span class=\"_ _0\"></span> to Bstor\u2019<span class=\"_ _0\"></span>s capital<span class=\"_ _0\"></span> </span>increase and acquired 50%<span class=\"ws1\"> <span class=\"ws1f6\">in Hateco Deep C Port <span class=\"_ _0\"></span>jsc (Vietnam)<span class=\"ws1\">. </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The shareholding percentage in SIP<span class=\"_ _0\"></span>EF was increased by <span class=\"ls24 ws1da\">1.68<span class=\"ls25 ws1f9\">% to<span class=\"_ _0\"></span> 3<span class=\"ls24 ws1da\">6.81<span class=\"ls34 ws23c\">% by<span class=\"_ _3\"></span> </span></span></span></span></span></span>purch<span class=\"_ _0\"></span>asing S<span class=\"_ _0\"></span>IPEF sh<span class=\"_ _0\"></span>ares on<span class=\"_ _0\"></span> the stoc<span class=\"_ _0\"></span>k mar<span class=\"_ _0\"></span>ket.<span class=\"ls1 ws1\"> </span>The disp<span class=\"_ _0\"></span>osals e<span class=\"_ _0\"></span>ssen<span class=\"_ _0\"></span>tially re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e sale b<span class=\"_ _0\"></span>y CFE<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">and Nextensa</span> <span class=\"_ _3\"></span><span class=\"ws1f7\">of a number of </span></span>prope<span class=\"_ _0\"></span>rty dev<span class=\"_ _0\"></span>elopme<span class=\"_ _0\"></span>nts th<span class=\"_ _0\"></span>at wer<span class=\"_ _0\"></span>e held in<span class=\"_ _0\"></span> partne<span class=\"_ _0\"></span>rship wi<span class=\"_ _0\"></span>th oth<span class=\"_ _0\"></span>er parti<span class=\"_ _0\"></span>es. Th<span class=\"_ _0\"></span>e participation in M<span class=\"_ _0\"></span>anuchar had already<span class=\"_ _0\"></span> been recognised as \u2018A<span class=\"_ _0\"></span>sset held for sal<span class=\"_ _0\"></span>e\u2019 in the 2021 financial statements.<span class=\"ls1 ws1\"> </span>As it w<span class=\"_ _0\"></span>as also<span class=\"_ _0\"></span> the c<span class=\"_ _0\"></span>ase in<span class=\"_ _0\"></span> previou<span class=\"_ _0\"></span>s yea<span class=\"_ _0\"></span>rs, th<span class=\"_ _0\"></span>e equi<span class=\"ws1ec\">ty<span class=\"_ _9f\"></span><span class=\"ls1 ws1\">-<span class=\"_ _3\"></span><span class=\"ws1f5\">accoun<span class=\"_ _0\"></span>ted investments made </span></span></span>a subs<span class=\"_ _0\"></span>tantia<span class=\"_ _0\"></span>l cont<span class=\"_ _0\"></span>ributio<span class=\"_ _0\"></span>n to th<span class=\"_ _9f\"></span>e group p<span class=\"_ _0\"></span>rofit.<span class=\"_ _0\"></span> In 202<span class=\"_ _0\"></span>2, thi<span class=\"_ _0\"></span>s contr<span class=\"_ _0\"></span>ibutio<span class=\"_ _0\"></span>n amou<span class=\"_ _0\"></span>nted<span class=\"_ _0\"></span> to 243.9 million euros (2021: 255.2 million euros, including a contribution from Manuc<span class=\"_ _0\"></span>har). Th<span class=\"_ _9f\"></span>is profit f<span class=\"_ _0\"></span>rom eq<span class=\"_ _0\"></span>uity<span class=\"ls1 ws1\">-<span class=\"ws241\">accoun<span class=\"_ _0\"></span>ted investments comp<span class=\"ls33 ws208\">rises<span class=\"_ _3\"></span> a.o.<span class=\"_ _3\"></span> the s<span class=\"_ _3\"></span>hare </span></span></span>of the A<span class=\"_ _0\"></span>vH gro<span class=\"_ _0\"></span>up in th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rofit of<span class=\"_ _0\"></span> Delen <span class=\"_ _0\"></span>Priva<span class=\"_ _0\"></span>te Bank, <span class=\"_ _0\"></span>SIPEF<span class=\"_ _0\"></span>, Verd<span class=\"_ _0\"></span>ant Bio<span class=\"_ _0\"></span>science,<span class=\"_ _9f\"></span> Sagar C<span class=\"_ _0\"></span>ements and <span class=\"_ _0\"></span>several \u201cA<span class=\"_ _0\"></span>vH &amp; Grow<span class=\"_ _9f\"></span>th Capital\u201d p<span class=\"_ _0\"></span>articipa<span class=\"_ _0\"></span>tions<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span>In 202<span class=\"ls1 ws1\">2<span class=\"ls40 ws218\">, <span class=\"_ _13\"> </span><span class=\"ls25 ws2da\">the Group</span></span> <span class=\"_\"> </span><span class=\"ls39 ws2db\">r<span class=\"_ _3\"></span>eceive<span class=\"_ _3\"></span>d 1</span></span>22.2<span class=\"ls1 ws1\"> <span class=\"_ _13\"> </span><span class=\"ls40 ws2dc\">million e<span class=\"_ _3\"></span>uros worth of dividends from </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span><span class=\"ls1 ws259\">s accounted for using<span class=\"_ _0\"></span> the equity method.<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws26b\">Th<span class=\"_ _0\"></span>is figur<span class=\"_ _0\"></span>e is 9.8 <span class=\"_ _0\"></span>million<span class=\"_ _0\"></span> </span></span></span>euros higher t<span class=\"_ _3\"></span>han in 2021. Delen Private Bank (80.1 mil<span class=\"_ _3\"></span>lion euros), SIPEF (7.6 million euros) and equity<span class=\"ws1\">-<span class=\"ws259\">accounted participat<span class=\"_ _0\"></span>ions of DEME and CFE made <span class=\"_ _0\"></span>the </span></span>bigge<span class=\"_ _0\"></span>st contrib<span class=\"_ _0\"></span>ution<span class=\"_ _0\"></span>s to this amo<span class=\"ls24 ws218\">unt of 122.2 million euros. <span class=\"ls1 ws1\"> </span></span>The \u2018Tr<span class=\"_ _0\"></span>ansfer (<span class=\"_ _0\"></span>to) fro<span class=\"_ _0\"></span>m othe<span class=\"_ _0\"></span>r items\u2019 i<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>marily <span class=\"_ _0\"></span>explain<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e recla<span class=\"_ _0\"></span>ssific<span class=\"_ _0\"></span>ation of<span class=\"_ _0\"></span> the <span class=\"_ _4\"> </span>Telemon<span class=\"_ _0\"></span>d <span class=\"_ _4\"> </span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> to \u2018Asse<span class=\"_ _0\"></span>ts held f<span class=\"_ _0\"></span>or sale\u2019 a<span class=\"_ _0\"></span>s a result o<span class=\"_ _0\"></span>f the sal<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls46 ws266\">of </span></span>Telem<span class=\"_ _0\"></span>ond in th<span class=\"_ _9f\"></span>e first quar<span class=\"_ _0\"></span>ter of<span class=\"_ _0\"></span> 2023. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The 'O<span class=\"_ _0\"></span>ther inc<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>decre<span class=\"_ _0\"></span>ase)'<span class=\"_ _0\"></span> item ref<span class=\"_ _0\"></span>lects mo<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ents in th<span class=\"_ _0\"></span>e equity<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span>s, with <span class=\"_ _0\"></span>the pos<span class=\"_ _0\"></span>itive f<span class=\"_ _0\"></span>air va<span class=\"_ _0\"></span>lue evolu<span class=\"_ _9f\"></span>tion in 2021<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls24 ws206\">as well as in 2022</span> <span class=\"ls46 ws266\">of </span></span>the cash flow hedges a<span class=\"_ _0\"></span>t the participations of DEME an<span class=\"_ _0\"></span>d Green Offshore in the Re<span class=\"_ _3\"></span>ntel<span class=\"_ _3\"></span> an<span class=\"_ _3\"></span>d Sea<span class=\"_ _3\"></span>Made<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ls25 ws207\">o<span class=\"_ _0\"></span>ffsho<span class=\"_ _0\"></span>re wind<span class=\"_ _9f\"></span> farms, h<span class=\"_ _0\"></span>aving th<span class=\"_ _0\"></span>e gre<span class=\"_ _0\"></span>atest <span class=\"_ _0\"></span>impact<span class=\"_ _0\"></span> (25.4<span class=\"_ _0\"></span> millio<span class=\"_ _0\"></span>n </span></span>euros re<span class=\"_ _0\"></span>spect<span class=\"_ _0\"></span>ively 22.1<span class=\"_ _0\"></span> millio<span class=\"_ _0\"></span>n euros)<span class=\"_ _0\"></span>. Other mov<span class=\"_ _0\"></span>emen<span class=\"_ _0\"></span>ts in the equi<span class=\"_ _0\"></span>ty of the partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s include<span class=\"_ _0\"></span> a.o. <span class=\"_ _0\"></span>the eli<span class=\"_ _0\"></span>minatio<span class=\"_ _9f\"></span>ns of re<span class=\"_ _0\"></span>sults<span class=\"_ _0\"></span> on sal<span class=\"_ _0\"></span>es of <span class=\"ls33 ws23a\">treasury s<span class=\"_ _3\"></span>hares<span class=\"_ _3\"></span>, </span>the impact of the buy<span class=\"ws1\">-<span class=\"ls40 ws285\">out of min<span class=\"ls25 ws1ec\">ori<span class=\"_ _0\"></span>ty<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">interes<span class=\"_ _0\"></span>ts, and th<span class=\"_ _9f\"></span>e impact of th<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>suremen<span class=\"_ _0\"></span>t </span></span></span></span></span>of the purchase obliga<span class=\"_ _0\"></span>tion resting on<span class=\"ws1\"> <span class=\"ls33 ws204\">certai<span class=\"_ _3\"></span>n shares<span class=\"_ _3\"></span>.</span> </span>Direct<span class=\"_ _3\"></span>ly held <span class=\"_ _3\"></span>partic<span class=\"_ _3\"></span>ipatio<span class=\"_ _3\"></span>ns acco<span class=\"_ _3\"></span>unte<span class=\"_ _3\"></span>d for usi<span class=\"_ _3\"></span>ng the <span class=\"_ _3\"></span>equity m<span class=\"_ _3\"></span>etho<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>AvH ap<span class=\"_ _0\"></span>plies th<span class=\"_ _9f\"></span>e equity m<span class=\"_ _0\"></span>ethod to <span class=\"_ _0\"></span>the jo<span class=\"_ _0\"></span>intly <span class=\"_ _0\"></span>contro<span class=\"_ _0\"></span>lled sub<span class=\"_ _9f\"></span>sidiaries D<span class=\"_ _9f\"></span>elen Priva<span class=\"_ _0\"></span>te B<span class=\"ls24 ws2d6\">ank (78.75%), SIPEF (3<span class=\"ws1da\">6.8<span class=\"ls30 ws278\">%), V<span class=\"_ _0\"></span>erdan<span class=\"_ _0\"></span>t Biosc<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e (42<span class=\"_ _0\"></span>%), Amst<span class=\"_ _0\"></span>eldij<span class=\"_ _0\"></span>k Behe<span class=\"_ _0\"></span>er </span></span></span>(50%), Turbo\u2019s Hoet Groep (50%) and Telemond (50%<span class=\"ls25 ws204\">, rec<span class=\"_ _0\"></span>lassed to<span class=\"_ _0\"></span> \u2018Ass<span class=\"_ _0\"></span>ets held<span class=\"_ _9f\"></span> </span>for sa<span class=\"_ _0\"></span>le\u2019<span class=\"ls33\">). Th<span class=\"_ _3\"></span>is bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet <span class=\"_ _3\"></span>item<span class=\"_ _3\"></span> also <span class=\"_ _3\"></span>compris<span class=\"_ _3\"></span>es th<span class=\"_ _3\"></span>e ass<span class=\"_ _3\"></span>ociate<span class=\"_ _3\"></span>d inte<span class=\"_ _3\"></span>rests<span class=\"_ _3\"></span> in Sa<span class=\"_ _3\"></span>gar </span>Cements (<span class=\"ls24 ws1da\">19.6<span class=\"ls31 ws1\">%),<span class=\"_ _3\"></span> Axe <span class=\"ls33 ws1eb\">I<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nts (48.<span class=\"_ _3\"></span>3%), Fin<span class=\"_ _3\"></span>anci\u00e8re<span class=\"_ _3\"></span> EMG (22.</span><span class=\"ls1\">7</span></span></span><span class=\"ls34\">%<span class=\"_ _3\"></span>), M<span class=\"_ _3\"></span>edi<span class=\"_ _3\"></span>ahui<span class=\"_ _3\"></span>s </span>(13.<span class=\"ls1 ws1\">9<span class=\"ls25 ws208\">%), OM P<span class=\"_ _0\"></span>artner<span class=\"_ _0\"></span>s (20%)<span class=\"_ _0\"></span> and Van Mo<span class=\"_ _9f\"></span>er Logistic<span class=\"_ _0\"></span>s (21.<span class=\"_ _0\"></span>7%). For a<span class=\"_ _0\"></span> more de<span class=\"_ _0\"></span>tailed<span class=\"_ _0\"></span> </span></span>description of the change<span class=\"_ _0\"></span>s in the scope, see Note 6. S<span class=\"_ _0\"></span>egment information. <span class=\"ws1\"> </span>Some of the group companies mention<span class=\"_ _0\"></span>ed above are<span class=\"ws1\"> <span class=\"ls25 ws204\">list<span class=\"_ _0\"></span>ed on the sto<span class=\"_ _9f\"></span>ck market. I<span class=\"_ _0\"></span>f </span></span>the in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span>s in <span class=\"_ _0\"></span>SIPEF and<span class=\"_ _9f\"></span> Sagar C<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> were<span class=\"_ _0\"></span> to b<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>ed at th<span class=\"_ _9f\"></span>e market p<span class=\"_ _0\"></span>rice a<span class=\"_ _0\"></span>t ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ls24 ws2dd\">end 202</span>2 <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">those <span class=\"_ _0\"></span>compa<span class=\"_ _0\"></span>nies wou<span class=\"_ _0\"></span>ld repr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>t stock m<span class=\"_ _0\"></span>arket va<span class=\"_ _0\"></span>lues of<span class=\"_ _0\"></span> 2<span class=\"ls24 ws1da\">29.4<span class=\"ls1 ws1\"> </span></span></span></span>million eu<span class=\"_ _9f\"></span>ros and <span class=\"ls24 ws1da\">67.8<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws204\">mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s respec<span class=\"_ _0\"></span>tively.<span class=\"_ _0\"></span> If the sto<span class=\"_ _0\"></span>ck mar<span class=\"ls39 ws25c\">ket value a<span class=\"_ _3\"></span>t the </span></span></span></span>end of the year was lower than the consolidated equity method value, oth<span class=\"_ _0\"></span>er eleme<span class=\"_ _0\"></span>nts we<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>sidered<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ssment<span class=\"_ _0\"></span> as to<span class=\"_ _0\"></span> wheth<span class=\"_ _0\"></span>er an i<span class=\"_ _0\"></span>mpair<span class=\"_ _0\"></span>ment w<span class=\"_ _0\"></span>as neces<span class=\"_ _0\"></span>sary. <span class=\"_ _0\"></span>This was n<span class=\"_ _0\"></span>ot the <span class=\"_ _0\"></span>case a<span class=\"_ _0\"></span>t the en<span class=\"_ _0\"></span>d of 20<span class=\"_ _0\"></span>2<span class=\"ls1 ws1\">2. </span>Indirec<span class=\"_ _3\"></span>tly hel<span class=\"_ _3\"></span>d parti<span class=\"_ _3\"></span>cipatio<span class=\"_ _3\"></span>ns acc<span class=\"_ _3\"></span>ounted fo<span class=\"_ _3\"></span>r usin<span class=\"_ _3\"></span>g the equi<span class=\"_ _3\"></span>ty metho<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>The full consolidation of CFE, DEME, Rent<span class=\"ls1 ws1\">-A-<span class=\"ls31 ws206\">Port<span class=\"_ _3\"></span></span></span><span class=\"ws218\">, <span class=\"_ _3\"></span><span class=\"ls1 ws1f7\">Green Offshore and <span class=\"_ _0\"></span>Nextensa </span></span>gives ri<span class=\"_ _0\"></span>se to th<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span> of their jo<span class=\"_ _0\"></span>intly c<span class=\"_ _0\"></span>ontroll<span class=\"_ _0\"></span>ed subs<span class=\"_ _0\"></span>idiari<span class=\"_ _0\"></span>es and a<span class=\"_ _0\"></span>ssocia<span class=\"_ _0\"></span>ted partic<span class=\"_ _0\"></span>ipating i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>ts for a tot<span class=\"_ _0\"></span>al amoun<span class=\"_ _0\"></span>t of 41<span class=\"_ _0\"></span>5,3 million<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">euros, th<span class=\"_ _9f\"></span>e main inte<span class=\"_ _0\"></span>rests<span class=\"_ _0\"></span> </span></span>being those of DEM<span class=\"_ _0\"></span>E in C<span class=\"ws1\">-<span class=\"ls46 ws2e1\">Power (6.5%),<span class=\"_ _3\"></span> of DEME/Green O<span class=\"_ _3\"></span>ffshore in Rentel </span></span>(18.9% and 12.5% res<span class=\"_ _3\"></span>pectively) and in SeaMade (13.2% and 8.75% respectively<span class=\"_ _3\"></span>), of DEME <span class=\"_ _0\"></span>in CDWE <span class=\"_ _0\"></span>Taiwan, D<span class=\"_ _0\"></span>eeproc<span class=\"_ _0\"></span>k and GEM/E<span class=\"_ _0\"></span>MW, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _0\"></span>e real est<span class=\"_ _0\"></span>ate and PPP projects set up by CF<span class=\"_ _0\"></span>E and Nextensa together with pa<span class=\"_ _0\"></span>rtners and port<span class=\"ws1\">-</span>relat<span class=\"_ _0\"></span>ed partne<span class=\"_ _0\"></span>rships at R<span class=\"_ _0\"></span>ent<span class=\"ls1 ws1\">-A-<span class=\"ls33 ws1f0\">Port.</span> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-57-5": {
   "value": "3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Non</span>-<span class=\"ls3a ws20c\">consol<span class=\"_ _3\"></span>idated par<span class=\"_ _3\"></span>ticipat<span class=\"_ _3\"></span>ions</span> <span class=\"ls3a ws20c\">at f<span class=\"_ _3\"></span>air value<span class=\"_ _3\"></span></span> Registere<span class=\"_ _3\"></span>d Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 (\u20ac <span class=\"ls2b ws1e3\">1,000) Name of the partici<span class=\"_ _3\"></span>pation<span class=\"ls1 ws1\"> <span class=\"_ _15f\"> </span></span><span class=\"ws1e4\">Registration<span class=\"_ _3\"></span> nr<span class=\"ls1 ws1\"> </span></span></span>Activi<span class=\"_ _3\"></span>ty repo<span class=\"_ _3\"></span>rt<span class=\"ls1 ws1\"> </span>office<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>(1)0787.990.881<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 131<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>0508.931.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 132<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Bio Cap Invest (Epics Therapeutics)<span class=\"ls1 ws1\"> </span>0719.433.261<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>29.5%<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\">  </span>0666.442.557<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 133<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\">  </span>0742.910.132<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 134<span class=\"ls1 ws1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>0501.631.837<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>p. 135<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>(2)160130<span class=\"ls1 ws1\"> </span>Mauritius<span class=\"ls1 ws1\"> </span>p. 136<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>U74999DL2019PTC352056<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>(3)U74999DL2019PTC352056<span class=\"ls1 ws1\"> <span class=\"_ _92\"> </span></span>India<span class=\"ls1 ws1\"> </span>p. 137<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>10.0%<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>(4)U51397MH2013PTC245092<span class=\"ls1 ws1\"> </span>India<span class=\"ls1 ws1\"> </span>p. 138<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>(5)T21VC0008K<span class=\"ls1 ws1\">-</span>SF001<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>201906515N<span class=\"ls1 ws1\"> </span>Singapore<span class=\"ls1 ws1\"> </span>p. 139<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>0872.203.709<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>(6)0687.984.772<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0430.636.943<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>Belgium<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span></span>25.0%<span class=\"ls1 ws1\"> </span>Koffie F. Rombouts<span class=\"ws1\"> </span>(7)0404.850.185<span class=\"ls1 ws1\"> </span>Belgium<span class=\"ls1 ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>68.887.590<span class=\"ls1 ws1\"> </span>The <span class=\"ls29 ws1e1\">Netherlands<span class=\"ls1 ws1\"> </span></span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>B0107957<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">In August 2022, AvH announced its investment in AstriV<span class=\"_ _0\"></span>ax (AvH 5.8%), as part of the capital round that was organised by<span class=\"_ _0\"></span> the s<span class=\"ws1e1\">pin<span class=\"ls1 ws1\">-</span></span>off from KU Leuven. Over time, AvH will acquire a shareholding </span>of 7.7% in AstriVax. AstriVax has raised a total of 30 million euros of seed capital. The compan<span class=\"_ _3\"></span>y will develop new vaccines that are easier to produce, have less cold chain requirements, an<span class=\"ls1 ws1e4\">d offer </span>broad and long<span class=\"ls1 ws1\">-</span>lasting prot<span class=\"_ _0\"></span>ection against various viruses and other pathogens. <span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of October, AvH announced a partnership with Convergent Finance, a Mumbai</span><span class=\"ff3a\">-<span class=\"ls29 ws1e0\">based investment management and advisory partnership that focus<span class=\"_ _0\"></span>es on investments in well<span class=\"ls1 ws1\">-</span><span class=\"ws1e1\">established </span></span></span>and listed companies in India. A<span class=\"_ _0\"></span>vH invest<span class=\"ls2a ws1ee\">ed<span class=\"ls1 ws1\"> </span></span>6 million euros in the partn<span class=\"_ _0\"></span>ership. Convergent focuses on various sectors such as food &amp; beverages, specialty chemicals<span class=\"_ _0\"></span>, clean technology and healthcare.<span class=\"ls1 ws1\"> </span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws29c\">In March 2022, HealthQuad completed t<span class=\"_ _0\"></span>he final closing of its second fund with 161 million USD c<span class=\"_ _0\"></span>ommitted funds. AvH participated as anc<span class=\"_ _0\"></span>hor investor with a commitment of 17.5 million USD. </span>HealthQuad Fund II has already<span class=\"_ _0\"></span> invested approximately 98 million USD in 11 companies. <span class=\"ls1 ws1\"> </span>(4) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Medikabazaar collected 65 million USD in a new capital round. Bes<span class=\"_ _0\"></span>ides the contribution of the current investors, which include AvH, Lighthouse India Fund III has also joined the c<span class=\"_ _0\"></span>apital. <span class=\"ls1 ws1\"> </span></span>(5) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">In June 2022, Venturi Fund I was closed with total commitments of 180 million USD. AvH part<span class=\"_ _0\"></span>icipated in the initial closing and is an anchor investor, with a co<span class=\"_ _0\"></span>mmitment of 20 million USD, to be </span>invested over a 4<span class=\"ls1 ws1\">-</span>year period. <span class=\"ls1 ws1\"> </span>(6) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">At the end of<span class=\"_ _3\"></span> 2022, Van Laere, a subsidiary of CFE, sold 65% <span class=\"_ _3\"></span>of its stake in Hofkouter (the company</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">whose sole property i<span class=\"_ _3\"></span>s Van Laere\u2019s former head office and workshops in Zwijndrecht) <span class=\"_ _3\"></span>to AvH. </span></span>The capital gain that CFE realised on t<span class=\"_ _0\"></span>his was eliminated at AvH level.<span class=\"ls1 ws1\"> </span>(7) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">The stake in Koffie Rombouts was further</span><span class=\"ff3a\"> <span class=\"ls29 ws1e0\">reduced in 2022.</span></span>Note 10:<span class=\"ff3c\"> </span><span class=\"ls50 wscc\">Investment pro<span class=\"_ _0\"></span>perty at fair va<span class=\"_ _0\"></span>lue<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Developme<span class=\"_ _3\"></span>nt Assets<span class=\"_ _3\"></span> held f<span class=\"_ _3\"></span>or Leased bui<span class=\"_ _3\"></span>ldings<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>proje<span class=\"_ _3\"></span>cts<span class=\"ls1 ws1\"> </span>sale<span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>in inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>t pro<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>y at fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e <span class=\"ls1\">- </span><span class=\"ws1e6\">fin<span class=\"_ _0\"></span>ancial y<span class=\"_ _0\"></span>ear 2021</span>Investment<span class=\"_ _3\"></span> property, ope<span class=\"_ _3\"></span>ning balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>1,369,32<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>44,734<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>199<span class=\"ls1 ws1\"> </span>1,414,25<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,369,323<span class=\"ls1 ws1\"> </span>44,734<span class=\"ls1 ws1\"> </span>199<span class=\"ls1 ws1\"> </span>1,414,256<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>30,578<span class=\"ls1 ws1\"> </span>5,902<span class=\"ls1 ws1\"> </span>0 36,479<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">22,584</span> 0 -<span class=\"ls29 ws1e1\">97</span> -<span class=\"ls29 ws1e1\">22,680</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 Gains (losses) from fair<span class=\"_ _0\"></span> value adjustments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,509</span> -<span class=\"ls29 ws1e1\">2,520</span> 0 -<span class=\"ls29 ws1e1\">7,029</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">132,840</span> -<span class=\"ls29 ws1e1\">7,929</span> 141,157<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">13,005</span> 0 0 -<span class=\"ls29 ws1e1\">13,005</span> Investment<span class=\"_ _3\"></span> property, end<span class=\"_ _3\"></span>ing balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,226,96<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>40,187<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,259<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,408,40<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,226,963<span class=\"ls1 ws1\"> </span>40,187<span class=\"ls1 ws1\"> </span>141,259<span class=\"ls1 ws1\"> </span>1,408,409<span class=\"ls1 ws1\"> </span>I. Movem<span class=\"_ _0\"></span>ent in <span class=\"ws1\">inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>t pro<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>y at fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e <span class=\"ls1\">- </span><span class=\"ws1e6\">finan<span class=\"_ _0\"></span>cial y<span class=\"_ _0\"></span>ear 2022</span></span>Investment<span class=\"_ _3\"></span> property, ope<span class=\"_ _3\"></span>ning balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>1,226,96<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>40,187<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,259<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,408,40<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,226,963<span class=\"ls1 ws1\"> </span>40,187<span class=\"ls1 ws1\"> </span>141,259<span class=\"ls1 ws1\"> </span>1,408,409<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>34,870<span class=\"ls1 ws1\"> </span>7,264<span class=\"ls1 ws1\"> </span>23<span class=\"ls1 ws1\"> </span>42,157<span class=\"ls1 ws1\"> </span>Additions through <span class=\"ws211\">business c<span class=\"_ _0\"></span>ombinations<span class=\"ls1 ws1\"> </span></span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">1,848</span> 0 -<span class=\"ls29 ws1e1\">140,691</span> -<span class=\"ls29 ws1e1\">142,538</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 -<span class=\"ls29 ws1e1\">490</span> -<span class=\"ls29 ws1e1\">490</span> Gains (losses) from fair<span class=\"_ _0\"></span> value adjustments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,729</span> 199<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">91</span> -<span class=\"ls29 ws1e1\">11,620</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">17,190</span> 0 -<span class=\"ls29 ws1e1\">17,190</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">11</span> -<span class=\"ls29 ws1e1\">11</span> Investment<span class=\"_ _3\"></span> property, end<span class=\"_ _3\"></span>ing balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,248,25<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>30,460<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,278,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,248,256<span class=\"ls1 ws1\"> </span>30,460<span class=\"ls1 ws1\"> </span>0 1,278,716<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Key figu<span class=\"_ _3\"></span>res<span class=\"ls1 ws1\">  </span>Rental income<span class=\"ls1 ws1\"> </span>67,400<span class=\"ls1 ws1\"> </span>69,127<span class=\"ls1 ws1\"> </span>Rental yield (%)<span class=\"ls1 ws1\"> </span>5.30%<span class=\"ls1 ws1\"> </span>5.20%<span class=\"ls1 ws1\"> </span>Occup<span class=\"_ _3\"></span>ancy ra<span class=\"_ _3\"></span>te (%<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>88.48%<span class=\"ls1 ws1\"> </span>89.09%<span class=\"ls1 ws1\"> </span>Nexten<span class=\"_ _0\"></span>sa inve<span class=\"_ _0\"></span>sted 42.2<span class=\"_ _0\"></span> million eu<span class=\"_ _0\"></span>ros, of<span class=\"_ _0\"></span> which 11.5<span class=\"_ _0\"></span> million e<span class=\"_ _0\"></span>uros is a<span class=\"_ _0\"></span>ttributab<span class=\"_ _0\"></span>le to investments in s<span class=\"_ _0\"></span>everal buildings owned o<span class=\"_ _0\"></span>n the Tour &amp; Taxis site.<span class=\"_ _0\"></span> <span class=\"ls34 ws1f5\">T<span class=\"_ _3\"></span>he re<span class=\"_ _3\"></span>mai<span class=\"_ _3\"></span>ning </span>bal<span class=\"_ _3\"></span>ance of 3<span class=\"_ _3\"></span>0.7 mil<span class=\"_ _3\"></span>lion eu<span class=\"_ _3\"></span>ros mai<span class=\"_ _3\"></span>nly re<span class=\"_ _3\"></span>late<span class=\"ls1 ws1\">s <span class=\"_ _0\"></span><span class=\"ls40 ws2d3\">to t<span class=\"ls1 ws20b\">he extension of the Knauf<span class=\"_ _0\"></span> shopping </span></span></span>centr<span class=\"_ _0\"></span>e i<span class=\"ls1 ws1ef\">n Schmiede and th<span class=\"_ _0\"></span>e repositioning/renovation of <span class=\"_ _0\"></span>the EBBC business park </span>(Moonar) <span class=\"ls1 ws1f6\">in Luxemburg<span class=\"ws1\">. </span></span>In 20<span class=\"_ _3\"></span>22, Nexte<span class=\"_ _3\"></span>nsa sol<span class=\"_ _3\"></span>d its pro<span class=\"_ _3\"></span>perties T<span class=\"_ _3\"></span>he Cre<span class=\"_ _3\"></span>scent (A<span class=\"_ _3\"></span>nderlec<span class=\"_ _3\"></span>ht), Mon<span class=\"_ _3\"></span>net (Luxembourg) and Titan<span class=\"_ _0\"></span>ium (Luxembourg)<span class=\"_ _0\"></span> for a total sum of 169.0 m<span class=\"_ _0\"></span>illion euros. These sa<span class=\"_ _0\"></span>les <span class=\"ls1 ws1f6\">generated a capital gain of 28<span class=\"_ _9f\"></span>.3 mi<span class=\"_ _3\"></span>llion euro<span class=\"_ _0\"></span>s<span class=\"ws1\">. </span></span>In 202<span class=\"_ _0\"></span>2, the v<span class=\"_ _0\"></span>alue o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>real es<span class=\"_ _0\"></span>tate po<span class=\"_ _0\"></span>rtfolio w<span class=\"_ _9f\"></span>as adjust<span class=\"_ _0\"></span>ed down<span class=\"_ _0\"></span>ward b<span class=\"_ _0\"></span>y 11.6<span class=\"_ _9f\"></span> million euros based on <span class=\"_ _0\"></span>external valuations, which<span class=\"_ _0\"></span> corresponds to <span class=\"ws1f6\">less than 1<span class=\"ls4a ws22d\">% of </span></span>the tot<span class=\"_ _0\"></span>al fair va<span class=\"_ _0\"></span>lue.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The av<span class=\"_ _0\"></span>erage r<span class=\"_ _0\"></span>ental yi<span class=\"_ _0\"></span>eld on<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws207\">the <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>roper<span class=\"_ _0\"></span>ty incre<span class=\"_ _0\"></span>ased f<span class=\"_ _0\"></span>rom 5.2<span class=\"_ _0\"></span>0% a<span class=\"_ _0\"></span>t year<span class=\"ls1 ws1\">-</span></span></span>end 2021 to 5.30% at year<span class=\"ls1 ws1\">-</span>end 2022.<span class=\"ls1 ws1\"> </span>Valuation o<span class=\"_ _3\"></span>f investment prop<span class=\"_ _3\"></span>erties <span class=\"ls1 ws1\">\u2013 <span class=\"ls6c ws2d5\">Nexte<span class=\"_ _3\"></span>nsa</span> </span>Nexten<span class=\"_ _0\"></span>sa<span class=\"ls1 ws1\"> <span class=\"ws219\">u<span class=\"_ _0\"></span>ses the following me<span class=\"_ _0\"></span>thods to define the fair value <span class=\"_ _0\"></span>according to IFRS 13:<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ls3f ws21b\">Net pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>t<span class=\"ls1 ws1\"> </span>valu<span class=\"_ _0\"></span>e of es<span class=\"_ _0\"></span>timat<span class=\"_ _0\"></span>ed ren<span class=\"_ _0\"></span>tal i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> </span></span></span>The fair value i<span class=\"_ _0\"></span>s the result of the<span class=\"_ _0\"></span> yield applied on <span class=\"_ _0\"></span>the estimated ren<span class=\"_ _0\"></span>tal value (capitalisation method or mar<span class=\"_ _0\"></span>ket approach) corrected by the net p<span class=\"_ _0\"></span>resent value of the diff<span class=\"_ _0\"></span>erence<span class=\"_ _0\"></span> between<span class=\"_ _0\"></span> the curren<span class=\"_ _9f\"></span>t rent and the est<span class=\"_ _0\"></span>imat<span class=\"_ _0\"></span>ed renta<span class=\"_ _0\"></span>l value at th<span class=\"_ _0\"></span>e valuation date, and this, for th<span class=\"_ _0\"></span>e period till the next break possibility of the current<span class=\"_ _0\"></span> rental co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ws1ec\">Discounted cash flow method<span class=\"ws1\"> </span></span></span>The DCF method consists in defining the pre<span class=\"_ _0\"></span>sent value of the future cash flows. The futu<span class=\"_ _0\"></span>re r<span class=\"ls1 ws1ed\">ental income <span class=\"_ _0\"></span>is estimated on the basis of th<span class=\"_ _0\"></span>e existing contractua<span class=\"_ _0\"></span>l rents </span>and the real estate mark<span class=\"_ _0\"></span>et outlook for each building in the follow<span class=\"_ _0\"></span>ing periods. Moreover, the future maintenance co<span class=\"_ _0\"></span>sts are also estimated and taken into account. The<span class=\"_ _3\"></span> actua<span class=\"_ _3\"></span>lisati<span class=\"_ _3\"></span>on ra<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ls25\">appl<span class=\"_ _0\"></span>ied tak<span class=\"_ _0\"></span>es into <span class=\"_ _0\"></span>accoun<span class=\"_ _0\"></span>t the ris<span class=\"_ _0\"></span>k prem<span class=\"_ _0\"></span>ium for <span class=\"_ _0\"></span>the obj<span class=\"_ _0\"></span>ect </span>defin<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e mark<span class=\"_ _0\"></span>et. The o<span class=\"_ _0\"></span>btain<span class=\"_ _0\"></span>ed valu<span class=\"_ _0\"></span>e is also<span class=\"_ _0\"></span> compa<span class=\"_ _0\"></span>red to <span class=\"_ _0\"></span>the ma<span class=\"_ _0\"></span>rket on<span class=\"_ _0\"></span> the basis of the definition of<span class=\"_ _0\"></span> the residual land valu<span class=\"_ _0\"></span>e.<span class=\"ws1\">  </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ls49\">Residu<span class=\"_ _3\"></span>al valuatio<span class=\"_ _3\"></span>n<span class=\"ls1\"> </span></span></span>Buildings to renovate or in the course of reno<span class=\"_ _0\"></span>vation, or planned projects are valued based on the value after renovation, under deduction of the amount for the remainder of the work to be carried out, including cos<span class=\"_ _0\"></span>ts, interests, vacancy and risk premium.  Asset<span class=\"_ _0\"></span>s and liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s valued a<span class=\"_ _0\"></span>t fair v<span class=\"_ _0\"></span>alue<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">afte<span class=\"_ _0\"></span>r their in<span class=\"_ _0\"></span>itial <span class=\"_ _0\"></span>booking<span class=\"_ _0\"></span> can b<span class=\"_ _0\"></span>e presen<span class=\"_ _9f\"></span>te<span class=\"_ _3\"></span>d<span class=\"_ _0\"></span> </span></span>in thre<span class=\"_ _0\"></span>e leve<span class=\"_ _0\"></span>ls (1<span class=\"ls1 ws1\">-<span class=\"ls46 ws266\">3):</span> </span>\u2022 <span class=\"_ _4\"> </span>Level<span class=\"_ _0\"></span> 1<span class=\"ff3a ls1 ws1\"> <span class=\"_ _b\"> </span><span class=\"ls25 ws1fb\">inpu<span class=\"_ _9f\"></span>ts are quo<span class=\"_ _0\"></span>ted p<span class=\"_ _0\"></span>rices <span class=\"_ _0\"></span>in acti<span class=\"_ _0\"></span>ve mar<span class=\"_ _0\"></span>kets f<span class=\"_ _0\"></span>or ide<span class=\"_ _0\"></span>ntica<span class=\"_ _0\"></span>l asse<span class=\"_ _0\"></span>ts or </span></span>liabil<span class=\"_ _0\"></span>ities.\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ls3f ws26c\">Level<span class=\"_ _0\"></span> 2<span class=\"ff3a ls1 ws1\"> <span class=\"ws219\">inpu<span class=\"_ _0\"></span>ts are inputs other than quoted mark<span class=\"_ _0\"></span>et prices included within Level<span class=\"_ _0\"></span> </span></span></span></span>1 tha<span class=\"_ _0\"></span>t are obs<span class=\"_ _0\"></span>ervab<span class=\"_ _0\"></span>le for <span class=\"_ _0\"></span>the ass<span class=\"_ _0\"></span>et or l<span class=\"_ _0\"></span>iabilit<span class=\"_ _0\"></span>y, eith<span class=\"_ _0\"></span>er dir<span class=\"_ _0\"></span>ectly (<span class=\"_ _0\"></span>i.e. pr<span class=\"_ _0\"></span>ices) o<span class=\"_ _0\"></span>r indirectly (i.e. deducted from prices).\u2022 <span class=\"_ _4\"> </span>Level<span class=\"_ _0\"></span> 3<span class=\"ff3a ls1 ws1\"> <span class=\"_ _7\"> </span><span class=\"ws21f\">inputs are unobservable inp<span class=\"_ _0\"></span>uts for the asse<span class=\"_ _0\"></span>t or liability based on </span></span>valua<span class=\"_ _0\"></span>tions t<span class=\"_ _0\"></span>echniqu<span class=\"_ _0\"></span>es comp<span class=\"_ _9f\"></span>rising dat<span class=\"_ _0\"></span>a for th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>t or lia<span class=\"_ _0\"></span>bility.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>The inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>t prop<span class=\"_ _0\"></span>erties<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls40 ws218\">of<span class=\"ls1 ws1\"> <span class=\"ls25 ws1ec\">Nexte<span class=\"_ _0\"></span>nsa<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls4b ws28a\">fall<span class=\"_ _3\"></span> <span class=\"_ _0\"></span><span class=\"ls1 ws219\">under level 3. The valuations at the end </span></span></span></span></span></span></span>of 2022 were carried out by external p<span class=\"_ _0\"></span><span class=\"ls25 ws208\">arties:<span class=\"_ _0\"></span> Cus<span class=\"ls1 ws20b\">hman &amp; W<span class=\"_ _0\"></span>akefield, Stad<span class=\"_ _0\"></span>im (Belux) </span></span>and Oerag (Austria). The table b<span class=\"_ _0\"></span>elow provides an overview of<span class=\"_ _0\"></span> the valuation techniques applied per asset class.<span class=\"ws1\"> </span>Fair value Fair value Valuation 31/12/20<span class=\"_ _3\"></span>22 Min<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">Max </span></span>31/12/20<span class=\"_ _3\"></span>21 Min<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">Max </span></span>Asset c<span class=\"_ _0\"></span>lass<span class=\"ls1 ws1\"> </span>2022 <span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Important inp<span class=\"_ _3\"></span>ut data<span class=\"ls1 ws1\"> </span>technique<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(weighted average)<span class=\"_ _3\"></span><span class=\"ws1\"> </span>(weighted average)<span class=\"_ _3\"></span><span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\">  </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\">  </span>Retail Grand Duchy of<span class=\"_ _0\"></span> Actualization of a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [0.34 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>18.66 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>a) [0.34 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>17.61 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>377,629<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>370,170<span class=\"ls1 ws1\"> </span>Luxembourg &amp; Belgium<span class=\"ls1 ws1\"> </span>estimated<span class=\"ls1 ws1\">  </span>rental income<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [13.72 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>b) [11.26 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [0.90% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">11.58%]<span class=\"ls1 ws1\"> </span></span>c) [1.77% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">7.58%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) <span class=\"ls29 ws1e1\">[6.51%]</span> d) [6.61%]<span class=\"ls1 ws1\"> </span>e) Remaining duration<span class=\"ls1 ws1\"> </span>e) 3.62 years<span class=\"ls1 ws1\"> <span class=\"_ _1b6\"> </span></span>e) 2.72 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 166 950 m\u00b2<span class=\"ls1 ws1\"> </span>f) 170 731 m\u00b2<span class=\"ls1 ws1\"> </span>Retail Austria<span class=\"ls1 ws1\"> <span class=\"_ _a0\"> </span></span><span class=\"fc22 ws1e1\">189,581<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>185,369<span class=\"ls1 ws1\"> </span></span>DCF (discounted<span class=\"ls1 ws1\">  </span>a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [8.79 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>15.09 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>a) [11.12 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>13.82 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>cash flow)<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [12.71 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>b) [12.32 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [3.70% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">6.11%]<span class=\"ls1 ws1\"> </span></span>c) [5.20% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">5.80%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) [5.38%]<span class=\"ls1 ws1\"> </span>d) [5.46%]<span class=\"ls1 ws1\"> </span>e) <span class=\"ls29 ws1e0\">Remaining duration</span> e) 5.21 years<span class=\"ls1 ws1\"> </span>e) 4.49 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 69 219 m\u00b2<span class=\"ls1 ws1\"> </span>f) 69 533 m\u00b2<span class=\"ls1 ws1\"> </span>Office<span class=\"_ _3\"></span>s Gra<span class=\"_ _3\"></span>nd Du<span class=\"_ _3\"></span>chy of Actualization of a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [22.57 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>46.58 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>a) [16.52 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>40.28 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>186,660<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>283,280<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>estimated<span class=\"ls1 ws1\">  </span>rental income<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [26.71 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>b) [22.99 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [0.58% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">6.75%]<span class=\"ls1 ws1\"> </span></span>c) [3.75% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">6.10%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) [4.74%]<span class=\"ls1 ws1\"> </span>d) [4.91%]<span class=\"ls1 ws1\"> </span>e) <span class=\"ls29 ws1e0\">Remaining duration</span> e) 1.46 years<span class=\"ls1 ws1\"> </span>e) 2.40 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 35 550 m\u00b2<span class=\"ls1 ws1\"> </span>f) 45 433 m\u00b2<span class=\"ls1 ws1\"> </span>Actualization of a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [11.68 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>25.18 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>a) [10.09 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>27.98 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>Offices Belgium<span class=\"ls1 ws1\"> <span class=\"_ _f4\"> </span></span><span class=\"fc22 ws1e1\">409,511<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>436,610<span class=\"ls1 ws1\"> </span></span>estimated<span class=\"ls1 ws1\">  </span>rental income<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [17.03 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>b) [12.37 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [3.78% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">8.80%]<span class=\"ls1 ws1\"> </span></span>c) [3.60% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">8.75%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) [4.93%]<span class=\"ls1 ws1\"> </span>d) [4.56%]<span class=\"ls1 ws1\"> </span>e) Remaining duration<span class=\"ls1 ws1\"> </span>e) <span class=\"ls29 ws1e0\">6.68 years</span> e) 6.76 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 112 891 m\u00b2<span class=\"ls1 ws1\"> </span>f) 132 455 m\u00b2<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _89\"> </span><span class=\"fc22 ls29 ws1e1\">115,335</span><span class=\"fc22\"> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">132,490</span> </span></span>DCF (discounted<span class=\"ls1 ws1\">  </span>a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) Not applicable<span class=\"ls1 ws1\"> </span>a) [2.24 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>7.30 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>cash flow or net<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental <span class=\"ls29 ws1e1\">value<span class=\"ls1 ws1\"> </span></span>b) Not applicable<span class=\"ls1 ws1\"> </span>b) [2.24 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>present value of<span class=\"ls1 ws1\"> </span>c) Average discount rat<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> </span>c) Not applicable<span class=\"ls1 ws1\"> </span>c) 5.02%<span class=\"ls1 ws1\"> </span>cash<span class=\"ls1 ws1\">-</span><span class=\"ls28\">fl<span class=\"_ _3\"></span>ows at<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>d) Economic life<span class=\"ls1 ws1\"> </span>d) 30 years<span class=\"ls1 ws1\"> </span>d) 30 years<span class=\"ls1 ws1\"> </span>discount rat<span class=\"_ _0\"></span>e)<span class=\"ls1 ws1\"> </span>e) Remaining duration<span class=\"ls1 ws1\"> </span>e) 3.41 years<span class=\"ls1 ws1\"> </span>e) 2.35 years<span class=\"ls1 ws1\"> </span>f) <span class=\"ls29 ws1e0\">Number m\u00b2</span> f) 32 629 m\u00b2<span class=\"ls1 ws1\"> </span>f) 47 057 m\u00b2<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,278,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,407,91<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Nexten<span class=\"_ _0\"></span>sa\u2019s i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>ent po<span class=\"_ _0\"></span>rtfol<span class=\"_ _0\"></span>io was v<span class=\"_ _0\"></span>alued a<span class=\"_ _9f\"></span>t 1.3 bil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros on D<span class=\"_ _9f\"></span>ecember 31<span class=\"_ _0\"></span>, 2022 and is divided over <span class=\"_ _0\"></span>Belgium (44%), Luxembourg (41%) and Austria (15<span class=\"_ _0\"></span>%). Accord<span class=\"_ _0\"></span>ing to<span class=\"_ _0\"></span> the typ<span class=\"_ _0\"></span>e of pro<span class=\"_ _0\"></span>perti<span class=\"_ _0\"></span>es, the p<span class=\"_ _0\"></span>ortfol<span class=\"_ _0\"></span>io comp<span class=\"_ _0\"></span>rises 47<span class=\"_ _9f\"></span>% offices <span class=\"_ _0\"></span>and 44<span class=\"_ _0\"></span>% reta<span class=\"_ _3\"></span>il. Th<span class=\"_ _3\"></span>e remai<span class=\"_ _3\"></span>ni<span class=\"ls25 ws1eb\">ng 9<span class=\"_ _0\"></span>% rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span>s \u2018Oth<span class=\"_ _0\"></span>er\u2019 rea<span class=\"_ _0\"></span>l esta<span class=\"_ _0\"></span>te, su<span class=\"_ _0\"></span>ch as <span class=\"_ _0\"></span>car pa<span class=\"_ _0\"></span>rks and<span class=\"_ _0\"></span> real<span class=\"_ _0\"></span> </span>estat<span class=\"_ _0\"></span>e for event<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span><span class=\"ls36 ws200\">assets</span>: at fa<span class=\"_ _3\"></span>ir valu<span class=\"_ _3\"></span>e <span class=\"ls2f ws1e\">through OCI <span class=\"_ _3\"></span>or through P/<span class=\"_ _3\"></span>L</span></span> Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets : at<span class=\"_ _0\"></span> fair value thr<span class=\"_ _0\"></span>ough OCI or through P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2021<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>131,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>51,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>475,164<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>546,322<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>131,391<span class=\"ls1 ws1\"> </span>51,155<span class=\"ls1 ws1\"> </span>463,025<span class=\"ls1 ws1\"> </span>20,003<span class=\"ls1 ws1\"> </span>534,183<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>24,453<span class=\"ls1 ws1\"> </span>66<span class=\"ls1 ws1\"> </span>88,967<span class=\"ls1 ws1\"> </span>107,601<span class=\"ls1 ws1\"> </span>196,635<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">1,108</span> -<span class=\"ls29 ws1e1\">100</span> -<span class=\"ls29 ws1e1\">1,208</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">14,971</span> -<span class=\"ls29 ws1e1\">7,770</span> -<span class=\"ls29 ws1e1\">48,253</span> -<span class=\"ls29 ws1e1\">107,500</span> -<span class=\"ls29 ws1e1\">163,523</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>36,338<span class=\"ls1 ws1\"> </span>4,739<span class=\"ls1 ws1\"> </span>0 4,739<span class=\"ls1 ws1\"> </span>Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVOCI)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,347</span> -<span class=\"ls29 ws1e1\">8,347</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>140<span class=\"ls1 ws1\"> </span>-1 1,505<span class=\"ls1 ws1\"> </span>1 1,505<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">140</span> 0 -<span class=\"ls29 ws1e1\">140</span> Financial ass<span class=\"_ _3\"></span>ets: ending <span class=\"ls2b ws1e4\">bala<span class=\"_ _3\"></span>nce at fair va<span class=\"_ _3\"></span>lue</span><span class=\"ls1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value <span class=\"ls2b ws1dd\">(FVO<span class=\"_ _3\"></span>CI)<span class=\"ls1 ws1\"> </span></span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets :<span class=\"_ _0\"></span> at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h OCI or <span class=\"ls32 ws29a\">t<span class=\"_ _0\"></span>hrough </span>P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2022<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>33,058<span class=\"ls1 ws1\"> </span>15,028<span class=\"ls1 ws1\"> </span>172,660<span class=\"ls1 ws1\"> </span>107,486<span class=\"ls1 ws1\"> </span>295,174<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">731</span> -<span class=\"ls29 ws1e1\">731</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">618</span> -<span class=\"ls29 ws1e1\">15,254</span> -<span class=\"ls29 ws1e1\">120,595</span> -<span class=\"ls29 ws1e1\">127,500</span> -<span class=\"ls29 ws1e1\">263,349</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>1,402<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">6,636</span> 0 -<span class=\"ls29 ws1e1\">6,636</span> Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value <span class=\"ls2b ws1dd\">(FVOCI)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">58,551</span> -<span class=\"ls29 ws1e1\">58,551</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>8 0 2,173<span class=\"ls1 ws1\"> </span>0 2,173<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,872</span> 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 427<span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>437<span class=\"ls1 ws1\"> </span>Financial assets: en<span class=\"_ _3\"></span>ding balance at fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>503,171<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>208,328<span class=\"ls1 ws1\"> </span>41,328<span class=\"ls1 ws1\"> </span>557,646<span class=\"ls1 ws1\"> </span>0 598,974<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span><span class=\"ws211\">adjustment to <span class=\"ls2b ws1df\">fair value (F<span class=\"_ _3\"></span>VOCI)<span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ls29 ws1e1\">55,655</span> -<span class=\"ls29 ws1e1\">55,655</span> Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>The <span class=\"_ _4\"> </span><span class=\"ff3b ls49 ws2f1\">Fina<span class=\"_ _3\"></span>ncial asse<span class=\"_ _3\"></span>ts at fa<span class=\"_ _3\"></span>ir value t<span class=\"_ _3\"></span>hrough P<span class=\"_ _3\"></span>rofit&amp;Loss </span><span class=\"ls1 ws233\">i<span class=\"_ _3\"></span>nclude th<span class=\"_ _0\"></span>e non<span class=\"ws1\">-</span></span>conso<span class=\"_ _0\"></span>lidated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pation<span class=\"_ _0\"></span>s of \u201cAvH<span class=\"_ _0\"></span> &amp; Gr<span class=\"_ _0\"></span>owth Cap<span class=\"_ _0\"></span>ital\u201d (m<span class=\"_ _0\"></span>ainly <span class=\"_ _0\"></span>investm<span class=\"_ _0\"></span>ents with<span class=\"_ _9f\"></span> a focus on Sou<span class=\"_ _0\"></span>theast Asia/India <span class=\"_ _0\"></span>and life sciences) and <span class=\"_ _0\"></span>the investment por<span class=\"_ _0\"></span>tfolio of \u201cAvH &amp; Subholdi<span class=\"_ _0\"></span>ngs\u201d. These are <span class=\"_ _0\"></span>the main compon<span class=\"_ _0\"></span>ents of this item, <span class=\"_ _0\"></span>along with th<span class=\"ls39 ws204\">e </span>9.6% in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>that N<span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>sa holds <span class=\"_ _0\"></span>in Reta<span class=\"_ _0\"></span>il Est<span class=\"_ _0\"></span>ates. <span class=\"ls1 ws1\"> </span>The recognition of thes<span class=\"_ _0\"></span>e assets at fair value made, on balance, <span class=\"_ _0\"></span>a negative contr<span class=\"_ _0\"></span>ibution o<span class=\"_ _0\"></span>f 5.2 mi<span class=\"_ _0\"></span>llion<span class=\"_ _0\"></span> euros to <span class=\"_ _0\"></span>the resu<span class=\"_ _9f\"></span>lts in 2022.<span class=\"_ _0\"></span> In \u201cRea<span class=\"_ _0\"></span>l Estat<span class=\"_ _0\"></span>e &amp; Senio<span class=\"_ _0\"></span>r Care\u201d,<span class=\"_ _0\"></span> the value o<span class=\"_ _0\"></span>f the Re<span class=\"_ _0\"></span>tail Esta<span class=\"_ _0\"></span>tes sha<span class=\"_ _0\"></span>res at Nex<span class=\"_ _0\"></span>tensa w<span class=\"_ _0\"></span>as decrea<span class=\"_ _0\"></span>sed by 12<span class=\"_ _0\"></span>.7 million euros in accordance with the evol<span class=\"_ _0\"></span>ution of the share price during 2022. In \u201cAv<span class=\"_ _3\"></span>H &amp; Gr<span class=\"_ _3\"></span>owt<span class=\"_ _3\"></span>h Capi<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>\u201d, an<span class=\"_ _3\"></span> upwa<span class=\"_ _3\"></span>rd val<span class=\"_ _3\"></span>ue ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tment<span class=\"_ _3\"></span> of 1<span class=\"_ _3\"></span>3.8 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os wa<span class=\"_ _3\"></span>s recognised on the non<span class=\"ws1\">-<span class=\"ls40 ws226\">consolidated parti<span class=\"_ _0\"></span>cipations of AvH Gr<span class=\"ls1 ws1f7\">owth Capital, while </span></span></span>the rev<span class=\"_ _0\"></span>aluatio<span class=\"_ _0\"></span>n at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of Av<span class=\"_ _0\"></span>H\u2019s inv<span class=\"_ _0\"></span>estment p<span class=\"_ _0\"></span>ortfol<span class=\"_ _0\"></span>io resu<span class=\"_ _0\"></span>lted in <span class=\"_ _0\"></span>a negat<span class=\"_ _0\"></span>ive value adjustment of 6.6 m<span class=\"_ _0\"></span>illion euros.<span class=\"ws1\"> </span>Dur<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g 2022<span class=\"_ _3\"></span>, Av<span class=\"_ _3\"></span>H inve<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>d 24.<span class=\"_ _3\"></span>9 mill<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n euro<span class=\"_ _3\"></span>s in t<span class=\"_ _3\"></span>he fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r exp<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f its \u201cGrowth<span class=\"_ _0\"></span> Capi<span class=\"_ _0\"></span>tal\u201d portf<span class=\"_ _0\"></span>olio w<span class=\"_ _0\"></span>ith <span class=\"ls34 ws1f2\">foc<span class=\"_ _3\"></span>us on L<span class=\"_ _3\"></span>ife<span class=\"_ _3\"></span> Sci<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>es a<span class=\"_ _3\"></span>nd I<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>a/S<span class=\"_ _3\"></span>outhe<span class=\"_ _3\"></span>ast<span class=\"_ _3\"></span> Asi<span class=\"_ _3\"></span>a, </span>mainly in Health Quad II, Medikabaz<span class=\"_ _0\"></span>aar, Venturi Fund I and the new participat<span class=\"_ _0\"></span>ions in Convergent Finance <span class=\"_ _0\"></span>and AstriVax.<span class=\"ws1\"> </span>The <span class=\"_ _0\"></span><span class=\"ls1 ws1\">\u201c<span class=\"ff3b ls4c ws268\">inves<span class=\"_ _0\"></span>tments<span class=\"ls1 ws1\">-<span class=\"ls53 ws23d\">FVOCI</span><span class=\"ff3a ws20b\">\u201d and \u201c</span><span class=\"ls45 ws2f2\">investme<span class=\"_ _3\"></span>nts at amortised cost<span class=\"ff3a ls54 ws21b\">\u201d a<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span> <span class=\"ls35 ws213\">lar<span class=\"_ _0\"></span>gely </span></span></span></span></span></span>attribu<span class=\"_ _0\"></span>table<span class=\"_ _0\"></span> to Bank Van Br<span class=\"_ _0\"></span>eda, and re<span class=\"_ _0\"></span>late to tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>ns realiz<span class=\"_ _0\"></span>ed as part of it<span class=\"_ _0\"></span>s Asset &amp;<span class=\"_ _0\"></span> Liabi<span class=\"_ _0\"></span>lity ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent (AL<span class=\"_ _0\"></span>M).<span class=\"ls1 ws1\"> </span>Fair value in Fair value in Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 Valua<span class=\"_ _3\"></span>ti<span class=\"ls2b ws1dd\">on <span class=\"ls1 ws1\">- </span></span>(\u20ac 1,000) Fina<span class=\"_ _3\"></span>ncial fixed <span class=\"_ _3\"></span>assets at F<span class=\"_ _3\"></span>air value th<span class=\"_ _3\"></span>rough P/L<span class=\"ls1 ws1\"> </span>Profi<span class=\"_ _0\"></span>t &amp; Loss Profi<span class=\"_ _0\"></span>t &amp; Loss (fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Level  2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>5,036<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,890<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>Retail Estate<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12,702</span> 16,621<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>305<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>83,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>97,215<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,397</span> 16,621<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>Epics Therapeutics (Bio<span class=\"_ _0\"></span> Cap Invest)<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Life Sciences <span class=\"ws1\">- </span>Fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>40,150<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>40,620<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">5,383</span> 12,956<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ws211\">East Asia </span>- <span class=\"ws202\">Fair value</span> </span>69,346<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>27,973<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,183<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Koffie Rombouts<span class=\"ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ws202\">Fair value</span> </span>10,014<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,654<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,571<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subtotal Av<span class=\"_ _3\"></span>H &amp; Growth C<span class=\"_ _3\"></span>apital<span class=\"ls1 ws1\"> </span>119,510<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,246<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,800<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,716<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value <span class=\"ws1\">- <span class=\"ls28 ws1de\">To<span class=\"_ _3\"></span>tal</span> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,402<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,338<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Number of<span class=\"_ _3\"></span> The inves<span class=\"_ _3\"></span>tments cons<span class=\"_ _3\"></span>ist of (\u20ac <span class=\"_ _3\"></span>1,000):<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>shares  Investment portfolio Bank V<span class=\"_ _0\"></span>an Breda<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>Funds managed by Delen Private Bank<span class=\"ls1 ws1\"> </span>29,295<span class=\"ls1 ws1\"> </span>Ageas<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>278,284<span class=\"ls1 ws1\"> </span>11,527<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>506<span class=\"ls1 ws1\"> </span>544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The breakdown per<span class=\"_ _3\"></span> segment of the fai<span class=\"_ _3\"></span>r value of the inves<span class=\"_ _3\"></span>tments is as follows (<span class=\"_ _3\"></span>\u20ac 1,000):<span class=\"ws1\"> </span>Fair value<span class=\"ws1\"> </span>Private Banking (Bank Van Breda)<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>41,325<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>2 Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Credit risk of th<span class=\"_ _3\"></span>e investment po<span class=\"_ _3\"></span>rtfolio Bank Van Bre<span class=\"_ _3\"></span>da<span class=\"ls1 ws1\"> </span>The ri<span class=\"_ _0\"></span>sk prof<span class=\"_ _0\"></span>ile of<span class=\"_ _0\"></span> the <span class=\"ls25 ws208\">inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t portfo<span class=\"_ _0\"></span>lio has f<span class=\"_ _0\"></span>or yea<span class=\"_ _0\"></span>rs now d<span class=\"_ _0\"></span>elibera<span class=\"_ _0\"></span>tely be<span class=\"_ _0\"></span>en kept<span class=\"_ _0\"></span> </span>very lo<span class=\"_ _0\"></span>w. The in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>at yea<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">-<span class=\"ls24 ws21c\">end 2022 contains 99% government </span></span>and government<span class=\"ws1\">-</span>g<span class=\"_ _0\"></span>uaranteed bonds with<span class=\"_ _0\"></span> a minimum A<span class=\"_ _0\"></span>a3 rating (Moody\u2019<span class=\"_ _0\"></span>s rating<span class=\"ls4a ws2a4\">) </span>and less than 1% shar<span class=\"_ _0\"></span>es and private equity.<span class=\"ws1\"> </span>The investment f<span class=\"_ _0\"></span>ramework that is s<span class=\"_ _0\"></span>ubmitted annually for<span class=\"_ _0\"></span> the approval of t<span class=\"_ _0\"></span>he board of directors of Bank Van Breda determines which investmen<span class=\"_ _0\"></span>ts can be made and the limits that apply. The following t<span class=\"_ _0\"></span>able shows the composition of the consolidated investm<span class=\"_ _0\"></span>ent portfolio by rating and matu<span class=\"_ _0\"></span>rity.<span class=\"ws1\"> </span>Remaining<span class=\"_ _3\"></span> Composition o<span class=\"_ _3\"></span>f the inves<span class=\"_ _3\"></span>tment port<span class=\"_ _3\"></span>folio 31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> <span class=\"_ _1ba\"> </span><span class=\"ls28 ws1de\">Ratin<span class=\"_ _3\"></span>g</span>  </span>durati<span class=\"_ _3\"></span>on<span class=\"ls1 ws1\"> </span>Government bonds Aaa<span class=\"ls1 ws1\"> </span>40%<span class=\"ls1 ws1\"> </span>2023<span class=\"ls1 ws1\"> </span>19%<span class=\"ls1 ws1\"> </span>Government bonds Aa1<span class=\"ls1 ws1\"> </span>20%<span class=\"ls1 ws1\"> </span>2024<span class=\"ls1 ws1\"> </span>15%<span class=\"ls1 ws1\"> </span>Government bonds Aa2<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>2025<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Government bonds Aa3<span class=\"ls1 ws1\"> </span>30%<span class=\"ls1 ws1\"> </span>2026<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>Government bonds A2<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>2027<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Corporate bonds and commercial paper &amp; ot<span class=\"_ _0\"></span>her<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>&gt; 2027<span class=\"ls1 ws1\"> </span>43%<span class=\"ls1 ws1\"> </span>indefinite<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-58-2": {
   "value": "Note 4:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span><span class=\"ls2f ws1e\">business com<span class=\"_ _3\"></span>binations a<span class=\"_ _3\"></span>nd disposals<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Business c<span class=\"_ _3\"></span>ombinatio<span class=\"_ _3\"></span>ns</span> No business combination<span class=\"_ _0\"></span>s took place in 2022.<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-59-2": {
   "value": "2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls36 ws67\">Business disposals</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _160\"> </span><span class=\"ls28 ws1de\">Anima<span class=\"_ _3\"></span></span> </span>Balance sheet<span class=\"ws1\"> <span class=\"_ _161\"> </span><span class=\"fc23 ls27 ws1df\">30</span><span class=\"fc23\">-<span class=\"ls61 ws2a1\">06</span>-<span class=\"ls27 ws1df\">2022</span> </span></span>Goodwill and intangible assets<span class=\"ls1 ws1\"> </span>38,830<span class=\"ls1 ws1\"> </span>Tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _162\"> </span></span><span class=\"fc22 ws1e1\">211,722<span class=\"ls1 ws1\"> </span></span>Cash and cash equivalents<span class=\"ls1 ws1\"> </span>4,861<span class=\"ls1 ws1\"> </span>Other asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> <span class=\"_ _163\"> </span><span class=\"fc22 ls29 ws1e1\">29,928</span><span class=\"fc22\"> </span></span>Total assets<span class=\"ws1\"> </span>285,340<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Equity (group share AvH)<span class=\"ls1 ws1\"> <span class=\"_ _164\"> </span></span><span class=\"fc22 ws1e1\">68,235<span class=\"ls1 ws1\"> </span></span>Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> </span>5,734<span class=\"ls1 ws1\"> </span>Current and non<span class=\"ls1 ws1\">-</span>current fin<span class=\"_ _0\"></span>ancial <span class=\"ws1e1\">debts<span class=\"ls1 ws1\">  <span class=\"_ _165\"> </span></span><span class=\"fc22\">164,690<span class=\"ls1 ws1\"> </span></span></span>Other liabilities<span class=\"ls1 ws1\"> </span>46,682<span class=\"ls1 ws1\"> </span>Total equi<span class=\"_ _3\"></span>ty and liabili<span class=\"_ _3\"></span>ties<span class=\"ls1 ws1\"> </span>285,340<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tota<span class=\"_ _3\"></span>l asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> <span class=\"_ _166\"> </span><span class=\"fc22 ls29 ws1e1\">285,340</span><span class=\"fc22\"> </span></span>Total liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">211,372</span> Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> <span class=\"_ _167\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">5,734</span> </span></span>Net asset<span class=\"_ _0\"></span>s (91.8%)<span class=\"ls1 ws1\"> </span>68,235<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Sales price<span class=\"ws1\"> </span>308,163<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Provision <span class=\"ls1 ws1\">- <span class=\"ls2b ws1df\">Reps &amp; Warran<span class=\"_ _3\"></span>ties</span> </span>-<span class=\"ls29 ws1e1\">3,052</span> Capital gain<span class=\"ws1\"> </span>236,876<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income stat<span class=\"_ _3\"></span>ement<span class=\"ls1 ws1\"> <span class=\"_ _168\"> </span><span class=\"fc23 ls27 ws1df\">30</span><span class=\"fc23\">-<span class=\"ls61 ws2a1\">06</span>-<span class=\"ls27 ws1df\">2022</span> </span></span>Revenue<span class=\"ls1 ws1\"> </span>60,127<span class=\"ls1 ws1\"> </span>Operating expenses (<span class=\"ls1 ws1\">-) <span class=\"_ _169\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">54,271</span> </span></span>Profit (loss) on dis<span class=\"_ _0\"></span>posal of assets<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">245</span> Profit (loss) <span class=\"_ _3\"></span>from operating ac<span class=\"_ _3\"></span>tivities<span class=\"ls1\"> </span>5,611<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial result<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,442</span> Profit (<span class=\"_ _3\"></span>loss) be<span class=\"_ _3\"></span>fore tax<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,169<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,118</span> Profit <span class=\"_ _3\"></span>(loss<span class=\"_ _3\"></span>) of th<span class=\"_ _3\"></span>e peri<span class=\"_ _3\"></span>od<span class=\"ls1 ws1\"> </span>3,050<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">229</span> Share of the group<span class=\"ls1 ws1\"> </span>2,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Cash flow statemen<span class=\"_ _3\"></span>t<span class=\"ws1\"> <span class=\"_ _16a\"> </span><span class=\"fc23 ls27 ws1df\">30</span><span class=\"fc23\">-<span class=\"ls61 ws2a1\">06</span>-<span class=\"ls27 ws1df\">2022</span> </span></span>Cash and ca<span class=\"_ _3\"></span>sh equivale<span class=\"_ _3\"></span>nts <span class=\"ls1 ws1\">- </span>opening bal<span class=\"_ _3\"></span>ance on <span class=\"_ _3\"></span>January 1, 2<span class=\"_ _3\"></span>022<span class=\"ls1 ws1\"> </span>6,067<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Cash flow from operating <span class=\"ws1e1\">activities<span class=\"ls1 ws1\"> <span class=\"_ _16b\"> </span></span><span class=\"fc22\">6,695<span class=\"ls1 ws1\"> </span></span></span>Cash flow from investing<span class=\"_ _0\"></span> activities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,174</span> Cash flow from financial activit<span class=\"_ _0\"></span>ies<span class=\"ls1 ws1\"> <span class=\"_ _16c\"> </span></span><span class=\"fc22 ws1e1\">273<span class=\"ls1 ws1\"> </span></span>Cash and ca<span class=\"_ _3\"></span>sh equivale<span class=\"_ _3\"></span>nts <span class=\"ls1 ws1\">- </span><span class=\"ws1e3\">ending bala<span class=\"_ _3\"></span>nce on June 30, 2022<span class=\"ls1 ws1\"> </span></span>4,861<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>At the beginning of July 2022, AvH <span class=\"_ _0\"></span>and the managemen<span class=\"_ _0\"></span>t of Anima transferred 100% o<span class=\"_ _0\"></span>f the An<span class=\"_ _0\"></span>ima sh<span class=\"_ _0\"></span>ares to A<span class=\"_ _0\"></span>G. Th<span class=\"_ _0\"></span>e transac<span class=\"_ _0\"></span>tion r<span class=\"_ _0\"></span>epres<span class=\"_ _0\"></span>ents for A<span class=\"_ _0\"></span>vH a ca<span class=\"_ _0\"></span>sh revenue of 308.2 million euros and a capital gain<span class=\"_ _3\"></span> of 236.9 million euros.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-62-2": {
   "value": "Note 5:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span><span class=\"ls36 ws200\">Assets and </span>liab<span class=\"_ _3\"></span>ilities<span class=\"_ _3\"></span> held for<span class=\"_ _3\"></span> sale<span class=\"ls1 ws1\"> </span>At ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ls24 ws28c\">end 2022, 62.5 million euros in assets held for <span class=\"_ _0\"></span>sale were recognised. </span></span>Approx<span class=\"_ _0\"></span>imatel<span class=\"_ _0\"></span>y half<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>at amoun<span class=\"_ _0\"></span>t rela<span class=\"_ _0\"></span>tes to on<span class=\"_ _9f\"></span>e of DEME\u2019<span class=\"_ _0\"></span>s ves<span class=\"_ _0\"></span>sels tha<span class=\"_ _0\"></span>t will<span class=\"_ _0\"></span> probably be sold in the second ha<span class=\"_ _0\"></span>lf of 2023 (Segment Marine Engin<span class=\"_ _0\"></span>eering &amp; Contracting), while the balance repr<span class=\"_ _0\"></span>esents the carrying amount of AvH\u2019s 50% participation in Telemond, which wa<span class=\"_ _0\"></span>s sold in Q1 2023 (Segment AvH &amp; Growth<span class=\"_ _0\"></span> Capital).End of 2021, the assets held for sale amo<span class=\"ls1 ws21f\">unted to 230.7 million euros <span class=\"_ _0\"></span>and </span>consisted of:<span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">DEME\u2019s o<span class=\"_ _0\"></span>ffsho<span class=\"_ _0\"></span>re ins<span class=\"_ _0\"></span>tallatio<span class=\"_ _0\"></span>n vess<span class=\"_ _0\"></span>el \u2018Tho<span class=\"_ _0\"></span>r\u2019<span class=\"ls1 ws1\">. </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">The partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span> in Manuch<span class=\"_ _0\"></span>ar as a result of<span class=\"_ _0\"></span> the <span class=\"_ _3\"></span>(at ye<span class=\"_ _0\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ls24 ws206\">end 2021)</span> announced </span></span></span>sale<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">Three buildings of Nextensa, <span class=\"ws1\">(<span class=\"ls30 ws23d\">The C<span class=\"_ _0\"></span>resce<span class=\"_ _0\"></span>nt<span class=\"ls40 ws218\">, <span class=\"ls34 ws1ea\">M<span class=\"_ _3\"></span>onne<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> <span class=\"ws1f6\">and T<span class=\"_ _3\"></span>itanium<span class=\"ls46 ws266\">) <span class=\"ls49 ws2a4\">which we<span class=\"_ _3\"></span>re</span></span></span> </span></span></span></span></span></span></span>sold in <span class=\"_ _3\"></span>2022<span class=\"ls1 ws1\">. </span>At y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws217\">end 2022, 62.5 mi<span class=\"_ _3\"></span>llion euros in <span class=\"ff3b ls45 ws2bf\">assets held fo<span class=\"_ _3\"></span>r sale</span></span> <span class=\"_ _3\"></span><span class=\"ls30 ws25c\">wer<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ised<span class=\"_ _0\"></span>. </span></span>Approx<span class=\"_ _0\"></span>imatel<span class=\"_ _0\"></span>y half<span class=\"_ _0\"></span> of that <span class=\"_ _0\"></span>amount r<span class=\"_ _0\"></span>elat<span class=\"_ _0\"></span>es to one of<span class=\"_ _0\"></span> DEME\u2019<span class=\"_ _0\"></span>s ves<span class=\"_ _0\"></span>sels that w<span class=\"_ _9f\"></span>ill probably be sold in the second ha<span class=\"_ _0\"></span>lf of 2023, while the balance repr<span class=\"_ _0\"></span>esents the carrying amount of AvH\u2019<span class=\"_ _0\"></span>s 50% participation in <span class=\"_ _0\"></span>Telemond, which was <span class=\"_ _0\"></span>sold in Q1 2023.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-64-2": {
   "value": "Note 6:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> </span>Segme<span class=\"_ _3\"></span>nt inform<span class=\"_ _3\"></span>ationSegme<span class=\"_ _3\"></span>nt 1<span class=\"ls1 ws1\"> </span>Marine Engi<span class=\"_ _0\"></span>neering &amp; Cont<span class=\"_ _0\"></span>racting: <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>DEME Group (full consolidation 62.12%), CFE (full consolidation 62.12%), Rent<span class=\"ls1 ws1\">-</span>A-<span class=\"ws22e\">Port (full consolid<span class=\"_ _0\"></span>ation 81.06%) and Gr<span class=\"_ _0\"></span>een Offshore (full con<span class=\"_ _0\"></span>solidation </span>81.06%).<span class=\"ls1 ws1\"> </span>On June 29, 2022, the Ex<span class=\"_ _0\"></span>traordinary General Meeting of Sha<span class=\"_ _0\"></span>reholders of CFE<span class=\"_ _0\"></span> approv<span class=\"_ _0\"></span>ed the p<span class=\"_ _0\"></span>artial d<span class=\"_ _0\"></span>emerg<span class=\"_ _0\"></span>er of CFE.<span class=\"_ _0\"></span> On that d<span class=\"_ _0\"></span>ate, CF<span class=\"_ _0\"></span>E contri<span class=\"_ _0\"></span>bu<span class=\"ls33 ws20a\">ted it<span class=\"_ _3\"></span>s 100% </span>participation in DEME to a new compan<span class=\"_ _0\"></span>y, DEME Group, and transferred th<span class=\"_ _0\"></span>e shares of that<span class=\"_ _0\"></span> comp<span class=\"_ _0\"></span>any to <span class=\"_ _0\"></span>its sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>ers. Th<span class=\"_ _0\"></span>e DEME<span class=\"_ _0\"></span> Group<span class=\"_ _0\"></span> share<span class=\"_ _0\"></span>s were<span class=\"_ _0\"></span> then l<span class=\"_ _0\"></span>isted o<span class=\"_ _0\"></span>n Euronext Brussels on June 30, 2022. Accordingly, as of June 30, 2022, CFE and DEME Gr<span class=\"ls1 ws1ed\">oup are separately listed companies. <span class=\"ws1\"> </span></span>The partial demerger of CFE di<span class=\"_ _0\"></span>d not change AvH\u2019s economic intere<span class=\"_ _0\"></span>st in DEME/CFE: the only change is that, as of June 30, 2022, AvH holds shares directly in the listed companies DEME Group (62.12%) and CF<span class=\"_ _0\"></span>E (62.12%), wher<span class=\"ls33 ws23a\">eas be<span class=\"_ _3\"></span>fore t<span class=\"_ _3\"></span>hat date </span>DEME was a 100% par<span class=\"_ _0\"></span>ticipation of the listed company <span class=\"_ _0\"></span>CFE, in which AvH held <span class=\"_ _0\"></span>a 62.12% participation.<span class=\"ls1 ws1\"> </span>Consequently, this par<span class=\"_ _0\"></span>tial demerger has no<span class=\"_ _0\"></span> consequences for the report<span class=\"_ _0\"></span>ing of DEME (Group) by full conso<span class=\"_ _0\"></span>lidation in the consolida<span class=\"_ _0\"></span>ted fina<span class=\"ls25 ws23e\">ncia<span class=\"_ _0\"></span>l statem<span class=\"_ _0\"></span>ents of<span class=\"_ _0\"></span> AvH<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span></span>Segme<span class=\"_ _3\"></span>nt 2 <span class=\"ls1 ws1\"> </span>Private B<span class=\"_ _3\"></span>anking:<span class=\"ls1 ws1\"> </span>Delen Private Bank (<span class=\"_ _0\"></span>equity method 78.75<span class=\"_ _0\"></span>%), Bank Van Breda (<span class=\"ls35 ws24c\">f<span class=\"_ _0\"></span>ull con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>tion </span>78.75%) and FinAx (<span class=\"ls40 ws1\">full consolidation<span class=\"ls1\"> </span></span><span class=\"ws1da\">100%).<span class=\"ls1 ws1\"> </span></span>Segme<span class=\"_ _3\"></span>nt 3<span class=\"ls1 ws1\"> </span>Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e: <span class=\"ls1 ws1\"> </span>Nexten<span class=\"_ _0\"></span>sa (ful<span class=\"_ _0\"></span>l conso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>tion <span class=\"ls24 ws1da\">58.53%)<span class=\"ls1 ws1\"> </span></span>On<span class=\"_ _3\"></span> May 18<span class=\"_ _3\"></span>, 20<span class=\"_ _3\"></span>22, Av<span class=\"_ _3\"></span>H ann<span class=\"_ _3\"></span>ounc<span class=\"_ _3\"></span>ed an a<span class=\"_ _3\"></span>gree<span class=\"_ _3\"></span>ment<span class=\"_ _3\"></span> on t<span class=\"_ _3\"></span>he sal<span class=\"_ _3\"></span>e to A<span class=\"_ _3\"></span>G of its<span class=\"_ _3\"></span> inte<span class=\"_ _3\"></span>res<span class=\"_ _3\"></span>t in Anima<span class=\"_ _0\"></span>. This tra<span class=\"_ _0\"></span>nsact<span class=\"_ _0\"></span>ion was clo<span class=\"_ _9f\"></span>sed in the f<span class=\"_ _0\"></span>irst half o<span class=\"_ _0\"></span>f July 202<span class=\"_ _0\"></span>2. As a re<span class=\"_ _0\"></span>sult, Anima\u2019<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>tributi<span class=\"_ _0\"></span>on rela<span class=\"_ _0\"></span>ting to<span class=\"_ _0\"></span> the fi<span class=\"_ _0\"></span>rst ha<span class=\"_ _0\"></span>lf of 20<span class=\"_ _0\"></span>22 is re<span class=\"_ _0\"></span>ported <span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e consolidated <span class=\"_ _0\"></span><span class=\"ws219\">income st<span class=\"_ _0\"></span>atement under \u201cPro<span class=\"_ _0\"></span>fit from discontinued op<span class=\"_ _0\"></span>erations\u201d. As a<span class=\"_ _0\"></span>t </span>30 June, 2022, t<span class=\"_ _0\"></span>he assets and liab<span class=\"_ _0\"></span>ilities of Anima in <span class=\"_ _0\"></span>the consolidated balan<span class=\"_ _0\"></span>ce sheet were summarised in one item unde<span class=\"_ _0\"></span>r \u201cAssets/liabilities h<span class=\"_ _0\"></span>eld for sale\u201d and were dereco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e seco<span class=\"_ _0\"></span><span class=\"ls1 ws1f6\">nd half of the yea<span class=\"_ _0\"></span>r<span class=\"ws1\">. </span></span>Segme<span class=\"_ _3\"></span>nt 4 <span class=\"ls1 ws1\"> </span>Energy &amp; Resources: <span class=\"ls1 ws1\"> </span>SIPEF (equity m<span class=\"_ _0\"></span>ethod 36.81%), Verdant<span class=\"_ _0\"></span> Bioscience (equity m<span class=\"_ _0\"></span>ethod 42%), AvH<span class=\"_ _0\"></span> India Resources (full consolida<span class=\"_ _0\"></span>tion 100%) and Sagar Cements (equity me<span class=\"_ _0\"></span>thod 19.64%).<span class=\"ls1 ws1\"> </span>In 2022, AvH incr<span class=\"_ _0\"></span>eased its participation <span class=\"_ _0\"></span>in S<span class=\"ls24 ws214\">IPEF from 35.13% to 36.81%, withou<span class=\"_ _0\"></span>t </span>this having an impact on the way in which this participat<span class=\"_ _0\"></span>ion is reported in the conso<span class=\"_ _0\"></span>lidat<span class=\"_ _0\"></span>ed financi<span class=\"_ _0\"></span>al statem<span class=\"_ _0\"></span>ents. <span class=\"ls1 ws1\"> </span>The same applie<span class=\"_ _0\"></span>s to the particip<span class=\"_ _0\"></span>ation in Sagar Cem<span class=\"_ _0\"></span>ents, which wa<span class=\"_ _0\"></span>s diluted from<span class=\"_ _0\"></span> 21.85% at year<span class=\"ls1 ws1\">-</span><span class=\"ws206\">end 2021 t<span class=\"ls25 ws215\">o 19.64<span class=\"_ _0\"></span>% in t<span class=\"_ _0\"></span>he firs<span class=\"_ _0\"></span>t half y<span class=\"_ _0\"></span>ear as a<span class=\"_ _0\"></span> resu<span class=\"_ _0\"></span>lt of a c<span class=\"_ _0\"></span>apita<span class=\"_ _0\"></span>l </span></span>increa<span class=\"_ _0\"></span>se of Sag<span class=\"_ _9f\"></span>ar Cemen<span class=\"_ _0\"></span>ts that w<span class=\"_ _0\"></span>as full<span class=\"_ _0\"></span>y subsc<span class=\"_ _9f\"></span>ribed by a new<span class=\"_ _0\"></span> sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>er.<span class=\"ls1 ws1\"> </span>AvH I<span class=\"_ _0\"></span>ndia Reso<span class=\"_ _0\"></span>urces h<span class=\"_ _0\"></span>olds n<span class=\"_ _0\"></span>o other p<span class=\"_ _9f\"></span>articipat<span class=\"_ _0\"></span>ions th<span class=\"_ _0\"></span>an in Sag<span class=\"_ _0\"></span>ar Cem<span class=\"_ _0\"></span>ents<span class=\"ls1 ws1\">.</span>Segme<span class=\"_ _3\"></span>nt 5 <span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital:<span class=\"_ _3\"></span> <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls45 ws289\">AvH, AvH <span class=\"ls1 ws1f6\">Growth Capital &amp; subholdings (full con<span class=\"_ _0\"></span>solidation 100%<span class=\"ls33 ws1f0\">Partic<span class=\"_ _3\"></span>ipatio<span class=\"_ _3\"></span>ns </span></span></span></span>fully consolidated: <span class=\"ls24 ws218\">Agidens (85.0%) and B<span class=\"_ _0\"></span>iolectri<span class=\"_ _3\"></span>c Group (55.8%)<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">Participations fully conso<span class=\"_ _0\"></span>lidated: Agidens (<span class=\"_ _0\"></span>85.0%) and Biolectric Group (<span class=\"_ _0\"></span>55.8%)<span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">Participations accounted for using the equ<span class=\"_ _0\"></span>i<span class=\"ls25 ws207\">ty method:<span class=\"_ _0\"></span> Amst<span class=\"_ _0\"></span>eldijk Be<span class=\"_ _0\"></span>heer (50<span class=\"_ _0\"></span>%), </span></span></span>Axe I<span class=\"_ _3\"></span>nvestme<span class=\"_ _3\"></span>nts (48.<span class=\"_ _3\"></span>3%), Fina<span class=\"_ _3\"></span>nci\u00e8re<span class=\"_ _3\"></span> EMG (22.<span class=\"_ _3\"></span>7%), Media<span class=\"_ _3\"></span>huis Pa<span class=\"_ _3\"></span>rtners (26.7%), Mediahuis (13.9%), MediaCore<span class=\"_ _3\"></span> (49.9%), OM Partners (20.0%), Telemond (50% <span class=\"ws1\">-<span class=\"_ _0\"></span> <span class=\"_ _7\"> </span><span class=\"ls25 ws22a\">held<span class=\"_ _0\"></span> for sale)<span class=\"_ _0\"></span>, Turbo\u2019<span class=\"_ _0\"></span>s Hoet Groep<span class=\"_ _9f\"></span> <span class=\"_ _3\"></span>(50%)<span class=\"_ _0\"></span> and Van Mo<span class=\"_ _0\"></span>er </span></span>Logistics (21.<span class=\"ws1da\">7%)<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls40 ws218\">Non<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">consol<span class=\"_ _0\"></span>idate<span class=\"_ _0\"></span>d parti<span class=\"_ _0\"></span>cipati<span class=\"_ _0\"></span>ons: <span class=\"ls1 ws1\"> </span></span></span></span></span>-<span class=\"ff3c\"> <span class=\"ff3a ls40 ws2ab\">Life Science: Astrivax (5,8%), Biotalys (11.9%), Bio Cap In<span class=\"_ _3\"></span>ve<span class=\"_ _0\"></span>st (29.5%), </span></span>Indigo<span class=\"_ _0\"></span> Diab<span class=\"_ _0\"></span>etes (11.<span class=\"_ _0\"></span>9%),<span class=\"_ _0\"></span> MRM Hea<span class=\"_ _0\"></span>lth<span class=\"ls1 ws1\"> <span class=\"ls46 ws22c\">(15.9%), Onco<span class=\"_ _3\"></span>DNA (9.8%).</span> </span>-<span class=\"ff3c\"> <span class=\"ff3a ws1f8\">India / South<span class=\"ws1\">-</span>East Asia: HealthQuad Fu<span class=\"_ _0\"></span>nd I (36.3%),<span class=\"ws1\"> <span class=\"_ _4\"> </span></span>HealthQuad Fund II </span></span>(11.<span class=\"_ _0\"></span>0%), Med<span class=\"_ _0\"></span>ikabaz<span class=\"_ _0\"></span>aar (8.<span class=\"_ _0\"></span>9%), Ven<span class=\"_ _0\"></span>turi Pa<span class=\"_ _0\"></span>rtners F<span class=\"_ _0\"></span>und I (1<span class=\"_ _0\"></span>1.1%) an<span class=\"_ _0\"></span>d Convergent Finance (3<span class=\"_ _0\"></span>.1%).<span class=\"ws1\"> </span>Early F<span class=\"_ _9f\"></span>ebruary 20<span class=\"_ _0\"></span>23, af<span class=\"_ _0\"></span>ter a s<span class=\"_ _0\"></span>ucces<span class=\"_ _0\"></span>sful co<span class=\"_ _9f\"></span>llaboration<span class=\"_ _9f\"></span> of more <span class=\"_ _0\"></span>than 30<span class=\"_ _0\"></span> years,<span class=\"_ _0\"></span> AvH<span class=\"_ _0\"></span> sold its 50% pa<span class=\"_ _3\"></span>rticip<span class=\"_ _0\"></span>ation in Telemond to t<span class=\"_ _3\"></span>he German family M<span class=\"ls35 ws1f0\">aas, it<span class=\"_ _0\"></span>s long<span class=\"ls1 ws1\">-</span><span class=\"ls33\">term </span></span>partner. This sale <span class=\"_ _0\"></span>earned AvH a cash rev<span class=\"_ _0\"></span>enue of 55 million<span class=\"_ _0\"></span> euros and a capita<span class=\"_ _0\"></span>l gain of 19 million euros. Co<span class=\"_ _0\"></span>nsequently, Telemond w<span class=\"_ _0\"></span>as reclassified to \u201cAssets h<span class=\"_ _0\"></span>eld for sale\u201d as of December 31, 2022<span class=\"ls1 ws1\">. </span>Note 6: S<span class=\"ls26 ws1dc\">egment <span class=\"ls3a ws20c\">information</span></span> \u2013 <span class=\"ls26 ws1dc\">income st<span class=\"_ _0\"></span>atement <span class=\"ls1 ws1\">2022 </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,965,08<span class=\"_ _3\"></span>3</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">217,522<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">145,138</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">25<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">75,704<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,053<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,40<span class=\"_ _3\"></span>1,419<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,008</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,966</span> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">42</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _46\"> </span><span class=\"fc22 ls29 ws1e1\">85,392</span><span class=\"fc22\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">135,999</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>221,392<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">115,243</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>115,243<span class=\"ls1 ws1\"> </span>Fees and <span class=\"ws1e1\">commissions <span class=\"ls1 ws1\">- </span></span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">100,051</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>100,051<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,793,646<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>71,330<span class=\"ls1 ws1\"> <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _15e\"> </span></span>3,864,890<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">86,044<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,229<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>9,139<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>25<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>2,366<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>99,802<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,780,6<span class=\"_ _3\"></span>41</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">124,820<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">98,<span class=\"_ _3\"></span>500</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">106</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">106<span class=\"_ _3\"></span>,152</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,12<span class=\"_ _3\"></span>3</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,1<span class=\"_ _3\"></span>08,096</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,690,244</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">27,755</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">81,129</span> <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">106</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">52,260</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,123</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,849,372</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">20,047</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">20,047</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">712,607</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">58,161</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">9,204</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">40,310</span> </span>-<span class=\"ls29 ws1e1\">820,282</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">346,405</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,116</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,140</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,923</span> </span>-<span class=\"ls29 ws1e1\">359,585</span> Impairment losses (<span class=\"ls1 ws1\">-) <span class=\"_ _46\"> </span></span>2,388<span class=\"ls1 ws1\"> <span class=\"_ _8b\"> </span>-</span>925<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> </span>1,053<span class=\"ls1 ws1\"> </span>Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">29,818</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">13,693</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,170</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">774</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">51,455</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _177\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">3,955<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,878<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>552<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-</span>7,884<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">8,408</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">24,017<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">7,164<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 -<span class=\"ls27 ws1df\">16,854</span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and loss<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL) <span class=\"_ _27\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,397</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,164</span> </span>-<span class=\"ls29 ws1e1\">5,234</span> Investmen<span class=\"_ _3\"></span>t property<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">11,620</span> 0 0 -<span class=\"ls29 ws1e1\">11,620</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> <span class=\"_ _40\"> </span><span class=\"ls27 ws1df\">19,181</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">2,559</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">28,346<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">334,<span class=\"_ _3\"></span>433</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">379,402</span> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> </span>9,433<span class=\"ls1 ws1\"> </span>0 0 0 59<span class=\"ls1 ws1\"> </span>9,491<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property <span class=\"_ _178\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">28,346</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>28,346<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> </span>9,749<span class=\"ls1 ws1\"> </span>0 0 0 334,117<span class=\"ls1 ws1\"> </span>343,866<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,559</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">257</span> </span>-<span class=\"ls29 ws1e1\">2,301</span> Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>203,623<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>90,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50,966<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">81</span> 311,149<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>70<span class=\"ls1 ws1\"> </span>655,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">31,909</span> -<span class=\"ls27 ws1df\">1,578</span> 19,226<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>4,165<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">70</span> -<span class=\"ls27 ws1df\">10,156</span> Interest income<span class=\"_ _3\"></span> <span class=\"_ _16f\"> </span><span class=\"fc22 ls29 ws1e1\">12,302</span><span class=\"fc22\"> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">17</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">3,392</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">3,345</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,436</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">17,619</span> </span>Interest<span class=\"_ _0\"></span> expenses (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">25,914</span> 0 -<span class=\"ls29 ws1e1\">12,233</span> 0 -<span class=\"ls29 ws1e1\">653</span> 1,436<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,365</span> (Un)realised foreign curr<span class=\"_ _0\"></span>ency results <span class=\"_ _179\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">9,947</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span><span class=\"ls29 ws1e1\">11</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">716</span> </span>-<span class=\"ls29 ws1e1\">9,219</span> Other financial income (expenses<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,350</span> 218<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>0 757<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">70</span> -<span class=\"ls29 ws1e1\">7,114</span> Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,814</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">27,737</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 25,923<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">25,4<span class=\"_ _3\"></span>30</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">126,491<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">17,4<span class=\"_ _3\"></span>17</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">35,464<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">39,072</span> </span>243,874<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span>non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">operatin<span class=\"_ _3\"></span>g income<span class=\"ls1 ws1\"> <span class=\"_ _17a\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) </span></span>0 0 0 0 0 0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>197,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,056<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,610<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,393<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>354,386<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 889,590<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">44,236</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">21,<span class=\"_ _3\"></span>723</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">15,621</span> <span class=\"_ _6\"> </span>-<span class=\"ls27 ws1df\">50</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">449</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">82,<span class=\"_ _3\"></span>078</span> </span>Deferred t<span class=\"_ _0\"></span>axes<span class=\"ls1 ws1\"> </span>12,349<span class=\"ls1 ws1\"> </span>503<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,548</span> 0 -<span class=\"ls29 ws1e1\">54</span> 3,250<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">56,585</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,226</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">6,073</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">50</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">394</span> </span>-<span class=\"ls29 ws1e1\">85,328</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 807,512<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,050</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>3,050<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit <span class=\"_ _3\"></span><span class=\"ls2f ws1e8\">(loss) of the<span class=\"_ _3\"></span> period<span class=\"ls1 ws1\"> </span></span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>75,040<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 810,562<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> </span>58,343<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>29,702<span class=\"ls1 ws1\"> </span>1,020<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">357</span> 101,907<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">94,565<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>180,135<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>45,338<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>34,323<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>354,295<span class=\"ls1 ws1\"> </span></span>708,655<span class=\"ls1 ws1\"> </span>Comments<span class=\"_ _0\"></span> on the s<span class=\"_ _0\"></span>egment i<span class=\"_ _0\"></span>nforma<span class=\"_ _0\"></span>tion <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">income </span></span>statement <span class=\"ls1 ws1\"> </span>AvH reali<span class=\"_ _3\"></span>sed a <span class=\"ff3b ls1 ws1f0\">net profit<span class=\"ff3a ws1\"> <span class=\"ls24 ws206\">of 708.7 mil<span class=\"_ _3\"></span>lion euros (share of the group) over 2022. </span></span></span>This re<span class=\"_ _0\"></span>cord re<span class=\"_ _0\"></span>sult is du<span class=\"_ _0\"></span>e to the s<span class=\"_ _0\"></span>trong re<span class=\"_ _0\"></span>sults of<span class=\"_ _0\"></span> all divi<span class=\"_ _0\"></span>sions of<span class=\"_ _0\"></span> the AvH g<span class=\"_ _0\"></span>roup and<span class=\"_ _9f\"></span> to the ca<span class=\"_ _0\"></span>pital g<span class=\"_ _9f\"></span>ains that we<span class=\"_ _0\"></span>re real<span class=\"_ _0\"></span>ised on<span class=\"_ _0\"></span> the disp<span class=\"_ _0\"></span>osal of<span class=\"_ _0\"></span> the pa<span class=\"_ _0\"></span>rticipa<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>n Anim<span class=\"_ _0\"></span>a and Manuchar.<span class=\"ws1\"> </span>The sale of<span class=\"_ _0\"></span> <span class=\"ls1 ws20b\">M<span class=\"_ _3\"></span>anuch<span class=\"_ _0\"></span>ar was realised on June 30, 202<span class=\"_ _0\"></span>2 and that of Anima was closed </span>in July 2022. Since<span class=\"_ _0\"></span> the participation in <span class=\"_ _0\"></span>Manuchar had already been <span class=\"_ _0\"></span>reported as \u201cAss<span class=\"_ _0\"></span>ets held f<span class=\"_ _0\"></span>or sa<span class=\"_ _0\"></span>le\u201d in t<span class=\"_ _0\"></span>he 2021 f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncial st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nts, th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ibution<span class=\"_ _0\"></span> of Manuc<span class=\"_ _0\"></span>har to <span class=\"_ _0\"></span>the resu<span class=\"_ _0\"></span>lts of<span class=\"_ _0\"></span> 2022 <span class=\"ls35 ws22f\">con<span class=\"_ _0\"></span>sists <span class=\"_ _0\"></span>entirel<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e capita<span class=\"_ _0\"></span>l gain of<span class=\"_ _0\"></span> 97.2 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> </span>euros th<span class=\"_ _0\"></span>at was r<span class=\"_ _0\"></span>ealised o<span class=\"_ _0\"></span>n the sa<span class=\"_ _0\"></span>le. The s<span class=\"_ _0\"></span>ale of An<span class=\"_ _0\"></span>ima, ho<span class=\"_ _0\"></span>wever, to<span class=\"_ _0\"></span>ok plac<span class=\"_ _0\"></span>e in the<span class=\"_ _0\"></span> second<span class=\"_ _0\"></span> half o<span class=\"_ _0\"></span>f the yea<span class=\"_ _0\"></span>r. Cons<span class=\"_ _0\"></span>equen<span class=\"_ _0\"></span>tly, An<span class=\"_ _0\"></span>ima\u2019s r<span class=\"_ _0\"></span>esults f<span class=\"_ _0\"></span>or the fir<span class=\"_ _0\"></span>st half<span class=\"_ _0\"></span> of 202<span class=\"_ _0\"></span>2 were st<span class=\"_ _0\"></span>ill repo<span class=\"_ _0\"></span>rted in th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lts at<span class=\"ls1 ws1\"> <span class=\"_ _7\"> </span></span>June 30, y<span class=\"_ _0\"></span>et recla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>ed to \u201cProf<span class=\"_ _0\"></span>it fro<span class=\"_ _0\"></span>m discontinued op<span class=\"_ _0\"></span>erations\u201d In the second<span class=\"_ _0\"></span> half of the year,<span class=\"_ _0\"></span> a capital gain of 2<span class=\"_ _0\"></span>36.9 millio<span class=\"_ _0\"></span>n euros on thi<span class=\"_ _0\"></span>s exit wa<span class=\"_ _0\"></span>s recognis<span class=\"_ _0\"></span>ed in the grou<span class=\"_ _0\"></span>p result.<span class=\"_ _0\"></span> For the stru<span class=\"_ _0\"></span>cture of<span class=\"_ _0\"></span> the con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted incom<span class=\"_ _9f\"></span>e statemen<span class=\"_ _0\"></span>t, this <span class=\"_ _0\"></span>means th<span class=\"_ _9f\"></span><span class=\"ls24 ws206\">a<span class=\"_ _3\"></span>t in 2022 Nextensa is the only </span>fully consolidated<span class=\"_ _0\"></span> participation in <span class=\"_ _0\"></span>the \u201cReal Estate &amp;<span class=\"_ _0\"></span> Senior Care\u201d s<span class=\"_ _0\"></span>egment. However, Anima is <span class=\"_ _0\"></span>still fully reported in th<span class=\"_ _0\"></span>e comparative figure<span class=\"_ _0\"></span>s of 2021. The othe<span class=\"_ _0\"></span>r changes in the consolidation scope have o<span class=\"_ _0\"></span>nly a l<span class=\"_ _3\"></span>imited i<span class=\"_ _0\"></span>mpact <span class=\"ls34 ws219\">on<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> com<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>ty </span>of the 2<span class=\"_ _0\"></span>022 co<span class=\"_ _0\"></span>nsolida<span class=\"_ _0\"></span>ted in<span class=\"_ _0\"></span>come st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent with <span class=\"_ _0\"></span>that of<span class=\"_ _0\"></span> the pr<span class=\"_ _0\"></span>evious <span class=\"_ _0\"></span>year.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Despite the dereco<span class=\"_ _3\"></span>gnition of Anima\u2019s revenue in 2022 (2021: 106.1 milli<span class=\"_ _3\"></span>on euros), the <span class=\"_ _7\"> </span>rev<span class=\"_ _0\"></span>enues<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls24 ws2ad\">nevertheless increased by <span class=\"_ _3\"></span>89.0 million euros to <span class=\"_ _3\"></span>4,401.4 million </span></span>eu<span class=\"ls25 ws1db\">ros.<span class=\"_ _0\"></span> This in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e refl<span class=\"_ _0\"></span>ects the hi<span class=\"_ _0\"></span>gher tu<span class=\"_ _9f\"></span>rnover at D<span class=\"_ _0\"></span>EME, C<span class=\"_ _0\"></span>FE and R<span class=\"_ _0\"></span>ent<span class=\"ls1 ws1\">-A-<span class=\"ls33 ws1eb\">Port, as </span></span></span>well as the <span class=\"_ _3\"></span>highe<span class=\"_ _0\"></span>r interest and <span class=\"_ _3\"></span>commi<span class=\"_ _0\"></span>ssion income at Bank Van <span class=\"_ _3\"></span>Br<span class=\"_ _0\"></span>eda. The decreased revenue in \u201cAvH &amp; Grow<span class=\"_ _0\"></span>th Capital\u201d is primarily explain<span class=\"_ _0\"></span>ed by the decre<span class=\"_ _0\"></span>ase of th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> tu<span class=\"_ _0\"></span>rnover a<span class=\"_ _0\"></span>t <span class=\"ls1 ws1f6\">Agidens by 15.1<span class=\"_ _0\"></span> million euros.<span class=\"ws1\"> </span></span>In ord<span class=\"_ _0\"></span>er to rea<span class=\"_ _0\"></span>lise th<span class=\"_ _0\"></span>at hig<span class=\"_ _0\"></span>her rev<span class=\"_ _9f\"></span>enue, the <span class=\"_ _0\"></span><span class=\"ff3b ls1 ws260\">operating expenses<span class=\"ff3a ws1\"> <span class=\"_ _9f\"></span><span class=\"ls30 ws283\">increa<span class=\"_ _0\"></span>sed as wel<span class=\"_ _0\"></span>l </span></span></span>by 84.1 million euros, of wh<span class=\"_ _0\"></span>ich 168.2 million euros in \u201c<span class=\"_ _0\"></span>Marine Engineering &amp;<span class=\"_ _0\"></span> Contracting\u201d and 2.4 million <span class=\"_ _0\"></span>euros in \u201cPrivate Banking\u201d respective<span class=\"ls34\">ly. T<span class=\"_ _3\"></span>he </span>deconsolidation of Anima resulte<span class=\"_ _0\"></span>d in the elimination of 96.9 million euros<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>expens<span class=\"_ _0\"></span>es, wh<span class=\"_ _0\"></span>ile th<span class=\"_ _0\"></span>e low<span class=\"_ _0\"></span>er tur<span class=\"_ _0\"></span>nover <span class=\"_ _0\"></span>at Agid<span class=\"_ _9f\"></span>ens led to<span class=\"_ _0\"></span> a dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e of operating expenses by 12.8 <span class=\"_ _0\"></span>million euros.<span class=\"ws1\"> </span>Throughout the whole AvH g<span class=\"_ _0\"></span>roup, companies were confron<span class=\"ls24 ws21b\">t<span class=\"_ _0\"></span>ed in 2022 with rising </span>costs o<span class=\"_ _0\"></span>f raw m<span class=\"_ _0\"></span>aterial<span class=\"_ _0\"></span>s, labo<span class=\"_ _0\"></span>ur, en<span class=\"_ _0\"></span>ergy an<span class=\"_ _0\"></span>d other s<span class=\"_ _0\"></span>ervic<span class=\"_ _0\"></span>es. DEME\u2019<span class=\"_ _0\"></span>s inve<span class=\"_ _0\"></span>stment<span class=\"_ _0\"></span>s in its fleet resulted <span class=\"_ _0\"></span>in a higher <span class=\"ff3b ls34 ws237\">depr<span class=\"_ _3\"></span>ecia<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span> cost<span class=\"_ _3\"></span></span><span class=\"ls24 ws206\">. In 2022, an amount of 1 mi<span class=\"_ _0\"></span>llion </span>euros w<span class=\"_ _0\"></span>as r<span class=\"_ _0\"></span>eversed<span class=\"_ _0\"></span> on i<span class=\"_ _0\"></span>mpairm<span class=\"_ _0\"></span>ent lo<span class=\"_ _0\"></span>sses, a<span class=\"_ _0\"></span>s opp<span class=\"_ _0\"></span>osed to<span class=\"_ _9f\"></span> a cost of<span class=\"_ _9f\"></span> 45.8<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws213\">mil<span class=\"_ _0\"></span>lion </span></span>euros in 2021.<span class=\"ls1 ws1\"> </span>Following the conclu<span class=\"_ _0\"></span>sion of an agreemen<span class=\"_ _0\"></span>t, Bank Van Breda wa<span class=\"_ _0\"></span>s able to reverse<span class=\"_ _0\"></span> 2.9 million euros of the provision <span class=\"_ _7\"> </span>it had constituted in previou<span class=\"_ _0\"></span>s years. The operating expenses in \u201cAvH &amp;<span class=\"_ _0\"></span> Growth Capi<span class=\"_ _3\"></span>tal\u201d, on the oth<span class=\"_ _0\"></span>er hand, included in 2<span class=\"ls25 ws1db\">022 a c<span class=\"_ _0\"></span>ost of 7<span class=\"_ _0\"></span>.7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _9f\"></span>ros to cons<span class=\"_ _0\"></span>titu<span class=\"_ _0\"></span>te a pro<span class=\"_ _0\"></span>vision f<span class=\"_ _0\"></span>or l<span class=\"_ _0\"></span>iabiliti<span class=\"_ _0\"></span>es and <span class=\"_ _0\"></span>charge<span class=\"_ _0\"></span>s </span>which AvH might be asked to draw u<span class=\"_ _0\"></span>pon in the context of warranties and repre<span class=\"_ _0\"></span>sentatio<span class=\"_ _0\"></span>ns gi<span class=\"_ _0\"></span>ven.<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s/liabilitie<span class=\"_ _3\"></span>s designat<span class=\"_ _3\"></span>ed at fa<span class=\"_ _3\"></span>ir value<span class=\"ff3a ls1 ws1\"> <span class=\"_ _7\"> </span><span class=\"ws221\">made, on balance, a nega<span class=\"_ _0\"></span>tive </span></span>con<span class=\"ls25 ws204\">tribu<span class=\"_ _0\"></span>tion of 1<span class=\"_ _0\"></span>6.9 mi<span class=\"_ _0\"></span>llion e<span class=\"_ _0\"></span>uros to t<span class=\"_ _0\"></span>he resu<span class=\"_ _9f\"></span>lts in 2022.<span class=\"_ _0\"></span> In \u201cR<span class=\"_ _0\"></span>eal Esta<span class=\"_ _0\"></span>te &amp; Senio<span class=\"_ _9f\"></span>r </span>Care\u201d,<span class=\"_ _0\"></span> the v<span class=\"_ _0\"></span>alue of<span class=\"_ _0\"></span> the <span class=\"_ _0\"></span>Retail <span class=\"_ _0\"></span>Estate<span class=\"_ _0\"></span>s sha<span class=\"_ _0\"></span>res at <span class=\"_ _0\"></span>Nexten<span class=\"_ _0\"></span>sa was<span class=\"_ _0\"></span> decrea<span class=\"_ _0\"></span>sed by<span class=\"_ _0\"></span> 12.7<span class=\"_ _0\"></span> million euros in accordance wi<span class=\"_ _0\"></span>th the evolution of the share pri<span class=\"_ _0\"></span>ce during 2022, while a negat<span class=\"_ _0\"></span>ive<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws1f3\">fa<span class=\"_ _0\"></span>ir value adjustment of 11.6 <span class=\"_ _0\"></span>million euros was recorded on th<span class=\"_ _0\"></span>e real </span></span>estate portfolio based on external valuations. In \u201cAvH &amp; Growth Ca<span class=\"_ _3\"></span>pital\u201d, the<span class=\"_ _0\"></span> revaluation at fair value of AvH\u2019s <span class=\"_ _0\"></span>investment portfolio result<span class=\"_ _0\"></span>ed in a negative value adjustm<span class=\"_ _9f\"></span>ent of 6.6<span class=\"_ _9f\"></span> milli<span class=\"ls1 ws1ed\">on euro<span class=\"_ _0\"></span>s, while an upw<span class=\"_ _0\"></span>ard value adjustment <span class=\"_ _0\"></span>of 13.8 millio<span class=\"_ _0\"></span>n </span>euros was recognised on the non<span class=\"ws1\">-<span class=\"ls25 ws1fb\">con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted par<span class=\"_ _0\"></span>ticipa<span class=\"_ _0\"></span>tions o<span class=\"_ _0\"></span>f AvH Gro<span class=\"_ _0\"></span>wth </span></span>Capital.  As was already indicated above, <span class=\"_ _0\"></span><span class=\"ff3b ls49 ws2ae\">capita<span class=\"_ _3\"></span>l gains<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws207\">mad<span class=\"_ _0\"></span>e a subs<span class=\"_ _0\"></span>tantia<span class=\"_ _0\"></span>l contr<span class=\"_ _0\"></span>ibution t<span class=\"_ _0\"></span>o </span></span></span>the group results <span class=\"_ _0\"></span>in 2022. The dispo<span class=\"_ _0\"></span>sal of the participat<span class=\"_ _0\"></span>ions in Manuchar an<span class=\"_ _0\"></span>d Anima generated capital gains of 334.1 million euros in \u201cAvH &amp;<span class=\"_ _0\"></span> Growth Capital\u201d. The sal<span class=\"_ _0\"></span>e by Nex<span class=\"_ _0\"></span>tensa of<span class=\"_ _0\"></span> the Cre<span class=\"_ _0\"></span>scent, <span class=\"_ _0\"></span>Monnet a<span class=\"_ _0\"></span>nd Titan<span class=\"_ _9f\"></span>ium build<span class=\"_ _0\"></span>ings ea<span class=\"_ _0\"></span>rned<span class=\"_ _0\"></span> Nexten<span class=\"_ _0\"></span>sa a tota<span class=\"_ _0\"></span>l capita<span class=\"_ _0\"></span>l gain of 2<span class=\"_ _0\"></span>8.3 mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _9f\"></span>s. DE<span class=\"ls42 ws2af\">ME realise<span class=\"_ _0\"></span>d a capita<span class=\"_ _0\"></span>l gain of </span>7.3<span class=\"_ _3\"></span> mil<span class=\"_ _3\"></span>lio<span class=\"_ _3\"></span>n eur<span class=\"_ _3\"></span>os on t<span class=\"_ _3\"></span>he di<span class=\"_ _3\"></span>spos<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>f fix<span class=\"_ _3\"></span>ed as<span class=\"_ _3\"></span>sets<span class=\"_ _3\"></span> (inc<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>ding<span class=\"_ _3\"></span> the \u2018T<span class=\"_ _3\"></span>hor<span class=\"_ _3\"></span>\u2019),<span class=\"_ _3\"></span> and CF<span class=\"_ _3\"></span>E 2.1 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s. In<span class=\"_ _0\"></span> CFE\u2019s r<span class=\"_ _0\"></span>eal <span class=\"_ _0\"></span>estate d<span class=\"_ _9f\"></span>evelopmen<span class=\"_ _9f\"></span>t activi<span class=\"_ _0\"></span>ty, the<span class=\"_ _0\"></span> Wooden<span class=\"_ _0\"></span> pro<span class=\"_ _0\"></span>ject, in<span class=\"_ _9f\"></span> which CFE held a partic<span class=\"_ _0\"></span>ipating interest, was succ<span class=\"_ _0\"></span>essfully s<span class=\"ls40 ws218\">old.</span><span class=\"ws1\"> </span>As was <span class=\"_ _0\"></span>also th<span class=\"_ _0\"></span>e case in<span class=\"_ _0\"></span> prev<span class=\"_ _0\"></span>ious ye<span class=\"_ _0\"></span>ars, th<span class=\"_ _0\"></span>e <span class=\"ff3b ls64 ws2b0\">eq<span class=\"_ _3\"></span>uit<span class=\"_ _3\"></span>y<span class=\"ls1 ws1\">-<span class=\"ls3f ws2ad\">accoun<span class=\"_ _0\"></span>ted in<span class=\"_ _0\"></span>vestm<span class=\"_ _9f\"></span>ents<span class=\"ff3a ls1 ws1\"> </span></span></span></span>made a s<span class=\"_ _0\"></span>ubstan<span class=\"_ _9f\"></span>tial contr<span class=\"_ _0\"></span>ibution<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>e group p<span class=\"_ _9f\"></span>rofit. In 20<span class=\"_ _0\"></span>22, th<span class=\"_ _0\"></span>is cont<span class=\"_ _0\"></span>ributio<span class=\"_ _0\"></span>n amounted to 243.9 million euros (2021: 255.2 million euros, inclu<span class=\"_ _3\"></span>ding <span class=\"_ _0\"></span>a contribution from Manuch<span class=\"_ _0\"></span>ar<span class=\"ls25 ws2b2\">). This p<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span> from equ<span class=\"_ _0\"></span>ity<span class=\"ls1 ws1\">-<span class=\"ws25d\">account<span class=\"_ _0\"></span>ed investments </span></span></span>compr<span class=\"_ _0\"></span>ises a.o<span class=\"_ _0\"></span>. th<span class=\"_ _0\"></span>e share<span class=\"_ _0\"></span> of th<span class=\"_ _0\"></span>e AvH g<span class=\"_ _0\"></span>roup in<span class=\"_ _0\"></span> the n<span class=\"_ _0\"></span>et prof<span class=\"_ _0\"></span>it of D<span class=\"_ _9f\"></span>elen Priv<span class=\"_ _0\"></span>ate Ban<span class=\"_ _0\"></span>k,<span class=\"_ _0\"></span> SIPEF, V<span class=\"_ _0\"></span>erdant Bio<span class=\"_ _9f\"></span>science, Sag<span class=\"_ _0\"></span>ar Cemen<span class=\"_ _0\"></span>ts and seve<span class=\"_ _0\"></span>ral \u201c<span class=\"ls42 ws28e\">AvH &amp; Growt<span class=\"_ _0\"></span>h Capital\u201d<span class=\"_ _9f\"></span> </span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span>s. The f<span class=\"_ _0\"></span>ull ov<span class=\"_ _0\"></span>erview o<span class=\"_ _0\"></span>f this<span class=\"_ _0\"></span> item i<span class=\"_ _0\"></span><span class=\"ls25 ws249\">s pre<span class=\"_ _0\"></span>sented i<span class=\"_ _0\"></span>n No<span class=\"_ _0\"></span>te 2. J<span class=\"_ _0\"></span>ointl<span class=\"_ _0\"></span>y </span>controlled subsidiarie<span class=\"_ _0\"></span>s and Note 3. Associated pa<span class=\"_ _0\"></span>rticipating interests. <span class=\"ws1\"> </span>The general incr<span class=\"_ _0\"></span>ease in interest rate<span class=\"_ _0\"></span>s did not lead to a <span class=\"_ _0\"></span>significant increase of <span class=\"_ _0\"></span>the inte<span class=\"_ _0\"></span>rest exp<span class=\"_ _9f\"></span>enses<span class=\"ff3a ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">in 2022, although<span class=\"_ _0\"></span> it had a po<span class=\"_ _0\"></span>sitive impact on t<span class=\"_ _0\"></span>he<span class=\"ws1\"> <span class=\"ls4a ws22c\">fai<span class=\"_ _3\"></span>r va<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>e of </span></span></span></span>hedging instruments a<span class=\"_ _0\"></span>t Nextensa. In 2022, foreign curr<span class=\"_ _0\"></span>ency results had a negativ<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t of 9.<span class=\"_ _0\"></span>2 mill<span class=\"_ _0\"></span>ion eu<span class=\"_ _0\"></span>ros (p<span class=\"_ _0\"></span>rimaril<span class=\"_ _0\"></span>y at <span class=\"_ _0\"></span>DEME) o<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span> group <span class=\"_ _0\"></span>resul<span class=\"_ _0\"></span>ts, wh<span class=\"_ _0\"></span>ereas i<span class=\"_ _0\"></span>n 2021 th<span class=\"_ _0\"></span>ey stil<span class=\"_ _0\"></span>l had a po<span class=\"_ _0\"></span>sitive ov<span class=\"_ _0\"></span>erall im<span class=\"_ _0\"></span>pact of<span class=\"_ _0\"></span> 7.1 milli<span class=\"_ _0\"></span>on euro<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>The <span class=\"ff3b ls54 ws279\">inco<span class=\"_ _3\"></span>me<span class=\"ls1 ws1\"> <span class=\"ls3f ws1f4\">taxes</span><span class=\"ff3a\"> <span class=\"ls35 ws1ec\">inc<span class=\"_ _0\"></span>reased s<span class=\"_ _0\"></span>lightly <span class=\"_ _0\"></span>to 82.1 mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s relativ<span class=\"_ _0\"></span>e to last ye<span class=\"_ _0\"></span>ar. In<span class=\"_ _0\"></span> </span></span></span></span>the ass<span class=\"_ _0\"></span>essmen<span class=\"_ _0\"></span>t of this f<span class=\"_ _0\"></span>igur<span class=\"_ _0\"></span>e in relatio<span class=\"_ _9f\"></span>n to the pro<span class=\"_ _0\"></span>fit bef<span class=\"_ _0\"></span>ore tax, a<span class=\"_ _0\"></span>t least th<span class=\"_ _9f\"></span>e following should be taken into <span class=\"_ _3\"></span>account:<span class=\"_ _0\"></span><span class=\"ws1\"> </span>i.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ff3a ws1f5\">the c<span class=\"_ _3\"></span>ont<span class=\"_ _0\"></span>ribution from the equity<span class=\"ws1\">-<span class=\"ls25 ws204\">a<span class=\"_ _0\"></span>ccounte<span class=\"_ _0\"></span>d inve<span class=\"_ _0\"></span>stments i<span class=\"_ _0\"></span>s rep<span class=\"ls33 ws215\">orted on t<span class=\"_ _3\"></span>he </span></span></span></span></span>basis o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> net re<span class=\"_ _0\"></span>sult, in o<span class=\"_ _9f\"></span>ther word<span class=\"_ _0\"></span>s, af<span class=\"_ _0\"></span>ter the <span class=\"_ _0\"></span>taxes <span class=\"_ _0\"></span>borne b<span class=\"_ _0\"></span>y thos<span class=\"_ _0\"></span>e entiti<span class=\"_ _0\"></span>es.<span class=\"ls1 ws1\"> </span>ii.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span></span><span class=\"ls25 ws204\">In 2022,<span class=\"_ _0\"></span> a substan<span class=\"_ _0\"></span>tial pa<span class=\"_ _0\"></span>rt of th<span class=\"_ _0\"></span>e result c<span class=\"_ _0\"></span>onsist<span class=\"_ _0\"></span>ed of gain<span class=\"_ _0\"></span>s on th<span class=\"_ _0\"></span>e dispos<span class=\"_ _0\"></span>al </span>of participations which AvH held over the long term and are exempt fro<span class=\"_ _0\"></span>m tax.<span class=\"ls1 ws1\"> </span>If the<span class=\"_ _3\"></span> <span class=\"ls40 ws275\">total tax expense of 82.1 million euros is compared with just the pre<span class=\"ls1 ws1\">-<span class=\"ls31 ws206\">ta<span class=\"_ _3\"></span>x </span></span></span>profit <span class=\"_ _0\"></span>after ad<span class=\"_ _0\"></span>justm<span class=\"_ _0\"></span>ent fo<span class=\"_ _0\"></span>r the ab<span class=\"_ _0\"></span>ove el<span class=\"_ _0\"></span>ements,<span class=\"_ _0\"></span> the tax<span class=\"_ _0\"></span> rate w<span class=\"_ _0\"></span>ould be 2<span class=\"_ _0\"></span>7.2%<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span> </span>Note 6: <span class=\"ls26 ws1dc\">Segment <span class=\"ls3a ws20c\">information </span></span>\u2013 <span class=\"ls36 ws200\">assets 20<span class=\"_ _3\"></span>22</span> (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Non<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls2d ws15b\">current as<span class=\"_ _3\"></span>sets</span> </span>3,631,13<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,119,53<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,465,50<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>341,798<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>445,377<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">34,840</span> 11,968,5<span class=\"_ _3\"></span>09<span class=\"ls1 ws1\"> </span>Intangible as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> <span class=\"_ _17e\"> </span><span class=\"ls27 ws1df\">115,515<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">396<span class=\"_ _3\"></span></span> <span class=\"_ _10\"> </span><span class=\"ls27 ws1df\">1,11<span class=\"_ _3\"></span>8</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">620<span class=\"_ _3\"></span></span> </span>117,649<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17f\"> </span><span class=\"ls27 ws1df\">173,980<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">134,<span class=\"_ _3\"></span>247</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">11,727<span class=\"_ _3\"></span></span> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tangible assets<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _180\"> </span><span class=\"ls27 ws1df\">2,632,21<span class=\"_ _3\"></span>1</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">53,009</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">6,71<span class=\"_ _3\"></span>9</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">28,7<span class=\"_ _3\"></span>69</span> </span>2,720,70<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Land and buildings<span class=\"ls1 ws1\"> <span class=\"_ _181\"> </span></span><span class=\"fc22 ws1e1\">181,802<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>45,625<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>19,355<span class=\"ls1 ws1\"> </span></span>246,782<span class=\"ls1 ws1\"> </span>Plant, machinery and equipment<span class=\"ls1 ws1\"> <span class=\"_ _182\"> </span></span><span class=\"fc22 ws1e1\">2,176,503<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,720<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,698<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span></span>3,266<span class=\"ls1 ws1\"> </span></span>2,183,188<span class=\"ls1 ws1\"> </span>Furniture and vehicles<span class=\"ls1 ws1\"> <span class=\"_ _180\"> </span></span><span class=\"fc22 ws1e1\">38,826<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>5,014<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>730<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span></span>4,726<span class=\"ls1 ws1\"> </span></span>49,296<span class=\"ls1 ws1\"> </span>Other tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _183\"> </span></span><span class=\"fc22 ws1e1\">4,116<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>449<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>4,291<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>454<span class=\"ls1 ws1\"> </span></span>9,310<span class=\"ls1 ws1\"> </span>Assets under construction<span class=\"ls1 ws1\">  <span class=\"_ _184\"> </span></span><span class=\"fc22 ws1e1\">230,964<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>200<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _8\"> </span></span>968<span class=\"ls1 ws1\"> </span></span>232,132<span class=\"ls1 ws1\"> </span>Investment<span class=\"_ _3\"></span> property<span class=\"ls1 ws1\"> <span class=\"_ _176\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">1,<span class=\"_ _3\"></span>278,716<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>1,278,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod<span class=\"ls1 ws1\"> <span class=\"_ _fd\"> </span><span class=\"ls27 ws1df\">362,398<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">849,394<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">52,9<span class=\"_ _3\"></span>46</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">341,798<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">238,<span class=\"_ _3\"></span>701</span> </span>1,845,23<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ws202\">current financi<span class=\"_ _3\"></span>al assets</span> <span class=\"_ _b6\"> </span><span class=\"ls27 ws1df\">175,440<span class=\"_ _3\"></span></span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,579</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">91,692<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">163,<span class=\"_ _3\"></span>331</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">34,840<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">398,<span class=\"_ _3\"></span>203</span> </span>Financial assets<span class=\"_ _0\"></span> : <span class=\"ls28 ws1de\">sh<span class=\"_ _3\"></span>ares <span class=\"ls1 ws1\">- </span></span>F<span class=\"_ _3\"></span>air value through P/L (FVPL)<span class=\"ls1 ws1\"> <span class=\"_ _91\"> </span></span><span class=\"fc22 ws1e1\">5,036<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>83,782<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span></span>119,510<span class=\"ls1 ws1\"> </span></span>208,328<span class=\"ls1 ws1\"> </span>Receivables and warranties<span class=\"ls1 ws1\"> <span class=\"_ _185\"> </span></span><span class=\"fc22 ws1e1\">170,404<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,579<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>7,910<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>43,821<span class=\"ls1 ws1\"> <span class=\"_ _6d\"> </span>-</span>34,840<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>189,875<span class=\"ls1 ws1\"> </span></span>Non<span class=\"ls1 ws1\">-</span>curren<span class=\"_ _3\"></span>t hedging ins<span class=\"_ _3\"></span>truments<span class=\"ls1 ws1\"> <span class=\"_ _56\"> </span><span class=\"ls27 ws1df\">40,076<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">86,1<span class=\"_ _3\"></span>20</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">32,715<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>158,911<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred tax assets<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _173\"> </span><span class=\"ls27 ws1df\">131,515<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">19,4<span class=\"_ _3\"></span>92</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">1,592<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,230<span class=\"_ _3\"></span></span> </span>154,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ws202\">receivables <span class=\"_ _3\"></span>from credit</span> 0 <span class=\"_ _ca\"> </span><span class=\"ls27 ws1df\">4,974,30<span class=\"_ _3\"></span>2</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 4,974,30<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>institutions<span class=\"_ _3\"></span> and clients a<span class=\"_ _3\"></span>fter one yea<span class=\"_ _3\"></span>r<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - loans and receivables to c<span class=\"_ _0\"></span>lients <span class=\"_ _186\"> </span><span class=\"fc22\">0 <span class=\"_ _7c\"> </span><span class=\"ls29 ws1e1\">4,974,302</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>4,974,302<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio  <span class=\"_ _87\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>0 II. C<span class=\"_ _3\"></span>urrent <span class=\"_ _3\"></span>assets<span class=\"ls1 ws1\"> </span>2,344,76<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>2,517,30<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>294,878<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>711<span class=\"ls1 ws1\"> </span>490,204<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,365</span> 5,645,50<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Inventories<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _187\"> </span><span class=\"ls27 ws1df\">290,062<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">98,<span class=\"_ _3\"></span>257</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">1,392</span> </span>389,711<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due <span class=\"_ _3\"></span>from cus<span class=\"_ _3\"></span>tomers under c<span class=\"_ _3\"></span>onstruction co<span class=\"_ _3\"></span>ntracts<span class=\"ls1 ws1\"> <span class=\"_ _c5\"> </span><span class=\"ls27 ws1df\">445,<span class=\"_ _3\"></span>465</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">83,186<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,63<span class=\"_ _3\"></span>8</span> </span>532,289<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Investments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _188\"> </span>2 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">503,171<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">41,3<span class=\"_ _3\"></span>25</span> </span>544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L (FVPL) <span class=\"_ _5e\"> </span><span class=\"fc22\">2 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">41,325</span> </span>41,328<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 502,908<span class=\"ls1 ws1\"> </span>0 0 0 502,908<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value th<span class=\"_ _3\"></span>rough OCI (FVOCI)<span class=\"_ _3\"></span> <span class=\"_ _2d\"> </span><span class=\"fc22\">0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">263</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>263<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> - <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>0 Current he<span class=\"_ _3\"></span>dging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> <span class=\"_ _189\"> </span><span class=\"ls27 ws1df\">22,228<span class=\"_ _3\"></span></span> <span class=\"_ _10\"> </span><span class=\"ls27 ws1df\">2,13<span class=\"_ _3\"></span>1</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 </span>24,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts rece<span class=\"_ _3\"></span>ivable with<span class=\"_ _3\"></span>in one year<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _18a\"> </span><span class=\"ls27 ws1df\">739,242<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">11,2<span class=\"_ _3\"></span>79</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">68,220</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">68<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">29,538<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,262</span> <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">847,085</span> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>683,217<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>15,371<span class=\"ls1 ws1\"> </span>0 21,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 719,214<span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> <span class=\"_ _18b\"> </span></span><span class=\"fc22 ws1e1\">56,026<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>11,231<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>52,849<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>68<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>7,698<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _6b\"> </span></span>127,871<span class=\"ls1 ws1\"> </span></span>Current tax receivabl<span class=\"_ _3\"></span>es<span class=\"ws1\"> </span>25,548<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,333<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 499<span class=\"ls1 ws1\"> </span>37,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ws202\">receivables <span class=\"_ _3\"></span>from credit</span> 0 <span class=\"_ _ca\"> </span><span class=\"ls27 ws1df\">1,965,93<span class=\"_ _3\"></span>9</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 1,965,93<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>institutions<span class=\"_ _3\"></span> and clients w<span class=\"_ _3\"></span>ithin one y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - <span class=\"ls29 ws1e0\">loans and advances to banks</span> <span class=\"_ _29\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">110,836</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>110,836<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - loans and receivables to c<span class=\"_ _0\"></span>lients <span class=\"_ _186\"> </span><span class=\"fc22\">0 <span class=\"_ _7c\"> </span><span class=\"ls29 ws1e1\">1,214,188</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>1,214,188<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio  <span class=\"_ _87\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>0 Bank<span class=\"_ _3\"></span>s - cash balances with<span class=\"_ _0\"></span> central banks <span class=\"_ _18c\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">640,916</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>640,916<span class=\"ls1 ws1\"> </span>Cash and ca<span class=\"_ _3\"></span>sh equivale<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>693,990<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>24,515<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,106<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>642<span class=\"ls1 ws1\"> </span>410,718<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,160,97<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Deferred ch<span class=\"_ _3\"></span>arges, accrue<span class=\"_ _3\"></span>d income a<span class=\"_ _3\"></span>nd other curr<span class=\"_ _3\"></span>ent assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span><span class=\"ls27 ws1df\">128,<span class=\"_ _3\"></span>230</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">10,274<span class=\"_ _3\"></span></span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,774</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,<span class=\"_ _3\"></span>094</span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,1<span class=\"_ _3\"></span>03</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">143,270<span class=\"_ _3\"></span></span> </span>III.<span class=\"_ _3\"></span> Assets h<span class=\"_ _3\"></span>eld for sa<span class=\"_ _3\"></span>le<span class=\"ls1 ws1\"> </span>31,997<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 30,507<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>62,504<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tot<span class=\"_ _0\"></span>al asset<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>6,007,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span></span>8,636,84<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span></span>1,760,<span class=\"_ _3\"></span>377<span class=\"ls1 ws1\"> <span class=\"_ _6c\"> </span></span>342,<span class=\"_ _3\"></span>509<span class=\"ls1 ws1\"> <span class=\"_ _6c\"> </span></span>966,<span class=\"_ _3\"></span>089<span class=\"ls1 ws1\"> <span class=\"_ _e2\"> </span>-</span>37,205<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span></span>17,676,5<span class=\"_ _3\"></span>17<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real <span class=\"ls2b ws1df\">Estate &amp; </span>Energy &amp; Segment info<span class=\"_ _3\"></span>rmation <span class=\"ls1 ws1\">- </span>pr<span class=\"_ _3\"></span>o forma turn<span class=\"_ _3\"></span>over<span class=\"ls1 ws1\"> </span>Engineering Growth between Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Turnover E<span class=\"_ _3\"></span>U member state<span class=\"_ _3\"></span>s <span class=\"_ _18d\"> </span><span class=\"fc22 ls29 ws1e1\">2,793,622</span><span class=\"fc22\"> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">538,551</span> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">135,999</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">56,860</span> <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">730,256</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,966</span> <span class=\"_ _15e\"> </span><span class=\"ls29 ws1e1\">4,253,323</span> </span>Other European countries<span class=\"ls1 ws1\"> <span class=\"_ _17a\"> </span></span><span class=\"fc22 ws1e1\">363,593<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>78,461<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span></span>34,582<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>63,182<span class=\"ls1 ws1\"> </span></span>539,818<span class=\"ls1 ws1\"> </span>Rest of the worl<span class=\"_ _3\"></span>d <span class=\"_ _18e\"> </span><span class=\"fc22 ls29 ws1e1\">722,758</span><span class=\"fc22\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">146,138</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">13,327</span> </span>882,223<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,879,97<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>617,012<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>135,999<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>237,580<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>806,766<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,966</span> 5,675,36<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>The pro forma turnover co<span class=\"_ _0\"></span>mprises the turnover of all partic<span class=\"_ _0\"></span>ipations held by the AvH gr<span class=\"_ _0\"></span>oup, and therefore deviates fr<span class=\"_ _0\"></span>om the turnover as reported in the l<span class=\"_ _0\"></span>egal IFRS consolidation dr<span class=\"_ _0\"></span>awn up on the basis of<span class=\"_ _0\"></span> the cons<span class=\"_ _0\"></span>olidation scope reported<span class=\"ls1 ws1\"> </span><span class=\"ws1e0\">in N<span class=\"_ _0\"></span>ote 2 and 3.<span class=\"ls1 ws1\"> </span>In this pro forma presentation, all exclusive control int<span class=\"_ _0\"></span>erests are incorporated in full and the other interests proport<span class=\"_ _0\"></span>ional<span class=\"ls3c ws20e\">l<span class=\"_ _3\"></span>y.<span class=\"ls1 ws1\"> </span></span></span>Note 6: <span class=\"ls3a ws20c\">Segm<span class=\"_ _3\"></span>ent inform<span class=\"_ _3\"></span>ation </span>\u2013 <span class=\"ls3a ws20c\">equity<span class=\"_ _3\"></span> and liab<span class=\"_ _3\"></span>ilities<span class=\"_ _3\"></span> 202</span>2 (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Tot<span class=\"_ _0\"></span>al equ<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ls1\"> </span>2,275,51<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>1,639,35<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>841,492<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>342,495<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>903,607<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,002,45<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Shareholde<span class=\"_ _3\"></span>rs\u2019 equity <span class=\"ls1 ws1\">- </span>gr<span class=\"_ _3\"></span>oup share<span class=\"ls1 ws1\"> </span>1,414,30<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>1,497,97<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>482,890<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>342,495<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>895,966<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,633,63<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Issued capi<span class=\"_ _3\"></span>tal<span class=\"ls1 ws1\"> </span>0 0 0 0 113,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>113,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Share capital<span class=\"ls1 ws1\"> </span>0 0 0 0 2,295<span class=\"ls1 ws1\"> </span>2,295<span class=\"ls1 ws1\"> </span>Share premium<span class=\"ls1 ws1\"> </span>0 0 0 0 111,612<span class=\"ls1 ws1\"> </span>111,612<span class=\"ls1 ws1\"> </span>Consolidat<span class=\"_ _3\"></span>ed reserves<span class=\"ls1 ws1\"> </span>1,388,91<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>1,533,24<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>479,175<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>317,111<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>829,477<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,547,92<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Revaluation reserves<span class=\"_ _3\"></span><span class=\"ws1\"> </span>25,386<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">35,263</span> 3,715<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>25,383<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">6,821</span> 12,401<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial <span class=\"ls28 ws20e\">assets : b<span class=\"_ _3\"></span>onds <span class=\"ls1 ws1\">- </span></span><span class=\"ws1e0\">Fa<span class=\"_ _3\"></span>ir value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span></span>0 -<span class=\"ls29 ws1e1\">32,964</span> 0 0 0 -<span class=\"ls29 ws1e1\">32,964</span> Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 129<span class=\"ls1 ws1\"> </span>0 0 0 129<span class=\"ls1 ws1\"> </span>Hedging reserves<span class=\"ls1 ws1\"> </span>56,043<span class=\"ls1 ws1\"> </span>0 3,549<span class=\"ls1 ws1\"> </span>342<span class=\"ls1 ws1\"> </span>4 59,938<span class=\"ls1 ws1\"> </span>Actuarial gains<span class=\"_ _0\"></span> (los<span class=\"_ _3\"></span>ses)<span class=\"_ _0\"></span> defined benefit pension <span class=\"ws1e1\">plans<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">22,531</span> -<span class=\"ls29 ws1e1\">3,866</span> 0 -<span class=\"ls29 ws1e1\">1,571</span> 4,593<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23,375</span> Translation differenc<span class=\"_ _0\"></span>es<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,127</span> 1,438<span class=\"ls1 ws1\"> </span>166<span class=\"ls1 ws1\"> </span>26,612<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,417</span> 8,673<span class=\"ls1 ws1\"> </span>Treasury shares (<span class=\"ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 -<span class=\"ls27 ws1df\">40,597</span> -<span class=\"ls27 ws1df\">40,597</span> Minori<span class=\"_ _3\"></span>ty in<span class=\"_ _3\"></span>terests<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>861,208<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,372<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>358,602<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 7,641<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,368,82<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>II. Non<span class=\"ls1 ws1\">-<span class=\"ls2d ws2ac\">curre<span class=\"_ _3\"></span>nt <span class=\"ls2e ws2b5\">liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span></span></span></span>1,337,75<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>896,493<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>693,493<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 23,242<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">34,840</span> 2,916,14<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>Provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>77,330<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,471<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,413<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>95,036<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Pension liabiliti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>69,049<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,485<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 421<span class=\"ls1 ws1\"> </span>76,955<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred tax liabili<span class=\"_ _3\"></span>ties<span class=\"ws1\"> </span>94,174<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 56,716<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 745<span class=\"ls1 ws1\"> </span>151,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,016,86<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>4,854<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>634,932<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 10,026<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">34,840</span> 1,631,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>834,277<span class=\"ls1 ws1\"> </span>0 491,538<span class=\"ls1 ws1\"> </span>0 7,360<span class=\"ls1 ws1\"> </span>1,333,174<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 0 139,348<span class=\"ls1 ws1\"> </span>0 0 139,348<span class=\"ls1 ws1\"> </span>Subordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>0 0 0 0 677<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>102,413<span class=\"ls1 ws1\"> </span>4,854<span class=\"ls1 ws1\"> </span>2,247<span class=\"ls1 ws1\"> </span>0 2,666<span class=\"ls1 ws1\"> </span>112,180<span class=\"ls1 ws1\"> </span>Other financial debts<span class=\"ls1 ws1\"> </span>79,494<span class=\"ls1 ws1\"> </span>0 1,800<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">34,840</span> 46,453<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">curren<span class=\"_ _3\"></span>t hedging ins<span class=\"_ _3\"></span>truments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>53,661<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>208<span class=\"ls1 ws1\"> </span>23<span class=\"ls1 ws1\"> </span>0 0 53,892<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other amounts payab<span class=\"_ _3\"></span>le<span class=\"ls1 ws1\">  </span>26,678<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14,405<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 638<span class=\"ls1 ws1\"> </span>41,721<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 0 865,069<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 865,069<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from credit <span class=\"ws1e1\">instit<span class=\"_ _0\"></span>utions<span class=\"ls1 ws1\"> </span></span></span></span>0 0 0 0 0 0 Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from clients</span> </span>0 736,385<span class=\"ls1 ws1\"> </span>0 0 0 736,385<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">debt certificat<span class=\"_ _0\"></span>es including bonds<span class=\"ls1 ws1\"> </span></span></span>0 40,003<span class=\"ls1 ws1\"> </span>0 0 0 40,003<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>0 88,681<span class=\"ls1 ws1\"> </span>0 0 0 88,681<span class=\"ls1 ws1\"> </span>III.<span class=\"_ _3\"></span> Current <span class=\"_ _3\"></span><span class=\"ls2e ws2b5\">liab<span class=\"_ _0\"></span>ilities<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>2,394,63<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>6,101,00<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>225,393<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>14<span class=\"ls1 ws1\"> </span>39,239<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,365</span> 8,757,92<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>Provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,536<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22<span class=\"ls1 ws1\"> </span>1,158<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 516<span class=\"ls1 ws1\"> </span>35,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Pension liabiliti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>0 0 0 248<span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>278,640<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,613<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>117,668<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,735<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>234,133<span class=\"ls1 ws1\"> </span>0 44,500<span class=\"ls1 ws1\"> </span>0 2,078<span class=\"ls1 ws1\"> </span>280,710<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Subordinated loans<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Lease debts<span class=\"ls1 ws1\"> </span>35,507<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>0 0 1,658<span class=\"ls1 ws1\"> </span>39,778<span class=\"ls1 ws1\"> </span>Other financial debts<span class=\"ls1 ws1\"> </span>9,000<span class=\"ls1 ws1\"> </span>0 73,168<span class=\"ls1 ws1\"> </span>0 0 0 82,168<span class=\"ls1 ws1\"> </span>Current he<span class=\"_ _3\"></span>dging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>31,702<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>191<span class=\"ls1 ws1\"> </span>0 0 0 31,893<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due <span class=\"_ _3\"></span>to custome<span class=\"_ _3\"></span>rs under <span class=\"ls28 ws1e7\">con<span class=\"_ _3\"></span>stru<span class=\"_ _3\"></span>ction co<span class=\"_ _3\"></span>ntrac<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span></span>516,780<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 9,569<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>526,349<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other amo<span class=\"_ _3\"></span>unts payable wi<span class=\"_ _3\"></span>thin one ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\"> </span>1,419,76<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>32,313<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>54,951<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11<span class=\"ls1 ws1\"> </span>24,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,262</span> 1,529,77<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>1,093,327<span class=\"ls1 ws1\"> </span>55<span class=\"ls1 ws1\"> </span>34,841<span class=\"ls1 ws1\"> </span>11<span class=\"ls1 ws1\"> </span>9,269<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 1,136,241<span class=\"ls1 ws1\"> </span>Advances received<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>0 0 0 0 72,539<span class=\"ls1 ws1\"> </span>Amounts payable regarding remuneration and soc<span class=\"_ _0\"></span>ial security<span class=\"ls1 ws1\"> </span>176,460<span class=\"ls1 ws1\"> </span>15,824<span class=\"ls1 ws1\"> </span>5,540<span class=\"ls1 ws1\"> </span>0 12,784<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>Other amounts payable<span class=\"ls1 ws1\"> </span>77,437<span class=\"ls1 ws1\"> </span>16,434<span class=\"ls1 ws1\"> </span>14,570<span class=\"ls1 ws1\"> </span>0 1,950<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>Current tax payables<span class=\"_ _3\"></span><span class=\"ws1\"> </span>82,847<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 14,771<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3 510<span class=\"ls1 ws1\"> </span>98,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls2b ws1e4\">debts t<span class=\"_ _3\"></span>o credit </span><span class=\"ls3b\">insti<span class=\"_ _3\"></span>tutions, clien<span class=\"_ _3\"></span>ts &amp; securities</span> 0 6,059,30<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>0 0 0 6,059,30<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from credit instit<span class=\"_ _0\"></span>utions<span class=\"ls1 ws1\"> </span></span></span>0 116,379<span class=\"ls1 ws1\"> </span>0 0 0 116,379<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from clients</span> </span>0 5,817,110<span class=\"ls1 ws1\"> </span>0 0 0 5,817,110<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">debt certificat<span class=\"_ _0\"></span>es including bonds<span class=\"ls1 ws1\"> </span></span></span>0 124,766<span class=\"ls1 ws1\"> </span>0 0 0 124,766<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>0 1,052<span class=\"ls1 ws1\"> </span>0 0 0 1,052<span class=\"ls1 ws1\"> </span>Accrued cha<span class=\"_ _3\"></span>rges and de<span class=\"_ _3\"></span>ferred income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,367<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,310<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,846<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 906<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,103</span> 74,326<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>IV.<span class=\"_ _3\"></span> Liabili<span class=\"_ _3\"></span>ties hel<span class=\"_ _3\"></span>d for sale<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Tot<span class=\"_ _0\"></span>al equit<span class=\"_ _0\"></span>y and l<span class=\"_ _0\"></span>iabilit<span class=\"_ _9f\"></span>ies<span class=\"ls1\"> </span>6,007,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>8,636,84<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>1,760,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>342,509<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>966,089<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">37,205</span> 17,676,5<span class=\"_ _3\"></span>17<span class=\"ls1 ws1\"> </span>Comments<span class=\"_ _0\"></span> on the s<span class=\"_ _0\"></span>egment i<span class=\"_ _0\"></span>nforma<span class=\"_ _0\"></span>tion <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">balance </span></span>sheet <span class=\"ls1 ws1\"> </span>The consolidated balance sheet t<span class=\"_ _3\"></span>otal of AvH increased further in 2022 to 17,677 million euros, an <span class=\"ls35 ws1f0\">increase by<span class=\"_ _0\"></span> 443 mil<span class=\"_ _0\"></span>lion euro<span class=\"_ _0\"></span>s (2.6<span class=\"_ _0\"></span>%). Thi<span class=\"_ _0\"></span>s fairly lim<span class=\"_ _9f\"></span>ited increa<span class=\"_ _0\"></span>se </span>is par<span class=\"_ _0\"></span>tly expla<span class=\"_ _0\"></span>ined by<span class=\"_ _0\"></span> the d<span class=\"_ _0\"></span>isposa<span class=\"_ _0\"></span>l in 2022<span class=\"_ _9f\"></span> of the ful<span class=\"_ _0\"></span>ly conso<span class=\"_ _0\"></span>lidat<span class=\"_ _0\"></span>ed parti<span class=\"_ _0\"></span>cipatio<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span> Anima. In the balance sheet at year<span class=\"ws1\">-</span>end 2021, A<span class=\"_ _0\"></span>nima had s<span class=\"_ _3\"></span>till contribu<span class=\"_ _0\"></span>ted 279.5 mi<span class=\"_ _3\"></span>lli<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os t<span class=\"_ _3\"></span>o the b<span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">ala<span class=\"_ _0\"></span>nce shee<span class=\"_ _0\"></span>t total.<span class=\"_ _0\"></span> Natura<span class=\"_ _0\"></span>lly, th<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t of the dispo<span class=\"_ _9f\"></span>sal of </span>Anima i<span class=\"_ _0\"></span>s not conf<span class=\"_ _0\"></span>ined to ju<span class=\"_ _9f\"></span>st the balanc<span class=\"_ _0\"></span>e sheet to<span class=\"_ _0\"></span>tal, but al<span class=\"_ _0\"></span>so aff<span class=\"_ _0\"></span>ects each o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span> balan<span class=\"_ _0\"></span>ce shee<span class=\"_ _0\"></span>t items w<span class=\"_ _0\"></span>hich A<span class=\"_ _0\"></span>nima con<span class=\"_ _9f\"></span>tributed <span class=\"_ _0\"></span>to.<span class=\"ls1 ws1\"> </span>Notwithstanding a further slight decrea<span class=\"_ _0\"></span>se of the contribution o<span class=\"ls54 ws21b\">f \u201c<span class=\"_ _3\"></span>Pri<span class=\"_ _3\"></span>vat<span class=\"_ _3\"></span>e B<span class=\"_ _3\"></span>ank<span class=\"_ _3\"></span>ing\u201d </span>to the balance sheet total of the AvH group, the full consolidation of Bank Van Breda continues to have a conside<span class=\"_ _0\"></span>rable impact on both the size and the<span class=\"_ _0\"></span> composition of th<span class=\"_ _0\"></span>e consolidated bala<span class=\"_ _0\"></span>nce sheet. Due to <span class=\"_ _0\"></span>its specific banking <span class=\"_ _0\"></span>activity, Bank Van <span class=\"_ _0\"></span>Breda has a v<span class=\"_ _0\"></span>ery large b<span class=\"_ _0\"></span>alance s<span class=\"_ _0\"></span>heet total co<span class=\"_ _0\"></span>mpared to<span class=\"_ _0\"></span> other comp<span class=\"_ _0\"></span>anies of the AvH group. Th<span class=\"_ _0\"></span>e full consolidation of<span class=\"_ _0\"></span> Bank Van Breda alone al<span class=\"_ _0\"></span>ready accounts for a b<span class=\"_ _0\"></span>alanc<span class=\"_ _0\"></span>e sheet 7<span class=\"_ _0\"></span>,657.0<span class=\"_ _9f\"></span> million e<span class=\"_ _0\"></span>uros o<span class=\"_ _0\"></span>f the b<span class=\"_ _0\"></span>alanc<span class=\"_ _0\"></span>e sheet <span class=\"_ _0\"></span>total. <span class=\"_ _0\"></span>Moreov<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>r,<span class=\"_ _9f\"></span> Bank Van B<span class=\"_ _3\"></span>reda<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws245\">has a dist<span class=\"_ _0\"></span>inct bal<span class=\"_ _0\"></span>ance <span class=\"_ _0\"></span>sheet str<span class=\"_ _0\"></span>uctur<span class=\"_ _0\"></span>e that is a<span class=\"_ _0\"></span>dapted <span class=\"_ _0\"></span>to and<span class=\"_ _0\"></span> </span></span>structured according<span class=\"_ _0\"></span> to its activities. And <span class=\"_ _0\"></span>although Bank Van <span class=\"_ _0\"></span>Breda is one of <span class=\"_ _0\"></span>the best ca<span class=\"_ _0\"></span>pital<span class=\"_ _0\"></span>ised in<span class=\"_ _0\"></span>stitutio<span class=\"_ _0\"></span>ns in i<span class=\"_ _0\"></span>ts sec<span class=\"_ _0\"></span>tor, it <span class=\"_ _0\"></span>clearly h<span class=\"_ _0\"></span>as dif<span class=\"_ _0\"></span>ferent b<span class=\"_ _0\"></span>alanc<span class=\"_ _0\"></span>e sheet r<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>s than th<span class=\"_ _0\"></span>e oth<span class=\"_ _0\"></span>er partic<span class=\"_ _0\"></span>ipatio<span class=\"_ _0\"></span>ns of th<span class=\"_ _9f\"></span>e AvH grou<span class=\"_ _0\"></span>p.<span class=\"ls1 ws1\"> </span>The dec<span class=\"_ _9f\"></span>rease of <span class=\"ff3b ls3f ws206\">i<span class=\"_ _0\"></span>ntangi<span class=\"_ _0\"></span>ble as<span class=\"_ _0\"></span>sets<span class=\"ff3a ls1 ws1\"> <span class=\"ls34 ws1ea\">and<span class=\"_ _3\"></span> </span><span class=\"ff3b\">goodwill</span> <span class=\"_ _3\"></span><span class=\"ls35 ws237\">by 39<span class=\"_ _0\"></span>.6 million<span class=\"_ _0\"></span> euros r<span class=\"_ _0\"></span>elativ<span class=\"_ _0\"></span>e </span></span></span>to last y<span class=\"_ _0\"></span>ear is vi<span class=\"_ _0\"></span>rtual<span class=\"_ _0\"></span>ly entire<span class=\"_ _0\"></span>ly expl<span class=\"_ _0\"></span>ained b<span class=\"_ _9f\"></span>y the disposa<span class=\"_ _0\"></span>l of An<span class=\"_ _0\"></span>ima. The go<span class=\"_ _0\"></span>odwi<span class=\"_ _0\"></span>ll at ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\">-<span class=\"ws1f7\">end 2022 consists of goodwill of AvH <span class=\"_ _0\"></span>on DEME, FinAx (Delen Private Bank </span></span>and Bank Van Breda) and Biolectric, alo<span class=\"_ _0\"></span>ng with the goodwill <span class=\"ls34 ws259\">fr<span class=\"_ _3\"></span>om t<span class=\"_ _3\"></span>he b<span class=\"_ _3\"></span>alance<span class=\"_ _3\"></span> </span>sheet<span class=\"_ _0\"></span>s of full<span class=\"_ _0\"></span>y conso<span class=\"_ _0\"></span>lida<span class=\"_ _0\"></span>ted parti<span class=\"_ _0\"></span>cipatio<span class=\"_ _9f\"></span>ns.<span class=\"ls1 ws1\"> </span>Tangi<span class=\"_ _0\"></span>ble ass<span class=\"_ _0\"></span>ets<span class=\"ff3a ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls40 ws285\">amounted to 2,720.7 million euros at year<span class=\"ls1 ws1\">-<span class=\"ls24 ws26c\">end 2022. As a result </span></span></span></span>of the d<span class=\"_ _0\"></span>isposa<span class=\"_ _0\"></span>l of An<span class=\"_ _0\"></span>ima, i<span class=\"_ _0\"></span>ncludin<span class=\"_ _0\"></span>g its su<span class=\"_ _9f\"></span>bstantial <span class=\"_ _0\"></span>real e<span class=\"_ _0\"></span>state as<span class=\"_ _0\"></span>sets of<span class=\"_ _0\"></span> residen<span class=\"_ _9f\"></span>tial ca<span class=\"_ _3\"></span>re ce<span class=\"_ _3\"></span>ntre<span class=\"_ _3\"></span>s tha<span class=\"_ _3\"></span>t ha<span class=\"_ _3\"></span>d bee<span class=\"_ _3\"></span>n a<span class=\"ls33 ws23a\">ccum<span class=\"_ _3\"></span>ulated ove<span class=\"_ _3\"></span>r the year<span class=\"_ _3\"></span>s, the tota<span class=\"_ _3\"></span>l tangi<span class=\"_ _3\"></span>ble assets </span>decreased slightly by 42.1 <span class=\"_ _0\"></span>million euros, despite con<span class=\"_ _0\"></span>tinuing investments in the fl<span class=\"_ _0\"></span>eet of DEM<span class=\"_ _3\"></span>E. The<span class=\"_ _3\"></span> tangib<span class=\"_ _3\"></span>le asse<span class=\"_ _3\"></span>ts and a<span class=\"_ _3\"></span>ssets unde<span class=\"_ _3\"></span>r const<span class=\"_ _3\"></span>ructio<span class=\"_ _3\"></span>n of DEME<span class=\"_ _3\"></span>, which<span class=\"_ _3\"></span> consist primar<span class=\"_ _0\"></span>ily of i<span class=\"_ _0\"></span>ts fle<span class=\"_ _0\"></span>et, amoun<span class=\"_ _9f\"></span>ted to<span class=\"ls1 ws1\"> <span class=\"ls24 ws218\">2,521.0 million euros at year</span>-<span class=\"ls24 ws218\">end 2022.</span> </span>The <span class=\"ff3b ls25 ws2b7\">i<span class=\"_ _0\"></span>nvestm<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>n<span class=\"_ _0\"></span>t prope<span class=\"_ _0\"></span>rty<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws1db\">on Av<span class=\"_ _0\"></span>H\u2019s b<span class=\"_ _0\"></span>alance sh<span class=\"_ _9f\"></span>eet is all si<span class=\"_ _0\"></span>tuated<span class=\"_ _0\"></span> in the N<span class=\"_ _0\"></span>extensa<span class=\"_ _0\"></span> </span></span></span>portfo<span class=\"_ _0\"></span>lio. Tak<span class=\"_ _0\"></span>ing into acco<span class=\"_ _0\"></span>unt the 141 m<span class=\"_ _0\"></span>illion euro<span class=\"_ _9f\"></span>s <span class=\"_ _3\"></span>\"As<span class=\"_ _0\"></span>sets held<span class=\"_ _0\"></span> for sale\" at th<span class=\"_ _0\"></span>e end of 2021, investment properties decreased in 2022.<span class=\"ls1 ws1\"> </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls4c ws2b8\">p<span class=\"_ _0\"></span>articipatio<span class=\"_ _0\"></span>ns accou<span class=\"_ _0\"></span>nted for us<span class=\"_ _0\"></span>ing the <span class=\"_ _0\"></span>equity m<span class=\"_ _0\"></span>ethod<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls33 ws20a\">comprise<span class=\"_ _3\"></span> the </span></span></span>inter<span class=\"_ _0\"></span>ests in<span class=\"_ _0\"></span> jointly <span class=\"_ _0\"></span>control<span class=\"_ _0\"></span>led pa<span class=\"_ _0\"></span>rticipa<span class=\"_ _0\"></span>tions o<span class=\"_ _0\"></span>r in p<span class=\"_ _0\"></span>articipa<span class=\"_ _0\"></span>tions <span class=\"_ _0\"></span>in whic<span class=\"_ _0\"></span>h no<span class=\"_ _0\"></span> contr<span class=\"_ _0\"></span>olling <span class=\"_ _0\"></span>intere<span class=\"_ _0\"></span>st is h<span class=\"_ _9f\"></span>eld. In th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> po<span class=\"_ _0\"></span>rtfol<span class=\"_ _0\"></span>io of A<span class=\"_ _0\"></span>vH thi<span class=\"_ _0\"></span>s is<span class=\"_ _0\"></span> the ca<span class=\"_ _0\"></span>se with<span class=\"_ _0\"></span> a.o.<span class=\"_ _0\"></span> Delen<span class=\"_ _9f\"></span> Private Bank, the <span class=\"ls30 ws1e9\">Rentel an<span class=\"_ _0\"></span>d Sea<span class=\"_ _0\"></span>Made of<span class=\"_ _0\"></span>fshor<span class=\"_ _0\"></span>e wind f<span class=\"_ _0\"></span>arms, <span class=\"_ _0\"></span>SIPEF<span class=\"_ _0\"></span>, Sagar <span class=\"_ _0\"></span>Cemen<span class=\"_ _0\"></span>ts </span>and part of the Growth Capital participations. We refer to Note 6 Segment<span class=\"_ _0\"></span> informa<span class=\"_ _0\"></span>tion f<span class=\"_ _0\"></span>or a full ov<span class=\"_ _0\"></span>erview. <span class=\"_ _0\"></span>This ite<span class=\"_ _0\"></span>m also inc<span class=\"_ _0\"></span>ludes jo<span class=\"_ _0\"></span>intly con<span class=\"_ _0\"></span>troll<span class=\"_ _0\"></span>ed and<span class=\"_ _0\"></span> associated participation<span class=\"_ _0\"></span>s held by fully c<span class=\"ls40 ws1\">onsolidated par<span class=\"_ _0\"></span>ticipations. <span class=\"ls1\"> </span></span>Financia<span class=\"_ _3\"></span>l assets: share<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls4c ws2bb\">fair val<span class=\"_ _0\"></span>ue through Prof<span class=\"_ _0\"></span>t&amp;Loss<span class=\"ff3a ls52 ws1f0\">: this it<span class=\"_ _3\"></span>em incl<span class=\"_ _3\"></span>udes </span></span></span>the investment portfolio<span class=\"_ _0\"></span> of \u201cAvH &amp; Subholdings\u201d and the non<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls34 ws1ea\">co<span class=\"_ _3\"></span>nsol<span class=\"_ _3\"></span>ida<span class=\"_ _3\"></span>ted </span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s, which m<span class=\"_ _0\"></span>ainly <span class=\"_ _0\"></span>relate <span class=\"_ _0\"></span>to the<span class=\"_ _0\"></span> invest<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> with a f<span class=\"_ _0\"></span>ocus o<span class=\"_ _0\"></span>n Sou<span class=\"_ _0\"></span>the<span class=\"ls33 ws1f0\">ast </span>Asia/India and life sciences in \u201cAvH &amp; Growth Capital\u201d. In \u201cReal Estate &amp; Senio<span class=\"_ _0\"></span>r Care\u201d,<span class=\"_ _0\"></span> this item<span class=\"_ _0\"></span> cons<span class=\"_ _0\"></span>ists ent<span class=\"_ _0\"></span>irely of<span class=\"_ _0\"></span> the 1,<span class=\"_ _0\"></span>351,3<span class=\"_ _0\"></span>20 Retai<span class=\"_ _0\"></span>l Estate<span class=\"_ _0\"></span>s shares o<span class=\"_ _0\"></span>wned b<span class=\"_ _0\"></span>y Nexten<span class=\"_ _0\"></span>sa.<span class=\"ls1 ws1\"> </span>Several participation<span class=\"_ _0\"></span>s in the AvH group have a policy to hedg<span class=\"_ _0\"></span>e against rising financ<span class=\"_ _0\"></span>e costs. A<span class=\"_ _9f\"></span>s a result of<span class=\"_ _0\"></span> the risin<span class=\"_ _0\"></span>g mark<span class=\"_ _0\"></span>et inte<span class=\"_ _0\"></span>rest rat<span class=\"_ _0\"></span>es in 202<span class=\"_ _0\"></span>2, thes<span class=\"_ _0\"></span>e <span class=\"ff3b ls1 ws1\">hedging </span>instru<span class=\"_ _0\"></span>ments<span class=\"ff3a ls1 ws1\"> <span class=\"ws1f6\">h<span class=\"_ _0\"></span>ave increased in valu<span class=\"_ _0\"></span>e, both in the long term and th<span class=\"_ _0\"></span>e short term.<span class=\"ws1\"> </span></span></span>The gro<span class=\"_ _0\"></span>wth of<span class=\"_ _0\"></span> the <span class=\"ff3b ls1 ws25e\">loan portfolio<span class=\"ff3a ws1\"> <span class=\"ws1f2\">of Bank Van Breda <span class=\"_ _0\"></span>led to an increase by 315<span class=\"_ _0\"></span> </span></span></span>million eu<span class=\"_ _0\"></span>ros <span class=\"ls30 ws1f4\">of th<span class=\"_ _0\"></span>e receiv<span class=\"_ _9f\"></span>ables af<span class=\"_ _0\"></span>ter on<span class=\"_ _0\"></span>e year to<span class=\"_ _0\"></span> 4,974<span class=\"_ _0\"></span>.3 mi<span class=\"_ _0\"></span>llion <span class=\"_ _0\"></span>euros.<span class=\"_ _0\"></span> The sh<span class=\"_ _0\"></span>ort<span class=\"ls1 ws1\">-</span></span>term cr<span class=\"_ _0\"></span>edit por<span class=\"_ _0\"></span>tfolio o<span class=\"_ _0\"></span>f Ban<span class=\"_ _0\"></span>k Van Bred<span class=\"_ _0\"></span>a increa<span class=\"_ _0\"></span>sed as w<span class=\"_ _0\"></span>ell, mo<span class=\"_ _0\"></span>re part<span class=\"_ _0\"></span>icularly<span class=\"_ _0\"></span> by 100.<span class=\"_ _0\"></span>3 million<span class=\"_ _9f\"></span> euros. <span class=\"_ _0\"></span>The tota<span class=\"_ _0\"></span>l rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>es wi<span class=\"_ _0\"></span>thin one<span class=\"_ _0\"></span> year o<span class=\"_ _0\"></span>f Ban<span class=\"_ _0\"></span>k Van<span class=\"_ _0\"></span> Breda,<span class=\"_ _0\"></span> however, has decreased as a <span class=\"_ _3\"></span><span class=\"ws1f6\">result of the <span class=\"_ _0\"></span>decrease by 583.7 million euros of ca<span class=\"_ _0\"></span>sh </span>balances held by Bank Van <span class=\"_ _0\"></span>Breda with central banks. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>The in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e of <span class=\"ff3b ls49 ws2bd\">inventor<span class=\"_ _3\"></span>ies</span><span class=\"ls1 ws1\"> <span class=\"_\"> </span>and <span class=\"_ _13\"> </span><span class=\"ff3b ws276\">a<span class=\"_ _3\"></span>moun<span class=\"_ _0\"></span>ts due from customers under<span class=\"_ _0\"></span> </span></span>construc<span class=\"_ _0\"></span>tion contra<span class=\"_ _0\"></span>cts<span class=\"ff3a ls1 ws1\"> <span class=\"ws1fe\">in \u201cMarine Engineering &amp; Con<span class=\"_ _0\"></span>tracting\u201d is explained b<span class=\"_ _0\"></span>y </span></span>the higher level of activity and the evolution of<span class=\"_ _0\"></span> the projects at<span class=\"_ _3\"></span> DEME and CF<span class=\"_ _0\"></span>E. The decre<span class=\"_ _0\"></span>ase of<span class=\"_ _0\"></span> invent<span class=\"_ _0\"></span>ories in<span class=\"_ _0\"></span> \u201cReal <span class=\"_ _0\"></span>Estate &amp;<span class=\"_ _0\"></span> Senior<span class=\"_ _0\"></span> Care\u201d<span class=\"_ _0\"></span> reflec<span class=\"_ _0\"></span>ts the low<span class=\"_ _9f\"></span>er inven<span class=\"_ _0\"></span>tory<span class=\"_ _0\"></span> of dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _0\"></span>t projec<span class=\"_ _0\"></span>ts at Nex<span class=\"_ _0\"></span>tensa, a<span class=\"_ _0\"></span>lthoug<span class=\"_ _0\"></span>h this is amp<span class=\"_ _0\"></span>ly off<span class=\"_ _0\"></span>set by a high<span class=\"_ _9f\"></span>er figure for proje<span class=\"ls25 ws1eb\">ct<span class=\"_ _0\"></span>s in prog<span class=\"_ _9f\"></span>ress.<span class=\"ls1 ws1\"> </span></span>Inves<span class=\"_ _0\"></span>tments<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws1db\">amoun<span class=\"_ _9f\"></span>ted to a total v<span class=\"_ _0\"></span>alue of<span class=\"_ _0\"></span> 544.5 m<span class=\"_ _0\"></span>illion euro<span class=\"_ _0\"></span>s at year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws21b\">end 2022. </span></span></span></span>They<span class=\"_ _3\"></span> decrease<span class=\"_ _3\"></span>d at Bank V<span class=\"_ _3\"></span>an Breda<span class=\"_ _3\"></span> as well as i<span class=\"_ _3\"></span>n AvH\u2019s ow<span class=\"_ _3\"></span>n investme<span class=\"_ _3\"></span>nt portf<span class=\"_ _3\"></span>olio at AvH &amp; Subholdings, inc<span class=\"_ _0\"></span>luding the impact of nega<span class=\"_ _0\"></span>tive fair value adjustments.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>The <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">largest p<span class=\"_ _9f\"></span>art of the <span class=\"ff3b ls1\">t<span class=\"_ _0\"></span>rade debtors<span class=\"ff3a ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">is to be found in \u201cMarin<span class=\"_ _0\"></span>e Engineering &amp; </span></span></span></span>Contr<span class=\"_ _0\"></span>acting\u201d.<span class=\"_ _0\"></span> This i<span class=\"_ _0\"></span>s also <span class=\"_ _0\"></span>the seg<span class=\"_ _0\"></span>ment wh<span class=\"_ _0\"></span>ere th<span class=\"_ _0\"></span>e bigge<span class=\"_ _0\"></span>st turn<span class=\"_ _0\"></span>over i<span class=\"_ _0\"></span>s realis<span class=\"_ _0\"></span>ed. <span class=\"ls1 ws1\"> </span>The in<span class=\"_ _0\"></span>crease o<span class=\"_ _0\"></span>f <span class=\"ff3b ls4c ws2be\">cash and c<span class=\"_ _0\"></span>ash equivale<span class=\"_ _0\"></span>nts<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws207\">is f<span class=\"_ _0\"></span>or the mo<span class=\"_ _9f\"></span>st part situa<span class=\"_ _0\"></span>ted in \u201c<span class=\"_ _0\"></span>AvH<span class=\"_ _0\"></span> </span></span></span>&amp; Subholdings\u201d and is<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">e<span class=\"_ _3\"></span>xpla<span class=\"_ _0\"></span>ined by the increas<span class=\"_ _0\"></span>ing cash position follow<span class=\"_ _0\"></span>ing the </span></span>disposal of the par<span class=\"_ _0\"></span>ticipations in Anima<span class=\"_ _0\"></span> and Manuchar. We <span class=\"_ _0\"></span>refer to the cash f<span class=\"_ _0\"></span>low state<span class=\"_ _0\"></span>ment for a<span class=\"_ _0\"></span> more d<span class=\"_ _0\"></span>etailed o<span class=\"_ _0\"></span>vervi<span class=\"_ _0\"></span>ew of<span class=\"_ _0\"></span> the variou<span class=\"_ _0\"></span>s elem<span class=\"_ _0\"></span>ents th<span class=\"_ _0\"></span>at expla<span class=\"_ _0\"></span>in the<span class=\"_ _0\"></span> evolution of the<span class=\"_ _3\"></span> cash position.<span class=\"ls1 ws1\"> </span>At y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws217\">end 2022, 62.5 mi<span class=\"_ _3\"></span>llion euros in <span class=\"ff3b ls45 ws2bf\">assets held fo<span class=\"_ _3\"></span>r sale</span></span> <span class=\"_ _3\"></span><span class=\"ls30 ws25c\">wer<span class=\"_ _0\"></span>e recogn<span class=\"_ _0\"></span>ised<span class=\"_ _0\"></span>. </span></span>Approx<span class=\"_ _0\"></span>imatel<span class=\"_ _0\"></span>y half<span class=\"_ _0\"></span> of that <span class=\"_ _0\"></span>amount r<span class=\"_ _0\"></span>elat<span class=\"_ _0\"></span>es to one of<span class=\"_ _0\"></span> DEME\u2019<span class=\"_ _0\"></span>s ves<span class=\"_ _0\"></span>sels that w<span class=\"_ _9f\"></span>ill probably be sold in the second ha<span class=\"_ _0\"></span>lf of 2023, while the balance repr<span class=\"_ _0\"></span>esents the carrying amount of AvH\u2019<span class=\"_ _0\"></span>s 50% participation in <span class=\"_ _0\"></span>Telemond, which was <span class=\"_ _0\"></span>sold in Q1 2023.<span class=\"ls1 ws1\"> </span>For details of the composition and evolution of <span class=\"ff3b ls4c ws282\">the equity</span><span class=\"ls25 ws1eb\">, we ref<span class=\"_ _0\"></span>er to No<span class=\"_ _0\"></span>te 5 of<span class=\"_ _0\"></span> </span>this r<span class=\"_ _0\"></span>eport.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The in<span class=\"_ _0\"></span>crease o<span class=\"_ _0\"></span>f non<span class=\"ls1 ws1\">-<span class=\"ls25 ws1ec\">cu<span class=\"_ _0\"></span>rrent <span class=\"_ _3\"></span><span class=\"ff3b ls49 ws2bd\">pro<span class=\"_ _3\"></span>visions</span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls40 ws275\">is explained by a.o. t<span class=\"_ _3\"></span>he constitu<span class=\"_ _0\"></span>tion of </span></span></span></span>provisions by AvH of 10.7 mi<span class=\"ls33 ws1db\">llion euro<span class=\"_ _3\"></span>s for con<span class=\"_ _3\"></span>tingent li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>y as part o<span class=\"_ _3\"></span>f warrant<span class=\"_ _3\"></span>ies </span>and representations prov<span class=\"_ _0\"></span>ided when disposing of p<span class=\"_ _0\"></span>articipations, and by provi<span class=\"_ _0\"></span>sions for a.o. w<span class=\"_ _0\"></span>arrant<span class=\"_ _0\"></span>y oblig<span class=\"_ _0\"></span>ations at<span class=\"_ _0\"></span> DEME and<span class=\"_ _0\"></span> CFE. In <span class=\"_ _0\"></span>the cas<span class=\"_ _0\"></span>e of DEME,<span class=\"_ _0\"></span> thos<span class=\"_ _0\"></span>e amounts were included in trade <span class=\"_ _3\"></span>payabl<span class=\"_ _0\"></span>es in<span class=\"ws1\"> <span class=\"ls24 ws1da\">2021.</span> </span>The i<span class=\"_ _3\"></span>ncrease of th<span class=\"_ _3\"></span>e long<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">term<span class=\"_ _3\"></span> <span class=\"_ _24\"></span><span class=\"ff3b ls3f ws21c\">fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al d<span class=\"_ _0\"></span>ebts<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws2c2\">is<span class=\"_ _0\"></span> primari<span class=\"_ _0\"></span>ly situ<span class=\"_ _0\"></span>ated <span class=\"_ _0\"></span>in \u201cMarin<span class=\"_ _9f\"></span>e </span></span></span></span></span>Engineering &amp; Contrac<span class=\"_ _0\"></span>ting\u201d and is explained by the uptake by DEME of mor<span class=\"_ _0\"></span>e debt maturin<span class=\"_ _0\"></span>g aft<span class=\"_ _0\"></span>er one y<span class=\"_ _0\"></span>ear.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>DEME\u2019s overall net fin<span class=\"_ _0\"></span>ancial debt positio<span class=\"_ _0\"></span>n increased by 127.8 mil<span class=\"_ _0\"></span>l<span class=\"ls34 ws24b\">i<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os in </span>2022. Both Nex<span class=\"_ _0\"></span>tensa and CFE r<span class=\"_ _0\"></span>epaid matured bond<span class=\"_ _0\"></span>s in 2022. Othe<span class=\"_ _0\"></span>r financial debts<span class=\"_ _0\"></span> decreased significantly. This is due primarily to the reduction by DEME, Nextensa and AvH of short<span class=\"ws1\">-<span class=\"ls25 ws1eb\">te<span class=\"_ _0\"></span>rm fin<span class=\"_ _0\"></span>ancial <span class=\"_ _0\"></span>debts is<span class=\"_ _0\"></span>sued in<span class=\"_ _0\"></span> the fo<span class=\"_ _0\"></span>rm of com<span class=\"_ _9f\"></span>mercial p<span class=\"_ _0\"></span>aper. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The <span class=\"ff3b ls25 ws23b\">amo<span class=\"_ _9f\"></span>unts due to <span class=\"_ _0\"></span>custom<span class=\"_ _0\"></span>ers un<span class=\"_ _0\"></span>der con<span class=\"_ _0\"></span>structi<span class=\"_ _0\"></span>on co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts<span class=\"ff3a ls1 ws1\"> <span class=\"ls62 ws28a\">incr<span class=\"_ _3\"></span>ease<span class=\"_ _3\"></span>d by </span></span></span>184.<span class=\"_ _0\"></span>5 million<span class=\"_ _9f\"></span> euros, a<span class=\"_ _0\"></span>n incr<span class=\"_ _0\"></span>ease th<span class=\"_ _0\"></span>at is <span class=\"_ _0\"></span>almost<span class=\"_ _0\"></span> enti<span class=\"_ _0\"></span>rely at<span class=\"_ _0\"></span>tribut<span class=\"_ _0\"></span>able to<span class=\"_ _0\"></span> \u201cMa<span class=\"_ _0\"></span>rine Engineering &amp; Con<span class=\"_ _0\"></span>tracting\u201d, where a <span class=\"_ _0\"></span>similar increase wa<span class=\"_ _0\"></span>s also noticeable on t<span class=\"_ _0\"></span>he assets s<span class=\"_ _0\"></span>ide of th<span class=\"_ _0\"></span>e balan<span class=\"_ _0\"></span>ce<span class=\"ls1 ws1\"> <span class=\"ws1f5\">sheet and is explained by the increased level of activit<span class=\"_ _0\"></span>y </span></span>at DEME <span class=\"_ _0\"></span>and CFE. <span class=\"ls1 ws1\"> </span>Despi<span class=\"_ _0\"></span>te the incr<span class=\"_ _0\"></span>ease of<span class=\"_ _0\"></span> short<span class=\"ls1 ws1\">-</span><span class=\"ws1ec\">te<span class=\"_ _0\"></span>rm <span class=\"ff3b ls1 ws1\">deposits<span class=\"ff3a\"> <span class=\"ls40 ws2a6\">by 93.6 million euros from c<span class=\"_ _0\"></span>lients of </span></span></span></span>Bank Van<span class=\"_ _0\"></span> Breda, th<span class=\"_ _9f\"></span>e total short<span class=\"ls1 ws1\">-<span class=\"_ _0\"></span><span class=\"ls25 ws1fa\">term de<span class=\"_ _0\"></span>bts to ban<span class=\"_ _9f\"></span>ks has decr<span class=\"_ _0\"></span>eased, ma<span class=\"_ _0\"></span><span class=\"ls4b ws28e\">in<span class=\"_ _3\"></span>ly as<span class=\"_ _3\"></span> a </span></span></span>result of the reduction of d<span class=\"_ _0\"></span>eposits from other banks. In 2022, <span class=\"_ _0\"></span>Bank Van Breda fully<span class=\"_ _0\"></span> repaid <span class=\"_ _0\"></span>the TLTR<span class=\"_ _0\"></span>O facili<span class=\"_ _0\"></span>ty of 400<span class=\"_ _0\"></span> million<span class=\"_ _0\"></span> euros.Note 6: <span class=\"ls3a ws20c\">Segm<span class=\"_ _3\"></span>ent inform<span class=\"_ _3\"></span>ation </span>\u2013 <span class=\"ls3a ws20c\">cash f<span class=\"_ _3\"></span>low state<span class=\"_ _3\"></span>ment 20<span class=\"_ _3\"></span>2</span>2 (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Cas<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>ash eq<span class=\"_ _0\"></span>uival<span class=\"_ _0\"></span>ents <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ws1ec\">opening balance<span class=\"ws1\"> </span></span></span>726,526<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>45,362<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,327<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>576<span class=\"ls1 ws1\"> </span>37,938<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 883,730<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) fro<span class=\"_ _0\"></span>m operating activities<span class=\"ls1 ws1\"> <span class=\"_ _18f\"> </span></span><span class=\"fc22 ws1e1\">203,623<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>90,144<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>50,966<span class=\"ls1 ws1\"> <span class=\"_ _b8\"> </span>-</span>81<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>311,149<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>70<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>655,871<span class=\"ls1 ws1\"> </span></span>Reclassification \u2018P<span class=\"_ _0\"></span>rofit (loss) on disposal of assets'<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">17,569</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,559</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">28,346</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">334,433</span> -<span class=\"ls29 ws1e1\">377,790</span> to cash flow from divestments<span class=\"ls1 ws1\"> </span>Dividends from participations<span class=\"_ _0\"></span> accounted for<span class=\"ls1 ws1\"> </span>24,826<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>80,145<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>207<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>17,068<span class=\"ls1 ws1\"> </span>122,246<span class=\"ls1 ws1\"> </span>using the equity method<span class=\"ls1 ws1\"> </span>Other non-<span class=\"ls29 ws1e0\">operating income (expenses)</span> <span class=\"_ _190\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>0 Income taxes (paid) <span class=\"_ _181\"> </span>-<span class=\"_ _0\"></span><span class=\"ls29 ws1e1\">55,636<span class=\"ls1 ws1\"> <span class=\"_ _6d\"> </span>-</span>22,226<span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span>-</span>6,073<span class=\"ls1 ws1\"> <span class=\"_ _55\"> </span>-</span>50<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>394<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">84,378</span> Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">cash ad<span class=\"_ _3\"></span>justments<span class=\"ls1 ws1\"> </span></span>Depreciation<span class=\"ls1 ws1\"> <span class=\"_ _16e\"> </span></span><span class=\"fc22\">346,405<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>7,116<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>1,140<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span></span>4,923<span class=\"ls1 ws1\"> </span></span>359,585<span class=\"ls1 ws1\"> </span>Impairment losses <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,388</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">965</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">409</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">1,014</span> Share based payment <span class=\"_ _191\"> </span><span class=\"fc22\">0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,211</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">1,377</span> </span>-<span class=\"ls29 ws1e1\">5,834</span> Profit (loss) on assets/liabilities<span class=\"_ _0\"></span> designated at<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">24,017</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,164</span> 16,854<span class=\"ls1 ws1\"> </span>fair value through profit and loss<span class=\"ls1 ws1\"> </span>(Decreas<span class=\"_ _0\"></span>e) increase of provis<span class=\"_ _0\"></span>ions <span class=\"_ _29\"> </span><span class=\"fc22 ls29 ws1e1\">4,597</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">3,406</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">552</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,884</span> </span>8,523<span class=\"ls1 ws1\"> </span>Other non-<span class=\"ls29 ws1e0\">cash expenses (income)</span> <span class=\"_ _192\"> </span><span class=\"fc22 ls29 ws1e1\">1,084</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,109</span> <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">233</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">307</span> </span>-<span class=\"ls29 ws1e1\">951</span> Cash flow<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _193\"> </span><span class=\"ls27 ws1df\">504,942<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">145,<span class=\"_ _3\"></span>978</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">41,329<span class=\"_ _3\"></span></span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">76</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">717</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">70</span> <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">693,111</span> </span>Decrease (increase) <span class=\"_ _3\"></span>of working capital<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _194\"> </span><span class=\"ls27 ws1df\">50,840<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">27,168<span class=\"_ _3\"></span></span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,341</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">16<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,755</span> <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">750</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">23,524</span> </span>Decrease (in<span class=\"_ _3\"></span>crease) of invento<span class=\"_ _3\"></span>ries and con<span class=\"_ _3\"></span>struction contra<span class=\"_ _3\"></span>cts <span class=\"_ _195\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">31,884</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">14,134</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,402</span> </span>-<span class=\"ls29 ws1e1\">19,152</span> Decreas<span class=\"_ _0\"></span>e (increase) of amou<span class=\"_ _0\"></span>nts receivable<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">110,092</span> -<span class=\"ls29 ws1e1\">5,612</span> 6,178<span class=\"ls1 ws1\"> </span>7 -<span class=\"ls29 ws1e1\">5,913</span> 2,500<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">112,931</span> Decreas<span class=\"_ _0\"></span>e (increase) of receivabl<span class=\"_ _0\"></span>es from <span class=\"ls29 ws1e0\">credit institutions<span class=\"ls1 ws1\"> </span></span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">172,598</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 172,598<span class=\"ls1 ws1\"> </span>and clients (banks)<span class=\"ls1 ws1\"> </span>Increase (decrease) of liabilit<span class=\"_ _0\"></span>ies (other than financial debts)<span class=\"ls1 ws1\"> <span class=\"_ _15\"> </span></span><span class=\"fc22 ws1e1\">207,267<span class=\"ls1 ws1\"> <span class=\"_ _f\"> </span></span>11,066<span class=\"ls1 ws1\"> <span class=\"_ _10\"> </span>-</span>7,866<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>8 <span class=\"_ _8d\"> </span></span>6,159<span class=\"ls1 ws1\"> <span class=\"_ _10\"> </span>-</span>3,250<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>213,384<span class=\"ls1 ws1\"> </span></span>Increase (decrease) of d<span class=\"_ _0\"></span>ebts to credit institutions,<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">204,306</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 -<span class=\"ls29 ws1e1\">204,306</span> clients &amp; securities (<span class=\"_ _0\"></span>banks)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Decreas<span class=\"_ _0\"></span>e (increase) other <span class=\"_ _196\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">14,451</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">914</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">10,104</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">600</span> </span>-<span class=\"ls29 ws1e1\">26,069</span> Cash flow <span class=\"_ _3\"></span>from operatin<span class=\"_ _3\"></span>g activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>555,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>118,810<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>43,670<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>91<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,038</span> -<span class=\"ls27 ws1df\">680</span> 716,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Investments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _197\"> </span>-<span class=\"ls27 ws1df\">568,506<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">284<span class=\"_ _3\"></span>,265</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">44,841<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">10,<span class=\"_ _3\"></span>605</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">65,482</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">19,5<span class=\"_ _3\"></span>69</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">954,13<span class=\"_ _3\"></span>1</span> </span>Acquisition of intangible and tangible as<span class=\"_ _0\"></span>sets <span class=\"_ _102\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">505,268</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">3,591</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,683</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">2,989</span> </span>-<span class=\"ls29 ws1e1\">514,530</span> Acquisition of investment<span class=\"_ _0\"></span> property<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">42,157</span> 0 0 -<span class=\"ls29 ws1e1\">42,157</span> Acquisition of financ<span class=\"_ _0\"></span>ial fixed assets (business combinations included) <span class=\"_ _fe\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">24,484</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">10,605</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">24,851</span> </span>-<span class=\"ls29 ws1e1\">59,940</span> Cash acquired through bus<span class=\"_ _0\"></span>iness combinations<span class=\"ls1 ws1\"> <span class=\"_ _198\"> </span></span>4,433<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>4,433<span class=\"ls1 ws1\"> </span>New loans granted<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">43,187</span> -<span class=\"ls29 ws1e1\">529</span> 0 0 -<span class=\"ls29 ws1e1\">22,614</span> 19,569<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">46,762</span> Acquisition of investments <span class=\"_ _199\"> </span><span class=\"fc22\">0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">280,146</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">15,028</span> </span>-<span class=\"ls29 ws1e1\">295,174</span> Dive<span class=\"_ _3\"></span>stments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _187\"> </span><span class=\"ls27 ws1df\">57,9<span class=\"_ _3\"></span>68</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">245,544<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">169,036</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">487,979<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">3,704<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">956,824<span class=\"_ _3\"></span></span> </span>Disposal of intangible and tangible ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\"> <span class=\"_ _38\"> </span></span><span class=\"fc22 ws1e1\">11,609<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>7 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _c3\"> </span></span>500<span class=\"ls1 ws1\"> </span></span>12,115<span class=\"ls1 ws1\"> </span>Disposal of investment pro<span class=\"_ _0\"></span>perty <span class=\"_ _10d\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">169,036</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>169,036<span class=\"ls1 ws1\"> </span>Disposal of financial fixed ass<span class=\"_ _0\"></span>ets (business disposals included)<span class=\"ls1 ws1\"> <span class=\"_ _96\"> </span></span><span class=\"fc22 ws1e1\">20,452<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span></span>468,256<span class=\"ls1 ws1\"> </span></span>488,707<span class=\"ls1 ws1\"> </span>Cash disposed of through business disposals <span class=\"_ _11a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">541</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">541</span> Reimbursements of loans<span class=\"ls1 ws1\"> <span class=\"_ _dd\"> </span></span><span class=\"fc22 ws1e1\">26,449<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8d\"> </span></span>3,710<span class=\"ls1 ws1\"> <span class=\"_ _10\"> </span>-</span>3,704<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>26,455<span class=\"ls1 ws1\"> </span></span>Disposal of investments <span class=\"_ _176\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">245,537</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">15,514</span> </span>261,051<span class=\"ls1 ws1\"> </span>Cash flow <span class=\"_ _3\"></span>from investin<span class=\"_ _3\"></span>g activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _19a\"> </span>-<span class=\"ls27 ws1df\">510,538<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">38,<span class=\"_ _3\"></span>722</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">124,195<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">10,<span class=\"_ _3\"></span>605</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">422,497<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">15,8<span class=\"_ _3\"></span>65</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,69<span class=\"_ _3\"></span>3</span> </span>Financial operat<span class=\"_ _3\"></span>ions<span class=\"ls1 ws1\"> </span>Dividends received<span class=\"ls1 ws1\"> </span>0 1,545<span class=\"ls1 ws1\"> </span>6,217<span class=\"ls1 ws1\"> </span>0 1,275<span class=\"ls1 ws1\"> </span>9,037<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> received <span class=\"_ _19b\"> </span><span class=\"fc22 ls29 ws1e1\">12,302</span><span class=\"fc22\"> <span class=\"_ _99\"> </span><span class=\"ls29 ws1e1\">17</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">3,392</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">3,345</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,436</span> <span class=\"_ _6f\"> </span><span class=\"ls29 ws1e1\">17,619</span> </span>Interest paid<span class=\"_ _3\"></span> <span class=\"_ _19c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">26,654</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">71</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,233</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">653</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,436</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">38,175</span> </span>Other financial income (c<span class=\"_ _0\"></span>osts)<span class=\"_ _3\"></span> <span class=\"_ _19d\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">18,296</span> <span class=\"_ _110\"> </span>-7 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,920</span> <span class=\"_ _99\"> </span><span class=\"ls29 ws1e1\">10</span> <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">484</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">70</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">26,767</span> </span>Decreas<span class=\"_ _0\"></span>e (increase) of treas<span class=\"_ _0\"></span>ury shares - <span class=\"ls3d ws20f\">AvH<span class=\"_ _3\"></span></span> <span class=\"_ _19e\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">8,550</span> </span>-<span class=\"ls29 ws1e1\">8,550</span> Decreas<span class=\"_ _0\"></span>e (increase) of treas<span class=\"_ _0\"></span>ury shares - <span class=\"ls29 ws1e1\">affiliates</span> <span class=\"_ _5e\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">11,686</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">3,974</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0 </span>-<span class=\"ls29 ws1e1\">15,661</span> Increase of financial debts<span class=\"ls1 ws1\"> </span>523,535<span class=\"ls1 ws1\"> </span>0 75,888<span class=\"ls1 ws1\"> </span>0 16,503<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">22,069</span> 593,858<span class=\"ls1 ws1\"> </span>(Decrease) of financial debt<span class=\"_ _0\"></span>s <span class=\"_ _19f\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">525,140</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,895</span> <span class=\"_ _6c\"> </span>-<span class=\"ls29 ws1e1\">240,542</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">62,861</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">6,954</span> <span class=\"_ _6c\"> </span>-<span class=\"ls29 ws1e1\">824,484</span> </span>(Investments) and divest<span class=\"_ _0\"></span>ments in controlling interests <span class=\"_ _90\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">37,636</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">6,067</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">30</span> </span>-<span class=\"ls29 ws1e1\">43,733</span> Dividends paid by AvH<span class=\"ls1 ws1\"> </span>0 0 0 0 -<span class=\"ls29 ws1e1\">91,085</span> -<span class=\"ls29 ws1e1\">91,085</span> Dividends paid intra group <span class=\"_ _196\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">4,050</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">94,000</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">14,635</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">112,685</span> </span>0 Dividends paid to minority<span class=\"_ _0\"></span> interests <span class=\"_ _1a0\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">504</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">5,525</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">10,212</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">16,241</span> Cash flow <span class=\"_ _3\"></span>from financia<span class=\"_ _3\"></span>l activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">88,129</span> -<span class=\"ls27 ws1df\">100,935<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">210,087<span class=\"_ _3\"></span></span> 10<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">29,856</span> -<span class=\"ls27 ws1df\">15,185</span> -<span class=\"ls27 ws1df\">444,181<span class=\"_ _3\"></span></span> II. N<span class=\"_ _0\"></span>et incr<span class=\"_ _0\"></span>ease (d<span class=\"_ _9f\"></span>ecreas<span class=\"_ _0\"></span>e) in cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cash <span class=\"_ _0\"></span><span class=\"ws1f4\">equiv<span class=\"_ _0\"></span>alent<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls27 ws1df\">42,884</span> -<span class=\"ls27 ws1df\">20,847</span> -<span class=\"ls27 ws1df\">42,221</span> -<span class=\"ls27 ws1df\">10,503</span> 391,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 275,147<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Transfer b<span class=\"_ _0\"></span>etween segments<span class=\"ls1 ws1\"> </span>8,203<span class=\"ls1 ws1\"> </span>0 0 10,605<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,808</span> 0 Impact of exchange rate changes on cash<span class=\"_ _0\"></span> and cash equivalents<span class=\"ls1 ws1\"> </span>2,145<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _b8\"> </span>-</span>36<span class=\"ls1 ws1\"> <span class=\"_ _55\"> </span>-</span>15<span class=\"ls1 ws1\"> </span>2,095<span class=\"ls1 ws1\"> </span>III. C<span class=\"_ _0\"></span>ash an<span class=\"_ _0\"></span>d cash<span class=\"_ _0\"></span> equiv<span class=\"_ _0\"></span>alent<span class=\"_ _0\"></span>s <span class=\"ls1 ws1\">- ending <span class=\"ls39 ws204\">balance</span> </span>693,990<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>24,515<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,106<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>642<span class=\"ls1 ws1\"> </span>410,718<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,160,97<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Comments<span class=\"_ _0\"></span> on the s<span class=\"_ _0\"></span>egment i<span class=\"_ _0\"></span>nforma<span class=\"_ _0\"></span>tion <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">cash flow<span class=\"_ _3\"></span> </span></span>statement <span class=\"ls1 ws1\"> </span>AvH realised an overall increase of its cash ov<span class=\"_ _0\"></span>er 2022 by 275.1 million euros, a substan<span class=\"_ _9f\"></span>tial incr<span class=\"_ _0\"></span>ease <span class=\"ls24 ws218\">compared to the 39.9<span class=\"_ _0\"></span> million<span class=\"_ _3\"></span> euros during 2021.<span class=\"ls1 ws1\"> </span></span>As was explained in connection with the income state<span class=\"_ _0\"></span>ment, the <span class=\"ff3b ls53 ws23d\">oper<span class=\"_ _3\"></span>ating </span>activit<span class=\"_ _3\"></span>ies<span class=\"ff3a ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ws241\">of the AvH group generated a c<span class=\"_ _0\"></span>onsolidated profit of 655.9 mil<span class=\"_ _0\"></span>lion euros, </span></span>an 84% in<span class=\"_ _9f\"></span>crease com<span class=\"_ _0\"></span>pared<span class=\"_ _0\"></span> to last ye<span class=\"_ _0\"></span>ar. In<span class=\"_ _0\"></span> order to go<span class=\"_ _0\"></span> from th<span class=\"_ _9f\"></span>e profit fro<span class=\"_ _9f\"></span>m operat<span class=\"_ _0\"></span>ing ac<span class=\"_ _0\"></span>tivitie<span class=\"_ _0\"></span>s to ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span> from o<span class=\"_ _0\"></span>peratin<span class=\"_ _0\"></span>g activ<span class=\"_ _9f\"></span>ities, cer<span class=\"_ _0\"></span>tain it<span class=\"_ _0\"></span>ems hav<span class=\"_ _0\"></span>e been<span class=\"_ _9f\"></span> reclass<span class=\"_ _0\"></span>ified to<span class=\"_ _0\"></span> cash flow<span class=\"_ _0\"></span> from inv<span class=\"_ _0\"></span>esting<span class=\"_ _0\"></span> activit<span class=\"_ _0\"></span>ies or cash f<span class=\"_ _0\"></span>low fro<span class=\"_ _0\"></span>m financ<span class=\"_ _0\"></span>ial activities, and a nu<span class=\"_ _0\"></span>mber of other adju<span class=\"_ _0\"></span>stments have been mad<span class=\"_ _0\"></span>e, of whi<span class=\"ls34 ws1f5\">ch the<span class=\"_ _3\"></span> main </span>ones are explained below<span class=\"_ _0\"></span>: <span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ls25 ws1fc\">As was<span class=\"_ _0\"></span> indica<span class=\"_ _0\"></span>ted in<span class=\"_ _0\"></span> the in<span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>statem<span class=\"_ _0\"></span>ent, th<span class=\"_ _0\"></span>e dispo<span class=\"_ _0\"></span>sal of<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s in 202<span class=\"_ _0\"></span>2 </span>generated capital gain<span class=\"_ _0\"></span>s totalling 379.4 million <span class=\"_ _0\"></span>euros. After an adjustmen<span class=\"_ _0\"></span>t of 1.6 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s to th<span class=\"_ _0\"></span>is amoun<span class=\"_ _0\"></span>t for an<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span> that ha<span class=\"_ _0\"></span>d alre<span class=\"_ _0\"></span>ady bee<span class=\"_ _0\"></span><span class=\"ls52 ws24c\">n re<span class=\"_ _3\"></span>class<span class=\"_ _3\"></span>ifie<span class=\"_ _3\"></span>d in </span>2021<span class=\"_ _0\"></span> to \u201cAsset<span class=\"_ _0\"></span>s held f<span class=\"_ _0\"></span>or sale\u201d<span class=\"_ _0\"></span>, a resu<span class=\"_ _0\"></span>lt of 3<span class=\"_ _0\"></span>77.8 millio<span class=\"_ _9f\"></span>n is replac<span class=\"_ _0\"></span>ed in thi<span class=\"_ _0\"></span>s cash<span class=\"_ _0\"></span> flow statement by<span class=\"_ _0\"></span> the cash rev<span class=\"_ _0\"></span>enue actually realised i<span class=\"_ _0\"></span>n the cash flow f<span class=\"_ _0\"></span>rom invest<span class=\"_ _0\"></span>ing activ<span class=\"_ _0\"></span>ities.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ws1f6\">The contribution from the equity</span>-<span class=\"ws1f5\">accounte<span class=\"_ _0\"></span>d participations <span class=\"ls24 ws218\">(243.9 million euros) </span></span>to the results <span class=\"_ _0\"></span>is replaced by <span class=\"_ _0\"></span>the 122.2 million euro<span class=\"_ _0\"></span>s cash revenue (d<span class=\"_ _0\"></span>ividends) received from thos<span class=\"_ _0\"></span>e participations. This fig<span class=\"_ _0\"></span>ure is 9.8 million euro<span class=\"_ _0\"></span>s higher than in 2021. Delen Private Bank (80.1 million euros), SIPEF (7.6 million euros<span class=\"ls34 ws233\">) and </span>equity-<span class=\"ws2c4\">accounted particip<span class=\"_ _0\"></span>ations of DEME and CFE made the bigges<span class=\"_ _0\"></span>t </span>contributions to this amount of 122.2 million euros. <span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ws1f6\">The income taxes (paid) a<span class=\"_ _0\"></span>re deducted for an amount of 84.<span class=\"_ _0\"></span>4 million euros.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ls33 ws215\">Dep<span class=\"_ _3\"></span>reciati<span class=\"_ _3\"></span>on an<span class=\"_ _3\"></span>d impai<span class=\"_ _3\"></span>rment l<span class=\"_ _3\"></span>osses<span class=\"_ _3\"></span> are <span class=\"_ _3\"></span>result<span class=\"_ _3\"></span> items<span class=\"_ _3\"></span> <span class=\"ls25\">with<span class=\"_ _0\"></span>out c<span class=\"_ _0\"></span>ash imp<span class=\"_ _0\"></span>act (n<span class=\"_ _0\"></span>on<span class=\"ls1 ws1\">-</span></span></span>cash i<span class=\"_ _0\"></span>tems)<span class=\"_ _0\"></span> and ar<span class=\"_ _0\"></span>e ther<span class=\"_ _0\"></span>efore a<span class=\"_ _0\"></span>dded.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ws1f5\">The settlement of stock option plans (r<span class=\"_ _0\"></span>epurchase of shares in group companies<span class=\"_ _0\"></span> </span>after th<span class=\"_ _9f\"></span>e e<span class=\"_ _3\"></span>x<span class=\"_ _0\"></span>ercise of<span class=\"_ _0\"></span> stoc<span class=\"_ _0\"></span>k option<span class=\"_ _9f\"></span>s by staff<span class=\"_ _0\"></span> members) l<span class=\"_ _0\"></span>ed to a ca<span class=\"_ _9f\"></span>sh<span class=\"ls1 ws1\">-<span class=\"ls40 ws209\">out of 6.5 </span></span>million euros in the \u201cPrivate Ban<span class=\"_ _0\"></span>king<span class=\"ls25 ws204\">\u201d seg<span class=\"_ _0\"></span>ment. Tog<span class=\"_ _9f\"></span>ether with ad<span class=\"_ _9f\"></span>justment<span class=\"_ _0\"></span>s for </span>amounts recognised in prof<span class=\"_ _0\"></span>it or loss, but not giving ris<span class=\"_ _0\"></span>e to cash flow, this had a total n<span class=\"_ _0\"></span>egativ<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t of 5.8 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ls25 ws1f9\">The los<span class=\"_ _0\"></span>s of 16.<span class=\"_ _0\"></span>9 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s on asse<span class=\"_ _0\"></span>ts/li<span class=\"_ _0\"></span>abiliti<span class=\"_ _0\"></span>es des<span class=\"_ _0\"></span>ignated <span class=\"_ _0\"></span>at fair v<span class=\"_ _0\"></span>alue h<span class=\"_ _0\"></span>as </span>no imp<span class=\"ls33 ws249\">act<span class=\"_ _3\"></span> on AvH\u2019s ca<span class=\"_ _3\"></span>sh flow.<span class=\"_ _3\"></span> This rela<span class=\"_ _3\"></span>tes to<span class=\"_ _3\"></span> financi<span class=\"_ _3\"></span>al assets<span class=\"_ _3\"></span> as well<span class=\"_ _3\"></span> as </span>investm<span class=\"_ _9f\"></span>ent proper<span class=\"_ _0\"></span>ty.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _24\"> </span></span><span class=\"ls25 ws208\">8.4 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _9f\"></span>ros in prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s that w<span class=\"_ _0\"></span>ere re<span class=\"_ _0\"></span>cognised<span class=\"_ _9f\"></span> in profi<span class=\"_ _0\"></span>t or los<span class=\"_ _0\"></span>s in 202<span class=\"_ _0\"></span>2 hav<span class=\"_ _0\"></span>e </span>no cash impact and ar<span class=\"_ _0\"></span>e neutralised.<span class=\"ws1\"> </span>After tho<span class=\"_ _0\"></span>se recla<span class=\"_ _0\"></span>ssific<span class=\"_ _0\"></span>ations and<span class=\"_ _0\"></span> non<span class=\"ls1 ws1\">-<span class=\"ws20b\">cash adju</span></span>stm<span class=\"_ _0\"></span>ents, the <span class=\"ff3b ls39 ws28b\">cash flow</span><span class=\"ls1 ws1\"> <span class=\"ws20b\">amounts to </span></span>693.1<span class=\"_ _0\"></span> million euro<span class=\"_ _0\"></span>s. This is<span class=\"_ _0\"></span> a decrease<span class=\"_ _0\"></span> of 27.8 millio<span class=\"_ _0\"></span>n euros co<span class=\"_ _0\"></span>mpared<span class=\"_ _0\"></span> to last year<span class=\"_ _0\"></span>. <span class=\"ls1 ws1\"> </span>Despi<span class=\"_ _0\"></span>te the<span class=\"_ _0\"></span> highe<span class=\"_ _0\"></span>r turnov<span class=\"_ _9f\"></span>er of the <span class=\"_ _0\"></span>group<span class=\"_ _0\"></span> compan<span class=\"_ _9f\"></span>ies, 23.5<span class=\"_ _0\"></span> mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>sh was<span class=\"_ _0\"></span> relea<span class=\"_ _0\"></span>sed fro<span class=\"_ _0\"></span>m <span class=\"ff3b ls1 ws1f9\">working capital<span class=\"ff3a ls25\">,<span class=\"_ _0\"></span> mainl<span class=\"_ _0\"></span>y thanks <span class=\"_ _0\"></span>to DEME a<span class=\"_ _0\"></span>nd<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls4b ws28e\">CFE<span class=\"_ _3\"></span>. At<span class=\"_ _3\"></span> Bank<span class=\"_ _3\"></span> Van </span></span></span></span>Bre<span class=\"_ _3\"></span>da<span class=\"_ _3\"></span>, bot<span class=\"_ _3\"></span>h the<span class=\"_ _3\"></span> clie<span class=\"_ _3\"></span>nt de<span class=\"_ _3\"></span>posi<span class=\"_ _3\"></span>ts an<span class=\"_ _3\"></span>d the l<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>n port<span class=\"_ _3\"></span>foli<span class=\"_ _3\"></span>o co<span class=\"_ _3\"></span>nti<span class=\"_ _3\"></span>nued t<span class=\"_ _3\"></span>o gr<span class=\"_ _3\"></span>ow. T<span class=\"_ _3\"></span>he TLTRO facilities drawn down i<span class=\"_ _0\"></span>n previous years were r<span class=\"_ _0\"></span>epaid in full during 2022. <span class=\"ws1\"> </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls4c ws268\">inv<span class=\"_ _0\"></span>estments<span class=\"ff3a ls1 ws1\"> <span class=\"ws1f7\">of the fully consolidated co<span class=\"_ _0\"></span>mpanies of the AvH<span class=\"_ _0\"></span> group peaked<span class=\"_ _0\"></span> </span></span></span>at 9<span class=\"ls24 ws26c\">54.1 million euros in 2022. This is<span class=\"_ _3\"></span> an increase of 316.6 million euros compared </span>to last<span class=\"_ _0\"></span> year.<span class=\"_ _0\"></span> DEME <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ed a tot<span class=\"_ _0\"></span>al of 48<span class=\"_ _9f\"></span>3.9 million<span class=\"_ _0\"></span> euro<span class=\"_ _0\"></span>s in ad<span class=\"_ _0\"></span>dition<span class=\"_ _0\"></span>al tang<span class=\"_ _0\"></span>ible<span class=\"_ _0\"></span> assets.<span class=\"_ _0\"></span> This fig<span class=\"_ _0\"></span>ure for 2<span class=\"_ _0\"></span>022 inclu<span class=\"_ _9f\"></span>des that y<span class=\"_ _0\"></span>ear\u2019s inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>ts in the r<span class=\"_ _0\"></span>evolutio<span class=\"_ _9f\"></span>nary instal<span class=\"_ _0\"></span>latio<span class=\"ls1 ws2c7\">n vesse<span class=\"_ _0\"></span>l \u2018Orion\u2019, the substantial amounts spent on extensiv<span class=\"_ _0\"></span>e </span>mainten<span class=\"_ _9f\"></span>ance and rep<span class=\"_ _9f\"></span>airs to seve<span class=\"_ _0\"></span>ral ves<span class=\"_ _0\"></span>sels of<span class=\"_ _0\"></span> the fle<span class=\"_ _0\"></span>et, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _0\"></span>e amoun<span class=\"_ _0\"></span>ts spent on the tran<span class=\"_ _0\"></span>sition of the \u2018Viking Neptun\u2019 <span class=\"_ _0\"></span>and the \u2018Sea Installer\u2019. Th<span class=\"_ _9f\"></span>e acquisition of inv<span class=\"_ _0\"></span>estments by Bank Van <span class=\"_ _0\"></span><span class=\"ls34 ws1ed\">Br<span class=\"_ _3\"></span>eda<span class=\"_ _3\"></span> (28<span class=\"_ _3\"></span>0.1 mi<span class=\"_ _3\"></span>lli<span class=\"_ _3\"></span>on eu<span class=\"_ _3\"></span>ros)<span class=\"_ _3\"></span> sho<span class=\"_ _3\"></span>uld be<span class=\"_ _3\"></span> seen </span>in conjunction with the 245.5 million euros from th<span class=\"_ _0\"></span>e disposal of those investments. Tho<span class=\"_ _3\"></span>se trans<span class=\"_ _3\"></span>action<span class=\"_ _3\"></span>s are part<span class=\"_ _3\"></span> of the ALM p<span class=\"_ _3\"></span>olicy o<span class=\"_ _3\"></span>f Bank Van<span class=\"_ _3\"></span> Breda<span class=\"_ _3\"></span>. Nextensa invest<span class=\"_ _0\"></span>ed 42.2 mi<span class=\"_ _0\"></span>llion eu<span class=\"_ _0\"></span>ros in it<span class=\"_ _0\"></span>s real est<span class=\"_ _0\"></span>ate por<span class=\"_ _0\"></span>tfoli<span class=\"ls40 ws205\">o. Also in 2022, Nextensa sol<span class=\"_ _0\"></span>d </span>its prop<span class=\"_ _9f\"></span>erties Th<span class=\"_ _0\"></span>e Cresc<span class=\"_ _0\"></span>ent (And<span class=\"_ _9f\"></span>erlecht)<span class=\"_ _0\"></span>, Monn<span class=\"_ _0\"></span>et (Lux<span class=\"_ _0\"></span>embourg<span class=\"_ _0\"></span>) and T<span class=\"_ _0\"></span>itaniu<span class=\"_ _0\"></span>m (Luxembourg) for a total sum of 169.0 mil<span class=\"_ _0\"></span>lion euros.<span class=\"ls1\"> </span>As was a<span class=\"_ _0\"></span>lread<span class=\"_ _0\"></span>y mentio<span class=\"_ _0\"></span>ned ea<span class=\"_ _0\"></span>rlier, A<span class=\"_ _0\"></span>vH real<span class=\"_ _0\"></span>ised s<span class=\"_ _0\"></span>ubstan<span class=\"_ _0\"></span>tial ca<span class=\"_ _0\"></span>pital g<span class=\"_ _0\"></span>ains on th<span class=\"_ _0\"></span>e dispo<span class=\"_ _0\"></span>sal of its p<span class=\"_ _9f\"></span><span class=\"ls1 ws259\">a<span class=\"_ _3\"></span>rticipatio<span class=\"_ _0\"></span>ns in Manuchar and Anima. Both these sale<span class=\"_ _0\"></span>s yielded </span>159.5 million euros and 308.2 million eur<span class=\"_ _3\"></span>os in cash respectively. During 2022, AvH<span class=\"_ _0\"></span> invested 10.7 million euros in the increase of its shareholding percentage in SIPEF, 24.9 mi<span class=\"_ _0\"></span>llion euro<span class=\"_ _0\"></span>s in the <span class=\"ls33 ws1fa\">furthe<span class=\"_ _3\"></span>r expansi<span class=\"_ _3\"></span>on of its \u201cGr<span class=\"_ _3\"></span>owth Ca<span class=\"_ _3\"></span>pital\u201d po<span class=\"_ _3\"></span>rtfoli<span class=\"_ _3\"></span>o with </span>focus on Life Sciences and India/Sou<span class=\"_ _0\"></span>theast Asia, and, like CFE, granted an<span class=\"_ _0\"></span> additional shareholder loa<span class=\"_ _0\"></span>n of 19 million euros to Rent<span class=\"ws1\">-A-<span class=\"ls25 ws22a\">P<span class=\"_ _0\"></span>ort, enab<span class=\"_ _0\"></span>ling it to </span></span>increase its participation in Infra Asia Inv<span class=\"_ _0\"></span>e<span class=\"ls25 ws215\">stment<span class=\"_ _0\"></span>s, the co<span class=\"_ _0\"></span>mpany tha<span class=\"_ _9f\"></span>t coordina<span class=\"_ _0\"></span>tes </span>the dev<span class=\"_ _9f\"></span>elopment o<span class=\"_ _0\"></span>f the var<span class=\"_ _0\"></span>ious in<span class=\"_ _0\"></span>dust<span class=\"_ _0\"></span>rial zon<span class=\"_ _0\"></span>es in Vi<span class=\"_ _0\"></span>etnam.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Th<span class=\"_ _3\"></span>ank<span class=\"_ _3\"></span>s to t<span class=\"_ _3\"></span>he con<span class=\"_ _3\"></span>sid<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>ble disposals<span class=\"ff3a\"> <span class=\"_ _9c\"> </span><span class=\"ls42 ws2c8\">of real e<span class=\"_ _0\"></span>state b<span class=\"_ _0\"></span>y Nexten<span class=\"_ _0\"></span>sa and of<span class=\"_ _9f\"></span> </span></span>Manuchar/Anima by AvH, the volume of<span class=\"_ _0\"></span> divestments in 2022 is slightly higher<span class=\"_ _0\"></span> (956.8 mill<span class=\"ls25 ws215\">ion eu<span class=\"_ _0\"></span>ros) than<span class=\"_ _0\"></span> the v<span class=\"_ _0\"></span>ery subst<span class=\"_ _0\"></span>antia<span class=\"_ _0\"></span>l inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s (954.<span class=\"_ _0\"></span>1 million<span class=\"_ _0\"></span> euros)<span class=\"_ _0\"></span>; </span>as a resu<span class=\"_ _0\"></span>lt, the ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span> from inv<span class=\"_ _0\"></span>esting a<span class=\"_ _0\"></span>ctiviti<span class=\"_ _0\"></span>es turn<span class=\"_ _0\"></span>s out sligh<span class=\"_ _9f\"></span>tly positiv<span class=\"_ _0\"></span>e, whic<span class=\"_ _0\"></span>h is fairl<span class=\"_ _0\"></span>y unu<span class=\"_ _0\"></span>sual fo<span class=\"_ _0\"></span>r AvH.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The <span class=\"_ _0\"></span><span class=\"ff3b ls46 ws1ed\">ca<span class=\"_ _3\"></span>sh flow from fina<span class=\"_ _3\"></span>ncial<span class=\"ls1 ws1\"> <span class=\"ls49 ws2bd\">activities</span><span class=\"ff3a\"> <span class=\"ls24 ws21b\">in 2022 was ne<span class=\"_ _3\"></span>gative at 444.2</span> <span class=\"ls52 ws24e\">million </span></span></span></span>euros.<span class=\"_ _0\"></span> The net in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t paid wa<span class=\"_ _0\"></span>s virtua<span class=\"_ _0\"></span>lly the sa<span class=\"_ _0\"></span>me as last y<span class=\"_ _0\"></span>ear, desp<span class=\"_ _9f\"></span>ite the inter<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span> rate increase during <span class=\"_ _0\"></span>the year. As was al<span class=\"_ _0\"></span>so pointed out in connection w<span class=\"_ _0\"></span>ith the income statement, <span class=\"_ _0\"></span>exchange rates ultimat<span class=\"_ _0\"></span>ely had a negative impac<span class=\"_ _0\"></span>t on the results a<span class=\"ls24 ws218\">nd on the cash flows of 2022. </span> AvH, Extensa and CFE acq<span class=\"_ _0\"></span>uired <span class=\"ff3b ls3f ws214\">tre<span class=\"_ _0\"></span>asury s<span class=\"_ _0\"></span>hares<span class=\"ff3a ls1 ws1\"> <span class=\"ls24 ws218\">du<span class=\"_ _0\"></span>ring<span class=\"_ _3\"></span> 2022.<span class=\"ls1 ws1\"> </span></span></span></span>The di<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ents en<span class=\"_ _0\"></span>abled <span class=\"_ _0\"></span>Nexte<span class=\"_ _0\"></span>nsa to r<span class=\"_ _0\"></span>educe i<span class=\"_ _0\"></span>ts <span class=\"ff3b ls49 ws1ea\">financial d<span class=\"_ _3\"></span>ebt</span><span class=\"ls1 ws1\"> <span class=\"ls24 ws206\">by 164.4 mill<span class=\"_ _3\"></span>ion<span class=\"_ _0\"></span> </span></span>euros.<span class=\"_ _0\"></span> AvH\u2019s div<span class=\"_ _0\"></span>estmen<span class=\"_ _9f\"></span>ts led to a net<span class=\"_ _0\"></span> reduction<span class=\"_ _0\"></span> by 46.4 m<span class=\"_ _0\"></span>illio<span class=\"_ _0\"></span>n euros (th<span class=\"_ _9f\"></span>e comm<span class=\"_ _0\"></span>ercial p<span class=\"_ _0\"></span><span class=\"ls25 ws1db\">aper p<span class=\"_ _0\"></span>rogramm<span class=\"_ _0\"></span>e, fo<span class=\"_ _0\"></span>r ins<span class=\"_ _0\"></span>tance,<span class=\"_ _0\"></span> was <span class=\"_ _0\"></span>repaid i<span class=\"_ _0\"></span>n ful<span class=\"_ _0\"></span>l). Th<span class=\"_ _0\"></span>e net <span class=\"_ _0\"></span>increa<span class=\"_ _0\"></span>se of<span class=\"_ _0\"></span> </span>the cash<span class=\"_ _0\"></span> positi<span class=\"_ _0\"></span>on resu<span class=\"_ _0\"></span>lting fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>ivestm<span class=\"_ _0\"></span>ents is s<span class=\"_ _0\"></span>ituat<span class=\"_ _0\"></span>ed in the c<span class=\"_ _0\"></span>ash and<span class=\"_ _0\"></span> cash equivalents.  The additional investments in 2022 to<span class=\"_ _0\"></span> the amount of 43.7 million euros in controlling int<span class=\"ws1f5\">erests includ<span class=\"_ _0\"></span>es 37.6 million euros for <span class=\"_ _0\"></span>the acquisition by <span class=\"_ _0\"></span>Rent<span class=\"ws1\">-A-<span class=\"ls33 ws1f0\">Port </span></span></span>of an<span class=\"_ _3\"></span> additi<span class=\"_ _3\"></span>onal 3<span class=\"_ _3\"></span>2.59% inte<span class=\"_ _3\"></span>rest i<span class=\"_ _3\"></span>n its sub<span class=\"_ _3\"></span>sidia<span class=\"_ _3\"></span>ry Infra<span class=\"_ _3\"></span> Asia I<span class=\"_ _3\"></span>nvestmen<span class=\"_ _3\"></span>ts. <span class=\"ls1 ws1\"> </span>AvH paid a<span class=\"_ _3\"></span> <span class=\"ff3b ls49 ws2bd\">dividend<span class=\"_ _3\"></span></span><span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls40 ws2ae\">of 91.1 million euros to its shareholders, an increase of 13.2 </span></span>million euros compared to t<span class=\"ls25 ws1fa\">he prev<span class=\"_ _0\"></span>ious y<span class=\"_ _0\"></span>ear. Sub<span class=\"_ _0\"></span>sidia<span class=\"_ _0\"></span>ries of <span class=\"_ _0\"></span>the group<span class=\"_ _0\"></span> paid<span class=\"_ _0\"></span> 16.2<span class=\"_ _0\"></span> </span>million euros in divide<span class=\"_ _0\"></span>nds to shareholde<span class=\"_ _0\"></span>rs outside the AvH group (20<span class=\"_ _0\"></span>21: 35.6 million euros). The subsidiaries in question are <span class=\"_ _3\"></span>primari<span class=\"_ _0\"></span>ly Ba<span class=\"_ _3\"></span>nk Van Breda and Nexten<span class=\"_ _0\"></span>sa (in<span class=\"_ _0\"></span> 2021 s<span class=\"_ _0\"></span>till Leas<span class=\"_ _0\"></span>invest <span class=\"_ _0\"></span>Real Es<span class=\"_ _0\"></span>tate)<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span>Evolutio<span class=\"_ _0\"></span>n of the financ<span class=\"_ _0\"></span>ial debts<span class=\"_ _0\"></span> (cash &amp; non<span class=\"ls1 ws1\">-<span class=\"ls66 ws2ca\">cash)</span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>2,381,6<span class=\"_ _3\"></span>18<span class=\"ls1 ws1\"> </span>Movements in the Cashflow statement (<span class=\"_ _0\"></span>Cash flow<span class=\"_ _3\"></span> from financ<span class=\"_ _0\"></span>ial activities)<span class=\"ls1 ws1\"> </span>Increase of financial debts<span class=\"ls1 ws1\"> </span>593,858<span class=\"ls1 ws1\"> </span>(Decrease) of financial debt<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">824,484</span> Non<span class=\"ls1 ws1\">-<span class=\"ls3e ws1e1\">cash movements</span> </span>- <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">acquis<span class=\"_ _0\"></span>itions<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">106</span> - <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">divestments</span> -<span class=\"ls29 ws1e1\">162,905</span> - <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">tangible assets</span> 49,675<span class=\"ls1 ws1\"> </span>- <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e1\">investment <span class=\"ls2b ws1dd\">proper<span class=\"_ _3\"></span>ty</span></span> -<span class=\"ls29 ws1e1\">2,155</span> - <span class=\"ls29 ws1e0\">Impact of exchange rates</span>  -<span class=\"ls29 ws1e1\">1,012</span> - <span class=\"ls3c ws20e\">Other<span class=\"_ _3\"></span>s</span> 0 Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2022<span class=\"_ _3\"></span></span> </span>2,034,4<span class=\"_ _3\"></span>89<span class=\"ls1 ws1\"> </span>(1)Evolut<span class=\"_ _0\"></span>ion of t<span class=\"_ _0\"></span>he cash <span class=\"_ _0\"></span>positio<span class=\"_ _0\"></span>n of the<span class=\"_ _0\"></span> AvH gr<span class=\"_ _0\"></span>oup 201<span class=\"ls1 ws1\">8 \u2013 <span class=\"ls68 ws2cc\">202<span class=\"_ _0\"></span><span class=\"ls1 ws1\">2 </span></span></span>\u20ac Millions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _1a1\"> </span><span class=\"ls61 ws2a1\">2022</span> <span class=\"_ _138\"> </span><span class=\"ls61 ws2a1\">20<span class=\"_ _3\"></span>21</span> <span class=\"_ _138\"> </span><span class=\"ls61 ws2a1\">2020</span> <span class=\"_ _138\"> </span><span class=\"ls61 ws2a1\">20<span class=\"_ _3\"></span>19</span> <span class=\"_ _138\"> </span><span class=\"ls61 ws2a1\">2018<span class=\"_ _3\"></span></span> </span>Treasury shares<span class=\"_ _3\"></span> <span class=\"_ _1a2\"> </span><span class=\"fc24 ls29 ws1e1\">55.7</span><span class=\"fc24\"> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">46.0</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">39.6</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">40.8</span> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">34.7</span> </span>Other investments<span class=\"ls1 ws1\"> </span> - <span class=\"ls29 ws1e0\">Portfolio shares</span> <span class=\"_ _1a3\"> </span><span class=\"fc24 ls29 ws1e1\">41.3</span><span class=\"fc24\"> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">48.2</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">51.2</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">55.7</span> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">37.2</span> </span> - <span class=\"ls29 ws1e0\">Term deposits</span> 361.1<span class=\"ls1 ws1\"> </span>6.0<span class=\"ls1 ws1\"> </span>0.0<span class=\"ls1 ws1\"> </span>155.9<span class=\"ls1 ws1\"> </span>23.9<span class=\"ls1 ws1\"> </span>Cash<span class=\"_ _3\"></span> <span class=\"_ _1a4\"> </span><span class=\"fc24 ls29 ws1e1\">40.7</span><span class=\"fc24\"> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">20.3</span> <span class=\"_ _98\"> </span><span class=\"ls5d ws202\">8.1<span class=\"_ _3\"></span></span> <span class=\"_ _14\"> </span><span class=\"ls29 ws1e1\">27.0</span> <span class=\"_ _7a\"> </span><span class=\"ls29 ws1e1\">31.2</span> </span>Financial debts (commercial paper)<span class=\"ls1 ws1\"> </span>0.0<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">42.7</span> -<span class=\"ls29 ws1e1\">31.0</span> -<span class=\"ls29 ws1e1\">12.0</span> -<span class=\"ls29 ws1e1\">24.0</span> Net cash<span class=\"_ _0\"></span> position<span class=\"ls1 ws1\"> </span>498.7<span class=\"ls1 ws1\"> </span>77.7<span class=\"ls1 ws1\"> </span>68.0<span class=\"ls1 ws1\"> </span>267.4<span class=\"ls1 ws1\"> </span>102.9<span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a\">I<span class=\"ls29 ws1e1\">ncludes <span class=\"ls2b ws299\">trea<span class=\"_ _3\"></span>sury shares,<span class=\"_ _3\"></span> the </span><span class=\"ws211\">cash and financial debts to credit ins<span class=\"_ _0\"></span>titutions and to financial markets of the consolidated subholdings recorded in the segment \u2018A<span class=\"_ _0\"></span>vH &amp; Growth Capital\u2019 and the cash </span></span></span>of FinAx/Finaxis. To the extent that the tr<span class=\"_ _0\"></span>easury shares are held in portfolio to cover outstanding option obligations, the value of t<span class=\"_ _0\"></span>he treasury shares is matched to those obligations.<span class=\"ls1 ws1\"> </span>Note 6: <span class=\"ls26 ws1dc\">Segment <span class=\"ls3a ws20c\">information </span></span>\u2013 <span class=\"ls26 ws1dc\">income s<span class=\"_ _0\"></span>tatement 20<span class=\"_ _0\"></span>21<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,782,50<span class=\"_ _3\"></span>2</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">205,011<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">237,428</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">18<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">89,529<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,114<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,31<span class=\"_ _3\"></span>2,374<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,193</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,074</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,988</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,279</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _1a5\"> </span><span class=\"fc22 ls29 ws1e1\">106,300</span><span class=\"fc22\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">119,195</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>225,495<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">103,801</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>103,801<span class=\"ls1 ws1\"> </span>Fees and commissions <span class=\"ls1 ws1\">- </span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">98,566</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>98,566<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,580,181<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>84,328<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _15e\"> </span></span>3,664,508<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">96,021<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,644<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>19,041<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>18<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>3,128<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>126<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>120,726<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,612,4<span class=\"_ _3\"></span>59</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">122,400<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">175,94<span class=\"_ _3\"></span>2</span> <span class=\"_ _b7\"> </span>-<span class=\"ls27 ws1df\">58<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">116<span class=\"_ _3\"></span>,029</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,89<span class=\"_ _3\"></span>8</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,0<span class=\"_ _3\"></span>23,991</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,518,605</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">24,176</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">80,876</span> <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">58</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">53,125</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,898</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,673,943</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,759</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">22,759</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">697,784</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">57,533</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">75,769</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">46,604</span> </span>-<span class=\"ls29 ws1e1\">877,690</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">326,558</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,220</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">11,967</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,808</span> </span>-<span class=\"ls29 ws1e1\">350,553</span> Impairment losses (-) <span class=\"_ _30\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">36,202</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,181</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">793</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">10,995</span> </span>-<span class=\"ls29 ws1e1\">45,810</span> Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">32,884</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">12,483</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">6,810</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">510</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">52,687</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _1a6\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">425<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>272<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _c4\"> </span></span>13<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">550</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">9,593<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">24,456<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">34,048<span class=\"_ _3\"></span></span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and <span class=\"ws1dd\">loss<span class=\"ls1 ws1\"> </span></span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL)<span class=\"ls1 ws1\"> </span>0 0 16,621<span class=\"ls1 ws1\"> </span>0 24,456<span class=\"ls1 ws1\"> </span>41,077<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>t property <span class=\"_ _1a7\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,029</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">7,029</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> </span>26,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>492<span class=\"ls1 ws1\"> </span>4,984<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,221<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 34,699<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _1a8\"> </span></span><span class=\"fc22 ws1e1\">6,071<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>492<span class=\"ls1 ws1\"> <span class=\"_ _c3\"> </span></span>581<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span></span>39<span class=\"ls1 ws1\"> </span></span>7,182<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> <span class=\"_ _18a\"> </span></span><span class=\"fc22 ws1e1\">19,931<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span></span>3,019<span class=\"ls1 ws1\"> </span></span>22,951<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets<span class=\"ls1 ws1\"> </span>0 0 0 0 163<span class=\"ls1 ws1\"> </span>163<span class=\"ls1 ws1\"> </span>Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>196,045<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>83,103<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,062<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">40</span> 1,176<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>784<span class=\"ls1 ws1\"> </span>357,130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> <span class=\"_ _1a9\"> </span>-<span class=\"ls27 ws1df\">14,378</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">583</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">9,675</span> <span class=\"_ _170\"> </span>7 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,037</span> <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">784</span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">21,210<span class=\"_ _3\"></span></span> </span>Interest income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,142<span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>2,493<span class=\"ls1 ws1\"> </span>0 2,406<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,116</span> 11,941<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> expenses (-) <span class=\"_ _1a5\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">18,778</span> <span class=\"_ _110\"> </span>-2 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">15,514</span> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">516</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,116</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">33,694</span> </span>(Un)realised foreign curr<span class=\"_ _0\"></span>ency results<span class=\"ls1 ws1\"> <span class=\"_ _1aa\"> </span></span><span class=\"fc22 ws1e1\">7,313<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>4 <span class=\"_ _8b\"> </span>-</span>174<span class=\"ls1 ws1\"> </span></span>7,056<span class=\"ls1 ws1\"> </span>Other financial income (expenses<span class=\"_ _0\"></span>) <span class=\"_ _1aa\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">11,055</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">193</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">2,208</span> <span class=\"_ _170\"> </span>4 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">1,320</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">784</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,530</span> </span>Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">376</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">5,642</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 6,018<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">23,6<span class=\"_ _3\"></span>15</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">131,950<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">20,7<span class=\"_ _3\"></span>24</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">30,232<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">48,669</span> </span>255,191<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>0 0 0 0 548<span class=\"ls1 ws1\"> </span>548<span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _1ab\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>205,282<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,636<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,111<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,430<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 591,659<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">45,293</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">19,<span class=\"_ _3\"></span>599</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">13,674</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">884<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">79,<span class=\"_ _3\"></span>449</span> </span>Deferred t<span class=\"_ _0\"></span>axes <span class=\"_ _3f\"> </span><span class=\"fc22 ls29 ws1e1\">13,700</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,274</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,685</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">882</span> </span>5,624<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">58,993</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">18,325</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">5,989</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,766</span> </span>-<span class=\"ls29 ws1e1\">85,073</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,546<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">150</span> </span>-<span class=\"ls27 ws1df\">150</span> Profit (l<span class=\"_ _3\"></span>oss) of the period<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,396<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,060<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts <span class=\"_ _18b\"> </span><span class=\"fc22 ls29 ws1e1\">60,943</span><span class=\"fc22\"> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">12,936</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">30,744</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">222</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">402</span> </span>105,246<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">99,046<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>183,102<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>42,694<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>29,978<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>51,994<span class=\"ls1 ws1\"> </span></span>406,814<span class=\"ls1 ws1\"> </span>Note 6: <span class=\"ls3a ws20c\">Segm<span class=\"_ _3\"></span>ent inform<span class=\"_ _3\"></span>ation </span>\u2013 <span class=\"ls3a ws20c\">cash f<span class=\"_ _3\"></span>low state<span class=\"_ _3\"></span>ment 20<span class=\"_ _3\"></span></span>21 (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Cas<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>ash eq<span class=\"_ _0\"></span>uival<span class=\"_ _0\"></span>ents <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ws1ec\">opening balance<span class=\"ws1\"> </span></span></span>778,444<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>17,670<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>34,372<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>370<span class=\"ls1 ws1\"> </span>11,552<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 842,408<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) fro<span class=\"_ _0\"></span>m operating activities<span class=\"ls1 ws1\"> <span class=\"_ _18f\"> </span></span><span class=\"fc22 ws1e1\">196,045<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>83,103<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>76,062<span class=\"ls1 ws1\"> <span class=\"_ _b8\"> </span>-</span>40<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,176<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>784<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>357,130<span class=\"ls1 ws1\"> </span></span>Reclassification \u2018P<span class=\"_ _0\"></span>rofit (loss) on disposal of assets'<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">26,003</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">492</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,984</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">3,221</span> -<span class=\"ls29 ws1e1\">34,699</span> to cash flow from divestments<span class=\"ls1 ws1\"> </span>Dividends from participations<span class=\"_ _0\"></span> accounted for<span class=\"ls1 ws1\"> </span>23,474<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>78,810<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>259<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>9,954<span class=\"ls1 ws1\"> </span>112,496<span class=\"ls1 ws1\"> </span>using the equity method<span class=\"ls1 ws1\"> </span>Other non-<span class=\"ls29 ws1e0\">operating income (expenses)</span> <span class=\"_ _190\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">548</span> </span>548<span class=\"ls1 ws1\"> </span>Income taxes (paid) <span class=\"_ _199\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">52,717</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">18,325</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">5,989</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,766</span> </span>-<span class=\"ls29 ws1e1\">78,797</span> Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">cash ad<span class=\"_ _3\"></span>justments<span class=\"ls1 ws1\"> </span></span>Depreciation<span class=\"ls1 ws1\"> <span class=\"_ _16e\"> </span></span><span class=\"fc22\">326,558<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>7,220<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>11,967<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span></span>4,808<span class=\"ls1 ws1\"> </span></span>350,553<span class=\"ls1 ws1\"> </span>Impairment losses<span class=\"ls1 ws1\"> <span class=\"_ _1ac\"> </span></span><span class=\"fc22 ws1e1\">36,202<span class=\"ls1 ws1\"> <span class=\"_ _61\"> </span>-</span>2,129<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>793<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span></span>10,995<span class=\"ls1 ws1\"> </span></span>45,861<span class=\"ls1 ws1\"> </span>Share based payment <span class=\"_ _191\"> </span><span class=\"fc22\">0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">4,115</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">339</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,121</span> </span>4,896<span class=\"ls1 ws1\"> </span>Profit (loss) on assets/liabilities<span class=\"_ _0\"></span> designated at<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">9,593</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">24,456</span> -<span class=\"ls29 ws1e1\">34,048</span> fair value through profit and loss<span class=\"ls1 ws1\"> </span>(Decreas<span class=\"_ _0\"></span>e) increase of provis<span class=\"_ _0\"></span>ions <span class=\"_ _29\"> </span><span class=\"fc22 ls29 ws1e1\">1,706</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">5,681</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">280</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">13</span> </span>-<span class=\"ls29 ws1e1\">4,268</span> Other non<span class=\"ls1 ws1\">-</span>cash expenses (income)<span class=\"ls1 ws1\"> <span class=\"_ _29\"> </span></span><span class=\"fc22 ws1e1\">562<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>844<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _ba\"> </span>-</span>209<span class=\"ls1 ws1\"> </span></span>1,197<span class=\"ls1 ws1\"> </span>Cash flow<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _193\"> </span><span class=\"ls27 ws1df\">505,828<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">147,<span class=\"_ _3\"></span>465</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">67,637<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">219<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,062</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">784</span> <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">720,871<span class=\"_ _3\"></span></span> </span>Decrease (increase) <span class=\"_ _3\"></span>of working capital<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _1ad\"> </span>-<span class=\"ls27 ws1df\">6,250</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">15,0<span class=\"_ _3\"></span>46</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">45,427<span class=\"_ _3\"></span></span> <span class=\"_ _b7\"> </span>-<span class=\"ls27 ws1df\">46</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">9,100</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">2,400</span> <span class=\"_ _af\"> </span><span class=\"ls27 ws1df\">60,877</span> </span>Decrease (increase)<span class=\"_ _0\"></span> of inventories and constru<span class=\"_ _3\"></span>ction contra<span class=\"_ _3\"></span>cts <span class=\"_ _1ae\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">3,574</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">16,081</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">6,288</span> </span>18,796<span class=\"ls1 ws1\"> </span>Decreas<span class=\"_ _0\"></span>e (increase) of amou<span class=\"_ _0\"></span>nts receivable<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">108,191</span> -<span class=\"ls29 ws1e1\">84,816</span> 41,752<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">45</span> 7,553<span class=\"ls1 ws1\"> </span>81,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">62,748</span> Decrease (increase)<span class=\"_ _0\"></span> of receivables from credit institutions<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">538,081</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 -<span class=\"ls29 ws1e1\">538,081</span> and clients (banks)<span class=\"ls1 ws1\"> </span>Increase (decrease) of liabilit<span class=\"_ _0\"></span>ies (other than financial debts)<span class=\"ls1 ws1\"> <span class=\"_ _15\"> </span></span><span class=\"fc22 ws1e1\">109,259<span class=\"ls1 ws1\"> <span class=\"_ _f\"> </span></span>85,057<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,858<span class=\"ls1 ws1\"> <span class=\"_ _110\"> </span>-1 <span class=\"_ _10\"> </span>-</span>4,697<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span>-</span>83,400<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>109,076<span class=\"ls1 ws1\"> </span></span>Increase (decrease) of d<span class=\"_ _0\"></span>ebts to credit institutions,<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">555,645</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 555,645<span class=\"ls1 ws1\"> </span>clients &amp; securities (<span class=\"_ _0\"></span>banks)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Decreas<span class=\"_ _0\"></span>e (increase) other <span class=\"_ _111\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">3,744</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,760</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">15,264</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">44</span> </span>-<span class=\"ls29 ws1e1\">21,812</span> Cash flow <span class=\"_ _3\"></span>from operatin<span class=\"_ _3\"></span>g activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>499,577<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>162,511<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>113,065<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>172<span class=\"ls1 ws1\"> </span>8,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,616</span> 781,747<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Investments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _197\"> </span>-<span class=\"ls27 ws1df\">339,715<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">200<span class=\"_ _3\"></span>,989</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">55,459<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,338<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">39,796<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">769<span class=\"_ _3\"></span></span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">637,52<span class=\"_ _3\"></span>7</span> </span>Acquisition of intangible and tangible assets <span class=\"_ _102\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">299,310</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,001</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">13,333</span> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,374</span> </span>-<span class=\"ls29 ws1e1\">319,018</span> Acquisition of investment<span class=\"_ _0\"></span> property<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">36,479</span> 0 0 -<span class=\"ls29 ws1e1\">36,479</span> Acquisition of financ<span class=\"_ _0\"></span>ial fixed assets (business combinations included) <span class=\"_ _fe\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">22,150</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">5,881</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,338</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">36,154</span> </span>-<span class=\"ls29 ws1e1\">66,523</span> Cash acquired through bus<span class=\"_ _0\"></span>iness combinations<span class=\"ls1 ws1\"> <span class=\"_ _59\"> </span></span>953<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>235<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>1,187<span class=\"ls1 ws1\"> </span>New loans granted<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">19,207</span> -<span class=\"ls29 ws1e1\">419</span> 0 0 -<span class=\"ls29 ws1e1\">1,202</span> 769<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,059</span> Acquisition of investments <span class=\"_ _199\"> </span><span class=\"fc22\">0 <span class=\"_ _62\"> </span>-<span class=\"ls29 ws1e1\">196,569</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">66</span> </span>-<span class=\"ls29 ws1e1\">196,635</span> Dive<span class=\"_ _3\"></span>stments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _187\"> </span><span class=\"ls27 ws1df\">53,7<span class=\"_ _3\"></span>12</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">157,143<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">28,8<span class=\"_ _3\"></span>34</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">28,1<span class=\"_ _3\"></span>92</span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">1,676<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">266,<span class=\"_ _3\"></span>205</span> </span>Disposal of intangible and tangible ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\"> <span class=\"_ _38\"> </span></span><span class=\"fc22 ws1e1\">31,817<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>963<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,848<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _ff\"> </span></span>60<span class=\"ls1 ws1\"> </span></span>34,687<span class=\"ls1 ws1\"> </span>Disposal of investment pro<span class=\"_ _0\"></span>perty <span class=\"_ _10d\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">26,987</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>26,987<span class=\"ls1 ws1\"> </span>Disposal of financial fixed ass<span class=\"_ _0\"></span>ets (business disposals included)<span class=\"ls1 ws1\"> <span class=\"_ _1af\"> </span></span><span class=\"fc22 ws1e1\">8,740<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>426<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _f\"> </span></span>19,002<span class=\"ls1 ws1\"> </span></span>28,169<span class=\"ls1 ws1\"> </span>Cash disposed of throu<span class=\"_ _0\"></span>gh business disposals <span class=\"_ _27\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">35</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">481</span> </span>-<span class=\"ls29 ws1e1\">517</span> Reimbursements of loans<span class=\"ls1 ws1\"> <span class=\"_ _dd\"> </span></span><span class=\"fc22 ws1e1\">13,190<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8d\"> </span></span>1,678<span class=\"ls1 ws1\"> <span class=\"_ _10\"> </span>-</span>1,676<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>13,192<span class=\"ls1 ws1\"> </span></span>Disposal of investments <span class=\"_ _176\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">155,753</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">7,934</span> </span>163,687<span class=\"ls1 ws1\"> </span>Cash flow <span class=\"_ _3\"></span>from investin<span class=\"_ _3\"></span>g activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _19a\"> </span>-<span class=\"ls27 ws1df\">286,003<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">43,<span class=\"_ _3\"></span>846</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">26,624</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">2,338</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">11,604<span class=\"_ _3\"></span></span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">907</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">371<span class=\"_ _3\"></span>,322</span> </span>Financial operat<span class=\"_ _3\"></span>ions<span class=\"ls1 ws1\"> </span>Dividends received<span class=\"ls1 ws1\"> </span>0 1,124<span class=\"ls1 ws1\"> </span>6,082<span class=\"ls1 ws1\"> </span>0 1,234<span class=\"ls1 ws1\"> </span>8,441<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> received <span class=\"_ _187\"> </span><span class=\"fc22 ls29 ws1e1\">8,142</span><span class=\"fc22\"> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">16</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,493</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,406</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,116</span> <span class=\"_ _6f\"> </span><span class=\"ls29 ws1e1\">11,941</span> </span>Interest paid<span class=\"_ _3\"></span> <span class=\"_ _19c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">17,498</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">62</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">15,691</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">516</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,116</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">32,651</span> </span>Other financial income (c<span class=\"_ _0\"></span>osts)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">4,181</span> <span class=\"_ _110\"> </span>-1 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">8,377</span> <span class=\"_ _101\"> </span>7 <span class=\"_ _110\"> </span>-7 <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">784</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">13,343</span> </span>Decreas<span class=\"_ _0\"></span>e (in<span class=\"_ _3\"></span>crease<span class=\"_ _3\"></span>) of treasur<span class=\"_ _3\"></span>y share<span class=\"_ _3\"></span>s - <span class=\"ls3d ws20f\">AvH</span> <span class=\"_ _19e\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">3,132</span> </span>-<span class=\"ls29 ws1e1\">3,132</span> Decreas<span class=\"_ _0\"></span>e (increase) of treas<span class=\"_ _0\"></span>ury shares - <span class=\"ls29 ws1e1\">affiliates</span> <span class=\"_ _1b0\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>0 Increase of financial debts<span class=\"ls1 ws1\"> </span>94,243<span class=\"ls1 ws1\"> </span>0 111,070<span class=\"ls1 ws1\"> </span>0 97,268<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">84,150</span> 218,432<span class=\"ls1 ws1\"> </span>(Decrease) of financial debt<span class=\"_ _0\"></span>s <span class=\"_ _19f\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">326,766</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">5,964</span> <span class=\"_ _6c\"> </span>-<span class=\"ls29 ws1e1\">112,074</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">90,485</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">87,457</span> <span class=\"_ _6c\"> </span>-<span class=\"ls29 ws1e1\">447,831</span> </span>(Investments) and divest<span class=\"_ _0\"></span>ments in controlling interests<span class=\"ls1 ws1\"> <span class=\"_ _108\"> </span></span><span class=\"fc22 ws1e1\">589<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>585<span class=\"ls1 ws1\"> </span></span>1,174<span class=\"ls1 ws1\"> </span>Dividends paid by AvH<span class=\"ls1 ws1\"> </span>0 0 0 0 -<span class=\"ls29 ws1e1\">77,890</span> -<span class=\"ls29 ws1e1\">77,890</span> Dividends paid intra group <span class=\"_ _1b1\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">15,721</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">83,600</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">9,336</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">108,657</span> </span>0 Dividends paid to minority intere<span class=\"_ _3\"></span>sts <span class=\"_ _119\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">11,363</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,486</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">21,717</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">82</span> </span>-<span class=\"ls29 ws1e1\">35,649</span> Cash flow <span class=\"_ _3\"></span>from financia<span class=\"_ _3\"></span>l activities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">272,554<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">90,973</span> -<span class=\"ls27 ws1df\">47,551</span> 7 38,039<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,523<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">370,508<span class=\"_ _3\"></span></span> II. N<span class=\"_ _0\"></span>et incr<span class=\"_ _0\"></span>ease (d<span class=\"_ _9f\"></span>ecreas<span class=\"_ _0\"></span>e) in cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cash <span class=\"_ _0\"></span>equiv<span class=\"_ _0\"></span>alents<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">58,979</span> 27,692<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>38,890<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,159</span> 34,473<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 39,917<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Transfer b<span class=\"_ _0\"></span>etween segments<span class=\"ls1 ws1\"> </span>5,750<span class=\"ls1 ws1\"> </span>0 0 2,338<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,088</span> 0 Impact of exchange rate changes on cash<span class=\"_ _0\"></span> and cash equivalents<span class=\"ls1 ws1\"> </span>1,311<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _99\"> </span></span>65<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span></span>27<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>1 </span>1,404<span class=\"ls1 ws1\"> </span>III. C<span class=\"_ _0\"></span>ash an<span class=\"_ _0\"></span>d cash<span class=\"_ _0\"></span> equiv<span class=\"_ _0\"></span>alent<span class=\"_ _0\"></span>s <span class=\"ls1 ws1\">- <span class=\"ws1ec\">ending balance<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>726,526<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>45,362<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,327<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>576<span class=\"ls1 ws1\"> </span>37,938<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 883,730<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Note 6: <span class=\"ls26 ws1dc\">Segment <span class=\"ls3a ws20c\">information </span></span>\u2013 <span class=\"ls36 ws200\">assets 20<span class=\"_ _3\"></span>21</span> (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total <span class=\"_ _3\"></span><span class=\"ls27 ws1df\">2021<span class=\"ls1 ws1\"> </span></span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Non<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls2d ws15b\">current as<span class=\"_ _3\"></span>sets</span> </span>3,306,74<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>5,659,63<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>1,678,29<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>288,169<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>388,042<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">18,976</span> 11,301,9<span class=\"_ _3\"></span>05<span class=\"ls1 ws1\"> </span>Intangible as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> <span class=\"_ _17e\"> </span><span class=\"ls27 ws1df\">116,186<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">722<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">32,2<span class=\"_ _3\"></span>91</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">192</span> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17f\"> </span><span class=\"ls27 ws1df\">174,019<span class=\"_ _3\"></span></span> <span class=\"_ _62\"> </span><span class=\"ls27 ws1df\">134,<span class=\"_ _3\"></span>247</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">7,836<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">11,727<span class=\"_ _3\"></span></span> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tangible assets<span class=\"_ _3\"></span><span class=\"ws1\"> <span class=\"_ _180\"> </span><span class=\"ls27 ws1df\">2,464,06<span class=\"_ _3\"></span>1</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">54,113</span> <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">214,463</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">30,208</span> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Land and buildings<span class=\"ls1 ws1\"> <span class=\"_ _181\"> </span></span><span class=\"fc22 ws1e1\">172,474<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>44,965<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>188,134<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _6f\"> </span></span>21,011<span class=\"ls1 ws1\"> </span></span>426,584<span class=\"ls1 ws1\"> </span>Plant, machinery and equipment<span class=\"ls1 ws1\"> <span class=\"_ _182\"> </span></span><span class=\"fc22 ws1e1\">1,934,994<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,694<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>3,742<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span></span>3,780<span class=\"ls1 ws1\"> </span></span>1,944,209<span class=\"ls1 ws1\"> </span>Furniture and vehicles<span class=\"ls1 ws1\"> <span class=\"_ _180\"> </span></span><span class=\"fc22 ws1e1\">40,796<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>5,199<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>4,236<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _8d\"> </span></span>4,821<span class=\"ls1 ws1\"> </span></span>55,051<span class=\"ls1 ws1\"> </span>Other tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _1b2\"> </span></span><span class=\"fc22 ws1e1\">212<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>511<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>5,827<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>458<span class=\"ls1 ws1\"> </span></span>7,009<span class=\"ls1 ws1\"> </span>Assets under construction<span class=\"ls1 ws1\">  <span class=\"_ _184\"> </span></span><span class=\"fc22 ws1e1\">315,585<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>1,745<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>12,524<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _b7\"> </span></span>139<span class=\"ls1 ws1\"> </span></span>329,992<span class=\"ls1 ws1\"> </span>Investment<span class=\"_ _3\"></span> property<span class=\"ls1 ws1\"> <span class=\"_ _176\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">1,<span class=\"_ _3\"></span>267,150<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>1,267,15<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>Participations<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ted for using t<span class=\"_ _3\"></span>he equity met<span class=\"_ _3\"></span>hod<span class=\"ls1 ws1\"> <span class=\"_ _fd\"> </span><span class=\"ls27 ws1df\">267,220<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">805,182<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">44,2<span class=\"_ _3\"></span>87</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">288,169<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">242,<span class=\"_ _3\"></span>338</span> </span>1,647,19<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span>curren<span class=\"_ _3\"></span>t financial <span class=\"ls1 ws1\">assets <span class=\"_ _b6\"> </span><span class=\"ls27 ws1df\">141,434<span class=\"_ _3\"></span></span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,050</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">110,<span class=\"_ _3\"></span>470</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">101,058</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">18,976<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">336,038<span class=\"_ _3\"></span></span> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L (FVPL)<span class=\"ls1 ws1\"> <span class=\"_ _1b3\"> </span></span><span class=\"fc22 ws1e1\">6,890<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span></span>97,215<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>73,245<span class=\"ls1 ws1\"> </span></span>177,351<span class=\"ls1 ws1\"> </span>Receivables and warranties<span class=\"ls1 ws1\"> <span class=\"_ _185\"> </span></span><span class=\"fc22 ws1e1\">134,544<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,050<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>13,255<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _6f\"> </span></span>27,813<span class=\"ls1 ws1\"> <span class=\"_ _12\"> </span>-</span>18,976<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>158,687<span class=\"ls1 ws1\"> </span></span>Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">curren<span class=\"_ _3\"></span>t hedging </span>ins<span class=\"_ _3\"></span>truments<span class=\"ls1 ws1\"> <span class=\"_ _32\"> </span><span class=\"ls27 ws1df\">613<span class=\"_ _3\"></span></span> <span class=\"_ _1b\"> </span><span class=\"ls27 ws1df\">519</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">684</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span>1,816<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred tax assets<span class=\"_ _3\"></span><span class=\"ws1\"> </span>143,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,441<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,110<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 2,519<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>150,279<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ws202\">receivables <span class=\"_ _3\"></span>from credit</span> 0 <span class=\"_ _ca\"> </span><span class=\"ls27 ws1df\">4,659,36<span class=\"_ _3\"></span>0</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 4,659,36<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>institutions<span class=\"_ _3\"></span> and clients a<span class=\"_ _3\"></span>fter one yea<span class=\"_ _3\"></span>r<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">loans and receivables to c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\"> </span></span></span>0 4,634,354<span class=\"ls1 ws1\"> </span>0 0 0 4,634,354<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio  <span class=\"_ _87\"> </span><span class=\"fc22\">0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">25,007</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>25,007<span class=\"ls1 ws1\"> </span>II. C<span class=\"_ _3\"></span>urrent <span class=\"_ _3\"></span>assets<span class=\"ls1 ws1\"> </span>2,167,32<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>3,068,50<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>347,088<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>652<span class=\"ls1 ws1\"> </span>119,244<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,362</span> 5,700,44<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Inventories<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _187\"> </span><span class=\"ls27 ws1df\">261,938<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">113,231<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">1,049<span class=\"_ _3\"></span></span> </span>376,218<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due from cus<span class=\"_ _3\"></span>tomers un<span class=\"_ _3\"></span>der constructi<span class=\"_ _3\"></span>on contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _128\"> </span><span class=\"ls27 ws1df\">412,<span class=\"_ _3\"></span>240</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">63,4<span class=\"_ _3\"></span>48</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,81<span class=\"_ _3\"></span>1</span> </span>478,499<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Investments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _188\"> </span>2 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">527,792<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">48,1<span class=\"_ _3\"></span>87</span> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L (FVPL) <span class=\"_ _5e\"> </span><span class=\"fc22\">2 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">48,187</span> </span>48,190<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (F<span class=\"_ _3\"></span>VOCI) <span class=\"_ _d2\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">507,529</span> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>507,529<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 259<span class=\"ls1 ws1\"> </span>0 0 0 259<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> - <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">20,005</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>20,005<span class=\"ls1 ws1\"> </span>Current he<span class=\"_ _3\"></span>dging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> <span class=\"_ _1ab\"> </span><span class=\"ls27 ws1df\">4,080<span class=\"_ _3\"></span></span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">49</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span>4,129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts receiva<span class=\"_ _3\"></span>ble within one <span class=\"ls1 ws1\">year </span>655,358<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,771<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>90,977<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>26,779<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,919</span> 775,043<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors <span class=\"_ _187\"> </span><span class=\"fc22 ls29 ws1e1\">570,349</span><span class=\"fc22\"> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">56</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">39,665</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">19,810</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">628,710</span> </span>Other receivables<span class=\"ls1 ws1\"> </span>85,009<span class=\"ls1 ws1\"> </span>3,716<span class=\"ls1 ws1\"> </span>51,312<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>6,970<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 146,332<span class=\"ls1 ws1\"> </span>Current tax receivabl<span class=\"_ _3\"></span>es<span class=\"ws1\"> <span class=\"_ _1b1\"> </span><span class=\"ls27 ws1df\">36,238</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">1,89<span class=\"_ _3\"></span>5</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">4,111</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">351</span> </span>42,595<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ws202\">receivables <span class=\"_ _3\"></span>from credit</span> 0 <span class=\"_ _ca\"> </span><span class=\"ls27 ws1df\">2,477,23<span class=\"_ _3\"></span>8</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 2,477,23<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>institutions<span class=\"_ _3\"></span> and clients w<span class=\"_ _3\"></span>ithin one y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - <span class=\"ls29 ws1e0\">loans and advances to banks</span> <span class=\"_ _29\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">138,014</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>138,014<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">loans and receivables to c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\"> </span></span></span>0 1,113,898<span class=\"ls1 ws1\"> </span>0 0 0 1,113,898<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s - changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio  <span class=\"_ _87\"> </span><span class=\"fc22\">0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">698</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>698<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">cash balances with centr<span class=\"_ _0\"></span>al banks<span class=\"ls1 ws1\"> </span></span></span>0 1,224,628<span class=\"ls1 ws1\"> </span>0 0 0 1,224,628<span class=\"ls1 ws1\"> </span>Cash and ca<span class=\"_ _3\"></span>sh equivale<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> <span class=\"_ _1ab\"> </span><span class=\"ls27 ws1df\">726,526<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">45,3<span class=\"_ _3\"></span>62</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">73,327</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">576</span> <span class=\"_ _af\"> </span><span class=\"ls27 ws1df\">37,938<span class=\"_ _3\"></span></span> </span>883,730<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred ch<span class=\"_ _3\"></span>arges, accrue<span class=\"_ _3\"></span>d income a<span class=\"_ _3\"></span>nd other curr<span class=\"_ _3\"></span>ent <span class=\"ls1 ws1\">assets </span>70,938<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,393<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,993<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 2,129<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">443</span> 87,010<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>III.<span class=\"_ _3\"></span> Assets h<span class=\"_ _3\"></span>eld for sa<span class=\"_ _3\"></span>le<span class=\"ls1 ws1\"> </span>32,456<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 141,259<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 56,963<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>230,679<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Tot<span class=\"_ _0\"></span>al asset<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>5,506,52<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span></span>8,728,13<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span></span>2,166,<span class=\"_ _3\"></span>638<span class=\"ls1 ws1\"> <span class=\"_ _6c\"> </span></span>288,<span class=\"_ _3\"></span>822<span class=\"ls1 ws1\"> <span class=\"_ _6c\"> </span></span>564,<span class=\"_ _3\"></span>249<span class=\"ls1 ws1\"> <span class=\"_ _e2\"> </span>-</span>21,338<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _25\"> </span></span>17,233,0<span class=\"_ _3\"></span>26<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Segment info<span class=\"_ _3\"></span>rmation <span class=\"ls1 ws1\">- </span>pr<span class=\"_ _3\"></span>o forma turn<span class=\"_ _3\"></span>over<span class=\"ls1 ws1\"> </span>Engineering Growth between Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Turnover E<span class=\"_ _3\"></span>U member state<span class=\"_ _3\"></span>s <span class=\"_ _18d\"> </span><span class=\"fc22 ls29 ws1e1\">2,370,921</span><span class=\"fc22\"> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">522,262</span> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">218,387</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">51,767</span> <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">633,176</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,988</span> <span class=\"_ _15e\"> </span><span class=\"ls29 ws1e1\">3,794,525</span> </span>Other European countries<span class=\"ls1 ws1\"> <span class=\"_ _17a\"> </span></span><span class=\"fc22 ws1e1\">609,197<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>75,724<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8d\"> </span></span>4,021<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>111,032<span class=\"ls1 ws1\"> </span></span>799,975<span class=\"ls1 ws1\"> </span>Rest of the worl<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> <span class=\"_ _18e\"> </span><span class=\"fc22 ls29 ws1e1\">706,362</span><span class=\"fc22\"> </span></span>107,334<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>611,664<span class=\"ls1 ws1\"> </span>1,425,361<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,686,48<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>597,986<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>218,387<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>163,122<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,355,87<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,988</span> 6,019,86<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>The pro form<span class=\"_ _3\"></span>a turnover <span class=\"ls29 ws211\">comprises the turnover of<span class=\"_ _0\"></span> all participations held by th<span class=\"_ _0\"></span>e AvH group, and therefore deviates<span class=\"_ _0\"></span> from the turnover as report<span class=\"_ _0\"></span>ed in the legal IFRS c<span class=\"_ _0\"></span>onsolidation drawn up on the bas<span class=\"_ _0\"></span>is of </span>the cons<span class=\"_ _0\"></span>olidation scope reported<span class=\"ls1 ws1\"> </span><span class=\"ws1e0\">in N<span class=\"_ _0\"></span>ote 2 and 3<span class=\"ls2b ws1df\">. In th<span class=\"_ _3\"></span>is pro forma pre<span class=\"_ _3\"></span>sentati</span>on, all exclusive control interests are inc<span class=\"_ _0\"></span>orporated in full and the other interests proportionally.<span class=\"ls1 ws1\"> </span></span>Note 6: <span class=\"ls3a ws20c\">Segm<span class=\"_ _3\"></span>ent inform<span class=\"_ _3\"></span>ation </span>\u2013 <span class=\"ls3a ws20c\">equity<span class=\"_ _3\"></span> and liab<span class=\"_ _3\"></span>ilities<span class=\"_ _3\"></span> 20</span>21 (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations<span class=\"ls1 ws1\"> </span>Private Real Estate &amp; Energy &amp; Engineering Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; <span class=\"ls2b ws1dd\">Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>I. Tot<span class=\"_ _0\"></span>al equ<span class=\"_ _0\"></span>ity<span class=\"_ _0\"></span><span class=\"ls1\"> </span>2,027,21<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>1,592,55<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>852,585<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>288,816<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>473,834<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,235,00<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Shareholde<span class=\"_ _3\"></span>rs\u2019 equity <span class=\"ls1 ws1\">- </span>gr<span class=\"_ _3\"></span>oup share<span class=\"ls1 ws1\"> </span>1,238,40<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,450,85<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>513,092<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>288,816<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>466,055<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,957,22<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Issued capi<span class=\"_ _3\"></span>tal<span class=\"ls1 ws1\"> </span>0 0 0 0 113,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>113,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Share capital<span class=\"ls1 ws1\"> </span>0 0 0 0 2,295<span class=\"ls1 ws1\"> </span>2,295<span class=\"ls1 ws1\"> </span>Share premium<span class=\"ls1 ws1\"> </span>0 0 0 0 111,612<span class=\"ls1 ws1\"> </span>111,612<span class=\"ls1 ws1\"> </span>Consolidat<span class=\"_ _3\"></span>ed reserves<span class=\"ls1 ws1\"> </span>1,301,08<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>1,447,89<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>518,993<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>277,807<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>397,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,943,01<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Revaluation reserves<span class=\"_ _3\"></span><span class=\"ws1\"> </span>-<span class=\"ls27 ws1df\">62,678</span> 2,959<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">5,901</span> 11,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">11,833</span> -<span class=\"ls27 ws1df\">66,445</span> Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 1,620<span class=\"ls1 ws1\"> </span>0 0 0 1,620<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>0 126<span class=\"ls1 ws1\"> </span>0 0 0 126<span class=\"ls1 ws1\"> </span>Hedging <span class=\"ls2a ws1ee\">reserves<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">24,778</span> 0 -<span class=\"ls29 ws1e1\">6,080</span> -<span class=\"ls29 ws1e1\">194</span> 2 -<span class=\"ls29 ws1e1\">31,050</span> Actuarial gains<span class=\"_ _0\"></span> (los<span class=\"_ _3\"></span>ses)<span class=\"_ _0\"></span> defined benefit pension plans<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">26,068</span> -<span class=\"ls29 ws1e1\">1,238</span> 0 -<span class=\"ls29 ws1e1\">1,469</span> 4,317<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">24,458</span> Translation differenc<span class=\"_ _0\"></span>es<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,832</span> 2,451<span class=\"ls1 ws1\"> </span>179<span class=\"ls1 ws1\"> </span>12,672<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">16,152</span> -<span class=\"ls29 ws1e1\">12,682</span> Treasury shares (<span class=\"ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 -<span class=\"ls27 ws1df\">33,251</span> -<span class=\"ls27 ws1df\">33,251</span> Minori<span class=\"_ _3\"></span>ty in<span class=\"_ _3\"></span>terests<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>788,808<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,694<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>339,494<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 7,778<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,277,77<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>II. Non<span class=\"ls1 ws1\">-<span class=\"ls2e\">curr<span class=\"_ _0\"></span>ent liab<span class=\"_ _9f\"></span>ilities<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>1,001,58<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>749,813<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>790,873<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 14,617<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">18,976</span> 2,537,91<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,002<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,756<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,659<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 732<span class=\"ls1 ws1\"> </span>45,149<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Pension liabiliti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>77,183<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,224<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>0 316<span class=\"ls1 ws1\"> </span>81,739<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred tax liabili<span class=\"_ _3\"></span>ties<span class=\"ws1\"> </span>101,775<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 58,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,093<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>161,849<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>721,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,673<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>700,141<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,970<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">18,976</span> 1,419,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>502,059<span class=\"ls1 ws1\"> </span>0 514,708<span class=\"ls1 ws1\"> </span>0 8,806<span class=\"ls1 ws1\"> </span>1,025,574<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>30,612<span class=\"ls1 ws1\"> </span>0 140,734<span class=\"ls1 ws1\"> </span>0 0 171,345<span class=\"ls1 ws1\"> </span>Subordinated loans<span class=\"ls1 ws1\"> </span>61,625<span class=\"ls1 ws1\"> </span>0 0 0 0 61,625<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>97,729<span class=\"ls1 ws1\"> </span>5,673<span class=\"ls1 ws1\"> </span>42,948<span class=\"ls1 ws1\"> </span>0 3,163<span class=\"ls1 ws1\"> </span>149,514<span class=\"ls1 ws1\"> </span>Other financial debts<span class=\"ls1 ws1\"> </span>29,065<span class=\"ls1 ws1\"> </span>0 1,751<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">18,976</span> 11,841<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">curren<span class=\"_ _3\"></span>t hedging ins<span class=\"_ _3\"></span>truments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>26,868<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>26,452<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,714<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 74,034<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other amounts payab<span class=\"_ _3\"></span>le<span class=\"ls1 ws1\">  </span>38,669<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22,062<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,361<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 507<span class=\"ls1 ws1\"> </span>70,598<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 0 684,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 684,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from credit instit<span class=\"_ _0\"></span>utions<span class=\"ls1 ws1\"> </span></span></span>0 0 0 0 0 0 Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from clients</span> </span>0 644,663<span class=\"ls1 ws1\"> </span>0 0 0 644,663<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">debt certificat<span class=\"_ _0\"></span>es including bonds<span class=\"ls1 ws1\"> </span></span></span>0 39,983<span class=\"ls1 ws1\"> </span>0 0 0 39,983<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>0 0 0 0 0 0 III. Cur<span class=\"_ _0\"></span>rent liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>2,477,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>6,385,77<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>523,180<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6 75,799<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,362</span> 9,460,11<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,789<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>46<span class=\"ls1 ws1\"> </span>5,572<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 262<span class=\"ls1 ws1\"> </span>35,670<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Pension liabiliti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>0 298<span class=\"ls1 ws1\"> </span>8 0 0 305<span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>529,567<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,516<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>383,659<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 46,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">750</span> 961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>367,426<span class=\"ls1 ws1\"> </span>0 157,362<span class=\"ls1 ws1\"> </span>0 2,341<span class=\"ls1 ws1\"> </span>527,129<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>29,899<span class=\"ls1 ws1\"> </span>0 44,920<span class=\"ls1 ws1\"> </span>0 0 74,819<span class=\"ls1 ws1\"> </span>Subordinated loans<span class=\"ls1 ws1\"> </span>33,527<span class=\"ls1 ws1\"> </span>0 0 0 0 33,527<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>29,646<span class=\"ls1 ws1\"> </span>2,516<span class=\"ls1 ws1\"> </span>2,393<span class=\"ls1 ws1\"> </span>0 1,643<span class=\"ls1 ws1\"> </span>36,198<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e0\">financial debts<span class=\"ls1 ws1\"> </span></span>69,070<span class=\"ls1 ws1\"> </span>0 178,983<span class=\"ls1 ws1\"> </span>0 42,744<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 290,047<span class=\"ls1 ws1\"> </span>Current he<span class=\"_ _3\"></span>dging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>14,080<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,234<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 16,315<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due <span class=\"_ _3\"></span>to custome<span class=\"_ _3\"></span>rs under cons<span class=\"_ _3\"></span>truction cont<span class=\"_ _3\"></span>racts<span class=\"ls1 ws1\"> </span>333,773<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 8,110<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>341,883<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other amo<span class=\"_ _3\"></span>unts payable wi<span class=\"_ _3\"></span>thin one ye<span class=\"_ _3\"></span>ar<span class=\"ls1 ws1\"> </span>1,451,56<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>21,240<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,864<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2 19,185<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,169</span> 1,564,68<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>1,095,776<span class=\"ls1 ws1\"> </span>43<span class=\"ls1 ws1\"> </span>43,226<span class=\"ls1 ws1\"> </span>2 7,235<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> 1,145,112<span class=\"ls1 ws1\"> </span>Advances received<span class=\"ls1 ws1\"> </span>101,067<span class=\"ls1 ws1\"> </span>0 13<span class=\"ls1 ws1\"> </span>0 0 101,080<span class=\"ls1 ws1\"> </span>Amounts payable regarding remuneration and soc<span class=\"_ _0\"></span>ial security<span class=\"ls1 ws1\"> </span>183,285<span class=\"ls1 ws1\"> </span>12,865<span class=\"ls1 ws1\"> </span>13,434<span class=\"ls1 ws1\"> </span>0 10,501<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e0\">amounts payable<span class=\"ls1 ws1\"> </span></span>71,439<span class=\"ls1 ws1\"> </span>8,332<span class=\"ls1 ws1\"> </span>17,191<span class=\"ls1 ws1\"> </span>0 1,449<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>Current tax payables<span class=\"_ _3\"></span><span class=\"ws1\"> </span>92,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7 15,846<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3 949<span class=\"ls1 ws1\"> </span>109,196<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 0 6,354,22<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>0 0 0 6,354,22<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from credit instit<span class=\"_ _0\"></span>utions<span class=\"ls1 ws1\"> </span></span></span>0 425,353<span class=\"ls1 ws1\"> </span>0 0 0 425,353<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">deposits from clients</span> </span>0 5,723,461<span class=\"ls1 ws1\"> </span>0 0 0 5,723,461<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">debt certificat<span class=\"_ _0\"></span>es including bonds<span class=\"ls1 ws1\"> </span></span></span>0 205,412<span class=\"ls1 ws1\"> </span>0 0 0 205,412<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>0 0 0 0 0 0 Accrued cha<span class=\"_ _3\"></span>rges and de<span class=\"_ _3\"></span>ferred income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>26,549<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,206<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,231<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 565<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">443</span> 76,108<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>IV.<span class=\"_ _3\"></span> Liabili<span class=\"_ _3\"></span>ties hel<span class=\"_ _3\"></span>d for sale<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Tot<span class=\"_ _0\"></span>al equit<span class=\"_ _0\"></span>y and l<span class=\"_ _0\"></span>iabilit<span class=\"_ _9f\"></span>ies<span class=\"ls1\"> </span>5,506,52<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>8,728,13<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>2,166,63<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>288,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>564,249<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">21,338</span> 17,233,0<span class=\"_ _3\"></span>26<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-66-3": {
   "value": "Note 6: S<span class=\"ls26 ws1dc\">egment <span class=\"ls3a ws20c\">information</span></span> \u2013 <span class=\"ls26 ws1dc\">income st<span class=\"_ _0\"></span>atement <span class=\"ls1 ws1\">2022 </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,965,08<span class=\"_ _3\"></span>3</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">217,522<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">145,138</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">25<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">75,704<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,053<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,40<span class=\"_ _3\"></span>1,419<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,008</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,966</span> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">42</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _46\"> </span><span class=\"fc22 ls29 ws1e1\">85,392</span><span class=\"fc22\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">135,999</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>221,392<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">115,243</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>115,243<span class=\"ls1 ws1\"> </span>Fees and <span class=\"ws1e1\">commissions <span class=\"ls1 ws1\">- </span></span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">100,051</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>100,051<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,793,646<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>71,330<span class=\"ls1 ws1\"> <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _15e\"> </span></span>3,864,890<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">86,044<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,229<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>9,139<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>25<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>2,366<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>99,802<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,780,6<span class=\"_ _3\"></span>41</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">124,820<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">98,<span class=\"_ _3\"></span>500</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">106</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">106<span class=\"_ _3\"></span>,152</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,12<span class=\"_ _3\"></span>3</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,1<span class=\"_ _3\"></span>08,096</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,690,244</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">27,755</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">81,129</span> <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">106</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">52,260</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,123</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,849,372</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">20,047</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">20,047</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">712,607</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">58,161</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">9,204</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">40,310</span> </span>-<span class=\"ls29 ws1e1\">820,282</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">346,405</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,116</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,140</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,923</span> </span>-<span class=\"ls29 ws1e1\">359,585</span> Impairment losses (<span class=\"ls1 ws1\">-) <span class=\"_ _46\"> </span></span>2,388<span class=\"ls1 ws1\"> <span class=\"_ _8b\"> </span>-</span>925<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> </span>1,053<span class=\"ls1 ws1\"> </span>Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">29,818</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">13,693</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,170</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">774</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">51,455</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _177\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">3,955<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,878<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>552<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-</span>7,884<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">8,408</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">24,017<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">7,164<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 -<span class=\"ls27 ws1df\">16,854</span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and loss<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL) <span class=\"_ _27\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,397</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,164</span> </span>-<span class=\"ls29 ws1e1\">5,234</span> Investmen<span class=\"_ _3\"></span>t property<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">11,620</span> 0 0 -<span class=\"ls29 ws1e1\">11,620</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> <span class=\"_ _40\"> </span><span class=\"ls27 ws1df\">19,181</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">2,559</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">28,346<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">334,<span class=\"_ _3\"></span>433</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">379,402</span> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> </span>9,433<span class=\"ls1 ws1\"> </span>0 0 0 59<span class=\"ls1 ws1\"> </span>9,491<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property <span class=\"_ _178\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">28,346</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>28,346<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> </span>9,749<span class=\"ls1 ws1\"> </span>0 0 0 334,117<span class=\"ls1 ws1\"> </span>343,866<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,559</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">257</span> </span>-<span class=\"ls29 ws1e1\">2,301</span> Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>203,623<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>90,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50,966<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">81</span> 311,149<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>70<span class=\"ls1 ws1\"> </span>655,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">31,909</span> -<span class=\"ls27 ws1df\">1,578</span> 19,226<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>4,165<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">70</span> -<span class=\"ls27 ws1df\">10,156</span> Interest income<span class=\"_ _3\"></span> <span class=\"_ _16f\"> </span><span class=\"fc22 ls29 ws1e1\">12,302</span><span class=\"fc22\"> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">17</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">3,392</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">3,345</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,436</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">17,619</span> </span>Interest<span class=\"_ _0\"></span> expenses (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">25,914</span> 0 -<span class=\"ls29 ws1e1\">12,233</span> 0 -<span class=\"ls29 ws1e1\">653</span> 1,436<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,365</span> (Un)realised foreign curr<span class=\"_ _0\"></span>ency results <span class=\"_ _179\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">9,947</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span><span class=\"ls29 ws1e1\">11</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">716</span> </span>-<span class=\"ls29 ws1e1\">9,219</span> Other financial income (expenses<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,350</span> 218<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>0 757<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">70</span> -<span class=\"ls29 ws1e1\">7,114</span> Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,814</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">27,737</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 25,923<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">25,4<span class=\"_ _3\"></span>30</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">126,491<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">17,4<span class=\"_ _3\"></span>17</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">35,464<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">39,072</span> </span>243,874<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span>non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">operatin<span class=\"_ _3\"></span>g income<span class=\"ls1 ws1\"> <span class=\"_ _17a\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) </span></span>0 0 0 0 0 0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>197,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,056<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,610<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,393<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>354,386<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 889,590<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">44,236</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">21,<span class=\"_ _3\"></span>723</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">15,621</span> <span class=\"_ _6\"> </span>-<span class=\"ls27 ws1df\">50</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">449</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">82,<span class=\"_ _3\"></span>078</span> </span>Deferred t<span class=\"_ _0\"></span>axes<span class=\"ls1 ws1\"> </span>12,349<span class=\"ls1 ws1\"> </span>503<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,548</span> 0 -<span class=\"ls29 ws1e1\">54</span> 3,250<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">56,585</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,226</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">6,073</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">50</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">394</span> </span>-<span class=\"ls29 ws1e1\">85,328</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 807,512<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,050</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>3,050<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit <span class=\"_ _3\"></span><span class=\"ls2f ws1e8\">(loss) of the<span class=\"_ _3\"></span> period<span class=\"ls1 ws1\"> </span></span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>75,040<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 810,562<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> </span>58,343<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>29,702<span class=\"ls1 ws1\"> </span>1,020<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">357</span> 101,907<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">94,565<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>180,135<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>45,338<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>34,323<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>354,295<span class=\"ls1 ws1\"> </span></span>708,655<span class=\"ls1 ws1\"> </span>In ord<span class=\"_ _0\"></span>er to rea<span class=\"_ _0\"></span>lise th<span class=\"_ _0\"></span>at hig<span class=\"_ _0\"></span>her rev<span class=\"_ _9f\"></span>enue, the <span class=\"_ _0\"></span><span class=\"ff3b ls1 ws260\">operating expenses<span class=\"ff3a ws1\"> <span class=\"_ _9f\"></span><span class=\"ls30 ws283\">increa<span class=\"_ _0\"></span>sed as wel<span class=\"_ _0\"></span>l </span></span></span>by 84.1 million euros, of wh<span class=\"_ _0\"></span>ich 168.2 million euros in \u201c<span class=\"_ _0\"></span>Marine Engineering &amp;<span class=\"_ _0\"></span> Contracting\u201d and 2.4 million <span class=\"_ _0\"></span>euros in \u201cPrivate Banking\u201d respective<span class=\"ls34\">ly. T<span class=\"_ _3\"></span>he </span>deconsolidation of Anima resulte<span class=\"_ _0\"></span>d in the elimination of 96.9 million euros<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>expens<span class=\"_ _0\"></span>es, wh<span class=\"_ _0\"></span>ile th<span class=\"_ _0\"></span>e low<span class=\"_ _0\"></span>er tur<span class=\"_ _0\"></span>nover <span class=\"_ _0\"></span>at Agid<span class=\"_ _9f\"></span>ens led to<span class=\"_ _0\"></span> a dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e of operating expenses by 12.8 <span class=\"_ _0\"></span>million euros.<span class=\"ws1\"> </span>Note 6: <span class=\"ls26 ws1dc\">Segment <span class=\"ls3a ws20c\">information </span></span>\u2013 <span class=\"ls26 ws1dc\">income s<span class=\"_ _0\"></span>tatement 20<span class=\"_ _0\"></span>21<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,782,50<span class=\"_ _3\"></span>2</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">205,011<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">237,428</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">18<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">89,529<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,114<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,31<span class=\"_ _3\"></span>2,374<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,193</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,074</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,988</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,279</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _1a5\"> </span><span class=\"fc22 ls29 ws1e1\">106,300</span><span class=\"fc22\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">119,195</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>225,495<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">103,801</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>103,801<span class=\"ls1 ws1\"> </span>Fees and commissions <span class=\"ls1 ws1\">- </span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">98,566</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>98,566<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,580,181<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>84,328<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _15e\"> </span></span>3,664,508<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">96,021<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,644<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>19,041<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>18<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>3,128<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>126<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>120,726<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,612,4<span class=\"_ _3\"></span>59</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">122,400<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">175,94<span class=\"_ _3\"></span>2</span> <span class=\"_ _b7\"> </span>-<span class=\"ls27 ws1df\">58<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">116<span class=\"_ _3\"></span>,029</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,89<span class=\"_ _3\"></span>8</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,0<span class=\"_ _3\"></span>23,991</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,518,605</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">24,176</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">80,876</span> <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">58</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">53,125</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,898</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,673,943</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,759</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">22,759</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">697,784</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">57,533</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">75,769</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">46,604</span> </span>-<span class=\"ls29 ws1e1\">877,690</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">326,558</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,220</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">11,967</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,808</span> </span>-<span class=\"ls29 ws1e1\">350,553</span> Impairment losses (-) <span class=\"_ _30\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">36,202</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,181</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">793</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">10,995</span> </span>-<span class=\"ls29 ws1e1\">45,810</span> Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">32,884</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">12,483</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">6,810</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">510</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">52,687</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _1a6\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">425<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>272<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _c4\"> </span></span>13<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">550</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">9,593<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">24,456<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">34,048<span class=\"_ _3\"></span></span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and <span class=\"ws1dd\">loss<span class=\"ls1 ws1\"> </span></span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL)<span class=\"ls1 ws1\"> </span>0 0 16,621<span class=\"ls1 ws1\"> </span>0 24,456<span class=\"ls1 ws1\"> </span>41,077<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>t property <span class=\"_ _1a7\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,029</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">7,029</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> </span>26,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>492<span class=\"ls1 ws1\"> </span>4,984<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,221<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 34,699<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _1a8\"> </span></span><span class=\"fc22 ws1e1\">6,071<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>492<span class=\"ls1 ws1\"> <span class=\"_ _c3\"> </span></span>581<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span></span>39<span class=\"ls1 ws1\"> </span></span>7,182<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> <span class=\"_ _18a\"> </span></span><span class=\"fc22 ws1e1\">19,931<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span></span>3,019<span class=\"ls1 ws1\"> </span></span>22,951<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets<span class=\"ls1 ws1\"> </span>0 0 0 0 163<span class=\"ls1 ws1\"> </span>163<span class=\"ls1 ws1\"> </span>Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>196,045<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>83,103<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,062<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">40</span> 1,176<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>784<span class=\"ls1 ws1\"> </span>357,130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> <span class=\"_ _1a9\"> </span>-<span class=\"ls27 ws1df\">14,378</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">583</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">9,675</span> <span class=\"_ _170\"> </span>7 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,037</span> <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">784</span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">21,210<span class=\"_ _3\"></span></span> </span>Interest income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,142<span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>2,493<span class=\"ls1 ws1\"> </span>0 2,406<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,116</span> 11,941<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> expenses (-) <span class=\"_ _1a5\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">18,778</span> <span class=\"_ _110\"> </span>-2 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">15,514</span> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">516</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,116</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">33,694</span> </span>(Un)realised foreign curr<span class=\"_ _0\"></span>ency results<span class=\"ls1 ws1\"> <span class=\"_ _1aa\"> </span></span><span class=\"fc22 ws1e1\">7,313<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>4 <span class=\"_ _8b\"> </span>-</span>174<span class=\"ls1 ws1\"> </span></span>7,056<span class=\"ls1 ws1\"> </span>Other financial income (expenses<span class=\"_ _0\"></span>) <span class=\"_ _1aa\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">11,055</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">193</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">2,208</span> <span class=\"_ _170\"> </span>4 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">1,320</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">784</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,530</span> </span>Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">376</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">5,642</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 6,018<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">23,6<span class=\"_ _3\"></span>15</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">131,950<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">20,7<span class=\"_ _3\"></span>24</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">30,232<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">48,669</span> </span>255,191<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>0 0 0 0 548<span class=\"ls1 ws1\"> </span>548<span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _1ab\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>205,282<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,636<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,111<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,430<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 591,659<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">45,293</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">19,<span class=\"_ _3\"></span>599</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">13,674</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">884<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">79,<span class=\"_ _3\"></span>449</span> </span>Deferred t<span class=\"_ _0\"></span>axes <span class=\"_ _3f\"> </span><span class=\"fc22 ls29 ws1e1\">13,700</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,274</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,685</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">882</span> </span>5,624<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">58,993</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">18,325</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">5,989</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,766</span> </span>-<span class=\"ls29 ws1e1\">85,073</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,546<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">150</span> </span>-<span class=\"ls27 ws1df\">150</span> Profit (l<span class=\"_ _3\"></span>oss) of the period<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,396<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,060<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts <span class=\"_ _18b\"> </span><span class=\"fc22 ls29 ws1e1\">60,943</span><span class=\"fc22\"> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">12,936</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">30,744</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">222</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">402</span> </span>105,246<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">99,046<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>183,102<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>42,694<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>29,978<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>51,994<span class=\"ls1 ws1\"> </span></span>406,814<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-66-4": {
   "value": "Note 6: S<span class=\"ls26 ws1dc\">egment <span class=\"ls3a ws20c\">information</span></span> \u2013 <span class=\"ls26 ws1dc\">income st<span class=\"_ _0\"></span>atement <span class=\"ls1 ws1\">2022 </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,965,08<span class=\"_ _3\"></span>3</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">217,522<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">145,138</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">25<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">75,704<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,053<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,40<span class=\"_ _3\"></span>1,419<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,008</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,966</span> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">42</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _46\"> </span><span class=\"fc22 ls29 ws1e1\">85,392</span><span class=\"fc22\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">135,999</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>221,392<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">115,243</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>115,243<span class=\"ls1 ws1\"> </span>Fees and <span class=\"ws1e1\">commissions <span class=\"ls1 ws1\">- </span></span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">100,051</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>100,051<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,793,646<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>71,330<span class=\"ls1 ws1\"> <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _15e\"> </span></span>3,864,890<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">86,044<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,229<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>9,139<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>25<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>2,366<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>99,802<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,780,6<span class=\"_ _3\"></span>41</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">124,820<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">98,<span class=\"_ _3\"></span>500</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">106</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">106<span class=\"_ _3\"></span>,152</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,12<span class=\"_ _3\"></span>3</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,1<span class=\"_ _3\"></span>08,096</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,690,244</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">27,755</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">81,129</span> <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">106</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">52,260</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,123</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,849,372</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">20,047</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">20,047</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">712,607</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">58,161</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">9,204</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">40,310</span> </span>-<span class=\"ls29 ws1e1\">820,282</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">346,405</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,116</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,140</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,923</span> </span>-<span class=\"ls29 ws1e1\">359,585</span> Impairment losses (<span class=\"ls1 ws1\">-) <span class=\"_ _46\"> </span></span>2,388<span class=\"ls1 ws1\"> <span class=\"_ _8b\"> </span>-</span>925<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> </span>1,053<span class=\"ls1 ws1\"> </span>Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">29,818</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">13,693</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,170</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">774</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">51,455</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _177\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">3,955<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,878<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>552<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-</span>7,884<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">8,408</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">24,017<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">7,164<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 -<span class=\"ls27 ws1df\">16,854</span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and loss<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL) <span class=\"_ _27\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,397</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,164</span> </span>-<span class=\"ls29 ws1e1\">5,234</span> Investmen<span class=\"_ _3\"></span>t property<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">11,620</span> 0 0 -<span class=\"ls29 ws1e1\">11,620</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> <span class=\"_ _40\"> </span><span class=\"ls27 ws1df\">19,181</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">2,559</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">28,346<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">334,<span class=\"_ _3\"></span>433</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">379,402</span> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> </span>9,433<span class=\"ls1 ws1\"> </span>0 0 0 59<span class=\"ls1 ws1\"> </span>9,491<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property <span class=\"_ _178\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">28,346</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>28,346<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> </span>9,749<span class=\"ls1 ws1\"> </span>0 0 0 334,117<span class=\"ls1 ws1\"> </span>343,866<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,559</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">257</span> </span>-<span class=\"ls29 ws1e1\">2,301</span> Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>203,623<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>90,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50,966<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">81</span> 311,149<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>70<span class=\"ls1 ws1\"> </span>655,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">31,909</span> -<span class=\"ls27 ws1df\">1,578</span> 19,226<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>4,165<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">70</span> -<span class=\"ls27 ws1df\">10,156</span> Interest income<span class=\"_ _3\"></span> <span class=\"_ _16f\"> </span><span class=\"fc22 ls29 ws1e1\">12,302</span><span class=\"fc22\"> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">17</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">3,392</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">3,345</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,436</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">17,619</span> </span>Interest<span class=\"_ _0\"></span> expenses (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">25,914</span> 0 -<span class=\"ls29 ws1e1\">12,233</span> 0 -<span class=\"ls29 ws1e1\">653</span> 1,436<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,365</span> (Un)realised foreign curr<span class=\"_ _0\"></span>ency results <span class=\"_ _179\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">9,947</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span><span class=\"ls29 ws1e1\">11</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">716</span> </span>-<span class=\"ls29 ws1e1\">9,219</span> Other financial income (expenses<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,350</span> 218<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>0 757<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">70</span> -<span class=\"ls29 ws1e1\">7,114</span> Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,814</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">27,737</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 25,923<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">25,4<span class=\"_ _3\"></span>30</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">126,491<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">17,4<span class=\"_ _3\"></span>17</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">35,464<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">39,072</span> </span>243,874<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span>non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">operatin<span class=\"_ _3\"></span>g income<span class=\"ls1 ws1\"> <span class=\"_ _17a\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) </span></span>0 0 0 0 0 0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>197,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,056<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,610<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,393<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>354,386<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 889,590<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">44,236</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">21,<span class=\"_ _3\"></span>723</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">15,621</span> <span class=\"_ _6\"> </span>-<span class=\"ls27 ws1df\">50</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">449</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">82,<span class=\"_ _3\"></span>078</span> </span>Deferred t<span class=\"_ _0\"></span>axes<span class=\"ls1 ws1\"> </span>12,349<span class=\"ls1 ws1\"> </span>503<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,548</span> 0 -<span class=\"ls29 ws1e1\">54</span> 3,250<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">56,585</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,226</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">6,073</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">50</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">394</span> </span>-<span class=\"ls29 ws1e1\">85,328</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 807,512<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,050</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>3,050<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit <span class=\"_ _3\"></span><span class=\"ls2f ws1e8\">(loss) of the<span class=\"_ _3\"></span> period<span class=\"ls1 ws1\"> </span></span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>75,040<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 810,562<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> </span>58,343<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>29,702<span class=\"ls1 ws1\"> </span>1,020<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">357</span> 101,907<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">94,565<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>180,135<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>45,338<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>34,323<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>354,295<span class=\"ls1 ws1\"> </span></span>708,655<span class=\"ls1 ws1\"> </span>Comments<span class=\"_ _0\"></span> on the s<span class=\"_ _0\"></span>egment i<span class=\"_ _0\"></span>nforma<span class=\"_ _0\"></span>tion <span class=\"ls1 ws1\">- <span class=\"ls3a ws20c\">income </span></span>statement <span class=\"ls1 ws1\"> </span>AvH reali<span class=\"_ _3\"></span>sed a <span class=\"ff3b ls1 ws1f0\">net profit<span class=\"ff3a ws1\"> <span class=\"ls24 ws206\">of 708.7 mil<span class=\"_ _3\"></span>lion euros (share of the group) over 2022. </span></span></span>This re<span class=\"_ _0\"></span>cord re<span class=\"_ _0\"></span>sult is du<span class=\"_ _0\"></span>e to the s<span class=\"_ _0\"></span>trong re<span class=\"_ _0\"></span>sults of<span class=\"_ _0\"></span> all divi<span class=\"_ _0\"></span>sions of<span class=\"_ _0\"></span> the AvH g<span class=\"_ _0\"></span>roup and<span class=\"_ _9f\"></span> to the ca<span class=\"_ _0\"></span>pital g<span class=\"_ _9f\"></span>ains that we<span class=\"_ _0\"></span>re real<span class=\"_ _0\"></span>ised on<span class=\"_ _0\"></span> the disp<span class=\"_ _0\"></span>osal of<span class=\"_ _0\"></span> the pa<span class=\"_ _0\"></span>rticipa<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>n Anim<span class=\"_ _0\"></span>a and Manuchar.<span class=\"ws1\"> </span>The sale of<span class=\"_ _0\"></span> <span class=\"ls1 ws20b\">M<span class=\"_ _3\"></span>anuch<span class=\"_ _0\"></span>ar was realised on June 30, 202<span class=\"_ _0\"></span>2 and that of Anima was closed </span>in July 2022. Since<span class=\"_ _0\"></span> the participation in <span class=\"_ _0\"></span>Manuchar had already been <span class=\"_ _0\"></span>reported as \u201cAss<span class=\"_ _0\"></span>ets held f<span class=\"_ _0\"></span>or sa<span class=\"_ _0\"></span>le\u201d in t<span class=\"_ _0\"></span>he 2021 f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncial st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nts, th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ibution<span class=\"_ _0\"></span> of Manuc<span class=\"_ _0\"></span>har to <span class=\"_ _0\"></span>the resu<span class=\"_ _0\"></span>lts of<span class=\"_ _0\"></span> 2022 <span class=\"ls35 ws22f\">con<span class=\"_ _0\"></span>sists <span class=\"_ _0\"></span>entirel<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e capita<span class=\"_ _0\"></span>l gain of<span class=\"_ _0\"></span> 97.2 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> </span>euros th<span class=\"_ _0\"></span>at was r<span class=\"_ _0\"></span>ealised o<span class=\"_ _0\"></span>n the sa<span class=\"_ _0\"></span>le. The s<span class=\"_ _0\"></span>ale of An<span class=\"_ _0\"></span>ima, ho<span class=\"_ _0\"></span>wever, to<span class=\"_ _0\"></span>ok plac<span class=\"_ _0\"></span>e in the<span class=\"_ _0\"></span> second<span class=\"_ _0\"></span> half o<span class=\"_ _0\"></span>f the yea<span class=\"_ _0\"></span>r. Cons<span class=\"_ _0\"></span>equen<span class=\"_ _0\"></span>tly, An<span class=\"_ _0\"></span>ima\u2019s r<span class=\"_ _0\"></span>esults f<span class=\"_ _0\"></span>or the fir<span class=\"_ _0\"></span>st half<span class=\"_ _0\"></span> of 202<span class=\"_ _0\"></span>2 were st<span class=\"_ _0\"></span>ill repo<span class=\"_ _0\"></span>rted in th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lts at<span class=\"ls1 ws1\"> <span class=\"_ _7\"> </span></span>June 30, y<span class=\"_ _0\"></span>et recla<span class=\"_ _0\"></span>ssifi<span class=\"_ _0\"></span>ed to \u201cProf<span class=\"_ _0\"></span>it fro<span class=\"_ _0\"></span>m discontinued op<span class=\"_ _0\"></span>erations\u201d In the second<span class=\"_ _0\"></span> half of the year,<span class=\"_ _0\"></span> a capital gain of 2<span class=\"_ _0\"></span>36.9 millio<span class=\"_ _0\"></span>n euros on thi<span class=\"_ _0\"></span>s exit wa<span class=\"_ _0\"></span>s recognis<span class=\"_ _0\"></span>ed in the grou<span class=\"_ _0\"></span>p result.<span class=\"_ _0\"></span> For the stru<span class=\"_ _0\"></span>cture of<span class=\"_ _0\"></span> the con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted incom<span class=\"_ _9f\"></span>e statemen<span class=\"_ _0\"></span>t, this <span class=\"_ _0\"></span>means th<span class=\"_ _9f\"></span><span class=\"ls24 ws206\">a<span class=\"_ _3\"></span>t in 2022 Nextensa is the only </span>fully consolidated<span class=\"_ _0\"></span> participation in <span class=\"_ _0\"></span>the \u201cReal Estate &amp;<span class=\"_ _0\"></span> Senior Care\u201d s<span class=\"_ _0\"></span>egment. However, Anima is <span class=\"_ _0\"></span>still fully reported in th<span class=\"_ _0\"></span>e comparative figure<span class=\"_ _0\"></span>s of 2021. The othe<span class=\"_ _0\"></span>r changes in the consolidation scope have o<span class=\"_ _0\"></span>nly a l<span class=\"_ _3\"></span>imited i<span class=\"_ _0\"></span>mpact <span class=\"ls34 ws219\">on<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> com<span class=\"_ _3\"></span>par<span class=\"_ _3\"></span>abili<span class=\"_ _3\"></span>ty </span>of the 2<span class=\"_ _0\"></span>022 co<span class=\"_ _0\"></span>nsolida<span class=\"_ _0\"></span>ted in<span class=\"_ _0\"></span>come st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent with <span class=\"_ _0\"></span>that of<span class=\"_ _0\"></span> the pr<span class=\"_ _0\"></span>evious <span class=\"_ _0\"></span>year.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Despite the dereco<span class=\"_ _3\"></span>gnition of Anima\u2019s revenue in 2022 (2021: 106.1 milli<span class=\"_ _3\"></span>on euros), the <span class=\"_ _7\"> </span>rev<span class=\"_ _0\"></span>enues<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls24 ws2ad\">nevertheless increased by <span class=\"_ _3\"></span>89.0 million euros to <span class=\"_ _3\"></span>4,401.4 million </span></span>eu<span class=\"ls25 ws1db\">ros.<span class=\"_ _0\"></span> This in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e refl<span class=\"_ _0\"></span>ects the hi<span class=\"_ _0\"></span>gher tu<span class=\"_ _9f\"></span>rnover at D<span class=\"_ _0\"></span>EME, C<span class=\"_ _0\"></span>FE and R<span class=\"_ _0\"></span>ent<span class=\"ls1 ws1\">-A-<span class=\"ls33 ws1eb\">Port, as </span></span></span>well as the <span class=\"_ _3\"></span>highe<span class=\"_ _0\"></span>r interest and <span class=\"_ _3\"></span>commi<span class=\"_ _0\"></span>ssion income at Bank Van <span class=\"_ _3\"></span>Br<span class=\"_ _0\"></span>eda. The decreased revenue in \u201cAvH &amp; Grow<span class=\"_ _0\"></span>th Capital\u201d is primarily explain<span class=\"_ _0\"></span>ed by the decre<span class=\"_ _0\"></span>ase of th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> tu<span class=\"_ _0\"></span>rnover a<span class=\"_ _0\"></span>t <span class=\"ls1 ws1f6\">Agidens by 15.1<span class=\"_ _0\"></span> million euros.<span class=\"ws1\"> </span></span>Note 6: <span class=\"ls26 ws1dc\">Segment <span class=\"ls3a ws20c\">information </span></span>\u2013 <span class=\"ls26 ws1dc\">income s<span class=\"_ _0\"></span>tatement 20<span class=\"_ _0\"></span>21<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,782,50<span class=\"_ _3\"></span>2</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">205,011<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">237,428</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">18<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">89,529<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,114<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,31<span class=\"_ _3\"></span>2,374<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,193</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,074</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,988</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,279</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _1a5\"> </span><span class=\"fc22 ls29 ws1e1\">106,300</span><span class=\"fc22\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">119,195</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>225,495<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">103,801</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>103,801<span class=\"ls1 ws1\"> </span>Fees and commissions <span class=\"ls1 ws1\">- </span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">98,566</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>98,566<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,580,181<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>84,328<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _15e\"> </span></span>3,664,508<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">96,021<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,644<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>19,041<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>18<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>3,128<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>126<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>120,726<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,612,4<span class=\"_ _3\"></span>59</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">122,400<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">175,94<span class=\"_ _3\"></span>2</span> <span class=\"_ _b7\"> </span>-<span class=\"ls27 ws1df\">58<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">116<span class=\"_ _3\"></span>,029</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,89<span class=\"_ _3\"></span>8</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,0<span class=\"_ _3\"></span>23,991</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,518,605</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">24,176</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">80,876</span> <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">58</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">53,125</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,898</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,673,943</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,759</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">22,759</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">697,784</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">57,533</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">75,769</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">46,604</span> </span>-<span class=\"ls29 ws1e1\">877,690</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">326,558</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,220</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">11,967</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,808</span> </span>-<span class=\"ls29 ws1e1\">350,553</span> Impairment losses (-) <span class=\"_ _30\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">36,202</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,181</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">793</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">10,995</span> </span>-<span class=\"ls29 ws1e1\">45,810</span> Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">32,884</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">12,483</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">6,810</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">510</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">52,687</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _1a6\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">425<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>272<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _c4\"> </span></span>13<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">550</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">9,593<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">24,456<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">34,048<span class=\"_ _3\"></span></span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and <span class=\"ws1dd\">loss<span class=\"ls1 ws1\"> </span></span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL)<span class=\"ls1 ws1\"> </span>0 0 16,621<span class=\"ls1 ws1\"> </span>0 24,456<span class=\"ls1 ws1\"> </span>41,077<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>t property <span class=\"_ _1a7\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,029</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">7,029</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> </span>26,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>492<span class=\"ls1 ws1\"> </span>4,984<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,221<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 34,699<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _1a8\"> </span></span><span class=\"fc22 ws1e1\">6,071<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>492<span class=\"ls1 ws1\"> <span class=\"_ _c3\"> </span></span>581<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span></span>39<span class=\"ls1 ws1\"> </span></span>7,182<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> <span class=\"_ _18a\"> </span></span><span class=\"fc22 ws1e1\">19,931<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span></span>3,019<span class=\"ls1 ws1\"> </span></span>22,951<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets<span class=\"ls1 ws1\"> </span>0 0 0 0 163<span class=\"ls1 ws1\"> </span>163<span class=\"ls1 ws1\"> </span>Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>196,045<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>83,103<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,062<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">40</span> 1,176<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>784<span class=\"ls1 ws1\"> </span>357,130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> <span class=\"_ _1a9\"> </span>-<span class=\"ls27 ws1df\">14,378</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">583</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">9,675</span> <span class=\"_ _170\"> </span>7 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,037</span> <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">784</span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">21,210<span class=\"_ _3\"></span></span> </span>Interest income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,142<span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>2,493<span class=\"ls1 ws1\"> </span>0 2,406<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,116</span> 11,941<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> expenses (-) <span class=\"_ _1a5\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">18,778</span> <span class=\"_ _110\"> </span>-2 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">15,514</span> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">516</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,116</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">33,694</span> </span>(Un)realised foreign curr<span class=\"_ _0\"></span>ency results<span class=\"ls1 ws1\"> <span class=\"_ _1aa\"> </span></span><span class=\"fc22 ws1e1\">7,313<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>4 <span class=\"_ _8b\"> </span>-</span>174<span class=\"ls1 ws1\"> </span></span>7,056<span class=\"ls1 ws1\"> </span>Other financial income (expenses<span class=\"_ _0\"></span>) <span class=\"_ _1aa\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">11,055</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">193</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">2,208</span> <span class=\"_ _170\"> </span>4 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">1,320</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">784</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,530</span> </span>Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">376</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">5,642</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 6,018<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">23,6<span class=\"_ _3\"></span>15</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">131,950<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">20,7<span class=\"_ _3\"></span>24</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">30,232<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">48,669</span> </span>255,191<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>0 0 0 0 548<span class=\"ls1 ws1\"> </span>548<span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _1ab\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>205,282<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,636<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,111<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,430<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 591,659<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">45,293</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">19,<span class=\"_ _3\"></span>599</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">13,674</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">884<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">79,<span class=\"_ _3\"></span>449</span> </span>Deferred t<span class=\"_ _0\"></span>axes <span class=\"_ _3f\"> </span><span class=\"fc22 ls29 ws1e1\">13,700</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,274</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,685</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">882</span> </span>5,624<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">58,993</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">18,325</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">5,989</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,766</span> </span>-<span class=\"ls29 ws1e1\">85,073</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,546<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">150</span> </span>-<span class=\"ls27 ws1df\">150</span> Profit (l<span class=\"_ _3\"></span>oss) of the period<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,396<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,060<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts <span class=\"_ _18b\"> </span><span class=\"fc22 ls29 ws1e1\">60,943</span><span class=\"fc22\"> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">12,936</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">30,744</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">222</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">402</span> </span>105,246<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">99,046<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>183,102<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>42,694<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>29,978<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>51,994<span class=\"ls1 ws1\"> </span></span>406,814<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-66-5": {
   "value": "Note 6: S<span class=\"ls26 ws1dc\">egment <span class=\"ls3a ws20c\">information</span></span> \u2013 <span class=\"ls26 ws1dc\">income st<span class=\"_ _0\"></span>atement <span class=\"ls1 ws1\">2022 </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,965,08<span class=\"_ _3\"></span>3</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">217,522<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">145,138</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">25<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">75,704<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,053<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,40<span class=\"_ _3\"></span>1,419<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,008</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,966</span> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">42</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _46\"> </span><span class=\"fc22 ls29 ws1e1\">85,392</span><span class=\"fc22\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">135,999</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 </span>221,392<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">115,243</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>115,243<span class=\"ls1 ws1\"> </span>Fees and <span class=\"ws1e1\">commissions <span class=\"ls1 ws1\">- </span></span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">100,051</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>100,051<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,793,646<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>71,330<span class=\"ls1 ws1\"> <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _15e\"> </span></span>3,864,890<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">86,044<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,229<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>9,139<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>25<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>2,366<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>99,802<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,780,6<span class=\"_ _3\"></span>41</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">124,820<span class=\"_ _3\"></span></span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">98,<span class=\"_ _3\"></span>500</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">106</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">106<span class=\"_ _3\"></span>,152</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,12<span class=\"_ _3\"></span>3</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,1<span class=\"_ _3\"></span>08,096</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,690,244</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">27,755</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">81,129</span> <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">106</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">52,260</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,123</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,849,372</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">20,047</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">20,047</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">712,607</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">58,161</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">9,204</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">40,310</span> </span>-<span class=\"ls29 ws1e1\">820,282</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">346,405</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,116</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,140</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,923</span> </span>-<span class=\"ls29 ws1e1\">359,585</span> Impairment losses (<span class=\"ls1 ws1\">-) <span class=\"_ _46\"> </span></span>2,388<span class=\"ls1 ws1\"> <span class=\"_ _8b\"> </span>-</span>925<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> </span>1,053<span class=\"ls1 ws1\"> </span>Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">29,818</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">13,693</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,170</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">774</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">51,455</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _177\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">3,955<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,878<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>552<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-</span>7,884<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">8,408</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">24,017<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">7,164<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 -<span class=\"ls27 ws1df\">16,854</span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and loss<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL) <span class=\"_ _27\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,397</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,164</span> </span>-<span class=\"ls29 ws1e1\">5,234</span> Investmen<span class=\"_ _3\"></span>t property<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">11,620</span> 0 0 -<span class=\"ls29 ws1e1\">11,620</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> <span class=\"_ _40\"> </span><span class=\"ls27 ws1df\">19,181</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">2,559</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">28,346<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">334,<span class=\"_ _3\"></span>433</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _1d\"> </span><span class=\"ls27 ws1df\">379,402</span> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> </span>9,433<span class=\"ls1 ws1\"> </span>0 0 0 59<span class=\"ls1 ws1\"> </span>9,491<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property <span class=\"_ _178\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">28,346</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>28,346<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> </span>9,749<span class=\"ls1 ws1\"> </span>0 0 0 334,117<span class=\"ls1 ws1\"> </span>343,866<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">2,559</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">257</span> </span>-<span class=\"ls29 ws1e1\">2,301</span> Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>203,623<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>90,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>50,966<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">81</span> 311,149<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>70<span class=\"ls1 ws1\"> </span>655,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">31,909</span> -<span class=\"ls27 ws1df\">1,578</span> 19,226<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>4,165<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">70</span> -<span class=\"ls27 ws1df\">10,156</span> Interest income<span class=\"_ _3\"></span> <span class=\"_ _16f\"> </span><span class=\"fc22 ls29 ws1e1\">12,302</span><span class=\"fc22\"> <span class=\"_ _ff\"> </span><span class=\"ls29 ws1e1\">17</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">3,392</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">3,345</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,436</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">17,619</span> </span>Interest<span class=\"_ _0\"></span> expenses (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">25,914</span> 0 -<span class=\"ls29 ws1e1\">12,233</span> 0 -<span class=\"ls29 ws1e1\">653</span> 1,436<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,365</span> (Un)realised foreign curr<span class=\"_ _0\"></span>ency results <span class=\"_ _179\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">9,947</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span><span class=\"ls29 ws1e1\">11</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">716</span> </span>-<span class=\"ls29 ws1e1\">9,219</span> Other financial income (expenses<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,350</span> 218<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>0 757<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">70</span> -<span class=\"ls29 ws1e1\">7,114</span> Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,814</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">27,737</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 25,923<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">25,4<span class=\"_ _3\"></span>30</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">126,491<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">17,4<span class=\"_ _3\"></span>17</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">35,464<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">39,072</span> </span>243,874<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span>non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">operatin<span class=\"_ _3\"></span>g income<span class=\"ls1 ws1\"> <span class=\"_ _17a\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) </span></span>0 0 0 0 0 0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>197,144<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,056<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,610<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,393<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>354,386<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 889,590<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">44,236</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">21,<span class=\"_ _3\"></span>723</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">15,621</span> <span class=\"_ _6\"> </span>-<span class=\"ls27 ws1df\">50</span> <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">449</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">82,<span class=\"_ _3\"></span>078</span> </span>Deferred t<span class=\"_ _0\"></span>axes<span class=\"ls1 ws1\"> </span>12,349<span class=\"ls1 ws1\"> </span>503<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,548</span> 0 -<span class=\"ls29 ws1e1\">54</span> 3,250<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">56,585</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,226</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">6,073</span> <span class=\"_ _b8\"> </span>-<span class=\"ls29 ws1e1\">50</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">394</span> </span>-<span class=\"ls29 ws1e1\">85,328</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 807,512<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,050</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 </span>3,050<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit <span class=\"_ _3\"></span><span class=\"ls2f ws1e8\">(loss) of the<span class=\"_ _3\"></span> period<span class=\"ls1 ws1\"> </span></span>152,908<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>193,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>75,040<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,343<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>353,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 810,562<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts<span class=\"ls1 ws1\"> </span>58,343<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>29,702<span class=\"ls1 ws1\"> </span>1,020<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">357</span> 101,907<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">94,565<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>180,135<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>45,338<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>34,323<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>354,295<span class=\"ls1 ws1\"> </span></span>708,655<span class=\"ls1 ws1\"> </span>Note 6: <span class=\"ls26 ws1dc\">Segment <span class=\"ls3a ws20c\">information </span></span>\u2013 <span class=\"ls26 ws1dc\">income s<span class=\"_ _0\"></span>tatement 20<span class=\"_ _0\"></span>21<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _16d\"> </span><span class=\"fc23 ws211\">Segment 1<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 2<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 3<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segment 4<span class=\"ws1\"> <span class=\"_ _4a\"> </span></span>Segmen<span class=\"_ _3\"></span>t 5<span class=\"ws1\"> </span></span>Marine AvH &amp; Eliminations Private Real Estate &amp; Energy &amp; Engineering Growth between Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Revenue <span class=\"_ _16e\"> </span><span class=\"ls27 ws1df\">3,782,50<span class=\"_ _3\"></span>2</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">205,011<span class=\"_ _3\"></span></span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">237,428</span> <span class=\"_ _b0\"> </span><span class=\"ls27 ws1df\">18<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">89,529<span class=\"_ _3\"></span></span> <span class=\"_ _f\"> </span>-<span class=\"ls27 ws1df\">2,114<span class=\"_ _3\"></span></span> <span class=\"_ _a4\"> </span><span class=\"ls27 ws1df\">4,31<span class=\"_ _3\"></span>2,374<span class=\"_ _3\"></span></span> Rendering of services <span class=\"_ _16f\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,193</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,074</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,988</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">99,279</span> </span>Real estate r<span class=\"_ _0\"></span>evenue <span class=\"_ _1a5\"> </span><span class=\"fc22 ls29 ws1e1\">106,300</span><span class=\"fc22\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _aa\"> </span><span class=\"ls29 ws1e1\">119,195</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>225,495<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span> - <span class=\"ls29 ws1e0\">banking activities</span> <span class=\"_ _171\"> </span><span class=\"fc22\">0 <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">103,801</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>103,801<span class=\"ls1 ws1\"> </span>Fees and commissions <span class=\"ls1 ws1\">- </span>banking activities <span class=\"_ _172\"> </span><span class=\"fc22\">0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">98,566</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 </span>98,566<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _31\"> </span></span><span class=\"fc22 ws1e1\">3,580,181<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _8e\"> </span></span>84,328<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _15e\"> </span></span>3,664,508<span class=\"ls1 ws1\"> </span></span>Other operating revenue<span class=\"ls1 ws1\"> <span class=\"_ _173\"> </span></span><span class=\"fc22 ws1e1\">96,021<span class=\"ls1 ws1\"> <span class=\"_ _8d\"> </span></span>2,644<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>19,041<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>18<span class=\"ls1 ws1\"> <span class=\"_ _a6\"> </span></span>3,128<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>126<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>120,726<span class=\"ls1 ws1\"> </span></span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _29\"> </span>-<span class=\"ls27 ws1df\">3,612,4<span class=\"_ _3\"></span>59</span> <span class=\"_ _80\"> </span>-<span class=\"ls27 ws1df\">122,400<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">175,94<span class=\"_ _3\"></span>2</span> <span class=\"_ _b7\"> </span>-<span class=\"ls27 ws1df\">58<span class=\"_ _3\"></span></span> <span class=\"_ _75\"> </span>-<span class=\"ls27 ws1df\">116<span class=\"_ _3\"></span>,029</span> <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">2,89<span class=\"_ _3\"></span>8</span> <span class=\"_ _c2\"> </span>-<span class=\"ls27 ws1df\">4,0<span class=\"_ _3\"></span>23,991</span> </span>Raw materials, consumables, s<span class=\"_ _0\"></span>ervices and subcontracted work (-) <span class=\"_ _f8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,518,605</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">24,176</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">80,876</span> <span class=\"_ _55\"> </span>-<span class=\"ls29 ws1e1\">58</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">53,125</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">2,898</span> <span class=\"_ _c8\"> </span>-<span class=\"ls29 ws1e1\">2,673,943</span> </span>Interest<span class=\"_ _0\"></span> expenses Bank J.Van Br<span class=\"_ _0\"></span>eda &amp; C\u00b0 (-) <span class=\"_ _174\"> </span><span class=\"fc22\">0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">22,759</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">22,759</span> Employee expens<span class=\"_ _0\"></span>es (-) <span class=\"_ _175\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">697,784</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">57,533</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">75,769</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">46,604</span> </span>-<span class=\"ls29 ws1e1\">877,690</span> Depreciation (-) <span class=\"_ _176\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">326,558</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">7,220</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">11,967</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">4,808</span> </span>-<span class=\"ls29 ws1e1\">350,553</span> Impairment losses (-) <span class=\"_ _30\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">36,202</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,181</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">793</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">10,995</span> </span>-<span class=\"ls29 ws1e1\">45,810</span> Other operating expenses<span class=\"_ _0\"></span> (-)<span class=\"_ _3\"></span> <span class=\"_ _a\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">32,884</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">12,483</span> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">6,810</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8b\"> </span>-<span class=\"ls29 ws1e1\">510</span> <span class=\"_ _101\"> </span>0 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">52,687</span> </span>Provisions<span class=\"ls1 ws1\"> <span class=\"_ _1a6\"> </span><span class=\"fc22\">-</span></span><span class=\"fc22\">425<span class=\"ls1 ws1\"> <span class=\"_ _ba\"> </span>-</span>409<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>272<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _c4\"> </span></span>13<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">550</span> Profit (loss) o<span class=\"_ _3\"></span>n assets/liabil<span class=\"_ _3\"></span>ities <span class=\"ls1\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">9,593<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">24,456<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">34,048<span class=\"_ _3\"></span></span> designated <span class=\"_ _3\"></span>at fair valu<span class=\"_ _3\"></span>e through pr<span class=\"_ _3\"></span>ofit and <span class=\"ws1dd\">loss<span class=\"ls1 ws1\"> </span></span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>Fa<span class=\"_ _3\"></span>ir value through P/L (FVPL)<span class=\"ls1 ws1\"> </span>0 0 16,621<span class=\"ls1 ws1\"> </span>0 24,456<span class=\"ls1 ws1\"> </span>41,077<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>t property <span class=\"_ _1a7\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,029</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>-<span class=\"ls29 ws1e1\">7,029</span> Profi<span class=\"_ _0\"></span>t (loss) on di<span class=\"_ _0\"></span>sposal of assets<span class=\"ls1 ws1\"> </span>26,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>492<span class=\"ls1 ws1\"> </span>4,984<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,221<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 34,699<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on intangible and tangible assets<span class=\"ls1 ws1\"> <span class=\"_ _1a8\"> </span></span><span class=\"fc22 ws1e1\">6,071<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>492<span class=\"ls1 ws1\"> <span class=\"_ _c3\"> </span></span>581<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _99\"> </span></span>39<span class=\"ls1 ws1\"> </span></span>7,182<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on investment property<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>0 0 4,403<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on financial fixed assets<span class=\"ls1 ws1\"> <span class=\"_ _18a\"> </span></span><span class=\"fc22 ws1e1\">19,931<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _a6\"> </span></span>3,019<span class=\"ls1 ws1\"> </span></span>22,951<span class=\"ls1 ws1\"> </span>Realised gain (loss)<span class=\"_ _0\"></span> on other assets<span class=\"ls1 ws1\"> </span>0 0 0 0 163<span class=\"ls1 ws1\"> </span>163<span class=\"ls1 ws1\"> </span>Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) from<span class=\"_ _0\"></span> oper<span class=\"_ _0\"></span>ating <span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>ities<span class=\"ls1\"> </span>196,045<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>83,103<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,062<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">40</span> 1,176<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>784<span class=\"ls1 ws1\"> </span>357,130<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> <span class=\"_ _1a9\"> </span>-<span class=\"ls27 ws1df\">14,378</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">583</span> <span class=\"_ _8e\"> </span>-<span class=\"ls27 ws1df\">9,675</span> <span class=\"_ _170\"> </span>7 <span class=\"_ _a5\"> </span><span class=\"ls27 ws1df\">3,037</span> <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">784</span> <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">21,210<span class=\"_ _3\"></span></span> </span>Interest income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,142<span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>2,493<span class=\"ls1 ws1\"> </span>0 2,406<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,116</span> 11,941<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> expenses (-) <span class=\"_ _1a5\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">18,778</span> <span class=\"_ _110\"> </span>-2 <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">15,514</span> <span class=\"_ _170\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">516</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">1,116</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">33,694</span> </span>(Un)realised foreign curr<span class=\"_ _0\"></span>ency results<span class=\"ls1 ws1\"> <span class=\"_ _1aa\"> </span></span><span class=\"fc22 ws1e1\">7,313<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _55\"> </span>-</span>87<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>4 <span class=\"_ _8b\"> </span>-</span>174<span class=\"ls1 ws1\"> </span></span>7,056<span class=\"ls1 ws1\"> </span>Other financial income (expenses<span class=\"_ _0\"></span>) <span class=\"_ _1aa\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">11,055</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">193</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">2,208</span> <span class=\"_ _170\"> </span>4 <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">1,320</span> <span class=\"_ _ba\"> </span>-<span class=\"ls29 ws1e1\">784</span> <span class=\"_ _6d\"> </span>-<span class=\"ls29 ws1e1\">12,530</span> </span>Derivative financial instr<span class=\"_ _0\"></span>uments designated at fair value<span class=\"ls1 ws1\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">376</span> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">5,642</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 6,018<span class=\"ls1 ws1\"> </span>through profit and loss<span class=\"ls1 ws1\"> </span>Share of pr<span class=\"_ _3\"></span>ofit (loss) f<span class=\"_ _3\"></span>rom equity acc<span class=\"_ _3\"></span>ounted inves<span class=\"_ _3\"></span>tments<span class=\"ls1 ws1\"> <span class=\"_ _bb\"> </span><span class=\"ls27 ws1df\">23,6<span class=\"_ _3\"></span>15</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">131,950<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span><span class=\"ls27 ws1df\">20,7<span class=\"_ _3\"></span>24</span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">30,232<span class=\"_ _3\"></span></span> <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">48,669</span> </span>255,191<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>0 0 0 0 548<span class=\"ls1 ws1\"> </span>548<span class=\"ls1 ws1\"> </span>Other non<span class=\"ls1 ws1\">-</span><span class=\"ws1e4\">opera<span class=\"_ _3\"></span>ting expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) <span class=\"_ _1ab\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 </span></span>0 Pro<span class=\"_ _0\"></span>fit (los<span class=\"_ _0\"></span>s) bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span><span class=\"ls1\"> </span>205,282<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>215,636<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>87,111<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,430<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 591,659<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Income taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _17b\"> </span>-<span class=\"ls27 ws1df\">45,293</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">19,<span class=\"_ _3\"></span>599</span> <span class=\"_ _e2\"> </span>-<span class=\"ls27 ws1df\">13,674</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _16\"> </span>-<span class=\"ls27 ws1df\">884<span class=\"_ _3\"></span></span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _88\"> </span>-<span class=\"ls27 ws1df\">79,<span class=\"_ _3\"></span>449</span> </span>Deferred t<span class=\"_ _0\"></span>axes <span class=\"_ _3f\"> </span><span class=\"fc22 ls29 ws1e1\">13,700</span><span class=\"fc22\"> <span class=\"_ _61\"> </span>-<span class=\"ls29 ws1e1\">1,274</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">7,685</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">882</span> </span>5,624<span class=\"ls1 ws1\"> </span>Current taxe<span class=\"_ _3\"></span>s <span class=\"_ _17c\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">58,993</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">18,325</span> <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">5,989</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _10\"> </span>-<span class=\"ls29 ws1e1\">1,766</span> </span>-<span class=\"ls29 ws1e1\">85,073</span> Profit (l<span class=\"_ _3\"></span>oss) afte<span class=\"_ _3\"></span>r tax from conti<span class=\"_ _3\"></span>nuing op<span class=\"_ _3\"></span>eration<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,546<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss<span class=\"_ _3\"></span>) after tax f<span class=\"_ _3\"></span>rom discontin<span class=\"_ _3\"></span>ued opera<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> <span class=\"_ _50\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _e5\"> </span>0 <span class=\"_ _ac\"> </span>-<span class=\"ls27 ws1df\">150</span> </span>-<span class=\"ls27 ws1df\">150</span> Profit (l<span class=\"_ _3\"></span>oss) of the period<span class=\"ls1 ws1\"> </span>159,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>196,038<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,438<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>30,199<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>52,396<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 512,060<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority intere<span class=\"_ _3\"></span>sts <span class=\"_ _18b\"> </span><span class=\"fc22 ls29 ws1e1\">60,943</span><span class=\"fc22\"> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">12,936</span> <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">30,744</span> <span class=\"_ _c3\"> </span><span class=\"ls29 ws1e1\">222</span> <span class=\"_ _8\"> </span><span class=\"ls29 ws1e1\">402</span> </span>105,246<span class=\"ls1 ws1\"> </span>Share of the group<span class=\"ls1 ws1\"> <span class=\"_ _17d\"> </span></span><span class=\"fc22 ws1e1\">99,046<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>183,102<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>42,694<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>29,978<span class=\"ls1 ws1\"> <span class=\"_ _8e\"> </span></span>51,994<span class=\"ls1 ws1\"> </span></span>406,814<span class=\"ls1 ws1\"> </span>Note 7:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">I</span></span>ntangible a<span class=\"_ _3\"></span>ssets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Concessions, Other Developme<span class=\"_ _3\"></span>nt Advance paten<span class=\"_ _3\"></span>ts &amp; Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _62\"> </span>Software<span class=\"_ _3\"></span> </span>intangible Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>costs<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>licences<span class=\"ls1 ws1\"> </span>assets Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> <span class=\"ws1e6\">intan<span class=\"_ _0\"></span>gible as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _9f\"></span>ancial </span></span>year 2021<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41<span class=\"ls1 ws1\"> </span>25,994<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>28,686<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>89,851<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>147,762<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,112<span class=\"ls1 ws1\"> </span>50,712<span class=\"ls1 ws1\"> </span>28,686<span class=\"ls1 ws1\"> </span>32,378<span class=\"ls1 ws1\"> </span>99,184<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>216,403<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,071</span> <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">24,718</span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">29,519</span> <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">9,333</span> <span class=\"_ _a9\"> </span>0 -<span class=\"ls29 ws1e1\">68,641</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>65<span class=\"ls1 ws1\"> </span>1,696<span class=\"ls1 ws1\"> </span>0 1,299<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>326<span class=\"ls1 ws1\"> </span>3,775<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 1,395<span class=\"ls1 ws1\"> </span>0 54<span class=\"ls1 ws1\"> </span>0 1,449<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 <span class=\"_ _a9\"> </span>0 <span class=\"_ _b2\"> </span>0 <span class=\"_ _b3\"> </span>-8 <span class=\"_ _b2\"> </span>0 <span class=\"_ _a9\"> </span>0 -7 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Depreciations &amp;<span class=\"_ _0\"></span> <span class=\"ws1e0\">Impairments (<span class=\"ls1 ws1\">-) </span></span>-<span class=\"ls29 ws1e1\">30</span> -<span class=\"ls29 ws1e1\">3,296</span> -<span class=\"ls29 ws1e1\">268</span> -<span class=\"ls29 ws1e1\">1,559</span> -<span class=\"ls29 ws1e1\">838</span> 0 -<span class=\"ls29 ws1e1\">5,989</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-1 2 0 15<span class=\"ls1 ws1\"> </span>308<span class=\"ls1 ws1\"> </span>0 324<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">1,308</span> <span class=\"_ _138\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _ba\"> </span><span class=\"ls29 ws1e1\">3,391</span> <span class=\"_ _a9\"> </span>0 2,082<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2 -3 0 -4 0 0 -4 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g <span class=\"ws1dd\">balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> intan<span class=\"_ _0\"></span>gible <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> <span class=\"ls1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l </span>year 2022<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>2,242<span class=\"ls1 ws1\"> </span>594<span class=\"ls1 ws1\"> </span>0 1,778<span class=\"ls1 ws1\"> </span>83<span class=\"ls1 ws1\"> </span>146<span class=\"ls1 ws1\"> </span>4,843<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">696</span> -<span class=\"ls29 ws1e1\">29,814</span> -<span class=\"ls29 ws1e1\">222</span> -<span class=\"ls29 ws1e1\">1,212</span> 0 -<span class=\"ls29 ws1e1\">31,945</span> Depreciations &amp; Impairments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">108</span> -<span class=\"ls29 ws1e1\">3,451</span> 0 -<span class=\"ls29 ws1e1\">1,091</span> -<span class=\"ls29 ws1e1\">1,183</span> 0 -<span class=\"ls29 ws1e1\">5,833</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 247<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37</span> 0 0 110<span class=\"ls1 ws1\"> </span>1,411<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">539</span> 945<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,175<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,532<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>92,501<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>117,649<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,794<span class=\"ls1 ws1\"> </span>36,751<span class=\"ls1 ws1\"> </span>0 26,788<span class=\"ls1 ws1\"> </span>102,689<span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>173,285<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">4,619</span> -<span class=\"ls29 ws1e1\">17,220</span> 0 -<span class=\"ls29 ws1e1\">23,610</span> -<span class=\"ls29 ws1e1\">10,188</span> 0 -<span class=\"ls29 ws1e1\">55,636</span> The dec<span class=\"_ _0\"></span>rease o<span class=\"_ _0\"></span>f intang<span class=\"_ _0\"></span>ible ass<span class=\"_ _0\"></span>ets by 31<span class=\"_ _0\"></span>.7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros relat<span class=\"_ _0\"></span>ive to la<span class=\"_ _9f\"></span>st year is virtual<span class=\"_ _0\"></span>ly entir<span class=\"_ _0\"></span>ely exp<span class=\"_ _0\"></span>lained b<span class=\"_ _0\"></span>y the di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f Anima. <span class=\"ls1 ws1f6\">The o<span class=\"_ _0\"></span>ther movements<span class=\"ws1\"> <span class=\"ls4b ws28a\">mainly</span> </span></span>relat<span class=\"_ _0\"></span>e to inv<span class=\"_ _0\"></span>estmen<span class=\"_ _9f\"></span>ts in lic<span class=\"_ _0\"></span>ences a<span class=\"_ _0\"></span>nd sof<span class=\"_ _0\"></span>tware,<span class=\"_ _0\"></span> capit<span class=\"_ _0\"></span>alised<span class=\"_ _0\"></span> develo<span class=\"_ _0\"></span>pmen<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>s (mainly in DEME\u2019s Conce<span class=\"_ _0\"></span>ssions segment) and depr<span class=\"_ _0\"></span>eciation cost<span class=\"ws1\">. </span>The intangible assets cons<span class=\"_ _0\"></span>ist of 15.2 million euros of trade nam<span class=\"_ _0\"></span>es and 69.3 million euros of databases which w<span class=\"_ _0\"></span>ere reported in the consolidated balanc<span class=\"_ _0\"></span>e sheet at year<span class=\"ws1\">-</span>end 2013 following <span class=\"_ _0\"></span>the acquisition of con<span class=\"_ _0\"></span>tro<span class=\"ls25 ws204\">l over D<span class=\"_ _0\"></span>EME. <span class=\"_ _0\"></span>These in<span class=\"_ _0\"></span>tangib<span class=\"_ _9f\"></span>le assets<span class=\"_ _0\"></span> </span>are not amor<span class=\"_ _0\"></span>tised (indefinite life) <span class=\"_ _0\"></span>and are includ<span class=\"_ _0\"></span>ed in the annual i<span class=\"_ _0\"></span>mpairment test performed on the goodwill fo<span class=\"_ _0\"></span>llowing the acquisition of control ov<span class=\"_ _0\"></span>er DEME at the end of 2013 (see<span class=\"ls1 ws1\"> <span class=\"ls40\">Note 8. Goodwill<span class=\"ls46 ws266\">).</span></span>  </span>Note 8:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">G</span></span>oodwill<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7f\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Movemen<span class=\"_ _3\"></span>ts in goodwill<span class=\"ls1 ws1\"> </span>Goodwill, op<span class=\"_ _3\"></span>ening <span class=\"ws1dd\">balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span></span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>325,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>351,785<span class=\"ls1 ws1\"> </span>349,582<span class=\"ls1 ws1\"> </span>Cumulative impairment losses<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>fully consolidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">23,956</span> -<span class=\"ls29 ws1e1\">23,646</span> Additions through business combinations<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>0 2,203<span class=\"ls1 ws1\"> </span>Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">7,404</span> 0 Impairments through pr<span class=\"_ _0\"></span>ofit and loss (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">432</span> -<span class=\"ls29 ws1e1\">311</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">39</span> 0 Goodwill, en<span class=\"_ _3\"></span>ding balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>341,531<span class=\"ls1 ws1\"> </span>351,785<span class=\"ls1 ws1\"> </span>Cumulative impairment <span class=\"ls28 ws1de\">losses <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span></span>fully cons<span class=\"_ _0\"></span>olidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">21,578</span> -<span class=\"ls29 ws1e1\">23,956</span> AvH su<span class=\"_ _0\"></span>bjects<span class=\"_ _0\"></span> the g<span class=\"_ _0\"></span>oodwil<span class=\"_ _0\"></span>l on i<span class=\"_ _0\"></span>ts bal<span class=\"_ _0\"></span>ance sh<span class=\"_ _9f\"></span>eet to an i<span class=\"_ _0\"></span>mpairm<span class=\"_ _9f\"></span>ent test <span class=\"_ _0\"></span>in cas<span class=\"_ _0\"></span>e of impairment indicat<span class=\"_ _0\"></span>ions and at least ann<span class=\"_ _0\"></span>ually. This means <span class=\"_ _0\"></span>the goodwill that i<span class=\"_ _0\"></span>s reported as such in the consolidated balance sheet und<span class=\"_ _0\"></span>er the item \u2018Goodwill\u2019, as well as the goodw<span class=\"ls1 ws220\">ill that is contained in the item \u2018Par<span class=\"_ _0\"></span>ticipations accounted for<span class=\"_ _0\"></span> </span>using the equity <span class=\"_ _0\"></span>method\u2019. Each group co<span class=\"_ _0\"></span>mpany of AvH is t<span class=\"_ _0\"></span>reated as a distinc<span class=\"_ _0\"></span>t cash genera<span class=\"_ _0\"></span>ting u<span class=\"_ _0\"></span>nit (CGU<span class=\"_ _0\"></span>). As<span class=\"_ _0\"></span> part of<span class=\"_ _0\"></span> the im<span class=\"_ _0\"></span>pairmen<span class=\"_ _9f\"></span>t test, a f<span class=\"_ _0\"></span>air va<span class=\"_ _0\"></span>lue is d<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>term<span class=\"_ _9f\"></span>ined for each CGU on the basis of<span class=\"ws1\"> <span class=\"ls42 ws213\">p<span class=\"_ _0\"></span>ublicly <span class=\"_ _0\"></span>available m<span class=\"_ _0\"></span>arket val<span class=\"_ _0\"></span>uation<span class=\"_ _0\"></span>s (market p<span class=\"_ _0\"></span>rice of<span class=\"_ _0\"></span> </span></span>listed<span class=\"_ _0\"></span> compan<span class=\"_ _9f\"></span>ies / rec<span class=\"_ _0\"></span>ent tran<span class=\"_ _0\"></span>sact<span class=\"_ _0\"></span>ions / b<span class=\"_ _0\"></span>roker <span class=\"_ _0\"></span>report<span class=\"_ _0\"></span>s). If <span class=\"_ _0\"></span>after <span class=\"_ _0\"></span>this fi<span class=\"_ _0\"></span>rst ste<span class=\"_ _0\"></span>p on th<span class=\"_ _9f\"></span>e basis o<span class=\"_ _0\"></span>f a fair v<span class=\"_ _0\"></span>alue app<span class=\"_ _0\"></span>roach<span class=\"_ _0\"></span> it turns o<span class=\"_ _0\"></span>ut that a<span class=\"_ _0\"></span>ddition<span class=\"_ _9f\"></span>al justifica<span class=\"_ _9f\"></span>tion is requ<span class=\"_ _0\"></span>ired,<span class=\"_ _0\"></span> a value in<span class=\"_ _0\"></span> use wil<span class=\"_ _0\"></span>l also<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1ef\">be determined from the perspectiv<span class=\"_ _0\"></span>e of AvH based on a </span></span>discounted cash flow (DCF)<span class=\"_ _0\"></span> model or market multiple<span class=\"_ _0\"></span>s. If, after this second step, still no adequate justification can be given for the goodwill in the balance sheet, an \u2018impairment\u2019 will b<span class=\"_ _0\"></span>e recognized.<span class=\"ws1\"> </span>Note 9:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">T</span></span>angible as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Assets<span class=\"_ _3\"></span> under Land and Plant, mach<span class=\"_ _3\"></span>inery Furni<span class=\"_ _3\"></span>ture an<span class=\"_ _3\"></span>d Other tan<span class=\"_ _3\"></span>gibl<span class=\"_ _3\"></span>e constructio<span class=\"_ _3\"></span>n &amp; Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>buildings<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>and equip<span class=\"_ _3\"></span>ment<span class=\"ls1 ws1\"> </span>vehicles<span class=\"ls1 ws1\"> </span>assets advance payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> in tan<span class=\"_ _0\"></span>gible<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>financ<span class=\"_ _0\"></span>ial year<span class=\"_ _9f\"></span> 2021<span class=\"ls1\"> </span>Tangible as<span class=\"_ _3\"></span>sets, opening <span class=\"_ _3\"></span><span class=\"ws1dd\">balance<span class=\"ls1 ws1\"> </span></span>415,415<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,835,42<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>53,525<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,736<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>516,454<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,825,55<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>592,112<span class=\"ls1 ws1\"> </span>4,221,775<span class=\"ls1 ws1\"> </span>151,275<span class=\"ls1 ws1\"> </span>14,993<span class=\"ls1 ws1\"> </span>516,454<span class=\"ls1 ws1\"> </span>5,496,608<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">176,696</span> -<span class=\"ls29 ws1e1\">2,386,353</span> -<span class=\"ls29 ws1e1\">97,750</span> -<span class=\"ls29 ws1e1\">10,257</span> 0 -<span class=\"ls29 ws1e1\">2,671,056</span> Impact IFRS changes<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>48,327<span class=\"ls1 ws1\"> </span>153,489<span class=\"ls1 ws1\"> </span>29,869<span class=\"ls1 ws1\"> </span>1,604<span class=\"ls1 ws1\"> </span>139,473<span class=\"ls1 ws1\"> </span>372,761<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>1,985<span class=\"ls1 ws1\"> </span>141<span class=\"ls1 ws1\"> </span>52<span class=\"ls1 ws1\"> </span>0 0 2,178<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">9,021</span> -<span class=\"ls29 ws1e1\">24,508</span> -<span class=\"ls29 ws1e1\">664</span> 84<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">348</span> -<span class=\"ls29 ws1e1\">34,457</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">106</span> -<span class=\"ls29 ws1e1\">803</span> -4 0 -<span class=\"ls29 ws1e1\">913</span> Depreciation &amp; impair<span class=\"_ _0\"></span>ment (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">34,055</span> -<span class=\"ls29 ws1e1\">311,057</span> -<span class=\"ls29 ws1e1\">25,340</span> -<span class=\"ls29 ws1e1\">822</span> 0 -<span class=\"ls29 ws1e1\">371,273</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>1,266<span class=\"ls1 ws1\"> </span>2,504<span class=\"ls1 ws1\"> </span>88<span class=\"ls1 ws1\"> </span>-1 404<span class=\"ls1 ws1\"> </span>4,262<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,667<span class=\"ls1 ws1\"> </span>288,323<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,675</span> 1,412<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">325,991</span> -<span class=\"ls29 ws1e1\">35,263</span> Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>0 0 0 0 0 0 Tangible as<span class=\"_ _3\"></span>sets, ending ba<span class=\"_ _3\"></span>lance<span class=\"ls1 ws1\"> </span>426,584<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,944,20<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>55,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>329,992<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>624,902<span class=\"ls1 ws1\"> </span>4,504,531<span class=\"ls1 ws1\"> </span>158,421<span class=\"ls1 ws1\"> </span>18,604<span class=\"ls1 ws1\"> </span>329,992<span class=\"ls1 ws1\"> </span>5,636,450<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">198,318</span> -<span class=\"ls29 ws1e1\">2,560,322</span> -<span class=\"ls29 ws1e1\">103,370</span> -<span class=\"ls29 ws1e1\">11,595</span> 0 -<span class=\"ls29 ws1e1\">2,873,604</span> II. O<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>formation<span class=\"ls1 ws1\"> </span>Leases Net carrying amount of<span class=\"_ _0\"></span> tangible assets under lease<span class=\"ls1 ws1\"> </span>130,674<span class=\"ls1 ws1\"> </span>9,919<span class=\"ls1 ws1\"> </span>38,696<span class=\"ls1 ws1\"> </span>179,290<span class=\"ls1 ws1\"> </span>Tangible assets acquired under leas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,788<span class=\"ls1 ws1\"> </span>4,377<span class=\"ls1 ws1\"> </span>23,396<span class=\"ls1 ws1\"> </span>59,561<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Assets<span class=\"_ _3\"></span> under Land and Plant, mach<span class=\"_ _3\"></span>inery Furni<span class=\"_ _3\"></span>ture an<span class=\"_ _3\"></span>d Other tan<span class=\"_ _3\"></span>gibl<span class=\"_ _3\"></span>e constructio<span class=\"_ _3\"></span>n &amp; Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>buildings<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>and equip<span class=\"_ _3\"></span>ment<span class=\"ls1 ws1\"> </span>vehicles<span class=\"ls1 ws1\"> </span>assets advance payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> in tan<span class=\"_ _0\"></span>gible<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>financ<span class=\"_ _0\"></span>ial year<span class=\"_ _9f\"></span> 2022<span class=\"ls1\"> </span>Tangible assets, open<span class=\"_ _3\"></span>ing balance<span class=\"ls1 ws1\"> </span>426,584<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,944,20<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>55,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>329,992<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>624,902<span class=\"ls1 ws1\"> </span>4,504,531<span class=\"ls1 ws1\"> </span>158,421<span class=\"ls1 ws1\"> </span>18,604<span class=\"ls1 ws1\"> </span>329,992<span class=\"ls1 ws1\"> </span>5,636,450<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">198,318</span> -<span class=\"ls29 ws1e1\">2,560,322</span> -<span class=\"ls29 ws1e1\">103,370</span> -<span class=\"ls29 ws1e1\">11,595</span> 0 -<span class=\"ls29 ws1e1\">2,873,604</span> Impact IFRS changes<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>41,065<span class=\"ls1 ws1\"> </span>178,776<span class=\"ls1 ws1\"> </span>23,856<span class=\"ls1 ws1\"> </span>1,294<span class=\"ls1 ws1\"> </span>324,441<span class=\"ls1 ws1\"> </span>569,431<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Changes in scope<span class=\"ls1 ws1\"> </span>212<span class=\"ls1 ws1\"> </span>0 60<span class=\"ls1 ws1\"> </span>1 0 272<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">4,791</span> -<span class=\"ls29 ws1e1\">3,367</span> -<span class=\"ls29 ws1e1\">1,686</span> -6 -<span class=\"ls29 ws1e1\">281</span> -<span class=\"ls29 ws1e1\">10,131</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">188,391</span> -<span class=\"ls29 ws1e1\">3,216</span> -<span class=\"ls29 ws1e1\">3,768</span> -<span class=\"ls29 ws1e1\">1,935</span> -<span class=\"ls29 ws1e1\">12,629</span> -<span class=\"ls29 ws1e1\">209,939</span> Depreciation &amp; impair<span class=\"_ _0\"></span>ment (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">28,463</span> -<span class=\"ls29 ws1e1\">299,912</span> -<span class=\"ls29 ws1e1\">24,533</span> -<span class=\"ls29 ws1e1\">1,279</span> 0 -<span class=\"ls29 ws1e1\">354,187</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">100</span> -<span class=\"ls29 ws1e1\">333</span> 55<span class=\"ls1 ws1\"> </span>1 219<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">158</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,086<span class=\"ls1 ws1\"> </span>367,030<span class=\"ls1 ws1\"> </span>80<span class=\"ls1 ws1\"> </span>4,226<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">409,452</span> -<span class=\"ls29 ws1e1\">35,030</span> Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">2,421</span> 0 182<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">158</span> -<span class=\"ls29 ws1e1\">2,397</span> Tangible as<span class=\"_ _3\"></span>sets, ending ba<span class=\"_ _3\"></span>lance<span class=\"ls1 ws1\"> </span>246,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,183,18<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>49,296<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,310<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>232,132<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,720,70<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>410,286<span class=\"ls1 ws1\"> </span>4,932,722<span class=\"ls1 ws1\"> </span>150,486<span class=\"ls1 ws1\"> </span>17,405<span class=\"ls1 ws1\"> </span>232,132<span class=\"ls1 ws1\"> </span>5,743,032<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">163,504</span> -<span class=\"ls29 ws1e1\">2,749,534</span> -<span class=\"ls29 ws1e1\">101,191</span> -<span class=\"ls29 ws1e1\">8,095</span> 0 -<span class=\"ls29 ws1e1\">3,022,324</span> II. O<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>formation<span class=\"ls1 ws1\"> </span>Leases Net carrying amount of<span class=\"_ _0\"></span> tangible assets under lease<span class=\"ls1 ws1\"> </span>92,710<span class=\"ls1 ws1\"> </span>17,969<span class=\"ls1 ws1\"> </span>37,495<span class=\"ls1 ws1\"> </span>148,174<span class=\"ls1 ws1\"> </span>Tangible assets acquired under leas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,887<span class=\"ls1 ws1\"> </span>18,044<span class=\"ls1 ws1\"> </span>17,927<span class=\"ls1 ws1\"> </span>59,857<span class=\"ls1 ws1\"> </span>DEME\u2019<span class=\"_ _0\"></span>s inves<span class=\"_ _0\"></span>tments in<span class=\"_ _0\"></span> its fl<span class=\"_ _0\"></span>eet resu<span class=\"_ _0\"></span>lted in<span class=\"_ _0\"></span> a higher d<span class=\"_ _0\"></span>eprec<span class=\"_ _0\"></span>iation co<span class=\"_ _9f\"></span>st. In 2021<span class=\"_ _0\"></span> DEME had r<span class=\"_ _0\"></span>eco<span class=\"ls34 ws1ea\">gnis<span class=\"_ _3\"></span>ed<span class=\"ls1 ws1\"> <span class=\"ls25 ws207\">impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es <span class=\"ls4a ws2d2\">fo<span class=\"_ _3\"></span>r 25<span class=\"_ _3\"></span><span class=\"ls40 ws2ae\">.5 million euros to its<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws208\">cutter su<span class=\"_ _0\"></span>ction<span class=\"_ _0\"></span> </span></span></span></span></span></span></span>dredg<span class=\"_ _0\"></span>ers 'A<span class=\"_ _0\"></span>l Mahaar'<span class=\"_ _9f\"></span> and 'Al J<span class=\"_ _0\"></span>arraf'<span class=\"_ _0\"></span>, follo<span class=\"_ _9f\"></span>wing the <span class=\"_ _0\"></span>low an<span class=\"_ _0\"></span>ticipate<span class=\"_ _0\"></span>d util<span class=\"_ _0\"></span>ization<span class=\"_ _9f\"></span> rates.<span class=\"ls1 ws1\"> </span>In 2022<span class=\"_ _0\"></span>, impair<span class=\"_ _0\"></span>ment lo<span class=\"_ _0\"></span>sses wer<span class=\"_ _0\"></span>e limite<span class=\"_ _0\"></span>d to 0.<span class=\"_ _0\"></span>4 million <span class=\"_ _0\"></span>euros.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Note 25:<span class=\"ff3c\"> </span>R<span class=\"ls3a ws20c\">aw mat<span class=\"_ _3\"></span>erials, co<span class=\"_ _3\"></span>nsumable<span class=\"_ _3\"></span>s, servic<span class=\"_ _3\"></span>es and subc<span class=\"_ _3\"></span>ontract<span class=\"_ _3\"></span>ed work<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Raw materials and consumables us<span class=\"_ _0\"></span>ed<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">2,260,861</span> -<span class=\"ls29 ws1e1\">2,088,071</span> Changes in inventories of f<span class=\"_ _0\"></span>inished goods, raw materials &amp; consumables<span class=\"ls1 ws1\"> </span>48,720<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,154</span> General and administrative expenses<span class=\"_ _0\"></span>, including subcontracted work<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">637,231</span> -<span class=\"ls29 ws1e1\">581,717</span> Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,849,372<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">2,673,943<span class=\"_ _3\"></span></span> These costs vary according to th<span class=\"_ _0\"></span>e turnover, but also depend on a number of o<span class=\"_ _0\"></span>ther factors, including and mo<span class=\"_ _0\"></span>re specifically in the case of DEME/CFE, <span class=\"_ _0\"></span>the nature of the work p<span class=\"_ _0\"></span>erform<span class=\"_ _0\"></span>ed (exe<span class=\"_ _0\"></span>cution<span class=\"_ _0\"></span> only, EP<span class=\"_ _9f\"></span>C, \u2026) and i<span class=\"_ _0\"></span>ts con<span class=\"_ _0\"></span>tractua<span class=\"_ _0\"></span>l stru<span class=\"_ _0\"></span>cture (subco<span class=\"_ _0\"></span>ntracto<span class=\"_ _9f\"></span>rs, sole<span class=\"ls1 ws1\"> </span><span class=\"ws1eb\">con<span class=\"_ _0\"></span>tracto<span class=\"_ _0\"></span>r or joi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>tures, <span class=\"_ _0\"></span>\u2026).<span class=\"ls1 ws1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-3": {
   "value": "Note 7:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">I</span></span>ntangible a<span class=\"_ _3\"></span>ssets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Concessions, Other Developme<span class=\"_ _3\"></span>nt Advance paten<span class=\"_ _3\"></span>ts &amp; Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _62\"> </span>Software<span class=\"_ _3\"></span> </span>intangible Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>costs<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>licences<span class=\"ls1 ws1\"> </span>assets Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> <span class=\"ws1e6\">intan<span class=\"_ _0\"></span>gible as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _9f\"></span>ancial </span></span>year 2021<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41<span class=\"ls1 ws1\"> </span>25,994<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>28,686<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>89,851<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>147,762<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,112<span class=\"ls1 ws1\"> </span>50,712<span class=\"ls1 ws1\"> </span>28,686<span class=\"ls1 ws1\"> </span>32,378<span class=\"ls1 ws1\"> </span>99,184<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>216,403<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,071</span> <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">24,718</span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">29,519</span> <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">9,333</span> <span class=\"_ _a9\"> </span>0 -<span class=\"ls29 ws1e1\">68,641</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>65<span class=\"ls1 ws1\"> </span>1,696<span class=\"ls1 ws1\"> </span>0 1,299<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>326<span class=\"ls1 ws1\"> </span>3,775<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 1,395<span class=\"ls1 ws1\"> </span>0 54<span class=\"ls1 ws1\"> </span>0 1,449<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 <span class=\"_ _a9\"> </span>0 <span class=\"_ _b2\"> </span>0 <span class=\"_ _b3\"> </span>-8 <span class=\"_ _b2\"> </span>0 <span class=\"_ _a9\"> </span>0 -7 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Depreciations &amp;<span class=\"_ _0\"></span> <span class=\"ws1e0\">Impairments (<span class=\"ls1 ws1\">-) </span></span>-<span class=\"ls29 ws1e1\">30</span> -<span class=\"ls29 ws1e1\">3,296</span> -<span class=\"ls29 ws1e1\">268</span> -<span class=\"ls29 ws1e1\">1,559</span> -<span class=\"ls29 ws1e1\">838</span> 0 -<span class=\"ls29 ws1e1\">5,989</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-1 2 0 15<span class=\"ls1 ws1\"> </span>308<span class=\"ls1 ws1\"> </span>0 324<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">1,308</span> <span class=\"_ _138\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _ba\"> </span><span class=\"ls29 ws1e1\">3,391</span> <span class=\"_ _a9\"> </span>0 2,082<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2 -3 0 -4 0 0 -4 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g <span class=\"ws1dd\">balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> intan<span class=\"_ _0\"></span>gible <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> <span class=\"ls1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l </span>year 2022<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>2,242<span class=\"ls1 ws1\"> </span>594<span class=\"ls1 ws1\"> </span>0 1,778<span class=\"ls1 ws1\"> </span>83<span class=\"ls1 ws1\"> </span>146<span class=\"ls1 ws1\"> </span>4,843<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">696</span> -<span class=\"ls29 ws1e1\">29,814</span> -<span class=\"ls29 ws1e1\">222</span> -<span class=\"ls29 ws1e1\">1,212</span> 0 -<span class=\"ls29 ws1e1\">31,945</span> Depreciations &amp; Impairments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">108</span> -<span class=\"ls29 ws1e1\">3,451</span> 0 -<span class=\"ls29 ws1e1\">1,091</span> -<span class=\"ls29 ws1e1\">1,183</span> 0 -<span class=\"ls29 ws1e1\">5,833</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 247<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37</span> 0 0 110<span class=\"ls1 ws1\"> </span>1,411<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">539</span> 945<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,175<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,532<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>92,501<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>117,649<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,794<span class=\"ls1 ws1\"> </span>36,751<span class=\"ls1 ws1\"> </span>0 26,788<span class=\"ls1 ws1\"> </span>102,689<span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>173,285<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">4,619</span> -<span class=\"ls29 ws1e1\">17,220</span> 0 -<span class=\"ls29 ws1e1\">23,610</span> -<span class=\"ls29 ws1e1\">10,188</span> 0 -<span class=\"ls29 ws1e1\">55,636</span> The dec<span class=\"_ _0\"></span>rease o<span class=\"_ _0\"></span>f intang<span class=\"_ _0\"></span>ible ass<span class=\"_ _0\"></span>ets by 31<span class=\"_ _0\"></span>.7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros relat<span class=\"_ _0\"></span>ive to la<span class=\"_ _9f\"></span>st year is virtual<span class=\"_ _0\"></span>ly entir<span class=\"_ _0\"></span>ely exp<span class=\"_ _0\"></span>lained b<span class=\"_ _0\"></span>y the di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f Anima. <span class=\"ls1 ws1f6\">The o<span class=\"_ _0\"></span>ther movements<span class=\"ws1\"> <span class=\"ls4b ws28a\">mainly</span> </span></span>relat<span class=\"_ _0\"></span>e to inv<span class=\"_ _0\"></span>estmen<span class=\"_ _9f\"></span>ts in lic<span class=\"_ _0\"></span>ences a<span class=\"_ _0\"></span>nd sof<span class=\"_ _0\"></span>tware,<span class=\"_ _0\"></span> capit<span class=\"_ _0\"></span>alised<span class=\"_ _0\"></span> develo<span class=\"_ _0\"></span>pmen<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>s (mainly in DEME\u2019s Conce<span class=\"_ _0\"></span>ssions segment) and depr<span class=\"_ _0\"></span>eciation cost<span class=\"ws1\">. </span>The intangible assets cons<span class=\"_ _0\"></span>ist of 15.2 million euros of trade nam<span class=\"_ _0\"></span>es and 69.3 million euros of databases which w<span class=\"_ _0\"></span>ere reported in the consolidated balanc<span class=\"_ _0\"></span>e sheet at year<span class=\"ws1\">-</span>end 2013 following <span class=\"_ _0\"></span>the acquisition of con<span class=\"_ _0\"></span>tro<span class=\"ls25 ws204\">l over D<span class=\"_ _0\"></span>EME. <span class=\"_ _0\"></span>These in<span class=\"_ _0\"></span>tangib<span class=\"_ _9f\"></span>le assets<span class=\"_ _0\"></span> </span>are not amor<span class=\"_ _0\"></span>tised (indefinite life) <span class=\"_ _0\"></span>and are includ<span class=\"_ _0\"></span>ed in the annual i<span class=\"_ _0\"></span>mpairment test performed on the goodwill fo<span class=\"_ _0\"></span>llowing the acquisition of control ov<span class=\"_ _0\"></span>er DEME at the end of 2013 (see<span class=\"ls1 ws1\"> <span class=\"ls40\">Note 8. Goodwill<span class=\"ls46 ws266\">).</span></span>  </span>On the acquisition <span class=\"ws1f7\">by DEME in 2020 of t<span class=\"_ _0\"></span>he Dutch firm SPT Off<span class=\"_ _0\"></span>shore, part of th<span class=\"_ _0\"></span>e </span>value was attributed to the special environmentally friendl<span class=\"_ _0\"></span>y suction pile technology which can be used to secur<span class=\"_ _0\"></span>e both fixed and floating structu<span class=\"_ _0\"></span>res to the seabed<span class=\"ls40 ws205\">, w<span class=\"ls34 ws1ea\">ith </span></span>a net book value of <span class=\"ls24 ws1da\">14</span><span class=\"ws1\">.4 <span class=\"_ _0\"></span><span class=\"ls6a ws1f6\">mil<span class=\"ls1 ws219\">lion euros and depreciated over th<span class=\"_ _0\"></span>e economic life time </span></span></span>of 10 years<span class=\"ls1 ws1\">. </span>Note 8:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">G</span></span>oodwill<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7f\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Movemen<span class=\"_ _3\"></span>ts in goodwill<span class=\"ls1 ws1\"> </span>Goodwill, op<span class=\"_ _3\"></span>ening <span class=\"ws1dd\">balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span></span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>325,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>351,785<span class=\"ls1 ws1\"> </span>349,582<span class=\"ls1 ws1\"> </span>Cumulative impairment losses<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>fully consolidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">23,956</span> -<span class=\"ls29 ws1e1\">23,646</span> Additions through business combinations<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>0 2,203<span class=\"ls1 ws1\"> </span>Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">7,404</span> 0 Impairments through pr<span class=\"_ _0\"></span>ofit and loss (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">432</span> -<span class=\"ls29 ws1e1\">311</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">39</span> 0 Goodwill, en<span class=\"_ _3\"></span>ding balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>341,531<span class=\"ls1 ws1\"> </span>351,785<span class=\"ls1 ws1\"> </span>Cumulative impairment <span class=\"ls28 ws1de\">losses <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span></span>fully cons<span class=\"_ _0\"></span>olidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">21,578</span> -<span class=\"ls29 ws1e1\">23,956</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Goodwi<span class=\"_ _3\"></span>ll per s<span class=\"_ _3\"></span>egment<span class=\"ls1 ws1\"> </span>Marine Engine<span class=\"_ _3\"></span>ering &amp; C<span class=\"_ _3\"></span>ontracting<span class=\"ls1 ws1\"> </span>173,980<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>174,019<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of AvH on DEME<span class=\"ls1 ws1\"> </span>140,764<span class=\"ls1 ws1\"> </span>140,764<span class=\"ls1 ws1\"> </span>Goodwill of DEME on its subsidiaries<span class=\"ls1 ws1\"> </span>13,028<span class=\"ls1 ws1\"> </span>13,028<span class=\"ls1 ws1\"> </span>Goodwill of CFE on its subsidiar<span class=\"_ _0\"></span>ies<span class=\"ls1 ws1\"> </span>23,723<span class=\"ls1 ws1\"> </span>23,763<span class=\"ls1 ws1\"> </span>Intercompany eliminations<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,536</span> -<span class=\"ls29 ws1e1\">3,536</span> Private Banking<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>134,247<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>134,247<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of AvH on FinAx<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>Real Estate &amp; Seni<span class=\"_ _3\"></span>or Care<span class=\"ws1\"> </span>0 7,836<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of AvH on Nextensa<span class=\"ls1 ws1\"> </span>0 432<span class=\"ls1 ws1\"> </span>Goodwill of Anima on its<span class=\"_ _0\"></span> sub<span class=\"_ _3\"></span>sidiaries<span class=\"ls1 ws1\"> </span>0 7,404<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"_ _3\"></span><span class=\"ws1\"> </span>0 0 AvH &amp;<span class=\"_ _3\"></span> Growth <span class=\"_ _3\"></span>Capita<span class=\"_ _3\"></span>l<span class=\"ls1 ws1\"> </span>11,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of Biolectr<span class=\"_ _0\"></span>ic Group on its subsidiaries<span class=\"ls1 ws1\"> </span>11,727<span class=\"ls1 ws1\"> </span>11,727<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b4\"> </span><span class=\"ls2b ws1e4\">Goodwill 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _12e\"> </span><span class=\"ls2b ws1e4\">Goodwill 20<span class=\"_ _3\"></span>21</span> </span>Goodwill of AvH on <span class=\"ls3d ws20f\">DEME<span class=\"ls1 ws1\"> </span></span>140,764<span class=\"ls1 ws1\"> </span>140,764<span class=\"ls1 ws1\"> </span>Goodwill of AvH on FinAx<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>Goodwill of AvH on Nextensa<span class=\"ls1 ws1\"> </span>0 432<span class=\"ls1 ws1\"> </span>The d<span class=\"_ _0\"></span>ecrease<span class=\"_ _0\"></span> of goo<span class=\"_ _0\"></span>dwill b<span class=\"_ _0\"></span>y 7.9<span class=\"_ _0\"></span> million<span class=\"_ _0\"></span> euros <span class=\"_ _0\"></span>relative<span class=\"_ _0\"></span> to l<span class=\"_ _0\"></span>ast year <span class=\"_ _0\"></span>is vi<span class=\"_ _0\"></span>rtually <span class=\"_ _0\"></span>entirel<span class=\"_ _0\"></span>y explained by the dispos<span class=\"_ _0\"></span>al of Anima.<span class=\"ws1\"> </span>The <span class=\"_ _3\"></span><span class=\"ls35 ws23a\">goodwil<span class=\"_ _0\"></span>l is m<span class=\"_ _0\"></span>ainly att<span class=\"_ _0\"></span>ributa<span class=\"_ _0\"></span>ble to F<span class=\"_ _0\"></span>inAx,<span class=\"_ _0\"></span> DEME (fo<span class=\"_ _0\"></span>llowing<span class=\"_ _0\"></span> the acqu<span class=\"_ _0\"></span>isition <span class=\"_ _0\"></span>of </span>control at year<span class=\"ls1 ws1\">-<span class=\"ws1fe\">end 2013), Biolectric G<span class=\"_ _0\"></span>roup and to the sub<span class=\"_ _0\"></span>sidiaries held by DE<span class=\"_ _0\"></span>ME </span></span>and CFE. It should b<span class=\"_ _0\"></span>e pointed out tha<span class=\"_ _0\"></span>t this does not include<span class=\"_ _0\"></span> the goodwill (clients)<span class=\"_ _0\"></span> of 222.8 milli<span class=\"ls1 ws1ed\">on e<span class=\"_ _3\"></span>uros in the consol<span class=\"_ _0\"></span>idated balance sheet of Delen Private Bank, as </span>Delen Private <span class=\"_ _0\"></span>Bank is recognized <span class=\"_ _0\"></span>according to the equ<span class=\"_ _0\"></span>ity method. This goo<span class=\"_ _0\"></span>dwill mainly results from the acquisition of Capital &amp; Fin<span class=\"_ _0\"></span>ance in 2007, JM Finn in 2011, and to<span class=\"_ _0\"></span> a limi<span class=\"_ _0\"></span>ted ex<span class=\"_ _0\"></span>tent <span class=\"_ _0\"></span>O<span class=\"ls1 ws220\">yens &amp; Van Ee<span class=\"_ _0\"></span>ghen (end of 2015) <span class=\"_ _0\"></span>and Nobel (end of<span class=\"_ _0\"></span> </span>2019).<span class=\"ls1 ws1\"> </span>AvH su<span class=\"_ _0\"></span>bjects<span class=\"_ _0\"></span> the g<span class=\"_ _0\"></span>oodwil<span class=\"_ _0\"></span>l on i<span class=\"_ _0\"></span>ts bal<span class=\"_ _0\"></span>ance sh<span class=\"_ _9f\"></span>eet to an i<span class=\"_ _0\"></span>mpairm<span class=\"_ _9f\"></span>ent test <span class=\"_ _0\"></span>in cas<span class=\"_ _0\"></span>e of impairment indicat<span class=\"_ _0\"></span>ions and at least ann<span class=\"_ _0\"></span>ually. This means <span class=\"_ _0\"></span>the goodwill that i<span class=\"_ _0\"></span>s reported as such in the consolidated balance sheet und<span class=\"_ _0\"></span>er the item \u2018Goodwill\u2019, as well as the goodw<span class=\"ls1 ws220\">ill that is contained in the item \u2018Par<span class=\"_ _0\"></span>ticipations accounted for<span class=\"_ _0\"></span> </span>using the equity <span class=\"_ _0\"></span>method\u2019. Each group co<span class=\"_ _0\"></span>mpany of AvH is t<span class=\"_ _0\"></span>reated as a distinc<span class=\"_ _0\"></span>t cash genera<span class=\"_ _0\"></span>ting u<span class=\"_ _0\"></span>nit (CGU<span class=\"_ _0\"></span>). As<span class=\"_ _0\"></span> part of<span class=\"_ _0\"></span> the im<span class=\"_ _0\"></span>pairmen<span class=\"_ _9f\"></span>t test, a f<span class=\"_ _0\"></span>air va<span class=\"_ _0\"></span>lue is d<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>term<span class=\"_ _9f\"></span>ined for each CGU on the basis of<span class=\"ws1\"> <span class=\"ls42 ws213\">p<span class=\"_ _0\"></span>ublicly <span class=\"_ _0\"></span>available m<span class=\"_ _0\"></span>arket val<span class=\"_ _0\"></span>uation<span class=\"_ _0\"></span>s (market p<span class=\"_ _0\"></span>rice of<span class=\"_ _0\"></span> </span></span>listed<span class=\"_ _0\"></span> compan<span class=\"_ _9f\"></span>ies / rec<span class=\"_ _0\"></span>ent tran<span class=\"_ _0\"></span>sact<span class=\"_ _0\"></span>ions / b<span class=\"_ _0\"></span>roker <span class=\"_ _0\"></span>report<span class=\"_ _0\"></span>s). If <span class=\"_ _0\"></span>after <span class=\"_ _0\"></span>this fi<span class=\"_ _0\"></span>rst ste<span class=\"_ _0\"></span>p on th<span class=\"_ _9f\"></span>e basis o<span class=\"_ _0\"></span>f a fair v<span class=\"_ _0\"></span>alue app<span class=\"_ _0\"></span>roach<span class=\"_ _0\"></span> it turns o<span class=\"_ _0\"></span>ut that a<span class=\"_ _0\"></span>ddition<span class=\"_ _9f\"></span>al justifica<span class=\"_ _9f\"></span>tion is requ<span class=\"_ _0\"></span>ired,<span class=\"_ _0\"></span> a value in<span class=\"_ _0\"></span> use wil<span class=\"_ _0\"></span>l also<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1ef\">be determined from the perspectiv<span class=\"_ _0\"></span>e of AvH based on a </span></span>discounted cash flow (DCF)<span class=\"_ _0\"></span> model or market multiple<span class=\"_ _0\"></span>s. If, after this second step, still no adequate justification can be given for the goodwill in the balance sheet, an \u2018impairment\u2019 will b<span class=\"_ _0\"></span>e recognized.<span class=\"ws1\"> </span>The imp<span class=\"_ _9f\"></span>airment tes<span class=\"_ _0\"></span>t at Av<span class=\"_ _0\"></span>H leve<span class=\"_ _0\"></span>l did not r<span class=\"_ _0\"></span>esult <span class=\"_ _0\"></span>in any ma<span class=\"_ _0\"></span>teria<span class=\"_ _0\"></span>l impa<span class=\"_ _0\"></span>irment lo<span class=\"_ _0\"></span>ss.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls24 ws21c\">DEME<span class=\"_ _3\"></span>\u2019s share price at December 31, 2022 of 124 euros<span class=\"_ _3\"></span> is well above the </span></span>carrying amount of DE<span class=\"_ _0\"></span>ME in the consolidated financial s<span class=\"_ _0\"></span>tatements of AvH.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls24 ws217\">AvH has a<span class=\"_ _3\"></span> direct 78.75% partici<span class=\"ls1 ws1f2\">patio<span class=\"_ _0\"></span>n in Delen Private Bank and B<span class=\"_ _0\"></span>ank Van </span></span></span>Breda through its who<span class=\"_ _0\"></span>lly owned subsidiary FinAx. <span class=\"_ _0\"></span>The goodwill on FinAx <span class=\"_ _0\"></span>is amply underpinned ba<span class=\"_ _0\"></span>sed on market multipl<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls25 ws215\">Nextensa<span class=\"_ _0\"></span>\u2019s car<span class=\"_ _0\"></span>rying a<span class=\"_ _0\"></span>mount <span class=\"_ _0\"></span>at AvH <span class=\"_ _0\"></span>result<span class=\"_ _0\"></span>s <span class=\"ls40 ws2a6\">from the full consolidation of <span class=\"_ _0\"></span>the </span></span></span>58.53% participation in <span class=\"_ _0\"></span>the consolidated shareholde<span class=\"_ _0\"></span>rs\u2019 equity of 838.8 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s. This <span class=\"_ _0\"></span>repres<span class=\"_ _0\"></span>ents a n<span class=\"_ _0\"></span>et asset va<span class=\"_ _0\"></span>lue of 83<span class=\"_ _0\"></span>.9 euro<span class=\"_ _9f\"></span>s per shar<span class=\"_ _0\"></span>e. Notwi<span class=\"_ _0\"></span>thstand<span class=\"_ _0\"></span>ing the low<span class=\"_ _9f\"></span>er share price<span class=\"_ _0\"></span> at year<span class=\"ls1 ws1\">-</span><span class=\"ws1f9\">end o<span class=\"_ _0\"></span>f 51.9 <span class=\"_ _0\"></span>euros <span class=\"_ _0\"></span>per sh<span class=\"_ _0\"></span>are,<span class=\"_ _0\"></span> </span>t<span class=\"ls25 ws232\">his doe<span class=\"_ _0\"></span>s not im<span class=\"_ _0\"></span>ply an<span class=\"_ _0\"></span> indica<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>irment <span class=\"_ _0\"></span>as the in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent pro<span class=\"_ _0\"></span>perty </span>included in Nextensa's net ass<span class=\"_ _0\"></span>et value are measured at fair value based on<span class=\"_ _0\"></span> extern<span class=\"_ _9f\"></span>al valuat<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>eport<span class=\"_ _0\"></span>s and th<span class=\"_ _9f\"></span>e projec<span class=\"_ _0\"></span>t deve<span class=\"_ _0\"></span>lopm<span class=\"_ _0\"></span>ents ar<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>rted according to th<span class=\"_ _0\"></span>e percentage of co<span class=\"_ _0\"></span>mplet<span class=\"ls34\">ion.<span class=\"_ _3\"></span> T<span class=\"_ _3\"></span>he ca<span class=\"_ _3\"></span>pit<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>gains<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>at N<span class=\"_ _3\"></span>exte<span class=\"_ _3\"></span>nsa </span>usually reports upon realisation, ove<span class=\"_ _0\"></span>r and above the fair value measurements alread<span class=\"_ _0\"></span>y recogn<span class=\"_ _0\"></span>ised, att<span class=\"_ _0\"></span>est this app<span class=\"_ _0\"></span>roach.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-4": {
   "value": "Note 7:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">I</span></span>ntangible a<span class=\"_ _3\"></span>ssets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Concessions, Other Developme<span class=\"_ _3\"></span>nt Advance paten<span class=\"_ _3\"></span>ts &amp; Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _62\"> </span>Software<span class=\"_ _3\"></span> </span>intangible Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>costs<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>licences<span class=\"ls1 ws1\"> </span>assets Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> <span class=\"ws1e6\">intan<span class=\"_ _0\"></span>gible as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _9f\"></span>ancial </span></span>year 2021<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41<span class=\"ls1 ws1\"> </span>25,994<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>28,686<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>89,851<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>147,762<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,112<span class=\"ls1 ws1\"> </span>50,712<span class=\"ls1 ws1\"> </span>28,686<span class=\"ls1 ws1\"> </span>32,378<span class=\"ls1 ws1\"> </span>99,184<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>216,403<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,071</span> <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">24,718</span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">29,519</span> <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">9,333</span> <span class=\"_ _a9\"> </span>0 -<span class=\"ls29 ws1e1\">68,641</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>65<span class=\"ls1 ws1\"> </span>1,696<span class=\"ls1 ws1\"> </span>0 1,299<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>326<span class=\"ls1 ws1\"> </span>3,775<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 1,395<span class=\"ls1 ws1\"> </span>0 54<span class=\"ls1 ws1\"> </span>0 1,449<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 <span class=\"_ _a9\"> </span>0 <span class=\"_ _b2\"> </span>0 <span class=\"_ _b3\"> </span>-8 <span class=\"_ _b2\"> </span>0 <span class=\"_ _a9\"> </span>0 -7 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Depreciations &amp;<span class=\"_ _0\"></span> <span class=\"ws1e0\">Impairments (<span class=\"ls1 ws1\">-) </span></span>-<span class=\"ls29 ws1e1\">30</span> -<span class=\"ls29 ws1e1\">3,296</span> -<span class=\"ls29 ws1e1\">268</span> -<span class=\"ls29 ws1e1\">1,559</span> -<span class=\"ls29 ws1e1\">838</span> 0 -<span class=\"ls29 ws1e1\">5,989</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-1 2 0 15<span class=\"ls1 ws1\"> </span>308<span class=\"ls1 ws1\"> </span>0 324<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">1,308</span> <span class=\"_ _138\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _ba\"> </span><span class=\"ls29 ws1e1\">3,391</span> <span class=\"_ _a9\"> </span>0 2,082<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2 -3 0 -4 0 0 -4 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g <span class=\"ws1dd\">balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> intan<span class=\"_ _0\"></span>gible <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> <span class=\"ls1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l </span>year 2022<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>2,242<span class=\"ls1 ws1\"> </span>594<span class=\"ls1 ws1\"> </span>0 1,778<span class=\"ls1 ws1\"> </span>83<span class=\"ls1 ws1\"> </span>146<span class=\"ls1 ws1\"> </span>4,843<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">696</span> -<span class=\"ls29 ws1e1\">29,814</span> -<span class=\"ls29 ws1e1\">222</span> -<span class=\"ls29 ws1e1\">1,212</span> 0 -<span class=\"ls29 ws1e1\">31,945</span> Depreciations &amp; Impairments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">108</span> -<span class=\"ls29 ws1e1\">3,451</span> 0 -<span class=\"ls29 ws1e1\">1,091</span> -<span class=\"ls29 ws1e1\">1,183</span> 0 -<span class=\"ls29 ws1e1\">5,833</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 247<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37</span> 0 0 110<span class=\"ls1 ws1\"> </span>1,411<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">539</span> 945<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,175<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,532<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>92,501<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>117,649<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,794<span class=\"ls1 ws1\"> </span>36,751<span class=\"ls1 ws1\"> </span>0 26,788<span class=\"ls1 ws1\"> </span>102,689<span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>173,285<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">4,619</span> -<span class=\"ls29 ws1e1\">17,220</span> 0 -<span class=\"ls29 ws1e1\">23,610</span> -<span class=\"ls29 ws1e1\">10,188</span> 0 -<span class=\"ls29 ws1e1\">55,636</span> The dec<span class=\"_ _0\"></span>rease o<span class=\"_ _0\"></span>f intang<span class=\"_ _0\"></span>ible ass<span class=\"_ _0\"></span>ets by 31<span class=\"_ _0\"></span>.7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros relat<span class=\"_ _0\"></span>ive to la<span class=\"_ _9f\"></span>st year is virtual<span class=\"_ _0\"></span>ly entir<span class=\"_ _0\"></span>ely exp<span class=\"_ _0\"></span>lained b<span class=\"_ _0\"></span>y the di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f Anima. <span class=\"ls1 ws1f6\">The o<span class=\"_ _0\"></span>ther movements<span class=\"ws1\"> <span class=\"ls4b ws28a\">mainly</span> </span></span>relat<span class=\"_ _0\"></span>e to inv<span class=\"_ _0\"></span>estmen<span class=\"_ _9f\"></span>ts in lic<span class=\"_ _0\"></span>ences a<span class=\"_ _0\"></span>nd sof<span class=\"_ _0\"></span>tware,<span class=\"_ _0\"></span> capit<span class=\"_ _0\"></span>alised<span class=\"_ _0\"></span> develo<span class=\"_ _0\"></span>pmen<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>s (mainly in DEME\u2019s Conce<span class=\"_ _0\"></span>ssions segment) and depr<span class=\"_ _0\"></span>eciation cost<span class=\"ws1\">. </span>The intangible assets cons<span class=\"_ _0\"></span>ist of 15.2 million euros of trade nam<span class=\"_ _0\"></span>es and 69.3 million euros of databases which w<span class=\"_ _0\"></span>ere reported in the consolidated balanc<span class=\"_ _0\"></span>e sheet at year<span class=\"ws1\">-</span>end 2013 following <span class=\"_ _0\"></span>the acquisition of con<span class=\"_ _0\"></span>tro<span class=\"ls25 ws204\">l over D<span class=\"_ _0\"></span>EME. <span class=\"_ _0\"></span>These in<span class=\"_ _0\"></span>tangib<span class=\"_ _9f\"></span>le assets<span class=\"_ _0\"></span> </span>are not amor<span class=\"_ _0\"></span>tised (indefinite life) <span class=\"_ _0\"></span>and are includ<span class=\"_ _0\"></span>ed in the annual i<span class=\"_ _0\"></span>mpairment test performed on the goodwill fo<span class=\"_ _0\"></span>llowing the acquisition of control ov<span class=\"_ _0\"></span>er DEME at the end of 2013 (see<span class=\"ls1 ws1\"> <span class=\"ls40\">Note 8. Goodwill<span class=\"ls46 ws266\">).</span></span>  </span>On the acquisition <span class=\"ws1f7\">by DEME in 2020 of t<span class=\"_ _0\"></span>he Dutch firm SPT Off<span class=\"_ _0\"></span>shore, part of th<span class=\"_ _0\"></span>e </span>value was attributed to the special environmentally friendl<span class=\"_ _0\"></span>y suction pile technology which can be used to secur<span class=\"_ _0\"></span>e both fixed and floating structu<span class=\"_ _0\"></span>res to the seabed<span class=\"ls40 ws205\">, w<span class=\"ls34 ws1ea\">ith </span></span>a net book value of <span class=\"ls24 ws1da\">14</span><span class=\"ws1\">.4 <span class=\"_ _0\"></span><span class=\"ls6a ws1f6\">mil<span class=\"ls1 ws219\">lion euros and depreciated over th<span class=\"_ _0\"></span>e economic life time </span></span></span>of 10 years<span class=\"ls1 ws1\">. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-5": {
   "value": "Note 7:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">I</span></span>ntangible a<span class=\"_ _3\"></span>ssets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Concessions, Other Developme<span class=\"_ _3\"></span>nt Advance paten<span class=\"_ _3\"></span>ts &amp; Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _62\"> </span>Software<span class=\"_ _3\"></span> </span>intangible Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>costs<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>licences<span class=\"ls1 ws1\"> </span>assets Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> <span class=\"ws1e6\">intan<span class=\"_ _0\"></span>gible as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _9f\"></span>ancial </span></span>year 2021<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41<span class=\"ls1 ws1\"> </span>25,994<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>28,686<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>89,851<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>147,762<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,112<span class=\"ls1 ws1\"> </span>50,712<span class=\"ls1 ws1\"> </span>28,686<span class=\"ls1 ws1\"> </span>32,378<span class=\"ls1 ws1\"> </span>99,184<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>216,403<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,071</span> <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">24,718</span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">29,519</span> <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">9,333</span> <span class=\"_ _a9\"> </span>0 -<span class=\"ls29 ws1e1\">68,641</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>65<span class=\"ls1 ws1\"> </span>1,696<span class=\"ls1 ws1\"> </span>0 1,299<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>326<span class=\"ls1 ws1\"> </span>3,775<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 1,395<span class=\"ls1 ws1\"> </span>0 54<span class=\"ls1 ws1\"> </span>0 1,449<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 <span class=\"_ _a9\"> </span>0 <span class=\"_ _b2\"> </span>0 <span class=\"_ _b3\"> </span>-8 <span class=\"_ _b2\"> </span>0 <span class=\"_ _a9\"> </span>0 -7 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Depreciations &amp;<span class=\"_ _0\"></span> <span class=\"ws1e0\">Impairments (<span class=\"ls1 ws1\">-) </span></span>-<span class=\"ls29 ws1e1\">30</span> -<span class=\"ls29 ws1e1\">3,296</span> -<span class=\"ls29 ws1e1\">268</span> -<span class=\"ls29 ws1e1\">1,559</span> -<span class=\"ls29 ws1e1\">838</span> 0 -<span class=\"ls29 ws1e1\">5,989</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-1 2 0 15<span class=\"ls1 ws1\"> </span>308<span class=\"ls1 ws1\"> </span>0 324<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">1,308</span> <span class=\"_ _138\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _ba\"> </span><span class=\"ls29 ws1e1\">3,391</span> <span class=\"_ _a9\"> </span>0 2,082<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2 -3 0 -4 0 0 -4 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g <span class=\"ws1dd\">balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> intan<span class=\"_ _0\"></span>gible <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> <span class=\"ls1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l </span>year 2022<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>2,242<span class=\"ls1 ws1\"> </span>594<span class=\"ls1 ws1\"> </span>0 1,778<span class=\"ls1 ws1\"> </span>83<span class=\"ls1 ws1\"> </span>146<span class=\"ls1 ws1\"> </span>4,843<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">696</span> -<span class=\"ls29 ws1e1\">29,814</span> -<span class=\"ls29 ws1e1\">222</span> -<span class=\"ls29 ws1e1\">1,212</span> 0 -<span class=\"ls29 ws1e1\">31,945</span> Depreciations &amp; Impairments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">108</span> -<span class=\"ls29 ws1e1\">3,451</span> 0 -<span class=\"ls29 ws1e1\">1,091</span> -<span class=\"ls29 ws1e1\">1,183</span> 0 -<span class=\"ls29 ws1e1\">5,833</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 247<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37</span> 0 0 110<span class=\"ls1 ws1\"> </span>1,411<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">539</span> 945<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,175<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,532<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>92,501<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>117,649<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,794<span class=\"ls1 ws1\"> </span>36,751<span class=\"ls1 ws1\"> </span>0 26,788<span class=\"ls1 ws1\"> </span>102,689<span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>173,285<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">4,619</span> -<span class=\"ls29 ws1e1\">17,220</span> 0 -<span class=\"ls29 ws1e1\">23,610</span> -<span class=\"ls29 ws1e1\">10,188</span> 0 -<span class=\"ls29 ws1e1\">55,636</span> The dec<span class=\"_ _0\"></span>rease o<span class=\"_ _0\"></span>f intang<span class=\"_ _0\"></span>ible ass<span class=\"_ _0\"></span>ets by 31<span class=\"_ _0\"></span>.7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros relat<span class=\"_ _0\"></span>ive to la<span class=\"_ _9f\"></span>st year is virtual<span class=\"_ _0\"></span>ly entir<span class=\"_ _0\"></span>ely exp<span class=\"_ _0\"></span>lained b<span class=\"_ _0\"></span>y the di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f Anima. <span class=\"ls1 ws1f6\">The o<span class=\"_ _0\"></span>ther movements<span class=\"ws1\"> <span class=\"ls4b ws28a\">mainly</span> </span></span>relat<span class=\"_ _0\"></span>e to inv<span class=\"_ _0\"></span>estmen<span class=\"_ _9f\"></span>ts in lic<span class=\"_ _0\"></span>ences a<span class=\"_ _0\"></span>nd sof<span class=\"_ _0\"></span>tware,<span class=\"_ _0\"></span> capit<span class=\"_ _0\"></span>alised<span class=\"_ _0\"></span> develo<span class=\"_ _0\"></span>pmen<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>s (mainly in DEME\u2019s Conce<span class=\"_ _0\"></span>ssions segment) and depr<span class=\"_ _0\"></span>eciation cost<span class=\"ws1\">. </span>The intangible assets cons<span class=\"_ _0\"></span>ist of 15.2 million euros of trade nam<span class=\"_ _0\"></span>es and 69.3 million euros of databases which w<span class=\"_ _0\"></span>ere reported in the consolidated balanc<span class=\"_ _0\"></span>e sheet at year<span class=\"ws1\">-</span>end 2013 following <span class=\"_ _0\"></span>the acquisition of con<span class=\"_ _0\"></span>tro<span class=\"ls25 ws204\">l over D<span class=\"_ _0\"></span>EME. <span class=\"_ _0\"></span>These in<span class=\"_ _0\"></span>tangib<span class=\"_ _9f\"></span>le assets<span class=\"_ _0\"></span> </span>are not amor<span class=\"_ _0\"></span>tised (indefinite life) <span class=\"_ _0\"></span>and are includ<span class=\"_ _0\"></span>ed in the annual i<span class=\"_ _0\"></span>mpairment test performed on the goodwill fo<span class=\"_ _0\"></span>llowing the acquisition of control ov<span class=\"_ _0\"></span>er DEME at the end of 2013 (see<span class=\"ls1 ws1\"> <span class=\"ls40\">Note 8. Goodwill<span class=\"ls46 ws266\">).</span></span>  </span>On the acquisition <span class=\"ws1f7\">by DEME in 2020 of t<span class=\"_ _0\"></span>he Dutch firm SPT Off<span class=\"_ _0\"></span>shore, part of th<span class=\"_ _0\"></span>e </span>value was attributed to the special environmentally friendl<span class=\"_ _0\"></span>y suction pile technology which can be used to secur<span class=\"_ _0\"></span>e both fixed and floating structu<span class=\"_ _0\"></span>res to the seabed<span class=\"ls40 ws205\">, w<span class=\"ls34 ws1ea\">ith </span></span>a net book value of <span class=\"ls24 ws1da\">14</span><span class=\"ws1\">.4 <span class=\"_ _0\"></span><span class=\"ls6a ws1f6\">mil<span class=\"ls1 ws219\">lion euros and depreciated over th<span class=\"_ _0\"></span>e economic life time </span></span></span>of 10 years<span class=\"ls1 ws1\">. </span>Note 8:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">G</span></span>oodwill<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7f\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Movemen<span class=\"_ _3\"></span>ts in goodwill<span class=\"ls1 ws1\"> </span>Goodwill, op<span class=\"_ _3\"></span>ening <span class=\"ws1dd\">balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span></span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>325,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>351,785<span class=\"ls1 ws1\"> </span>349,582<span class=\"ls1 ws1\"> </span>Cumulative impairment losses<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>fully consolidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">23,956</span> -<span class=\"ls29 ws1e1\">23,646</span> Additions through business combinations<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>0 2,203<span class=\"ls1 ws1\"> </span>Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">7,404</span> 0 Impairments through pr<span class=\"_ _0\"></span>ofit and loss (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">432</span> -<span class=\"ls29 ws1e1\">311</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">39</span> 0 Goodwill, en<span class=\"_ _3\"></span>ding balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>341,531<span class=\"ls1 ws1\"> </span>351,785<span class=\"ls1 ws1\"> </span>Cumulative impairment <span class=\"ls28 ws1de\">losses <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span></span>fully cons<span class=\"_ _0\"></span>olidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">21,578</span> -<span class=\"ls29 ws1e1\">23,956</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Goodwi<span class=\"_ _3\"></span>ll per s<span class=\"_ _3\"></span>egment<span class=\"ls1 ws1\"> </span>Marine Engine<span class=\"_ _3\"></span>ering &amp; C<span class=\"_ _3\"></span>ontracting<span class=\"ls1 ws1\"> </span>173,980<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>174,019<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of AvH on DEME<span class=\"ls1 ws1\"> </span>140,764<span class=\"ls1 ws1\"> </span>140,764<span class=\"ls1 ws1\"> </span>Goodwill of DEME on its subsidiaries<span class=\"ls1 ws1\"> </span>13,028<span class=\"ls1 ws1\"> </span>13,028<span class=\"ls1 ws1\"> </span>Goodwill of CFE on its subsidiar<span class=\"_ _0\"></span>ies<span class=\"ls1 ws1\"> </span>23,723<span class=\"ls1 ws1\"> </span>23,763<span class=\"ls1 ws1\"> </span>Intercompany eliminations<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,536</span> -<span class=\"ls29 ws1e1\">3,536</span> Private Banking<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>134,247<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>134,247<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of AvH on FinAx<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>Real Estate &amp; Seni<span class=\"_ _3\"></span>or Care<span class=\"ws1\"> </span>0 7,836<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of AvH on Nextensa<span class=\"ls1 ws1\"> </span>0 432<span class=\"ls1 ws1\"> </span>Goodwill of Anima on its<span class=\"_ _0\"></span> sub<span class=\"_ _3\"></span>sidiaries<span class=\"ls1 ws1\"> </span>0 7,404<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"_ _3\"></span><span class=\"ws1\"> </span>0 0 AvH &amp;<span class=\"_ _3\"></span> Growth <span class=\"_ _3\"></span>Capita<span class=\"_ _3\"></span>l<span class=\"ls1 ws1\"> </span>11,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11,727<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Goodwill of Biolectr<span class=\"_ _0\"></span>ic Group on its subsidiaries<span class=\"ls1 ws1\"> </span>11,727<span class=\"ls1 ws1\"> </span>11,727<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b4\"> </span><span class=\"ls2b ws1e4\">Goodwill 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _12e\"> </span><span class=\"ls2b ws1e4\">Goodwill 20<span class=\"_ _3\"></span>21</span> </span>Goodwill of AvH on <span class=\"ls3d ws20f\">DEME<span class=\"ls1 ws1\"> </span></span>140,764<span class=\"ls1 ws1\"> </span>140,764<span class=\"ls1 ws1\"> </span>Goodwill of AvH on FinAx<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>134,247<span class=\"ls1 ws1\"> </span>Goodwill of AvH on Nextensa<span class=\"ls1 ws1\"> </span>0 432<span class=\"ls1 ws1\"> </span>The d<span class=\"_ _0\"></span>ecrease<span class=\"_ _0\"></span> of goo<span class=\"_ _0\"></span>dwill b<span class=\"_ _0\"></span>y 7.9<span class=\"_ _0\"></span> million<span class=\"_ _0\"></span> euros <span class=\"_ _0\"></span>relative<span class=\"_ _0\"></span> to l<span class=\"_ _0\"></span>ast year <span class=\"_ _0\"></span>is vi<span class=\"_ _0\"></span>rtually <span class=\"_ _0\"></span>entirel<span class=\"_ _0\"></span>y explained by the dispos<span class=\"_ _0\"></span>al of Anima.<span class=\"ws1\"> </span>The <span class=\"_ _3\"></span><span class=\"ls35 ws23a\">goodwil<span class=\"_ _0\"></span>l is m<span class=\"_ _0\"></span>ainly att<span class=\"_ _0\"></span>ributa<span class=\"_ _0\"></span>ble to F<span class=\"_ _0\"></span>inAx,<span class=\"_ _0\"></span> DEME (fo<span class=\"_ _0\"></span>llowing<span class=\"_ _0\"></span> the acqu<span class=\"_ _0\"></span>isition <span class=\"_ _0\"></span>of </span>control at year<span class=\"ls1 ws1\">-<span class=\"ws1fe\">end 2013), Biolectric G<span class=\"_ _0\"></span>roup and to the sub<span class=\"_ _0\"></span>sidiaries held by DE<span class=\"_ _0\"></span>ME </span></span>and CFE. It should b<span class=\"_ _0\"></span>e pointed out tha<span class=\"_ _0\"></span>t this does not include<span class=\"_ _0\"></span> the goodwill (clients)<span class=\"_ _0\"></span> of 222.8 milli<span class=\"ls1 ws1ed\">on e<span class=\"_ _3\"></span>uros in the consol<span class=\"_ _0\"></span>idated balance sheet of Delen Private Bank, as </span>Delen Private <span class=\"_ _0\"></span>Bank is recognized <span class=\"_ _0\"></span>according to the equ<span class=\"_ _0\"></span>ity method. This goo<span class=\"_ _0\"></span>dwill mainly results from the acquisition of Capital &amp; Fin<span class=\"_ _0\"></span>ance in 2007, JM Finn in 2011, and to<span class=\"_ _0\"></span> a limi<span class=\"_ _0\"></span>ted ex<span class=\"_ _0\"></span>tent <span class=\"_ _0\"></span>O<span class=\"ls1 ws220\">yens &amp; Van Ee<span class=\"_ _0\"></span>ghen (end of 2015) <span class=\"_ _0\"></span>and Nobel (end of<span class=\"_ _0\"></span> </span>2019).<span class=\"ls1 ws1\"> </span>AvH su<span class=\"_ _0\"></span>bjects<span class=\"_ _0\"></span> the g<span class=\"_ _0\"></span>oodwil<span class=\"_ _0\"></span>l on i<span class=\"_ _0\"></span>ts bal<span class=\"_ _0\"></span>ance sh<span class=\"_ _9f\"></span>eet to an i<span class=\"_ _0\"></span>mpairm<span class=\"_ _9f\"></span>ent test <span class=\"_ _0\"></span>in cas<span class=\"_ _0\"></span>e of impairment indicat<span class=\"_ _0\"></span>ions and at least ann<span class=\"_ _0\"></span>ually. This means <span class=\"_ _0\"></span>the goodwill that i<span class=\"_ _0\"></span>s reported as such in the consolidated balance sheet und<span class=\"_ _0\"></span>er the item \u2018Goodwill\u2019, as well as the goodw<span class=\"ls1 ws220\">ill that is contained in the item \u2018Par<span class=\"_ _0\"></span>ticipations accounted for<span class=\"_ _0\"></span> </span>using the equity <span class=\"_ _0\"></span>method\u2019. Each group co<span class=\"_ _0\"></span>mpany of AvH is t<span class=\"_ _0\"></span>reated as a distinc<span class=\"_ _0\"></span>t cash genera<span class=\"_ _0\"></span>ting u<span class=\"_ _0\"></span>nit (CGU<span class=\"_ _0\"></span>). As<span class=\"_ _0\"></span> part of<span class=\"_ _0\"></span> the im<span class=\"_ _0\"></span>pairmen<span class=\"_ _9f\"></span>t test, a f<span class=\"_ _0\"></span>air va<span class=\"_ _0\"></span>lue is d<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>term<span class=\"_ _9f\"></span>ined for each CGU on the basis of<span class=\"ws1\"> <span class=\"ls42 ws213\">p<span class=\"_ _0\"></span>ublicly <span class=\"_ _0\"></span>available m<span class=\"_ _0\"></span>arket val<span class=\"_ _0\"></span>uation<span class=\"_ _0\"></span>s (market p<span class=\"_ _0\"></span>rice of<span class=\"_ _0\"></span> </span></span>listed<span class=\"_ _0\"></span> compan<span class=\"_ _9f\"></span>ies / rec<span class=\"_ _0\"></span>ent tran<span class=\"_ _0\"></span>sact<span class=\"_ _0\"></span>ions / b<span class=\"_ _0\"></span>roker <span class=\"_ _0\"></span>report<span class=\"_ _0\"></span>s). If <span class=\"_ _0\"></span>after <span class=\"_ _0\"></span>this fi<span class=\"_ _0\"></span>rst ste<span class=\"_ _0\"></span>p on th<span class=\"_ _9f\"></span>e basis o<span class=\"_ _0\"></span>f a fair v<span class=\"_ _0\"></span>alue app<span class=\"_ _0\"></span>roach<span class=\"_ _0\"></span> it turns o<span class=\"_ _0\"></span>ut that a<span class=\"_ _0\"></span>ddition<span class=\"_ _9f\"></span>al justifica<span class=\"_ _9f\"></span>tion is requ<span class=\"_ _0\"></span>ired,<span class=\"_ _0\"></span> a value in<span class=\"_ _0\"></span> use wil<span class=\"_ _0\"></span>l also<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1ef\">be determined from the perspectiv<span class=\"_ _0\"></span>e of AvH based on a </span></span>discounted cash flow (DCF)<span class=\"_ _0\"></span> model or market multiple<span class=\"_ _0\"></span>s. If, after this second step, still no adequate justification can be given for the goodwill in the balance sheet, an \u2018impairment\u2019 will b<span class=\"_ _0\"></span>e recognized.<span class=\"ws1\"> </span>The imp<span class=\"_ _9f\"></span>airment tes<span class=\"_ _0\"></span>t at Av<span class=\"_ _0\"></span>H leve<span class=\"_ _0\"></span>l did not r<span class=\"_ _0\"></span>esult <span class=\"_ _0\"></span>in any ma<span class=\"_ _0\"></span>teria<span class=\"_ _0\"></span>l impa<span class=\"_ _0\"></span>irment lo<span class=\"_ _0\"></span>ss.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls24 ws21c\">DEME<span class=\"_ _3\"></span>\u2019s share price at December 31, 2022 of 124 euros<span class=\"_ _3\"></span> is well above the </span></span>carrying amount of DE<span class=\"_ _0\"></span>ME in the consolidated financial s<span class=\"_ _0\"></span>tatements of AvH.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls24 ws217\">AvH has a<span class=\"_ _3\"></span> direct 78.75% partici<span class=\"ls1 ws1f2\">patio<span class=\"_ _0\"></span>n in Delen Private Bank and B<span class=\"_ _0\"></span>ank Van </span></span></span>Breda through its who<span class=\"_ _0\"></span>lly owned subsidiary FinAx. <span class=\"_ _0\"></span>The goodwill on FinAx <span class=\"_ _0\"></span>is amply underpinned ba<span class=\"_ _0\"></span>sed on market multipl<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _15c\"> </span><span class=\"ff3a fcb ls25 ws215\">Nextensa<span class=\"_ _0\"></span>\u2019s car<span class=\"_ _0\"></span>rying a<span class=\"_ _0\"></span>mount <span class=\"_ _0\"></span>at AvH <span class=\"_ _0\"></span>result<span class=\"_ _0\"></span>s <span class=\"ls40 ws2a6\">from the full consolidation of <span class=\"_ _0\"></span>the </span></span></span>58.53% participation in <span class=\"_ _0\"></span>the consolidated shareholde<span class=\"_ _0\"></span>rs\u2019 equity of 838.8 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s. This <span class=\"_ _0\"></span>repres<span class=\"_ _0\"></span>ents a n<span class=\"_ _0\"></span>et asset va<span class=\"_ _0\"></span>lue of 83<span class=\"_ _0\"></span>.9 euro<span class=\"_ _9f\"></span>s per shar<span class=\"_ _0\"></span>e. Notwi<span class=\"_ _0\"></span>thstand<span class=\"_ _0\"></span>ing the low<span class=\"_ _9f\"></span>er share price<span class=\"_ _0\"></span> at year<span class=\"ls1 ws1\">-</span><span class=\"ws1f9\">end o<span class=\"_ _0\"></span>f 51.9 <span class=\"_ _0\"></span>euros <span class=\"_ _0\"></span>per sh<span class=\"_ _0\"></span>are,<span class=\"_ _0\"></span> </span>t<span class=\"ls25 ws232\">his doe<span class=\"_ _0\"></span>s not im<span class=\"_ _0\"></span>ply an<span class=\"_ _0\"></span> indica<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> impa<span class=\"_ _0\"></span>irment <span class=\"_ _0\"></span>as the in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent pro<span class=\"_ _0\"></span>perty </span>included in Nextensa's net ass<span class=\"_ _0\"></span>et value are measured at fair value based on<span class=\"_ _0\"></span> extern<span class=\"_ _9f\"></span>al valuat<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>eport<span class=\"_ _0\"></span>s and th<span class=\"_ _9f\"></span>e projec<span class=\"_ _0\"></span>t deve<span class=\"_ _0\"></span>lopm<span class=\"_ _0\"></span>ents ar<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>rted according to th<span class=\"_ _0\"></span>e percentage of co<span class=\"_ _0\"></span>mplet<span class=\"ls34\">ion.<span class=\"_ _3\"></span> T<span class=\"_ _3\"></span>he ca<span class=\"_ _3\"></span>pit<span class=\"_ _3\"></span>al <span class=\"_ _3\"></span>gains<span class=\"_ _3\"></span> th<span class=\"_ _3\"></span>at N<span class=\"_ _3\"></span>exte<span class=\"_ _3\"></span>nsa </span>usually reports upon realisation, ove<span class=\"_ _0\"></span>r and above the fair value measurements alread<span class=\"_ _0\"></span>y recogn<span class=\"_ _0\"></span>ised, att<span class=\"_ _0\"></span>est this app<span class=\"_ _0\"></span>roach.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-6": {
   "value": "Note 7:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">I</span></span>ntangible a<span class=\"_ _3\"></span>ssets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Concessions, Other Developme<span class=\"_ _3\"></span>nt Advance paten<span class=\"_ _3\"></span>ts &amp; Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _62\"> </span>Software<span class=\"_ _3\"></span> </span>intangible Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>costs<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>licences<span class=\"ls1 ws1\"> </span>assets Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> <span class=\"ws1e6\">intan<span class=\"_ _0\"></span>gible as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _9f\"></span>ancial </span></span>year 2021<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41<span class=\"ls1 ws1\"> </span>25,994<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>28,686<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>89,851<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>147,762<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,112<span class=\"ls1 ws1\"> </span>50,712<span class=\"ls1 ws1\"> </span>28,686<span class=\"ls1 ws1\"> </span>32,378<span class=\"ls1 ws1\"> </span>99,184<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>216,403<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,071</span> <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">24,718</span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">29,519</span> <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">9,333</span> <span class=\"_ _a9\"> </span>0 -<span class=\"ls29 ws1e1\">68,641</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>65<span class=\"ls1 ws1\"> </span>1,696<span class=\"ls1 ws1\"> </span>0 1,299<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>326<span class=\"ls1 ws1\"> </span>3,775<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 1,395<span class=\"ls1 ws1\"> </span>0 54<span class=\"ls1 ws1\"> </span>0 1,449<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 <span class=\"_ _a9\"> </span>0 <span class=\"_ _b2\"> </span>0 <span class=\"_ _b3\"> </span>-8 <span class=\"_ _b2\"> </span>0 <span class=\"_ _a9\"> </span>0 -7 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Depreciations &amp;<span class=\"_ _0\"></span> <span class=\"ws1e0\">Impairments (<span class=\"ls1 ws1\">-) </span></span>-<span class=\"ls29 ws1e1\">30</span> -<span class=\"ls29 ws1e1\">3,296</span> -<span class=\"ls29 ws1e1\">268</span> -<span class=\"ls29 ws1e1\">1,559</span> -<span class=\"ls29 ws1e1\">838</span> 0 -<span class=\"ls29 ws1e1\">5,989</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-1 2 0 15<span class=\"ls1 ws1\"> </span>308<span class=\"ls1 ws1\"> </span>0 324<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">1,308</span> <span class=\"_ _138\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _ba\"> </span><span class=\"ls29 ws1e1\">3,391</span> <span class=\"_ _a9\"> </span>0 2,082<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2 -3 0 -4 0 0 -4 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g <span class=\"ws1dd\">balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> intan<span class=\"_ _0\"></span>gible <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> <span class=\"ls1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l </span>year 2022<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>2,242<span class=\"ls1 ws1\"> </span>594<span class=\"ls1 ws1\"> </span>0 1,778<span class=\"ls1 ws1\"> </span>83<span class=\"ls1 ws1\"> </span>146<span class=\"ls1 ws1\"> </span>4,843<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">696</span> -<span class=\"ls29 ws1e1\">29,814</span> -<span class=\"ls29 ws1e1\">222</span> -<span class=\"ls29 ws1e1\">1,212</span> 0 -<span class=\"ls29 ws1e1\">31,945</span> Depreciations &amp; Impairments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">108</span> -<span class=\"ls29 ws1e1\">3,451</span> 0 -<span class=\"ls29 ws1e1\">1,091</span> -<span class=\"ls29 ws1e1\">1,183</span> 0 -<span class=\"ls29 ws1e1\">5,833</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 247<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37</span> 0 0 110<span class=\"ls1 ws1\"> </span>1,411<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">539</span> 945<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,175<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,532<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>92,501<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>117,649<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,794<span class=\"ls1 ws1\"> </span>36,751<span class=\"ls1 ws1\"> </span>0 26,788<span class=\"ls1 ws1\"> </span>102,689<span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>173,285<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">4,619</span> -<span class=\"ls29 ws1e1\">17,220</span> 0 -<span class=\"ls29 ws1e1\">23,610</span> -<span class=\"ls29 ws1e1\">10,188</span> 0 -<span class=\"ls29 ws1e1\">55,636</span> Note 8:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">G</span></span>oodwill<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7f\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Movemen<span class=\"_ _3\"></span>ts in goodwill<span class=\"ls1 ws1\"> </span>Goodwill, op<span class=\"_ _3\"></span>ening <span class=\"ws1dd\">balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span></span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>325,937<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>351,785<span class=\"ls1 ws1\"> </span>349,582<span class=\"ls1 ws1\"> </span>Cumulative impairment losses<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>fully consolidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">23,956</span> -<span class=\"ls29 ws1e1\">23,646</span> Additions through business combinations<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>0 2,203<span class=\"ls1 ws1\"> </span>Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">7,404</span> 0 Impairments through pr<span class=\"_ _0\"></span>ofit and loss (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">432</span> -<span class=\"ls29 ws1e1\">311</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">39</span> 0 Goodwill, en<span class=\"_ _3\"></span>ding balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>319,953<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>327,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls29 ws1e0\">fully consolidated part<span class=\"_ _0\"></span>icipations<span class=\"ls1 ws1\"> </span></span></span>341,531<span class=\"ls1 ws1\"> </span>351,785<span class=\"ls1 ws1\"> </span>Cumulative impairment <span class=\"ls28 ws1de\">losses <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span></span>fully cons<span class=\"_ _0\"></span>olidated participations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">21,578</span> -<span class=\"ls29 ws1e1\">23,956</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>134,544<span class=\"ls1 ws1\"> </span>2,050<span class=\"ls1 ws1\"> </span>13,255<span class=\"ls1 ws1\"> </span>0 27,813<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,976</span> 158,687<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>85,009<span class=\"ls1 ws1\"> </span>3,716<span class=\"ls1 ws1\"> </span>51,312<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>6,970<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 146,332<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>570,349<span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>39,665<span class=\"ls1 ws1\"> </span>0 19,810<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> 628,710<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>662,973<span class=\"ls1 ws1\"> </span>5,822<span class=\"ls1 ws1\"> </span>100,964<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>51,712<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,895</span> 800,652<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>29,707<span class=\"ls1 ws1\"> </span>0 657<span class=\"ls1 ws1\"> </span>0 2,121<span class=\"ls1 ws1\"> </span>0 32,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>19,093<span class=\"ls1 ws1\"> </span>0 1,838<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>0 21,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>17,968<span class=\"ls1 ws1\"> </span>0 674<span class=\"ls1 ws1\"> </span>0 304<span class=\"ls1 ws1\"> </span>0 18,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>60,162<span class=\"ls1 ws1\"> </span>0 100<span class=\"ls1 ws1\"> </span>0 207<span class=\"ls1 ws1\"> </span>0 60,469<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">4,724</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">15,709</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">117</span> 0 -<span class=\"ls29 ws1e1\">43</span> 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,140</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,042</span> 0 -<span class=\"ls29 ws1e1\">1,905</span> 0 -<span class=\"ls29 ws1e1\">94</span> 0 -<span class=\"ls29 ws1e1\">43,041</span> -<span class=\"ls27 ws1df\">45,883</span> 0 -<span class=\"ls27 ws1df\">1,948</span> 0 -<span class=\"ls27 ws1df\">13,059</span> 0 -<span class=\"ls27 ws1df\">60,890</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets -<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> <span class=\"_ _1b7\"> </span><span class=\"fc22 ls29 ws1e1\">170,404</span><span class=\"fc22\"> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,579</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,910</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">43,821</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">34,840</span> </span>189,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>56,026<span class=\"ls1 ws1\"> </span>11,231<span class=\"ls1 ws1\"> </span>52,849<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>7,698<span class=\"ls1 ws1\"> </span>0 127,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>683,217<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>15,371<span class=\"ls1 ws1\"> </span>0 21,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 719,214<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>721,903<span class=\"ls1 ws1\"> </span>13,858<span class=\"ls1 ws1\"> </span>73,268<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>68,541<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,102</span> 841,536<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>48,354<span class=\"ls1 ws1\"> </span>0 650<span class=\"ls1 ws1\"> </span>0 3,017<span class=\"ls1 ws1\"> </span>0 52,021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>51,388<span class=\"ls1 ws1\"> </span>0 405<span class=\"ls1 ws1\"> </span>0 497<span class=\"ls1 ws1\"> </span>0 52,290<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>40,792<span class=\"ls1 ws1\"> </span>0 1,457<span class=\"ls1 ws1\"> </span>0 438<span class=\"ls1 ws1\"> </span>0 42,688<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>47,210<span class=\"ls1 ws1\"> </span>0 350<span class=\"ls1 ws1\"> </span>0 866<span class=\"ls1 ws1\"> </span>0 48,425<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">5,229</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">16,213</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">212</span> 0 0 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,192</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,203</span> 0 -<span class=\"ls29 ws1e1\">821</span> 0 -<span class=\"ls29 ws1e1\">50</span> 0 -<span class=\"ls29 ws1e1\">37,074</span> -<span class=\"ls27 ws1df\">41,644</span> 0 -<span class=\"ls27 ws1df\">821</span> 0 -<span class=\"ls27 ws1df\">13,016</span> 0 -<span class=\"ls27 ws1df\">55,480</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-7": {
   "value": "Note 7:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">I</span></span>ntangible a<span class=\"_ _3\"></span>ssets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Concessions, Other Developme<span class=\"_ _3\"></span>nt Advance paten<span class=\"_ _3\"></span>ts &amp; Goodwill<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _62\"> </span>Software<span class=\"_ _3\"></span> </span>intangible Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>costs<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>licences<span class=\"ls1 ws1\"> </span>assets Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> <span class=\"ws1e6\">intan<span class=\"_ _0\"></span>gible as<span class=\"_ _0\"></span>sets <span class=\"ls1 ws1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _9f\"></span>ancial </span></span>year 2021<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41<span class=\"ls1 ws1\"> </span>25,994<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>28,686<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>89,851<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>147,762<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,112<span class=\"ls1 ws1\"> </span>50,712<span class=\"ls1 ws1\"> </span>28,686<span class=\"ls1 ws1\"> </span>32,378<span class=\"ls1 ws1\"> </span>99,184<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>216,403<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,071</span> <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">24,718</span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _115\"> </span>-<span class=\"ls29 ws1e1\">29,519</span> <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">9,333</span> <span class=\"_ _a9\"> </span>0 -<span class=\"ls29 ws1e1\">68,641</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>65<span class=\"ls1 ws1\"> </span>1,696<span class=\"ls1 ws1\"> </span>0 1,299<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>326<span class=\"ls1 ws1\"> </span>3,775<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 1,395<span class=\"ls1 ws1\"> </span>0 54<span class=\"ls1 ws1\"> </span>0 1,449<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 <span class=\"_ _a9\"> </span>0 <span class=\"_ _b2\"> </span>0 <span class=\"_ _b3\"> </span>-8 <span class=\"_ _b2\"> </span>0 <span class=\"_ _a9\"> </span>0 -7 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Depreciations &amp;<span class=\"_ _0\"></span> <span class=\"ws1e0\">Impairments (<span class=\"ls1 ws1\">-) </span></span>-<span class=\"ls29 ws1e1\">30</span> -<span class=\"ls29 ws1e1\">3,296</span> -<span class=\"ls29 ws1e1\">268</span> -<span class=\"ls29 ws1e1\">1,559</span> -<span class=\"ls29 ws1e1\">838</span> 0 -<span class=\"ls29 ws1e1\">5,989</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-1 2 0 15<span class=\"ls1 ws1\"> </span>308<span class=\"ls1 ws1\"> </span>0 324<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 <span class=\"_ _e\"> </span>-<span class=\"ls29 ws1e1\">1,308</span> <span class=\"_ _138\"> </span>0<span class=\"_ _3\"></span> <span class=\"_ _b2\"> </span>0 <span class=\"_ _ba\"> </span><span class=\"ls29 ws1e1\">3,391</span> <span class=\"_ _a9\"> </span>0 2,082<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2 -3 0 -4 0 0 -4 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g <span class=\"ws1dd\">balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Movem<span class=\"_ _0\"></span>ents in<span class=\"_ _0\"></span> intan<span class=\"_ _0\"></span>gible <span class=\"_ _0\"></span>assets<span class=\"_ _0\"></span> <span class=\"ls1\">- </span><span class=\"ws2b5\">fin<span class=\"_ _0\"></span>ancia<span class=\"_ _0\"></span>l </span>year 2022<span class=\"ws1\"> </span>Intangible ass<span class=\"_ _3\"></span>ets, opening balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>78<span class=\"ls1 ws1\"> </span>23,085<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>29,814<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,603<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>93,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>149,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,264<span class=\"ls1 ws1\"> </span>49,179<span class=\"ls1 ws1\"> </span>29,814<span class=\"ls1 ws1\"> </span>26,171<span class=\"ls1 ws1\"> </span>103,966<span class=\"ls1 ws1\"> </span>657<span class=\"ls1 ws1\"> </span>215,051<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">5,186</span> -<span class=\"ls29 ws1e1\">26,095</span> 0 -<span class=\"ls29 ws1e1\">23,568</span> -<span class=\"ls29 ws1e1\">10,811</span> 0 -<span class=\"ls29 ws1e1\">65,660</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>2,242<span class=\"ls1 ws1\"> </span>594<span class=\"ls1 ws1\"> </span>0 1,778<span class=\"ls1 ws1\"> </span>83<span class=\"ls1 ws1\"> </span>146<span class=\"ls1 ws1\"> </span>4,843<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 0 0 Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">696</span> -<span class=\"ls29 ws1e1\">29,814</span> -<span class=\"ls29 ws1e1\">222</span> -<span class=\"ls29 ws1e1\">1,212</span> 0 -<span class=\"ls29 ws1e1\">31,945</span> Depreciations &amp; Impairments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">108</span> -<span class=\"ls29 ws1e1\">3,451</span> 0 -<span class=\"ls29 ws1e1\">1,091</span> -<span class=\"ls29 ws1e1\">1,183</span> 0 -<span class=\"ls29 ws1e1\">5,833</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 247<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37</span> 0 0 110<span class=\"ls1 ws1\"> </span>1,411<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">539</span> 945<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 Intangible as<span class=\"_ _3\"></span>sets, endin<span class=\"_ _3\"></span>g balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,175<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,532<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>92,501<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>117,649<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,794<span class=\"ls1 ws1\"> </span>36,751<span class=\"ls1 ws1\"> </span>0 26,788<span class=\"ls1 ws1\"> </span>102,689<span class=\"ls1 ws1\"> </span>264<span class=\"ls1 ws1\"> </span>173,285<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">4,619</span> -<span class=\"ls29 ws1e1\">17,220</span> 0 -<span class=\"ls29 ws1e1\">23,610</span> -<span class=\"ls29 ws1e1\">10,188</span> 0 -<span class=\"ls29 ws1e1\">55,636</span> The dec<span class=\"_ _0\"></span>rease o<span class=\"_ _0\"></span>f intang<span class=\"_ _0\"></span>ible ass<span class=\"_ _0\"></span>ets by 31<span class=\"_ _0\"></span>.7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros relat<span class=\"_ _0\"></span>ive to la<span class=\"_ _9f\"></span>st year is virtual<span class=\"_ _0\"></span>ly entir<span class=\"_ _0\"></span>ely exp<span class=\"_ _0\"></span>lained b<span class=\"_ _0\"></span>y the di<span class=\"_ _0\"></span>sposal o<span class=\"_ _0\"></span>f Anima. <span class=\"ls1 ws1f6\">The o<span class=\"_ _0\"></span>ther movements<span class=\"ws1\"> <span class=\"ls4b ws28a\">mainly</span> </span></span>relat<span class=\"_ _0\"></span>e to inv<span class=\"_ _0\"></span>estmen<span class=\"_ _9f\"></span>ts in lic<span class=\"_ _0\"></span>ences a<span class=\"_ _0\"></span>nd sof<span class=\"_ _0\"></span>tware,<span class=\"_ _0\"></span> capit<span class=\"_ _0\"></span>alised<span class=\"_ _0\"></span> develo<span class=\"_ _0\"></span>pmen<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>s (mainly in DEME\u2019s Conce<span class=\"_ _0\"></span>ssions segment) and depr<span class=\"_ _0\"></span>eciation cost<span class=\"ws1\">. </span>The intangible assets cons<span class=\"_ _0\"></span>ist of 15.2 million euros of trade nam<span class=\"_ _0\"></span>es and 69.3 million euros of databases which w<span class=\"_ _0\"></span>ere reported in the consolidated balanc<span class=\"_ _0\"></span>e sheet at year<span class=\"ws1\">-</span>end 2013 following <span class=\"_ _0\"></span>the acquisition of con<span class=\"_ _0\"></span>tro<span class=\"ls25 ws204\">l over D<span class=\"_ _0\"></span>EME. <span class=\"_ _0\"></span>These in<span class=\"_ _0\"></span>tangib<span class=\"_ _9f\"></span>le assets<span class=\"_ _0\"></span> </span>are not amor<span class=\"_ _0\"></span>tised (indefinite life) <span class=\"_ _0\"></span>and are includ<span class=\"_ _0\"></span>ed in the annual i<span class=\"_ _0\"></span>mpairment test performed on the goodwill fo<span class=\"_ _0\"></span>llowing the acquisition of control ov<span class=\"_ _0\"></span>er DEME at the end of 2013 (see<span class=\"ls1 ws1\"> <span class=\"ls40\">Note 8. Goodwill<span class=\"ls46 ws266\">).</span></span>  </span>Note 9:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">T</span></span>angible as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Assets<span class=\"_ _3\"></span> under Land and Plant, mach<span class=\"_ _3\"></span>inery Furni<span class=\"_ _3\"></span>ture an<span class=\"_ _3\"></span>d Other tan<span class=\"_ _3\"></span>gibl<span class=\"_ _3\"></span>e constructio<span class=\"_ _3\"></span>n &amp; Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>buildings<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>and equip<span class=\"_ _3\"></span>ment<span class=\"ls1 ws1\"> </span>vehicles<span class=\"ls1 ws1\"> </span>assets advance payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> in tan<span class=\"_ _0\"></span>gible<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>financ<span class=\"_ _0\"></span>ial year<span class=\"_ _9f\"></span> 2021<span class=\"ls1\"> </span>Tangible as<span class=\"_ _3\"></span>sets, opening <span class=\"_ _3\"></span><span class=\"ws1dd\">balance<span class=\"ls1 ws1\"> </span></span>415,415<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,835,42<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>53,525<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,736<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>516,454<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,825,55<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>592,112<span class=\"ls1 ws1\"> </span>4,221,775<span class=\"ls1 ws1\"> </span>151,275<span class=\"ls1 ws1\"> </span>14,993<span class=\"ls1 ws1\"> </span>516,454<span class=\"ls1 ws1\"> </span>5,496,608<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">176,696</span> -<span class=\"ls29 ws1e1\">2,386,353</span> -<span class=\"ls29 ws1e1\">97,750</span> -<span class=\"ls29 ws1e1\">10,257</span> 0 -<span class=\"ls29 ws1e1\">2,671,056</span> Impact IFRS changes<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>48,327<span class=\"ls1 ws1\"> </span>153,489<span class=\"ls1 ws1\"> </span>29,869<span class=\"ls1 ws1\"> </span>1,604<span class=\"ls1 ws1\"> </span>139,473<span class=\"ls1 ws1\"> </span>372,761<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>1,985<span class=\"ls1 ws1\"> </span>141<span class=\"ls1 ws1\"> </span>52<span class=\"ls1 ws1\"> </span>0 0 2,178<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">9,021</span> -<span class=\"ls29 ws1e1\">24,508</span> -<span class=\"ls29 ws1e1\">664</span> 84<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">348</span> -<span class=\"ls29 ws1e1\">34,457</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">106</span> -<span class=\"ls29 ws1e1\">803</span> -4 0 -<span class=\"ls29 ws1e1\">913</span> Depreciation &amp; impair<span class=\"_ _0\"></span>ment (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">34,055</span> -<span class=\"ls29 ws1e1\">311,057</span> -<span class=\"ls29 ws1e1\">25,340</span> -<span class=\"ls29 ws1e1\">822</span> 0 -<span class=\"ls29 ws1e1\">371,273</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>1,266<span class=\"ls1 ws1\"> </span>2,504<span class=\"ls1 ws1\"> </span>88<span class=\"ls1 ws1\"> </span>-1 404<span class=\"ls1 ws1\"> </span>4,262<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,667<span class=\"ls1 ws1\"> </span>288,323<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,675</span> 1,412<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">325,991</span> -<span class=\"ls29 ws1e1\">35,263</span> Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>0 0 0 0 0 0 Tangible as<span class=\"_ _3\"></span>sets, ending ba<span class=\"_ _3\"></span>lance<span class=\"ls1 ws1\"> </span>426,584<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,944,20<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>55,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>329,992<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>624,902<span class=\"ls1 ws1\"> </span>4,504,531<span class=\"ls1 ws1\"> </span>158,421<span class=\"ls1 ws1\"> </span>18,604<span class=\"ls1 ws1\"> </span>329,992<span class=\"ls1 ws1\"> </span>5,636,450<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">198,318</span> -<span class=\"ls29 ws1e1\">2,560,322</span> -<span class=\"ls29 ws1e1\">103,370</span> -<span class=\"ls29 ws1e1\">11,595</span> 0 -<span class=\"ls29 ws1e1\">2,873,604</span> II. O<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>formation<span class=\"ls1 ws1\"> </span>Leases Net carrying amount of<span class=\"_ _0\"></span> tangible assets under lease<span class=\"ls1 ws1\"> </span>130,674<span class=\"ls1 ws1\"> </span>9,919<span class=\"ls1 ws1\"> </span>38,696<span class=\"ls1 ws1\"> </span>179,290<span class=\"ls1 ws1\"> </span>Tangible assets acquired under leas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,788<span class=\"ls1 ws1\"> </span>4,377<span class=\"ls1 ws1\"> </span>23,396<span class=\"ls1 ws1\"> </span>59,561<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Assets<span class=\"_ _3\"></span> under Land and Plant, mach<span class=\"_ _3\"></span>inery Furni<span class=\"_ _3\"></span>ture an<span class=\"_ _3\"></span>d Other tan<span class=\"_ _3\"></span>gibl<span class=\"_ _3\"></span>e constructio<span class=\"_ _3\"></span>n &amp; Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>buildings<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>and equip<span class=\"_ _3\"></span>ment<span class=\"ls1 ws1\"> </span>vehicles<span class=\"ls1 ws1\"> </span>assets advance payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> in tan<span class=\"_ _0\"></span>gible<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>financ<span class=\"_ _0\"></span>ial year<span class=\"_ _9f\"></span> 2022<span class=\"ls1\"> </span>Tangible assets, open<span class=\"_ _3\"></span>ing balance<span class=\"ls1 ws1\"> </span>426,584<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,944,20<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>55,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>329,992<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>624,902<span class=\"ls1 ws1\"> </span>4,504,531<span class=\"ls1 ws1\"> </span>158,421<span class=\"ls1 ws1\"> </span>18,604<span class=\"ls1 ws1\"> </span>329,992<span class=\"ls1 ws1\"> </span>5,636,450<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">198,318</span> -<span class=\"ls29 ws1e1\">2,560,322</span> -<span class=\"ls29 ws1e1\">103,370</span> -<span class=\"ls29 ws1e1\">11,595</span> 0 -<span class=\"ls29 ws1e1\">2,873,604</span> Impact IFRS changes<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>41,065<span class=\"ls1 ws1\"> </span>178,776<span class=\"ls1 ws1\"> </span>23,856<span class=\"ls1 ws1\"> </span>1,294<span class=\"ls1 ws1\"> </span>324,441<span class=\"ls1 ws1\"> </span>569,431<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Changes in scope<span class=\"ls1 ws1\"> </span>212<span class=\"ls1 ws1\"> </span>0 60<span class=\"ls1 ws1\"> </span>1 0 272<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">4,791</span> -<span class=\"ls29 ws1e1\">3,367</span> -<span class=\"ls29 ws1e1\">1,686</span> -6 -<span class=\"ls29 ws1e1\">281</span> -<span class=\"ls29 ws1e1\">10,131</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">188,391</span> -<span class=\"ls29 ws1e1\">3,216</span> -<span class=\"ls29 ws1e1\">3,768</span> -<span class=\"ls29 ws1e1\">1,935</span> -<span class=\"ls29 ws1e1\">12,629</span> -<span class=\"ls29 ws1e1\">209,939</span> Depreciation &amp; impair<span class=\"_ _0\"></span>ment (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">28,463</span> -<span class=\"ls29 ws1e1\">299,912</span> -<span class=\"ls29 ws1e1\">24,533</span> -<span class=\"ls29 ws1e1\">1,279</span> 0 -<span class=\"ls29 ws1e1\">354,187</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">100</span> -<span class=\"ls29 ws1e1\">333</span> 55<span class=\"ls1 ws1\"> </span>1 219<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">158</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,086<span class=\"ls1 ws1\"> </span>367,030<span class=\"ls1 ws1\"> </span>80<span class=\"ls1 ws1\"> </span>4,226<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">409,452</span> -<span class=\"ls29 ws1e1\">35,030</span> Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">2,421</span> 0 182<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">158</span> -<span class=\"ls29 ws1e1\">2,397</span> Tangible as<span class=\"_ _3\"></span>sets, ending ba<span class=\"_ _3\"></span>lance<span class=\"ls1 ws1\"> </span>246,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,183,18<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>49,296<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,310<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>232,132<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,720,70<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>410,286<span class=\"ls1 ws1\"> </span>4,932,722<span class=\"ls1 ws1\"> </span>150,486<span class=\"ls1 ws1\"> </span>17,405<span class=\"ls1 ws1\"> </span>232,132<span class=\"ls1 ws1\"> </span>5,743,032<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">163,504</span> -<span class=\"ls29 ws1e1\">2,749,534</span> -<span class=\"ls29 ws1e1\">101,191</span> -<span class=\"ls29 ws1e1\">8,095</span> 0 -<span class=\"ls29 ws1e1\">3,022,324</span> II. O<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>formation<span class=\"ls1 ws1\"> </span>Leases Net carrying amount of<span class=\"_ _0\"></span> tangible assets under lease<span class=\"ls1 ws1\"> </span>92,710<span class=\"ls1 ws1\"> </span>17,969<span class=\"ls1 ws1\"> </span>37,495<span class=\"ls1 ws1\"> </span>148,174<span class=\"ls1 ws1\"> </span>Tangible assets acquired under leas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,887<span class=\"ls1 ws1\"> </span>18,044<span class=\"ls1 ws1\"> </span>17,927<span class=\"ls1 ws1\"> </span>59,857<span class=\"ls1 ws1\"> </span>DEME\u2019<span class=\"_ _0\"></span>s inves<span class=\"_ _0\"></span>tments in<span class=\"_ _0\"></span> its fl<span class=\"_ _0\"></span>eet resu<span class=\"_ _0\"></span>lted in<span class=\"_ _0\"></span> a higher d<span class=\"_ _0\"></span>eprec<span class=\"_ _0\"></span>iation co<span class=\"_ _9f\"></span>st. In 2021<span class=\"_ _0\"></span> DEME had r<span class=\"_ _0\"></span>eco<span class=\"ls34 ws1ea\">gnis<span class=\"_ _3\"></span>ed<span class=\"ls1 ws1\"> <span class=\"ls25 ws207\">impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es <span class=\"ls4a ws2d2\">fo<span class=\"_ _3\"></span>r 25<span class=\"_ _3\"></span><span class=\"ls40 ws2ae\">.5 million euros to its<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws208\">cutter su<span class=\"_ _0\"></span>ction<span class=\"_ _0\"></span> </span></span></span></span></span></span></span>dredg<span class=\"_ _0\"></span>ers 'A<span class=\"_ _0\"></span>l Mahaar'<span class=\"_ _9f\"></span> and 'Al J<span class=\"_ _0\"></span>arraf'<span class=\"_ _0\"></span>, follo<span class=\"_ _9f\"></span>wing the <span class=\"_ _0\"></span>low an<span class=\"_ _0\"></span>ticipate<span class=\"_ _0\"></span>d util<span class=\"_ _0\"></span>ization<span class=\"_ _9f\"></span> rates.<span class=\"ls1 ws1\"> </span>In 2022<span class=\"_ _0\"></span>, impair<span class=\"_ _0\"></span>ment lo<span class=\"_ _0\"></span>sses wer<span class=\"_ _0\"></span>e limite<span class=\"_ _0\"></span>d to 0.<span class=\"_ _0\"></span>4 million <span class=\"_ _0\"></span>euros.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Income<span class=\"_ _3\"></span> statemen<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>Reversal of rental char<span class=\"_ _0\"></span>ges<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,588<span class=\"ls1 ws1\"> </span>38,922<span class=\"ls1 ws1\"> </span>Depreciation<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">43,995</span> -<span class=\"ls29 ws1e1\">36,859</span> Interest<span class=\"_ _0\"></span> expenses<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,036</span> -<span class=\"ls29 ws1e1\">2,508</span> The depreciation cost primar<span class=\"_ _0\"></span>ily relates to land and buildings<span class=\"ls40 ws218\">. <span class=\"_ _9f\"></span><span class=\"ls30 ws1e9\">The expen<span class=\"_ _0\"></span>ses re<span class=\"_ _0\"></span>lated<span class=\"_ _0\"></span> </span></span>to sho<span class=\"_ _0\"></span>rt<span class=\"ls1 ws1\">-</span>term l<span class=\"_ _0\"></span>ease co<span class=\"_ _0\"></span>ntracts <span class=\"_ _0\"></span>and low<span class=\"_ _9f\"></span> value leas<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>cts are c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>ered imma<span class=\"_ _0\"></span>terial.<span class=\"_ _0\"></span> There <span class=\"_ _0\"></span>are no<span class=\"_ _0\"></span> expen<span class=\"_ _0\"></span>ses in<span class=\"_ _0\"></span>curred<span class=\"_ _0\"></span> whic<span class=\"_ _0\"></span>h rela<span class=\"_ _0\"></span>te to va<span class=\"_ _0\"></span>riabl<span class=\"_ _0\"></span>e lease<span class=\"_ _0\"></span> payments. Income d<span class=\"_ _0\"></span>erived from <span class=\"_ _0\"></span>sub<span class=\"ws1\">-</span>leasing right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls33 ws251\">use assets is<span class=\"_ _3\"></span> consider<span class=\"_ _3\"></span>ed </span></span>immaterial<span class=\"ls1 ws1\">.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-95-4": {
   "value": "Note 9:<span class=\"_ _3\"></span><span class=\"ff3c ls1 ws1\"> <span class=\"ff3a\">T</span></span>angible as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> </span>(\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Assets<span class=\"_ _3\"></span> under Land and Plant, mach<span class=\"_ _3\"></span>inery Furni<span class=\"_ _3\"></span>ture an<span class=\"_ _3\"></span>d Other tan<span class=\"_ _3\"></span>gibl<span class=\"_ _3\"></span>e constructio<span class=\"_ _3\"></span>n &amp; Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>buildings<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>and equip<span class=\"_ _3\"></span>ment<span class=\"ls1 ws1\"> </span>vehicles<span class=\"ls1 ws1\"> </span>assets advance payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> in tan<span class=\"_ _0\"></span>gible<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>financ<span class=\"_ _0\"></span>ial year<span class=\"_ _9f\"></span> 2021<span class=\"ls1\"> </span>Tangible as<span class=\"_ _3\"></span>sets, opening <span class=\"_ _3\"></span><span class=\"ws1dd\">balance<span class=\"ls1 ws1\"> </span></span>415,415<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,835,42<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>53,525<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,736<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>516,454<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,825,55<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>592,112<span class=\"ls1 ws1\"> </span>4,221,775<span class=\"ls1 ws1\"> </span>151,275<span class=\"ls1 ws1\"> </span>14,993<span class=\"ls1 ws1\"> </span>516,454<span class=\"ls1 ws1\"> </span>5,496,608<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">176,696</span> -<span class=\"ls29 ws1e1\">2,386,353</span> -<span class=\"ls29 ws1e1\">97,750</span> -<span class=\"ls29 ws1e1\">10,257</span> 0 -<span class=\"ls29 ws1e1\">2,671,056</span> Impact IFRS changes<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>48,327<span class=\"ls1 ws1\"> </span>153,489<span class=\"ls1 ws1\"> </span>29,869<span class=\"ls1 ws1\"> </span>1,604<span class=\"ls1 ws1\"> </span>139,473<span class=\"ls1 ws1\"> </span>372,761<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>1,985<span class=\"ls1 ws1\"> </span>141<span class=\"ls1 ws1\"> </span>52<span class=\"ls1 ws1\"> </span>0 0 2,178<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">9,021</span> -<span class=\"ls29 ws1e1\">24,508</span> -<span class=\"ls29 ws1e1\">664</span> 84<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">348</span> -<span class=\"ls29 ws1e1\">34,457</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 -<span class=\"ls29 ws1e1\">106</span> -<span class=\"ls29 ws1e1\">803</span> -4 0 -<span class=\"ls29 ws1e1\">913</span> Depreciation &amp; impair<span class=\"_ _0\"></span>ment (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">34,055</span> -<span class=\"ls29 ws1e1\">311,057</span> -<span class=\"ls29 ws1e1\">25,340</span> -<span class=\"ls29 ws1e1\">822</span> 0 -<span class=\"ls29 ws1e1\">371,273</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>1,266<span class=\"ls1 ws1\"> </span>2,504<span class=\"ls1 ws1\"> </span>88<span class=\"ls1 ws1\"> </span>-1 404<span class=\"ls1 ws1\"> </span>4,262<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,667<span class=\"ls1 ws1\"> </span>288,323<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,675</span> 1,412<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">325,991</span> -<span class=\"ls29 ws1e1\">35,263</span> Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>0 0 0 0 0 0 Tangible as<span class=\"_ _3\"></span>sets, ending ba<span class=\"_ _3\"></span>lance<span class=\"ls1 ws1\"> </span>426,584<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,944,20<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>55,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>329,992<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>624,902<span class=\"ls1 ws1\"> </span>4,504,531<span class=\"ls1 ws1\"> </span>158,421<span class=\"ls1 ws1\"> </span>18,604<span class=\"ls1 ws1\"> </span>329,992<span class=\"ls1 ws1\"> </span>5,636,450<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">198,318</span> -<span class=\"ls29 ws1e1\">2,560,322</span> -<span class=\"ls29 ws1e1\">103,370</span> -<span class=\"ls29 ws1e1\">11,595</span> 0 -<span class=\"ls29 ws1e1\">2,873,604</span> II. O<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>formation<span class=\"ls1 ws1\"> </span>Leases Net carrying amount of<span class=\"_ _0\"></span> tangible assets under lease<span class=\"ls1 ws1\"> </span>130,674<span class=\"ls1 ws1\"> </span>9,919<span class=\"ls1 ws1\"> </span>38,696<span class=\"ls1 ws1\"> </span>179,290<span class=\"ls1 ws1\"> </span>Tangible assets acquired under leas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31,788<span class=\"ls1 ws1\"> </span>4,377<span class=\"ls1 ws1\"> </span>23,396<span class=\"ls1 ws1\"> </span>59,561<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Assets<span class=\"_ _3\"></span> under Land and Plant, mach<span class=\"_ _3\"></span>inery Furni<span class=\"_ _3\"></span>ture an<span class=\"_ _3\"></span>d Other tan<span class=\"_ _3\"></span>gibl<span class=\"_ _3\"></span>e constructio<span class=\"_ _3\"></span>n &amp; Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>buildings<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>and equip<span class=\"_ _3\"></span>ment<span class=\"ls1 ws1\"> </span>vehicles<span class=\"ls1 ws1\"> </span>assets advance payments<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ements<span class=\"_ _0\"></span> in tan<span class=\"_ _0\"></span>gible<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>financ<span class=\"_ _0\"></span>ial year<span class=\"_ _9f\"></span> 2022<span class=\"ls1\"> </span>Tangible assets, open<span class=\"_ _3\"></span>ing balance<span class=\"ls1 ws1\"> </span>426,584<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,944,20<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>55,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,009<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>329,992<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,762,84<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>624,902<span class=\"ls1 ws1\"> </span>4,504,531<span class=\"ls1 ws1\"> </span>158,421<span class=\"ls1 ws1\"> </span>18,604<span class=\"ls1 ws1\"> </span>329,992<span class=\"ls1 ws1\"> </span>5,636,450<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">198,318</span> -<span class=\"ls29 ws1e1\">2,560,322</span> -<span class=\"ls29 ws1e1\">103,370</span> -<span class=\"ls29 ws1e1\">11,595</span> 0 -<span class=\"ls29 ws1e1\">2,873,604</span> Impact IFRS changes<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>41,065<span class=\"ls1 ws1\"> </span>178,776<span class=\"ls1 ws1\"> </span>23,856<span class=\"ls1 ws1\"> </span>1,294<span class=\"ls1 ws1\"> </span>324,441<span class=\"ls1 ws1\"> </span>569,431<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 Changes in scope<span class=\"ls1 ws1\"> </span>212<span class=\"ls1 ws1\"> </span>0 60<span class=\"ls1 ws1\"> </span>1 0 272<span class=\"ls1 ws1\"> </span>Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">4,791</span> -<span class=\"ls29 ws1e1\">3,367</span> -<span class=\"ls29 ws1e1\">1,686</span> -6 -<span class=\"ls29 ws1e1\">281</span> -<span class=\"ls29 ws1e1\">10,131</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">188,391</span> -<span class=\"ls29 ws1e1\">3,216</span> -<span class=\"ls29 ws1e1\">3,768</span> -<span class=\"ls29 ws1e1\">1,935</span> -<span class=\"ls29 ws1e1\">12,629</span> -<span class=\"ls29 ws1e1\">209,939</span> Depreciation &amp; impair<span class=\"_ _0\"></span>ment (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">28,463</span> -<span class=\"ls29 ws1e1\">299,912</span> -<span class=\"ls29 ws1e1\">24,533</span> -<span class=\"ls29 ws1e1\">1,279</span> 0 -<span class=\"ls29 ws1e1\">354,187</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">100</span> -<span class=\"ls29 ws1e1\">333</span> 55<span class=\"ls1 ws1\"> </span>1 219<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">158</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,086<span class=\"ls1 ws1\"> </span>367,030<span class=\"ls1 ws1\"> </span>80<span class=\"ls1 ws1\"> </span>4,226<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">409,452</span> -<span class=\"ls29 ws1e1\">35,030</span> Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">2,421</span> 0 182<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">158</span> -<span class=\"ls29 ws1e1\">2,397</span> Tangible as<span class=\"_ _3\"></span>sets, ending ba<span class=\"_ _3\"></span>lance<span class=\"ls1 ws1\"> </span>246,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,183,18<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>49,296<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,310<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>232,132<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,720,70<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>410,286<span class=\"ls1 ws1\"> </span>4,932,722<span class=\"ls1 ws1\"> </span>150,486<span class=\"ls1 ws1\"> </span>17,405<span class=\"ls1 ws1\"> </span>232,132<span class=\"ls1 ws1\"> </span>5,743,032<span class=\"ls1 ws1\"> </span>Cumulative depreciation &amp; impairment<span class=\"_ _0\"></span> (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">163,504</span> -<span class=\"ls29 ws1e1\">2,749,534</span> -<span class=\"ls29 ws1e1\">101,191</span> -<span class=\"ls29 ws1e1\">8,095</span> 0 -<span class=\"ls29 ws1e1\">3,022,324</span> II. O<span class=\"_ _3\"></span>ther in<span class=\"_ _3\"></span>formation<span class=\"ls1 ws1\"> </span>Leases Net carrying amount of<span class=\"_ _0\"></span> tangible assets under lease<span class=\"ls1 ws1\"> </span>92,710<span class=\"ls1 ws1\"> </span>17,969<span class=\"ls1 ws1\"> </span>37,495<span class=\"ls1 ws1\"> </span>148,174<span class=\"ls1 ws1\"> </span>Tangible assets acquired under leas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,887<span class=\"ls1 ws1\"> </span>18,044<span class=\"ls1 ws1\"> </span>17,927<span class=\"ls1 ws1\"> </span>59,857<span class=\"ls1 ws1\"> </span>Tangib<span class=\"_ _0\"></span>le ass<span class=\"_ _0\"></span>ets amo<span class=\"_ _0\"></span>unted<span class=\"_ _0\"></span> to 2,72<span class=\"_ _0\"></span>0.7 m<span class=\"_ _0\"></span>illion <span class=\"_ _0\"></span>euros a<span class=\"_ _0\"></span>t yea<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">-<span class=\"ls24 ws2d0\">end 2022. Of this </span></span>figure,<span class=\"_ _0\"></span> DEME a<span class=\"_ _0\"></span>ccounts f<span class=\"_ _0\"></span>or 93%,<span class=\"_ _0\"></span> its main<span class=\"_ _0\"></span> assets bein<span class=\"_ _9f\"></span>g its fleet. I<span class=\"_ _0\"></span>n additio<span class=\"_ _0\"></span>n, th<span class=\"ls52 ws24e\">is </span>bal<span class=\"_ _3\"></span>ance s<span class=\"_ _3\"></span>heet i<span class=\"_ _3\"></span>tem<span class=\"ls1 ws1\"> <span class=\"ls34 ws1ea\">inc<span class=\"_ _3\"></span>lu<span class=\"_ _3\"></span>des </span><span class=\"ws1f6\">the offices, machinery and vehicl<span class=\"_ _0\"></span>e flee<span class=\"ws1\">t<span class=\"ls40\">s of CFE, Bank </span></span></span></span>Van Breda, Rent<span class=\"ws1\">-A-<span class=\"ls33 ws1f0\">Port<span class=\"_ _3\"></span></span>, <span class=\"ws1f6\">Nextensa, Agid<span class=\"_ _0\"></span>ens, Biolectric and AvH<span class=\"ws1\">.<span class=\"_ _0\"></span> </span></span></span>As a res<span class=\"_ _0\"></span>ult of <span class=\"_ _0\"></span>the dis<span class=\"_ _0\"></span>posal of<span class=\"_ _0\"></span> Anima,<span class=\"_ _0\"></span> inclu<span class=\"_ _0\"></span>ding its <span class=\"_ _0\"></span>substan<span class=\"_ _9f\"></span>tial real <span class=\"_ _0\"></span>estate a<span class=\"_ _0\"></span>ssets of<span class=\"_ _9f\"></span> resid<span class=\"_ _0\"></span>ential c<span class=\"_ _9f\"></span>are centr<span class=\"_ _0\"></span>es tha<span class=\"_ _0\"></span>t had b<span class=\"_ _0\"></span>een acc<span class=\"_ _0\"></span>umula<span class=\"_ _0\"></span>ted ov<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e years,<span class=\"_ _0\"></span> the <span class=\"_ _0\"></span>total tangible assets dec<span class=\"_ _0\"></span>reased slightly by 4<span class=\"_ _0\"></span>2.1 mi<span class=\"ls34 ws25d\">ll<span class=\"_ _3\"></span>ion e<span class=\"_ _3\"></span>uro<span class=\"_ _3\"></span>s, de<span class=\"_ _3\"></span>spit<span class=\"_ _3\"></span>e co<span class=\"_ _3\"></span>nti<span class=\"_ _3\"></span>nuin<span class=\"_ _3\"></span>g </span>investm<span class=\"_ _9f\"></span>ents in th<span class=\"_ _0\"></span>e fleet o<span class=\"_ _0\"></span>f DEME.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span>DEME in<span class=\"_ _0\"></span>veste<span class=\"_ _0\"></span>d a tot<span class=\"_ _0\"></span>al of<span class=\"_ _0\"></span> 483.9 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> euros <span class=\"_ _0\"></span>in add<span class=\"_ _0\"></span>ition<span class=\"_ _0\"></span>al tang<span class=\"_ _0\"></span>ible as<span class=\"_ _0\"></span>sets.<span class=\"_ _0\"></span> This figure<span class=\"_ _0\"></span> for 2<span class=\"_ _0\"></span>022 in<span class=\"_ _0\"></span>clude<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>year\u2019<span class=\"_ _0\"></span>s inve<span class=\"_ _0\"></span>stments<span class=\"_ _0\"></span> in t<span class=\"_ _0\"></span>he rev<span class=\"_ _0\"></span>olution<span class=\"_ _0\"></span>ary i<span class=\"_ _0\"></span>nstall<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> vess<span class=\"_ _3\"></span>el \u2018Ori<span class=\"_ _3\"></span>on\u2019, t<span class=\"_ _3\"></span>he subst<span class=\"_ _3\"></span><span class=\"ls1 ws252\">antial amount<span class=\"_ _0\"></span>s spent on extensive mainten<span class=\"_ _0\"></span>ance and </span>repair<span class=\"_ _0\"></span>s to seve<span class=\"_ _0\"></span>ral vesse<span class=\"_ _0\"></span>ls of the f<span class=\"_ _0\"></span>leet, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _0\"></span>e amounts s<span class=\"_ _0\"></span>pent o<span class=\"_ _0\"></span>n the tran<span class=\"_ _0\"></span>sition<span class=\"_ _0\"></span> of the \u2018Viking <span class=\"_ _0\"></span>Neptun\u2019 and the<span class=\"_ _0\"></span> \u2018Sea Installer\u2019. At<span class=\"_ _0\"></span> December 31, 2<span class=\"_ _0\"></span>022, DEME h<span class=\"_ _0\"></span>as commitments for a r<span class=\"_ _0\"></span>emaining amount of 1<span class=\"ls25 ws22a\">9<span class=\"_ _0\"></span>2.6 mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _9f\"></span>s for asse<span class=\"_ _0\"></span>ts unde<span class=\"_ _0\"></span>r </span>construction to b<span class=\"_ _0\"></span>e completed, mainly<span class=\"_ _0\"></span> for the upgrades to <span class=\"_ _0\"></span>the vessels \u2018Vikin<span class=\"_ _0\"></span>g Neptun\u2019 and \u2018Sea Instal<span class=\"_ _0\"></span>ler\u2019, the new fallpipe vessel and som<span class=\"_ _0\"></span>e additional adjustm<span class=\"_ _9f\"></span>ents to th<span class=\"_ _0\"></span>e \u2018Orion\u2019<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>A vessel within the O<span class=\"_ _3\"></span>ffsho<span class=\"_ _0\"></span>re Energy s<span class=\"_ _3\"></span>eg<span class=\"_ _0\"></span>men<span class=\"ws1f3\">t, with a net carrying amo<span class=\"_ _0\"></span>unt of 32 </span>millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s, has b<span class=\"_ _0\"></span>een rec<span class=\"_ _0\"></span>lassifi<span class=\"_ _0\"></span>ed to \u2018A<span class=\"_ _0\"></span>ssets h<span class=\"_ _9f\"></span>eld for sal<span class=\"_ _0\"></span>e\u2019 (Not<span class=\"_ _0\"></span>e 5).<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>DEME\u2019<span class=\"_ _0\"></span>s inves<span class=\"_ _0\"></span>tments in<span class=\"_ _0\"></span> its fl<span class=\"_ _0\"></span>eet resu<span class=\"_ _0\"></span>lted in<span class=\"_ _0\"></span> a higher d<span class=\"_ _0\"></span>eprec<span class=\"_ _0\"></span>iation co<span class=\"_ _9f\"></span>st. In 2021<span class=\"_ _0\"></span> DEME had r<span class=\"_ _0\"></span>eco<span class=\"ls34 ws1ea\">gnis<span class=\"_ _3\"></span>ed<span class=\"ls1 ws1\"> <span class=\"ls25 ws207\">impa<span class=\"_ _0\"></span>irmen<span class=\"_ _0\"></span>t loss<span class=\"_ _0\"></span>es <span class=\"ls4a ws2d2\">fo<span class=\"_ _3\"></span>r 25<span class=\"_ _3\"></span><span class=\"ls40 ws2ae\">.5 million euros to its<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws208\">cutter su<span class=\"_ _0\"></span>ction<span class=\"_ _0\"></span> </span></span></span></span></span></span></span>dredg<span class=\"_ _0\"></span>ers 'A<span class=\"_ _0\"></span>l Mahaar'<span class=\"_ _9f\"></span> and 'Al J<span class=\"_ _0\"></span>arraf'<span class=\"_ _0\"></span>, follo<span class=\"_ _9f\"></span>wing the <span class=\"_ _0\"></span>low an<span class=\"_ _0\"></span>ticipate<span class=\"_ _0\"></span>d util<span class=\"_ _0\"></span>ization<span class=\"_ _9f\"></span> rates.<span class=\"ls1 ws1\"> </span>In 2022<span class=\"_ _0\"></span>, impair<span class=\"_ _0\"></span>ment lo<span class=\"_ _0\"></span>sses wer<span class=\"_ _0\"></span>e limite<span class=\"_ _0\"></span>d to 0.<span class=\"_ _0\"></span>4 million <span class=\"_ _0\"></span>euros.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-100-3": {
   "value": "Note 10:<span class=\"ff3c\"> </span><span class=\"ls50 wscc\">Investment pro<span class=\"_ _0\"></span>perty at fair va<span class=\"_ _0\"></span>lue<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Developme<span class=\"_ _3\"></span>nt Assets<span class=\"_ _3\"></span> held f<span class=\"_ _3\"></span>or Leased bui<span class=\"_ _3\"></span>ldings<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>proje<span class=\"_ _3\"></span>cts<span class=\"ls1 ws1\"> </span>sale<span class=\"ls1 ws1\"> </span>I. Mov<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>in inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>t pro<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>y at fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e <span class=\"ls1\">- </span><span class=\"ws1e6\">fin<span class=\"_ _0\"></span>ancial y<span class=\"_ _0\"></span>ear 2021</span>Investment<span class=\"_ _3\"></span> property, ope<span class=\"_ _3\"></span>ning balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>1,369,32<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>44,734<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>199<span class=\"ls1 ws1\"> </span>1,414,25<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,369,323<span class=\"ls1 ws1\"> </span>44,734<span class=\"ls1 ws1\"> </span>199<span class=\"ls1 ws1\"> </span>1,414,256<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>30,578<span class=\"ls1 ws1\"> </span>5,902<span class=\"ls1 ws1\"> </span>0 36,479<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">22,584</span> 0 -<span class=\"ls29 ws1e1\">97</span> -<span class=\"ls29 ws1e1\">22,680</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 Gains (losses) from fair<span class=\"_ _0\"></span> value adjustments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,509</span> -<span class=\"ls29 ws1e1\">2,520</span> 0 -<span class=\"ls29 ws1e1\">7,029</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">132,840</span> -<span class=\"ls29 ws1e1\">7,929</span> 141,157<span class=\"ls1 ws1\"> </span>388<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">13,005</span> 0 0 -<span class=\"ls29 ws1e1\">13,005</span> Investment<span class=\"_ _3\"></span> property, end<span class=\"_ _3\"></span>ing balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,226,96<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>40,187<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,259<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,408,40<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,226,963<span class=\"ls1 ws1\"> </span>40,187<span class=\"ls1 ws1\"> </span>141,259<span class=\"ls1 ws1\"> </span>1,408,409<span class=\"ls1 ws1\"> </span>I. Movem<span class=\"_ _0\"></span>ent in <span class=\"ws1\">inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>t pro<span class=\"_ _0\"></span>pert<span class=\"_ _0\"></span>y at fair<span class=\"_ _0\"></span> valu<span class=\"_ _0\"></span>e <span class=\"ls1\">- </span><span class=\"ws1e6\">finan<span class=\"_ _0\"></span>cial y<span class=\"_ _0\"></span>ear 2022</span></span>Investment<span class=\"_ _3\"></span> property, ope<span class=\"_ _3\"></span>ning balanc<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>1,226,96<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>40,187<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>141,259<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,408,40<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,226,963<span class=\"ls1 ws1\"> </span>40,187<span class=\"ls1 ws1\"> </span>141,259<span class=\"ls1 ws1\"> </span>1,408,409<span class=\"ls1 ws1\"> </span>Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>34,870<span class=\"ls1 ws1\"> </span>7,264<span class=\"ls1 ws1\"> </span>23<span class=\"ls1 ws1\"> </span>42,157<span class=\"ls1 ws1\"> </span>Additions through <span class=\"ws211\">business c<span class=\"_ _0\"></span>ombinations<span class=\"ls1 ws1\"> </span></span>0 0 0 0 Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">1,848</span> 0 -<span class=\"ls29 ws1e1\">140,691</span> -<span class=\"ls29 ws1e1\">142,538</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 -<span class=\"ls29 ws1e1\">490</span> -<span class=\"ls29 ws1e1\">490</span> Gains (losses) from fair<span class=\"_ _0\"></span> value adjustments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,729</span> 199<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">91</span> -<span class=\"ls29 ws1e1\">11,620</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">17,190</span> 0 -<span class=\"ls29 ws1e1\">17,190</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">11</span> -<span class=\"ls29 ws1e1\">11</span> Investment<span class=\"_ _3\"></span> property, end<span class=\"_ _3\"></span>ing balance<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,248,25<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>30,460<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,278,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>Gross a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,248,256<span class=\"ls1 ws1\"> </span>30,460<span class=\"ls1 ws1\"> </span>0 1,278,716<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Key figu<span class=\"_ _3\"></span>res<span class=\"ls1 ws1\">  </span>Rental income<span class=\"ls1 ws1\"> </span>67,400<span class=\"ls1 ws1\"> </span>69,127<span class=\"ls1 ws1\"> </span>Rental yield (%)<span class=\"ls1 ws1\"> </span>5.30%<span class=\"ls1 ws1\"> </span>5.20%<span class=\"ls1 ws1\"> </span>Occup<span class=\"_ _3\"></span>ancy ra<span class=\"_ _3\"></span>te (%<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>88.48%<span class=\"ls1 ws1\"> </span>89.09%<span class=\"ls1 ws1\"> </span>Nexten<span class=\"_ _0\"></span>sa inve<span class=\"_ _0\"></span>sted 42.2<span class=\"_ _0\"></span> million eu<span class=\"_ _0\"></span>ros, of<span class=\"_ _0\"></span> which 11.5<span class=\"_ _0\"></span> million e<span class=\"_ _0\"></span>uros is a<span class=\"_ _0\"></span>ttributab<span class=\"_ _0\"></span>le to investments in s<span class=\"_ _0\"></span>everal buildings owned o<span class=\"_ _0\"></span>n the Tour &amp; Taxis site.<span class=\"_ _0\"></span> <span class=\"ls34 ws1f5\">T<span class=\"_ _3\"></span>he re<span class=\"_ _3\"></span>mai<span class=\"_ _3\"></span>ning </span>bal<span class=\"_ _3\"></span>ance of 3<span class=\"_ _3\"></span>0.7 mil<span class=\"_ _3\"></span>lion eu<span class=\"_ _3\"></span>ros mai<span class=\"_ _3\"></span>nly re<span class=\"_ _3\"></span>late<span class=\"ls1 ws1\">s <span class=\"_ _0\"></span><span class=\"ls40 ws2d3\">to t<span class=\"ls1 ws20b\">he extension of the Knauf<span class=\"_ _0\"></span> shopping </span></span></span>centr<span class=\"_ _0\"></span>e i<span class=\"ls1 ws1ef\">n Schmiede and th<span class=\"_ _0\"></span>e repositioning/renovation of <span class=\"_ _0\"></span>the EBBC business park </span>(Moonar) <span class=\"ls1 ws1f6\">in Luxemburg<span class=\"ws1\">. </span></span>In 20<span class=\"_ _3\"></span>22, Nexte<span class=\"_ _3\"></span>nsa sol<span class=\"_ _3\"></span>d its pro<span class=\"_ _3\"></span>perties T<span class=\"_ _3\"></span>he Cre<span class=\"_ _3\"></span>scent (A<span class=\"_ _3\"></span>nderlec<span class=\"_ _3\"></span>ht), Mon<span class=\"_ _3\"></span>net (Luxembourg) and Titan<span class=\"_ _0\"></span>ium (Luxembourg)<span class=\"_ _0\"></span> for a total sum of 169.0 m<span class=\"_ _0\"></span>illion euros. These sa<span class=\"_ _0\"></span>les <span class=\"ls1 ws1f6\">generated a capital gain of 28<span class=\"_ _9f\"></span>.3 mi<span class=\"_ _3\"></span>llion euro<span class=\"_ _0\"></span>s<span class=\"ws1\">. </span></span>In 202<span class=\"_ _0\"></span>2, the v<span class=\"_ _0\"></span>alue o<span class=\"_ _0\"></span>f the <span class=\"_ _0\"></span>real es<span class=\"_ _0\"></span>tate po<span class=\"_ _0\"></span>rtfolio w<span class=\"_ _9f\"></span>as adjust<span class=\"_ _0\"></span>ed down<span class=\"_ _0\"></span>ward b<span class=\"_ _0\"></span>y 11.6<span class=\"_ _9f\"></span> million euros based on <span class=\"_ _0\"></span>external valuations, which<span class=\"_ _0\"></span> corresponds to <span class=\"ws1f6\">less than 1<span class=\"ls4a ws22d\">% of </span></span>the tot<span class=\"_ _0\"></span>al fair va<span class=\"_ _0\"></span>lue.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The av<span class=\"_ _0\"></span>erage r<span class=\"_ _0\"></span>ental yi<span class=\"_ _0\"></span>eld on<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws207\">the <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>roper<span class=\"_ _0\"></span>ty incre<span class=\"_ _0\"></span>ased f<span class=\"_ _0\"></span>rom 5.2<span class=\"_ _0\"></span>0% a<span class=\"_ _0\"></span>t year<span class=\"ls1 ws1\">-</span></span></span>end 2021 to 5.30% at year<span class=\"ls1 ws1\">-</span>end 2022.<span class=\"ls1 ws1\"> </span>Valuation o<span class=\"_ _3\"></span>f investment prop<span class=\"_ _3\"></span>erties <span class=\"ls1 ws1\">\u2013 <span class=\"ls6c ws2d5\">Nexte<span class=\"_ _3\"></span>nsa</span> </span>Nexten<span class=\"_ _0\"></span>sa<span class=\"ls1 ws1\"> <span class=\"ws219\">u<span class=\"_ _0\"></span>ses the following me<span class=\"_ _0\"></span>thods to define the fair value <span class=\"_ _0\"></span>according to IFRS 13:<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ls3f ws21b\">Net pr<span class=\"_ _0\"></span>esen<span class=\"_ _0\"></span>t<span class=\"ls1 ws1\"> </span>valu<span class=\"_ _0\"></span>e of es<span class=\"_ _0\"></span>timat<span class=\"_ _0\"></span>ed ren<span class=\"_ _0\"></span>tal i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> </span></span></span>The fair value i<span class=\"_ _0\"></span>s the result of the<span class=\"_ _0\"></span> yield applied on <span class=\"_ _0\"></span>the estimated ren<span class=\"_ _0\"></span>tal value (capitalisation method or mar<span class=\"_ _0\"></span>ket approach) corrected by the net p<span class=\"_ _0\"></span>resent value of the diff<span class=\"_ _0\"></span>erence<span class=\"_ _0\"></span> between<span class=\"_ _0\"></span> the curren<span class=\"_ _9f\"></span>t rent and the est<span class=\"_ _0\"></span>imat<span class=\"_ _0\"></span>ed renta<span class=\"_ _0\"></span>l value at th<span class=\"_ _0\"></span>e valuation date, and this, for th<span class=\"_ _0\"></span>e period till the next break possibility of the current<span class=\"_ _0\"></span> rental co<span class=\"_ _0\"></span>ntract<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ws1ec\">Discounted cash flow method<span class=\"ws1\"> </span></span></span>The DCF method consists in defining the pre<span class=\"_ _0\"></span>sent value of the future cash flows. The futu<span class=\"_ _0\"></span>re r<span class=\"ls1 ws1ed\">ental income <span class=\"_ _0\"></span>is estimated on the basis of th<span class=\"_ _0\"></span>e existing contractua<span class=\"_ _0\"></span>l rents </span>and the real estate mark<span class=\"_ _0\"></span>et outlook for each building in the follow<span class=\"_ _0\"></span>ing periods. Moreover, the future maintenance co<span class=\"_ _0\"></span>sts are also estimated and taken into account. The<span class=\"_ _3\"></span> actua<span class=\"_ _3\"></span>lisati<span class=\"_ _3\"></span>on ra<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ls25\">appl<span class=\"_ _0\"></span>ied tak<span class=\"_ _0\"></span>es into <span class=\"_ _0\"></span>accoun<span class=\"_ _0\"></span>t the ris<span class=\"_ _0\"></span>k prem<span class=\"_ _0\"></span>ium for <span class=\"_ _0\"></span>the obj<span class=\"_ _0\"></span>ect </span>defin<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e mark<span class=\"_ _0\"></span>et. The o<span class=\"_ _0\"></span>btain<span class=\"_ _0\"></span>ed valu<span class=\"_ _0\"></span>e is also<span class=\"_ _0\"></span> compa<span class=\"_ _0\"></span>red to <span class=\"_ _0\"></span>the ma<span class=\"_ _0\"></span>rket on<span class=\"_ _0\"></span> the basis of the definition of<span class=\"_ _0\"></span> the residual land valu<span class=\"_ _0\"></span>e.<span class=\"ws1\">  </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ls49\">Residu<span class=\"_ _3\"></span>al valuatio<span class=\"_ _3\"></span>n<span class=\"ls1\"> </span></span></span>Buildings to renovate or in the course of reno<span class=\"_ _0\"></span>vation, or planned projects are valued based on the value after renovation, under deduction of the amount for the remainder of the work to be carried out, including cos<span class=\"_ _0\"></span>ts, interests, vacancy and risk premium.  Asset<span class=\"_ _0\"></span>s and liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s valued a<span class=\"_ _0\"></span>t fair v<span class=\"_ _0\"></span>alue<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">afte<span class=\"_ _0\"></span>r their in<span class=\"_ _0\"></span>itial <span class=\"_ _0\"></span>booking<span class=\"_ _0\"></span> can b<span class=\"_ _0\"></span>e presen<span class=\"_ _9f\"></span>te<span class=\"_ _3\"></span>d<span class=\"_ _0\"></span> </span></span>in thre<span class=\"_ _0\"></span>e leve<span class=\"_ _0\"></span>ls (1<span class=\"ls1 ws1\">-<span class=\"ls46 ws266\">3):</span> </span>\u2022 <span class=\"_ _4\"> </span>Level<span class=\"_ _0\"></span> 1<span class=\"ff3a ls1 ws1\"> <span class=\"_ _b\"> </span><span class=\"ls25 ws1fb\">inpu<span class=\"_ _9f\"></span>ts are quo<span class=\"_ _0\"></span>ted p<span class=\"_ _0\"></span>rices <span class=\"_ _0\"></span>in acti<span class=\"_ _0\"></span>ve mar<span class=\"_ _0\"></span>kets f<span class=\"_ _0\"></span>or ide<span class=\"_ _0\"></span>ntica<span class=\"_ _0\"></span>l asse<span class=\"_ _0\"></span>ts or </span></span>liabil<span class=\"_ _0\"></span>ities.\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3b ls3f ws26c\">Level<span class=\"_ _0\"></span> 2<span class=\"ff3a ls1 ws1\"> <span class=\"ws219\">inpu<span class=\"_ _0\"></span>ts are inputs other than quoted mark<span class=\"_ _0\"></span>et prices included within Level<span class=\"_ _0\"></span> </span></span></span></span>1 tha<span class=\"_ _0\"></span>t are obs<span class=\"_ _0\"></span>ervab<span class=\"_ _0\"></span>le for <span class=\"_ _0\"></span>the ass<span class=\"_ _0\"></span>et or l<span class=\"_ _0\"></span>iabilit<span class=\"_ _0\"></span>y, eith<span class=\"_ _0\"></span>er dir<span class=\"_ _0\"></span>ectly (<span class=\"_ _0\"></span>i.e. pr<span class=\"_ _0\"></span>ices) o<span class=\"_ _0\"></span>r indirectly (i.e. deducted from prices).\u2022 <span class=\"_ _4\"> </span>Level<span class=\"_ _0\"></span> 3<span class=\"ff3a ls1 ws1\"> <span class=\"_ _7\"> </span><span class=\"ws21f\">inputs are unobservable inp<span class=\"_ _0\"></span>uts for the asse<span class=\"_ _0\"></span>t or liability based on </span></span>valua<span class=\"_ _0\"></span>tions t<span class=\"_ _0\"></span>echniqu<span class=\"_ _0\"></span>es comp<span class=\"_ _9f\"></span>rising dat<span class=\"_ _0\"></span>a for th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>t or lia<span class=\"_ _0\"></span>bility.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>The inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>t prop<span class=\"_ _0\"></span>erties<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls40 ws218\">of<span class=\"ls1 ws1\"> <span class=\"ls25 ws1ec\">Nexte<span class=\"_ _0\"></span>nsa<span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls4b ws28a\">fall<span class=\"_ _3\"></span> <span class=\"_ _0\"></span><span class=\"ls1 ws219\">under level 3. The valuations at the end </span></span></span></span></span></span></span>of 2022 were carried out by external p<span class=\"_ _0\"></span><span class=\"ls25 ws208\">arties:<span class=\"_ _0\"></span> Cus<span class=\"ls1 ws20b\">hman &amp; W<span class=\"_ _0\"></span>akefield, Stad<span class=\"_ _0\"></span>im (Belux) </span></span>and Oerag (Austria). The table b<span class=\"_ _0\"></span>elow provides an overview of<span class=\"_ _0\"></span> the valuation techniques applied per asset class.<span class=\"ws1\"> </span>Fair value Fair value Valuation 31/12/20<span class=\"_ _3\"></span>22 Min<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">Max </span></span>31/12/20<span class=\"_ _3\"></span>21 Min<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">Max </span></span>Asset c<span class=\"_ _0\"></span>lass<span class=\"ls1 ws1\"> </span>2022 <span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Important inp<span class=\"_ _3\"></span>ut data<span class=\"ls1 ws1\"> </span>technique<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(weighted average)<span class=\"_ _3\"></span><span class=\"ws1\"> </span>(weighted average)<span class=\"_ _3\"></span><span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\">  </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\">  </span>Retail Grand Duchy of<span class=\"_ _0\"></span> Actualization of a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [0.34 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>18.66 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>a) [0.34 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>17.61 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>377,629<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>370,170<span class=\"ls1 ws1\"> </span>Luxembourg &amp; Belgium<span class=\"ls1 ws1\"> </span>estimated<span class=\"ls1 ws1\">  </span>rental income<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [13.72 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>b) [11.26 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [0.90% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">11.58%]<span class=\"ls1 ws1\"> </span></span>c) [1.77% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">7.58%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) <span class=\"ls29 ws1e1\">[6.51%]</span> d) [6.61%]<span class=\"ls1 ws1\"> </span>e) Remaining duration<span class=\"ls1 ws1\"> </span>e) 3.62 years<span class=\"ls1 ws1\"> <span class=\"_ _1b6\"> </span></span>e) 2.72 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 166 950 m\u00b2<span class=\"ls1 ws1\"> </span>f) 170 731 m\u00b2<span class=\"ls1 ws1\"> </span>Retail Austria<span class=\"ls1 ws1\"> <span class=\"_ _a0\"> </span></span><span class=\"fc22 ws1e1\">189,581<span class=\"ls1 ws1\"> <span class=\"_ _aa\"> </span></span>185,369<span class=\"ls1 ws1\"> </span></span>DCF (discounted<span class=\"ls1 ws1\">  </span>a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [8.79 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>15.09 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>a) [11.12 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>13.82 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>cash flow)<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [12.71 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>b) [12.32 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [3.70% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">6.11%]<span class=\"ls1 ws1\"> </span></span>c) [5.20% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">5.80%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) [5.38%]<span class=\"ls1 ws1\"> </span>d) [5.46%]<span class=\"ls1 ws1\"> </span>e) <span class=\"ls29 ws1e0\">Remaining duration</span> e) 5.21 years<span class=\"ls1 ws1\"> </span>e) 4.49 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 69 219 m\u00b2<span class=\"ls1 ws1\"> </span>f) 69 533 m\u00b2<span class=\"ls1 ws1\"> </span>Office<span class=\"_ _3\"></span>s Gra<span class=\"_ _3\"></span>nd Du<span class=\"_ _3\"></span>chy of Actualization of a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [22.57 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>46.58 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>a) [16.52 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>40.28 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>186,660<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>283,280<span class=\"ls1 ws1\"> </span>Luxembourg<span class=\"ls1 ws1\"> </span>estimated<span class=\"ls1 ws1\">  </span>rental income<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [26.71 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>b) [22.99 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [0.58% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">6.75%]<span class=\"ls1 ws1\"> </span></span>c) [3.75% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">6.10%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) [4.74%]<span class=\"ls1 ws1\"> </span>d) [4.91%]<span class=\"ls1 ws1\"> </span>e) <span class=\"ls29 ws1e0\">Remaining duration</span> e) 1.46 years<span class=\"ls1 ws1\"> </span>e) 2.40 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 35 550 m\u00b2<span class=\"ls1 ws1\"> </span>f) 45 433 m\u00b2<span class=\"ls1 ws1\"> </span>Actualization of a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) [11.68 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>25.18 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>a) [10.09 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>27.98 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>Offices Belgium<span class=\"ls1 ws1\"> <span class=\"_ _f4\"> </span></span><span class=\"fc22 ws1e1\">409,511<span class=\"ls1 ws1\"> <span class=\"_ _6b\"> </span></span>436,610<span class=\"ls1 ws1\"> </span></span>estimated<span class=\"ls1 ws1\">  </span>rental income<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental value<span class=\"ls1 ws1\"> </span>b) [17.03 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>b) [12.37 \u20ac/m\u00b2]<span class=\"ls1 ws1\"> </span>c) Capitalizat<span class=\"_ _0\"></span>ion rate spread<span class=\"ls1 ws1\"> </span>c) [3.78% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">8.80%]<span class=\"ls1 ws1\"> </span></span>c) [3.60% <span class=\"ls1 ws1\">- </span><span class=\"ws1e1\">8.75%]<span class=\"ls1 ws1\"> </span></span>d) Weighted average cap. rate<span class=\"ls1 ws1\"> </span>d) [4.93%]<span class=\"ls1 ws1\"> </span>d) [4.56%]<span class=\"ls1 ws1\"> </span>e) Remaining duration<span class=\"ls1 ws1\"> </span>e) <span class=\"ls29 ws1e0\">6.68 years</span> e) 6.76 years<span class=\"ls1 ws1\"> </span>f) Number m\u00b2<span class=\"ws1\"> </span>f) 112 891 m\u00b2<span class=\"ls1 ws1\"> </span>f) 132 455 m\u00b2<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _89\"> </span><span class=\"fc22 ls29 ws1e1\">115,335</span><span class=\"fc22\"> <span class=\"_ _6b\"> </span><span class=\"ls29 ws1e1\">132,490</span> </span></span>DCF (discounted<span class=\"ls1 ws1\">  </span>a) Estimated rental value spread<span class=\"ls1 ws1\"> </span>a) Not applicable<span class=\"ls1 ws1\"> </span>a) [2.24 \u20ac/m\u00b2 <span class=\"ls1 ws1\">- </span>7.30 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>cash flow or net<span class=\"ls1 ws1\"> </span>b) Average weighted estimated rental <span class=\"ls29 ws1e1\">value<span class=\"ls1 ws1\"> </span></span>b) Not applicable<span class=\"ls1 ws1\"> </span>b) [2.24 \u20ac /m\u00b2]<span class=\"ls1 ws1\"> </span>present value of<span class=\"ls1 ws1\"> </span>c) Average discount rat<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\"> </span>c) Not applicable<span class=\"ls1 ws1\"> </span>c) 5.02%<span class=\"ls1 ws1\"> </span>cash<span class=\"ls1 ws1\">-</span><span class=\"ls28\">fl<span class=\"_ _3\"></span>ows at<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>d) Economic life<span class=\"ls1 ws1\"> </span>d) 30 years<span class=\"ls1 ws1\"> </span>d) 30 years<span class=\"ls1 ws1\"> </span>discount rat<span class=\"_ _0\"></span>e)<span class=\"ls1 ws1\"> </span>e) Remaining duration<span class=\"ls1 ws1\"> </span>e) 3.41 years<span class=\"ls1 ws1\"> </span>e) 2.35 years<span class=\"ls1 ws1\"> </span>f) <span class=\"ls29 ws1e0\">Number m\u00b2</span> f) 32 629 m\u00b2<span class=\"ls1 ws1\"> </span>f) 47 057 m\u00b2<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,278,71<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>1,407,91<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>Nexten<span class=\"_ _0\"></span>sa\u2019s i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>ent po<span class=\"_ _0\"></span>rtfol<span class=\"_ _0\"></span>io was v<span class=\"_ _0\"></span>alued a<span class=\"_ _9f\"></span>t 1.3 bil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros on D<span class=\"_ _9f\"></span>ecember 31<span class=\"_ _0\"></span>, 2022 and is divided over <span class=\"_ _0\"></span>Belgium (44%), Luxembourg (41%) and Austria (15<span class=\"_ _0\"></span>%). Accord<span class=\"_ _0\"></span>ing to<span class=\"_ _0\"></span> the typ<span class=\"_ _0\"></span>e of pro<span class=\"_ _0\"></span>perti<span class=\"_ _0\"></span>es, the p<span class=\"_ _0\"></span>ortfol<span class=\"_ _0\"></span>io comp<span class=\"_ _0\"></span>rises 47<span class=\"_ _9f\"></span>% offices <span class=\"_ _0\"></span>and 44<span class=\"_ _0\"></span>% reta<span class=\"_ _3\"></span>il. Th<span class=\"_ _3\"></span>e remai<span class=\"_ _3\"></span>ni<span class=\"ls25 ws1eb\">ng 9<span class=\"_ _0\"></span>% rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span>s \u2018Oth<span class=\"_ _0\"></span>er\u2019 rea<span class=\"_ _0\"></span>l esta<span class=\"_ _0\"></span>te, su<span class=\"_ _0\"></span>ch as <span class=\"_ _0\"></span>car pa<span class=\"_ _0\"></span>rks and<span class=\"_ _0\"></span> real<span class=\"_ _0\"></span> </span>estat<span class=\"_ _0\"></span>e for event<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-113-2": {
   "value": "Note 12:<span class=\"ff3c\"> </span><span class=\"ls3a ws20c\">Financ<span class=\"_ _3\"></span>ial risk m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt and financ<span class=\"_ _3\"></span>ial der<span class=\"_ _3\"></span>ivatives<span class=\"_ _3\"></span></span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls50 wscc\">Credit ri<span class=\"_ _0\"></span>sk<span class=\"ls1 ws1\"> </span></span>Both <span class=\"_ _7\"> </span><span class=\"ff3b ls34 ws1ea\">CFE<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span>and <span class=\"_ _7\"> </span><span class=\"ff3b ls33 ws1f0\">DEME<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">hav<span class=\"_ _0\"></span>e set up pro<span class=\"_ _0\"></span>cedur<span class=\"_ _0\"></span>es to lim<span class=\"_ _0\"></span>it the r<span class=\"_ _0\"></span>isk of the<span class=\"_ _0\"></span>ir trad<span class=\"_ _0\"></span>e </span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _0\"></span> To li<span class=\"_ _0\"></span>mit the<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t risk,<span class=\"_ _0\"></span> both<span class=\"_ _0\"></span> particip<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s cons<span class=\"_ _0\"></span>tantly<span class=\"_ _0\"></span> monito<span class=\"_ _0\"></span>r the<span class=\"_ _0\"></span>ir outstan<span class=\"_ _0\"></span>ding t<span class=\"_ _0\"></span>rade r<span class=\"_ _0\"></span>eceivab<span class=\"_ _0\"></span>les and<span class=\"_ _0\"></span> adju<span class=\"_ _0\"></span>st thei<span class=\"_ _0\"></span>r positi<span class=\"_ _0\"></span>ons if<span class=\"_ _0\"></span> necessa<span class=\"_ _0\"></span>ry. Fo<span class=\"_ _0\"></span>r th<span class=\"ls39 ws204\">e </span>purpos<span class=\"_ _0\"></span>es of m<span class=\"_ _9f\"></span>ajor forei<span class=\"_ _0\"></span>gn co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, for <span class=\"_ _0\"></span>insta<span class=\"_ _0\"></span>nce, DE<span class=\"_ _0\"></span>ME r<span class=\"_ _0\"></span>egular<span class=\"_ _0\"></span>ly uses<span class=\"_ _0\"></span> the se<span class=\"_ _0\"></span>rvice<span class=\"_ _0\"></span>s of the C<span class=\"_ _0\"></span>redendo<span class=\"_ _9f\"></span> Group in<span class=\"_ _0\"></span>sofar a<span class=\"_ _0\"></span>s the co<span class=\"_ _0\"></span>untry co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>ed qua<span class=\"_ _0\"></span>lifies f<span class=\"_ _0\"></span>or this <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>ce and the risk can be covered by credit <span class=\"_ _0\"></span>insurance. A large part of the consolidate<span class=\"_ _0\"></span>d turnov<span class=\"ws1ef\">er is realized <span class=\"_ _0\"></span>through public or s<span class=\"_ _0\"></span>emi<span class=\"ws1\">-<span class=\"ls40 ws275\">public sector customers. The l<span class=\"_ _0\"></span>evel of </span></span></span>count<span class=\"_ _0\"></span>erparty<span class=\"_ _0\"></span> risk<span class=\"_ _0\"></span> is lim<span class=\"_ _0\"></span>ited b<span class=\"_ _0\"></span>y the <span class=\"_ _0\"></span>large<span class=\"_ _0\"></span> number<span class=\"_ _0\"></span> of cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>rs. For<span class=\"_ _0\"></span> larg<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-<span class=\"ls4b ws28a\">scale </span></span>infra<span class=\"_ _0\"></span>structu<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>tracts,<span class=\"_ _0\"></span> DEME i<span class=\"_ _0\"></span>s depen<span class=\"_ _0\"></span>dent on th<span class=\"_ _9f\"></span>e ability of<span class=\"_ _0\"></span> custo<span class=\"_ _0\"></span>mers to o<span class=\"_ _0\"></span>btain<span class=\"_ _9f\"></span> financing and can, if n<span class=\"_ _0\"></span>ecessary, help to o<span class=\"_ _0\"></span>rganize project financing. Al<span class=\"_ _0\"></span>though the credit <span class=\"_ _0\"></span>risk can<span class=\"_ _0\"></span>not be ru<span class=\"_ _0\"></span>led ou<span class=\"_ _0\"></span>t altog<span class=\"_ _0\"></span>ether, i<span class=\"_ _0\"></span>t is still <span class=\"_ _0\"></span>limited<span class=\"_ _0\"></span>. Moreov<span class=\"_ _0\"></span>er, as <span class=\"_ _0\"></span>a worldw<span class=\"_ _0\"></span>ide playe<span class=\"_ _0\"></span>r, DEME i<span class=\"_ _0\"></span>s expose<span class=\"_ _0\"></span>d to po<span class=\"_ _0\"></span>litical ri<span class=\"_ _0\"></span>sks and neg<span class=\"_ _9f\"></span>ative develo<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span>s that may man<span class=\"_ _9f\"></span>ifest thems<span class=\"_ _0\"></span>elves at th<span class=\"ls30 ws1e9\">e ma<span class=\"_ _0\"></span>croec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic level. <span class=\"ls1 ws1\"> </span></span>The cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk of <span class=\"ff3b ls58 ws2e3\">Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span></span></span><span class=\"ls35 ws1ec\">, p<span class=\"_ _0\"></span>rimari<span class=\"_ _0\"></span>ly activ<span class=\"_ _0\"></span>e in Vi<span class=\"_ _0\"></span>etnam, <span class=\"_ _0\"></span>is limi<span class=\"_ _0\"></span>ted by a<span class=\"_ _0\"></span>dvanc<span class=\"_ _0\"></span>es </span>received on the sale of acquired r<span class=\"_ _0\"></span>ights over developed sites (indust<span class=\"_ _0\"></span>rial zones) and by the monthly invoicing and th<span class=\"_ _0\"></span>e wide spread of customers when prov<span class=\"_ _0\"></span>iding utilities, mainten<span class=\"_ _9f\"></span>ance and m<span class=\"_ _0\"></span>anage<span class=\"_ _0\"></span>ment se<span class=\"_ _0\"></span>rvices <span class=\"_ _0\"></span>in thos<span class=\"_ _0\"></span>e indus<span class=\"_ _0\"></span>trial <span class=\"_ _0\"></span>zones.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>For the cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk regard<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e loan por<span class=\"_ _0\"></span>tfolio o<span class=\"_ _0\"></span>f <span class=\"ff3b ls3f ws26c\">Bank V<span class=\"_ _0\"></span>an Bred<span class=\"_ _0\"></span>a<span class=\"ff3a ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws207\">we refer to t<span class=\"_ _0\"></span>he </span></span></span>credit ri<span class=\"_ _0\"></span>sk policy a<span class=\"_ _0\"></span>s <span class=\"ls1 ws1ed\">described in <span class=\"_ _3\"></span><span class=\"ws1\">N<span class=\"ls31 ws1ea\">ote<span class=\"_ _3\"></span> 1</span>4.</span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws1eb\">aim<span class=\"_ _9f\"></span>s at a good sp<span class=\"_ _0\"></span>read both<span class=\"_ _0\"></span> in term<span class=\"_ _0\"></span>s of the n<span class=\"_ _0\"></span>umber of<span class=\"_ _0\"></span> tenan<span class=\"_ _0\"></span>ts and th<span class=\"_ _0\"></span>e </span></span>sector<span class=\"_ _0\"></span>s in whi<span class=\"_ _0\"></span>ch thes<span class=\"_ _0\"></span>e tenan<span class=\"_ _0\"></span>ts are act<span class=\"_ _0\"></span>ive in ord<span class=\"_ _0\"></span>er to lim<span class=\"_ _0\"></span>it the ri<span class=\"_ _0\"></span>sk of bad d<span class=\"_ _0\"></span>ebts an<span class=\"_ _0\"></span>d bankruptcies by te<span class=\"_ _0\"></span>nants. Furthermore, <span class=\"_ _0\"></span>the solvency of the tenan<span class=\"_ _0\"></span>ts is screened on <span class=\"_ _0\"></span>a regula<span class=\"_ _0\"></span>r basi<span class=\"_ _0\"></span>s by <span class=\"ls1 ws1ef\">an ex<span class=\"_ _0\"></span>ternal rating agenc<span class=\"_ _0\"></span>y, and long<span class=\"ws1\">-<span class=\"ls30 ws2c0\">term<span class=\"_ _0\"></span> lea<span class=\"_ _0\"></span>se agr<span class=\"_ _0\"></span>eement<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e </span></span></span>sought<span class=\"_ _0\"></span> to <span class=\"_ _0\"></span>ensure a<span class=\"_ _0\"></span> recu<span class=\"_ _0\"></span>rrent r<span class=\"_ _0\"></span>ental<span class=\"_ _0\"></span> incom<span class=\"_ _0\"></span>e flow<span class=\"_ _0\"></span> and in<span class=\"_ _9f\"></span>crease th<span class=\"_ _0\"></span>e dura<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e agreem<span class=\"_ _0\"></span>ents.<span class=\"_ _0\"></span> In the re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e devel<span class=\"_ _0\"></span>opmen<span class=\"_ _0\"></span>t activ<span class=\"_ _0\"></span>ity an ex<span class=\"_ _0\"></span>tensiv<span class=\"_ _9f\"></span>e analysis<span class=\"_ _0\"></span> of the related technical, legal and financial ri<span class=\"_ _0\"></span>sks is made, prior to t<span class=\"_ _3\"></span>he s<span class=\"_ _0\"></span>igning of a new projec<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Agidens<span class=\"ff3a\"> <span class=\"_ _9\"> </span><span class=\"ls25 ws1ff\">mana<span class=\"_ _0\"></span>ges it<span class=\"_ _0\"></span>s debto<span class=\"_ _0\"></span>r risk i<span class=\"_ _0\"></span>n acco<span class=\"_ _0\"></span>rdanc<span class=\"_ _0\"></span>e with <span class=\"_ _0\"></span>the rel<span class=\"_ _0\"></span>evant po<span class=\"_ _9f\"></span>licy, </span></span>procedures and checks that have been set out by the group. Outstanding<span class=\"_ _0\"></span> receivables are periodi<span class=\"_ _0\"></span>cally monitored, and l<span class=\"_ _0\"></span>a<span class=\"ls34 ws1ea\">r<span class=\"_ _3\"></span>ge</span><span class=\"ws1\">-<span class=\"ls25 ws249\">scale pro<span class=\"_ _0\"></span>jects ar<span class=\"_ _0\"></span>e genera<span class=\"_ _0\"></span>lly </span></span>cover<span class=\"_ _0\"></span>ed by bank or oth<span class=\"_ _0\"></span>er similar gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ees. The sa<span class=\"_ _0\"></span>me applie<span class=\"_ _0\"></span>s to <span class=\"ff3b ls49 ws2bd\">Bio<span class=\"_ _3\"></span>lectric</span><span class=\"ls1 ws1\">. </span>In<span class=\"_ _3\"></span> the <span class=\"ff3b ls25 ws2e4\">AvH &amp; G<span class=\"_ _0\"></span>rowth Capi<span class=\"_ _9f\"></span>tal<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws1f3\">segme<span class=\"_ _0\"></span>nt the group invest<span class=\"_ _0\"></span>s for the long t<span class=\"_ _0\"></span>erm in </span></span></span>companies with int<span class=\"_ _0\"></span>ernational growth pot<span class=\"_ _0\"></span>ential. Th<span class=\"ls33 ws1f9\">e diver<span class=\"_ _3\"></span>sified<span class=\"_ _3\"></span> characte<span class=\"_ _3\"></span>r of the<span class=\"_ _3\"></span>se </span>investments contribu<span class=\"_ _0\"></span>tes to a balanced spread of the econom<span class=\"_ _0\"></span>ic and financial risks.<span class=\"_ _0\"></span> Furthermore, AvH usu<span class=\"_ _0\"></span>ally finances these investm<span class=\"_ _0\"></span>ents with shareholders\u2019 equi<span class=\"_ _0\"></span>ty.(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>134,544<span class=\"ls1 ws1\"> </span>2,050<span class=\"ls1 ws1\"> </span>13,255<span class=\"ls1 ws1\"> </span>0 27,813<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,976</span> 158,687<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>85,009<span class=\"ls1 ws1\"> </span>3,716<span class=\"ls1 ws1\"> </span>51,312<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>6,970<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 146,332<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>570,349<span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>39,665<span class=\"ls1 ws1\"> </span>0 19,810<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> 628,710<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>662,973<span class=\"ls1 ws1\"> </span>5,822<span class=\"ls1 ws1\"> </span>100,964<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>51,712<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,895</span> 800,652<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>29,707<span class=\"ls1 ws1\"> </span>0 657<span class=\"ls1 ws1\"> </span>0 2,121<span class=\"ls1 ws1\"> </span>0 32,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>19,093<span class=\"ls1 ws1\"> </span>0 1,838<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>0 21,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>17,968<span class=\"ls1 ws1\"> </span>0 674<span class=\"ls1 ws1\"> </span>0 304<span class=\"ls1 ws1\"> </span>0 18,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>60,162<span class=\"ls1 ws1\"> </span>0 100<span class=\"ls1 ws1\"> </span>0 207<span class=\"ls1 ws1\"> </span>0 60,469<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">4,724</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">15,709</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">117</span> 0 -<span class=\"ls29 ws1e1\">43</span> 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,140</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,042</span> 0 -<span class=\"ls29 ws1e1\">1,905</span> 0 -<span class=\"ls29 ws1e1\">94</span> 0 -<span class=\"ls29 ws1e1\">43,041</span> -<span class=\"ls27 ws1df\">45,883</span> 0 -<span class=\"ls27 ws1df\">1,948</span> 0 -<span class=\"ls27 ws1df\">13,059</span> 0 -<span class=\"ls27 ws1df\">60,890</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets -<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> <span class=\"_ _1b7\"> </span><span class=\"fc22 ls29 ws1e1\">170,404</span><span class=\"fc22\"> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,579</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,910</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">43,821</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">34,840</span> </span>189,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>56,026<span class=\"ls1 ws1\"> </span>11,231<span class=\"ls1 ws1\"> </span>52,849<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>7,698<span class=\"ls1 ws1\"> </span>0 127,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>683,217<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>15,371<span class=\"ls1 ws1\"> </span>0 21,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 719,214<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>721,903<span class=\"ls1 ws1\"> </span>13,858<span class=\"ls1 ws1\"> </span>73,268<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>68,541<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,102</span> 841,536<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>48,354<span class=\"ls1 ws1\"> </span>0 650<span class=\"ls1 ws1\"> </span>0 3,017<span class=\"ls1 ws1\"> </span>0 52,021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>51,388<span class=\"ls1 ws1\"> </span>0 405<span class=\"ls1 ws1\"> </span>0 497<span class=\"ls1 ws1\"> </span>0 52,290<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>40,792<span class=\"ls1 ws1\"> </span>0 1,457<span class=\"ls1 ws1\"> </span>0 438<span class=\"ls1 ws1\"> </span>0 42,688<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>47,210<span class=\"ls1 ws1\"> </span>0 350<span class=\"ls1 ws1\"> </span>0 866<span class=\"ls1 ws1\"> </span>0 48,425<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">5,229</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">16,213</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">212</span> 0 0 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,192</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,203</span> 0 -<span class=\"ls29 ws1e1\">821</span> 0 -<span class=\"ls29 ws1e1\">50</span> 0 -<span class=\"ls29 ws1e1\">37,074</span> -<span class=\"ls27 ws1df\">41,644</span> 0 -<span class=\"ls27 ws1df\">821</span> 0 -<span class=\"ls27 ws1df\">13,016</span> 0 -<span class=\"ls27 ws1df\">55,480</span> Marin<span class=\"_ _0\"></span>e Engin<span class=\"_ _0\"></span>eering<span class=\"_ _0\"></span> &amp; Contr<span class=\"_ _0\"></span>acting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">Financial fixed assets: receivables and warrantie<span class=\"_ _0\"></span>s: loans granted to participating </span></span>interests include a.o. financing granted b<span class=\"_ _0\"></span>y DEME and Green Offshore to their respe<span class=\"_ _0\"></span>ctive pa<span class=\"_ _0\"></span>rticip<span class=\"_ _0\"></span>ating int<span class=\"_ _0\"></span>erest<span class=\"_ _0\"></span>s active i<span class=\"_ _0\"></span>n the dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _0\"></span>t/ope<span class=\"_ _0\"></span>ration of<span class=\"_ _0\"></span> the Re<span class=\"_ _3\"></span>ntel<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> SeaM<span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ws1f6\">wind f<span class=\"_ _0\"></span>arms, and <span class=\"ls25 ws1eb\">by CF<span class=\"_ _0\"></span>E to rea<span class=\"_ _0\"></span>l estat<span class=\"_ _0\"></span>e proj<span class=\"_ _0\"></span>ect comp<span class=\"_ _0\"></span>anies. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Trade receivables in this segm<span class=\"_ _0\"></span>ent account for 9<span class=\"ws1\">5<span class=\"ls25 ws1eb\">% of<span class=\"_ _0\"></span> total<span class=\"_ _0\"></span> trade r<span class=\"_ _0\"></span>eceiva<span class=\"_ _0\"></span>bles. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>Overdue receivables in contracting main<span class=\"_ _0\"></span>ly relate to settlements and additional ch<span class=\"_ _3\"></span>arge<span class=\"_ _3\"></span>s, b<span class=\"_ _3\"></span>ut whi<span class=\"_ _3\"></span>ch st<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span> have t<span class=\"_ _3\"></span>o be <span class=\"ls1 ws1f6\">included in the budge<span class=\"_ _0\"></span>ts or are to b<span class=\"_ _0\"></span>e covered b<span class=\"_ _0\"></span>y </span>an overall agre<span class=\"_ _0\"></span>ement. CFE and DEME <span class=\"_ _0\"></span>have a number of n<span class=\"_ _0\"></span>egotiations and/or procedures pending.<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">Overdue re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les (mo<span class=\"_ _0\"></span>stly attr<span class=\"_ _0\"></span>ibutab<span class=\"_ _0\"></span>le to DE<span class=\"_ _0\"></span>ME) are ma<span class=\"_ _0\"></span>inly<span class=\"_ _0\"></span> </span></span>covered by Credendo<span class=\"ls40 ws218\">. <span class=\"_ _24\"></span></span>Expected losses on construction co<span class=\"ls33 ws224\">ntracts ar<span class=\"_ _3\"></span>e adequa<span class=\"_ _3\"></span>tely </span>recorded in the balance s<span class=\"_ _0\"></span>heet item \u2018Construction contrac<span class=\"_ _0\"></span>ts\u2019 (Note 1<span class=\"ws1\">5<span class=\"ls46 ws266\">). </span> </span>The turnover of<span class=\"_ _0\"></span> Rent<span class=\"ws1\">-A-<span class=\"ls25 ws215\">Port,<span class=\"_ _0\"></span> prima<span class=\"_ _0\"></span>rily activ<span class=\"_ _0\"></span>e in Vietn<span class=\"_ _0\"></span>am, deriv<span class=\"_ _9f\"></span>es <span class=\"_ _3\"></span>fro<span class=\"_ _0\"></span>m (i) the sa<span class=\"_ _0\"></span>le </span></span>of acqu<span class=\"_ _0\"></span>ired rig<span class=\"_ _0\"></span>hts ov<span class=\"_ _0\"></span>er dev<span class=\"_ _0\"></span>eloped <span class=\"_ _0\"></span>sites <span class=\"_ _0\"></span>(indus<span class=\"_ _0\"></span>trial zo<span class=\"_ _0\"></span>nes), (<span class=\"_ _0\"></span>ii) the p<span class=\"_ _9f\"></span>rovisio<span class=\"ls4a ws2e1\">n of </span>utilities (electricity and wa<span class=\"_ _0\"></span>ter) and (iii) of maintenance and <span class=\"_ _0\"></span>management service<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se indu<span class=\"_ _0\"></span>strial zo<span class=\"_ _0\"></span>nes: <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fa\">The comp<span class=\"_ _0\"></span>ensatio<span class=\"_ _0\"></span>n for the sale of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d rights ov<span class=\"_ _0\"></span>er develop<span class=\"_ _0\"></span>ed site<span class=\"_ _0\"></span>s, usually<span class=\"_ _0\"></span> </span></span>varying from 40 to 50 years, is largely paid in advance (80% <span class=\"_ _0\"></span>to 100%) by the custo<span class=\"_ _0\"></span>mers of<span class=\"_ _0\"></span> the Ren<span class=\"_ _9f\"></span>t<span class=\"ls1 ws1\">-<span class=\"_ _3\"></span>A-</span>Po<span class=\"_ _0\"></span>rt grou<span class=\"_ _9f\"></span>p. Once the<span class=\"_ _0\"></span> land i<span class=\"_ _0\"></span>s del<span class=\"_ _0\"></span>ivered<span class=\"_ _0\"></span> to the c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er, the ri<span class=\"_ _0\"></span>sks and <span class=\"_ _0\"></span>reward<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e land u<span class=\"_ _0\"></span>se righ<span class=\"_ _0\"></span>ts are t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">The charges for th<span class=\"_ _0\"></span>e provision of ut<span class=\"_ _0\"></span>ilities, maintenance and m<span class=\"_ _0\"></span>anagement servic<span class=\"_ _0\"></span>es </span></span>are invoiced on a<span class=\"ws1\"> </span>m<span class=\"_ _3\"></span>onth<span class=\"_ _0\"></span>ly basis, and giv<span class=\"_ _0\"></span>en the wide spread of c<span class=\"_ _0\"></span>ustomers, the credit ri<span class=\"_ _0\"></span>sk is <span class=\"_ _3\"></span>fa<span class=\"_ _0\"></span>irly limit<span class=\"_ _0\"></span>ed. <span class=\"ls1 ws1\"> </span>Priv<span class=\"_ _0\"></span>ate Ban<span class=\"_ _9f\"></span>king<span class=\"ls1 ws1\"> </span>We ref<span class=\"_ _0\"></span>er to <span class=\"_ _0\"></span>Note 1<span class=\"ls1 ws1\">4 <span class=\"ls46 ws266\">for </span><span class=\"ws1ed\">more details regarding the credit risk of Bank Va<span class=\"_ _3\"></span>n Breda.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>Real Es<span class=\"_ _9f\"></span>tate &amp; Seni<span class=\"_ _0\"></span>or C<span class=\"_ _0\"></span>are<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws20a\">The othe<span class=\"_ _0\"></span>r receiv<span class=\"_ _0\"></span>ables re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e advan<span class=\"_ _0\"></span>ces that N<span class=\"_ _0\"></span>extensa g<span class=\"_ _9f\"></span>rants to its r<span class=\"_ _0\"></span>eal </span></span>estat<span class=\"_ _0\"></span>e projec<span class=\"_ _0\"></span>t comp<span class=\"_ _0\"></span>anies.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">Refer<span class=\"_ _0\"></span>ring to <span class=\"_ _0\"></span>the abov<span class=\"_ _9f\"></span>e descrip<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the cred<span class=\"_ _0\"></span>it ri<span class=\"_ _0\"></span>sk mana<span class=\"_ _0\"></span>gemen<span class=\"_ _0\"></span>t, under<span class=\"_ _0\"></span> norma<span class=\"_ _9f\"></span>l </span></span>circum<span class=\"_ _0\"></span>stance<span class=\"_ _0\"></span>s the impa<span class=\"_ _0\"></span>irments on tr<span class=\"_ _0\"></span>ade rec<span class=\"_ _0\"></span>eivable<span class=\"_ _0\"></span>s are limit<span class=\"_ _0\"></span>ed at Nexten<span class=\"_ _0\"></span>sa.<span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l and Inter<span class=\"_ _3\"></span>com<span class=\"ws205\">pany elim<span class=\"_ _3\"></span>inations</span><span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">the full consolidation of Agiden<span class=\"_ _0\"></span>s and Biolectric Gr<span class=\"ws1\">oup <span class=\"_ _0\"></span><span class=\"ls25 ws207\">with th<span class=\"_ _0\"></span>eir resp<span class=\"_ _9f\"></span>ective trad<span class=\"_ _9f\"></span>e </span></span></span></span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f2\">financing provided by Av<span class=\"_ _0\"></span>H &amp; subholdings<span class=\"_ _0\"></span> to, among others, G<span class=\"_ _0\"></span>reen Offshore in </span></span>the context of the development of th<span class=\"_ _0\"></span>e Rentel and SeaMade wind farm<span class=\"_ _0\"></span><span class=\"ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f5\">and to </span></span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-</span><span class=\"ws1f5\">Po<span class=\"_ _3\"></span>rt (<span class=\"ls40 ws205\">de<span class=\"_ _3\"></span>velopmen<span class=\"_ _0\"></span>t <span class=\"_ _3\"></span>of port<span class=\"ls1 ws1\">-<span class=\"ls33 ws1eb\">related<span class=\"_ _3\"></span> indust<span class=\"_ _3\"></span>rial <span class=\"_ _3\"></span>zones <span class=\"_ _3\"></span><span class=\"ls35 ws1ec\">in<span class=\"_ _0\"></span> Vietnam)<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> <span class=\"ls34 ws1f5\">h<span class=\"_ _3\"></span>as be<span class=\"_ _3\"></span>en </span></span></span></span></span></span></span>elimin<span class=\"_ _0\"></span>ated in <span class=\"_ _0\"></span>the con<span class=\"_ _0\"></span>solidatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>In 2022, no customer acc<span class=\"_ _0\"></span>ounted for more than 10<span class=\"_ _0\"></span>% of group revenue.<span class=\"ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Liquidity risk<span class=\"_ _3\"></span> and capita<span class=\"_ _3\"></span>l <span class=\"ls26 ws1dc\">manag<span class=\"_ _0\"></span>ement<span class=\"ls1 ws1\"> </span></span></span>The financial debts, aft<span class=\"_ _0\"></span>er intercompany elimination, re<span class=\"_ _0\"></span>late to the following segmen<span class=\"_ _0\"></span>ts:<span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b8\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _1b9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net financial Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net <span class=\"ls2b ws1dd\">fina<span class=\"_ _3\"></span>ncial </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>278,640<span class=\"ls1 ws1\"> </span>1,016,861<span class=\"ls1 ws1\"> </span>601,511<span class=\"ls1 ws1\"> </span>529,567<span class=\"ls1 ws1\"> </span>721,091<span class=\"ls1 ws1\"> </span>524,132<span class=\"ls1 ws1\"> </span>Private Banking (IFRS 16 leases)<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>4,854<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">17,048</span> 2,516<span class=\"ls1 ws1\"> </span>5,673<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,173</span> Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>117,668<span class=\"ls1 ws1\"> </span>634,932<span class=\"ls1 ws1\"> </span>721,493<span class=\"ls1 ws1\"> </span>383,659<span class=\"ls1 ws1\"> </span>700,141<span class=\"ls1 ws1\"> </span>1,010,472<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">642</span> 0 0 -<span class=\"ls29 ws1e1\">576</span> AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>3,735<span class=\"ls1 ws1\"> </span>10,026<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">396,956</span> 46,727<span class=\"ls1 ws1\"> </span>11,970<span class=\"ls1 ws1\"> </span>20,759<span class=\"ls1 ws1\"> </span>Intercompany<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">750</span> -<span class=\"ls29 ws1e1\">18,976</span> -<span class=\"ls29 ws1e1\">19,726</span> Total<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,631,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,419,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>DEME<span class=\"_ _3\"></span><span class=\"ff3a ls1 ws1f5\">\u2019s liquid<span class=\"_ _0\"></span>ity risk is limited by sp<span class=\"_ _0\"></span>reading the financing ov<span class=\"_ _0\"></span>er several banks an<span class=\"_ _0\"></span>d </span>by pref<span class=\"_ _0\"></span>erenc<span class=\"_ _0\"></span>e over th<span class=\"_ _0\"></span>e long te<span class=\"_ _0\"></span>rm. DE<span class=\"_ _0\"></span>ME has ma<span class=\"_ _0\"></span>jor cred<span class=\"_ _0\"></span>it and gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>e line<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> a whole string <span class=\"ls25 ws232\">of int<span class=\"_ _0\"></span>ernat<span class=\"_ _0\"></span>ional ban<span class=\"_ _9f\"></span>ks. Certain<span class=\"_ _0\"></span> ratio<span class=\"_ _0\"></span>s (coven<span class=\"_ _0\"></span>ants) w<span class=\"_ _0\"></span>ere agre<span class=\"_ _0\"></span>ed in<span class=\"_ _0\"></span> </span>the loan ag<span class=\"ls25 ws1eb\">re<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s with <span class=\"_ _0\"></span>the rel<span class=\"_ _0\"></span>evant b<span class=\"_ _0\"></span>anks w<span class=\"_ _0\"></span>hich D<span class=\"_ _0\"></span>EME mu<span class=\"_ _0\"></span>st ob<span class=\"_ _0\"></span>serve. Th<span class=\"_ _9f\"></span>is was<span class=\"_ _0\"></span> </span>the ca<span class=\"_ _0\"></span>se at<span class=\"_ _0\"></span> year en<span class=\"_ _9f\"></span>d 202<span class=\"ls1 ws1\">2<span class=\"ls33 ws1f9\">. In additi<span class=\"_ _3\"></span>on, it ha<span class=\"_ _3\"></span>s a comme<span class=\"_ _3\"></span>rcial pa<span class=\"_ _3\"></span>per prog<span class=\"_ _3\"></span>ramme to </span></span>cover<span class=\"_ _0\"></span> short<span class=\"ls1 ws1\">-<span class=\"ws1f2\">t<span class=\"_ _0\"></span>erm financial needs. D<span class=\"_ _0\"></span>EME predominantly inve<span class=\"_ _0\"></span>sts in equipment with<span class=\"_ _0\"></span> </span></span>a long lif<span class=\"_ _9f\"></span>e which is dep<span class=\"_ _0\"></span>recia<span class=\"_ _0\"></span>ted over s<span class=\"_ _0\"></span>everal y<span class=\"_ _0\"></span>ears. F<span class=\"_ _0\"></span>or that r<span class=\"_ _0\"></span>eason, D<span class=\"_ _0\"></span>EME see<span class=\"_ _0\"></span>ks to schedu<span class=\"_ _0\"></span>le a sub<span class=\"_ _9f\"></span>stantial <span class=\"_ _0\"></span>part of i<span class=\"_ _0\"></span>ts deb<span class=\"_ _0\"></span>t<span class=\"ws1fa\">s over a long te<span class=\"_ _0\"></span>rm. <span class=\"ls33 ws23a\">DEME c<span class=\"_ _3\"></span>onvert<span class=\"_ _3\"></span>ed all its </span></span>long<span class=\"ls1 ws1\">-<span class=\"ws1f2\">term financing <span class=\"_ _0\"></span>into sustainability<span class=\"ws1\">-<span class=\"ls34 ws1f7\">linke<span class=\"_ _3\"></span>d loa<span class=\"_ _3\"></span>ns i<span class=\"_ _3\"></span>n Febr<span class=\"_ _3\"></span>uar<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _3\"></span><span class=\"ls49 ws2bd\">(we <span class=\"_ _3\"></span><span class=\"ls33 ws1f9\">refer to </span></span></span></span></span>the susta<span class=\"_ _0\"></span>inabil<span class=\"_ _0\"></span>ity repo<span class=\"_ _0\"></span>rt p.<span class=\"ls1 ws1\"> <span class=\"ls24 ws1da\">69 </span></span><span class=\"ws1eb\">for mo<span class=\"_ _9f\"></span>re details<span class=\"ls46 ws266\">).<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>CFE<span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls25 ws245\">financ<span class=\"_ _9f\"></span>es its con<span class=\"_ _0\"></span>structio<span class=\"_ _0\"></span>n and r<span class=\"_ _0\"></span>eal esta<span class=\"_ _0\"></span>te dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _9f\"></span>t activitie<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> ban<span class=\"_ _0\"></span>k </span></span>lo<span class=\"_ _3\"></span>ans<span class=\"ls39 ws248\">,<span class=\"_ _3\"></span> medium<span class=\"_ _3\"></span> term notes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls42 ws2e5\">an<span class=\"_ _0\"></span>d comme<span class=\"_ _0\"></span>rcial pape<span class=\"_ _0\"></span>r. <span class=\"ls1 ws1ef\">During the second qua<span class=\"_ _0\"></span>rter of </span></span></span></span>2022, CFE set up new credit lines that <span class=\"_ _0\"></span>incorporate sustainability criter<span class=\"_ _0\"></span>ia. The bond of 30 millio<span class=\"_ _0\"></span>n euros th<span class=\"_ _0\"></span>at matu<span class=\"_ _0\"></span>red at year<span class=\"ls1 ws1\">-<span class=\"ws1f2\">end 2022<span class=\"_ _0\"></span> was repaid by <span class=\"_ _0\"></span>BPI, CFE\u2019s real </span></span>estat<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lopm<span class=\"ls25 ws1db\">en<span class=\"_ _0\"></span>t subsid<span class=\"_ _0\"></span>iary<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span></span>Both DEME and CFE had a substantial cash position (c<span class=\"_ _0\"></span>ash and cash equivalents) at<span class=\"_ _3\"></span> year<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 202</span>2. </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls53 ws23d\">Ren<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span><span class=\"ff3a\"> <span class=\"_ _4\"></span><span class=\"ws233\">group is financed primarily by equity, ban<span class=\"_ _0\"></span>k and s<span class=\"_ _3\"></span>har<span class=\"_ _0\"></span>eholder </span></span></span></span>loans. Infra Asia Investmen<span class=\"_ _0\"></span>t Hong Kong entered into a new roll<span class=\"ws1\">-<span class=\"ls39 ws204\">over <span class=\"ls52 ws237\">fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y fo<span class=\"_ _3\"></span>r a </span></span></span>total amo<span class=\"_ _0\"></span>unt of 3<span class=\"_ _0\"></span>5 million U<span class=\"_ _0\"></span>SD (in <span class=\"_ _0\"></span>additio<span class=\"_ _0\"></span>n to the ex<span class=\"_ _0\"></span>isting 10 m<span class=\"_ _9f\"></span>illion USD),<span class=\"_ _0\"></span> replacing the 29,2 mi<span class=\"_ _0\"></span>llion euros and 1,8 million U<span class=\"_ _0\"></span>SD bond loans which we<span class=\"_ _0\"></span>re redeemed early per 3 May 2022.<span class=\"ls1 ws1\"> </span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ls25 ws208\">Port in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>ed its sta<span class=\"_ _0\"></span>ke in IAI<span class=\"_ _0\"></span> by 3<span class=\"ls54 ws279\">2.6</span>% to 94% in th<span class=\"_ _0\"></span>e first q<span class=\"_ _0\"></span>uarte<span class=\"_ _0\"></span>r of 202<span class=\"_ _0\"></span>2. </span></span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ws1f8\">Port paid for this tr<span class=\"_ _3\"></span>ansact<span class=\"_ _0\"></span>ion at t<span class=\"_ _3\"></span>he beginning of July 2022 thanks to </span></span>additional shareholder lo<span class=\"_ _0\"></span>ans from AvH and CFE.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>s <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">the ne<span class=\"_ _0\"></span>cessary<span class=\"_ _0\"></span> long<span class=\"ls1 ws1\">-<span class=\"ws220\">ter<span class=\"_ _0\"></span>m credit facilities and backup lines for its </span></span></span></span>commercial paper to cove<span class=\"ls25 ws27e\">r prese<span class=\"_ _0\"></span>nt and<span class=\"_ _0\"></span> future in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent need<span class=\"_ _0\"></span>s. Thos<span class=\"_ _0\"></span>e credi<span class=\"_ _0\"></span>t </span>facilities and backu<span class=\"_ _0\"></span>p lines serve to hedg<span class=\"_ _0\"></span>e the financing risk. Th<span class=\"_ _0\"></span>e liquidity risk is<span class=\"_ _0\"></span> limited by having the financing sp<span class=\"_ _0\"></span>read over several financial counterpar<span class=\"_ _0\"></span>ties and by tapping various sources of funding,<span class=\"ws1\"> <span class=\"ls35 ws1f0\">as we<span class=\"_ _0\"></span>ll as by dive<span class=\"_ _0\"></span>rsifying th<span class=\"_ _9f\"></span>e e<span class=\"_ _3\"></span>xp<span class=\"_ _0\"></span>iration<span class=\"_ _0\"></span> dates<span class=\"_ _0\"></span> </span></span>of <span class=\"ls25 ws1eb\">the cre<span class=\"_ _0\"></span>dit faci<span class=\"_ _0\"></span>lities.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span></span>On Nov<span class=\"_ _0\"></span>ember 2<span class=\"_ _0\"></span>0, 201<span class=\"_ _0\"></span>9, N<span class=\"_ _0\"></span>extens<span class=\"_ _0\"></span>a clo<span class=\"_ _0\"></span>sed a p<span class=\"_ _0\"></span>rivat<span class=\"_ _0\"></span>e plac<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>of bon<span class=\"_ _0\"></span>ds with<span class=\"_ _0\"></span> seven<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-</span>year maturity and a fix<span class=\"_ _0\"></span>ed annual coupon of<span class=\"_ _0\"></span> 1.95% for an amount of 100<span class=\"_ _0\"></span> million euros (<span class=\"_ _0\"></span>with a fin<span class=\"_ _9f\"></span>al matu<span class=\"ls24 ws214\">rity on November 28, 2026). Its subsidiary, Extensa Group, </span>had previously closed two pr<span class=\"_ _0\"></span>ivate placements for an amoun<span class=\"_ _0\"></span>t of 45 million euros (fixed<span class=\"_ _0\"></span> interes<span class=\"_ _0\"></span>t rate of 3<span class=\"_ _0\"></span>.00% <span class=\"ls1 ws1ed\">and fully repaid on maturity date <span class=\"ls24 ws21b\">June 29, 2022) and </span></span>of 40 million <span class=\"_ _0\"></span>euros (fixed interest<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ls24 ws218\">rate 3.38% and maturing on Jun<span class=\"_ _0\"></span>e 5, 2024). The </span></span>am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>ts dr<span class=\"_ _3\"></span>awn do<span class=\"_ _3\"></span>wn o<span class=\"_ _3\"></span>n the bi<span class=\"_ _3\"></span>lat<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>l bank<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>ns wer<span class=\"_ _3\"></span>e 4<span class=\"ls24 ws1da\">91.5<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span></span>mill<span class=\"_ _3\"></span>ion e<span class=\"_ _3\"></span>uro<span class=\"_ _3\"></span>s in t<span class=\"_ _3\"></span>he long term and <span class=\"ls24 ws1da\">44.5 <span class=\"ls25 ws1eb\">mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros in<span class=\"_ _0\"></span> the sho<span class=\"_ _0\"></span>rt term a<span class=\"_ _0\"></span>t year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 202</span>2. </span></span></span>The financial debts reported by <span class=\"_ _0\"></span>the AvH &amp; Growth Capital segm<span class=\"ls25 ws236\">en<span class=\"_ _0\"></span>t are <span class=\"ls33 ws1f0\">entirely<span class=\"ls1 ws1\"> </span></span></span>attribu<span class=\"_ _0\"></span>table<span class=\"_ _0\"></span> to <span class=\"ff3b ls1 ws1\">Agidens<span class=\"ff3a\"> <span class=\"_ _3\"></span><span class=\"ls34 ws1ea\">an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span></span></span><span class=\"ls49 ws23c\">Biole<span class=\"_ _3\"></span>ctric Grou<span class=\"_ _3\"></span>p</span></span><span class=\"ls30\">. Th<span class=\"_ _9f\"></span>e debts of<span class=\"_ _0\"></span> Agid<span class=\"_ _0\"></span>ens rel<span class=\"_ _0\"></span>ate t<span class=\"_ _0\"></span>o </span>the financing of the main bu<span class=\"_ _0\"></span>ilding, the leases of ca<span class=\"_ _0\"></span>rs and a straight loan regarding<span class=\"_ _0\"></span> workin<span class=\"_ _0\"></span>g capita<span class=\"_ _0\"></span>l manage<span class=\"_ _0\"></span>ment. Th<span class=\"_ _0\"></span>e financia<span class=\"_ _0\"></span>l debts of<span class=\"_ _0\"></span> Biolect<span class=\"_ _0\"></span>ric relat<span class=\"_ _0\"></span>e to its<span class=\"_ _0\"></span> headquarters, the acquisition loan, i<span class=\"_ _0\"></span>ts working capital and th<span class=\"ls35 ws223\">e bioga<span class=\"_ _0\"></span>s insta<span class=\"_ _0\"></span>llation<span class=\"_ _0\"></span>s </span>that re<span class=\"_ _0\"></span>main in o<span class=\"_ _0\"></span>wnersh<span class=\"_ _0\"></span>ip of Bio<span class=\"_ _0\"></span>lect<span class=\"_ _0\"></span>ric so to<span class=\"_ _0\"></span> operat<span class=\"_ _0\"></span>e them and to<span class=\"_ _0\"></span> sell t<span class=\"_ _0\"></span>he elect<span class=\"_ _0\"></span>ricit<span class=\"_ _0\"></span>y produced to farmers. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>Thanks to the divestments realised in 2022<span class=\"_ _0\"></span> (Manuchar and Anima), the commercial paper programme was fully repaid, and <span class=\"ff3b ls6a ws215\">AvH (an<span class=\"ls1 ws237\">d s<span class=\"_ _0\"></span>ubholdings)<span class=\"ff3a ws1\"> <span class=\"ws1f5\">has a net cash </span></span></span></span>position of 498.7 million euros<span class=\"ls1 ws1\"> <span class=\"_ _7\"> </span><span class=\"ls25 ws1fc\">(see No<span class=\"_ _0\"></span>te <span class=\"ls1 ws21f\">6. Segment informa<span class=\"_ _0\"></span>tion Cash flow </span></span></span>state<span class=\"_ _0\"></span>ment<span class=\"ls1 ws1\"> </span><span class=\"ws1eb\">fo<span class=\"_ _0\"></span>r more d<span class=\"_ _0\"></span>etail<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span></span>AvH disposes of conf<span class=\"_ _0\"></span>irmed credit lines (2<span class=\"_ _0\"></span>80 million euros), spr<span class=\"_ _0\"></span>ead over different banks.  Severa<span class=\"_ _0\"></span>l fully<span class=\"_ _0\"></span> consol<span class=\"_ _0\"></span>idated co<span class=\"_ _0\"></span>mpa<span class=\"ls34 ws1f2\">nies ha<span class=\"_ _3\"></span>ve a<span class=\"_ _3\"></span>gree<span class=\"_ _3\"></span>d on ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain ra<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>s (co<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>nants<span class=\"_ _3\"></span>) in </span>their credit agreem<span class=\"_ _0\"></span>ents and these were respected end on D<span class=\"_ _0\"></span>ecember, 31 202<span class=\"ws1\">2.<span class=\"_ _0\"></span> </span>The evolution of the financial debts and the net financial debt position is furthe<span class=\"_ _0\"></span>r explained in Note 19 Fin<span class=\"_ _0\"></span>a<span class=\"ws1ed\">ncial debts.</span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span>derivativ<span class=\"_ _3\"></span>es for</span> <span class=\"ls2f ws1e\">hed<span class=\"_ _3\"></span>ging the </span>i<span class=\"ls50 wscc\">nterest rate risk</span>, <span class=\"ls2f ws1e\">currency</span> <span class=\"ls3a ws20c\">ris<span class=\"_ _3\"></span>k and comm<span class=\"_ _3\"></span>odity</span> <span class=\"ls3a ws20c\">risk<span class=\"_ _3\"></span></span> Notional am<span class=\"_ _3\"></span>ount Notional am<span class=\"_ _3\"></span>ount (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2022<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>I. Int<span class=\"_ _0\"></span>erest r<span class=\"_ _0\"></span>ate h<span class=\"_ _0\"></span>edges<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>88,251<span class=\"ls1 ws1\"> </span>40,000<span class=\"ls1 ws1\"> </span>568<span class=\"ls1 ws1\"> </span>Cash flow hedges<span class=\"ls1 ws1\"> </span>1,269,235<span class=\"ls1 ws1\"> </span>82,695<span class=\"ls1 ws1\"> </span>0 0 Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>185,000<span class=\"ls1 ws1\"> </span>7,732<span class=\"ls1 ws1\"> </span>140,000<span class=\"ls1 ws1\"> </span>684<span class=\"ls1 ws1\"> </span>Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>178,677<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,252<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liabilities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>25,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">399</span> 745,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">28,687</span> Cash flow hedges<span class=\"ls1 ws1\"> </span>0 0 930,226<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,454</span> Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>15,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23</span> 280,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">5,599</span> Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">422</span> -<span class=\"ls27 ws1df\">54,740</span> II. Cur<span class=\"_ _0\"></span>rency hed<span class=\"_ _0\"></span>ges<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>198,298<span class=\"ls1 ws1\"> </span>2,549<span class=\"ls1 ws1\"> </span>183,934<span class=\"ls1 ws1\"> </span>2,043<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>1,148,935<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">84,188</span> 1,354,132<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">35,295</span> -<span class=\"ls27 ws1df\">81,639</span> -<span class=\"ls27 ws1df\">33,252</span> III.<span class=\"_ _3\"></span> Commodity <span class=\"_ _3\"></span>risks<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>2,044<span class=\"ls1 ws1\"> </span>2,651<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,175</span> -<span class=\"ls29 ws1e1\">314</span> 869<span class=\"ls1 ws1\"> </span>2,337<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Reconc<span class=\"_ _0\"></span>iliat<span class=\"_ _0\"></span>ion wit<span class=\"_ _0\"></span>h conso<span class=\"_ _9f\"></span>lidated<span class=\"_ _0\"></span> balanc<span class=\"_ _0\"></span>e sheet<span class=\"_ _9f\"></span><span class=\"ls1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging instruments</span> </span>158,911<span class=\"ls1 ws1\"> </span>1,816<span class=\"ls1 ws1\"> </span>Current hedging instruments<span class=\"ls1 ws1\"> </span>24,359<span class=\"ls1 ws1\"> </span>4,129<span class=\"ls1 ws1\"> </span>183,270<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging <span class=\"ws1e1\">instruments</span></span> </span>-<span class=\"ls29 ws1e1\">53,892</span> -<span class=\"ls29 ws1e1\">74,034</span> Current hedging instruments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">31,893</span> -<span class=\"ls29 ws1e1\">16,315</span> -<span class=\"ls27 ws1df\">85,785</span> -<span class=\"ls27 ws1df\">90,348</span> 3.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ws1\">Interest rate risk<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span>The <span class=\"_ _3\"></span><span class=\"ls33 ws23a\">intere<span class=\"_ _3\"></span>st rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span> withi<span class=\"_ _3\"></span>n the <span class=\"ff3b ls45 ws22c\">CFE<span class=\"_ _3\"></span></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">group is manag<span class=\"_ _0\"></span>ed according to the type of </span></span></span>activity. The Contracting activ<span class=\"_ _0\"></span>ities are characterized by an excess of cash which<span class=\"_ _0\"></span> par<span class=\"_ _3\"></span>tially<span class=\"_ _3\"></span> compe<span class=\"_ _3\"></span>nsates<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>real e<span class=\"_ _3\"></span>state<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls6a ws29e\">commitmen<span class=\"_ _0\"></span>ts. Cash manage<span class=\"_ _0\"></span>ment is mainly<span class=\"_ _0\"></span> </span></span>centralized through the cash pooling. <span class=\"ff3b ls53 ws23d\">DEME</span><span class=\"ws1\"> <span class=\"ls33 ws1fa\">e<span class=\"_ _3\"></span>nters i<span class=\"_ _3\"></span>nto</span> <span class=\"_ _3\"></span></span>substantial financing fo<span class=\"_ _0\"></span>r the acq<span class=\"_ _0\"></span>uisitio<span class=\"_ _0\"></span>n of dr<span class=\"_ _0\"></span>edging v<span class=\"_ _0\"></span>essel<span class=\"_ _0\"></span>s. DEME<span class=\"_ _0\"></span> uses int<span class=\"_ _0\"></span>erest ra<span class=\"_ _0\"></span>te swap<span class=\"_ _0\"></span>s to achiev<span class=\"_ _9f\"></span>e the best possible balance b<span class=\"_ _0\"></span>etween financing costs and th<span class=\"_ _0\"></span>e volatility of the financi<span class=\"_ _0\"></span>al resul<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls53 ws23d\">Ren<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span><span class=\"ff3a\"> <span class=\"_ _4\"></span>group <span class=\"_ _24\"></span><span class=\"ws233\">is<span class=\"_ _3\"></span> financ<span class=\"_ _0\"></span>ed primarily by equity, bank and shareholder </span></span></span></span>loans. Infra Asia Investmen<span class=\"_ _0\"></span>t Hong Kong entered into a new roll<span class=\"ws1\">-<span class=\"ls25 ws215\">o<span class=\"_ _0\"></span>ver faci<span class=\"_ _0\"></span>lity f<span class=\"_ _0\"></span>or a </span></span>total a<span class=\"_ _0\"></span>mount o<span class=\"_ _0\"></span>f 35 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD (in <span class=\"_ _0\"></span>additio<span class=\"_ _0\"></span>n to the<span class=\"_ _0\"></span> existing<span class=\"_ _0\"></span> 10 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD). <span class=\"ls54 ws279\">50% </span>of the in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>rate ri<span class=\"_ _0\"></span>sk on th<span class=\"_ _0\"></span>is credit f<span class=\"_ _0\"></span>acil<span class=\"_ _0\"></span>ity is hed<span class=\"_ _0\"></span>ged by a f<span class=\"_ _0\"></span>orward<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws215\">inte<span class=\"_ _0\"></span>rest rat<span class=\"_ _0\"></span>e </span></span>swap.<span class=\"ls1 ws1\"> </span>The hedging policy of <span class=\"ff3b ls34 ws1ea\">Next<span class=\"_ _3\"></span>ensa<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _13\"> </span><span class=\"ls33 ws276\">is t<span class=\"_ _3\"></span>o ring<span class=\"_ _3\"></span>fence th<span class=\"_ _3\"></span>e inte<span class=\"_ _3\"></span>rest rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span>s for </span></span>approx<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>ly 75% of th<span class=\"_ _9f\"></span>e financi<span class=\"_ _0\"></span>al debt fo<span class=\"_ _0\"></span>r a perio<span class=\"_ _0\"></span>d of 4<span class=\"ls1 ws1\">-<span class=\"ls4b ws2e7\">5 year<span class=\"_ _3\"></span>s and </span></span>approximately 50% for the following 5 y<span class=\"_ _0\"></span>ears. The hedge ratio for the investment portfolio <span class=\"_ _24\"></span><span class=\"ls4b ws2e8\">at y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws2dd\">end 2022 is 74%, compared to 67% at year</span>-<span class=\"_ _0\"></span><span class=\"ls24 ws2dd\">end 2021. As of </span></span></span>December 31, 2022, the w<span class=\"_ _0\"></span>eighted residual matur<span class=\"_ _0\"></span>ity of the loan portfolio alloca<span class=\"_ _0\"></span>ted to the <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>ropert<span class=\"_ _0\"></span>y evolv<span class=\"_ _9f\"></span>ed from 2.<span class=\"_ _0\"></span>98 ye<span class=\"_ _0\"></span>ars at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws26c\">end 2021 to 2.85 years </span></span>at year<span class=\"ls1 ws1\">-<span class=\"ls24 ws2ea\">end 2022. The weigh</span><span class=\"ws21a\">ted resid<span class=\"_ _0\"></span>ual maturity of the hedging products<span class=\"_ _0\"></span> </span></span>decr<span class=\"_ _3\"></span>eased fr<span class=\"_ _3\"></span>om 3.98 yea<span class=\"_ _3\"></span>rs (year<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2021) to 3.52 years at year</span>-<span class=\"ls24 ws218\">end 2022</span>. </span>The financial debts of the <span class=\"ff3b ls49 ws2ae\">AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l</span><span class=\"ws1\"> <span class=\"_ _0\"></span>segment <span class=\"ls39 ws204\">entirely <span class=\"ls25 ws207\">con<span class=\"_ _0\"></span>sist of th<span class=\"_ _0\"></span>e </span></span></span>debt entered into by Agidens and Biolectri<span class=\"_ _0\"></span>c regarding of<span class=\"ls25 ws1db\">fices,<span class=\"_ _0\"></span> the car p<span class=\"_ _0\"></span>ark and <span class=\"_ _0\"></span>the </span>funding of working capital. No interest hedging contracts were outstanding at the<span class=\"_ _0\"></span> 202<span class=\"ls1 ws1\">2 <span class=\"ws1f6\">year end.</span> </span>Sens<span class=\"_ _0\"></span>itivi<span class=\"_ _0\"></span>ty anal<span class=\"_ _0\"></span>ysis<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e inter<span class=\"_ _0\"></span>est r<span class=\"_ _0\"></span>ate ris<span class=\"_ _0\"></span>k <span class=\"ls1 ws1\"> </span>If Euribor rises by 50<span class=\"_ _0\"></span> base points thi<span class=\"_ _0\"></span>s will mean an intere<span class=\"_ _0\"></span>st charge increase of <span class=\"ws1\">0<span class=\"ls31 ws206\">.9</span> </span>million euros (CFE<span class=\"ls46 ws266\">), </span><span class=\"ws20b\">ne<span class=\"_ _0\"></span>gligible due to almo<span class=\"_ _0\"></span>st 100% hedge ratio (<span class=\"ls4b ws2af\">DEME)<span class=\"_ _3\"></span>, 0.</span><span class=\"ws1\">9 <span class=\"_ _0\"></span><span class=\"ls35 ws213\">million<span class=\"_ _0\"></span> </span></span></span>euros (Nextensa), 0.1 mil<span class=\"_ _0\"></span>lion euros (Agidens)<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls4b ws28a\">and</span> <span class=\"_ _24\"></span><span class=\"ls35 ws2c2\">0.1 million <span class=\"_ _0\"></span>euros (B<span class=\"_ _0\"></span>iolectr<span class=\"_ _0\"></span>ic)<span class=\"ls31 ws206\">. </span></span></span>AvH (&amp; subholdings)<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws213\">is <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">de<span class=\"_ _3\"></span>bt</span></span>-<span class=\"ls30 ws1eb\">free.</span> <span class=\"_ _3\"></span><span class=\"ls25 ws236\">Howev<span class=\"_ _9f\"></span>er, this do<span class=\"_ _0\"></span>es not ta<span class=\"_ _0\"></span>ke into a<span class=\"_ _0\"></span>ccoun<span class=\"_ _0\"></span>t the </span></span>imp<span class=\"_ _3\"></span>act we<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ls25 ws1eb\">wou<span class=\"_ _0\"></span>ld ob<span class=\"_ _0\"></span>serve on<span class=\"_ _0\"></span> the ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\">. </span></span></span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Wisselkoersrisico<span class=\"ls1 ws1\"> </span></span>Gi<span class=\"_ _3\"></span>ven t<span class=\"_ _3\"></span>he <span class=\"ls33 ws23a\">inte<span class=\"_ _3\"></span>rnati<span class=\"_ _3\"></span>onal cha<span class=\"_ _3\"></span>racter o<span class=\"_ _3\"></span>f its busi<span class=\"_ _3\"></span>ness ope<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span>s and the ex<span class=\"_ _3\"></span>ecutio<span class=\"_ _3\"></span>n of </span>contracts in foreign cu<span class=\"_ _0\"></span>rrency, <span class=\"ff3b ls33 ws1f0\">DEME</span><span class=\"ws1\"> <span class=\"_ _9\"> </span><span class=\"ls33 ws286\">is e<span class=\"_ _3\"></span>xposed to<span class=\"_ _3\"></span> currenc<span class=\"_ _3\"></span>y risks<span class=\"_ _3\"></span>. DEME\u2019s </span></span>transa<span class=\"_ _0\"></span>ctiona<span class=\"_ _0\"></span>l for<span class=\"_ _0\"></span>eign c<span class=\"_ _0\"></span>urrenc<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span> arise<span class=\"_ _0\"></span>s from co<span class=\"_ _9f\"></span>mmercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inated<span class=\"_ _0\"></span> in<span class=\"_ _0\"></span> currenc<span class=\"_ _9f\"></span>ies other <span class=\"_ _0\"></span>than t<span class=\"_ _0\"></span>he eu<span class=\"_ _0\"></span>ro.<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls40 ws218\">How<span class=\"_ _0\"></span>ever, <span class=\"_ _3\"></span><span class=\"ls24 ws1da\">79<span class=\"ls33 ws1f9\">% of DE<span class=\"_ _3\"></span>ME\u2019s reve<span class=\"_ _3\"></span>nues (20<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\">1</span></span></span><span class=\"ws262\">: 6<span class=\"ls1 ws1\">2<span class=\"ls4a ws2a4\">%) </span></span></span></span></span>relat<span class=\"_ _0\"></span>ed to tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _9f\"></span>ns expre<span class=\"_ _0\"></span>ssed in<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d, as <span class=\"_ _0\"></span>such, r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>ted the la<span class=\"_ _0\"></span>rgest<span class=\"_ _0\"></span> portion of DEME\u2019s revenues realised. Turnover in foreign curr<span class=\"_ _0\"></span>ency related to a.o.: US dollar, <span class=\"ls1 ws1f3\">Singapore dollar, Indian rup<span class=\"_ _0\"></span>ee, British pound, Danish krone, <span class=\"_ _0\"></span>Brazilian </span>Rea<span class=\"_ _3\"></span>l a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span><span class=\"ls1\">Urugua<span class=\"_ _0\"></span>yan peso. DEME\u2019s<span class=\"_ _0\"></span> expenses are also<span class=\"_ _0\"></span> predominantly in <span class=\"_ _0\"></span>euro, </span>except f<span class=\"_ _0\"></span>or con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re carr<span class=\"_ _0\"></span>ied out i<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-</span><span class=\"ws208\">euro cou<span class=\"_ _0\"></span>ntries.<span class=\"_ _0\"></span> The residu<span class=\"_ _0\"></span>al foreig<span class=\"_ _0\"></span>n </span>cur<span class=\"_ _3\"></span>rency ri<span class=\"_ _3\"></span>sk is as<span class=\"_ _3\"></span>sessed o<span class=\"_ _3\"></span>n a case<span class=\"ls1 ws1\">-by-<span class=\"ws259\">case basis and, if <span class=\"ls25 ws224\">ne<span class=\"_ _0\"></span>cessary,<span class=\"_ _0\"></span> DEME u<span class=\"_ _9f\"></span>ses </span></span></span>forwa<span class=\"_ _0\"></span>rd<span class=\"ls1 ws1\">-<span class=\"ws20b\">exchange contracts to hedg<span class=\"_ _0\"></span>e its residual foreign currency risk on projected </span></span>net com<span class=\"_ _0\"></span>mercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d in curr<span class=\"_ _0\"></span>encie<span class=\"_ _0\"></span>s other th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e euro.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>In the case of <span class=\"ff3b ls45 ws22c\">CFE</span><span class=\"ls25 ws1eb\">, most o<span class=\"_ _0\"></span>perat<span class=\"_ _0\"></span>ions ta<span class=\"_ _0\"></span>ke plac<span class=\"_ _0\"></span>e within th<span class=\"_ _9f\"></span>e eurozone;<span class=\"_ _0\"></span> neve<span class=\"_ _0\"></span>rthele<span class=\"_ _0\"></span>ss, </span>e<span class=\"ws1f7\">xposure to foreign <span class=\"_ _0\"></span>currency fluctuation<span class=\"_ _0\"></span>s<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws24c\">(mainly Po<span class=\"_ _9f\"></span>lish Zloty)<span class=\"ls1 ws1\"> <span class=\"ls34 ws23c\">i<span class=\"_ _3\"></span>s lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d as m<span class=\"_ _3\"></span>uch </span></span></span></span></span>as possible.<span class=\"ws1\"> </span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a\"> <span class=\"ls25 ws207\">p<span class=\"_ _0\"></span>rimar<span class=\"_ _0\"></span>ily opera<span class=\"_ _0\"></span>tes in Sou<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>ast Asia and<span class=\"_ _0\"></span> is ess<span class=\"_ _0\"></span>entially ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to an </span></span></span>exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sk relat<span class=\"_ _0\"></span>ing to the US do<span class=\"_ _0\"></span>llar and th<span class=\"_ _9f\"></span>e <span class=\"_ _3\"></span>Viet<span class=\"_ _0\"></span>names<span class=\"_ _0\"></span>e dong. Sin<span class=\"_ _0\"></span>ce the<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>subsidiaries of Rent<span class=\"ws1\">-A-<span class=\"ls33 ws236\">Port main<span class=\"_ _3\"></span>ly effec<span class=\"_ _3\"></span>t purchase<span class=\"_ _3\"></span>s and sale<span class=\"_ _3\"></span>s in loca<span class=\"_ _3\"></span>l currenci<span class=\"_ _3\"></span>es, </span></span>the gro<span class=\"_ _0\"></span>up\u2019s<span class=\"_ _0\"></span> exposu<span class=\"_ _9f\"></span>re to exch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span> rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span> in comm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al tran<span class=\"_ _0\"></span>saction<span class=\"_ _9f\"></span>s is limited in a na<span class=\"_ _0\"></span>tural way. The tr<span class=\"_ _0\"></span>anslation of the func<span class=\"_ _0\"></span>tional currency (USD) in<span class=\"_ _0\"></span>to euros<span class=\"_ _0\"></span> upon <span class=\"ls40\">consolidation embodies an exchang<span class=\"_ _0\"></span>e rate risk. <span class=\"ls1\"> </span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">operates in B<span class=\"_ _0\"></span>elgium, Luxembourg a<span class=\"_ _0\"></span>nd Austria, and i<span class=\"_ _0\"></span>s therefore not </span></span>subjec<span class=\"_ _0\"></span>t to exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e risks.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chan<span class=\"_ _0\"></span>ge ra<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>k of <span class=\"ff3b ls53 ws2a8\">Bank Van Breda</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls33 ws1fa\">is lim<span class=\"_ _3\"></span>ited, as<span class=\"_ _3\"></span> the bank o<span class=\"_ _3\"></span>nly operat<span class=\"_ _3\"></span>es </span></span>in Belgium and the nature of<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">its clients is such that it<span class=\"_ _3\"></span> does not hold any <span class=\"_ _0\"></span>significant </span></span>own currency position.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Agidens<span class=\"ff3a ws1f7\">, with i<span class=\"_ _0\"></span>ts worldwide operation<span class=\"_ _0\"></span>s, has a (limit<span class=\"_ _0\"></span>ed) exchange rate <span class=\"_ _0\"></span>exposure </span>to the US dollar and Swiss franc, and hedges its currency risk by using the same currency as much <span class=\"_ _0\"></span>as possible for the inc<span class=\"_ _0\"></span>ome and expenses in que<span class=\"_ _0\"></span>stion (natural<span class=\"_ _0\"></span> hedging). If necessary,<span class=\"_ _0\"></span> a currency swap is conclu<span class=\"_ _0\"></span>ded with approved and <span class=\"_ _0\"></span>reputable count<span class=\"_ _0\"></span>erparti<span class=\"_ _0\"></span>es. <span class=\"_ _3\"></span><span class=\"ff3b ls49 ws2bd\">Biolectr<span class=\"_ _3\"></span>ic</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f2\">has a li<span class=\"_ _3\"></span>mited GBP exposure through its branch in the </span></span>United Kingdom<span class=\"ws1\"> <span class=\"ls25 ws204\">The strateg<span class=\"_ _0\"></span>y of <span class=\"ff3b ls6e ws289\">AvH</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ws215\">to l<span class=\"_ _0\"></span>ook towa<span class=\"_ _0\"></span>rds em<span class=\"_ _0\"></span>erging m<span class=\"_ _0\"></span>arkets <span class=\"_ _0\"></span>resu<span class=\"_ _0\"></span>lted </span></span></span>in investments in Indi<span class=\"_ _0\"></span>an rupees (Sagar Cements, <span class=\"_ _0\"></span>the Healthquad I and II Fund<span class=\"_ _0\"></span>s and Medikabazaar) and in <span class=\"ls53 ws23d\">US<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>Dollar (<span class=\"_ _9f\"></span>the Ventu<span class=\"_ _0\"></span>ri Partn<span class=\"_ _0\"></span>ers Fund <span class=\"_ _0\"></span>I<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws24b\">and Convergent </span></span>Finance<span class=\"ls25 ws1eb\">). Th<span class=\"_ _0\"></span>is risk <span class=\"_ _0\"></span>is not h<span class=\"_ _0\"></span>edged<span class=\"_ _0\"></span> as it con<span class=\"_ _0\"></span>cerns lo<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span><span class=\"ws1db\">t<span class=\"_ _0\"></span>erm invest<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The remaining fully consolidat<span class=\"_ _0\"></span>ed participations are not subject to significant<span class=\"_ _0\"></span> exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sks sinc<span class=\"_ _0\"></span>e they mai<span class=\"_ _0\"></span>nly ope<span class=\"_ _0\"></span>rate in the eu<span class=\"_ _0\"></span>rozon<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>Various non<span class=\"ls1 ws1\">-<span class=\"ws241\">fully consolidated particip<span class=\"_ _0\"></span>ations such as Delen Private Bank, SIPEF and </span></span>Ve<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nt Bi<span class=\"_ _3\"></span>o<span class=\"ls25 ws1fc\">scien<span class=\"_ _0\"></span>ce, as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>Turbo\u2019s <span class=\"_ _0\"></span>Hoet Gro<span class=\"_ _9f\"></span>ep and othe<span class=\"_ _0\"></span>rs, oper<span class=\"_ _0\"></span>ate to <span class=\"_ _0\"></span>a </span>signif<span class=\"_ _0\"></span>icant <span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>t outsi<span class=\"_ _0\"></span>de the <span class=\"_ _0\"></span>eurozo<span class=\"_ _0\"></span>ne. Th<span class=\"_ _0\"></span>is may g<span class=\"_ _9f\"></span>ive rise t<span class=\"_ _0\"></span>o grea<span class=\"_ _0\"></span>ter ri<span class=\"_ _0\"></span>sks as <span class=\"_ _0\"></span>a resul<span class=\"_ _0\"></span>t of geopo<span class=\"_ _9f\"></span>litical d<span class=\"_ _0\"></span>evelopm<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>ts. <span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chang<span class=\"_ _0\"></span>e rate <span class=\"_ _0\"></span>risk in<span class=\"_ _0\"></span> each of<span class=\"_ _0\"></span> thes<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span>s is <span class=\"ls1 ws1f5\">fol<span class=\"_ _0\"></span>lowed up and controll<span class=\"_ _0\"></span>ed at the </span>level of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipa<span class=\"_ _0\"></span>tion itse<span class=\"_ _0\"></span>lf.<span class=\"ls1 ws1\"> </span>The exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e rat<span class=\"_ _0\"></span>e risk at <span class=\"ff3b ls4c ws2b0\">D<span class=\"_ _0\"></span>elen Priv<span class=\"_ _0\"></span>ate Bank<span class=\"ff3a ls1 ws1\"> <span class=\"ws1fe\">is limited to the foreign cu<span class=\"_ _0\"></span>rrency </span></span></span>subsidiaries (JM Finn and t<span class=\"_ _3\"></span>o a lesser extent Delen Suisse). The net e<span class=\"_ _3\"></span>xposu<span class=\"_ _0\"></span>re to the British<span class=\"_ _9f\"></span> Pound i<span class=\"_ _0\"></span>s curren<span class=\"_ _9f\"></span>tly limited<span class=\"_ _9f\"></span> as the i<span class=\"_ _0\"></span>mpact<span class=\"_ _0\"></span> of a<span class=\"_ _0\"></span>ny exch<span class=\"_ _0\"></span>ange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tion on<span class=\"_ _9f\"></span> the JM Finn equ<span class=\"_ _0\"></span>ity is neutralized by <span class=\"_ _0\"></span>an opposite impact on <span class=\"_ _0\"></span>the liquidity obligatio<span class=\"_ _0\"></span>n on the remaining 7% minori<span class=\"_ _0\"></span>ty stake in JM Finn. At <span class=\"ff3b ls4b ws28a\">SIPEF<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"ls33 ws1eb\">the majori<span class=\"_ _3\"></span>ty of t<span class=\"_ _3\"></span>he cos<span class=\"_ _3\"></span>ts </span></span>ar<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ed abr<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>d (in<span class=\"_ _3\"></span> Indo<span class=\"_ _3\"></span><span class=\"ls42 ws2eb\">n<span class=\"_ _0\"></span>esia and <span class=\"_ _0\"></span>Papua <span class=\"_ _0\"></span>New Guine<span class=\"_ _0\"></span>a), whe<span class=\"_ _0\"></span>reas sal<span class=\"_ _0\"></span>es are </span>reali<span class=\"_ _0\"></span>sed in USD<span class=\"_ _0\"></span>. This is a s<span class=\"_ _0\"></span>tructu<span class=\"_ _0\"></span>ral risk th<span class=\"_ _0\"></span>at is no<span class=\"_ _0\"></span>t hedged by<span class=\"_ _0\"></span> the compa<span class=\"_ _0\"></span>ny and i<span class=\"_ _0\"></span>s therefo<span class=\"_ _9f\"></span>re consider<span class=\"_ _0\"></span>ed as a gen<span class=\"_ _0\"></span>eral bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> risk. Tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>nal risk<span class=\"_ _0\"></span>s are gen<span class=\"_ _0\"></span>erally<span class=\"_ _9f\"></span> limited by short payment terms, and trans<span class=\"_ _0\"></span>l<span class=\"ls34 ws1fe\">a<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span> dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces<span class=\"_ _3\"></span> are<span class=\"_ _3\"></span> lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d by<span class=\"_ _3\"></span> maki<span class=\"_ _3\"></span>ng </span>the functional currency and reporting curr<span class=\"_ _0\"></span>ency the same as much as possible. Turbo\u2019s Hoet Groep<span class=\"ff3a ls35\">, fin<span class=\"_ _9f\"></span>ally has dev<span class=\"_ _0\"></span>eloped a<span class=\"_ _0\"></span> signifi<span class=\"_ _0\"></span>cant lev<span class=\"_ _0\"></span>el of act<span class=\"_ _0\"></span>ivity in E<span class=\"_ _0\"></span>astern<span class=\"_ _0\"></span> </span>Europ<span class=\"_ _0\"></span>e. Turbo<span class=\"_ _0\"></span>\u2019s Hoe<span class=\"_ _0\"></span>t Groep <span class=\"_ _0\"></span>realiz<span class=\"_ _0\"></span>es its tu<span class=\"_ _9f\"></span>rnover in th<span class=\"_ _0\"></span>ose m<span class=\"_ _0\"></span>arkets on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of<span class=\"_ _9f\"></span> local currency. Although Tu<span class=\"_ _0\"></span>rbo\u2019s Hoet Groep tries to pass on the impa<span class=\"_ _0\"></span>ct of any deprec<span class=\"_ _0\"></span>iation<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se loca<span class=\"_ _0\"></span>l curre<span class=\"_ _0\"></span>ncies <span class=\"_ _0\"></span>to the fin<span class=\"_ _0\"></span>al cu<span class=\"_ _0\"></span>stomer,<span class=\"_ _0\"></span> market <span class=\"_ _0\"></span>condi<span class=\"_ _0\"></span>tions d<span class=\"_ _0\"></span>o not alw<span class=\"_ _0\"></span>ays allo<span class=\"_ _0\"></span>w it.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">Turbo\u2019s Ho<span class=\"_ _0\"></span>et Group<span class=\"_ _0\"></span> has subsidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s in Russi<span class=\"ls1 ws20b\">a and Belarus that </span></span></span>are ac<span class=\"_ _0\"></span>tive in<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le and <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>cing of<span class=\"_ _0\"></span> truck<span class=\"_ _0\"></span>s. In <span class=\"_ _0\"></span>the cou<span class=\"_ _0\"></span>rse of 2<span class=\"_ _0\"></span>022, <span class=\"_ _0\"></span>THG lim<span class=\"_ _0\"></span>ited it<span class=\"_ _0\"></span>s exp<span class=\"_ _3\"></span>osure t<span class=\"_ _3\"></span>o those ma<span class=\"_ _3\"></span>rkets<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Some o<span class=\"_ _0\"></span>f the m<span class=\"_ _0\"></span>ain exch<span class=\"_ _9f\"></span>ange rate<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>have b<span class=\"_ _0\"></span>een us<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>nvert t<span class=\"_ _0\"></span>he balan<span class=\"_ _9f\"></span>ce sheet<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>esults o<span class=\"_ _0\"></span>f the <span class=\"ls1 ws1f6\">for<span class=\"_ _0\"></span>eign entities into euro<span class=\"ws1\">.</span></span>Conversion from fo<span class=\"_ _3\"></span>reign currency to Euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"><span class=\"fc3 sc0\"> </span></span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _3b\"> </span><span class=\"ws211\">Average rate</span> </span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _4d\"> </span><span class=\"ws211\">Average rate<span class=\"_ _3\"></span></span> </span>Australian Dollar<span class=\"ls1 ws1\"> </span>0.6366<span class=\"ls1 ws1\"> </span>0.6570<span class=\"ls1 ws1\"> </span>Polish Zloty<span class=\"ls1 ws1\"> </span>0.2135<span class=\"ls1 ws1\"> </span>0.2139<span class=\"ls1 ws1\"> </span>British Pound<span class=\"ls1 ws1\"> </span>1.1303<span class=\"ls1 ws1\"> </span>1.1717<span class=\"ls1 ws1\"> </span>Singapore Dollar<span class=\"ls1 ws1\"> </span>0.6974<span class=\"ls1 ws1\"> </span>0.6876<span class=\"ls1 ws1\"> </span>Brazilian Real<span class=\"ls1 ws1\"> </span>0.1768<span class=\"ls1 ws1\"> </span>0.1835<span class=\"ls1 ws1\"> </span>Taiwan Dollar<span class=\"ls1 ws1\"> </span>0.0306<span class=\"ls1 ws1\"> </span>0.0319<span class=\"ls1 ws1\"> </span>Egyptian Pound<span class=\"ls1 ws1\"> </span>0.0378<span class=\"ls1 ws1\"> </span>0.0498<span class=\"ls1 ws1\"> </span>US Dollar<span class=\"ls1 ws1\"> </span>0.9344<span class=\"ls1 ws1\"> </span>0.9462<span class=\"ls1 ws1\"> </span>Danish Krone<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>Vietnamese Dong<span class=\"ls1 ws1\"> </span>0.00003957<span class=\"ls1 ws1\"> </span>0.00004058<span class=\"ls1 ws1\"> </span>Indian Rupee<span class=\"ls1 ws1\"> </span>0.0113<span class=\"ls1 ws1\"> </span>0.0121<span class=\"ls1 ws1\"> </span>The table below gives a<span class=\"_ _0\"></span>n overview of the relevant financ<span class=\"_ _0\"></span>ial instruments used <span class=\"ls4b ws24e\">at DEM<span class=\"_ _3\"></span>E</span><span class=\"ws1\"> </span>and to a l<span class=\"_ _0\"></span>esser extent CFE<span class=\"ws1\">: </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Notional val<span class=\"_ _3\"></span>ue<span class=\"ls1 ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term <span class=\"ls29 ws1e1\">purchases<span class=\"ls1 ws1\">  </span></span>110,362<span class=\"ls1 ws1\"> </span>73,464<span class=\"ls1 ws1\"> </span>0 7,510<span class=\"ls1 ws1\"> </span>0 6,963<span class=\"ls1 ws1\"> </span>198,298<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Term sales<span class=\"ls1 ws1\">  </span>1,100,913<span class=\"ls1 ws1\"> </span>0 28,375<span class=\"ls1 ws1\"> </span>6,104<span class=\"ls1 ws1\"> </span>5,670<span class=\"ls1 ws1\"> </span>7,873<span class=\"ls1 ws1\"> </span>1,148,93<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term purchases<span class=\"ls1 ws1\">  </span>463<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">580</span> 0 -<span class=\"ls29 ws1e1\">91</span> 0 -<span class=\"ls29 ws1e1\">12</span> -<span class=\"ls27 ws1df\">221</span> Term sales<span class=\"ls1 ws1\">  </span>81,342<span class=\"ls1 ws1\"> </span>0 298<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">177</span> 369<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">414</span> 81,418<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - <span class=\"ls6f ws1f4\">DEME 2022</span> </span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>4,309<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,899</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>11,871<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,871</span> Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - </span><span class=\"ls62\">DEM<span class=\"_ _3\"></span>E 202<span class=\"_ _3\"></span><span class=\"ls1 ws1\">1 </span></span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>2,593<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,346</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>18,894<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,894</span> 3.3<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls70 ws2ec\">Commodity risk<span class=\"ls1 ws1\"> </span></span>Commodity risks<span class=\"ff3a ws1\"> <span class=\"_ _7\"> </span><span class=\"ls35 ws2c3\">are also lin<span class=\"_ _0\"></span>ked to <span class=\"_ _0\"></span>DEME, wh<span class=\"_ _0\"></span>ich hedg<span class=\"_ _0\"></span>es aga<span class=\"_ _0\"></span>inst oil p<span class=\"_ _0\"></span>rice </span></span>fluctu<span class=\"_ _0\"></span>ations b<span class=\"_ _9f\"></span>y enterin<span class=\"_ _0\"></span>g into f<span class=\"_ _0\"></span>orward c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts.Note 13:<span class=\"ff3c\"> </span>F<span class=\"ls3a ws10d\">inancial as<span class=\"_ _3\"></span>sets</span> <span class=\"ls3a ws20c\">and<span class=\"_ _3\"></span> liabilit<span class=\"_ _3\"></span>ies</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span>assets an<span class=\"_ _3\"></span>d liabilit<span class=\"_ _3\"></span>ies p<span class=\"_ _3\"></span>er cate<span class=\"_ _3\"></span>gory</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L (FVPL)<span class=\"ls1 ws1\"> </span>249,656<span class=\"ls1 ws1\"> </span>225,541<span class=\"ls1 ws1\"> </span>249,656<span class=\"ls1 ws1\"> </span>225,541<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> </span>0 20,005<span class=\"ls1 ws1\"> </span>0 20,005<span class=\"ls1 ws1\"> </span>Receivables and c<span class=\"_ _3\"></span>ash<span class=\"ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>189,875<span class=\"ls1 ws1\"> </span>158,687<span class=\"ls1 ws1\"> </span>189,875<span class=\"ls1 ws1\"> </span>158,687<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e1\">receivables<span class=\"ls1 ws1\"> </span></span>127,871<span class=\"ls1 ws1\"> </span>146,332<span class=\"ls1 ws1\"> </span>127,871<span class=\"ls1 ws1\"> </span>146,332<span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>719,214<span class=\"ls1 ws1\"> </span>628,710<span class=\"ls1 ws1\"> </span>719,214<span class=\"ls1 ws1\"> </span>628,710<span class=\"ls1 ws1\"> </span>Cash and cash equivalents<span class=\"ls1 ws1\"> </span>1,160,972<span class=\"ls1 ws1\"> </span>883,730<span class=\"ls1 ws1\"> </span>1,160,972<span class=\"ls1 ws1\"> </span>883,730<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">receivables fr<span class=\"_ _0\"></span>om credit institutions &amp; clients<span class=\"ls1 ws1\"> </span></span></span>6,780,990<span class=\"ls1 ws1\"> </span>7,479,264<span class=\"ls1 ws1\"> </span>6,940,242<span class=\"ls1 ws1\"> </span>7,110,893<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> <span class=\"_ _95\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>Financial <span class=\"ls2b\">liabi<span class=\"_ _3\"></span>lities value<span class=\"_ _3\"></span>d at amortis<span class=\"_ _3\"></span>ed cost<span class=\"ls1 ws1\"> </span></span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>1,577,488<span class=\"ls1 ws1\"> </span>1,571,727<span class=\"ls1 ws1\"> </span>1,613,885<span class=\"ls1 ws1\"> </span>1,552,702<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>248,960<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>246,164<span class=\"ls1 ws1\"> </span>Surbordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>97,344<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>95,152<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,713<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,712<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e0\">financial debts<span class=\"ls1 ws1\"> </span></span>128,621<span class=\"ls1 ws1\"> </span>301,887<span class=\"ls1 ws1\"> </span>128,621<span class=\"ls1 ws1\"> </span>301,887<span class=\"ls1 ws1\"> </span>Other de<span class=\"_ _3\"></span>bts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>1,136,241<span class=\"ls1 ws1\"> </span>1,145,112<span class=\"ls1 ws1\"> </span>1,136,241<span class=\"ls1 ws1\"> </span>1,145,112<span class=\"ls1 ws1\"> </span>Advances received<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>101,080<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>101,080<span class=\"ls1 ws1\"> </span>Amounts payable regarding remuneration and soc<span class=\"_ _0\"></span>ial security<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>Other amounts payable<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 6,792,663<span class=\"ls1 ws1\"> </span>7,059,336<span class=\"ls1 ws1\"> </span>6,834,644<span class=\"ls1 ws1\"> </span>7,038,871<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>'B<span class=\"_ _3\"></span>anks<span class=\"_ _3\"></span> <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ws1fe\">changes in fair value of th<span class=\"_ _0\"></span>e hedged credit portfolio' ap<span class=\"_ _0\"></span>pear in Bank Van </span></span>Breda's balance sh<span class=\"_ _0\"></span>eet under liabilities w<span class=\"_ _0\"></span>hen the item shows a n<span class=\"_ _0\"></span>egative balance, as was <span class=\"_ _0\"></span>the case at <span class=\"_ _0\"></span>the end o<span class=\"_ _0\"></span>f 2022<span class=\"_ _0\"></span>. However,<span class=\"_ _0\"></span> the cu<span class=\"_ _0\"></span>mulativ<span class=\"_ _0\"></span>e fair v<span class=\"_ _0\"></span>alue adj<span class=\"ls25 ws1ec\">ustm<span class=\"_ _0\"></span>ents <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"_ _24\"></span><span class=\"ls34 ws1ef\">rega<span class=\"_ _3\"></span>rdl<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span> of th<span class=\"_ _3\"></span>e ba<span class=\"_ _3\"></span>lanc<span class=\"_ _3\"></span>e </span>- <span class=\"_ _3\"></span><span class=\"ls30 ws250\">always r<span class=\"_ _0\"></span>elate to<span class=\"_ _0\"></span> the h<span class=\"_ _0\"></span>edged <span class=\"ls25 ws1ec\">c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er </span></span></span></span>lo<span class=\"_ _3\"></span>ans<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ws252\">(which are included i<span class=\"_ _3\"></span>n asset heading 'Banks </span>- <span class=\"_\"> </span><span class=\"ls30 ws1eb\">rec<span class=\"_ _0\"></span>eivab<span class=\"_ _0\"></span>les <span class=\"_\"> </span><span class=\"ls46 ws266\">from <span class=\"_\"> </span><span class=\"ls33 ws1f0\">credit </span></span></span></span>instit<span class=\"_ _0\"></span>utions &amp; c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\">\u2019<span class=\"ls30 ws23d\">).<span class=\"_ _0\"></span> The boo<span class=\"_ _9f\"></span>k value <span class=\"ls25 ws204\">of th<span class=\"_ _0\"></span>e 'Ban<span class=\"_ _0\"></span>ks <span class=\"ls1 ws1\">- </span>debts to c<span class=\"_ _0\"></span>redit in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons,<span class=\"_ _0\"></span> </span></span></span>clie<span class=\"_ _3\"></span>nts &amp; <span class=\"ls33 ws1f0\">s<span class=\"_ _3\"></span>ecuri<span class=\"_ _3\"></span>t</span><span class=\"ws24e\">ies<span class=\"ls1 ws1fe\">' has been adjusted by 89,733 ('000)<span class=\"_ _0\"></span> euros i<span class=\"_ _3\"></span>n the above t<span class=\"_ _0\"></span>able </span></span>for thi<span class=\"_ _0\"></span>s purpo<span class=\"_ _0\"></span>se.\"(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ws1\"> </span>Level 2<span class=\"ws1\"> </span>Level 3<span class=\"ws1\"> </span>Level 1<span class=\"ws1\"> </span>Level 2<span class=\"ws1\"> </span>Level 3<span class=\"ws1\"> </span>Financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L <span class=\"ls2b ws1dd\">(FVPL<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span></span>152,405<span class=\"ls1 ws1\"> </span>97,251<span class=\"ls1 ws1\"> </span>173,254<span class=\"ls1 ws1\"> </span>52,287<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> </span>0 20,005<span class=\"ls1 ws1\"> </span>Receivables and c<span class=\"_ _3\"></span>ash<span class=\"ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">receivables fr<span class=\"_ _0\"></span>om credit institutions &amp; clients<span class=\"ls1 ws1\"> </span></span></span>751,761<span class=\"ls1 ws1\"> </span>6,029,229<span class=\"ls1 ws1\"> </span>1,362,479<span class=\"ls1 ws1\"> </span>6,116,785<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>1,577,488<span class=\"ls1 ws1\"> </span>1,571,727<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>29,899<span class=\"ls1 ws1\"> </span>219,061<span class=\"ls1 ws1\"> </span>Surbordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>97,344<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,713<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; <span class=\"ls28 ws1de\">securi<span class=\"_ _3\"></span>ties</span></span> 6,792,663<span class=\"ls1 ws1\"> </span>7,059,336<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>The fair values must be cla<span class=\"_ _0\"></span>ssified in three levels accordin<span class=\"_ _0\"></span>g to the valuation hierarchy of IFRS 13, depending on <span class=\"_ _0\"></span>the type of input used for the <span class=\"ls40 ws2cf\">valuation of<span class=\"_ _0\"></span> </span>financ<span class=\"_ _0\"></span>ial instru<span class=\"_ _0\"></span>ments:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws224\">Param<span class=\"_ _0\"></span>eters f<span class=\"_ _0\"></span>or <span class=\"ff3b ls4c ws2ed\">level<span class=\"_ _0\"></span> 1 instrum<span class=\"_ _0\"></span>ents<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws220\">are unadjusted quoted prices in active </span></span></span></span></span>marke<span class=\"_ _0\"></span>ts for ident<span class=\"_ _0\"></span>ical ass<span class=\"_ _0\"></span>ets and lia<span class=\"_ _0\"></span>bilitie<span class=\"_ _0\"></span>s. No valuatio<span class=\"_ _9f\"></span>n technique (<span class=\"_ _0\"></span>model) is<span class=\"_ _0\"></span> used. I<span class=\"_ _0\"></span>n level 1, w<span class=\"_ _0\"></span>e find al<span class=\"_ _0\"></span>l financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s (valu<span class=\"_ _0\"></span>ed at fai<span class=\"_ _0\"></span>r value, w<span class=\"_ _0\"></span>ith incorporation of value cha<span class=\"_ _0\"></span>nges in the unrealised results) wit<span class=\"_ _0\"></span>h a public listing in an activ<span class=\"_ _9f\"></span>e market.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws232\">Param<span class=\"_ _0\"></span>eters f<span class=\"_ _0\"></span>or <span class=\"ff3b ls3f ws226\">l<span class=\"_ _0\"></span>evel 2 i<span class=\"_ _0\"></span>nstrum<span class=\"_ _9f\"></span>ents<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws232\">are pri<span class=\"_ _0\"></span>ces q<span class=\"_ _0\"></span>uoted f<span class=\"_ _0\"></span>or sim<span class=\"_ _9f\"></span>ilar asse<span class=\"_ _0\"></span>ts and<span class=\"_ _0\"></span> </span></span></span></span></span>liabil<span class=\"_ _0\"></span>ities in<span class=\"_ _0\"></span> activ<span class=\"_ _0\"></span>e marke<span class=\"_ _0\"></span>ts, or da<span class=\"_ _0\"></span>ta bas<span class=\"_ _0\"></span>ed on o<span class=\"_ _0\"></span>r support<span class=\"_ _0\"></span>ed by o<span class=\"_ _0\"></span>bserv<span class=\"_ _0\"></span>able ma<span class=\"_ _0\"></span>rket da<span class=\"_ _3\"></span>ta. A<span class=\"_ _3\"></span> valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on te<span class=\"_ _3\"></span>chni<span class=\"_ _3\"></span>que<span class=\"_ _3\"></span> (mode<span class=\"_ _3\"></span>l)<span class=\"_ _3\"></span> is use<span class=\"_ _3\"></span>d, ba<span class=\"_ _3\"></span>sed<span class=\"_ _3\"></span> on obs<span class=\"_ _3\"></span>e<span class=\"ls33 ws236\">rva<span class=\"_ _3\"></span>ble para<span class=\"_ _3\"></span>meters </span>such as:<span class=\"ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ws1f6\">the actual value of the future <span class=\"_ _0\"></span>cashflows (discounted cashflow m<span class=\"_ _0\"></span>odel)<span class=\"ws1\"> </span></span></span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws22a\">the comp<span class=\"_ _9f\"></span>arison wit<span class=\"_ _0\"></span>h the<span class=\"_ _0\"></span> curr<span class=\"_ _0\"></span>ent or<span class=\"_ _0\"></span> rece<span class=\"_ _0\"></span>nt fair v<span class=\"_ _0\"></span>alue f<span class=\"_ _9f\"></span>rom anoth<span class=\"_ _0\"></span>er sim<span class=\"_ _0\"></span>ilar </span></span>instrument \uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws215\">the det<span class=\"_ _0\"></span>ermina<span class=\"_ _0\"></span>tion of pr<span class=\"_ _0\"></span>ices by <span class=\"_ _0\"></span>third pa<span class=\"_ _0\"></span>rties,<span class=\"_ _0\"></span> provid<span class=\"_ _0\"></span>ed that th<span class=\"_ _0\"></span>e price i<span class=\"_ _0\"></span>s in<span class=\"ls1 ws1\"> <span class=\"ls52 ws24e\">lin<span class=\"_ _3\"></span>e </span></span></span></span>wit<span class=\"_ _3\"></span>h alter<span class=\"_ _3\"></span>native<span class=\"_ _3\"></span> observa<span class=\"_ _3\"></span>ble para<span class=\"_ _3\"></span>meters<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>We find <span class=\"_ _0\"></span>the follo<span class=\"_ _0\"></span>wing f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s and liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s in lev<span class=\"_ _0\"></span>el 2:<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws1fa\">Cash and<span class=\"_ _0\"></span> assets w<span class=\"_ _0\"></span>ith cen<span class=\"_ _0\"></span>tral ban<span class=\"_ _0\"></span>ks: beca<span class=\"_ _0\"></span>use the<span class=\"_ _0\"></span>se assets h<span class=\"_ _0\"></span>ave a ver<span class=\"_ _0\"></span>y short<span class=\"_ _0\"></span> </span></span>term, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e is equ<span class=\"_ _0\"></span>ated wi<span class=\"_ _0\"></span>th the b<span class=\"_ _0\"></span>ook val<span class=\"_ _0\"></span>ue.<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls39 ws257\">Rec<span class=\"_ _3\"></span>eivables<span class=\"_ _3\"></span> fro<span class=\"ls35 ws260\">m credit <span class=\"_ _0\"></span>institut<span class=\"_ _0\"></span>ions and<span class=\"_ _0\"></span> financi<span class=\"_ _0\"></span>al liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s valued a<span class=\"_ _0\"></span>t amortis<span class=\"_ _0\"></span>ed </span></span></span>cost:<span class=\"_ _0\"></span> the f<span class=\"_ _0\"></span>air val<span class=\"_ _0\"></span>ue of <span class=\"_ _0\"></span>the a<span class=\"_ _0\"></span>bove f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al inst<span class=\"_ _0\"></span>rumen<span class=\"_ _0\"></span>ts is<span class=\"_ _0\"></span> determ<span class=\"_ _0\"></span>ined <span class=\"_ _0\"></span>as the current value of future cash flows based on the applicable swap interest rat<span class=\"_ _0\"></span>e and the assumptions be<span class=\"_ _0\"></span>low:<span class=\"ws1\"> </span>- <span class=\"ls40 ws218\">Comm</span><span class=\"ws1f6\">ercial margins are <span class=\"_ _0\"></span>taken into account when re<span class=\"_ _0\"></span>pricing;<span class=\"ws1\"> </span></span>- <span class=\"ls25 ws1eb\">No acco<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>s taken o<span class=\"_ _0\"></span>f a per<span class=\"_ _0\"></span>centag<span class=\"_ _0\"></span>e of cred<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ws1ed\">Derivatives held for<span class=\"_ _0\"></span> trading purposes and f<span class=\"_ _9f\"></span>or<span class=\"_ _3\"></span> hedgin<span class=\"_ _0\"></span>g purposes: the f<span class=\"_ _0\"></span>air value </span></span>of thes<span class=\"_ _0\"></span>e instru<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>s also de<span class=\"_ _0\"></span>termined<span class=\"_ _0\"></span> as the cu<span class=\"_ _0\"></span>rrent v<span class=\"_ _0\"></span>alue of f<span class=\"_ _0\"></span>ut<span class=\"ls34 ws275\">ure<span class=\"_ _3\"></span> ca<span class=\"_ _3\"></span>sh </span>flow<span class=\"_ _0\"></span>s based o<span class=\"_ _0\"></span>n the app<span class=\"_ _9f\"></span>licable sw<span class=\"_ _0\"></span>ap inte<span class=\"_ _0\"></span>rest r<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws215\">Param<span class=\"_ _0\"></span>eters fo<span class=\"_ _9f\"></span>r <span class=\"ff3b ls49 ws2a6\">le<span class=\"_ _3\"></span>vel 3 instr<span class=\"_ _3\"></span>uments</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls4b ws2ee\">are no<span class=\"_ _3\"></span>n</span>-<span class=\"ls33 ws1fa\">obse<span class=\"_ _3\"></span>rvable<span class=\"_ _3\"></span> data for<span class=\"_ _3\"></span> determi<span class=\"_ _3\"></span>ning </span></span></span></span>the fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of an a<span class=\"_ _0\"></span>sset or l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ity. In t<span class=\"_ _0\"></span>his cas<span class=\"_ _0\"></span>e, use <span class=\"_ _0\"></span>is made o<span class=\"_ _0\"></span>f a valu<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> technique (model) wi<span class=\"_ _0\"></span>th (partly) non<span class=\"ws1\">-<span class=\"ls33 ws204\">observa<span class=\"_ _3\"></span>ble par<span class=\"_ _3\"></span>ameters<span class=\"_ _3\"></span>.</span> </span>We find <span class=\"_ _0\"></span>the follo<span class=\"_ _0\"></span>wing f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l assets in<span class=\"_ _0\"></span> leve<span class=\"_ _0\"></span>l 3:<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls33 ws1eb\">So<span class=\"_ _3\"></span>me fina<span class=\"_ _3\"></span>ncial a<span class=\"_ _3\"></span>ssets (<span class=\"ls1 ws1ed\">valued at fair value with value changes inclu<span class=\"_ _0\"></span>ded in the </span></span></span>unrealised results) for whi<span class=\"_ _0\"></span>ch no public listing is avai<span class=\"_ _0\"></span>lable.<span class=\"ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws236\">Loans an<span class=\"_ _0\"></span>d advan<span class=\"_ _0\"></span>ces to cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>s, value<span class=\"_ _0\"></span>d at amor<span class=\"_ _0\"></span>tised c<span class=\"_ _0\"></span>ost: the f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>e </span></span>thereof<span class=\"_ _0\"></span> is de<span class=\"_ _0\"></span>termin<span class=\"_ _0\"></span>ed as<span class=\"_ _0\"></span> the curr<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lue of<span class=\"_ _0\"></span> futur<span class=\"_ _0\"></span>e cash f<span class=\"_ _0\"></span>lows <span class=\"ls34 ws1f2\">base<span class=\"_ _3\"></span>d on t<span class=\"_ _3\"></span>he </span>applicable swap inter<span class=\"_ _0\"></span>est rate and the assumptions b<span class=\"_ _0\"></span>elow:<span class=\"ws1\"> </span>-  <span class=\"_ _24\"></span><span class=\"ws1ed\">Commercial margins are t<span class=\"_ _3\"></span>aken into account when repricing;</span> -  <span class=\"_ _24\"></span><span class=\"ls25 ws1eb\">A percen<span class=\"_ _0\"></span>tage of e<span class=\"_ _0\"></span>arly r<span class=\"_ _0\"></span>epaym<span class=\"_ _0\"></span>ents and <span class=\"_ _0\"></span>cap opt<span class=\"_ _0\"></span>ions i<span class=\"_ _0\"></span>s taken in<span class=\"_ _0\"></span>to acco<span class=\"_ _0\"></span>unt;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>-  <span class=\"_ _24\"></span><span class=\"ws1f6\">No account is taken of a percentag<span class=\"_ _0\"></span>e of credit l<span class=\"ls25 ws1ec\">osses.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span></span>The fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>rities<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e investment portfoli<span class=\"_ _0\"></span>o<span class=\"ff3a ws1\"> <span class=\"_ _4\"> </span><span class=\"ls34 ws24b\">o<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> Gro<span class=\"_ _3\"></span>up is<span class=\"_ _3\"></span> </span></span>determined on the basis of the li<span class=\"_ _0\"></span>sting on the public market (level 1). The <span class=\"_ _0\"></span>same ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d t<span class=\"_ _3\"></span>o the<span class=\"_ _3\"></span> <span class=\"ff3b ws1ea\">b<span class=\"_ _3\"></span>ond</span><span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ws20b\">issued by BPI (2021<span class=\"_ _0\"></span>). The bonds iss<span class=\"_ _0\"></span>ued by Nextensa and <span class=\"_ _0\"></span>Rent<span class=\"ws1\">-</span></span></span>A-<span class=\"ls24 ws218\">Port (2021<span class=\"ls25 ws1eb\">) are rep<span class=\"_ _9f\"></span>orted und<span class=\"_ _0\"></span>er leve<span class=\"_ _0\"></span>l 2.<span class=\"ls1 ws1\"> </span></span></span>The abov<span class=\"_ _9f\"></span>e table giv<span class=\"_ _0\"></span>es no fair v<span class=\"_ _0\"></span>alue inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>ion for f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts and liab<span class=\"_ _9f\"></span>ilities that a<span class=\"_ _0\"></span>re not <span class=\"_ _0\"></span>measu<span class=\"_ _0\"></span>red at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alue, <span class=\"_ _0\"></span>such as<span class=\"_ _0\"></span> receiva<span class=\"_ _0\"></span>bles <span class=\"_ _0\"></span>and wa<span class=\"_ _0\"></span>rrantie<span class=\"_ _0\"></span>s, oth<span class=\"_ _0\"></span>er receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd paya<span class=\"_ _0\"></span>bles, trad<span class=\"_ _9f\"></span>e receivab<span class=\"ls1 ws241\">l<span class=\"_ _0\"></span>es and trade payab<span class=\"_ _0\"></span>les, advance payments, </span>am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>ts pay<span class=\"_ _3\"></span>able<span class=\"_ _3\"></span> rega<span class=\"_ _3\"></span>rdi<span class=\"_ _3\"></span>ng re<span class=\"_ _3\"></span>mune<span class=\"_ _3\"></span>rati<span class=\"_ _3\"></span>on a<span class=\"_ _3\"></span>nd so<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span> secu<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y, and<span class=\"_ _3\"></span> cas<span class=\"_ _3\"></span>h and ca<span class=\"_ _3\"></span>sh equiv<span class=\"_ _0\"></span>alents,<span class=\"_ _0\"></span> since th<span class=\"_ _0\"></span>eir carry<span class=\"_ _0\"></span>ing amou<span class=\"_ _0\"></span>nt is a rea<span class=\"_ _0\"></span>sonab<span class=\"_ _0\"></span>le approx<span class=\"_ _0\"></span>imatio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>eir fair<span class=\"_ _0\"></span> va<span class=\"_ _3\"></span>lue.2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span><span class=\"ls36 ws200\">assets</span>: at fa<span class=\"_ _3\"></span>ir valu<span class=\"_ _3\"></span>e <span class=\"ls2f ws1e\">through OCI <span class=\"_ _3\"></span>or through P/<span class=\"_ _3\"></span>L</span></span> Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets : at<span class=\"_ _0\"></span> fair value thr<span class=\"_ _0\"></span>ough OCI or through P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2021<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>131,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>51,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>475,164<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>546,322<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>131,391<span class=\"ls1 ws1\"> </span>51,155<span class=\"ls1 ws1\"> </span>463,025<span class=\"ls1 ws1\"> </span>20,003<span class=\"ls1 ws1\"> </span>534,183<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>24,453<span class=\"ls1 ws1\"> </span>66<span class=\"ls1 ws1\"> </span>88,967<span class=\"ls1 ws1\"> </span>107,601<span class=\"ls1 ws1\"> </span>196,635<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">1,108</span> -<span class=\"ls29 ws1e1\">100</span> -<span class=\"ls29 ws1e1\">1,208</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">14,971</span> -<span class=\"ls29 ws1e1\">7,770</span> -<span class=\"ls29 ws1e1\">48,253</span> -<span class=\"ls29 ws1e1\">107,500</span> -<span class=\"ls29 ws1e1\">163,523</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>36,338<span class=\"ls1 ws1\"> </span>4,739<span class=\"ls1 ws1\"> </span>0 4,739<span class=\"ls1 ws1\"> </span>Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVOCI)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,347</span> -<span class=\"ls29 ws1e1\">8,347</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>140<span class=\"ls1 ws1\"> </span>-1 1,505<span class=\"ls1 ws1\"> </span>1 1,505<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">140</span> 0 -<span class=\"ls29 ws1e1\">140</span> Financial ass<span class=\"_ _3\"></span>ets: ending <span class=\"ls2b ws1e4\">bala<span class=\"_ _3\"></span>nce at fair va<span class=\"_ _3\"></span>lue</span><span class=\"ls1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value <span class=\"ls2b ws1dd\">(FVO<span class=\"_ _3\"></span>CI)<span class=\"ls1 ws1\"> </span></span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets :<span class=\"_ _0\"></span> at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h OCI or <span class=\"ls32 ws29a\">t<span class=\"_ _0\"></span>hrough </span>P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2022<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>33,058<span class=\"ls1 ws1\"> </span>15,028<span class=\"ls1 ws1\"> </span>172,660<span class=\"ls1 ws1\"> </span>107,486<span class=\"ls1 ws1\"> </span>295,174<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">731</span> -<span class=\"ls29 ws1e1\">731</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">618</span> -<span class=\"ls29 ws1e1\">15,254</span> -<span class=\"ls29 ws1e1\">120,595</span> -<span class=\"ls29 ws1e1\">127,500</span> -<span class=\"ls29 ws1e1\">263,349</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>1,402<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">6,636</span> 0 -<span class=\"ls29 ws1e1\">6,636</span> Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value <span class=\"ls2b ws1dd\">(FVOCI)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">58,551</span> -<span class=\"ls29 ws1e1\">58,551</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>8 0 2,173<span class=\"ls1 ws1\"> </span>0 2,173<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,872</span> 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 427<span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>437<span class=\"ls1 ws1\"> </span>Financial assets: en<span class=\"_ _3\"></span>ding balance at fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>503,171<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>208,328<span class=\"ls1 ws1\"> </span>41,328<span class=\"ls1 ws1\"> </span>557,646<span class=\"ls1 ws1\"> </span>0 598,974<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span><span class=\"ws211\">adjustment to <span class=\"ls2b ws1df\">fair value (F<span class=\"_ _3\"></span>VOCI)<span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ls29 ws1e1\">55,655</span> -<span class=\"ls29 ws1e1\">55,655</span> Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>The <span class=\"_ _4\"> </span><span class=\"ff3b ls49 ws2f1\">Fina<span class=\"_ _3\"></span>ncial asse<span class=\"_ _3\"></span>ts at fa<span class=\"_ _3\"></span>ir value t<span class=\"_ _3\"></span>hrough P<span class=\"_ _3\"></span>rofit&amp;Loss </span><span class=\"ls1 ws233\">i<span class=\"_ _3\"></span>nclude th<span class=\"_ _0\"></span>e non<span class=\"ws1\">-</span></span>conso<span class=\"_ _0\"></span>lidated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pation<span class=\"_ _0\"></span>s of \u201cAvH<span class=\"_ _0\"></span> &amp; Gr<span class=\"_ _0\"></span>owth Cap<span class=\"_ _0\"></span>ital\u201d (m<span class=\"_ _0\"></span>ainly <span class=\"_ _0\"></span>investm<span class=\"_ _0\"></span>ents with<span class=\"_ _9f\"></span> a focus on Sou<span class=\"_ _0\"></span>theast Asia/India <span class=\"_ _0\"></span>and life sciences) and <span class=\"_ _0\"></span>the investment por<span class=\"_ _0\"></span>tfolio of \u201cAvH &amp; Subholdi<span class=\"_ _0\"></span>ngs\u201d. These are <span class=\"_ _0\"></span>the main compon<span class=\"_ _0\"></span>ents of this item, <span class=\"_ _0\"></span>along with th<span class=\"ls39 ws204\">e </span>9.6% in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>that N<span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>sa holds <span class=\"_ _0\"></span>in Reta<span class=\"_ _0\"></span>il Est<span class=\"_ _0\"></span>ates. <span class=\"ls1 ws1\"> </span>The recognition of thes<span class=\"_ _0\"></span>e assets at fair value made, on balance, <span class=\"_ _0\"></span>a negative contr<span class=\"_ _0\"></span>ibution o<span class=\"_ _0\"></span>f 5.2 mi<span class=\"_ _0\"></span>llion<span class=\"_ _0\"></span> euros to <span class=\"_ _0\"></span>the resu<span class=\"_ _9f\"></span>lts in 2022.<span class=\"_ _0\"></span> In \u201cRea<span class=\"_ _0\"></span>l Estat<span class=\"_ _0\"></span>e &amp; Senio<span class=\"_ _0\"></span>r Care\u201d,<span class=\"_ _0\"></span> the value o<span class=\"_ _0\"></span>f the Re<span class=\"_ _0\"></span>tail Esta<span class=\"_ _0\"></span>tes sha<span class=\"_ _0\"></span>res at Nex<span class=\"_ _0\"></span>tensa w<span class=\"_ _0\"></span>as decrea<span class=\"_ _0\"></span>sed by 12<span class=\"_ _0\"></span>.7 million euros in accordance with the evol<span class=\"_ _0\"></span>ution of the share price during 2022. In \u201cAv<span class=\"_ _3\"></span>H &amp; Gr<span class=\"_ _3\"></span>owt<span class=\"_ _3\"></span>h Capi<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>\u201d, an<span class=\"_ _3\"></span> upwa<span class=\"_ _3\"></span>rd val<span class=\"_ _3\"></span>ue ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tment<span class=\"_ _3\"></span> of 1<span class=\"_ _3\"></span>3.8 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os wa<span class=\"_ _3\"></span>s recognised on the non<span class=\"ws1\">-<span class=\"ls40 ws226\">consolidated parti<span class=\"_ _0\"></span>cipations of AvH Gr<span class=\"ls1 ws1f7\">owth Capital, while </span></span></span>the rev<span class=\"_ _0\"></span>aluatio<span class=\"_ _0\"></span>n at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of Av<span class=\"_ _0\"></span>H\u2019s inv<span class=\"_ _0\"></span>estment p<span class=\"_ _0\"></span>ortfol<span class=\"_ _0\"></span>io resu<span class=\"_ _0\"></span>lted in <span class=\"_ _0\"></span>a negat<span class=\"_ _0\"></span>ive value adjustment of 6.6 m<span class=\"_ _0\"></span>illion euros.<span class=\"ws1\"> </span>Dur<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g 2022<span class=\"_ _3\"></span>, Av<span class=\"_ _3\"></span>H inve<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>d 24.<span class=\"_ _3\"></span>9 mill<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n euro<span class=\"_ _3\"></span>s in t<span class=\"_ _3\"></span>he fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r exp<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f its \u201cGrowth<span class=\"_ _0\"></span> Capi<span class=\"_ _0\"></span>tal\u201d portf<span class=\"_ _0\"></span>olio w<span class=\"_ _0\"></span>ith <span class=\"ls34 ws1f2\">foc<span class=\"_ _3\"></span>us on L<span class=\"_ _3\"></span>ife<span class=\"_ _3\"></span> Sci<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>es a<span class=\"_ _3\"></span>nd I<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>a/S<span class=\"_ _3\"></span>outhe<span class=\"_ _3\"></span>ast<span class=\"_ _3\"></span> Asi<span class=\"_ _3\"></span>a, </span>mainly in Health Quad II, Medikabaz<span class=\"_ _0\"></span>aar, Venturi Fund I and the new participat<span class=\"_ _0\"></span>ions in Convergent Finance <span class=\"_ _0\"></span>and AstriVax.<span class=\"ws1\"> </span>The <span class=\"_ _0\"></span><span class=\"ls1 ws1\">\u201c<span class=\"ff3b ls4c ws268\">inves<span class=\"_ _0\"></span>tments<span class=\"ls1 ws1\">-<span class=\"ls53 ws23d\">FVOCI</span><span class=\"ff3a ws20b\">\u201d and \u201c</span><span class=\"ls45 ws2f2\">investme<span class=\"_ _3\"></span>nts at amortised cost<span class=\"ff3a ls54 ws21b\">\u201d a<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span> <span class=\"ls35 ws213\">lar<span class=\"_ _0\"></span>gely </span></span></span></span></span></span>attribu<span class=\"_ _0\"></span>table<span class=\"_ _0\"></span> to Bank Van Br<span class=\"_ _0\"></span>eda, and re<span class=\"_ _0\"></span>late to tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>ns realiz<span class=\"_ _0\"></span>ed as part of it<span class=\"_ _0\"></span>s Asset &amp;<span class=\"_ _0\"></span> Liabi<span class=\"_ _0\"></span>lity ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent (AL<span class=\"_ _0\"></span>M).<span class=\"ls1 ws1\"> </span>Fair value in Fair value in Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 Valua<span class=\"_ _3\"></span>ti<span class=\"ls2b ws1dd\">on <span class=\"ls1 ws1\">- </span></span>(\u20ac 1,000) Fina<span class=\"_ _3\"></span>ncial fixed <span class=\"_ _3\"></span>assets at F<span class=\"_ _3\"></span>air value th<span class=\"_ _3\"></span>rough P/L<span class=\"ls1 ws1\"> </span>Profi<span class=\"_ _0\"></span>t &amp; Loss Profi<span class=\"_ _0\"></span>t &amp; Loss (fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Level  2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>5,036<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,890<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>Retail Estate<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12,702</span> 16,621<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>305<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>83,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>97,215<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,397</span> 16,621<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>Epics Therapeutics (Bio<span class=\"_ _0\"></span> Cap Invest)<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Life Sciences <span class=\"ws1\">- </span>Fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>40,150<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>40,620<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">5,383</span> 12,956<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ws211\">East Asia </span>- <span class=\"ws202\">Fair value</span> </span>69,346<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>27,973<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,183<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Koffie Rombouts<span class=\"ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ws202\">Fair value</span> </span>10,014<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,654<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,571<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subtotal Av<span class=\"_ _3\"></span>H &amp; Growth C<span class=\"_ _3\"></span>apital<span class=\"ls1 ws1\"> </span>119,510<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,246<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,800<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,716<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value <span class=\"ws1\">- <span class=\"ls28 ws1de\">To<span class=\"_ _3\"></span>tal</span> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,402<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,338<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Number of<span class=\"_ _3\"></span> The inves<span class=\"_ _3\"></span>tments cons<span class=\"_ _3\"></span>ist of (\u20ac <span class=\"_ _3\"></span>1,000):<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>shares  Investment portfolio Bank V<span class=\"_ _0\"></span>an Breda<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>Funds managed by Delen Private Bank<span class=\"ls1 ws1\"> </span>29,295<span class=\"ls1 ws1\"> </span>Ageas<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>278,284<span class=\"ls1 ws1\"> </span>11,527<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>506<span class=\"ls1 ws1\"> </span>544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The breakdown per<span class=\"_ _3\"></span> segment of the fai<span class=\"_ _3\"></span>r value of the inves<span class=\"_ _3\"></span>tments is as follows (<span class=\"_ _3\"></span>\u20ac 1,000):<span class=\"ws1\"> </span>Fair value<span class=\"ws1\"> </span>Private Banking (Bank Van Breda)<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>41,325<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>2 Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Credit risk of th<span class=\"_ _3\"></span>e investment po<span class=\"_ _3\"></span>rtfolio Bank Van Bre<span class=\"_ _3\"></span>da<span class=\"ls1 ws1\"> </span>The ri<span class=\"_ _0\"></span>sk prof<span class=\"_ _0\"></span>ile of<span class=\"_ _0\"></span> the <span class=\"ls25 ws208\">inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t portfo<span class=\"_ _0\"></span>lio has f<span class=\"_ _0\"></span>or yea<span class=\"_ _0\"></span>rs now d<span class=\"_ _0\"></span>elibera<span class=\"_ _0\"></span>tely be<span class=\"_ _0\"></span>en kept<span class=\"_ _0\"></span> </span>very lo<span class=\"_ _0\"></span>w. The in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>at yea<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">-<span class=\"ls24 ws21c\">end 2022 contains 99% government </span></span>and government<span class=\"ws1\">-</span>g<span class=\"_ _0\"></span>uaranteed bonds with<span class=\"_ _0\"></span> a minimum A<span class=\"_ _0\"></span>a3 rating (Moody\u2019<span class=\"_ _0\"></span>s rating<span class=\"ls4a ws2a4\">) </span>and less than 1% shar<span class=\"_ _0\"></span>es and private equity.<span class=\"ws1\"> </span>The investment f<span class=\"_ _0\"></span>ramework that is s<span class=\"_ _0\"></span>ubmitted annually for<span class=\"_ _0\"></span> the approval of t<span class=\"_ _0\"></span>he board of directors of Bank Van Breda determines which investmen<span class=\"_ _0\"></span>ts can be made and the limits that apply. The following t<span class=\"_ _0\"></span>able shows the composition of the consolidated investm<span class=\"_ _0\"></span>ent portfolio by rating and matu<span class=\"_ _0\"></span>rity.<span class=\"ws1\"> </span>Remaining<span class=\"_ _3\"></span> Composition o<span class=\"_ _3\"></span>f the inves<span class=\"_ _3\"></span>tment port<span class=\"_ _3\"></span>folio 31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> <span class=\"_ _1ba\"> </span><span class=\"ls28 ws1de\">Ratin<span class=\"_ _3\"></span>g</span>  </span>durati<span class=\"_ _3\"></span>on<span class=\"ls1 ws1\"> </span>Government bonds Aaa<span class=\"ls1 ws1\"> </span>40%<span class=\"ls1 ws1\"> </span>2023<span class=\"ls1 ws1\"> </span>19%<span class=\"ls1 ws1\"> </span>Government bonds Aa1<span class=\"ls1 ws1\"> </span>20%<span class=\"ls1 ws1\"> </span>2024<span class=\"ls1 ws1\"> </span>15%<span class=\"ls1 ws1\"> </span>Government bonds Aa2<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>2025<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Government bonds Aa3<span class=\"ls1 ws1\"> </span>30%<span class=\"ls1 ws1\"> </span>2026<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>Government bonds A2<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>2027<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Corporate bonds and commercial paper &amp; ot<span class=\"_ _0\"></span>her<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>&gt; 2027<span class=\"ls1 ws1\"> </span>43%<span class=\"ls1 ws1\"> </span>indefinite<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>Note 14:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls3a ws20c\">re<span class=\"_ _3\"></span>ceivable f<span class=\"_ _3\"></span>rom cre<span class=\"_ _3\"></span>dit <span class=\"ls2f ws1e\">instit<span class=\"_ _3\"></span>utions and cl<span class=\"_ _3\"></span>ients</span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value  <span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Loans and receivables to c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\"> </span>5,939,496<span class=\"ls1 ws1\"> </span>6,116,786<span class=\"ls1 ws1\"> </span>6,188,490<span class=\"ls1 ws1\"> </span>5,748,252<span class=\"ls1 ws1\"> </span>Changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span>0 25,704<span class=\"ls1 ws1\"> </span>0 25,704<span class=\"ls1 ws1\"> </span>Loans and advances to banks<span class=\"ls1 ws1\"> </span>110,845<span class=\"ls1 ws1\"> </span>137,851<span class=\"ls1 ws1\"> </span>110,836<span class=\"ls1 ws1\"> </span>138,014<span class=\"ls1 ws1\"> </span>Cash balances with central banks<span class=\"ls1 ws1\"> </span>640,916<span class=\"ls1 ws1\"> </span>1,224,628<span class=\"ls1 ws1\"> </span>640,916<span class=\"ls1 ws1\"> </span>1,224,628<span class=\"ls1 ws1\"> </span>6,691,25<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,504,96<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>6,940,24<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>7,136,59<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>Finance lease<span class=\"ls1 ws1\"> </span>366,374<span class=\"ls1 ws1\"> </span>279,004<span class=\"ls1 ws1\"> </span>Investment credits and financ<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> </span>2,815,391<span class=\"ls1 ws1\"> </span>2,670,776<span class=\"ls1 ws1\"> </span>Mortgage loans<span class=\"ls1 ws1\"> </span>2,617,715<span class=\"ls1 ws1\"> </span>2,438,038<span class=\"ls1 ws1\"> </span>Operating appropriatio<span class=\"_ _0\"></span>ns<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>404,040<span class=\"ls1 ws1\"> </span>371,689<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,373<span class=\"ls1 ws1\"> </span>17,901<span class=\"ls1 ws1\"> </span>Subtotal <span class=\"ls1 ws1\">- </span><span class=\"ws1e4\">G<span class=\"_ _3\"></span>ross loans and a<span class=\"_ _3\"></span>dvances<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Provisions Expected Credit <span class=\"ls28 ws1de\">Losses/w<span class=\"_ _3\"></span>rite<span class=\"ls1 ws1\">-off<span class=\"_ _3\"></span>s </span></span>-<span class=\"ls29 ws1e1\">27,403</span> -<span class=\"ls29 ws1e1\">29,156</span> Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>6,188,49<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>5,748,25<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>The full consolidation of <span class=\"ls34\">Bank<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>an B<span class=\"_ _3\"></span>reda<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws236\">resu<span class=\"_ _0\"></span>lts in th<span class=\"_ _0\"></span>e inclu<span class=\"_ _0\"></span>sion of<span class=\"_ _0\"></span> the spec<span class=\"_ _0\"></span>ific </span></span>bank<span class=\"_ _0\"></span>ing rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> debts in <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>lance sh<span class=\"_ _0\"></span>eet of<span class=\"_ _0\"></span> AvH. Th<span class=\"_ _0\"></span>ese it<span class=\"_ _0\"></span>ems have b<span class=\"_ _9f\"></span>een grouped in order to k<span class=\"_ _0\"></span>eep the balance sheet as transpar<span class=\"_ _0\"></span>ent as possible.<span class=\"ws1\"> </span>The loan<span class=\"_ _9f\"></span>s and adva<span class=\"_ _0\"></span>nces to<span class=\"_ _0\"></span> clients <span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>rise th<span class=\"_ _0\"></span>e follow<span class=\"_ _9f\"></span>ing: <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1f9\">loans g<span class=\"_ _0\"></span>ranted<span class=\"_ _0\"></span> to fam<span class=\"_ _0\"></span>ily en<span class=\"_ _0\"></span>trepren<span class=\"_ _0\"></span>eurs <span class=\"_ _0\"></span>and th<span class=\"_ _0\"></span>e libe<span class=\"_ _0\"></span>ral prof<span class=\"_ _0\"></span>ession<span class=\"_ _0\"></span>s at <span class=\"_ _0\"></span><span class=\"ls34 ws1f7\">B<span class=\"_ _3\"></span>ank V<span class=\"_ _3\"></span>an </span></span></span>Bre<span class=\"_ _3\"></span>da<span class=\"ls25 ws208\">. Th<span class=\"_ _0\"></span>e many<span class=\"_ _0\"></span> entrepr<span class=\"_ _0\"></span>eneur<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>racti<span class=\"_ _0\"></span>tione<span class=\"_ _0\"></span>rs of lib<span class=\"_ _0\"></span>eral p<span class=\"_ _0\"></span>rofes<span class=\"_ _0\"></span>sions w<span class=\"_ _0\"></span>ho hav<span class=\"_ _0\"></span>e </span>becom<span class=\"_ _0\"></span>e clients in<span class=\"_ _0\"></span> previou<span class=\"_ _0\"></span>s years ent<span class=\"_ _0\"></span>rus<span class=\"_ _0\"></span>t an ever incre<span class=\"_ _0\"></span>asing sh<span class=\"_ _0\"></span>are of thei<span class=\"_ _0\"></span>r banking business to th<span class=\"_ _0\"></span>e<span class=\"ws1\"> <span class=\"ls34 ws1ea\">ba<span class=\"_ _3\"></span>nk;<span class=\"_ _3\"></span> </span> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">car financing provided by Van <span class=\"_ _0\"></span>Breda Car Finance, a division of<span class=\"_ _0\"></span> the bank.<span class=\"ws1\"> </span></span></span>The strong<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls4d ws1f5\">co<span class=\"_ _3\"></span>mmer<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ls30 ws25c\">perf<span class=\"_ _0\"></span>orman<span class=\"_ _9f\"></span>ce of th<span class=\"_ _0\"></span>e bank exp<span class=\"_ _9f\"></span>lains the <span class=\"_ _0\"></span>signif<span class=\"_ _0\"></span>icant i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se </span></span>of loans and advance<span class=\"_ _0\"></span>s to clients.<span class=\"ws1\"> </span>Credit risk<span class=\"ls1 ws1\"> </span>The credit portfolio of <span class=\"ls1 ws1f5\">B<span class=\"_ _0\"></span>ank Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws204\">is v<span class=\"_ _0\"></span>ery widely<span class=\"_ _0\"></span> spread th<span class=\"_ _0\"></span>rougho<span class=\"_ _0\"></span>ut the loc<span class=\"_ _0\"></span>al </span></span></span>economic fabric of f<span class=\"_ _0\"></span>amily businesses an<span class=\"_ _0\"></span>d liberal professions. <span class=\"_ _0\"></span>The bank applies<span class=\"_ _0\"></span> concentration limit<span class=\"_ _0\"></span>s per sector and maxim<span class=\"_ _0\"></span>um credit amounts per clien<span class=\"_ _0\"></span>t. The credit portfolio of the Van Breda C<span class=\"_ _0\"></span>ar Finance division consists of ca<span class=\"ls1 ws20b\">r loans<span class=\"_ _0\"></span> and car finance </span>leas<span class=\"_ _0\"></span>es, and i<span class=\"_ _0\"></span>s very wid<span class=\"_ _9f\"></span>ely spread<span class=\"_ _0\"></span>. Const<span class=\"_ _0\"></span>ant f<span class=\"_ _0\"></span>ine<span class=\"ls1 ws1\">-<span class=\"ws1f2\">tuning of th<span class=\"_ _0\"></span>e acceptance criteria </span></span>and pro<span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>e debtor <span class=\"_ _0\"></span>moni<span class=\"_ _0\"></span>toring a<span class=\"_ _0\"></span>lso giv<span class=\"_ _0\"></span>e this po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> a low r<span class=\"_ _0\"></span>isk p<span class=\"_ _0\"></span>rofile.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The cr<span class=\"_ _0\"></span>edit po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>is div<span class=\"_ _0\"></span>ided into<span class=\"_ _0\"></span> risk <span class=\"_ _0\"></span>categori<span class=\"_ _0\"></span>es, each<span class=\"_ _0\"></span> of wh<span class=\"_ _0\"></span>ich is m<span class=\"_ _0\"></span><span class=\"ws22f\">onito<span class=\"_ _0\"></span>red in its </span>own specific way. The board of di<span class=\"_ _0\"></span>rectors of Bank Van Breda periodi<span class=\"_ _0\"></span>cally receives a report o<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>it fac<span class=\"_ _0\"></span>ilities <span class=\"_ _0\"></span>in the h<span class=\"_ _0\"></span>ighes<span class=\"_ _0\"></span>t risk ca<span class=\"_ _0\"></span>tegory.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Debts which becom<span class=\"_ _0\"></span>e doubtful are transf<span class=\"_ _0\"></span>erred to the Litigation d<span class=\"_ _0\"></span>epartment. There are specif<span class=\"_ _0\"></span>ic criter<span class=\"ws204\">i<span class=\"_ _0\"></span>a for man<span class=\"_ _0\"></span>dator<span class=\"_ _0\"></span>y transf<span class=\"_ _0\"></span>er when<span class=\"_ _0\"></span> specific ev<span class=\"_ _9f\"></span>ents arise w<span class=\"_ _0\"></span>ith cli<span class=\"_ _0\"></span>ents, </span>borrow<span class=\"_ _9f\"></span>ers or <span class=\"_ _3\"></span>gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ors. For cr<span class=\"_ _0\"></span>edit faci<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s in the highe<span class=\"_ _0\"></span>st risk catego<span class=\"_ _9f\"></span>ry and for debts that become doubtful, it will be determined wh<span class=\"_ _0\"></span>ether impairments are required. The valuation rules (<span class=\"ws1f6\">N<span class=\"_ _0\"></span>ote 1) offer a<span class=\"_ _3\"></span>n explanation of the methodology which <span class=\"ws1\">B<span class=\"ls34 ws1ea\">ank</span> </span></span>Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">uses und<span class=\"_ _0\"></span>er nor<span class=\"_ _0\"></span>mal ci<span class=\"_ _0\"></span>rcumst<span class=\"_ _0\"></span>ances to<span class=\"_ _0\"></span> deter<span class=\"_ _0\"></span>mine th<span class=\"_ _0\"></span>e <span class=\"ff3b ls1\">expected credit<span class=\"_ _0\"></span> </span></span></span>losses <span class=\"_ _3\"></span><span class=\"ls3f ws206\">(stag<span class=\"_ _0\"></span>e 1 and stag<span class=\"_ _0\"></span>e 2)<span class=\"ff3a ls1 ws1\"> <span class=\"ls34 ws1f7\">a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he </span></span><span class=\"ws2a8\">imp<span class=\"_ _0\"></span>airmen<span class=\"_ _9f\"></span>ts (stag<span class=\"_ _0\"></span>e 3)<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws25c\">for the <span class=\"_ _3\"></span>whole </span></span></span></span>credit portfolio. <span class=\"ls1 ws1\"> </span>Despite the very challenging environm<span class=\"_ _0\"></span>ent for its clients due to the geopolitical tensions and th<span class=\"_ _0\"></span>e sharply increased infl<span class=\"_ _0\"></span>ation, Bank V<span class=\"_ _0\"></span>an Breda did no<span class=\"_ _0\"></span>t report any signif<span class=\"_ _0\"></span>icant lo<span class=\"_ _0\"></span>sses on l<span class=\"_ _0\"></span>oans in<span class=\"_ _0\"></span> 2022. Th<span class=\"_ _9f\"></span>e total prov<span class=\"_ _0\"></span>ision fo<span class=\"_ _0\"></span>r <span class=\"ls1 ws1f5\">credit losses (including </span>Expected Credit Losses or E<span class=\"_ _0\"></span>CL) remains low at +0.02<span class=\"_ _0\"></span>% of the average loan portfo<span class=\"_ _0\"></span>lio. In<span class=\"_ _0\"></span> 2021,<span class=\"_ _0\"></span> there<span class=\"_ _0\"></span> was a <span class=\"_ _0\"></span>net po<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t on th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lts du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e par<span class=\"_ _0\"></span>tial rever<span class=\"_ _0\"></span>sal of th<span class=\"_ _0\"></span>e so<span class=\"ls1 ws1\">-<span class=\"ws1f7\">called \u2018corona prov<span class=\"_ _0\"></span>ision\u2019. This proves the strong qua<span class=\"ls52 ws24f\">lity of t<span class=\"_ _3\"></span>he </span></span></span>bank\u2019<span class=\"_ _0\"></span>s credit p<span class=\"_ _0\"></span>ortfo<span class=\"_ _0\"></span>lio as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>the resi<span class=\"_ _0\"></span>lienc<span class=\"_ _0\"></span>e of its c<span class=\"_ _0\"></span>lient<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\">. </span>Inter<span class=\"_ _3\"></span>nal rati<span class=\"_ _3\"></span>ng per c<span class=\"_ _3\"></span>atego<span class=\"_ _3\"></span>ry <span class=\"ls1 ws1\">\u2013 </span>lo<span class=\"_ _3\"></span>ans and a<span class=\"_ _3\"></span>dvance<span class=\"_ _3\"></span>s to c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Loans and a<span class=\"_ _3\"></span>dvances to cl<span class=\"_ _3\"></span>ients <span class=\"ls1 ws1\">- <span class=\"ls28 ws1e7\">inte<span class=\"_ _3\"></span>rnal<span class=\"_ _3\"></span> rating<span class=\"_ _3\"></span> per ca<span class=\"_ _3\"></span>tego<span class=\"_ _3\"></span>ry</span> </span>Stage 1<span class=\"ws1\"> </span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bb\"> </span></span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> <span class=\"_ _ca\"> </span></span>Indivi<span class=\"_ _3\"></span>dual<span class=\"ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> </span>Performing<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Low<span class=\"_ _3\"></span> risk<span class=\"ls1 ws1\"> </span>2,599,257<span class=\"ls1 ws1\"> </span>0 19,099<span class=\"ls1 ws1\"> </span>15,313<span class=\"ls1 ws1\"> </span>0 2,633,669<span class=\"ls1 ws1\"> </span>Medium risk<span class=\"ls1 ws1\"> </span>2,348,294<span class=\"ls1 ws1\"> </span>0 361,644<span class=\"ls1 ws1\"> </span>59,268<span class=\"ls1 ws1\"> </span>0 2,769,205<span class=\"ls1 ws1\"> </span>High risk<span class=\"ls1 ws1\"> </span>328,614<span class=\"ls1 ws1\"> </span>0 372,495<span class=\"ls1 ws1\"> </span>19,408<span class=\"ls1 ws1\"> </span>0 720,516<span class=\"ls1 ws1\"> </span>Overdue<span class=\"ls1 ws1\"> </span>33,343<span class=\"ls1 ws1\"> </span>0 14,523<span class=\"ls1 ws1\"> </span>222<span class=\"ls1 ws1\"> </span>0 48,088<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span>perform<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Submitted<span class=\"_ _3\"></span> to write off<span class=\"ls1 ws1\"> </span>0 0 0 0 44,416<span class=\"ls1 ws1\"> </span>44,416<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,309,50<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>0 767,760<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>94,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Loans and a<span class=\"_ _3\"></span>dvances to cl<span class=\"_ _3\"></span>ients <span class=\"ls1 ws1\">- <span class=\"ls28 ws1e7\">inte<span class=\"_ _3\"></span>rnal<span class=\"_ _3\"></span> rating<span class=\"_ _3\"></span> per ca<span class=\"_ _3\"></span>tego<span class=\"_ _3\"></span>ry</span> <span class=\"_ _8c\"> </span><span class=\"ws202\">Stage 1</span> </span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> <span class=\"_ _58\"> </span><span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bb\"> </span></span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> <span class=\"_ _ca\"> </span></span>Indivi<span class=\"_ _3\"></span>dual<span class=\"ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> </span>Performing<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Low<span class=\"_ _3\"></span> risk<span class=\"ls1 ws1\"> </span>2,376,878<span class=\"ls1 ws1\"> </span>0 21,069<span class=\"ls1 ws1\"> </span>23,856<span class=\"ls1 ws1\"> </span>0 2,421,803<span class=\"ls1 ws1\"> </span>Medium risk<span class=\"ls1 ws1\"> </span>2,114,646<span class=\"ls1 ws1\"> </span>0 342,933<span class=\"ls1 ws1\"> </span>77,093<span class=\"ls1 ws1\"> </span>0 2,534,673<span class=\"ls1 ws1\"> </span>High risk<span class=\"ls1 ws1\"> </span>325,611<span class=\"ls1 ws1\"> </span>0 364,838<span class=\"ls1 ws1\"> </span>27,219<span class=\"ls1 ws1\"> </span>0 717,668<span class=\"ls1 ws1\"> </span>Overdue<span class=\"ls1 ws1\"> </span>33,601<span class=\"ls1 ws1\"> </span>0 15,380<span class=\"ls1 ws1\"> </span>649<span class=\"ls1 ws1\"> </span>0 49,629<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span>perform<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Submitted<span class=\"_ _3\"></span> to write off<span class=\"ls1 ws1\"> </span>0 0 0 0 53,635<span class=\"ls1 ws1\"> </span>53,635<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,850,73<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>0 744,219<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>128,818<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Loans and a<span class=\"_ _3\"></span>dvances to cl<span class=\"_ _3\"></span>ients <span class=\"ls1 ws1\">- </span>evolu<span class=\"_ _3\"></span>tion in 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _be\"> </span><span class=\"ws202\">Stage<span class=\"_ _3\"></span> 1</span> </span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> <span class=\"_ _57\"> </span><span class=\"ls28 ws1de\">T<span class=\"_ _3\"></span>otal</span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Collective<span class=\"ls1 ws1\"> </span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Collective<span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>4,850,73<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>0 744,219<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>128,818<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Impact from collective s<span class=\"_ _0\"></span>taging<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">25,592</span> 25,592<span class=\"ls1 ws1\"> </span>38,017<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">38,017</span> 0 0 Recognition<span class=\"ls1 ws1\"> </span>1,612,423<span class=\"ls1 ws1\"> </span>0 163,399<span class=\"ls1 ws1\"> </span>4,838<span class=\"ls1 ws1\"> </span>4,280<span class=\"ls1 ws1\"> </span>1,784,939<span class=\"ls1 ws1\"> </span>Derecognition<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">753,174</span> 0 -<span class=\"ls29 ws1e1\">122,768</span> -<span class=\"ls29 ws1e1\">17,408</span> -<span class=\"ls29 ws1e1\">12,247</span> -<span class=\"ls29 ws1e1\">905,597</span> Repayments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">371,329</span> 0 -<span class=\"ls29 ws1e1\">51,094</span> -<span class=\"ls29 ws1e1\">9,611</span> -<span class=\"ls29 ws1e1\">7,568</span> -<span class=\"ls29 ws1e1\">439,602</span> Tran<span class=\"_ _3\"></span>sfers to<span class=\"_ _3\"></span> stage 1<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>248,372<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">247,216</span> 0 -<span class=\"ls29 ws1e1\">1,156</span> 0 Tran<span class=\"_ _3\"></span>sfers to<span class=\"_ _3\"></span> stage 2<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">244,345</span> -<span class=\"ls29 ws1e1\">25,592</span> 246,576<span class=\"ls1 ws1\"> </span>25,592<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,231</span> 0 Tran<span class=\"_ _3\"></span>sfers to<span class=\"_ _3\"></span> stage 3<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">7,461</span> 0 -<span class=\"ls29 ws1e1\">3,289</span> 0 10,751<span class=\"ls1 ws1\"> </span>0 Methodology modifications<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">123</span> 0 -<span class=\"ls29 ws1e1\">84</span> 0 -8 -<span class=\"ls29 ws1e1\">215</span> Write offs<span class=\"ls1 ws1\"> </span>0 0 0 0 -<span class=\"ls29 ws1e1\">1,040</span> -<span class=\"ls29 ws1e1\">1,040</span> 31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>5,309,50<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>0 767,760<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>94,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> <span class=\"_ _c0\"> </span><span class=\"ws202\">Stag<span class=\"_ _0\"></span>e 1<span class=\"_ _3\"></span><span class=\"ws1\"> </span></span></span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> <span class=\"_ _57\"> </span><span class=\"ls28 ws1de\">T<span class=\"_ _3\"></span>otal</span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bb\"> </span></span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> <span class=\"_ _ca\"> </span></span>Indivi<span class=\"_ _3\"></span>dual<span class=\"ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">4,192</span> 0 -<span class=\"ls27 ws1df\">1,926</span> -<span class=\"ls27 ws1df\">245</span> -<span class=\"ls27 ws1df\">22,792</span> -<span class=\"ls27 ws1df\">29,156</span> Impact from collective s<span class=\"_ _0\"></span>taging<span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">16</span> -<span class=\"ls29 ws1e1\">63</span> 63<span class=\"ls1 ws1\"> </span>0 0 Recognition<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,042</span> -8 -<span class=\"ls29 ws1e1\">673</span> -1 -<span class=\"ls29 ws1e1\">1,376</span> -<span class=\"ls29 ws1e1\">6,100</span> Derecognition<span class=\"ls1 ws1\"> </span>1,266<span class=\"ls1 ws1\"> </span>0 484<span class=\"ls1 ws1\"> </span>6 1,524<span class=\"ls1 ws1\"> </span>3,280<span class=\"ls1 ws1\"> </span>Repayments<span class=\"ls1 ws1\"> </span>1,634<span class=\"ls1 ws1\"> </span>3 499<span class=\"ls1 ws1\"> </span>7 0 2,142<span class=\"ls1 ws1\"> </span>Transfers<span class=\"_ _0\"></span> to Stage 1<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,422</span> 0 1,361<span class=\"ls1 ws1\"> </span>0 60<span class=\"ls1 ws1\"> </span>0 Transfers<span class=\"_ _0\"></span> to Stage 2<span class=\"ls1 ws1\"> </span>164<span class=\"ls1 ws1\"> </span>24<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">290</span> -<span class=\"ls29 ws1e1\">24</span> 126<span class=\"ls1 ws1\"> </span>0 Transfers<span class=\"_ _0\"></span> to Stage 3<span class=\"ls1 ws1\"> </span>26<span class=\"ls1 ws1\"> </span>0 150<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">176</span> 0 Impact on ECL by<span class=\"_ _0\"></span> Stage Transfer<span class=\"ls1 ws1\"> </span>1,249<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">2,014</span> -<span class=\"ls29 ws1e1\">83</span> -<span class=\"ls29 ws1e1\">2,655</span> -<span class=\"ls29 ws1e1\">3,502</span> Other adjus<span class=\"_ _3\"></span>tments to credit ri<span class=\"_ _3\"></span>sk<span class=\"ls1 ws1\"> </span>528<span class=\"ls1 ws1\"> </span>-3 326<span class=\"ls1 ws1\"> </span>102<span class=\"ls1 ws1\"> </span>2,871<span class=\"ls1 ws1\"> </span>3,824<span class=\"ls1 ws1\"> </span>Methodology modifications<span class=\"ls1 ws1\"> </span>1 0 0 0 0 1 Model modifications<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">32</span> 0 101<span class=\"ls1 ws1\"> </span>0 0 69<span class=\"ls1 ws1\"> </span>Write<span class=\"ls1 ws1\">-offs<span class=\"_ _3\"></span> </span>0 0 0 0 2,039<span class=\"ls1 ws1\"> </span>2,039<span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">4,805</span> 0 -<span class=\"ls27 ws1df\">2,045</span> -<span class=\"ls27 ws1df\">176</span> -<span class=\"ls27 ws1df\">20,377</span> -<span class=\"ls27 ws1df\">27,403</span> Note 19:<span class=\"ff3c\"> </span>F<span class=\"ls3a ws10d\">inancial d<span class=\"_ _3\"></span>ebts</span>  (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span> <span class=\"ls27 ws1dd\">1 year</span>  &lt;  <span class=\"_ _3\"></span><span class=\"ls27 ws1df\">5 </span> <span class=\"ls27 ws1dd\">1 year</span>  &lt;  <span class=\"_ _3\"></span><span class=\"ls27 ws1df\">5 </span>&lt; 1 year<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>&gt; 5 yea<span class=\"_ _3\"></span>rs<span class=\"ls1 ws1\">  <span class=\"_ _18\"> </span><span class=\"ls27 ws297\">Total 2022</span> <span class=\"_ _6e\"> </span><span class=\"ls27 ws1dd\">&lt; 1 yea<span class=\"_ _3\"></span>r</span>  </span>&gt; 5 yea<span class=\"_ _3\"></span>rs<span class=\"ls1 ws1\">  <span class=\"_ _105\"> </span><span class=\"ls27 ws297\">Total 202<span class=\"_ _3\"></span>1</span> </span>years years Remaining<span class=\"_ _3\"></span> Remaining<span class=\"_ _3\"></span> term<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>term<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> debt<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>280,710<span class=\"ls1 ws1\"> </span>1,134,375<span class=\"ls1 ws1\"> </span>198,800<span class=\"ls1 ws1\"> </span>1,613,88<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>527,129<span class=\"ls1 ws1\"> </span>917,939<span class=\"ls1 ws1\"> </span>107,634<span class=\"ls1 ws1\"> </span>1,552,70<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 139,348<span class=\"ls1 ws1\"> </span>0 139,348<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>74,819<span class=\"ls1 ws1\"> </span>171,345<span class=\"ls1 ws1\"> </span>0 246,164<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subordinated loans<span class=\"ls1 ws1\"> </span>0 677<span class=\"ls1 ws1\"> </span>0 677<span class=\"ls1 ws1\"> </span>33,527<span class=\"ls1 ws1\"> </span>59,995<span class=\"ls1 ws1\"> </span>1,630<span class=\"ls1 ws1\"> </span>95,152<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>39,778<span class=\"ls1 ws1\"> </span>67,946<span class=\"ls1 ws1\"> </span>44,234<span class=\"ls1 ws1\"> </span>151,959<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,198<span class=\"ls1 ws1\"> </span>73,329<span class=\"ls1 ws1\"> </span>76,184<span class=\"ls1 ws1\"> </span>185,712<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other financial debts<span class=\"ls1 ws1\"> </span>82,168<span class=\"ls1 ws1\"> </span>46,453<span class=\"ls1 ws1\"> </span>0 128,621<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>290,047<span class=\"ls1 ws1\"> </span>11,615<span class=\"ls1 ws1\"> </span>226<span class=\"ls1 ws1\"> </span>301,887<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span> <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls28 ws1de\">T<span class=\"_ _3\"></span>otal</span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,388,79<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>243,034<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,034,48<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,234,22<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>185,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,381,61<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Cash and cash equivalents<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,160,972<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">883,730<span class=\"_ _3\"></span></span> Net financial deb<span class=\"_ _3\"></span>t<span class=\"ws1\"> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,388,79<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>243,034<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,234,22<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>185,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b8\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _1b9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net <span class=\"ls2b ws1dd\">fina<span class=\"_ _3\"></span>ncial </span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net financial ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>278,640<span class=\"ls1 ws1\"> </span>1,016,861<span class=\"ls1 ws1\"> </span>601,511<span class=\"ls1 ws1\"> </span>529,567<span class=\"ls1 ws1\"> </span>721,091<span class=\"ls1 ws1\"> </span>524,132<span class=\"ls1 ws1\"> </span>Private Banking (IFRS 16 leases)<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>4,854<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">17,048</span> 2,516<span class=\"ls1 ws1\"> </span>5,673<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,173</span> Real Estate &amp; <span class=\"ls2b ws1df\">Senior Care<span class=\"ls1 ws1\"> </span></span>117,668<span class=\"ls1 ws1\"> </span>634,932<span class=\"ls1 ws1\"> </span>721,493<span class=\"ls1 ws1\"> </span>383,659<span class=\"ls1 ws1\"> </span>700,141<span class=\"ls1 ws1\"> </span>1,010,472<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">642</span> 0 0 -<span class=\"ls29 ws1e1\">576</span> AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>3,735<span class=\"ls1 ws1\"> </span>10,026<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">396,956</span> 46,727<span class=\"ls1 ws1\"> </span>11,970<span class=\"ls1 ws1\"> </span>20,759<span class=\"ls1 ws1\"> </span>Intercompany<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">750</span> -<span class=\"ls29 ws1e1\">18,976</span> -<span class=\"ls29 ws1e1\">19,726</span> Total<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,631,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,419,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>2,381,6<span class=\"_ _3\"></span>18<span class=\"ls1 ws1\"> </span>Movements in the Cashflow statement (<span class=\"_ _0\"></span>Cash flow<span class=\"_ _3\"></span> from financ<span class=\"_ _0\"></span>ial activities)<span class=\"ls1 ws1\"> </span>Increase of financial debts<span class=\"ls1 ws1\"> <span class=\"_ _1bd\"> </span></span><span class=\"fc22 ws1e1\">593,858<span class=\"ls1 ws1\"> </span></span>(Decrease) of financial debt<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">824,484</span> Non<span class=\"ls1 ws1\">-<span class=\"ls3e ws1e1\">cash movements</span> </span>- <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">acquis<span class=\"_ _0\"></span>itions<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">106</span> - <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">divestments</span> -<span class=\"ls29 ws1e1\">162,905</span> - <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">tangible assets</span> 49,675<span class=\"ls1 ws1\"> </span>- <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">investment property</span> <span class=\"_ _1be\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,155</span> </span>- <span class=\"ls29 ws1e0\">Impact of exchange rates</span>  -<span class=\"ls29 ws1e1\">1,012</span> - <span class=\"ls3c ws20e\">Other<span class=\"_ _3\"></span>s</span> 0 Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2022<span class=\"_ _3\"></span></span> </span>2,034,4<span class=\"_ _3\"></span>89<span class=\"ls1 ws1\"> </span>We refer <span class=\"_ _0\"></span>to \u2018Note 1<span class=\"_ _0\"></span>2. Finan<span class=\"_ _0\"></span>cial ris<span class=\"_ _0\"></span>k manag<span class=\"_ _0\"></span>ement and f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l deriva<span class=\"_ _0\"></span>tives\u2019 fo<span class=\"_ _0\"></span>r more detail<span class=\"_ _0\"></span>s regard<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e liquid<span class=\"_ _0\"></span>ity ris<span class=\"_ _0\"></span>k and c<span class=\"_ _0\"></span>apital m<span class=\"_ _0\"></span>anagem<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he fu<span class=\"_ _0\"></span>lly consolidated subsidiari<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>The fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al deb<span class=\"_ _0\"></span>ts are<span class=\"_ _0\"></span> attribu<span class=\"_ _9f\"></span>table to<span class=\"_ _0\"></span> the f<span class=\"_ _0\"></span>ully con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted p<span class=\"_ _0\"></span>artic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span>s. Tho<span class=\"_ _0\"></span>se partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s <span class=\"_ _3\"></span>are, ta<span class=\"_ _0\"></span>king into ac<span class=\"_ _0\"></span>count the<span class=\"_ _0\"></span>ir own cred<span class=\"_ _0\"></span>itworth<span class=\"_ _0\"></span>iness, re<span class=\"_ _0\"></span>sponsi<span class=\"_ _0\"></span>ble for<span class=\"_ _0\"></span> obtaining market terms from lenders. The participa<span class=\"_ _0\"></span>tion shoul<span class=\"ls4b ws2e8\">d al<span class=\"_ _3\"></span>so as<span class=\"_ _3\"></span>sess<span class=\"_ _3\"></span> on a </span>case<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">by</span>-<span class=\"ls25 ws22a\">case ba<span class=\"_ _0\"></span>sis wh<span class=\"_ _0\"></span>ether <span class=\"_ _0\"></span>debt in<span class=\"_ _0\"></span>strumen<span class=\"_ _0\"></span>ts, su<span class=\"_ _0\"></span>bject to<span class=\"_ _0\"></span> varia<span class=\"_ _0\"></span>ble int<span class=\"_ _0\"></span>erest <span class=\"_ _0\"></span>rates<span class=\"_ _0\"></span> </span></span>and/or foreign currency flu<span class=\"_ _0\"></span>ctuations, require hedging so <span class=\"_ _0\"></span>as to retain an acceptable residu<span class=\"_ _0\"></span>al risk.<span class=\"ls1 ws1\"> </span>The dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e of <span class=\"ff3b ls49 ws2a6\">financ<span class=\"_ _3\"></span>ial debts</span><span class=\"ls1 ws1\"> <span class=\"ls35 ws1f0\">by 347.1 millio<span class=\"_ _0\"></span>n euros is <span class=\"ls25 ws204\">a<span class=\"_ _0\"></span>ttribu<span class=\"_ _0\"></span>table f<span class=\"_ _0\"></span>or 162.9<span class=\"_ _9f\"></span> </span></span></span>millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s to th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> d<span class=\"_ _0\"></span>isposa<span class=\"_ _0\"></span>l of A<span class=\"_ _0\"></span>nima, f<span class=\"_ _0\"></span>or 230<span class=\"_ _0\"></span>.6 mill<span class=\"_ _0\"></span>ion eu<span class=\"_ _9f\"></span>ros to deb<span class=\"_ _0\"></span>t rep<span class=\"_ _0\"></span>aymen<span class=\"_ _0\"></span>t, and for 47.5 million euros to additional (non<span class=\"ls1\">-<span class=\"ls30 ws1f4\">ca<span class=\"_ _9f\"></span>sh) IFRS 16<span class=\"_ _0\"></span> lease <span class=\"_ _0\"></span>debts<span class=\"_ _0\"></span><span class=\"ls40 ws218\">. <span class=\"ls1 ws1\"> </span></span></span></span>Follow<span class=\"_ _0\"></span>ing the p<span class=\"_ _9f\"></span>rospectu<span class=\"_ _0\"></span>s, DEME p<span class=\"_ _9f\"></span>erformed a<span class=\"_ _0\"></span> recla<span class=\"_ _0\"></span>ssific<span class=\"_ _0\"></span>ation (<span class=\"_ _0\"></span>from su<span class=\"_ _0\"></span>bordin<span class=\"_ _0\"></span>ated lo<span class=\"_ _3\"></span>ans <span class=\"ls1 ws1f6\">t<span class=\"_ _3\"></span>o bank <span class=\"_ _0\"></span>loans), which explains the d<span class=\"_ _0\"></span>ecrease in subordinated loans.</span>When cash and c<span class=\"_ _0\"></span>ash equivalents are t<span class=\"_ _0\"></span>aken into accoun<span class=\"_ _0\"></span>t, the <span class=\"ff3b ls4b ws2a4\">net<span class=\"_ _3\"></span> financ<span class=\"_ _3\"></span>ial de<span class=\"_ _3\"></span>bt </span>position<span class=\"ff3a\"> <span class=\"ls4b ws24e\">actu<span class=\"_ _3\"></span>ally de<span class=\"_ _3\"></span>creas<span class=\"_ _3\"></span>e<span class=\"ls24 ws218\">d by 624.4 million euros</span></span>: </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws20b\">CFE was able to reduce its debt position by 64.1 million euros thanks to a higher </span></span>operating cash flow and th<span class=\"_ _0\"></span>e dividend received from DE<span class=\"_ _0\"></span>ME<span class=\"ws1\">. </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">The disposal of Anima redu<span class=\"_ _0\"></span>ced the net financial debt by 157.<span class=\"_ _0\"></span>1 million euros.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">The divestment<span class=\"ws1f6\">s enabled Nexten<span class=\"_ _0\"></span>sa to r<span class=\"_ _3\"></span>ed<span class=\"_ _0\"></span>uce its <span class=\"_ _3\"></span>financ<span class=\"_ _0\"></span>ial debt by <span class=\"_ _3\"></span>164.4 million </span></span></span>euros.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws204\">AvH\u2019s d<span class=\"_ _0\"></span>ivestm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>led to <span class=\"_ _0\"></span>a net r<span class=\"_ _0\"></span>eductio<span class=\"_ _0\"></span>n b<span class=\"_ _0\"></span>y 46.4 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> euros<span class=\"_ _0\"></span> (the co<span class=\"_ _9f\"></span>mmercial<span class=\"_ _0\"></span> </span></span>paper programme, fo<span class=\"_ _0\"></span>r instance, was<span class=\"_ _0\"></span> repaid in full).<span class=\"_ _0\"></span> The net increa<span class=\"_ _0\"></span>se of the cash positio<span class=\"_ _0\"></span>n resul<span class=\"_ _0\"></span>ting from <span class=\"ls1 ws21a\">the dives<span class=\"_ _0\"></span>tments is situated in the cash and c<span class=\"_ _0\"></span>ash </span>equivalents.  \u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">By contrast, DEME\u2019s net financial debt position increa<span class=\"_ _0\"></span>sed by 127.8 million euros </span></span>in 202<span class=\"_ _0\"></span>2 as a resul<span class=\"_ _0\"></span>t of 483<span class=\"_ _0\"></span>.9 million eu<span class=\"_ _0\"></span>ros in in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ents. Th<span class=\"_ _0\"></span>e same appl<span class=\"_ _0\"></span>ies to<span class=\"_ _0\"></span> Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ls25 ws204\">Port with,<span class=\"_ _0\"></span> among<span class=\"_ _0\"></span> other thi<span class=\"ls1 ws1fe\">ngs, <span class=\"_ _0\"></span>its additional 32.6% s<span class=\"_ _0\"></span>take in Infra Asia </span></span></span>Inve<span class=\"_ _3\"></span>stments<span class=\"_ _3\"></span><span class=\"ls1 ws1\">. </span>Both Nextensa <span class=\"_ _0\"></span>and CFE repaid m<span class=\"_ _0\"></span>atured bonds in<span class=\"_ _0\"></span> 2022. Other fina<span class=\"_ _0\"></span>ncial debts decreased significantly. This is due primar<span class=\"_ _0\"></span>ily to t<span class=\"_ _3\"></span>he reduc<span class=\"_ _0\"></span>tion by DEME, Nextensa and AvH of short<span class=\"ws1\">-<span class=\"ls35 ws223\">te<span class=\"_ _0\"></span>rm financ<span class=\"_ _0\"></span>ial debts iss<span class=\"ls25 ws1eb\">u<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e form o<span class=\"_ _0\"></span>f comm<span class=\"_ _0\"></span>ercial p<span class=\"_ _0\"></span>aper.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span>Financ<span class=\"_ _3\"></span>ial co<span class=\"_ _3\"></span>venant<span class=\"_ _3\"></span>s<span class=\"fs3d ls1 ws1\"> </span>DEME<span class=\"_ _3\"></span><span class=\"ff3a ls1 ws1f1\">: bilateral loans and long term<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls25 ws249\">cred<span class=\"_ _0\"></span>it facili<span class=\"_ _0\"></span>ties are sub<span class=\"_ _9f\"></span>ject to specif<span class=\"_ _0\"></span>ic </span></span></span>covenants. At December 31, 2022 <span class=\"ls42 ws225\">DEME <span class=\"ls25 ws208\">c<span class=\"_ _0\"></span>ompli<span class=\"_ _0\"></span>es with th<span class=\"_ _0\"></span>e solven<span class=\"_ _0\"></span>cy ratio<span class=\"_ _0\"></span> (&gt;25%)<span class=\"_ _0\"></span>, </span></span>the deb<span class=\"_ _0\"></span>t/EBI<span class=\"_ _0\"></span>TDA rat<span class=\"_ _0\"></span>io (&lt;3)<span class=\"_ _0\"></span>, and t<span class=\"_ _0\"></span>he inte<span class=\"_ _0\"></span>rest cov<span class=\"_ _0\"></span>er ratio<span class=\"_ _0\"></span> (&gt;3)<span class=\"_ _0\"></span>, that w<span class=\"_ _0\"></span>ere ag<span class=\"_ _0\"></span>reed upon w<span class=\"_ _0\"></span>ithin th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>actua<span class=\"_ _0\"></span>l terms o<span class=\"_ _0\"></span>f the l<span class=\"_ _0\"></span>oans re<span class=\"_ _0\"></span>ceived.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>CFE<span class=\"ff3a ls25 ws1f9\">: the cred<span class=\"_ _0\"></span>it facili<span class=\"_ _0\"></span>ties are su<span class=\"_ _0\"></span>bject to<span class=\"_ _0\"></span> specifi<span class=\"_ _0\"></span>c coven<span class=\"_ _0\"></span>ants tha<span class=\"_ _0\"></span>t take in<span class=\"_ _0\"></span>to accoun<span class=\"_ _0\"></span>t </span>crite<span class=\"_ _0\"></span>ria such<span class=\"_ _0\"></span> as fin<span class=\"_ _0\"></span>ancial<span class=\"_ _0\"></span> debt <span class=\"_ _0\"></span>and the <span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span> of debt<span class=\"_ _0\"></span> to equ<span class=\"_ _0\"></span>ity or fix<span class=\"_ _9f\"></span>ed assets,<span class=\"_ _9f\"></span> as well as cash<span class=\"_ _0\"></span> flow<span class=\"_ _0\"></span>. Thes<span class=\"_ _0\"></span>e coven<span class=\"_ _0\"></span>ants w<span class=\"_ _0\"></span>ere fu<span class=\"_ _0\"></span>lly h<span class=\"_ _0\"></span>onour<span class=\"_ _0\"></span>ed as of<span class=\"_ _0\"></span> Decemb<span class=\"_ _9f\"></span>er 31, 2022<span class=\"_ _0\"></span>.Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t<span class=\"ff3a ls25 ws1fa\">: th<span class=\"_ _0\"></span>e credit f<span class=\"_ _0\"></span>acili<span class=\"_ _0\"></span>ties ar<span class=\"_ _0\"></span>e subjec<span class=\"_ _9f\"></span>t to specifi<span class=\"_ _0\"></span>c cov<span class=\"_ _0\"></span>enants <span class=\"_ _0\"></span>that tak<span class=\"_ _0\"></span>e into </span></span></span>accoun<span class=\"_ _0\"></span>t crit<span class=\"_ _0\"></span>eria <span class=\"_ _0\"></span>such a<span class=\"_ _0\"></span>s financ<span class=\"_ _9f\"></span>ial debt a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e ratio<span class=\"_ _0\"></span> of d<span class=\"_ _0\"></span>ebt to<span class=\"_ _0\"></span> equi<span class=\"_ _0\"></span>ty or to<span class=\"_ _9f\"></span>tal asset<span class=\"_ _0\"></span>s. These covenants were fully honoured as of December 31, 2022.<span class=\"ls1 ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\">: <span class=\"ls25 ws1f9\">the fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> institu<span class=\"_ _9f\"></span>tions gran<span class=\"_ _9f\"></span>t loans to<span class=\"_ _0\"></span> Next<span class=\"_ _0\"></span>ensa o<span class=\"_ _0\"></span>n the b<span class=\"_ _0\"></span>asis of<span class=\"_ _9f\"></span> the </span></span>company\u2019s reputation and<span class=\"_ _0\"></span> various financia<span class=\"_ _0\"></span>l and other covenants. Fa<span class=\"_ _0\"></span>ilure to honour these covenants may result in the early cancel<span class=\"_ _0\"></span>lation of these loans. The loans receiv<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span><span class=\"ls1 ws219\">contain conven<span class=\"ws1ed\">tional covenan<span class=\"_ _0\"></span>ts. The company w<span class=\"_ _0\"></span>as in compliance with <span class=\"_ _0\"></span>all </span></span>covenants as of year<span class=\"ls1\">-<span class=\"ls24 ws218\">end 2022.</span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>II. Amo<span class=\"_ _0\"></span>unts<span class=\"_ _0\"></span> payab<span class=\"_ _0\"></span>le (or<span class=\"_ _0\"></span> the po<span class=\"_ _0\"></span>rtio<span class=\"_ _0\"></span>n thereo<span class=\"_ _0\"></span>f), wh<span class=\"_ _9f\"></span>ich are gu<span class=\"_ _9f\"></span>aranteed<span class=\"_ _0\"></span> by real<span class=\"_ _0\"></span> guar<span class=\"_ _0\"></span>antees<span class=\"_ _0\"></span> given<span class=\"_ _0\"></span> or irrevoca<span class=\"_ _3\"></span>bly promise<span class=\"_ _3\"></span>d on the <span class=\"ls2e ws1\">ass<span class=\"_ _0\"></span>ets of t<span class=\"_ _0\"></span>he en<span class=\"_ _0\"></span>terpr<span class=\"_ _0\"></span>ises in<span class=\"_ _0\"></span>cluded<span class=\"_ _0\"></span> in t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>solidat<span class=\"_ _0\"></span>ion<span class=\"ls1\"> </span></span>Bank loans<span class=\"ls1 ws1\"> </span>230,604<span class=\"ls1 ws1\"> </span>323,602<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 30,612<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>0 0 Other financial debts<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>230,604<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>354,213<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The debts guarante<span class=\"_ _0\"></span>ed by real guarantees given ma<span class=\"_ _0\"></span>inly relate to the conce<span class=\"_ _0\"></span>ssions<span class=\"ws1\">-</span>acti<span class=\"_ _3\"></span>vity o<span class=\"_ _3\"></span>f Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls25 ws236\">P<span class=\"_ _0\"></span>ort, th<span class=\"_ _0\"></span>e real e<span class=\"_ _0\"></span>state pr<span class=\"_ _0\"></span>ojects b<span class=\"_ _0\"></span>y Next<span class=\"_ _0\"></span>ensa and<span class=\"_ _0\"></span> the re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e </span></span>asset<span class=\"_ _3\"></span>s <span class=\"ls25 ws1eb\">of th<span class=\"_ _0\"></span>e resi<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>al care<span class=\"_ _0\"></span> cent<span class=\"_ _0\"></span>res of A<span class=\"_ _0\"></span>nima<span class=\"_ _0\"></span> (in 2021<span class=\"_ _0\"></span>).<span class=\"ls1 ws1\"> <span class=\"ls34 ws1f5\">The di<span class=\"_ _3\"></span>spos<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>f Anima<span class=\"_ _3\"></span> in </span></span></span>2022 explai<span class=\"ls34 ws1f5\">ns<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> sign<span class=\"_ _3\"></span>ific<span class=\"_ _3\"></span>ant<span class=\"_ _3\"></span> dec<span class=\"_ _3\"></span>rease<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span></span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a ws1f5\">: its subsidiary Infra Asia Inves<span class=\"_ _0\"></span>tment Hong Kong entered into a new </span></span>roll<span class=\"ls1 ws1\">-<span class=\"ls35 ws24c\">over f<span class=\"_ _0\"></span>acilit<span class=\"_ _0\"></span>y for a <span class=\"_ _0\"></span>total am<span class=\"_ _0\"></span>ount of<span class=\"_ _0\"></span> 35 <span class=\"_ _0\"></span>million U<span class=\"_ _9f\"></span>S<span class=\"_ _3\"></span>D (<span class=\"_ _0\"></span>in add<span class=\"_ _0\"></span>ition to<span class=\"_ _0\"></span> the ex<span class=\"_ _0\"></span>isting<span class=\"_ _0\"></span> </span></span>10 mil<span class=\"_ _0\"></span>lion USD<span class=\"_ _0\"></span>), repla<span class=\"_ _0\"></span>cing th<span class=\"_ _0\"></span>e 29,2 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d 1,8 m<span class=\"_ _0\"></span>illi<span class=\"ls1 ws1f5\">on USD bond <span class=\"_ _0\"></span>loans </span>which<span class=\"_ _0\"></span> were <span class=\"_ _0\"></span>redeem<span class=\"_ _0\"></span>ed ear<span class=\"_ _0\"></span>ly per 3<span class=\"_ _0\"></span> May 20<span class=\"_ _0\"></span>22.<span class=\"ls1 ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls34 ws259\">: I<span class=\"_ _3\"></span>n the<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ext o<span class=\"_ _3\"></span>f var<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>us deve<span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>pment<span class=\"_ _3\"></span> pro<span class=\"_ _3\"></span>ject<span class=\"_ _3\"></span>s, Ne<span class=\"_ _3\"></span>xte<span class=\"_ _3\"></span>nsa<span class=\"_ _3\"></span> prov<span class=\"_ _3\"></span>ided </span></span>pledges as security for fin<span class=\"_ _0\"></span>ancial debt amounting to <span class=\"ls24 ws1da\">181.7</span><span class=\"ws1\"> <span class=\"ls35 ws223\">m<span class=\"_ _0\"></span>illion euro<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span></span></span>Note 20:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls2f ws1e\">debt<span class=\"_ _3\"></span>s to credit i<span class=\"_ _3\"></span>nstitutions,<span class=\"_ _3\"></span> clients a<span class=\"_ _3\"></span>nd securitie<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Debts to cre<span class=\"_ _3\"></span>dit institu<span class=\"_ _3\"></span>tions and ce<span class=\"_ _3\"></span>ntral banks<span class=\"ls1 ws1\"> </span>116,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>424,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts<span class=\"_ _3\"></span> to clie<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,504,73<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>6,378,53<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  560<span class=\"ls1 ws1\"> </span>10,234<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Securities inc<span class=\"_ _3\"></span>luding b<span class=\"_ _3\"></span>onds<span class=\"ls1 ws1\"> </span>171,599<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>256,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  47,155<span class=\"ls1 ws1\"> </span>50,745<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls2b ws1e4\">chang<span class=\"_ _3\"></span>es in fair value<span class=\"_ _3\"></span> of the hed<span class=\"_ _3\"></span>ged <span class=\"ls28 ws210\">cre<span class=\"_ _3\"></span>dit port<span class=\"_ _3\"></span>folio</span></span> <span class=\"_ _3\"></span> 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 6,882,39<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>7,059,33<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bf\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Debt<span class=\"_ _0\"></span>s to cr<span class=\"_ _0\"></span>edit in<span class=\"_ _0\"></span>stitut<span class=\"_ _0\"></span>ions an<span class=\"_ _0\"></span>d cen<span class=\"_ _0\"></span>tral b<span class=\"_ _0\"></span>anks<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>104,845<span class=\"ls1 ws1\"> </span>13,869<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>11,534<span class=\"ls1 ws1\"> </span>16,531<span class=\"ls1 ws1\"> </span>ECB TLTRO III<span class=\"ws1\"> </span>0 394,847<span class=\"ls1 ws1\"> </span>Accrued interests<span class=\"ls1 ws1\"> </span>0 106<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts to c<span class=\"_ _3\"></span>lients<span class=\"ls1 ws1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>4,197,238<span class=\"ls1 ws1\"> </span>4,218,578<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>1,248,652<span class=\"ls1 ws1\"> </span>1,045,537<span class=\"ls1 ws1\"> </span>Special deposits<span class=\"ls1 ws1\"> </span>56,798<span class=\"ls1 ws1\"> </span>64,876<span class=\"ls1 ws1\"> </span>Regulated deposits<span class=\"ls1 ws1\"> </span>1,050,247<span class=\"ls1 ws1\"> </span>1,029,249<span class=\"ls1 ws1\"> </span>Subordinated certific<span class=\"_ _0\"></span>ats<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Securit<span class=\"_ _0\"></span>ies in<span class=\"_ _0\"></span>cludin<span class=\"_ _0\"></span>g bond<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Debt certifi<span class=\"_ _3\"></span>cates<span class=\"ls1 ws1\"> </span>124,533<span class=\"ls1 ws1\"> </span>205,178<span class=\"ls1 ws1\"> </span>Subordinated bonds<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Ban<span class=\"_ _3\"></span>ks <span class=\"ls1 ws1\">- <span class=\"ls32 ws145\">changes in </span><span class=\"ls2e\">fair v<span class=\"_ _0\"></span>alue of<span class=\"_ _9f\"></span> the hedg<span class=\"_ _0\"></span>ed cr<span class=\"_ _0\"></span>edit<span class=\"ls1\"> <span class=\"ls2f ws1e\">portfolio</span>  </span></span></span>89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Total <span class=\"_ _3\"></span>debts<span class=\"_ _3\"></span> to cre<span class=\"_ _3\"></span>dit ins<span class=\"_ _3\"></span>tituti<span class=\"_ _3\"></span>ons, c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span> and s<span class=\"_ _3\"></span>ecuriti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>The fu<span class=\"_ _0\"></span>ll conso<span class=\"_ _0\"></span>lidatio<span class=\"_ _0\"></span>n of <span class=\"ls1 ws1f5\">Bank Van Breda<span class=\"ws1\"> <span class=\"ls25 ws215\">results <span class=\"_ _0\"></span>in the r<span class=\"_ _0\"></span>ecordi<span class=\"_ _0\"></span>ng of sp<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>c<span class=\"_ _0\"></span>ific ban<span class=\"_ _0\"></span>k </span></span></span>receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd debt<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e shee<span class=\"_ _0\"></span>t of Av<span class=\"_ _0\"></span>H. These it<span class=\"_ _0\"></span>ems wer<span class=\"_ _0\"></span>e group<span class=\"_ _0\"></span>ed for<span class=\"_ _0\"></span> maximum transparency of t<span class=\"_ _0\"></span>he balance sheet.<span class=\"ws1\"> </span>Liquidi<span class=\"_ _3\"></span>ty ri<span class=\"_ _3\"></span>sk Bank V<span class=\"_ _3\"></span>an Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Liquidity risk is <span class=\"_ _0\"></span>the risk that the ban<span class=\"_ _0\"></span>k has insufficient fund<span class=\"_ _0\"></span>s available, or is una<span class=\"_ _0\"></span>ble to release funds quickly enough <span class=\"_ _0\"></span>and at a reasonable cost to meet its short<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls4d ws1f5\">te<span class=\"_ _3\"></span>rm </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s. The c<span class=\"_ _0\"></span>omme<span class=\"_ _0\"></span>rcial ba<span class=\"_ _0\"></span>nking<span class=\"_ _0\"></span> activ<span class=\"_ _9f\"></span>ities are<span class=\"_ _0\"></span> the ma<span class=\"_ _0\"></span>in sou<span class=\"_ _0\"></span>rce of<span class=\"_ _0\"></span> liquid<span class=\"_ _9f\"></span>ity risk<span class=\"_ _3\"></span>. A <span class=\"ls1 ws220\">bank\u2019s sources of funding tradit<span class=\"_ _0\"></span>ionally have a shorter maturity than the<span class=\"_ _0\"></span> </span>financed assets, resulting in <span class=\"_ _0\"></span>a maturity mismatch. The liquidity man<span class=\"_ _0\"></span>agement of Bank Van Breda<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls25 ws245\">con<span class=\"_ _0\"></span>stantly m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rs thi<span class=\"_ _0\"></span>s mism<span class=\"_ _0\"></span>atch and<span class=\"_ _9f\"></span> works ou<span class=\"_ _0\"></span>t a finan<span class=\"_ _9f\"></span>cing </span></span>strat<span class=\"_ _0\"></span>egy to confi<span class=\"_ _0\"></span>ne it within<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span><span class=\"ws1f3\">guidelines that are set out in a liquid<span class=\"_ _0\"></span>ity control </span></span>framewo<span class=\"_ _9f\"></span>rk. In thi<span class=\"_ _0\"></span>s area,<span class=\"_ _0\"></span> too, th<span class=\"_ _9f\"></span>e bank pur<span class=\"_ _0\"></span>sues a<span class=\"_ _0\"></span> delib<span class=\"_ _0\"></span>erately<span class=\"_ _0\"></span> low ris<span class=\"_ _0\"></span>k prof<span class=\"_ _0\"></span>ile. Ban<span class=\"_ _9f\"></span>k Van Breda maintains a solid <span class=\"_ _3\"></span>and high<span class=\"ws1\">-<span class=\"ws219\">quality liquidi<span class=\"_ _0\"></span>ty buffer to absorb fluctuat<span class=\"_ _0\"></span>ions </span></span>in the t<span class=\"_ _0\"></span>reasu<span class=\"_ _0\"></span>ry posi<span class=\"_ _0\"></span>tion. Th<span class=\"_ _0\"></span>is<span class=\"ls1 ws1\"> <span class=\"ls46 ws22c\">buffer st<span class=\"ls40 ws218\">ood <span class=\"ls24\">at 1,<span class=\"ws1da\">252</span></span></span></span> <span class=\"ls52 ws1f0\">mil<span class=\"_ _3\"></span>lion eu<span class=\"_ _3\"></span>ros</span> <span class=\"ls24 ws218\">at year end 2022</span> </span>and consists primar<span class=\"_ _0\"></span>ily of cash, placed at <span class=\"_ _0\"></span>the ECB, and a highly<span class=\"_ _0\"></span> liquid portfolio of bonds. The ban<span class=\"_ _0\"></span>k\u2019s finan<span class=\"_ _9f\"></span>cing mix is v<span class=\"_ _0\"></span>ery stab<span class=\"_ _0\"></span>le, with<span class=\"_ _0\"></span> the depo<span class=\"_ _0\"></span>sits of t<span class=\"_ _0\"></span>he cor<span class=\"_ _0\"></span>e clients a<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span> main source of fundin<span class=\"_ _0\"></span>g. T<span class=\"ls25 ws232\">he cor<span class=\"_ _0\"></span>e cli<span class=\"_ _0\"></span>ents use <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>nk fo<span class=\"_ _0\"></span>r their i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>and </span>ev<span class=\"_ _3\"></span>ery<span class=\"_ _3\"></span>day ba<span class=\"_ _3\"></span>nki<span class=\"_ _3\"></span>ng tr<span class=\"_ _3\"></span>ansa<span class=\"_ _3\"></span>cti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>. The b<span class=\"_ _3\"></span>ank al<span class=\"_ _3\"></span>so cl<span class=\"_ _3\"></span>ose<span class=\"_ _3\"></span>ly wa<span class=\"_ _3\"></span>tche<span class=\"_ _3\"></span>s the<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls31 ws206\">depos<span class=\"_ _3\"></span>it </span></span>ratio an<span class=\"_ _0\"></span>d appli<span class=\"_ _0\"></span>es stri<span class=\"_ _0\"></span>ct limi<span class=\"_ _0\"></span>ts to thi<span class=\"_ _0\"></span>s ratio b<span class=\"_ _0\"></span>etween c<span class=\"_ _0\"></span>lient <span class=\"_ _0\"></span>credit po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> and cl<span class=\"_ _0\"></span>ient deposits, which at year-<span class=\"ls24 ws2fc\">end 202</span>2 <span class=\"_ _9c\"> </span><span class=\"ls33 ws2fd\">stood at 9<span class=\"_ _3\"></span></span>4<span class=\"ls30 ws2db\">%. D<span class=\"_ _0\"></span>epend<span class=\"_ _9f\"></span>ence on ex<span class=\"_ _0\"></span>terna<span class=\"_ _0\"></span>l </span>institutional financing<span class=\"_ _0\"></span> is kept to a min<span class=\"_ _0\"></span>imum and in 202<span class=\"ws1\">2 <span class=\"_ _0\"></span><span class=\"ws1f6\">accounted for only <span class=\"ws1\">2<span class=\"ls54 ws279\">.5% </span></span></span></span>of tota<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s. <span class=\"ls1 ws1\"> </span>Two liquidity ratios were introduc<span class=\"_ _0\"></span>ed in the Basel regulations and the CRR/CRD IV dire<span class=\"_ _3\"></span>ctive<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1fe\">The LCR (Liquidity Co<span class=\"_ _0\"></span>verag<span class=\"ls25 ws215\">e Ra<span class=\"_ _0\"></span>tio) i<span class=\"_ _0\"></span>s a cri<span class=\"_ _0\"></span>terion<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e liqu<span class=\"_ _0\"></span>idity p<span class=\"_ _0\"></span>ositio<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er </span></span>an acu<span class=\"_ _0\"></span>te stres<span class=\"_ _0\"></span>s scenar<span class=\"_ _0\"></span>io over 30<span class=\"_ _0\"></span> days. I<span class=\"_ _0\"></span>t requir<span class=\"_ _0\"></span>es finan<span class=\"_ _0\"></span>cial in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons to ho<span class=\"_ _9f\"></span>ld sufficient high<span class=\"ws1\">-</span>quality liquid a<span class=\"_ _0\"></span>ssets. <span class=\"ls25 ws224\">The regu<span class=\"_ _9f\"></span>lator impo<span class=\"_ _0\"></span>ses a li<span class=\"_ _0\"></span>mit of a<span class=\"_ _0\"></span>t least<span class=\"_ _0\"></span> </span>100%.<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The NSFR (Net Stable Fund<span class=\"_ _0\"></span>ing R<span class=\"ls25 ws1f9\">atio)<span class=\"_ _0\"></span> con<span class=\"_ _0\"></span>trasts t<span class=\"_ _0\"></span>he avai<span class=\"_ _0\"></span>lable<span class=\"_ _0\"></span> amount o<span class=\"_ _0\"></span>f sta<span class=\"_ _0\"></span>ble </span></span>funding with the required amoun<span class=\"_ _0\"></span>t of stable funding over a one<span class=\"ws1\">-<span class=\"ls34 ws1f6\">year<span class=\"_ _3\"></span> peri<span class=\"_ _3\"></span>od.<span class=\"_ _3\"></span> The </span></span>Basel III<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">gu<span class=\"_ _0\"></span>idelin<span class=\"_ _0\"></span>es imp<span class=\"_ _0\"></span>ose a lim<span class=\"_ _0\"></span>it of a<span class=\"_ _0\"></span>t least 1<span class=\"_ _0\"></span>00% a<span class=\"_ _0\"></span>s from 2<span class=\"_ _0\"></span>018.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>At y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">end 2022<span class=\"_ _0\"></span>, those <span class=\"_ _0\"></span>ratios sto<span class=\"_ _0\"></span>od at <span class=\"_ _0\"></span>138% (a<span class=\"_ _0\"></span>ccordin<span class=\"_ _0\"></span>g to LC<span class=\"_ _0\"></span>R <span class=\"ls45 ws2ff\">Delegated Ac<span class=\"_ _3\"></span>t </span></span></span>2015/61) and 131% (accor<span class=\"_ _3\"></span>ding to CRR2) respectively. Both ratios are well above the low<span class=\"_ _0\"></span>er lim<span class=\"_ _0\"></span>it of 10<span class=\"_ _0\"></span>0% that <span class=\"_ _0\"></span>is impo<span class=\"_ _0\"></span>sed b<span class=\"_ _0\"></span>y the r<span class=\"_ _0\"></span>egulato<span class=\"_ _0\"></span>ry autho<span class=\"_ _9f\"></span>rity. <span class=\"ls1 ws1\"> </span>The still generous liquidit<span class=\"_ _0\"></span>y position decreased in 2022, prim<span class=\"_ _0\"></span>arily due to the repaym<span class=\"_ _0\"></span>ent of 4<span class=\"_ _0\"></span>00 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s of TLTR<span class=\"_ _0\"></span>O loan<span class=\"_ _0\"></span>s and a cred<span class=\"_ _0\"></span>it incr<span class=\"_ _0\"></span>ease tha<span class=\"_ _0\"></span>t was great<span class=\"_ _0\"></span>er than the depo<span class=\"_ _0\"></span>sit incr<span class=\"_ _0\"></span>ease.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The bank\u2019s liquidit<span class=\"_ _0\"></span>y risk is monito<span class=\"_ _0\"></span>red constantly by mea<span class=\"_ _0\"></span>ns of proactive <span class=\"_ _0\"></span>treasury management, within the lin<span class=\"_ _0\"></span>es defined by the Asset &amp; Liability Managem<span class=\"_ _0\"></span>ent and t<span class=\"ls25 ws232\">he inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t framew<span class=\"_ _0\"></span>ork. Fo<span class=\"_ _0\"></span>r its liq<span class=\"_ _0\"></span>uidity<span class=\"_ _0\"></span> managem<span class=\"_ _0\"></span>ent, th<span class=\"_ _0\"></span>e bank u<span class=\"_ _0\"></span>ses, am<span class=\"_ _0\"></span>ong </span>other things, liquidity gap reports, ratio a<span class=\"_ _0\"></span>nalysis and short<span class=\"ws1\">- </span>and long<span class=\"ws1\">-<span class=\"ls6a ws300\">term volume<span class=\"_ _0\"></span> </span></span>prognoses. In the <span class=\"ls35 ws213\">follow<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">tab<span class=\"_ _0\"></span>le the a<span class=\"_ _0\"></span>ssets and l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties are g<span class=\"_ _0\"></span>rouped b<span class=\"_ _0\"></span>y matu<span class=\"_ _0\"></span>rity perio<span class=\"_ _0\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls34 ws1ea\">and </span></span></span></span></span>intern<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>umption<span class=\"_ _9f\"></span>s for depos<span class=\"_ _0\"></span>its wit<span class=\"_ _0\"></span>hout m<span class=\"_ _0\"></span>aturity d<span class=\"_ _0\"></span>ate<span class=\"ls1 ws1\"> <span class=\"ws1ed\">wer<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>taken into account<span class=\"ws1\">. </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c0\"> </span><span class=\"ls2b ws1e4\">&lt; 1 month</span> <span class=\"_ _116\"> </span>1-<span class=\"ls2b ws1e3\">3 months<span class=\"_ _3\"></span></span> <span class=\"_ _7c\"> </span>3-<span class=\"ls2b ws1e4\">12<span class=\"_ _3\"></span> months</span> <span class=\"_ _1d\"> </span>1-<span class=\"ls28 ws1e7\">5 ye<span class=\"_ _3\"></span>ars<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span>5-<span class=\"ws202\">10 years</span> <span class=\"_ _6b\"> </span></span>&gt; 10 years<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _b9\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,078,000<span class=\"ls1 ws1\"> </span>161,000<span class=\"ls1 ws1\"> </span>900,000<span class=\"ls1 ws1\"> </span>2,903,000<span class=\"ls1 ws1\"> </span>1,816,000<span class=\"ls1 ws1\"> </span>652,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000,000</span> -<span class=\"ls29 ws1e1\">790,000</span> -<span class=\"ls29 ws1e1\">1,925,000</span> -<span class=\"ls29 ws1e1\">1,675,000</span> -<span class=\"ls29 ws1e1\">1,101,000</span> -<span class=\"ls29 ws1e1\">343,000</span> -<span class=\"ls29 ws1e1\">51,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>1,000<span class=\"ls1 ws1\"> </span>2,000<span class=\"ls1 ws1\"> </span>16,000<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>23,000<span class=\"ls1 ws1\"> </span>0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>79,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">627,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,009,000<span class=\"_ _3\"></span></span> 1,283,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>738,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>309,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,000</span> 31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,686,000<span class=\"ls1 ws1\"> </span>209,000<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>2,764,000<span class=\"ls1 ws1\"> </span>1,588,000<span class=\"ls1 ws1\"> </span>553,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">981,000</span> -<span class=\"ls29 ws1e1\">929,000</span> -<span class=\"ls29 ws1e1\">2,460,000</span> -<span class=\"ls29 ws1e1\">1,447,000</span> -<span class=\"ls29 ws1e1\">925,000</span> -<span class=\"ls29 ws1e1\">286,000</span> -<span class=\"ls29 ws1e1\">63,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000</span> -<span class=\"ls29 ws1e1\">2,000</span> -<span class=\"ls29 ws1e1\">7,000</span> -<span class=\"ls29 ws1e1\">14,000</span> -<span class=\"ls29 ws1e1\">4,000</span> 0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>704,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">722,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,597,000<span class=\"_ _3\"></span></span> 1,303,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>659,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>267,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">24,000</span> Intere<span class=\"_ _3\"></span>st rate ri<span class=\"_ _3\"></span>sk Ban<span class=\"_ _3\"></span>k Van Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Intere<span class=\"_ _0\"></span>st rate ri<span class=\"_ _0\"></span>sk can be d<span class=\"_ _9f\"></span>efined as th<span class=\"_ _0\"></span>e extent to<span class=\"_ _0\"></span> which t<span class=\"_ _0\"></span>he resul<span class=\"_ _0\"></span>ts or val<span class=\"_ _0\"></span>ue of a financial transaction are affected by a cha<span class=\"_ _0\"></span>nge in market <span class=\"ls25 ws204\">interes<span class=\"_ _0\"></span>t rates.<span class=\"_ _0\"></span> Applied<span class=\"_ _0\"></span> to </span>a fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> institu<span class=\"_ _3\"></span>tion, i<span class=\"_ _3\"></span>nteres<span class=\"_ _3\"></span>t rate ri<span class=\"_ _3\"></span>sk is the<span class=\"_ _3\"></span> extent<span class=\"_ _3\"></span> to which<span class=\"_ _3\"></span> the (inte<span class=\"_ _3\"></span>rest) ea<span class=\"_ _3\"></span>rnings and/or fair va<span class=\"_ _0\"></span>lue of this institutio<span class=\"_ _0\"></span>n is liable to <span class=\"_ _0\"></span>be adversely affec<span class=\"_ _0\"></span>ted by a change in<span class=\"_ _0\"></span> marke<span class=\"_ _0\"></span>t interest ra<span class=\"_ _0\"></span>tes.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ban<span class=\"_ _0\"></span>k opts to keep th<span class=\"_ _0\"></span>e i<span class=\"ls33 ws204\">nteres<span class=\"_ _3\"></span>t rate<span class=\"_ _3\"></span> risk a<span class=\"_ _3\"></span>t a rela<span class=\"_ _3\"></span>tively<span class=\"_ _3\"></span> low leve<span class=\"_ _3\"></span>l:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">The bank uses hedging ins<span class=\"_ _0\"></span>truments to correct the mis<span class=\"_ _0\"></span>match. This is done wi<span class=\"_ _0\"></span>th a </span></span>comb<span class=\"_ _3\"></span>inatio<span class=\"_ _3\"></span>n of inte<span class=\"_ _3\"></span>rest rate s<span class=\"_ _3\"></span>waps (whi<span class=\"_ _3\"></span>ch conve<span class=\"_ _3\"></span>rt varia<span class=\"_ _3\"></span>ble inte<span class=\"_ _3\"></span>rest ra<span class=\"_ _3\"></span>te commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s into fix<span class=\"_ _0\"></span>ed rate com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>ents) an<span class=\"_ _0\"></span>d option<span class=\"_ _0\"></span>s <span class=\"ls1 ws23f\">(which provide </span>protec<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span>t a rise i<span class=\"_ _0\"></span>n intere<span class=\"_ _0\"></span>st rate<span class=\"_ _0\"></span>s abov<span class=\"_ _0\"></span>e given l<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws22a\">Equity v<span class=\"_ _9f\"></span>alue sensi<span class=\"_ _0\"></span>tivity<span class=\"_ _0\"></span> is th<span class=\"_ _0\"></span>e expo<span class=\"_ _0\"></span>sure o<span class=\"_ _0\"></span>f the com<span class=\"_ _0\"></span>pany\u2019<span class=\"_ _0\"></span>s econo<span class=\"_ _9f\"></span>mic value <span class=\"_ _0\"></span>to </span></span>unfavourable int<span class=\"_ _0\"></span>erest rate fluctuation<span class=\"_ _0\"></span>s. Earnings sensit<span class=\"_ _0\"></span>ivity is the exposu<span class=\"_ _0\"></span>re of the b<span class=\"_ _3\"></span>ank\u2019s (i<span class=\"_ _3\"></span>nterest<span class=\"_ _3\"></span>) earni<span class=\"_ _3\"></span>ngs to tho<span class=\"_ _3\"></span>se same u<span class=\"_ _3\"></span>nfavoura<span class=\"_ _3\"></span>ble inte<span class=\"_ _3\"></span>rest ra<span class=\"_ _3\"></span>te fluctuations. Its intensity can be seen in the duratio<span class=\"_ _0\"></span>n gap. By this is meant the difference in duration of all a<span class=\"_ _0\"></span>ssets and duration of all liabili<span class=\"_ _0\"></span>ties (mismatch), the duration being the weight<span class=\"_ _0\"></span>ed average <span class=\"ls33 ws215\">of the<span class=\"_ _3\"></span> matu<span class=\"_ _3\"></span>rities o<span class=\"_ _3\"></span>f a set<span class=\"_ _3\"></span> of fixed<span class=\"_ _3\"></span></span><span class=\"ws1\">-<span class=\"ls33 ws1f0\">interest </span></span>securi<span class=\"_ _0\"></span>ties.<span class=\"ls1 ws1\"> </span>E<span class=\"ws20b\">quity value sensitivity and earni<span class=\"_ _0\"></span>ngs sensitivity are monitored by mea<span class=\"_ _0\"></span>ns of scenario </span>analyses that take account of cha<span class=\"_ _0\"></span>nging market conditions, enabling the impac<span class=\"_ _0\"></span>t of stress sc<span class=\"_ _0\"></span>en<span class=\"ls1 ws216\">arios to be analysed. This equity value and earnings sensitivity is </span>measured using the <span class=\"_ _0\"></span>Basis Point Value (BP<span class=\"_ _0\"></span>V) methodology which <span class=\"_ _0\"></span>shows the value change of the portfol<span class=\"_ _0\"></span>io being analyzed when conf<span class=\"_ _0\"></span>ronted with an increase i<span class=\"_ _0\"></span>n inte<span class=\"ws1\"> </span>rest ra<span class=\"_ _0\"></span>tes ove<span class=\"_ _0\"></span>r the e<span class=\"_ _0\"></span>ntire cu<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">v</span><span class=\"ls30\">e.</span>Impact of an i<span class=\"_ _3\"></span>mmediate<span class=\"_ _3\"></span> increase of <span class=\"_ _3\"></span>the yield curv<span class=\"_ _3\"></span>e with 100 bas<span class=\"_ _3\"></span>e points (1<span class=\"_ _3\"></span>%) on:<span class=\"ls1 ws1\"> <span class=\"_ _3f\"> </span><span class=\"ls27 ws1df\">2022</span> <span class=\"_ _95\"> </span><span class=\"ls27 ws1df\">2021</span> </span>The interest result<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>2,827<span class=\"ls1 ws1\"> </span>4,907<span class=\"ls1 ws1\"> </span>(earnings sensitivity)<span class=\"ls1 ws1\"> </span>The faire value of the equity<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">53,698</span> -<span class=\"ls29 ws1e1\">47,409</span> (equity value sensitivit<span class=\"_ _0\"></span>y) (= BPV)<span class=\"ls1 ws1\"> </span>For th<span class=\"_ _0\"></span>e inter<span class=\"_ _0\"></span>est gap<span class=\"_ _0\"></span> analy<span class=\"_ _0\"></span>sis bo<span class=\"_ _0\"></span>th balan<span class=\"_ _0\"></span>ce sh<span class=\"_ _0\"></span>eet and<span class=\"_ _0\"></span> off ba<span class=\"_ _0\"></span>lance <span class=\"_ _0\"></span>sheet p<span class=\"_ _9f\"></span>roducts are grou<span class=\"_ _0\"></span>ped tog<span class=\"_ _0\"></span>ether pe<span class=\"_ _0\"></span>r period o<span class=\"_ _0\"></span>f matu<span class=\"_ _0\"></span>rity. In thi<span class=\"_ _0\"></span>s way the m<span class=\"_ _0\"></span>ismat<span class=\"_ _0\"></span>ch struc<span class=\"_ _0\"></span>ture becomes visible.<span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _4b\"> </span><span class=\"ls28 ws1e7\">\u2264 1 mon<span class=\"_ _3\"></span>th</span> <span class=\"_ _62\"> </span>1-</span><span class=\"ws1df\">3 </span>months<span class=\"ls1 ws1\">  <span class=\"_ _6e\"> </span>3-</span>12 months<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> <span class=\"_ _c7\"> </span>1-<span class=\"ls28 ws1e7\">5 yea<span class=\"_ _3\"></span>rs</span>  <span class=\"_ _6b\"> </span>5-<span class=\"ws202\">10 years</span>  <span class=\"_ _62\"> </span></span>&gt;<span class=\"_ _3\"></span> 10 years<span class=\"ls1 ws1\">  <span class=\"_ _6b\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,143,000<span class=\"ls1 ws1\"> </span>307,000<span class=\"ls1 ws1\"> </span>957,000<span class=\"ls1 ws1\"> </span>2,916,000<span class=\"ls1 ws1\"> </span>1,625,000<span class=\"ls1 ws1\"> </span>546,000<span class=\"ls1 ws1\"> </span>48,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,045,000</span> -<span class=\"ls29 ws1e1\">789,000</span> -<span class=\"ls29 ws1e1\">1,943,000</span> -<span class=\"ls29 ws1e1\">1,662,000</span> -<span class=\"ls29 ws1e1\">1,056,000</span> -<span class=\"ls29 ws1e1\">338,000</span> -<span class=\"ls29 ws1e1\">38,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>325,000<span class=\"ls1 ws1\"> </span>570,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">60,000</span> -<span class=\"ls29 ws1e1\">370,000</span> -<span class=\"ls29 ws1e1\">410,000</span> -<span class=\"ls29 ws1e1\">55,000</span> 0 Intere<span class=\"_ _3\"></span>st Ga<span class=\"_ _3\"></span>p<span class=\"ls1 ws1\"> </span>423,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>88,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,046,000<span class=\"_ _3\"></span></span> 884,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>159,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>153,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,786,000<span class=\"ls1 ws1\"> </span>414,000<span class=\"ls1 ws1\"> </span>1,126,000<span class=\"ls1 ws1\"> </span>2,775,000<span class=\"ls1 ws1\"> </span>1,210,000<span class=\"ls1 ws1\"> </span>345,000<span class=\"ls1 ws1\"> </span>48,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">979,000</span> -<span class=\"ls29 ws1e1\">931,000</span> -<span class=\"ls29 ws1e1\">2,457,000</span> -<span class=\"ls29 ws1e1\">1,491,000</span> -<span class=\"ls29 ws1e1\">894,000</span> -<span class=\"ls29 ws1e1\">295,000</span> -<span class=\"ls29 ws1e1\">37,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>270,000<span class=\"ls1 ws1\"> </span>515,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">80,000</span> -<span class=\"ls29 ws1e1\">355,000</span> -<span class=\"ls29 ws1e1\">310,000</span> -<span class=\"ls29 ws1e1\">40,000</span> 0 Intere<span class=\"_ _3\"></span>st Ga<span class=\"_ _3\"></span>p<span class=\"ls1 ws1\"> </span>1,077,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,000</span> -<span class=\"ls27 ws1df\">1,411,000<span class=\"_ _3\"></span></span> 929,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-113-3": {
   "value": "Note 12:<span class=\"ff3c\"> </span><span class=\"ls3a ws20c\">Financ<span class=\"_ _3\"></span>ial risk m<span class=\"_ _3\"></span>anageme<span class=\"_ _3\"></span>nt and financ<span class=\"_ _3\"></span>ial der<span class=\"_ _3\"></span>ivatives<span class=\"_ _3\"></span></span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls50 wscc\">Credit ri<span class=\"_ _0\"></span>sk<span class=\"ls1 ws1\"> </span></span>Both <span class=\"_ _7\"> </span><span class=\"ff3b ls34 ws1ea\">CFE<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span>and <span class=\"_ _7\"> </span><span class=\"ff3b ls33 ws1f0\">DEME<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">hav<span class=\"_ _0\"></span>e set up pro<span class=\"_ _0\"></span>cedur<span class=\"_ _0\"></span>es to lim<span class=\"_ _0\"></span>it the r<span class=\"_ _0\"></span>isk of the<span class=\"_ _0\"></span>ir trad<span class=\"_ _0\"></span>e </span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _0\"></span> To li<span class=\"_ _0\"></span>mit the<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t risk,<span class=\"_ _0\"></span> both<span class=\"_ _0\"></span> particip<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s cons<span class=\"_ _0\"></span>tantly<span class=\"_ _0\"></span> monito<span class=\"_ _0\"></span>r the<span class=\"_ _0\"></span>ir outstan<span class=\"_ _0\"></span>ding t<span class=\"_ _0\"></span>rade r<span class=\"_ _0\"></span>eceivab<span class=\"_ _0\"></span>les and<span class=\"_ _0\"></span> adju<span class=\"_ _0\"></span>st thei<span class=\"_ _0\"></span>r positi<span class=\"_ _0\"></span>ons if<span class=\"_ _0\"></span> necessa<span class=\"_ _0\"></span>ry. Fo<span class=\"_ _0\"></span>r th<span class=\"ls39 ws204\">e </span>purpos<span class=\"_ _0\"></span>es of m<span class=\"_ _9f\"></span>ajor forei<span class=\"_ _0\"></span>gn co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, for <span class=\"_ _0\"></span>insta<span class=\"_ _0\"></span>nce, DE<span class=\"_ _0\"></span>ME r<span class=\"_ _0\"></span>egular<span class=\"_ _0\"></span>ly uses<span class=\"_ _0\"></span> the se<span class=\"_ _0\"></span>rvice<span class=\"_ _0\"></span>s of the C<span class=\"_ _0\"></span>redendo<span class=\"_ _9f\"></span> Group in<span class=\"_ _0\"></span>sofar a<span class=\"_ _0\"></span>s the co<span class=\"_ _0\"></span>untry co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>ed qua<span class=\"_ _0\"></span>lifies f<span class=\"_ _0\"></span>or this <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>ce and the risk can be covered by credit <span class=\"_ _0\"></span>insurance. A large part of the consolidate<span class=\"_ _0\"></span>d turnov<span class=\"ws1ef\">er is realized <span class=\"_ _0\"></span>through public or s<span class=\"_ _0\"></span>emi<span class=\"ws1\">-<span class=\"ls40 ws275\">public sector customers. The l<span class=\"_ _0\"></span>evel of </span></span></span>count<span class=\"_ _0\"></span>erparty<span class=\"_ _0\"></span> risk<span class=\"_ _0\"></span> is lim<span class=\"_ _0\"></span>ited b<span class=\"_ _0\"></span>y the <span class=\"_ _0\"></span>large<span class=\"_ _0\"></span> number<span class=\"_ _0\"></span> of cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>rs. For<span class=\"_ _0\"></span> larg<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-<span class=\"ls4b ws28a\">scale </span></span>infra<span class=\"_ _0\"></span>structu<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>tracts,<span class=\"_ _0\"></span> DEME i<span class=\"_ _0\"></span>s depen<span class=\"_ _0\"></span>dent on th<span class=\"_ _9f\"></span>e ability of<span class=\"_ _0\"></span> custo<span class=\"_ _0\"></span>mers to o<span class=\"_ _0\"></span>btain<span class=\"_ _9f\"></span> financing and can, if n<span class=\"_ _0\"></span>ecessary, help to o<span class=\"_ _0\"></span>rganize project financing. Al<span class=\"_ _0\"></span>though the credit <span class=\"_ _0\"></span>risk can<span class=\"_ _0\"></span>not be ru<span class=\"_ _0\"></span>led ou<span class=\"_ _0\"></span>t altog<span class=\"_ _0\"></span>ether, i<span class=\"_ _0\"></span>t is still <span class=\"_ _0\"></span>limited<span class=\"_ _0\"></span>. Moreov<span class=\"_ _0\"></span>er, as <span class=\"_ _0\"></span>a worldw<span class=\"_ _0\"></span>ide playe<span class=\"_ _0\"></span>r, DEME i<span class=\"_ _0\"></span>s expose<span class=\"_ _0\"></span>d to po<span class=\"_ _0\"></span>litical ri<span class=\"_ _0\"></span>sks and neg<span class=\"_ _9f\"></span>ative develo<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span>s that may man<span class=\"_ _9f\"></span>ifest thems<span class=\"_ _0\"></span>elves at th<span class=\"ls30 ws1e9\">e ma<span class=\"_ _0\"></span>croec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic level. <span class=\"ls1 ws1\"> </span></span>The cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk of <span class=\"ff3b ls58 ws2e3\">Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span></span></span><span class=\"ls35 ws1ec\">, p<span class=\"_ _0\"></span>rimari<span class=\"_ _0\"></span>ly activ<span class=\"_ _0\"></span>e in Vi<span class=\"_ _0\"></span>etnam, <span class=\"_ _0\"></span>is limi<span class=\"_ _0\"></span>ted by a<span class=\"_ _0\"></span>dvanc<span class=\"_ _0\"></span>es </span>received on the sale of acquired r<span class=\"_ _0\"></span>ights over developed sites (indust<span class=\"_ _0\"></span>rial zones) and by the monthly invoicing and th<span class=\"_ _0\"></span>e wide spread of customers when prov<span class=\"_ _0\"></span>iding utilities, mainten<span class=\"_ _9f\"></span>ance and m<span class=\"_ _0\"></span>anage<span class=\"_ _0\"></span>ment se<span class=\"_ _0\"></span>rvices <span class=\"_ _0\"></span>in thos<span class=\"_ _0\"></span>e indus<span class=\"_ _0\"></span>trial <span class=\"_ _0\"></span>zones.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>For the cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk regard<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e loan por<span class=\"_ _0\"></span>tfolio o<span class=\"_ _0\"></span>f <span class=\"ff3b ls3f ws26c\">Bank V<span class=\"_ _0\"></span>an Bred<span class=\"_ _0\"></span>a<span class=\"ff3a ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws207\">we refer to t<span class=\"_ _0\"></span>he </span></span></span>credit ri<span class=\"_ _0\"></span>sk policy a<span class=\"_ _0\"></span>s <span class=\"ls1 ws1ed\">described in <span class=\"_ _3\"></span><span class=\"ws1\">N<span class=\"ls31 ws1ea\">ote<span class=\"_ _3\"></span> 1</span>4.</span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws1eb\">aim<span class=\"_ _9f\"></span>s at a good sp<span class=\"_ _0\"></span>read both<span class=\"_ _0\"></span> in term<span class=\"_ _0\"></span>s of the n<span class=\"_ _0\"></span>umber of<span class=\"_ _0\"></span> tenan<span class=\"_ _0\"></span>ts and th<span class=\"_ _0\"></span>e </span></span>sector<span class=\"_ _0\"></span>s in whi<span class=\"_ _0\"></span>ch thes<span class=\"_ _0\"></span>e tenan<span class=\"_ _0\"></span>ts are act<span class=\"_ _0\"></span>ive in ord<span class=\"_ _0\"></span>er to lim<span class=\"_ _0\"></span>it the ri<span class=\"_ _0\"></span>sk of bad d<span class=\"_ _0\"></span>ebts an<span class=\"_ _0\"></span>d bankruptcies by te<span class=\"_ _0\"></span>nants. Furthermore, <span class=\"_ _0\"></span>the solvency of the tenan<span class=\"_ _0\"></span>ts is screened on <span class=\"_ _0\"></span>a regula<span class=\"_ _0\"></span>r basi<span class=\"_ _0\"></span>s by <span class=\"ls1 ws1ef\">an ex<span class=\"_ _0\"></span>ternal rating agenc<span class=\"_ _0\"></span>y, and long<span class=\"ws1\">-<span class=\"ls30 ws2c0\">term<span class=\"_ _0\"></span> lea<span class=\"_ _0\"></span>se agr<span class=\"_ _0\"></span>eement<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e </span></span></span>sought<span class=\"_ _0\"></span> to <span class=\"_ _0\"></span>ensure a<span class=\"_ _0\"></span> recu<span class=\"_ _0\"></span>rrent r<span class=\"_ _0\"></span>ental<span class=\"_ _0\"></span> incom<span class=\"_ _0\"></span>e flow<span class=\"_ _0\"></span> and in<span class=\"_ _9f\"></span>crease th<span class=\"_ _0\"></span>e dura<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e agreem<span class=\"_ _0\"></span>ents.<span class=\"_ _0\"></span> In the re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e devel<span class=\"_ _0\"></span>opmen<span class=\"_ _0\"></span>t activ<span class=\"_ _0\"></span>ity an ex<span class=\"_ _0\"></span>tensiv<span class=\"_ _9f\"></span>e analysis<span class=\"_ _0\"></span> of the related technical, legal and financial ri<span class=\"_ _0\"></span>sks is made, prior to t<span class=\"_ _3\"></span>he s<span class=\"_ _0\"></span>igning of a new projec<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Agidens<span class=\"ff3a\"> <span class=\"_ _9\"> </span><span class=\"ls25 ws1ff\">mana<span class=\"_ _0\"></span>ges it<span class=\"_ _0\"></span>s debto<span class=\"_ _0\"></span>r risk i<span class=\"_ _0\"></span>n acco<span class=\"_ _0\"></span>rdanc<span class=\"_ _0\"></span>e with <span class=\"_ _0\"></span>the rel<span class=\"_ _0\"></span>evant po<span class=\"_ _9f\"></span>licy, </span></span>procedures and checks that have been set out by the group. Outstanding<span class=\"_ _0\"></span> receivables are periodi<span class=\"_ _0\"></span>cally monitored, and l<span class=\"_ _0\"></span>a<span class=\"ls34 ws1ea\">r<span class=\"_ _3\"></span>ge</span><span class=\"ws1\">-<span class=\"ls25 ws249\">scale pro<span class=\"_ _0\"></span>jects ar<span class=\"_ _0\"></span>e genera<span class=\"_ _0\"></span>lly </span></span>cover<span class=\"_ _0\"></span>ed by bank or oth<span class=\"_ _0\"></span>er similar gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ees. The sa<span class=\"_ _0\"></span>me applie<span class=\"_ _0\"></span>s to <span class=\"ff3b ls49 ws2bd\">Bio<span class=\"_ _3\"></span>lectric</span><span class=\"ls1 ws1\">. </span>In<span class=\"_ _3\"></span> the <span class=\"ff3b ls25 ws2e4\">AvH &amp; G<span class=\"_ _0\"></span>rowth Capi<span class=\"_ _9f\"></span>tal<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws1f3\">segme<span class=\"_ _0\"></span>nt the group invest<span class=\"_ _0\"></span>s for the long t<span class=\"_ _0\"></span>erm in </span></span></span>companies with int<span class=\"_ _0\"></span>ernational growth pot<span class=\"_ _0\"></span>ential. Th<span class=\"ls33 ws1f9\">e diver<span class=\"_ _3\"></span>sified<span class=\"_ _3\"></span> characte<span class=\"_ _3\"></span>r of the<span class=\"_ _3\"></span>se </span>investments contribu<span class=\"_ _0\"></span>tes to a balanced spread of the econom<span class=\"_ _0\"></span>ic and financial risks.<span class=\"_ _0\"></span> Furthermore, AvH usu<span class=\"_ _0\"></span>ally finances these investm<span class=\"_ _0\"></span>ents with shareholders\u2019 equi<span class=\"_ _0\"></span>ty.(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>134,544<span class=\"ls1 ws1\"> </span>2,050<span class=\"ls1 ws1\"> </span>13,255<span class=\"ls1 ws1\"> </span>0 27,813<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,976</span> 158,687<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>85,009<span class=\"ls1 ws1\"> </span>3,716<span class=\"ls1 ws1\"> </span>51,312<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>6,970<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 146,332<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>570,349<span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>39,665<span class=\"ls1 ws1\"> </span>0 19,810<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> 628,710<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>662,973<span class=\"ls1 ws1\"> </span>5,822<span class=\"ls1 ws1\"> </span>100,964<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>51,712<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,895</span> 800,652<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>29,707<span class=\"ls1 ws1\"> </span>0 657<span class=\"ls1 ws1\"> </span>0 2,121<span class=\"ls1 ws1\"> </span>0 32,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>19,093<span class=\"ls1 ws1\"> </span>0 1,838<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>0 21,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>17,968<span class=\"ls1 ws1\"> </span>0 674<span class=\"ls1 ws1\"> </span>0 304<span class=\"ls1 ws1\"> </span>0 18,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>60,162<span class=\"ls1 ws1\"> </span>0 100<span class=\"ls1 ws1\"> </span>0 207<span class=\"ls1 ws1\"> </span>0 60,469<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">4,724</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">15,709</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">117</span> 0 -<span class=\"ls29 ws1e1\">43</span> 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,140</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,042</span> 0 -<span class=\"ls29 ws1e1\">1,905</span> 0 -<span class=\"ls29 ws1e1\">94</span> 0 -<span class=\"ls29 ws1e1\">43,041</span> -<span class=\"ls27 ws1df\">45,883</span> 0 -<span class=\"ls27 ws1df\">1,948</span> 0 -<span class=\"ls27 ws1df\">13,059</span> 0 -<span class=\"ls27 ws1df\">60,890</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets -<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> <span class=\"_ _1b7\"> </span><span class=\"fc22 ls29 ws1e1\">170,404</span><span class=\"fc22\"> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,579</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,910</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">43,821</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">34,840</span> </span>189,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>56,026<span class=\"ls1 ws1\"> </span>11,231<span class=\"ls1 ws1\"> </span>52,849<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>7,698<span class=\"ls1 ws1\"> </span>0 127,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>683,217<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>15,371<span class=\"ls1 ws1\"> </span>0 21,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 719,214<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>721,903<span class=\"ls1 ws1\"> </span>13,858<span class=\"ls1 ws1\"> </span>73,268<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>68,541<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,102</span> 841,536<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>48,354<span class=\"ls1 ws1\"> </span>0 650<span class=\"ls1 ws1\"> </span>0 3,017<span class=\"ls1 ws1\"> </span>0 52,021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>51,388<span class=\"ls1 ws1\"> </span>0 405<span class=\"ls1 ws1\"> </span>0 497<span class=\"ls1 ws1\"> </span>0 52,290<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>40,792<span class=\"ls1 ws1\"> </span>0 1,457<span class=\"ls1 ws1\"> </span>0 438<span class=\"ls1 ws1\"> </span>0 42,688<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>47,210<span class=\"ls1 ws1\"> </span>0 350<span class=\"ls1 ws1\"> </span>0 866<span class=\"ls1 ws1\"> </span>0 48,425<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">5,229</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">16,213</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">212</span> 0 0 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,192</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,203</span> 0 -<span class=\"ls29 ws1e1\">821</span> 0 -<span class=\"ls29 ws1e1\">50</span> 0 -<span class=\"ls29 ws1e1\">37,074</span> -<span class=\"ls27 ws1df\">41,644</span> 0 -<span class=\"ls27 ws1df\">821</span> 0 -<span class=\"ls27 ws1df\">13,016</span> 0 -<span class=\"ls27 ws1df\">55,480</span> Marin<span class=\"_ _0\"></span>e Engin<span class=\"_ _0\"></span>eering<span class=\"_ _0\"></span> &amp; Contr<span class=\"_ _0\"></span>acting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">Financial fixed assets: receivables and warrantie<span class=\"_ _0\"></span>s: loans granted to participating </span></span>interests include a.o. financing granted b<span class=\"_ _0\"></span>y DEME and Green Offshore to their respe<span class=\"_ _0\"></span>ctive pa<span class=\"_ _0\"></span>rticip<span class=\"_ _0\"></span>ating int<span class=\"_ _0\"></span>erest<span class=\"_ _0\"></span>s active i<span class=\"_ _0\"></span>n the dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _0\"></span>t/ope<span class=\"_ _0\"></span>ration of<span class=\"_ _0\"></span> the Re<span class=\"_ _3\"></span>ntel<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> SeaM<span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ws1f6\">wind f<span class=\"_ _0\"></span>arms, and <span class=\"ls25 ws1eb\">by CF<span class=\"_ _0\"></span>E to rea<span class=\"_ _0\"></span>l estat<span class=\"_ _0\"></span>e proj<span class=\"_ _0\"></span>ect comp<span class=\"_ _0\"></span>anies. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Trade receivables in this segm<span class=\"_ _0\"></span>ent account for 9<span class=\"ws1\">5<span class=\"ls25 ws1eb\">% of<span class=\"_ _0\"></span> total<span class=\"_ _0\"></span> trade r<span class=\"_ _0\"></span>eceiva<span class=\"_ _0\"></span>bles. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>Overdue receivables in contracting main<span class=\"_ _0\"></span>ly relate to settlements and additional ch<span class=\"_ _3\"></span>arge<span class=\"_ _3\"></span>s, b<span class=\"_ _3\"></span>ut whi<span class=\"_ _3\"></span>ch st<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span> have t<span class=\"_ _3\"></span>o be <span class=\"ls1 ws1f6\">included in the budge<span class=\"_ _0\"></span>ts or are to b<span class=\"_ _0\"></span>e covered b<span class=\"_ _0\"></span>y </span>an overall agre<span class=\"_ _0\"></span>ement. CFE and DEME <span class=\"_ _0\"></span>have a number of n<span class=\"_ _0\"></span>egotiations and/or procedures pending.<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">Overdue re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les (mo<span class=\"_ _0\"></span>stly attr<span class=\"_ _0\"></span>ibutab<span class=\"_ _0\"></span>le to DE<span class=\"_ _0\"></span>ME) are ma<span class=\"_ _0\"></span>inly<span class=\"_ _0\"></span> </span></span>covered by Credendo<span class=\"ls40 ws218\">. <span class=\"_ _24\"></span></span>Expected losses on construction co<span class=\"ls33 ws224\">ntracts ar<span class=\"_ _3\"></span>e adequa<span class=\"_ _3\"></span>tely </span>recorded in the balance s<span class=\"_ _0\"></span>heet item \u2018Construction contrac<span class=\"_ _0\"></span>ts\u2019 (Note 1<span class=\"ws1\">5<span class=\"ls46 ws266\">). </span> </span>The turnover of<span class=\"_ _0\"></span> Rent<span class=\"ws1\">-A-<span class=\"ls25 ws215\">Port,<span class=\"_ _0\"></span> prima<span class=\"_ _0\"></span>rily activ<span class=\"_ _0\"></span>e in Vietn<span class=\"_ _0\"></span>am, deriv<span class=\"_ _9f\"></span>es <span class=\"_ _3\"></span>fro<span class=\"_ _0\"></span>m (i) the sa<span class=\"_ _0\"></span>le </span></span>of acqu<span class=\"_ _0\"></span>ired rig<span class=\"_ _0\"></span>hts ov<span class=\"_ _0\"></span>er dev<span class=\"_ _0\"></span>eloped <span class=\"_ _0\"></span>sites <span class=\"_ _0\"></span>(indus<span class=\"_ _0\"></span>trial zo<span class=\"_ _0\"></span>nes), (<span class=\"_ _0\"></span>ii) the p<span class=\"_ _9f\"></span>rovisio<span class=\"ls4a ws2e1\">n of </span>utilities (electricity and wa<span class=\"_ _0\"></span>ter) and (iii) of maintenance and <span class=\"_ _0\"></span>management service<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se indu<span class=\"_ _0\"></span>strial zo<span class=\"_ _0\"></span>nes: <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fa\">The comp<span class=\"_ _0\"></span>ensatio<span class=\"_ _0\"></span>n for the sale of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d rights ov<span class=\"_ _0\"></span>er develop<span class=\"_ _0\"></span>ed site<span class=\"_ _0\"></span>s, usually<span class=\"_ _0\"></span> </span></span>varying from 40 to 50 years, is largely paid in advance (80% <span class=\"_ _0\"></span>to 100%) by the custo<span class=\"_ _0\"></span>mers of<span class=\"_ _0\"></span> the Ren<span class=\"_ _9f\"></span>t<span class=\"ls1 ws1\">-<span class=\"_ _3\"></span>A-</span>Po<span class=\"_ _0\"></span>rt grou<span class=\"_ _9f\"></span>p. Once the<span class=\"_ _0\"></span> land i<span class=\"_ _0\"></span>s del<span class=\"_ _0\"></span>ivered<span class=\"_ _0\"></span> to the c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er, the ri<span class=\"_ _0\"></span>sks and <span class=\"_ _0\"></span>reward<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e land u<span class=\"_ _0\"></span>se righ<span class=\"_ _0\"></span>ts are t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">The charges for th<span class=\"_ _0\"></span>e provision of ut<span class=\"_ _0\"></span>ilities, maintenance and m<span class=\"_ _0\"></span>anagement servic<span class=\"_ _0\"></span>es </span></span>are invoiced on a<span class=\"ws1\"> </span>m<span class=\"_ _3\"></span>onth<span class=\"_ _0\"></span>ly basis, and giv<span class=\"_ _0\"></span>en the wide spread of c<span class=\"_ _0\"></span>ustomers, the credit ri<span class=\"_ _0\"></span>sk is <span class=\"_ _3\"></span>fa<span class=\"_ _0\"></span>irly limit<span class=\"_ _0\"></span>ed. <span class=\"ls1 ws1\"> </span>Priv<span class=\"_ _0\"></span>ate Ban<span class=\"_ _9f\"></span>king<span class=\"ls1 ws1\"> </span>We ref<span class=\"_ _0\"></span>er to <span class=\"_ _0\"></span>Note 1<span class=\"ls1 ws1\">4 <span class=\"ls46 ws266\">for </span><span class=\"ws1ed\">more details regarding the credit risk of Bank Va<span class=\"_ _3\"></span>n Breda.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>Real Es<span class=\"_ _9f\"></span>tate &amp; Seni<span class=\"_ _0\"></span>or C<span class=\"_ _0\"></span>are<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws20a\">The othe<span class=\"_ _0\"></span>r receiv<span class=\"_ _0\"></span>ables re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e advan<span class=\"_ _0\"></span>ces that N<span class=\"_ _0\"></span>extensa g<span class=\"_ _9f\"></span>rants to its r<span class=\"_ _0\"></span>eal </span></span>estat<span class=\"_ _0\"></span>e projec<span class=\"_ _0\"></span>t comp<span class=\"_ _0\"></span>anies.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">Refer<span class=\"_ _0\"></span>ring to <span class=\"_ _0\"></span>the abov<span class=\"_ _9f\"></span>e descrip<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the cred<span class=\"_ _0\"></span>it ri<span class=\"_ _0\"></span>sk mana<span class=\"_ _0\"></span>gemen<span class=\"_ _0\"></span>t, under<span class=\"_ _0\"></span> norma<span class=\"_ _9f\"></span>l </span></span>circum<span class=\"_ _0\"></span>stance<span class=\"_ _0\"></span>s the impa<span class=\"_ _0\"></span>irments on tr<span class=\"_ _0\"></span>ade rec<span class=\"_ _0\"></span>eivable<span class=\"_ _0\"></span>s are limit<span class=\"_ _0\"></span>ed at Nexten<span class=\"_ _0\"></span>sa.<span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l and Inter<span class=\"_ _3\"></span>com<span class=\"ws205\">pany elim<span class=\"_ _3\"></span>inations</span><span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">the full consolidation of Agiden<span class=\"_ _0\"></span>s and Biolectric Gr<span class=\"ws1\">oup <span class=\"_ _0\"></span><span class=\"ls25 ws207\">with th<span class=\"_ _0\"></span>eir resp<span class=\"_ _9f\"></span>ective trad<span class=\"_ _9f\"></span>e </span></span></span></span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f2\">financing provided by Av<span class=\"_ _0\"></span>H &amp; subholdings<span class=\"_ _0\"></span> to, among others, G<span class=\"_ _0\"></span>reen Offshore in </span></span>the context of the development of th<span class=\"_ _0\"></span>e Rentel and SeaMade wind farm<span class=\"_ _0\"></span><span class=\"ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f5\">and to </span></span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-</span><span class=\"ws1f5\">Po<span class=\"_ _3\"></span>rt (<span class=\"ls40 ws205\">de<span class=\"_ _3\"></span>velopmen<span class=\"_ _0\"></span>t <span class=\"_ _3\"></span>of port<span class=\"ls1 ws1\">-<span class=\"ls33 ws1eb\">related<span class=\"_ _3\"></span> indust<span class=\"_ _3\"></span>rial <span class=\"_ _3\"></span>zones <span class=\"_ _3\"></span><span class=\"ls35 ws1ec\">in<span class=\"_ _0\"></span> Vietnam)<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> <span class=\"ls34 ws1f5\">h<span class=\"_ _3\"></span>as be<span class=\"_ _3\"></span>en </span></span></span></span></span></span></span>elimin<span class=\"_ _0\"></span>ated in <span class=\"_ _0\"></span>the con<span class=\"_ _0\"></span>solidatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>In 2022, no customer acc<span class=\"_ _0\"></span>ounted for more than 10<span class=\"_ _0\"></span>% of group revenue.<span class=\"ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-114-4": {
   "value": "1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls50 wscc\">Credit ri<span class=\"_ _0\"></span>sk<span class=\"ls1 ws1\"> </span></span>Both <span class=\"_ _7\"> </span><span class=\"ff3b ls34 ws1ea\">CFE<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span>and <span class=\"_ _7\"> </span><span class=\"ff3b ls33 ws1f0\">DEME<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">hav<span class=\"_ _0\"></span>e set up pro<span class=\"_ _0\"></span>cedur<span class=\"_ _0\"></span>es to lim<span class=\"_ _0\"></span>it the r<span class=\"_ _0\"></span>isk of the<span class=\"_ _0\"></span>ir trad<span class=\"_ _0\"></span>e </span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _0\"></span> To li<span class=\"_ _0\"></span>mit the<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t risk,<span class=\"_ _0\"></span> both<span class=\"_ _0\"></span> particip<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s cons<span class=\"_ _0\"></span>tantly<span class=\"_ _0\"></span> monito<span class=\"_ _0\"></span>r the<span class=\"_ _0\"></span>ir outstan<span class=\"_ _0\"></span>ding t<span class=\"_ _0\"></span>rade r<span class=\"_ _0\"></span>eceivab<span class=\"_ _0\"></span>les and<span class=\"_ _0\"></span> adju<span class=\"_ _0\"></span>st thei<span class=\"_ _0\"></span>r positi<span class=\"_ _0\"></span>ons if<span class=\"_ _0\"></span> necessa<span class=\"_ _0\"></span>ry. Fo<span class=\"_ _0\"></span>r th<span class=\"ls39 ws204\">e </span>purpos<span class=\"_ _0\"></span>es of m<span class=\"_ _9f\"></span>ajor forei<span class=\"_ _0\"></span>gn co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, for <span class=\"_ _0\"></span>insta<span class=\"_ _0\"></span>nce, DE<span class=\"_ _0\"></span>ME r<span class=\"_ _0\"></span>egular<span class=\"_ _0\"></span>ly uses<span class=\"_ _0\"></span> the se<span class=\"_ _0\"></span>rvice<span class=\"_ _0\"></span>s of the C<span class=\"_ _0\"></span>redendo<span class=\"_ _9f\"></span> Group in<span class=\"_ _0\"></span>sofar a<span class=\"_ _0\"></span>s the co<span class=\"_ _0\"></span>untry co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>ed qua<span class=\"_ _0\"></span>lifies f<span class=\"_ _0\"></span>or this <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>ce and the risk can be covered by credit <span class=\"_ _0\"></span>insurance. A large part of the consolidate<span class=\"_ _0\"></span>d turnov<span class=\"ws1ef\">er is realized <span class=\"_ _0\"></span>through public or s<span class=\"_ _0\"></span>emi<span class=\"ws1\">-<span class=\"ls40 ws275\">public sector customers. The l<span class=\"_ _0\"></span>evel of </span></span></span>count<span class=\"_ _0\"></span>erparty<span class=\"_ _0\"></span> risk<span class=\"_ _0\"></span> is lim<span class=\"_ _0\"></span>ited b<span class=\"_ _0\"></span>y the <span class=\"_ _0\"></span>large<span class=\"_ _0\"></span> number<span class=\"_ _0\"></span> of cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>rs. For<span class=\"_ _0\"></span> larg<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-<span class=\"ls4b ws28a\">scale </span></span>infra<span class=\"_ _0\"></span>structu<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>tracts,<span class=\"_ _0\"></span> DEME i<span class=\"_ _0\"></span>s depen<span class=\"_ _0\"></span>dent on th<span class=\"_ _9f\"></span>e ability of<span class=\"_ _0\"></span> custo<span class=\"_ _0\"></span>mers to o<span class=\"_ _0\"></span>btain<span class=\"_ _9f\"></span> financing and can, if n<span class=\"_ _0\"></span>ecessary, help to o<span class=\"_ _0\"></span>rganize project financing. Al<span class=\"_ _0\"></span>though the credit <span class=\"_ _0\"></span>risk can<span class=\"_ _0\"></span>not be ru<span class=\"_ _0\"></span>led ou<span class=\"_ _0\"></span>t altog<span class=\"_ _0\"></span>ether, i<span class=\"_ _0\"></span>t is still <span class=\"_ _0\"></span>limited<span class=\"_ _0\"></span>. Moreov<span class=\"_ _0\"></span>er, as <span class=\"_ _0\"></span>a worldw<span class=\"_ _0\"></span>ide playe<span class=\"_ _0\"></span>r, DEME i<span class=\"_ _0\"></span>s expose<span class=\"_ _0\"></span>d to po<span class=\"_ _0\"></span>litical ri<span class=\"_ _0\"></span>sks and neg<span class=\"_ _9f\"></span>ative develo<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span>s that may man<span class=\"_ _9f\"></span>ifest thems<span class=\"_ _0\"></span>elves at th<span class=\"ls30 ws1e9\">e ma<span class=\"_ _0\"></span>croec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic level. <span class=\"ls1 ws1\"> </span></span>The cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk of <span class=\"ff3b ls58 ws2e3\">Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span></span></span><span class=\"ls35 ws1ec\">, p<span class=\"_ _0\"></span>rimari<span class=\"_ _0\"></span>ly activ<span class=\"_ _0\"></span>e in Vi<span class=\"_ _0\"></span>etnam, <span class=\"_ _0\"></span>is limi<span class=\"_ _0\"></span>ted by a<span class=\"_ _0\"></span>dvanc<span class=\"_ _0\"></span>es </span>received on the sale of acquired r<span class=\"_ _0\"></span>ights over developed sites (indust<span class=\"_ _0\"></span>rial zones) and by the monthly invoicing and th<span class=\"_ _0\"></span>e wide spread of customers when prov<span class=\"_ _0\"></span>iding utilities, mainten<span class=\"_ _9f\"></span>ance and m<span class=\"_ _0\"></span>anage<span class=\"_ _0\"></span>ment se<span class=\"_ _0\"></span>rvices <span class=\"_ _0\"></span>in thos<span class=\"_ _0\"></span>e indus<span class=\"_ _0\"></span>trial <span class=\"_ _0\"></span>zones.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>For the cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk regard<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e loan por<span class=\"_ _0\"></span>tfolio o<span class=\"_ _0\"></span>f <span class=\"ff3b ls3f ws26c\">Bank V<span class=\"_ _0\"></span>an Bred<span class=\"_ _0\"></span>a<span class=\"ff3a ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws207\">we refer to t<span class=\"_ _0\"></span>he </span></span></span>credit ri<span class=\"_ _0\"></span>sk policy a<span class=\"_ _0\"></span>s <span class=\"ls1 ws1ed\">described in <span class=\"_ _3\"></span><span class=\"ws1\">N<span class=\"ls31 ws1ea\">ote<span class=\"_ _3\"></span> 1</span>4.</span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws1eb\">aim<span class=\"_ _9f\"></span>s at a good sp<span class=\"_ _0\"></span>read both<span class=\"_ _0\"></span> in term<span class=\"_ _0\"></span>s of the n<span class=\"_ _0\"></span>umber of<span class=\"_ _0\"></span> tenan<span class=\"_ _0\"></span>ts and th<span class=\"_ _0\"></span>e </span></span>sector<span class=\"_ _0\"></span>s in whi<span class=\"_ _0\"></span>ch thes<span class=\"_ _0\"></span>e tenan<span class=\"_ _0\"></span>ts are act<span class=\"_ _0\"></span>ive in ord<span class=\"_ _0\"></span>er to lim<span class=\"_ _0\"></span>it the ri<span class=\"_ _0\"></span>sk of bad d<span class=\"_ _0\"></span>ebts an<span class=\"_ _0\"></span>d bankruptcies by te<span class=\"_ _0\"></span>nants. Furthermore, <span class=\"_ _0\"></span>the solvency of the tenan<span class=\"_ _0\"></span>ts is screened on <span class=\"_ _0\"></span>a regula<span class=\"_ _0\"></span>r basi<span class=\"_ _0\"></span>s by <span class=\"ls1 ws1ef\">an ex<span class=\"_ _0\"></span>ternal rating agenc<span class=\"_ _0\"></span>y, and long<span class=\"ws1\">-<span class=\"ls30 ws2c0\">term<span class=\"_ _0\"></span> lea<span class=\"_ _0\"></span>se agr<span class=\"_ _0\"></span>eement<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e </span></span></span>sought<span class=\"_ _0\"></span> to <span class=\"_ _0\"></span>ensure a<span class=\"_ _0\"></span> recu<span class=\"_ _0\"></span>rrent r<span class=\"_ _0\"></span>ental<span class=\"_ _0\"></span> incom<span class=\"_ _0\"></span>e flow<span class=\"_ _0\"></span> and in<span class=\"_ _9f\"></span>crease th<span class=\"_ _0\"></span>e dura<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e agreem<span class=\"_ _0\"></span>ents.<span class=\"_ _0\"></span> In the re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e devel<span class=\"_ _0\"></span>opmen<span class=\"_ _0\"></span>t activ<span class=\"_ _0\"></span>ity an ex<span class=\"_ _0\"></span>tensiv<span class=\"_ _9f\"></span>e analysis<span class=\"_ _0\"></span> of the related technical, legal and financial ri<span class=\"_ _0\"></span>sks is made, prior to t<span class=\"_ _3\"></span>he s<span class=\"_ _0\"></span>igning of a new projec<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Agidens<span class=\"ff3a\"> <span class=\"_ _9\"> </span><span class=\"ls25 ws1ff\">mana<span class=\"_ _0\"></span>ges it<span class=\"_ _0\"></span>s debto<span class=\"_ _0\"></span>r risk i<span class=\"_ _0\"></span>n acco<span class=\"_ _0\"></span>rdanc<span class=\"_ _0\"></span>e with <span class=\"_ _0\"></span>the rel<span class=\"_ _0\"></span>evant po<span class=\"_ _9f\"></span>licy, </span></span>procedures and checks that have been set out by the group. Outstanding<span class=\"_ _0\"></span> receivables are periodi<span class=\"_ _0\"></span>cally monitored, and l<span class=\"_ _0\"></span>a<span class=\"ls34 ws1ea\">r<span class=\"_ _3\"></span>ge</span><span class=\"ws1\">-<span class=\"ls25 ws249\">scale pro<span class=\"_ _0\"></span>jects ar<span class=\"_ _0\"></span>e genera<span class=\"_ _0\"></span>lly </span></span>cover<span class=\"_ _0\"></span>ed by bank or oth<span class=\"_ _0\"></span>er similar gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ees. The sa<span class=\"_ _0\"></span>me applie<span class=\"_ _0\"></span>s to <span class=\"ff3b ls49 ws2bd\">Bio<span class=\"_ _3\"></span>lectric</span><span class=\"ls1 ws1\">. </span>In<span class=\"_ _3\"></span> the <span class=\"ff3b ls25 ws2e4\">AvH &amp; G<span class=\"_ _0\"></span>rowth Capi<span class=\"_ _9f\"></span>tal<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws1f3\">segme<span class=\"_ _0\"></span>nt the group invest<span class=\"_ _0\"></span>s for the long t<span class=\"_ _0\"></span>erm in </span></span></span>companies with int<span class=\"_ _0\"></span>ernational growth pot<span class=\"_ _0\"></span>ential. Th<span class=\"ls33 ws1f9\">e diver<span class=\"_ _3\"></span>sified<span class=\"_ _3\"></span> characte<span class=\"_ _3\"></span>r of the<span class=\"_ _3\"></span>se </span>investments contribu<span class=\"_ _0\"></span>tes to a balanced spread of the econom<span class=\"_ _0\"></span>ic and financial risks.<span class=\"_ _0\"></span> Furthermore, AvH usu<span class=\"_ _0\"></span>ally finances these investm<span class=\"_ _0\"></span>ents with shareholders\u2019 equi<span class=\"_ _0\"></span>ty.(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>134,544<span class=\"ls1 ws1\"> </span>2,050<span class=\"ls1 ws1\"> </span>13,255<span class=\"ls1 ws1\"> </span>0 27,813<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,976</span> 158,687<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>85,009<span class=\"ls1 ws1\"> </span>3,716<span class=\"ls1 ws1\"> </span>51,312<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>6,970<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 146,332<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>570,349<span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>39,665<span class=\"ls1 ws1\"> </span>0 19,810<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> 628,710<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>662,973<span class=\"ls1 ws1\"> </span>5,822<span class=\"ls1 ws1\"> </span>100,964<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>51,712<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,895</span> 800,652<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>29,707<span class=\"ls1 ws1\"> </span>0 657<span class=\"ls1 ws1\"> </span>0 2,121<span class=\"ls1 ws1\"> </span>0 32,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>19,093<span class=\"ls1 ws1\"> </span>0 1,838<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>0 21,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>17,968<span class=\"ls1 ws1\"> </span>0 674<span class=\"ls1 ws1\"> </span>0 304<span class=\"ls1 ws1\"> </span>0 18,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>60,162<span class=\"ls1 ws1\"> </span>0 100<span class=\"ls1 ws1\"> </span>0 207<span class=\"ls1 ws1\"> </span>0 60,469<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">4,724</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">15,709</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">117</span> 0 -<span class=\"ls29 ws1e1\">43</span> 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,140</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,042</span> 0 -<span class=\"ls29 ws1e1\">1,905</span> 0 -<span class=\"ls29 ws1e1\">94</span> 0 -<span class=\"ls29 ws1e1\">43,041</span> -<span class=\"ls27 ws1df\">45,883</span> 0 -<span class=\"ls27 ws1df\">1,948</span> 0 -<span class=\"ls27 ws1df\">13,059</span> 0 -<span class=\"ls27 ws1df\">60,890</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets -<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> <span class=\"_ _1b7\"> </span><span class=\"fc22 ls29 ws1e1\">170,404</span><span class=\"fc22\"> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,579</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,910</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">43,821</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">34,840</span> </span>189,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>56,026<span class=\"ls1 ws1\"> </span>11,231<span class=\"ls1 ws1\"> </span>52,849<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>7,698<span class=\"ls1 ws1\"> </span>0 127,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>683,217<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>15,371<span class=\"ls1 ws1\"> </span>0 21,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 719,214<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>721,903<span class=\"ls1 ws1\"> </span>13,858<span class=\"ls1 ws1\"> </span>73,268<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>68,541<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,102</span> 841,536<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>48,354<span class=\"ls1 ws1\"> </span>0 650<span class=\"ls1 ws1\"> </span>0 3,017<span class=\"ls1 ws1\"> </span>0 52,021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>51,388<span class=\"ls1 ws1\"> </span>0 405<span class=\"ls1 ws1\"> </span>0 497<span class=\"ls1 ws1\"> </span>0 52,290<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>40,792<span class=\"ls1 ws1\"> </span>0 1,457<span class=\"ls1 ws1\"> </span>0 438<span class=\"ls1 ws1\"> </span>0 42,688<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>47,210<span class=\"ls1 ws1\"> </span>0 350<span class=\"ls1 ws1\"> </span>0 866<span class=\"ls1 ws1\"> </span>0 48,425<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">5,229</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">16,213</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">212</span> 0 0 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,192</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,203</span> 0 -<span class=\"ls29 ws1e1\">821</span> 0 -<span class=\"ls29 ws1e1\">50</span> 0 -<span class=\"ls29 ws1e1\">37,074</span> -<span class=\"ls27 ws1df\">41,644</span> 0 -<span class=\"ls27 ws1df\">821</span> 0 -<span class=\"ls27 ws1df\">13,016</span> 0 -<span class=\"ls27 ws1df\">55,480</span> Marin<span class=\"_ _0\"></span>e Engin<span class=\"_ _0\"></span>eering<span class=\"_ _0\"></span> &amp; Contr<span class=\"_ _0\"></span>acting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">Financial fixed assets: receivables and warrantie<span class=\"_ _0\"></span>s: loans granted to participating </span></span>interests include a.o. financing granted b<span class=\"_ _0\"></span>y DEME and Green Offshore to their respe<span class=\"_ _0\"></span>ctive pa<span class=\"_ _0\"></span>rticip<span class=\"_ _0\"></span>ating int<span class=\"_ _0\"></span>erest<span class=\"_ _0\"></span>s active i<span class=\"_ _0\"></span>n the dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _0\"></span>t/ope<span class=\"_ _0\"></span>ration of<span class=\"_ _0\"></span> the Re<span class=\"_ _3\"></span>ntel<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> SeaM<span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ws1f6\">wind f<span class=\"_ _0\"></span>arms, and <span class=\"ls25 ws1eb\">by CF<span class=\"_ _0\"></span>E to rea<span class=\"_ _0\"></span>l estat<span class=\"_ _0\"></span>e proj<span class=\"_ _0\"></span>ect comp<span class=\"_ _0\"></span>anies. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Trade receivables in this segm<span class=\"_ _0\"></span>ent account for 9<span class=\"ws1\">5<span class=\"ls25 ws1eb\">% of<span class=\"_ _0\"></span> total<span class=\"_ _0\"></span> trade r<span class=\"_ _0\"></span>eceiva<span class=\"_ _0\"></span>bles. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>Overdue receivables in contracting main<span class=\"_ _0\"></span>ly relate to settlements and additional ch<span class=\"_ _3\"></span>arge<span class=\"_ _3\"></span>s, b<span class=\"_ _3\"></span>ut whi<span class=\"_ _3\"></span>ch st<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span> have t<span class=\"_ _3\"></span>o be <span class=\"ls1 ws1f6\">included in the budge<span class=\"_ _0\"></span>ts or are to b<span class=\"_ _0\"></span>e covered b<span class=\"_ _0\"></span>y </span>an overall agre<span class=\"_ _0\"></span>ement. CFE and DEME <span class=\"_ _0\"></span>have a number of n<span class=\"_ _0\"></span>egotiations and/or procedures pending.<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">Overdue re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les (mo<span class=\"_ _0\"></span>stly attr<span class=\"_ _0\"></span>ibutab<span class=\"_ _0\"></span>le to DE<span class=\"_ _0\"></span>ME) are ma<span class=\"_ _0\"></span>inly<span class=\"_ _0\"></span> </span></span>covered by Credendo<span class=\"ls40 ws218\">. <span class=\"_ _24\"></span></span>Expected losses on construction co<span class=\"ls33 ws224\">ntracts ar<span class=\"_ _3\"></span>e adequa<span class=\"_ _3\"></span>tely </span>recorded in the balance s<span class=\"_ _0\"></span>heet item \u2018Construction contrac<span class=\"_ _0\"></span>ts\u2019 (Note 1<span class=\"ws1\">5<span class=\"ls46 ws266\">). </span> </span>The turnover of<span class=\"_ _0\"></span> Rent<span class=\"ws1\">-A-<span class=\"ls25 ws215\">Port,<span class=\"_ _0\"></span> prima<span class=\"_ _0\"></span>rily activ<span class=\"_ _0\"></span>e in Vietn<span class=\"_ _0\"></span>am, deriv<span class=\"_ _9f\"></span>es <span class=\"_ _3\"></span>fro<span class=\"_ _0\"></span>m (i) the sa<span class=\"_ _0\"></span>le </span></span>of acqu<span class=\"_ _0\"></span>ired rig<span class=\"_ _0\"></span>hts ov<span class=\"_ _0\"></span>er dev<span class=\"_ _0\"></span>eloped <span class=\"_ _0\"></span>sites <span class=\"_ _0\"></span>(indus<span class=\"_ _0\"></span>trial zo<span class=\"_ _0\"></span>nes), (<span class=\"_ _0\"></span>ii) the p<span class=\"_ _9f\"></span>rovisio<span class=\"ls4a ws2e1\">n of </span>utilities (electricity and wa<span class=\"_ _0\"></span>ter) and (iii) of maintenance and <span class=\"_ _0\"></span>management service<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se indu<span class=\"_ _0\"></span>strial zo<span class=\"_ _0\"></span>nes: <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fa\">The comp<span class=\"_ _0\"></span>ensatio<span class=\"_ _0\"></span>n for the sale of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d rights ov<span class=\"_ _0\"></span>er develop<span class=\"_ _0\"></span>ed site<span class=\"_ _0\"></span>s, usually<span class=\"_ _0\"></span> </span></span>varying from 40 to 50 years, is largely paid in advance (80% <span class=\"_ _0\"></span>to 100%) by the custo<span class=\"_ _0\"></span>mers of<span class=\"_ _0\"></span> the Ren<span class=\"_ _9f\"></span>t<span class=\"ls1 ws1\">-<span class=\"_ _3\"></span>A-</span>Po<span class=\"_ _0\"></span>rt grou<span class=\"_ _9f\"></span>p. Once the<span class=\"_ _0\"></span> land i<span class=\"_ _0\"></span>s del<span class=\"_ _0\"></span>ivered<span class=\"_ _0\"></span> to the c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er, the ri<span class=\"_ _0\"></span>sks and <span class=\"_ _0\"></span>reward<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e land u<span class=\"_ _0\"></span>se righ<span class=\"_ _0\"></span>ts are t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">The charges for th<span class=\"_ _0\"></span>e provision of ut<span class=\"_ _0\"></span>ilities, maintenance and m<span class=\"_ _0\"></span>anagement servic<span class=\"_ _0\"></span>es </span></span>are invoiced on a<span class=\"ws1\"> </span>m<span class=\"_ _3\"></span>onth<span class=\"_ _0\"></span>ly basis, and giv<span class=\"_ _0\"></span>en the wide spread of c<span class=\"_ _0\"></span>ustomers, the credit ri<span class=\"_ _0\"></span>sk is <span class=\"_ _3\"></span>fa<span class=\"_ _0\"></span>irly limit<span class=\"_ _0\"></span>ed. <span class=\"ls1 ws1\"> </span>Priv<span class=\"_ _0\"></span>ate Ban<span class=\"_ _9f\"></span>king<span class=\"ls1 ws1\"> </span>We ref<span class=\"_ _0\"></span>er to <span class=\"_ _0\"></span>Note 1<span class=\"ls1 ws1\">4 <span class=\"ls46 ws266\">for </span><span class=\"ws1ed\">more details regarding the credit risk of Bank Va<span class=\"_ _3\"></span>n Breda.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>Real Es<span class=\"_ _9f\"></span>tate &amp; Seni<span class=\"_ _0\"></span>or C<span class=\"_ _0\"></span>are<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws20a\">The othe<span class=\"_ _0\"></span>r receiv<span class=\"_ _0\"></span>ables re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e advan<span class=\"_ _0\"></span>ces that N<span class=\"_ _0\"></span>extensa g<span class=\"_ _9f\"></span>rants to its r<span class=\"_ _0\"></span>eal </span></span>estat<span class=\"_ _0\"></span>e projec<span class=\"_ _0\"></span>t comp<span class=\"_ _0\"></span>anies.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">Refer<span class=\"_ _0\"></span>ring to <span class=\"_ _0\"></span>the abov<span class=\"_ _9f\"></span>e descrip<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the cred<span class=\"_ _0\"></span>it ri<span class=\"_ _0\"></span>sk mana<span class=\"_ _0\"></span>gemen<span class=\"_ _0\"></span>t, under<span class=\"_ _0\"></span> norma<span class=\"_ _9f\"></span>l </span></span>circum<span class=\"_ _0\"></span>stance<span class=\"_ _0\"></span>s the impa<span class=\"_ _0\"></span>irments on tr<span class=\"_ _0\"></span>ade rec<span class=\"_ _0\"></span>eivable<span class=\"_ _0\"></span>s are limit<span class=\"_ _0\"></span>ed at Nexten<span class=\"_ _0\"></span>sa.<span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l and Inter<span class=\"_ _3\"></span>com<span class=\"ws205\">pany elim<span class=\"_ _3\"></span>inations</span><span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">the full consolidation of Agiden<span class=\"_ _0\"></span>s and Biolectric Gr<span class=\"ws1\">oup <span class=\"_ _0\"></span><span class=\"ls25 ws207\">with th<span class=\"_ _0\"></span>eir resp<span class=\"_ _9f\"></span>ective trad<span class=\"_ _9f\"></span>e </span></span></span></span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f2\">financing provided by Av<span class=\"_ _0\"></span>H &amp; subholdings<span class=\"_ _0\"></span> to, among others, G<span class=\"_ _0\"></span>reen Offshore in </span></span>the context of the development of th<span class=\"_ _0\"></span>e Rentel and SeaMade wind farm<span class=\"_ _0\"></span><span class=\"ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f5\">and to </span></span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-</span><span class=\"ws1f5\">Po<span class=\"_ _3\"></span>rt (<span class=\"ls40 ws205\">de<span class=\"_ _3\"></span>velopmen<span class=\"_ _0\"></span>t <span class=\"_ _3\"></span>of port<span class=\"ls1 ws1\">-<span class=\"ls33 ws1eb\">related<span class=\"_ _3\"></span> indust<span class=\"_ _3\"></span>rial <span class=\"_ _3\"></span>zones <span class=\"_ _3\"></span><span class=\"ls35 ws1ec\">in<span class=\"_ _0\"></span> Vietnam)<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> <span class=\"ls34 ws1f5\">h<span class=\"_ _3\"></span>as be<span class=\"_ _3\"></span>en </span></span></span></span></span></span></span>elimin<span class=\"_ _0\"></span>ated in <span class=\"_ _0\"></span>the con<span class=\"_ _0\"></span>solidatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>In 2022, no customer acc<span class=\"_ _0\"></span>ounted for more than 10<span class=\"_ _0\"></span>% of group revenue.<span class=\"ws1\"> </span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Wisselkoersrisico<span class=\"ls1 ws1\"> </span></span>Gi<span class=\"_ _3\"></span>ven t<span class=\"_ _3\"></span>he <span class=\"ls33 ws23a\">inte<span class=\"_ _3\"></span>rnati<span class=\"_ _3\"></span>onal cha<span class=\"_ _3\"></span>racter o<span class=\"_ _3\"></span>f its busi<span class=\"_ _3\"></span>ness ope<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span>s and the ex<span class=\"_ _3\"></span>ecutio<span class=\"_ _3\"></span>n of </span>contracts in foreign cu<span class=\"_ _0\"></span>rrency, <span class=\"ff3b ls33 ws1f0\">DEME</span><span class=\"ws1\"> <span class=\"_ _9\"> </span><span class=\"ls33 ws286\">is e<span class=\"_ _3\"></span>xposed to<span class=\"_ _3\"></span> currenc<span class=\"_ _3\"></span>y risks<span class=\"_ _3\"></span>. DEME\u2019s </span></span>transa<span class=\"_ _0\"></span>ctiona<span class=\"_ _0\"></span>l for<span class=\"_ _0\"></span>eign c<span class=\"_ _0\"></span>urrenc<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span> arise<span class=\"_ _0\"></span>s from co<span class=\"_ _9f\"></span>mmercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inated<span class=\"_ _0\"></span> in<span class=\"_ _0\"></span> currenc<span class=\"_ _9f\"></span>ies other <span class=\"_ _0\"></span>than t<span class=\"_ _0\"></span>he eu<span class=\"_ _0\"></span>ro.<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls40 ws218\">How<span class=\"_ _0\"></span>ever, <span class=\"_ _3\"></span><span class=\"ls24 ws1da\">79<span class=\"ls33 ws1f9\">% of DE<span class=\"_ _3\"></span>ME\u2019s reve<span class=\"_ _3\"></span>nues (20<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\">1</span></span></span><span class=\"ws262\">: 6<span class=\"ls1 ws1\">2<span class=\"ls4a ws2a4\">%) </span></span></span></span></span>relat<span class=\"_ _0\"></span>ed to tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _9f\"></span>ns expre<span class=\"_ _0\"></span>ssed in<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d, as <span class=\"_ _0\"></span>such, r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>ted the la<span class=\"_ _0\"></span>rgest<span class=\"_ _0\"></span> portion of DEME\u2019s revenues realised. Turnover in foreign curr<span class=\"_ _0\"></span>ency related to a.o.: US dollar, <span class=\"ls1 ws1f3\">Singapore dollar, Indian rup<span class=\"_ _0\"></span>ee, British pound, Danish krone, <span class=\"_ _0\"></span>Brazilian </span>Rea<span class=\"_ _3\"></span>l a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span><span class=\"ls1\">Urugua<span class=\"_ _0\"></span>yan peso. DEME\u2019s<span class=\"_ _0\"></span> expenses are also<span class=\"_ _0\"></span> predominantly in <span class=\"_ _0\"></span>euro, </span>except f<span class=\"_ _0\"></span>or con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re carr<span class=\"_ _0\"></span>ied out i<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-</span><span class=\"ws208\">euro cou<span class=\"_ _0\"></span>ntries.<span class=\"_ _0\"></span> The residu<span class=\"_ _0\"></span>al foreig<span class=\"_ _0\"></span>n </span>cur<span class=\"_ _3\"></span>rency ri<span class=\"_ _3\"></span>sk is as<span class=\"_ _3\"></span>sessed o<span class=\"_ _3\"></span>n a case<span class=\"ls1 ws1\">-by-<span class=\"ws259\">case basis and, if <span class=\"ls25 ws224\">ne<span class=\"_ _0\"></span>cessary,<span class=\"_ _0\"></span> DEME u<span class=\"_ _9f\"></span>ses </span></span></span>forwa<span class=\"_ _0\"></span>rd<span class=\"ls1 ws1\">-<span class=\"ws20b\">exchange contracts to hedg<span class=\"_ _0\"></span>e its residual foreign currency risk on projected </span></span>net com<span class=\"_ _0\"></span>mercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d in curr<span class=\"_ _0\"></span>encie<span class=\"_ _0\"></span>s other th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e euro.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>In the case of <span class=\"ff3b ls45 ws22c\">CFE</span><span class=\"ls25 ws1eb\">, most o<span class=\"_ _0\"></span>perat<span class=\"_ _0\"></span>ions ta<span class=\"_ _0\"></span>ke plac<span class=\"_ _0\"></span>e within th<span class=\"_ _9f\"></span>e eurozone;<span class=\"_ _0\"></span> neve<span class=\"_ _0\"></span>rthele<span class=\"_ _0\"></span>ss, </span>e<span class=\"ws1f7\">xposure to foreign <span class=\"_ _0\"></span>currency fluctuation<span class=\"_ _0\"></span>s<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws24c\">(mainly Po<span class=\"_ _9f\"></span>lish Zloty)<span class=\"ls1 ws1\"> <span class=\"ls34 ws23c\">i<span class=\"_ _3\"></span>s lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d as m<span class=\"_ _3\"></span>uch </span></span></span></span></span>as possible.<span class=\"ws1\"> </span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a\"> <span class=\"ls25 ws207\">p<span class=\"_ _0\"></span>rimar<span class=\"_ _0\"></span>ily opera<span class=\"_ _0\"></span>tes in Sou<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>ast Asia and<span class=\"_ _0\"></span> is ess<span class=\"_ _0\"></span>entially ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to an </span></span></span>exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sk relat<span class=\"_ _0\"></span>ing to the US do<span class=\"_ _0\"></span>llar and th<span class=\"_ _9f\"></span>e <span class=\"_ _3\"></span>Viet<span class=\"_ _0\"></span>names<span class=\"_ _0\"></span>e dong. Sin<span class=\"_ _0\"></span>ce the<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>subsidiaries of Rent<span class=\"ws1\">-A-<span class=\"ls33 ws236\">Port main<span class=\"_ _3\"></span>ly effec<span class=\"_ _3\"></span>t purchase<span class=\"_ _3\"></span>s and sale<span class=\"_ _3\"></span>s in loca<span class=\"_ _3\"></span>l currenci<span class=\"_ _3\"></span>es, </span></span>the gro<span class=\"_ _0\"></span>up\u2019s<span class=\"_ _0\"></span> exposu<span class=\"_ _9f\"></span>re to exch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span> rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span> in comm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al tran<span class=\"_ _0\"></span>saction<span class=\"_ _9f\"></span>s is limited in a na<span class=\"_ _0\"></span>tural way. The tr<span class=\"_ _0\"></span>anslation of the func<span class=\"_ _0\"></span>tional currency (USD) in<span class=\"_ _0\"></span>to euros<span class=\"_ _0\"></span> upon <span class=\"ls40\">consolidation embodies an exchang<span class=\"_ _0\"></span>e rate risk. <span class=\"ls1\"> </span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">operates in B<span class=\"_ _0\"></span>elgium, Luxembourg a<span class=\"_ _0\"></span>nd Austria, and i<span class=\"_ _0\"></span>s therefore not </span></span>subjec<span class=\"_ _0\"></span>t to exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e risks.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chan<span class=\"_ _0\"></span>ge ra<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>k of <span class=\"ff3b ls53 ws2a8\">Bank Van Breda</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls33 ws1fa\">is lim<span class=\"_ _3\"></span>ited, as<span class=\"_ _3\"></span> the bank o<span class=\"_ _3\"></span>nly operat<span class=\"_ _3\"></span>es </span></span>in Belgium and the nature of<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">its clients is such that it<span class=\"_ _3\"></span> does not hold any <span class=\"_ _0\"></span>significant </span></span>own currency position.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Agidens<span class=\"ff3a ws1f7\">, with i<span class=\"_ _0\"></span>ts worldwide operation<span class=\"_ _0\"></span>s, has a (limit<span class=\"_ _0\"></span>ed) exchange rate <span class=\"_ _0\"></span>exposure </span>to the US dollar and Swiss franc, and hedges its currency risk by using the same currency as much <span class=\"_ _0\"></span>as possible for the inc<span class=\"_ _0\"></span>ome and expenses in que<span class=\"_ _0\"></span>stion (natural<span class=\"_ _0\"></span> hedging). If necessary,<span class=\"_ _0\"></span> a currency swap is conclu<span class=\"_ _0\"></span>ded with approved and <span class=\"_ _0\"></span>reputable count<span class=\"_ _0\"></span>erparti<span class=\"_ _0\"></span>es. <span class=\"_ _3\"></span><span class=\"ff3b ls49 ws2bd\">Biolectr<span class=\"_ _3\"></span>ic</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f2\">has a li<span class=\"_ _3\"></span>mited GBP exposure through its branch in the </span></span>United Kingdom<span class=\"ws1\"> <span class=\"ls25 ws204\">The strateg<span class=\"_ _0\"></span>y of <span class=\"ff3b ls6e ws289\">AvH</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ws215\">to l<span class=\"_ _0\"></span>ook towa<span class=\"_ _0\"></span>rds em<span class=\"_ _0\"></span>erging m<span class=\"_ _0\"></span>arkets <span class=\"_ _0\"></span>resu<span class=\"_ _0\"></span>lted </span></span></span>in investments in Indi<span class=\"_ _0\"></span>an rupees (Sagar Cements, <span class=\"_ _0\"></span>the Healthquad I and II Fund<span class=\"_ _0\"></span>s and Medikabazaar) and in <span class=\"ls53 ws23d\">US<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>Dollar (<span class=\"_ _9f\"></span>the Ventu<span class=\"_ _0\"></span>ri Partn<span class=\"_ _0\"></span>ers Fund <span class=\"_ _0\"></span>I<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws24b\">and Convergent </span></span>Finance<span class=\"ls25 ws1eb\">). Th<span class=\"_ _0\"></span>is risk <span class=\"_ _0\"></span>is not h<span class=\"_ _0\"></span>edged<span class=\"_ _0\"></span> as it con<span class=\"_ _0\"></span>cerns lo<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span><span class=\"ws1db\">t<span class=\"_ _0\"></span>erm invest<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The remaining fully consolidat<span class=\"_ _0\"></span>ed participations are not subject to significant<span class=\"_ _0\"></span> exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sks sinc<span class=\"_ _0\"></span>e they mai<span class=\"_ _0\"></span>nly ope<span class=\"_ _0\"></span>rate in the eu<span class=\"_ _0\"></span>rozon<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>Various non<span class=\"ls1 ws1\">-<span class=\"ws241\">fully consolidated particip<span class=\"_ _0\"></span>ations such as Delen Private Bank, SIPEF and </span></span>Ve<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nt Bi<span class=\"_ _3\"></span>o<span class=\"ls25 ws1fc\">scien<span class=\"_ _0\"></span>ce, as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>Turbo\u2019s <span class=\"_ _0\"></span>Hoet Gro<span class=\"_ _9f\"></span>ep and othe<span class=\"_ _0\"></span>rs, oper<span class=\"_ _0\"></span>ate to <span class=\"_ _0\"></span>a </span>signif<span class=\"_ _0\"></span>icant <span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>t outsi<span class=\"_ _0\"></span>de the <span class=\"_ _0\"></span>eurozo<span class=\"_ _0\"></span>ne. Th<span class=\"_ _0\"></span>is may g<span class=\"_ _9f\"></span>ive rise t<span class=\"_ _0\"></span>o grea<span class=\"_ _0\"></span>ter ri<span class=\"_ _0\"></span>sks as <span class=\"_ _0\"></span>a resul<span class=\"_ _0\"></span>t of geopo<span class=\"_ _9f\"></span>litical d<span class=\"_ _0\"></span>evelopm<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>ts. <span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chang<span class=\"_ _0\"></span>e rate <span class=\"_ _0\"></span>risk in<span class=\"_ _0\"></span> each of<span class=\"_ _0\"></span> thes<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span>s is <span class=\"ls1 ws1f5\">fol<span class=\"_ _0\"></span>lowed up and controll<span class=\"_ _0\"></span>ed at the </span>level of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipa<span class=\"_ _0\"></span>tion itse<span class=\"_ _0\"></span>lf.<span class=\"ls1 ws1\"> </span>The exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e rat<span class=\"_ _0\"></span>e risk at <span class=\"ff3b ls4c ws2b0\">D<span class=\"_ _0\"></span>elen Priv<span class=\"_ _0\"></span>ate Bank<span class=\"ff3a ls1 ws1\"> <span class=\"ws1fe\">is limited to the foreign cu<span class=\"_ _0\"></span>rrency </span></span></span>subsidiaries (JM Finn and t<span class=\"_ _3\"></span>o a lesser extent Delen Suisse). The net e<span class=\"_ _3\"></span>xposu<span class=\"_ _0\"></span>re to the British<span class=\"_ _9f\"></span> Pound i<span class=\"_ _0\"></span>s curren<span class=\"_ _9f\"></span>tly limited<span class=\"_ _9f\"></span> as the i<span class=\"_ _0\"></span>mpact<span class=\"_ _0\"></span> of a<span class=\"_ _0\"></span>ny exch<span class=\"_ _0\"></span>ange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tion on<span class=\"_ _9f\"></span> the JM Finn equ<span class=\"_ _0\"></span>ity is neutralized by <span class=\"_ _0\"></span>an opposite impact on <span class=\"_ _0\"></span>the liquidity obligatio<span class=\"_ _0\"></span>n on the remaining 7% minori<span class=\"_ _0\"></span>ty stake in JM Finn. At <span class=\"ff3b ls4b ws28a\">SIPEF<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"ls33 ws1eb\">the majori<span class=\"_ _3\"></span>ty of t<span class=\"_ _3\"></span>he cos<span class=\"_ _3\"></span>ts </span></span>ar<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ed abr<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>d (in<span class=\"_ _3\"></span> Indo<span class=\"_ _3\"></span><span class=\"ls42 ws2eb\">n<span class=\"_ _0\"></span>esia and <span class=\"_ _0\"></span>Papua <span class=\"_ _0\"></span>New Guine<span class=\"_ _0\"></span>a), whe<span class=\"_ _0\"></span>reas sal<span class=\"_ _0\"></span>es are </span>reali<span class=\"_ _0\"></span>sed in USD<span class=\"_ _0\"></span>. This is a s<span class=\"_ _0\"></span>tructu<span class=\"_ _0\"></span>ral risk th<span class=\"_ _0\"></span>at is no<span class=\"_ _0\"></span>t hedged by<span class=\"_ _0\"></span> the compa<span class=\"_ _0\"></span>ny and i<span class=\"_ _0\"></span>s therefo<span class=\"_ _9f\"></span>re consider<span class=\"_ _0\"></span>ed as a gen<span class=\"_ _0\"></span>eral bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> risk. Tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>nal risk<span class=\"_ _0\"></span>s are gen<span class=\"_ _0\"></span>erally<span class=\"_ _9f\"></span> limited by short payment terms, and trans<span class=\"_ _0\"></span>l<span class=\"ls34 ws1fe\">a<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span> dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces<span class=\"_ _3\"></span> are<span class=\"_ _3\"></span> lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d by<span class=\"_ _3\"></span> maki<span class=\"_ _3\"></span>ng </span>the functional currency and reporting curr<span class=\"_ _0\"></span>ency the same as much as possible. Turbo\u2019s Hoet Groep<span class=\"ff3a ls35\">, fin<span class=\"_ _9f\"></span>ally has dev<span class=\"_ _0\"></span>eloped a<span class=\"_ _0\"></span> signifi<span class=\"_ _0\"></span>cant lev<span class=\"_ _0\"></span>el of act<span class=\"_ _0\"></span>ivity in E<span class=\"_ _0\"></span>astern<span class=\"_ _0\"></span> </span>Europ<span class=\"_ _0\"></span>e. Turbo<span class=\"_ _0\"></span>\u2019s Hoe<span class=\"_ _0\"></span>t Groep <span class=\"_ _0\"></span>realiz<span class=\"_ _0\"></span>es its tu<span class=\"_ _9f\"></span>rnover in th<span class=\"_ _0\"></span>ose m<span class=\"_ _0\"></span>arkets on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of<span class=\"_ _9f\"></span> local currency. Although Tu<span class=\"_ _0\"></span>rbo\u2019s Hoet Groep tries to pass on the impa<span class=\"_ _0\"></span>ct of any deprec<span class=\"_ _0\"></span>iation<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se loca<span class=\"_ _0\"></span>l curre<span class=\"_ _0\"></span>ncies <span class=\"_ _0\"></span>to the fin<span class=\"_ _0\"></span>al cu<span class=\"_ _0\"></span>stomer,<span class=\"_ _0\"></span> market <span class=\"_ _0\"></span>condi<span class=\"_ _0\"></span>tions d<span class=\"_ _0\"></span>o not alw<span class=\"_ _0\"></span>ays allo<span class=\"_ _0\"></span>w it.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">Turbo\u2019s Ho<span class=\"_ _0\"></span>et Group<span class=\"_ _0\"></span> has subsidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s in Russi<span class=\"ls1 ws20b\">a and Belarus that </span></span></span>are ac<span class=\"_ _0\"></span>tive in<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le and <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>cing of<span class=\"_ _0\"></span> truck<span class=\"_ _0\"></span>s. In <span class=\"_ _0\"></span>the cou<span class=\"_ _0\"></span>rse of 2<span class=\"_ _0\"></span>022, <span class=\"_ _0\"></span>THG lim<span class=\"_ _0\"></span>ited it<span class=\"_ _0\"></span>s exp<span class=\"_ _3\"></span>osure t<span class=\"_ _3\"></span>o those ma<span class=\"_ _3\"></span>rkets<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Some o<span class=\"_ _0\"></span>f the m<span class=\"_ _0\"></span>ain exch<span class=\"_ _9f\"></span>ange rate<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>have b<span class=\"_ _0\"></span>een us<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>nvert t<span class=\"_ _0\"></span>he balan<span class=\"_ _9f\"></span>ce sheet<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>esults o<span class=\"_ _0\"></span>f the <span class=\"ls1 ws1f6\">for<span class=\"_ _0\"></span>eign entities into euro<span class=\"ws1\">.</span></span>Conversion from fo<span class=\"_ _3\"></span>reign currency to Euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"><span class=\"fc3 sc0\"> </span></span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _3b\"> </span><span class=\"ws211\">Average rate</span> </span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _4d\"> </span><span class=\"ws211\">Average rate<span class=\"_ _3\"></span></span> </span>Australian Dollar<span class=\"ls1 ws1\"> </span>0.6366<span class=\"ls1 ws1\"> </span>0.6570<span class=\"ls1 ws1\"> </span>Polish Zloty<span class=\"ls1 ws1\"> </span>0.2135<span class=\"ls1 ws1\"> </span>0.2139<span class=\"ls1 ws1\"> </span>British Pound<span class=\"ls1 ws1\"> </span>1.1303<span class=\"ls1 ws1\"> </span>1.1717<span class=\"ls1 ws1\"> </span>Singapore Dollar<span class=\"ls1 ws1\"> </span>0.6974<span class=\"ls1 ws1\"> </span>0.6876<span class=\"ls1 ws1\"> </span>Brazilian Real<span class=\"ls1 ws1\"> </span>0.1768<span class=\"ls1 ws1\"> </span>0.1835<span class=\"ls1 ws1\"> </span>Taiwan Dollar<span class=\"ls1 ws1\"> </span>0.0306<span class=\"ls1 ws1\"> </span>0.0319<span class=\"ls1 ws1\"> </span>Egyptian Pound<span class=\"ls1 ws1\"> </span>0.0378<span class=\"ls1 ws1\"> </span>0.0498<span class=\"ls1 ws1\"> </span>US Dollar<span class=\"ls1 ws1\"> </span>0.9344<span class=\"ls1 ws1\"> </span>0.9462<span class=\"ls1 ws1\"> </span>Danish Krone<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>Vietnamese Dong<span class=\"ls1 ws1\"> </span>0.00003957<span class=\"ls1 ws1\"> </span>0.00004058<span class=\"ls1 ws1\"> </span>Indian Rupee<span class=\"ls1 ws1\"> </span>0.0113<span class=\"ls1 ws1\"> </span>0.0121<span class=\"ls1 ws1\"> </span>The table below gives a<span class=\"_ _0\"></span>n overview of the relevant financ<span class=\"_ _0\"></span>ial instruments used <span class=\"ls4b ws24e\">at DEM<span class=\"_ _3\"></span>E</span><span class=\"ws1\"> </span>and to a l<span class=\"_ _0\"></span>esser extent CFE<span class=\"ws1\">: </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Notional val<span class=\"_ _3\"></span>ue<span class=\"ls1 ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term <span class=\"ls29 ws1e1\">purchases<span class=\"ls1 ws1\">  </span></span>110,362<span class=\"ls1 ws1\"> </span>73,464<span class=\"ls1 ws1\"> </span>0 7,510<span class=\"ls1 ws1\"> </span>0 6,963<span class=\"ls1 ws1\"> </span>198,298<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Term sales<span class=\"ls1 ws1\">  </span>1,100,913<span class=\"ls1 ws1\"> </span>0 28,375<span class=\"ls1 ws1\"> </span>6,104<span class=\"ls1 ws1\"> </span>5,670<span class=\"ls1 ws1\"> </span>7,873<span class=\"ls1 ws1\"> </span>1,148,93<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term purchases<span class=\"ls1 ws1\">  </span>463<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">580</span> 0 -<span class=\"ls29 ws1e1\">91</span> 0 -<span class=\"ls29 ws1e1\">12</span> -<span class=\"ls27 ws1df\">221</span> Term sales<span class=\"ls1 ws1\">  </span>81,342<span class=\"ls1 ws1\"> </span>0 298<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">177</span> 369<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">414</span> 81,418<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - <span class=\"ls6f ws1f4\">DEME 2022</span> </span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>4,309<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,899</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>11,871<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,871</span> Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - </span><span class=\"ls62\">DEM<span class=\"_ _3\"></span>E 202<span class=\"_ _3\"></span><span class=\"ls1 ws1\">1 </span></span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>2,593<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,346</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>18,894<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,894</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-114-5": {
   "value": "1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls50 wscc\">Credit ri<span class=\"_ _0\"></span>sk<span class=\"ls1 ws1\"> </span></span>Both <span class=\"_ _7\"> </span><span class=\"ff3b ls34 ws1ea\">CFE<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span>and <span class=\"_ _7\"> </span><span class=\"ff3b ls33 ws1f0\">DEME<span class=\"_ _3\"></span></span> <span class=\"_ _7\"> </span><span class=\"ls25 ws1fd\">hav<span class=\"_ _0\"></span>e set up pro<span class=\"_ _0\"></span>cedur<span class=\"_ _0\"></span>es to lim<span class=\"_ _0\"></span>it the r<span class=\"_ _0\"></span>isk of the<span class=\"_ _0\"></span>ir trad<span class=\"_ _0\"></span>e </span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _0\"></span> To li<span class=\"_ _0\"></span>mit the<span class=\"_ _0\"></span> credi<span class=\"_ _0\"></span>t risk,<span class=\"_ _0\"></span> both<span class=\"_ _0\"></span> particip<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s cons<span class=\"_ _0\"></span>tantly<span class=\"_ _0\"></span> monito<span class=\"_ _0\"></span>r the<span class=\"_ _0\"></span>ir outstan<span class=\"_ _0\"></span>ding t<span class=\"_ _0\"></span>rade r<span class=\"_ _0\"></span>eceivab<span class=\"_ _0\"></span>les and<span class=\"_ _0\"></span> adju<span class=\"_ _0\"></span>st thei<span class=\"_ _0\"></span>r positi<span class=\"_ _0\"></span>ons if<span class=\"_ _0\"></span> necessa<span class=\"_ _0\"></span>ry. Fo<span class=\"_ _0\"></span>r th<span class=\"ls39 ws204\">e </span>purpos<span class=\"_ _0\"></span>es of m<span class=\"_ _9f\"></span>ajor forei<span class=\"_ _0\"></span>gn co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts, for <span class=\"_ _0\"></span>insta<span class=\"_ _0\"></span>nce, DE<span class=\"_ _0\"></span>ME r<span class=\"_ _0\"></span>egular<span class=\"_ _0\"></span>ly uses<span class=\"_ _0\"></span> the se<span class=\"_ _0\"></span>rvice<span class=\"_ _0\"></span>s of the C<span class=\"_ _0\"></span>redendo<span class=\"_ _9f\"></span> Group in<span class=\"_ _0\"></span>sofar a<span class=\"_ _0\"></span>s the co<span class=\"_ _0\"></span>untry co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>ed qua<span class=\"_ _0\"></span>lifies f<span class=\"_ _0\"></span>or this <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>ce and the risk can be covered by credit <span class=\"_ _0\"></span>insurance. A large part of the consolidate<span class=\"_ _0\"></span>d turnov<span class=\"ws1ef\">er is realized <span class=\"_ _0\"></span>through public or s<span class=\"_ _0\"></span>emi<span class=\"ws1\">-<span class=\"ls40 ws275\">public sector customers. The l<span class=\"_ _0\"></span>evel of </span></span></span>count<span class=\"_ _0\"></span>erparty<span class=\"_ _0\"></span> risk<span class=\"_ _0\"></span> is lim<span class=\"_ _0\"></span>ited b<span class=\"_ _0\"></span>y the <span class=\"_ _0\"></span>large<span class=\"_ _0\"></span> number<span class=\"_ _0\"></span> of cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>rs. For<span class=\"_ _0\"></span> larg<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-<span class=\"ls4b ws28a\">scale </span></span>infra<span class=\"_ _0\"></span>structu<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>tracts,<span class=\"_ _0\"></span> DEME i<span class=\"_ _0\"></span>s depen<span class=\"_ _0\"></span>dent on th<span class=\"_ _9f\"></span>e ability of<span class=\"_ _0\"></span> custo<span class=\"_ _0\"></span>mers to o<span class=\"_ _0\"></span>btain<span class=\"_ _9f\"></span> financing and can, if n<span class=\"_ _0\"></span>ecessary, help to o<span class=\"_ _0\"></span>rganize project financing. Al<span class=\"_ _0\"></span>though the credit <span class=\"_ _0\"></span>risk can<span class=\"_ _0\"></span>not be ru<span class=\"_ _0\"></span>led ou<span class=\"_ _0\"></span>t altog<span class=\"_ _0\"></span>ether, i<span class=\"_ _0\"></span>t is still <span class=\"_ _0\"></span>limited<span class=\"_ _0\"></span>. Moreov<span class=\"_ _0\"></span>er, as <span class=\"_ _0\"></span>a worldw<span class=\"_ _0\"></span>ide playe<span class=\"_ _0\"></span>r, DEME i<span class=\"_ _0\"></span>s expose<span class=\"_ _0\"></span>d to po<span class=\"_ _0\"></span>litical ri<span class=\"_ _0\"></span>sks and neg<span class=\"_ _9f\"></span>ative develo<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span>s that may man<span class=\"_ _9f\"></span>ifest thems<span class=\"_ _0\"></span>elves at th<span class=\"ls30 ws1e9\">e ma<span class=\"_ _0\"></span>croec<span class=\"_ _0\"></span>onom<span class=\"_ _0\"></span>ic level. <span class=\"ls1 ws1\"> </span></span>The cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk of <span class=\"ff3b ls58 ws2e3\">Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span></span></span><span class=\"ls35 ws1ec\">, p<span class=\"_ _0\"></span>rimari<span class=\"_ _0\"></span>ly activ<span class=\"_ _0\"></span>e in Vi<span class=\"_ _0\"></span>etnam, <span class=\"_ _0\"></span>is limi<span class=\"_ _0\"></span>ted by a<span class=\"_ _0\"></span>dvanc<span class=\"_ _0\"></span>es </span>received on the sale of acquired r<span class=\"_ _0\"></span>ights over developed sites (indust<span class=\"_ _0\"></span>rial zones) and by the monthly invoicing and th<span class=\"_ _0\"></span>e wide spread of customers when prov<span class=\"_ _0\"></span>iding utilities, mainten<span class=\"_ _9f\"></span>ance and m<span class=\"_ _0\"></span>anage<span class=\"_ _0\"></span>ment se<span class=\"_ _0\"></span>rvices <span class=\"_ _0\"></span>in thos<span class=\"_ _0\"></span>e indus<span class=\"_ _0\"></span>trial <span class=\"_ _0\"></span>zones.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>For the cr<span class=\"_ _0\"></span>edit ri<span class=\"_ _0\"></span>sk regard<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e loan por<span class=\"_ _0\"></span>tfolio o<span class=\"_ _0\"></span>f <span class=\"ff3b ls3f ws26c\">Bank V<span class=\"_ _0\"></span>an Bred<span class=\"_ _0\"></span>a<span class=\"ff3a ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ls25 ws207\">we refer to t<span class=\"_ _0\"></span>he </span></span></span>credit ri<span class=\"_ _0\"></span>sk policy a<span class=\"_ _0\"></span>s <span class=\"ls1 ws1ed\">described in <span class=\"_ _3\"></span><span class=\"ws1\">N<span class=\"ls31 ws1ea\">ote<span class=\"_ _3\"></span> 1</span>4.</span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"ls25 ws1eb\">aim<span class=\"_ _9f\"></span>s at a good sp<span class=\"_ _0\"></span>read both<span class=\"_ _0\"></span> in term<span class=\"_ _0\"></span>s of the n<span class=\"_ _0\"></span>umber of<span class=\"_ _0\"></span> tenan<span class=\"_ _0\"></span>ts and th<span class=\"_ _0\"></span>e </span></span>sector<span class=\"_ _0\"></span>s in whi<span class=\"_ _0\"></span>ch thes<span class=\"_ _0\"></span>e tenan<span class=\"_ _0\"></span>ts are act<span class=\"_ _0\"></span>ive in ord<span class=\"_ _0\"></span>er to lim<span class=\"_ _0\"></span>it the ri<span class=\"_ _0\"></span>sk of bad d<span class=\"_ _0\"></span>ebts an<span class=\"_ _0\"></span>d bankruptcies by te<span class=\"_ _0\"></span>nants. Furthermore, <span class=\"_ _0\"></span>the solvency of the tenan<span class=\"_ _0\"></span>ts is screened on <span class=\"_ _0\"></span>a regula<span class=\"_ _0\"></span>r basi<span class=\"_ _0\"></span>s by <span class=\"ls1 ws1ef\">an ex<span class=\"_ _0\"></span>ternal rating agenc<span class=\"_ _0\"></span>y, and long<span class=\"ws1\">-<span class=\"ls30 ws2c0\">term<span class=\"_ _0\"></span> lea<span class=\"_ _0\"></span>se agr<span class=\"_ _0\"></span>eement<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>e </span></span></span>sought<span class=\"_ _0\"></span> to <span class=\"_ _0\"></span>ensure a<span class=\"_ _0\"></span> recu<span class=\"_ _0\"></span>rrent r<span class=\"_ _0\"></span>ental<span class=\"_ _0\"></span> incom<span class=\"_ _0\"></span>e flow<span class=\"_ _0\"></span> and in<span class=\"_ _9f\"></span>crease th<span class=\"_ _0\"></span>e dura<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e agreem<span class=\"_ _0\"></span>ents.<span class=\"_ _0\"></span> In the re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e devel<span class=\"_ _0\"></span>opmen<span class=\"_ _0\"></span>t activ<span class=\"_ _0\"></span>ity an ex<span class=\"_ _0\"></span>tensiv<span class=\"_ _9f\"></span>e analysis<span class=\"_ _0\"></span> of the related technical, legal and financial ri<span class=\"_ _0\"></span>sks is made, prior to t<span class=\"_ _3\"></span>he s<span class=\"_ _0\"></span>igning of a new projec<span class=\"_ _0\"></span>t.<span class=\"ls1 ws1\"> </span>Agidens<span class=\"ff3a\"> <span class=\"_ _9\"> </span><span class=\"ls25 ws1ff\">mana<span class=\"_ _0\"></span>ges it<span class=\"_ _0\"></span>s debto<span class=\"_ _0\"></span>r risk i<span class=\"_ _0\"></span>n acco<span class=\"_ _0\"></span>rdanc<span class=\"_ _0\"></span>e with <span class=\"_ _0\"></span>the rel<span class=\"_ _0\"></span>evant po<span class=\"_ _9f\"></span>licy, </span></span>procedures and checks that have been set out by the group. Outstanding<span class=\"_ _0\"></span> receivables are periodi<span class=\"_ _0\"></span>cally monitored, and l<span class=\"_ _0\"></span>a<span class=\"ls34 ws1ea\">r<span class=\"_ _3\"></span>ge</span><span class=\"ws1\">-<span class=\"ls25 ws249\">scale pro<span class=\"_ _0\"></span>jects ar<span class=\"_ _0\"></span>e genera<span class=\"_ _0\"></span>lly </span></span>cover<span class=\"_ _0\"></span>ed by bank or oth<span class=\"_ _0\"></span>er similar gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ees. The sa<span class=\"_ _0\"></span>me applie<span class=\"_ _0\"></span>s to <span class=\"ff3b ls49 ws2bd\">Bio<span class=\"_ _3\"></span>lectric</span><span class=\"ls1 ws1\">. </span>In<span class=\"_ _3\"></span> the <span class=\"ff3b ls25 ws2e4\">AvH &amp; G<span class=\"_ _0\"></span>rowth Capi<span class=\"_ _9f\"></span>tal<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws1f3\">segme<span class=\"_ _0\"></span>nt the group invest<span class=\"_ _0\"></span>s for the long t<span class=\"_ _0\"></span>erm in </span></span></span>companies with int<span class=\"_ _0\"></span>ernational growth pot<span class=\"_ _0\"></span>ential. Th<span class=\"ls33 ws1f9\">e diver<span class=\"_ _3\"></span>sified<span class=\"_ _3\"></span> characte<span class=\"_ _3\"></span>r of the<span class=\"_ _3\"></span>se </span>investments contribu<span class=\"_ _0\"></span>tes to a balanced spread of the econom<span class=\"_ _0\"></span>ic and financial risks.<span class=\"_ _0\"></span> Furthermore, AvH usu<span class=\"_ _0\"></span>ally finances these investm<span class=\"_ _0\"></span>ents with shareholders\u2019 equi<span class=\"_ _0\"></span>ty.(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>134,544<span class=\"ls1 ws1\"> </span>2,050<span class=\"ls1 ws1\"> </span>13,255<span class=\"ls1 ws1\"> </span>0 27,813<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,976</span> 158,687<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>85,009<span class=\"ls1 ws1\"> </span>3,716<span class=\"ls1 ws1\"> </span>51,312<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>6,970<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 146,332<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>570,349<span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>39,665<span class=\"ls1 ws1\"> </span>0 19,810<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> 628,710<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>662,973<span class=\"ls1 ws1\"> </span>5,822<span class=\"ls1 ws1\"> </span>100,964<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>51,712<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,895</span> 800,652<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>29,707<span class=\"ls1 ws1\"> </span>0 657<span class=\"ls1 ws1\"> </span>0 2,121<span class=\"ls1 ws1\"> </span>0 32,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>19,093<span class=\"ls1 ws1\"> </span>0 1,838<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>0 21,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>17,968<span class=\"ls1 ws1\"> </span>0 674<span class=\"ls1 ws1\"> </span>0 304<span class=\"ls1 ws1\"> </span>0 18,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>60,162<span class=\"ls1 ws1\"> </span>0 100<span class=\"ls1 ws1\"> </span>0 207<span class=\"ls1 ws1\"> </span>0 60,469<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">4,724</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">15,709</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">117</span> 0 -<span class=\"ls29 ws1e1\">43</span> 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,140</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,042</span> 0 -<span class=\"ls29 ws1e1\">1,905</span> 0 -<span class=\"ls29 ws1e1\">94</span> 0 -<span class=\"ls29 ws1e1\">43,041</span> -<span class=\"ls27 ws1df\">45,883</span> 0 -<span class=\"ls27 ws1df\">1,948</span> 0 -<span class=\"ls27 ws1df\">13,059</span> 0 -<span class=\"ls27 ws1df\">60,890</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets -<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> <span class=\"_ _1b7\"> </span><span class=\"fc22 ls29 ws1e1\">170,404</span><span class=\"fc22\"> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,579</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,910</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">43,821</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">34,840</span> </span>189,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>56,026<span class=\"ls1 ws1\"> </span>11,231<span class=\"ls1 ws1\"> </span>52,849<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>7,698<span class=\"ls1 ws1\"> </span>0 127,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>683,217<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>15,371<span class=\"ls1 ws1\"> </span>0 21,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 719,214<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>721,903<span class=\"ls1 ws1\"> </span>13,858<span class=\"ls1 ws1\"> </span>73,268<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>68,541<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,102</span> 841,536<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>48,354<span class=\"ls1 ws1\"> </span>0 650<span class=\"ls1 ws1\"> </span>0 3,017<span class=\"ls1 ws1\"> </span>0 52,021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>51,388<span class=\"ls1 ws1\"> </span>0 405<span class=\"ls1 ws1\"> </span>0 497<span class=\"ls1 ws1\"> </span>0 52,290<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>40,792<span class=\"ls1 ws1\"> </span>0 1,457<span class=\"ls1 ws1\"> </span>0 438<span class=\"ls1 ws1\"> </span>0 42,688<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>47,210<span class=\"ls1 ws1\"> </span>0 350<span class=\"ls1 ws1\"> </span>0 866<span class=\"ls1 ws1\"> </span>0 48,425<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">5,229</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">16,213</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">212</span> 0 0 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,192</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,203</span> 0 -<span class=\"ls29 ws1e1\">821</span> 0 -<span class=\"ls29 ws1e1\">50</span> 0 -<span class=\"ls29 ws1e1\">37,074</span> -<span class=\"ls27 ws1df\">41,644</span> 0 -<span class=\"ls27 ws1df\">821</span> 0 -<span class=\"ls27 ws1df\">13,016</span> 0 -<span class=\"ls27 ws1df\">55,480</span> Marin<span class=\"_ _0\"></span>e Engin<span class=\"_ _0\"></span>eering<span class=\"_ _0\"></span> &amp; Contr<span class=\"_ _0\"></span>acting<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">Financial fixed assets: receivables and warrantie<span class=\"_ _0\"></span>s: loans granted to participating </span></span>interests include a.o. financing granted b<span class=\"_ _0\"></span>y DEME and Green Offshore to their respe<span class=\"_ _0\"></span>ctive pa<span class=\"_ _0\"></span>rticip<span class=\"_ _0\"></span>ating int<span class=\"_ _0\"></span>erest<span class=\"_ _0\"></span>s active i<span class=\"_ _0\"></span>n the dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _0\"></span>t/ope<span class=\"_ _0\"></span>ration of<span class=\"_ _0\"></span> the Re<span class=\"_ _3\"></span>ntel<span class=\"_ _3\"></span> and<span class=\"_ _3\"></span> SeaM<span class=\"_ _3\"></span>ade<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ws1f6\">wind f<span class=\"_ _0\"></span>arms, and <span class=\"ls25 ws1eb\">by CF<span class=\"_ _0\"></span>E to rea<span class=\"_ _0\"></span>l estat<span class=\"_ _0\"></span>e proj<span class=\"_ _0\"></span>ect comp<span class=\"_ _0\"></span>anies. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Trade receivables in this segm<span class=\"_ _0\"></span>ent account for 9<span class=\"ws1\">5<span class=\"ls25 ws1eb\">% of<span class=\"_ _0\"></span> total<span class=\"_ _0\"></span> trade r<span class=\"_ _0\"></span>eceiva<span class=\"_ _0\"></span>bles. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>Overdue receivables in contracting main<span class=\"_ _0\"></span>ly relate to settlements and additional ch<span class=\"_ _3\"></span>arge<span class=\"_ _3\"></span>s, b<span class=\"_ _3\"></span>ut whi<span class=\"_ _3\"></span>ch st<span class=\"_ _3\"></span>ill<span class=\"_ _3\"></span> have t<span class=\"_ _3\"></span>o be <span class=\"ls1 ws1f6\">included in the budge<span class=\"_ _0\"></span>ts or are to b<span class=\"_ _0\"></span>e covered b<span class=\"_ _0\"></span>y </span>an overall agre<span class=\"_ _0\"></span>ement. CFE and DEME <span class=\"_ _0\"></span>have a number of n<span class=\"_ _0\"></span>egotiations and/or procedures pending.<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws207\">Overdue re<span class=\"_ _0\"></span>ceivab<span class=\"_ _0\"></span>les (mo<span class=\"_ _0\"></span>stly attr<span class=\"_ _0\"></span>ibutab<span class=\"_ _0\"></span>le to DE<span class=\"_ _0\"></span>ME) are ma<span class=\"_ _0\"></span>inly<span class=\"_ _0\"></span> </span></span>covered by Credendo<span class=\"ls40 ws218\">. <span class=\"_ _24\"></span></span>Expected losses on construction co<span class=\"ls33 ws224\">ntracts ar<span class=\"_ _3\"></span>e adequa<span class=\"_ _3\"></span>tely </span>recorded in the balance s<span class=\"_ _0\"></span>heet item \u2018Construction contrac<span class=\"_ _0\"></span>ts\u2019 (Note 1<span class=\"ws1\">5<span class=\"ls46 ws266\">). </span> </span>The turnover of<span class=\"_ _0\"></span> Rent<span class=\"ws1\">-A-<span class=\"ls25 ws215\">Port,<span class=\"_ _0\"></span> prima<span class=\"_ _0\"></span>rily activ<span class=\"_ _0\"></span>e in Vietn<span class=\"_ _0\"></span>am, deriv<span class=\"_ _9f\"></span>es <span class=\"_ _3\"></span>fro<span class=\"_ _0\"></span>m (i) the sa<span class=\"_ _0\"></span>le </span></span>of acqu<span class=\"_ _0\"></span>ired rig<span class=\"_ _0\"></span>hts ov<span class=\"_ _0\"></span>er dev<span class=\"_ _0\"></span>eloped <span class=\"_ _0\"></span>sites <span class=\"_ _0\"></span>(indus<span class=\"_ _0\"></span>trial zo<span class=\"_ _0\"></span>nes), (<span class=\"_ _0\"></span>ii) the p<span class=\"_ _9f\"></span>rovisio<span class=\"ls4a ws2e1\">n of </span>utilities (electricity and wa<span class=\"_ _0\"></span>ter) and (iii) of maintenance and <span class=\"_ _0\"></span>management service<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se indu<span class=\"_ _0\"></span>strial zo<span class=\"_ _0\"></span>nes: <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1fa\">The comp<span class=\"_ _0\"></span>ensatio<span class=\"_ _0\"></span>n for the sale of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d rights ov<span class=\"_ _0\"></span>er develop<span class=\"_ _0\"></span>ed site<span class=\"_ _0\"></span>s, usually<span class=\"_ _0\"></span> </span></span>varying from 40 to 50 years, is largely paid in advance (80% <span class=\"_ _0\"></span>to 100%) by the custo<span class=\"_ _0\"></span>mers of<span class=\"_ _0\"></span> the Ren<span class=\"_ _9f\"></span>t<span class=\"ls1 ws1\">-<span class=\"_ _3\"></span>A-</span>Po<span class=\"_ _0\"></span>rt grou<span class=\"_ _9f\"></span>p. Once the<span class=\"_ _0\"></span> land i<span class=\"_ _0\"></span>s del<span class=\"_ _0\"></span>ivered<span class=\"_ _0\"></span> to the c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er, the ri<span class=\"_ _0\"></span>sks and <span class=\"_ _0\"></span>reward<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e land u<span class=\"_ _0\"></span>se righ<span class=\"_ _0\"></span>ts are t<span class=\"_ _0\"></span>ransfe<span class=\"_ _0\"></span>rred. <span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">The charges for th<span class=\"_ _0\"></span>e provision of ut<span class=\"_ _0\"></span>ilities, maintenance and m<span class=\"_ _0\"></span>anagement servic<span class=\"_ _0\"></span>es </span></span>are invoiced on a<span class=\"ws1\"> </span>m<span class=\"_ _3\"></span>onth<span class=\"_ _0\"></span>ly basis, and giv<span class=\"_ _0\"></span>en the wide spread of c<span class=\"_ _0\"></span>ustomers, the credit ri<span class=\"_ _0\"></span>sk is <span class=\"_ _3\"></span>fa<span class=\"_ _0\"></span>irly limit<span class=\"_ _0\"></span>ed. <span class=\"ls1 ws1\"> </span>Priv<span class=\"_ _0\"></span>ate Ban<span class=\"_ _9f\"></span>king<span class=\"ls1 ws1\"> </span>We ref<span class=\"_ _0\"></span>er to <span class=\"_ _0\"></span>Note 1<span class=\"ls1 ws1\">4 <span class=\"ls46 ws266\">for </span><span class=\"ws1ed\">more details regarding the credit risk of Bank Va<span class=\"_ _3\"></span>n Breda.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>Real Es<span class=\"_ _9f\"></span>tate &amp; Seni<span class=\"_ _0\"></span>or C<span class=\"_ _0\"></span>are<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws20a\">The othe<span class=\"_ _0\"></span>r receiv<span class=\"_ _0\"></span>ables re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e advan<span class=\"_ _0\"></span>ces that N<span class=\"_ _0\"></span>extensa g<span class=\"_ _9f\"></span>rants to its r<span class=\"_ _0\"></span>eal </span></span>estat<span class=\"_ _0\"></span>e projec<span class=\"_ _0\"></span>t comp<span class=\"_ _0\"></span>anies.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1eb\">Refer<span class=\"_ _0\"></span>ring to <span class=\"_ _0\"></span>the abov<span class=\"_ _9f\"></span>e descrip<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the cred<span class=\"_ _0\"></span>it ri<span class=\"_ _0\"></span>sk mana<span class=\"_ _0\"></span>gemen<span class=\"_ _0\"></span>t, under<span class=\"_ _0\"></span> norma<span class=\"_ _9f\"></span>l </span></span>circum<span class=\"_ _0\"></span>stance<span class=\"_ _0\"></span>s the impa<span class=\"_ _0\"></span>irments on tr<span class=\"_ _0\"></span>ade rec<span class=\"_ _0\"></span>eivable<span class=\"_ _0\"></span>s are limit<span class=\"_ _0\"></span>ed at Nexten<span class=\"_ _0\"></span>sa.<span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l and Inter<span class=\"_ _3\"></span>com<span class=\"ws205\">pany elim<span class=\"_ _3\"></span>inations</span><span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">the full consolidation of Agiden<span class=\"_ _0\"></span>s and Biolectric Gr<span class=\"ws1\">oup <span class=\"_ _0\"></span><span class=\"ls25 ws207\">with th<span class=\"_ _0\"></span>eir resp<span class=\"_ _9f\"></span>ective trad<span class=\"_ _9f\"></span>e </span></span></span></span>receiv<span class=\"_ _0\"></span>ables.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f2\">financing provided by Av<span class=\"_ _0\"></span>H &amp; subholdings<span class=\"_ _0\"></span> to, among others, G<span class=\"_ _0\"></span>reen Offshore in </span></span>the context of the development of th<span class=\"_ _0\"></span>e Rentel and SeaMade wind farm<span class=\"_ _0\"></span><span class=\"ws1\">s <span class=\"_ _3\"></span><span class=\"ws1f5\">and to </span></span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-</span><span class=\"ws1f5\">Po<span class=\"_ _3\"></span>rt (<span class=\"ls40 ws205\">de<span class=\"_ _3\"></span>velopmen<span class=\"_ _0\"></span>t <span class=\"_ _3\"></span>of port<span class=\"ls1 ws1\">-<span class=\"ls33 ws1eb\">related<span class=\"_ _3\"></span> indust<span class=\"_ _3\"></span>rial <span class=\"_ _3\"></span>zones <span class=\"_ _3\"></span><span class=\"ls35 ws1ec\">in<span class=\"_ _0\"></span> Vietnam)<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> <span class=\"ls34 ws1f5\">h<span class=\"_ _3\"></span>as be<span class=\"_ _3\"></span>en </span></span></span></span></span></span></span>elimin<span class=\"_ _0\"></span>ated in <span class=\"_ _0\"></span>the con<span class=\"_ _0\"></span>solidatio<span class=\"_ _0\"></span>n.<span class=\"ls1 ws1\"> </span>In 2022, no customer acc<span class=\"_ _0\"></span>ounted for more than 10<span class=\"_ _0\"></span>% of group revenue.<span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> <span class=\"_ _95\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>Financial <span class=\"ls2b\">liabi<span class=\"_ _3\"></span>lities value<span class=\"_ _3\"></span>d at amortis<span class=\"_ _3\"></span>ed cost<span class=\"ls1 ws1\"> </span></span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>1,577,488<span class=\"ls1 ws1\"> </span>1,571,727<span class=\"ls1 ws1\"> </span>1,613,885<span class=\"ls1 ws1\"> </span>1,552,702<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>248,960<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>246,164<span class=\"ls1 ws1\"> </span>Surbordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>97,344<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>95,152<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,713<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,712<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e0\">financial debts<span class=\"ls1 ws1\"> </span></span>128,621<span class=\"ls1 ws1\"> </span>301,887<span class=\"ls1 ws1\"> </span>128,621<span class=\"ls1 ws1\"> </span>301,887<span class=\"ls1 ws1\"> </span>Other de<span class=\"_ _3\"></span>bts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>1,136,241<span class=\"ls1 ws1\"> </span>1,145,112<span class=\"ls1 ws1\"> </span>1,136,241<span class=\"ls1 ws1\"> </span>1,145,112<span class=\"ls1 ws1\"> </span>Advances received<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>101,080<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>101,080<span class=\"ls1 ws1\"> </span>Amounts payable regarding remuneration and soc<span class=\"_ _0\"></span>ial security<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>Other amounts payable<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 6,792,663<span class=\"ls1 ws1\"> </span>7,059,336<span class=\"ls1 ws1\"> </span>6,834,644<span class=\"ls1 ws1\"> </span>7,038,871<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>'B<span class=\"_ _3\"></span>anks<span class=\"_ _3\"></span> <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ws1fe\">changes in fair value of th<span class=\"_ _0\"></span>e hedged credit portfolio' ap<span class=\"_ _0\"></span>pear in Bank Van </span></span>Breda's balance sh<span class=\"_ _0\"></span>eet under liabilities w<span class=\"_ _0\"></span>hen the item shows a n<span class=\"_ _0\"></span>egative balance, as was <span class=\"_ _0\"></span>the case at <span class=\"_ _0\"></span>the end o<span class=\"_ _0\"></span>f 2022<span class=\"_ _0\"></span>. However,<span class=\"_ _0\"></span> the cu<span class=\"_ _0\"></span>mulativ<span class=\"_ _0\"></span>e fair v<span class=\"_ _0\"></span>alue adj<span class=\"ls25 ws1ec\">ustm<span class=\"_ _0\"></span>ents <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"_ _24\"></span><span class=\"ls34 ws1ef\">rega<span class=\"_ _3\"></span>rdl<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span> of th<span class=\"_ _3\"></span>e ba<span class=\"_ _3\"></span>lanc<span class=\"_ _3\"></span>e </span>- <span class=\"_ _3\"></span><span class=\"ls30 ws250\">always r<span class=\"_ _0\"></span>elate to<span class=\"_ _0\"></span> the h<span class=\"_ _0\"></span>edged <span class=\"ls25 ws1ec\">c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er </span></span></span></span>lo<span class=\"_ _3\"></span>ans<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ws252\">(which are included i<span class=\"_ _3\"></span>n asset heading 'Banks </span>- <span class=\"_\"> </span><span class=\"ls30 ws1eb\">rec<span class=\"_ _0\"></span>eivab<span class=\"_ _0\"></span>les <span class=\"_\"> </span><span class=\"ls46 ws266\">from <span class=\"_\"> </span><span class=\"ls33 ws1f0\">credit </span></span></span></span>instit<span class=\"_ _0\"></span>utions &amp; c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\">\u2019<span class=\"ls30 ws23d\">).<span class=\"_ _0\"></span> The boo<span class=\"_ _9f\"></span>k value <span class=\"ls25 ws204\">of th<span class=\"_ _0\"></span>e 'Ban<span class=\"_ _0\"></span>ks <span class=\"ls1 ws1\">- </span>debts to c<span class=\"_ _0\"></span>redit in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons,<span class=\"_ _0\"></span> </span></span></span>clie<span class=\"_ _3\"></span>nts &amp; <span class=\"ls33 ws1f0\">s<span class=\"_ _3\"></span>ecuri<span class=\"_ _3\"></span>t</span><span class=\"ws24e\">ies<span class=\"ls1 ws1fe\">' has been adjusted by 89,733 ('000)<span class=\"_ _0\"></span> euros i<span class=\"_ _3\"></span>n the above t<span class=\"_ _0\"></span>able </span></span>for thi<span class=\"_ _0\"></span>s purpo<span class=\"_ _0\"></span>se.\"",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-116-7": {
   "value": "(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>134,544<span class=\"ls1 ws1\"> </span>2,050<span class=\"ls1 ws1\"> </span>13,255<span class=\"ls1 ws1\"> </span>0 27,813<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,976</span> 158,687<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>85,009<span class=\"ls1 ws1\"> </span>3,716<span class=\"ls1 ws1\"> </span>51,312<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>6,970<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">750</span> 146,332<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>570,349<span class=\"ls1 ws1\"> </span>56<span class=\"ls1 ws1\"> </span>39,665<span class=\"ls1 ws1\"> </span>0 19,810<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,169</span> 628,710<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>662,973<span class=\"ls1 ws1\"> </span>5,822<span class=\"ls1 ws1\"> </span>100,964<span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>51,712<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,895</span> 800,652<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>29,707<span class=\"ls1 ws1\"> </span>0 657<span class=\"ls1 ws1\"> </span>0 2,121<span class=\"ls1 ws1\"> </span>0 32,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>19,093<span class=\"ls1 ws1\"> </span>0 1,838<span class=\"ls1 ws1\"> </span>0 248<span class=\"ls1 ws1\"> </span>0 21,179<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>17,968<span class=\"ls1 ws1\"> </span>0 674<span class=\"ls1 ws1\"> </span>0 304<span class=\"ls1 ws1\"> </span>0 18,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>60,162<span class=\"ls1 ws1\"> </span>0 100<span class=\"ls1 ws1\"> </span>0 207<span class=\"ls1 ws1\"> </span>0 60,469<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>789,902<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,822<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>104,232<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76<span class=\"ls1 ws1\"> </span>54,592<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">20,895</span> 933,729<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>% 85%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>11%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>6%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">4,724</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">15,709</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">117</span> 0 -<span class=\"ls29 ws1e1\">43</span> 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,140</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,042</span> 0 -<span class=\"ls29 ws1e1\">1,905</span> 0 -<span class=\"ls29 ws1e1\">94</span> 0 -<span class=\"ls29 ws1e1\">43,041</span> -<span class=\"ls27 ws1df\">45,883</span> 0 -<span class=\"ls27 ws1df\">1,948</span> 0 -<span class=\"ls27 ws1df\">13,059</span> 0 -<span class=\"ls27 ws1df\">60,890</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Segment 1<span class=\"ws1\"> </span>Segment 2<span class=\"ws1\"> </span>Segment 3<span class=\"ws1\"> </span>Segment 4<span class=\"ws1\"> </span>Segment 5<span class=\"ws1\"> </span>Marine<span class=\"ls1 ws1\"> </span>AvH &amp;<span class=\"ls1 ws1\"> </span>Eliminations<span class=\"ls1 ws1\"> </span>Engineering Private<span class=\"ls1 ws1\"> </span>Real Estate &amp;<span class=\"ls1 ws1\"> </span>Energy &amp;<span class=\"ls1 ws1\"> </span>Growth between <span class=\"ls1 ws1\"> </span>Total 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>&amp; Banking<span class=\"ls1 ws1\"> </span>Senior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Resou<span class=\"_ _3\"></span>rces<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Capital<span class=\"ls1 ws1\"> </span>segments<span class=\"ls1 ws1\"> </span>Contracting<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial fixed assets -<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> <span class=\"_ _1b7\"> </span><span class=\"fc22 ls29 ws1e1\">170,404</span><span class=\"fc22\"> <span class=\"_ _8d\"> </span><span class=\"ls29 ws1e1\">2,579</span> <span class=\"_ _a6\"> </span><span class=\"ls29 ws1e1\">7,910</span> <span class=\"_ _170\"> </span>0 <span class=\"_ _8e\"> </span><span class=\"ls29 ws1e1\">43,821</span> <span class=\"_ _12\"> </span>-<span class=\"ls29 ws1e1\">34,840</span> </span>189,875<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other receivables<span class=\"ls1 ws1\"> </span>56,026<span class=\"ls1 ws1\"> </span>11,231<span class=\"ls1 ws1\"> </span>52,849<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>7,698<span class=\"ls1 ws1\"> </span>0 127,871<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>683,217<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>15,371<span class=\"ls1 ws1\"> </span>0 21,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,262</span> 719,214<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>not expired<span class=\"ls1 ws1\"> </span>721,903<span class=\"ls1 ws1\"> </span>13,858<span class=\"ls1 ws1\"> </span>73,268<span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>68,541<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,102</span> 841,536<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 30 d<span class=\"ls1 ws1\"> </span>48,354<span class=\"ls1 ws1\"> </span>0 650<span class=\"ls1 ws1\"> </span>0 3,017<span class=\"ls1 ws1\"> </span>0 52,021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 60 d<span class=\"ls1 ws1\"> </span>51,388<span class=\"ls1 ws1\"> </span>0 405<span class=\"ls1 ws1\"> </span>0 497<span class=\"ls1 ws1\"> </span>0 52,290<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &lt; 120 d<span class=\"ls1 ws1\"> </span>40,792<span class=\"ls1 ws1\"> </span>0 1,457<span class=\"ls1 ws1\"> </span>0 438<span class=\"ls1 ws1\"> </span>0 42,688<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>expired &gt; 120 d<span class=\"ls1 ws1\"> </span>47,210<span class=\"ls1 ws1\"> </span>0 350<span class=\"ls1 ws1\"> </span>0 866<span class=\"ls1 ws1\"> </span>0 48,425<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total (ne<span class=\"_ _3\"></span>t <span class=\"ls1 ws1\">- <span class=\"ls2b ws1e4\">accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts included)<span class=\"_ _3\"></span></span> </span>909,646<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>76,131<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68<span class=\"ls1 ws1\"> </span>73,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">36,102</span> 1,036,96<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>% 88%<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">3%</span> 100%<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties (impairments)</span> </span>-<span class=\"ls29 ws1e1\">5,229</span> 0 0 0 -<span class=\"ls29 ws1e1\">10,985</span> 0 -<span class=\"ls29 ws1e1\">16,213</span> Other receivables (impairments<span class=\"_ _0\"></span>)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">212</span> 0 0 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">2,192</span> Trade debtors (impairments)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,203</span> 0 -<span class=\"ls29 ws1e1\">821</span> 0 -<span class=\"ls29 ws1e1\">50</span> 0 -<span class=\"ls29 ws1e1\">37,074</span> -<span class=\"ls27 ws1df\">41,644</span> 0 -<span class=\"ls27 ws1df\">821</span> 0 -<span class=\"ls27 ws1df\">13,016</span> 0 -<span class=\"ls27 ws1df\">55,480</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-120-3": {
   "value": "2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Liquidity risk<span class=\"_ _3\"></span> and capita<span class=\"_ _3\"></span>l <span class=\"ls26 ws1dc\">manag<span class=\"_ _0\"></span>ement<span class=\"ls1 ws1\"> </span></span></span>The financial debts, aft<span class=\"_ _0\"></span>er intercompany elimination, re<span class=\"_ _0\"></span>late to the following segmen<span class=\"_ _0\"></span>ts:<span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b8\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _1b9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net financial Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net <span class=\"ls2b ws1dd\">fina<span class=\"_ _3\"></span>ncial </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>278,640<span class=\"ls1 ws1\"> </span>1,016,861<span class=\"ls1 ws1\"> </span>601,511<span class=\"ls1 ws1\"> </span>529,567<span class=\"ls1 ws1\"> </span>721,091<span class=\"ls1 ws1\"> </span>524,132<span class=\"ls1 ws1\"> </span>Private Banking (IFRS 16 leases)<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>4,854<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">17,048</span> 2,516<span class=\"ls1 ws1\"> </span>5,673<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,173</span> Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>117,668<span class=\"ls1 ws1\"> </span>634,932<span class=\"ls1 ws1\"> </span>721,493<span class=\"ls1 ws1\"> </span>383,659<span class=\"ls1 ws1\"> </span>700,141<span class=\"ls1 ws1\"> </span>1,010,472<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">642</span> 0 0 -<span class=\"ls29 ws1e1\">576</span> AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>3,735<span class=\"ls1 ws1\"> </span>10,026<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">396,956</span> 46,727<span class=\"ls1 ws1\"> </span>11,970<span class=\"ls1 ws1\"> </span>20,759<span class=\"ls1 ws1\"> </span>Intercompany<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">750</span> -<span class=\"ls29 ws1e1\">18,976</span> -<span class=\"ls29 ws1e1\">19,726</span> Total<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,631,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,419,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>DEME<span class=\"_ _3\"></span><span class=\"ff3a ls1 ws1f5\">\u2019s liquid<span class=\"_ _0\"></span>ity risk is limited by sp<span class=\"_ _0\"></span>reading the financing ov<span class=\"_ _0\"></span>er several banks an<span class=\"_ _0\"></span>d </span>by pref<span class=\"_ _0\"></span>erenc<span class=\"_ _0\"></span>e over th<span class=\"_ _0\"></span>e long te<span class=\"_ _0\"></span>rm. DE<span class=\"_ _0\"></span>ME has ma<span class=\"_ _0\"></span>jor cred<span class=\"_ _0\"></span>it and gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>e line<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> a whole string <span class=\"ls25 ws232\">of int<span class=\"_ _0\"></span>ernat<span class=\"_ _0\"></span>ional ban<span class=\"_ _9f\"></span>ks. Certain<span class=\"_ _0\"></span> ratio<span class=\"_ _0\"></span>s (coven<span class=\"_ _0\"></span>ants) w<span class=\"_ _0\"></span>ere agre<span class=\"_ _0\"></span>ed in<span class=\"_ _0\"></span> </span>the loan ag<span class=\"ls25 ws1eb\">re<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s with <span class=\"_ _0\"></span>the rel<span class=\"_ _0\"></span>evant b<span class=\"_ _0\"></span>anks w<span class=\"_ _0\"></span>hich D<span class=\"_ _0\"></span>EME mu<span class=\"_ _0\"></span>st ob<span class=\"_ _0\"></span>serve. Th<span class=\"_ _9f\"></span>is was<span class=\"_ _0\"></span> </span>the ca<span class=\"_ _0\"></span>se at<span class=\"_ _0\"></span> year en<span class=\"_ _9f\"></span>d 202<span class=\"ls1 ws1\">2<span class=\"ls33 ws1f9\">. In additi<span class=\"_ _3\"></span>on, it ha<span class=\"_ _3\"></span>s a comme<span class=\"_ _3\"></span>rcial pa<span class=\"_ _3\"></span>per prog<span class=\"_ _3\"></span>ramme to </span></span>cover<span class=\"_ _0\"></span> short<span class=\"ls1 ws1\">-<span class=\"ws1f2\">t<span class=\"_ _0\"></span>erm financial needs. D<span class=\"_ _0\"></span>EME predominantly inve<span class=\"_ _0\"></span>sts in equipment with<span class=\"_ _0\"></span> </span></span>a long lif<span class=\"_ _9f\"></span>e which is dep<span class=\"_ _0\"></span>recia<span class=\"_ _0\"></span>ted over s<span class=\"_ _0\"></span>everal y<span class=\"_ _0\"></span>ears. F<span class=\"_ _0\"></span>or that r<span class=\"_ _0\"></span>eason, D<span class=\"_ _0\"></span>EME see<span class=\"_ _0\"></span>ks to schedu<span class=\"_ _0\"></span>le a sub<span class=\"_ _9f\"></span>stantial <span class=\"_ _0\"></span>part of i<span class=\"_ _0\"></span>ts deb<span class=\"_ _0\"></span>t<span class=\"ws1fa\">s over a long te<span class=\"_ _0\"></span>rm. <span class=\"ls33 ws23a\">DEME c<span class=\"_ _3\"></span>onvert<span class=\"_ _3\"></span>ed all its </span></span>long<span class=\"ls1 ws1\">-<span class=\"ws1f2\">term financing <span class=\"_ _0\"></span>into sustainability<span class=\"ws1\">-<span class=\"ls34 ws1f7\">linke<span class=\"_ _3\"></span>d loa<span class=\"_ _3\"></span>ns i<span class=\"_ _3\"></span>n Febr<span class=\"_ _3\"></span>uar<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _3\"></span><span class=\"ls49 ws2bd\">(we <span class=\"_ _3\"></span><span class=\"ls33 ws1f9\">refer to </span></span></span></span></span>the susta<span class=\"_ _0\"></span>inabil<span class=\"_ _0\"></span>ity repo<span class=\"_ _0\"></span>rt p.<span class=\"ls1 ws1\"> <span class=\"ls24 ws1da\">69 </span></span><span class=\"ws1eb\">for mo<span class=\"_ _9f\"></span>re details<span class=\"ls46 ws266\">).<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>CFE<span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls25 ws245\">financ<span class=\"_ _9f\"></span>es its con<span class=\"_ _0\"></span>structio<span class=\"_ _0\"></span>n and r<span class=\"_ _0\"></span>eal esta<span class=\"_ _0\"></span>te dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _9f\"></span>t activitie<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> ban<span class=\"_ _0\"></span>k </span></span>lo<span class=\"_ _3\"></span>ans<span class=\"ls39 ws248\">,<span class=\"_ _3\"></span> medium<span class=\"_ _3\"></span> term notes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls42 ws2e5\">an<span class=\"_ _0\"></span>d comme<span class=\"_ _0\"></span>rcial pape<span class=\"_ _0\"></span>r. <span class=\"ls1 ws1ef\">During the second qua<span class=\"_ _0\"></span>rter of </span></span></span></span>2022, CFE set up new credit lines that <span class=\"_ _0\"></span>incorporate sustainability criter<span class=\"_ _0\"></span>ia. The bond of 30 millio<span class=\"_ _0\"></span>n euros th<span class=\"_ _0\"></span>at matu<span class=\"_ _0\"></span>red at year<span class=\"ls1 ws1\">-<span class=\"ws1f2\">end 2022<span class=\"_ _0\"></span> was repaid by <span class=\"_ _0\"></span>BPI, CFE\u2019s real </span></span>estat<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lopm<span class=\"ls25 ws1db\">en<span class=\"_ _0\"></span>t subsid<span class=\"_ _0\"></span>iary<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span></span>Both DEME and CFE had a substantial cash position (c<span class=\"_ _0\"></span>ash and cash equivalents) at<span class=\"_ _3\"></span> year<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 202</span>2. </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls53 ws23d\">Ren<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span><span class=\"ff3a\"> <span class=\"_ _4\"></span><span class=\"ws233\">group is financed primarily by equity, ban<span class=\"_ _0\"></span>k and s<span class=\"_ _3\"></span>har<span class=\"_ _0\"></span>eholder </span></span></span></span>loans. Infra Asia Investmen<span class=\"_ _0\"></span>t Hong Kong entered into a new roll<span class=\"ws1\">-<span class=\"ls39 ws204\">over <span class=\"ls52 ws237\">fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y fo<span class=\"_ _3\"></span>r a </span></span></span>total amo<span class=\"_ _0\"></span>unt of 3<span class=\"_ _0\"></span>5 million U<span class=\"_ _0\"></span>SD (in <span class=\"_ _0\"></span>additio<span class=\"_ _0\"></span>n to the ex<span class=\"_ _0\"></span>isting 10 m<span class=\"_ _9f\"></span>illion USD),<span class=\"_ _0\"></span> replacing the 29,2 mi<span class=\"_ _0\"></span>llion euros and 1,8 million U<span class=\"_ _0\"></span>SD bond loans which we<span class=\"_ _0\"></span>re redeemed early per 3 May 2022.<span class=\"ls1 ws1\"> </span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ls25 ws208\">Port in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>ed its sta<span class=\"_ _0\"></span>ke in IAI<span class=\"_ _0\"></span> by 3<span class=\"ls54 ws279\">2.6</span>% to 94% in th<span class=\"_ _0\"></span>e first q<span class=\"_ _0\"></span>uarte<span class=\"_ _0\"></span>r of 202<span class=\"_ _0\"></span>2. </span></span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ws1f8\">Port paid for this tr<span class=\"_ _3\"></span>ansact<span class=\"_ _0\"></span>ion at t<span class=\"_ _3\"></span>he beginning of July 2022 thanks to </span></span>additional shareholder lo<span class=\"_ _0\"></span>ans from AvH and CFE.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>s <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">the ne<span class=\"_ _0\"></span>cessary<span class=\"_ _0\"></span> long<span class=\"ls1 ws1\">-<span class=\"ws220\">ter<span class=\"_ _0\"></span>m credit facilities and backup lines for its </span></span></span></span>commercial paper to cove<span class=\"ls25 ws27e\">r prese<span class=\"_ _0\"></span>nt and<span class=\"_ _0\"></span> future in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent need<span class=\"_ _0\"></span>s. Thos<span class=\"_ _0\"></span>e credi<span class=\"_ _0\"></span>t </span>facilities and backu<span class=\"_ _0\"></span>p lines serve to hedg<span class=\"_ _0\"></span>e the financing risk. Th<span class=\"_ _0\"></span>e liquidity risk is<span class=\"_ _0\"></span> limited by having the financing sp<span class=\"_ _0\"></span>read over several financial counterpar<span class=\"_ _0\"></span>ties and by tapping various sources of funding,<span class=\"ws1\"> <span class=\"ls35 ws1f0\">as we<span class=\"_ _0\"></span>ll as by dive<span class=\"_ _0\"></span>rsifying th<span class=\"_ _9f\"></span>e e<span class=\"_ _3\"></span>xp<span class=\"_ _0\"></span>iration<span class=\"_ _0\"></span> dates<span class=\"_ _0\"></span> </span></span>of <span class=\"ls25 ws1eb\">the cre<span class=\"_ _0\"></span>dit faci<span class=\"_ _0\"></span>lities.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span></span>On Nov<span class=\"_ _0\"></span>ember 2<span class=\"_ _0\"></span>0, 201<span class=\"_ _0\"></span>9, N<span class=\"_ _0\"></span>extens<span class=\"_ _0\"></span>a clo<span class=\"_ _0\"></span>sed a p<span class=\"_ _0\"></span>rivat<span class=\"_ _0\"></span>e plac<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>of bon<span class=\"_ _0\"></span>ds with<span class=\"_ _0\"></span> seven<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-</span>year maturity and a fix<span class=\"_ _0\"></span>ed annual coupon of<span class=\"_ _0\"></span> 1.95% for an amount of 100<span class=\"_ _0\"></span> million euros (<span class=\"_ _0\"></span>with a fin<span class=\"_ _9f\"></span>al matu<span class=\"ls24 ws214\">rity on November 28, 2026). Its subsidiary, Extensa Group, </span>had previously closed two pr<span class=\"_ _0\"></span>ivate placements for an amoun<span class=\"_ _0\"></span>t of 45 million euros (fixed<span class=\"_ _0\"></span> interes<span class=\"_ _0\"></span>t rate of 3<span class=\"_ _0\"></span>.00% <span class=\"ls1 ws1ed\">and fully repaid on maturity date <span class=\"ls24 ws21b\">June 29, 2022) and </span></span>of 40 million <span class=\"_ _0\"></span>euros (fixed interest<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ls24 ws218\">rate 3.38% and maturing on Jun<span class=\"_ _0\"></span>e 5, 2024). The </span></span>am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>ts dr<span class=\"_ _3\"></span>awn do<span class=\"_ _3\"></span>wn o<span class=\"_ _3\"></span>n the bi<span class=\"_ _3\"></span>lat<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>l bank<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>ns wer<span class=\"_ _3\"></span>e 4<span class=\"ls24 ws1da\">91.5<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span></span>mill<span class=\"_ _3\"></span>ion e<span class=\"_ _3\"></span>uro<span class=\"_ _3\"></span>s in t<span class=\"_ _3\"></span>he long term and <span class=\"ls24 ws1da\">44.5 <span class=\"ls25 ws1eb\">mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros in<span class=\"_ _0\"></span> the sho<span class=\"_ _0\"></span>rt term a<span class=\"_ _0\"></span>t year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 202</span>2. </span></span></span>The financial debts reported by <span class=\"_ _0\"></span>the AvH &amp; Growth Capital segm<span class=\"ls25 ws236\">en<span class=\"_ _0\"></span>t are <span class=\"ls33 ws1f0\">entirely<span class=\"ls1 ws1\"> </span></span></span>attribu<span class=\"_ _0\"></span>table<span class=\"_ _0\"></span> to <span class=\"ff3b ls1 ws1\">Agidens<span class=\"ff3a\"> <span class=\"_ _3\"></span><span class=\"ls34 ws1ea\">an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span></span></span><span class=\"ls49 ws23c\">Biole<span class=\"_ _3\"></span>ctric Grou<span class=\"_ _3\"></span>p</span></span><span class=\"ls30\">. Th<span class=\"_ _9f\"></span>e debts of<span class=\"_ _0\"></span> Agid<span class=\"_ _0\"></span>ens rel<span class=\"_ _0\"></span>ate t<span class=\"_ _0\"></span>o </span>the financing of the main bu<span class=\"_ _0\"></span>ilding, the leases of ca<span class=\"_ _0\"></span>rs and a straight loan regarding<span class=\"_ _0\"></span> workin<span class=\"_ _0\"></span>g capita<span class=\"_ _0\"></span>l manage<span class=\"_ _0\"></span>ment. Th<span class=\"_ _0\"></span>e financia<span class=\"_ _0\"></span>l debts of<span class=\"_ _0\"></span> Biolect<span class=\"_ _0\"></span>ric relat<span class=\"_ _0\"></span>e to its<span class=\"_ _0\"></span> headquarters, the acquisition loan, i<span class=\"_ _0\"></span>ts working capital and th<span class=\"ls35 ws223\">e bioga<span class=\"_ _0\"></span>s insta<span class=\"_ _0\"></span>llation<span class=\"_ _0\"></span>s </span>that re<span class=\"_ _0\"></span>main in o<span class=\"_ _0\"></span>wnersh<span class=\"_ _0\"></span>ip of Bio<span class=\"_ _0\"></span>lect<span class=\"_ _0\"></span>ric so to<span class=\"_ _0\"></span> operat<span class=\"_ _0\"></span>e them and to<span class=\"_ _0\"></span> sell t<span class=\"_ _0\"></span>he elect<span class=\"_ _0\"></span>ricit<span class=\"_ _0\"></span>y produced to farmers. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>Thanks to the divestments realised in 2022<span class=\"_ _0\"></span> (Manuchar and Anima), the commercial paper programme was fully repaid, and <span class=\"ff3b ls6a ws215\">AvH (an<span class=\"ls1 ws237\">d s<span class=\"_ _0\"></span>ubholdings)<span class=\"ff3a ws1\"> <span class=\"ws1f5\">has a net cash </span></span></span></span>position of 498.7 million euros<span class=\"ls1 ws1\"> <span class=\"_ _7\"> </span><span class=\"ls25 ws1fc\">(see No<span class=\"_ _0\"></span>te <span class=\"ls1 ws21f\">6. Segment informa<span class=\"_ _0\"></span>tion Cash flow </span></span></span>state<span class=\"_ _0\"></span>ment<span class=\"ls1 ws1\"> </span><span class=\"ws1eb\">fo<span class=\"_ _0\"></span>r more d<span class=\"_ _0\"></span>etail<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span></span>AvH disposes of conf<span class=\"_ _0\"></span>irmed credit lines (2<span class=\"_ _0\"></span>80 million euros), spr<span class=\"_ _0\"></span>ead over different banks.  Severa<span class=\"_ _0\"></span>l fully<span class=\"_ _0\"></span> consol<span class=\"_ _0\"></span>idated co<span class=\"_ _0\"></span>mpa<span class=\"ls34 ws1f2\">nies ha<span class=\"_ _3\"></span>ve a<span class=\"_ _3\"></span>gree<span class=\"_ _3\"></span>d on ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain ra<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>s (co<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>nants<span class=\"_ _3\"></span>) in </span>their credit agreem<span class=\"_ _0\"></span>ents and these were respected end on D<span class=\"_ _0\"></span>ecember, 31 202<span class=\"ws1\">2.<span class=\"_ _0\"></span> </span>The evolution of the financial debts and the net financial debt position is furthe<span class=\"_ _0\"></span>r explained in Note 19 Fin<span class=\"_ _0\"></span>a<span class=\"ws1ed\">ncial debts.</span>Note 19:<span class=\"ff3c\"> </span>F<span class=\"ls3a ws10d\">inancial d<span class=\"_ _3\"></span>ebts</span>  (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span> <span class=\"ls27 ws1dd\">1 year</span>  &lt;  <span class=\"_ _3\"></span><span class=\"ls27 ws1df\">5 </span> <span class=\"ls27 ws1dd\">1 year</span>  &lt;  <span class=\"_ _3\"></span><span class=\"ls27 ws1df\">5 </span>&lt; 1 year<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>&gt; 5 yea<span class=\"_ _3\"></span>rs<span class=\"ls1 ws1\">  <span class=\"_ _18\"> </span><span class=\"ls27 ws297\">Total 2022</span> <span class=\"_ _6e\"> </span><span class=\"ls27 ws1dd\">&lt; 1 yea<span class=\"_ _3\"></span>r</span>  </span>&gt; 5 yea<span class=\"_ _3\"></span>rs<span class=\"ls1 ws1\">  <span class=\"_ _105\"> </span><span class=\"ls27 ws297\">Total 202<span class=\"_ _3\"></span>1</span> </span>years years Remaining<span class=\"_ _3\"></span> Remaining<span class=\"_ _3\"></span> term<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>term<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>I. Fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> debt<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>280,710<span class=\"ls1 ws1\"> </span>1,134,375<span class=\"ls1 ws1\"> </span>198,800<span class=\"ls1 ws1\"> </span>1,613,88<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>527,129<span class=\"ls1 ws1\"> </span>917,939<span class=\"ls1 ws1\"> </span>107,634<span class=\"ls1 ws1\"> </span>1,552,70<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 139,348<span class=\"ls1 ws1\"> </span>0 139,348<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>74,819<span class=\"ls1 ws1\"> </span>171,345<span class=\"ls1 ws1\"> </span>0 246,164<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subordinated loans<span class=\"ls1 ws1\"> </span>0 677<span class=\"ls1 ws1\"> </span>0 677<span class=\"ls1 ws1\"> </span>33,527<span class=\"ls1 ws1\"> </span>59,995<span class=\"ls1 ws1\"> </span>1,630<span class=\"ls1 ws1\"> </span>95,152<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>39,778<span class=\"ls1 ws1\"> </span>67,946<span class=\"ls1 ws1\"> </span>44,234<span class=\"ls1 ws1\"> </span>151,959<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,198<span class=\"ls1 ws1\"> </span>73,329<span class=\"ls1 ws1\"> </span>76,184<span class=\"ls1 ws1\"> </span>185,712<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other financial debts<span class=\"ls1 ws1\"> </span>82,168<span class=\"ls1 ws1\"> </span>46,453<span class=\"ls1 ws1\"> </span>0 128,621<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>290,047<span class=\"ls1 ws1\"> </span>11,615<span class=\"ls1 ws1\"> </span>226<span class=\"ls1 ws1\"> </span>301,887<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span> <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls28 ws1de\">T<span class=\"_ _3\"></span>otal</span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,388,79<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>243,034<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,034,48<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,234,22<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>185,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,381,61<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Cash and cash equivalents<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,160,972<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">883,730<span class=\"_ _3\"></span></span> Net financial deb<span class=\"_ _3\"></span>t<span class=\"ws1\"> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,388,79<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>243,034<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,234,22<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>185,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b8\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _1b9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net <span class=\"ls2b ws1dd\">fina<span class=\"_ _3\"></span>ncial </span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net financial ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>278,640<span class=\"ls1 ws1\"> </span>1,016,861<span class=\"ls1 ws1\"> </span>601,511<span class=\"ls1 ws1\"> </span>529,567<span class=\"ls1 ws1\"> </span>721,091<span class=\"ls1 ws1\"> </span>524,132<span class=\"ls1 ws1\"> </span>Private Banking (IFRS 16 leases)<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>4,854<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">17,048</span> 2,516<span class=\"ls1 ws1\"> </span>5,673<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,173</span> Real Estate &amp; <span class=\"ls2b ws1df\">Senior Care<span class=\"ls1 ws1\"> </span></span>117,668<span class=\"ls1 ws1\"> </span>634,932<span class=\"ls1 ws1\"> </span>721,493<span class=\"ls1 ws1\"> </span>383,659<span class=\"ls1 ws1\"> </span>700,141<span class=\"ls1 ws1\"> </span>1,010,472<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">642</span> 0 0 -<span class=\"ls29 ws1e1\">576</span> AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>3,735<span class=\"ls1 ws1\"> </span>10,026<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">396,956</span> 46,727<span class=\"ls1 ws1\"> </span>11,970<span class=\"ls1 ws1\"> </span>20,759<span class=\"ls1 ws1\"> </span>Intercompany<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">750</span> -<span class=\"ls29 ws1e1\">18,976</span> -<span class=\"ls29 ws1e1\">19,726</span> Total<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,631,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,419,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>2,381,6<span class=\"_ _3\"></span>18<span class=\"ls1 ws1\"> </span>Movements in the Cashflow statement (<span class=\"_ _0\"></span>Cash flow<span class=\"_ _3\"></span> from financ<span class=\"_ _0\"></span>ial activities)<span class=\"ls1 ws1\"> </span>Increase of financial debts<span class=\"ls1 ws1\"> <span class=\"_ _1bd\"> </span></span><span class=\"fc22 ws1e1\">593,858<span class=\"ls1 ws1\"> </span></span>(Decrease) of financial debt<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">824,484</span> Non<span class=\"ls1 ws1\">-<span class=\"ls3e ws1e1\">cash movements</span> </span>- <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">acquis<span class=\"_ _0\"></span>itions<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">106</span> - <span class=\"ls29 ws1e0\">Changes in consolidation scope </span>- <span class=\"ls29 ws1e1\">divestments</span> -<span class=\"ls29 ws1e1\">162,905</span> - <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">tangible assets</span> 49,675<span class=\"ls1 ws1\"> </span>- <span class=\"ls2a ws1e2\">IFRS 16 Leases </span>-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">investment property</span> <span class=\"_ _1be\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">2,155</span> </span>- <span class=\"ls29 ws1e0\">Impact of exchange rates</span>  -<span class=\"ls29 ws1e1\">1,012</span> - <span class=\"ls3c ws20e\">Other<span class=\"_ _3\"></span>s</span> 0 Financial debts at<span class=\"_ _3\"></span> 31<span class=\"ws1\">-<span class=\"ls27 ws1df\">12</span>-<span class=\"ls27 ws1df\">2022<span class=\"_ _3\"></span></span> </span>2,034,4<span class=\"_ _3\"></span>89<span class=\"ls1 ws1\"> </span>We refer <span class=\"_ _0\"></span>to \u2018Note 1<span class=\"_ _0\"></span>2. Finan<span class=\"_ _0\"></span>cial ris<span class=\"_ _0\"></span>k manag<span class=\"_ _0\"></span>ement and f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l deriva<span class=\"_ _0\"></span>tives\u2019 fo<span class=\"_ _0\"></span>r more detail<span class=\"_ _0\"></span>s regard<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e liquid<span class=\"_ _0\"></span>ity ris<span class=\"_ _0\"></span>k and c<span class=\"_ _0\"></span>apital m<span class=\"_ _0\"></span>anagem<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he fu<span class=\"_ _0\"></span>lly consolidated subsidiari<span class=\"_ _0\"></span>es.<span class=\"ws1\"> </span>The fi<span class=\"_ _0\"></span>nanci<span class=\"_ _0\"></span>al deb<span class=\"_ _0\"></span>ts are<span class=\"_ _0\"></span> attribu<span class=\"_ _9f\"></span>table to<span class=\"_ _0\"></span> the f<span class=\"_ _0\"></span>ully con<span class=\"_ _0\"></span>solida<span class=\"_ _0\"></span>ted p<span class=\"_ _0\"></span>artic<span class=\"_ _0\"></span>ipation<span class=\"_ _0\"></span>s. Tho<span class=\"_ _0\"></span>se partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s <span class=\"_ _3\"></span>are, ta<span class=\"_ _0\"></span>king into ac<span class=\"_ _0\"></span>count the<span class=\"_ _0\"></span>ir own cred<span class=\"_ _0\"></span>itworth<span class=\"_ _0\"></span>iness, re<span class=\"_ _0\"></span>sponsi<span class=\"_ _0\"></span>ble for<span class=\"_ _0\"></span> obtaining market terms from lenders. The participa<span class=\"_ _0\"></span>tion shoul<span class=\"ls4b ws2e8\">d al<span class=\"_ _3\"></span>so as<span class=\"_ _3\"></span>sess<span class=\"_ _3\"></span> on a </span>case<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">by</span>-<span class=\"ls25 ws22a\">case ba<span class=\"_ _0\"></span>sis wh<span class=\"_ _0\"></span>ether <span class=\"_ _0\"></span>debt in<span class=\"_ _0\"></span>strumen<span class=\"_ _0\"></span>ts, su<span class=\"_ _0\"></span>bject to<span class=\"_ _0\"></span> varia<span class=\"_ _0\"></span>ble int<span class=\"_ _0\"></span>erest <span class=\"_ _0\"></span>rates<span class=\"_ _0\"></span> </span></span>and/or foreign currency flu<span class=\"_ _0\"></span>ctuations, require hedging so <span class=\"_ _0\"></span>as to retain an acceptable residu<span class=\"_ _0\"></span>al risk.<span class=\"ls1 ws1\"> </span>The dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e of <span class=\"ff3b ls49 ws2a6\">financ<span class=\"_ _3\"></span>ial debts</span><span class=\"ls1 ws1\"> <span class=\"ls35 ws1f0\">by 347.1 millio<span class=\"_ _0\"></span>n euros is <span class=\"ls25 ws204\">a<span class=\"_ _0\"></span>ttribu<span class=\"_ _0\"></span>table f<span class=\"_ _0\"></span>or 162.9<span class=\"_ _9f\"></span> </span></span></span>millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s to th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> d<span class=\"_ _0\"></span>isposa<span class=\"_ _0\"></span>l of A<span class=\"_ _0\"></span>nima, f<span class=\"_ _0\"></span>or 230<span class=\"_ _0\"></span>.6 mill<span class=\"_ _0\"></span>ion eu<span class=\"_ _9f\"></span>ros to deb<span class=\"_ _0\"></span>t rep<span class=\"_ _0\"></span>aymen<span class=\"_ _0\"></span>t, and for 47.5 million euros to additional (non<span class=\"ls1\">-<span class=\"ls30 ws1f4\">ca<span class=\"_ _9f\"></span>sh) IFRS 16<span class=\"_ _0\"></span> lease <span class=\"_ _0\"></span>debts<span class=\"_ _0\"></span><span class=\"ls40 ws218\">. <span class=\"ls1 ws1\"> </span></span></span></span>Follow<span class=\"_ _0\"></span>ing the p<span class=\"_ _9f\"></span>rospectu<span class=\"_ _0\"></span>s, DEME p<span class=\"_ _9f\"></span>erformed a<span class=\"_ _0\"></span> recla<span class=\"_ _0\"></span>ssific<span class=\"_ _0\"></span>ation (<span class=\"_ _0\"></span>from su<span class=\"_ _0\"></span>bordin<span class=\"_ _0\"></span>ated lo<span class=\"_ _3\"></span>ans <span class=\"ls1 ws1f6\">t<span class=\"_ _3\"></span>o bank <span class=\"_ _0\"></span>loans), which explains the d<span class=\"_ _0\"></span>ecrease in subordinated loans.</span>When cash and c<span class=\"_ _0\"></span>ash equivalents are t<span class=\"_ _0\"></span>aken into accoun<span class=\"_ _0\"></span>t, the <span class=\"ff3b ls4b ws2a4\">net<span class=\"_ _3\"></span> financ<span class=\"_ _3\"></span>ial de<span class=\"_ _3\"></span>bt </span>position<span class=\"ff3a\"> <span class=\"ls4b ws24e\">actu<span class=\"_ _3\"></span>ally de<span class=\"_ _3\"></span>creas<span class=\"_ _3\"></span>e<span class=\"ls24 ws218\">d by 624.4 million euros</span></span>: </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws20b\">CFE was able to reduce its debt position by 64.1 million euros thanks to a higher </span></span>operating cash flow and th<span class=\"_ _0\"></span>e dividend received from DE<span class=\"_ _0\"></span>ME<span class=\"ws1\">. </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">The disposal of Anima redu<span class=\"_ _0\"></span>ced the net financial debt by 157.<span class=\"_ _0\"></span>1 million euros.<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f5\">The divestment<span class=\"ws1f6\">s enabled Nexten<span class=\"_ _0\"></span>sa to r<span class=\"_ _3\"></span>ed<span class=\"_ _0\"></span>uce its <span class=\"_ _3\"></span>financ<span class=\"_ _0\"></span>ial debt by <span class=\"_ _3\"></span>164.4 million </span></span></span>euros.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws204\">AvH\u2019s d<span class=\"_ _0\"></span>ivestm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>led to <span class=\"_ _0\"></span>a net r<span class=\"_ _0\"></span>eductio<span class=\"_ _0\"></span>n b<span class=\"_ _0\"></span>y 46.4 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> euros<span class=\"_ _0\"></span> (the co<span class=\"_ _9f\"></span>mmercial<span class=\"_ _0\"></span> </span></span>paper programme, fo<span class=\"_ _0\"></span>r instance, was<span class=\"_ _0\"></span> repaid in full).<span class=\"_ _0\"></span> The net increa<span class=\"_ _0\"></span>se of the cash positio<span class=\"_ _0\"></span>n resul<span class=\"_ _0\"></span>ting from <span class=\"ls1 ws21a\">the dives<span class=\"_ _0\"></span>tments is situated in the cash and c<span class=\"_ _0\"></span>ash </span>equivalents.  \u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws219\">By contrast, DEME\u2019s net financial debt position increa<span class=\"_ _0\"></span>sed by 127.8 million euros </span></span>in 202<span class=\"_ _0\"></span>2 as a resul<span class=\"_ _0\"></span>t of 483<span class=\"_ _0\"></span>.9 million eu<span class=\"_ _0\"></span>ros in in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ents. Th<span class=\"_ _0\"></span>e same appl<span class=\"_ _0\"></span>ies to<span class=\"_ _0\"></span> Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ls25 ws204\">Port with,<span class=\"_ _0\"></span> among<span class=\"_ _0\"></span> other thi<span class=\"ls1 ws1fe\">ngs, <span class=\"_ _0\"></span>its additional 32.6% s<span class=\"_ _0\"></span>take in Infra Asia </span></span></span>Inve<span class=\"_ _3\"></span>stments<span class=\"_ _3\"></span><span class=\"ls1 ws1\">. </span>Both Nextensa <span class=\"_ _0\"></span>and CFE repaid m<span class=\"_ _0\"></span>atured bonds in<span class=\"_ _0\"></span> 2022. Other fina<span class=\"_ _0\"></span>ncial debts decreased significantly. This is due primar<span class=\"_ _0\"></span>ily to t<span class=\"_ _3\"></span>he reduc<span class=\"_ _0\"></span>tion by DEME, Nextensa and AvH of short<span class=\"ws1\">-<span class=\"ls35 ws223\">te<span class=\"_ _0\"></span>rm financ<span class=\"_ _0\"></span>ial debts iss<span class=\"ls25 ws1eb\">u<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e form o<span class=\"_ _0\"></span>f comm<span class=\"_ _0\"></span>ercial p<span class=\"_ _0\"></span>aper.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span>Financ<span class=\"_ _3\"></span>ial co<span class=\"_ _3\"></span>venant<span class=\"_ _3\"></span>s<span class=\"fs3d ls1 ws1\"> </span>DEME<span class=\"_ _3\"></span><span class=\"ff3a ls1 ws1f1\">: bilateral loans and long term<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls25 ws249\">cred<span class=\"_ _0\"></span>it facili<span class=\"_ _0\"></span>ties are sub<span class=\"_ _9f\"></span>ject to specif<span class=\"_ _0\"></span>ic </span></span></span>covenants. At December 31, 2022 <span class=\"ls42 ws225\">DEME <span class=\"ls25 ws208\">c<span class=\"_ _0\"></span>ompli<span class=\"_ _0\"></span>es with th<span class=\"_ _0\"></span>e solven<span class=\"_ _0\"></span>cy ratio<span class=\"_ _0\"></span> (&gt;25%)<span class=\"_ _0\"></span>, </span></span>the deb<span class=\"_ _0\"></span>t/EBI<span class=\"_ _0\"></span>TDA rat<span class=\"_ _0\"></span>io (&lt;3)<span class=\"_ _0\"></span>, and t<span class=\"_ _0\"></span>he inte<span class=\"_ _0\"></span>rest cov<span class=\"_ _0\"></span>er ratio<span class=\"_ _0\"></span> (&gt;3)<span class=\"_ _0\"></span>, that w<span class=\"_ _0\"></span>ere ag<span class=\"_ _0\"></span>reed upon w<span class=\"_ _0\"></span>ithin th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>actua<span class=\"_ _0\"></span>l terms o<span class=\"_ _0\"></span>f the l<span class=\"_ _0\"></span>oans re<span class=\"_ _0\"></span>ceived.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>CFE<span class=\"ff3a ls25 ws1f9\">: the cred<span class=\"_ _0\"></span>it facili<span class=\"_ _0\"></span>ties are su<span class=\"_ _0\"></span>bject to<span class=\"_ _0\"></span> specifi<span class=\"_ _0\"></span>c coven<span class=\"_ _0\"></span>ants tha<span class=\"_ _0\"></span>t take in<span class=\"_ _0\"></span>to accoun<span class=\"_ _0\"></span>t </span>crite<span class=\"_ _0\"></span>ria such<span class=\"_ _0\"></span> as fin<span class=\"_ _0\"></span>ancial<span class=\"_ _0\"></span> debt <span class=\"_ _0\"></span>and the <span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span> of debt<span class=\"_ _0\"></span> to equ<span class=\"_ _0\"></span>ity or fix<span class=\"_ _9f\"></span>ed assets,<span class=\"_ _9f\"></span> as well as cash<span class=\"_ _0\"></span> flow<span class=\"_ _0\"></span>. Thes<span class=\"_ _0\"></span>e coven<span class=\"_ _0\"></span>ants w<span class=\"_ _0\"></span>ere fu<span class=\"_ _0\"></span>lly h<span class=\"_ _0\"></span>onour<span class=\"_ _0\"></span>ed as of<span class=\"_ _0\"></span> Decemb<span class=\"_ _9f\"></span>er 31, 2022<span class=\"_ _0\"></span>.Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t<span class=\"ff3a ls25 ws1fa\">: th<span class=\"_ _0\"></span>e credit f<span class=\"_ _0\"></span>acili<span class=\"_ _0\"></span>ties ar<span class=\"_ _0\"></span>e subjec<span class=\"_ _9f\"></span>t to specifi<span class=\"_ _0\"></span>c cov<span class=\"_ _0\"></span>enants <span class=\"_ _0\"></span>that tak<span class=\"_ _0\"></span>e into </span></span></span>accoun<span class=\"_ _0\"></span>t crit<span class=\"_ _0\"></span>eria <span class=\"_ _0\"></span>such a<span class=\"_ _0\"></span>s financ<span class=\"_ _9f\"></span>ial debt a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e ratio<span class=\"_ _0\"></span> of d<span class=\"_ _0\"></span>ebt to<span class=\"_ _0\"></span> equi<span class=\"_ _0\"></span>ty or to<span class=\"_ _9f\"></span>tal asset<span class=\"_ _0\"></span>s. These covenants were fully honoured as of December 31, 2022.<span class=\"ls1 ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\">: <span class=\"ls25 ws1f9\">the fina<span class=\"_ _0\"></span>ncial<span class=\"_ _0\"></span> institu<span class=\"_ _9f\"></span>tions gran<span class=\"_ _9f\"></span>t loans to<span class=\"_ _0\"></span> Next<span class=\"_ _0\"></span>ensa o<span class=\"_ _0\"></span>n the b<span class=\"_ _0\"></span>asis of<span class=\"_ _9f\"></span> the </span></span>company\u2019s reputation and<span class=\"_ _0\"></span> various financia<span class=\"_ _0\"></span>l and other covenants. Fa<span class=\"_ _0\"></span>ilure to honour these covenants may result in the early cancel<span class=\"_ _0\"></span>lation of these loans. The loans receiv<span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span><span class=\"ls1 ws219\">contain conven<span class=\"ws1ed\">tional covenan<span class=\"_ _0\"></span>ts. The company w<span class=\"_ _0\"></span>as in compliance with <span class=\"_ _0\"></span>all </span></span>covenants as of year<span class=\"ls1\">-<span class=\"ls24 ws218\">end 2022.</span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>II. Amo<span class=\"_ _0\"></span>unts<span class=\"_ _0\"></span> payab<span class=\"_ _0\"></span>le (or<span class=\"_ _0\"></span> the po<span class=\"_ _0\"></span>rtio<span class=\"_ _0\"></span>n thereo<span class=\"_ _0\"></span>f), wh<span class=\"_ _9f\"></span>ich are gu<span class=\"_ _9f\"></span>aranteed<span class=\"_ _0\"></span> by real<span class=\"_ _0\"></span> guar<span class=\"_ _0\"></span>antees<span class=\"_ _0\"></span> given<span class=\"_ _0\"></span> or irrevoca<span class=\"_ _3\"></span>bly promise<span class=\"_ _3\"></span>d on the <span class=\"ls2e ws1\">ass<span class=\"_ _0\"></span>ets of t<span class=\"_ _0\"></span>he en<span class=\"_ _0\"></span>terpr<span class=\"_ _0\"></span>ises in<span class=\"_ _0\"></span>cluded<span class=\"_ _0\"></span> in t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>solidat<span class=\"_ _0\"></span>ion<span class=\"ls1\"> </span></span>Bank loans<span class=\"ls1 ws1\"> </span>230,604<span class=\"ls1 ws1\"> </span>323,602<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>0 30,612<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>0 0 Other financial debts<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>230,604<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>354,213<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The debts guarante<span class=\"_ _0\"></span>ed by real guarantees given ma<span class=\"_ _0\"></span>inly relate to the conce<span class=\"_ _0\"></span>ssions<span class=\"ws1\">-</span>acti<span class=\"_ _3\"></span>vity o<span class=\"_ _3\"></span>f Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls25 ws236\">P<span class=\"_ _0\"></span>ort, th<span class=\"_ _0\"></span>e real e<span class=\"_ _0\"></span>state pr<span class=\"_ _0\"></span>ojects b<span class=\"_ _0\"></span>y Next<span class=\"_ _0\"></span>ensa and<span class=\"_ _0\"></span> the re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e </span></span>asset<span class=\"_ _3\"></span>s <span class=\"ls25 ws1eb\">of th<span class=\"_ _0\"></span>e resi<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>al care<span class=\"_ _0\"></span> cent<span class=\"_ _0\"></span>res of A<span class=\"_ _0\"></span>nima<span class=\"_ _0\"></span> (in 2021<span class=\"_ _0\"></span>).<span class=\"ls1 ws1\"> <span class=\"ls34 ws1f5\">The di<span class=\"_ _3\"></span>spos<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>f Anima<span class=\"_ _3\"></span> in </span></span></span>2022 explai<span class=\"ls34 ws1f5\">ns<span class=\"_ _3\"></span> the<span class=\"_ _3\"></span> sign<span class=\"_ _3\"></span>ific<span class=\"_ _3\"></span>ant<span class=\"_ _3\"></span> dec<span class=\"_ _3\"></span>rease<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span></span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a ws1f5\">: its subsidiary Infra Asia Inves<span class=\"_ _0\"></span>tment Hong Kong entered into a new </span></span>roll<span class=\"ls1 ws1\">-<span class=\"ls35 ws24c\">over f<span class=\"_ _0\"></span>acilit<span class=\"_ _0\"></span>y for a <span class=\"_ _0\"></span>total am<span class=\"_ _0\"></span>ount of<span class=\"_ _0\"></span> 35 <span class=\"_ _0\"></span>million U<span class=\"_ _9f\"></span>S<span class=\"_ _3\"></span>D (<span class=\"_ _0\"></span>in add<span class=\"_ _0\"></span>ition to<span class=\"_ _0\"></span> the ex<span class=\"_ _0\"></span>isting<span class=\"_ _0\"></span> </span></span>10 mil<span class=\"_ _0\"></span>lion USD<span class=\"_ _0\"></span>), repla<span class=\"_ _0\"></span>cing th<span class=\"_ _0\"></span>e 29,2 m<span class=\"_ _0\"></span>illion<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d 1,8 m<span class=\"_ _0\"></span>illi<span class=\"ls1 ws1f5\">on USD bond <span class=\"_ _0\"></span>loans </span>which<span class=\"_ _0\"></span> were <span class=\"_ _0\"></span>redeem<span class=\"_ _0\"></span>ed ear<span class=\"_ _0\"></span>ly per 3<span class=\"_ _0\"></span> May 20<span class=\"_ _0\"></span>22.<span class=\"ls1 ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls34 ws259\">: I<span class=\"_ _3\"></span>n the<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ext o<span class=\"_ _3\"></span>f var<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>us deve<span class=\"_ _3\"></span>lo<span class=\"_ _3\"></span>pment<span class=\"_ _3\"></span> pro<span class=\"_ _3\"></span>ject<span class=\"_ _3\"></span>s, Ne<span class=\"_ _3\"></span>xte<span class=\"_ _3\"></span>nsa<span class=\"_ _3\"></span> prov<span class=\"_ _3\"></span>ided </span></span>pledges as security for fin<span class=\"_ _0\"></span>ancial debt amounting to <span class=\"ls24 ws1da\">181.7</span><span class=\"ws1\"> <span class=\"ls35 ws223\">m<span class=\"_ _0\"></span>illion euro<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bf\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Debt<span class=\"_ _0\"></span>s to cr<span class=\"_ _0\"></span>edit in<span class=\"_ _0\"></span>stitut<span class=\"_ _0\"></span>ions an<span class=\"_ _0\"></span>d cen<span class=\"_ _0\"></span>tral b<span class=\"_ _0\"></span>anks<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>104,845<span class=\"ls1 ws1\"> </span>13,869<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>11,534<span class=\"ls1 ws1\"> </span>16,531<span class=\"ls1 ws1\"> </span>ECB TLTRO III<span class=\"ws1\"> </span>0 394,847<span class=\"ls1 ws1\"> </span>Accrued interests<span class=\"ls1 ws1\"> </span>0 106<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts to c<span class=\"_ _3\"></span>lients<span class=\"ls1 ws1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>4,197,238<span class=\"ls1 ws1\"> </span>4,218,578<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>1,248,652<span class=\"ls1 ws1\"> </span>1,045,537<span class=\"ls1 ws1\"> </span>Special deposits<span class=\"ls1 ws1\"> </span>56,798<span class=\"ls1 ws1\"> </span>64,876<span class=\"ls1 ws1\"> </span>Regulated deposits<span class=\"ls1 ws1\"> </span>1,050,247<span class=\"ls1 ws1\"> </span>1,029,249<span class=\"ls1 ws1\"> </span>Subordinated certific<span class=\"_ _0\"></span>ats<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Securit<span class=\"_ _0\"></span>ies in<span class=\"_ _0\"></span>cludin<span class=\"_ _0\"></span>g bond<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Debt certifi<span class=\"_ _3\"></span>cates<span class=\"ls1 ws1\"> </span>124,533<span class=\"ls1 ws1\"> </span>205,178<span class=\"ls1 ws1\"> </span>Subordinated bonds<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Ban<span class=\"_ _3\"></span>ks <span class=\"ls1 ws1\">- <span class=\"ls32 ws145\">changes in </span><span class=\"ls2e\">fair v<span class=\"_ _0\"></span>alue of<span class=\"_ _9f\"></span> the hedg<span class=\"_ _0\"></span>ed cr<span class=\"_ _0\"></span>edit<span class=\"ls1\"> <span class=\"ls2f ws1e\">portfolio</span>  </span></span></span>89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Total <span class=\"_ _3\"></span>debts<span class=\"_ _3\"></span> to cre<span class=\"_ _3\"></span>dit ins<span class=\"_ _3\"></span>tituti<span class=\"_ _3\"></span>ons, c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span> and s<span class=\"_ _3\"></span>ecuriti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-120-4": {
   "value": "2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Liquidity risk<span class=\"_ _3\"></span> and capita<span class=\"_ _3\"></span>l <span class=\"ls26 ws1dc\">manag<span class=\"_ _0\"></span>ement<span class=\"ls1 ws1\"> </span></span></span>The financial debts, aft<span class=\"_ _0\"></span>er intercompany elimination, re<span class=\"_ _0\"></span>late to the following segmen<span class=\"_ _0\"></span>ts:<span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b8\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _1b9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net financial Financial debt <span class=\"ls1 ws1\">- </span>Financial debt <span class=\"ls1 ws1\">- </span>Net <span class=\"ls2b ws1dd\">fina<span class=\"_ _3\"></span>ncial </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>ST LT<span class=\"ls1 ws1\"> </span>debt<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>278,640<span class=\"ls1 ws1\"> </span>1,016,861<span class=\"ls1 ws1\"> </span>601,511<span class=\"ls1 ws1\"> </span>529,567<span class=\"ls1 ws1\"> </span>721,091<span class=\"ls1 ws1\"> </span>524,132<span class=\"ls1 ws1\"> </span>Private Banking (IFRS 16 leases)<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>4,854<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">17,048</span> 2,516<span class=\"ls1 ws1\"> </span>5,673<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">37,173</span> Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>117,668<span class=\"ls1 ws1\"> </span>634,932<span class=\"ls1 ws1\"> </span>721,493<span class=\"ls1 ws1\"> </span>383,659<span class=\"ls1 ws1\"> </span>700,141<span class=\"ls1 ws1\"> </span>1,010,472<span class=\"ls1 ws1\"> </span>Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">642</span> 0 0 -<span class=\"ls29 ws1e1\">576</span> AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>3,735<span class=\"ls1 ws1\"> </span>10,026<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">396,956</span> 46,727<span class=\"ls1 ws1\"> </span>11,970<span class=\"ls1 ws1\"> </span>20,759<span class=\"ls1 ws1\"> </span>Intercompany<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">34,840</span> -<span class=\"ls29 ws1e1\">750</span> -<span class=\"ls29 ws1e1\">18,976</span> -<span class=\"ls29 ws1e1\">19,726</span> Total<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>402,656<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,631,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>873,517<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>961,720<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,419,89<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>1,497,88<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>DEME<span class=\"_ _3\"></span><span class=\"ff3a ls1 ws1f5\">\u2019s liquid<span class=\"_ _0\"></span>ity risk is limited by sp<span class=\"_ _0\"></span>reading the financing ov<span class=\"_ _0\"></span>er several banks an<span class=\"_ _0\"></span>d </span>by pref<span class=\"_ _0\"></span>erenc<span class=\"_ _0\"></span>e over th<span class=\"_ _0\"></span>e long te<span class=\"_ _0\"></span>rm. DE<span class=\"_ _0\"></span>ME has ma<span class=\"_ _0\"></span>jor cred<span class=\"_ _0\"></span>it and gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>e line<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> a whole string <span class=\"ls25 ws232\">of int<span class=\"_ _0\"></span>ernat<span class=\"_ _0\"></span>ional ban<span class=\"_ _9f\"></span>ks. Certain<span class=\"_ _0\"></span> ratio<span class=\"_ _0\"></span>s (coven<span class=\"_ _0\"></span>ants) w<span class=\"_ _0\"></span>ere agre<span class=\"_ _0\"></span>ed in<span class=\"_ _0\"></span> </span>the loan ag<span class=\"ls25 ws1eb\">re<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s with <span class=\"_ _0\"></span>the rel<span class=\"_ _0\"></span>evant b<span class=\"_ _0\"></span>anks w<span class=\"_ _0\"></span>hich D<span class=\"_ _0\"></span>EME mu<span class=\"_ _0\"></span>st ob<span class=\"_ _0\"></span>serve. Th<span class=\"_ _9f\"></span>is was<span class=\"_ _0\"></span> </span>the ca<span class=\"_ _0\"></span>se at<span class=\"_ _0\"></span> year en<span class=\"_ _9f\"></span>d 202<span class=\"ls1 ws1\">2<span class=\"ls33 ws1f9\">. In additi<span class=\"_ _3\"></span>on, it ha<span class=\"_ _3\"></span>s a comme<span class=\"_ _3\"></span>rcial pa<span class=\"_ _3\"></span>per prog<span class=\"_ _3\"></span>ramme to </span></span>cover<span class=\"_ _0\"></span> short<span class=\"ls1 ws1\">-<span class=\"ws1f2\">t<span class=\"_ _0\"></span>erm financial needs. D<span class=\"_ _0\"></span>EME predominantly inve<span class=\"_ _0\"></span>sts in equipment with<span class=\"_ _0\"></span> </span></span>a long lif<span class=\"_ _9f\"></span>e which is dep<span class=\"_ _0\"></span>recia<span class=\"_ _0\"></span>ted over s<span class=\"_ _0\"></span>everal y<span class=\"_ _0\"></span>ears. F<span class=\"_ _0\"></span>or that r<span class=\"_ _0\"></span>eason, D<span class=\"_ _0\"></span>EME see<span class=\"_ _0\"></span>ks to schedu<span class=\"_ _0\"></span>le a sub<span class=\"_ _9f\"></span>stantial <span class=\"_ _0\"></span>part of i<span class=\"_ _0\"></span>ts deb<span class=\"_ _0\"></span>t<span class=\"ws1fa\">s over a long te<span class=\"_ _0\"></span>rm. <span class=\"ls33 ws23a\">DEME c<span class=\"_ _3\"></span>onvert<span class=\"_ _3\"></span>ed all its </span></span>long<span class=\"ls1 ws1\">-<span class=\"ws1f2\">term financing <span class=\"_ _0\"></span>into sustainability<span class=\"ws1\">-<span class=\"ls34 ws1f7\">linke<span class=\"_ _3\"></span>d loa<span class=\"_ _3\"></span>ns i<span class=\"_ _3\"></span>n Febr<span class=\"_ _3\"></span>uar<span class=\"_ _3\"></span>y 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _3\"></span><span class=\"ls49 ws2bd\">(we <span class=\"_ _3\"></span><span class=\"ls33 ws1f9\">refer to </span></span></span></span></span>the susta<span class=\"_ _0\"></span>inabil<span class=\"_ _0\"></span>ity repo<span class=\"_ _0\"></span>rt p.<span class=\"ls1 ws1\"> <span class=\"ls24 ws1da\">69 </span></span><span class=\"ws1eb\">for mo<span class=\"_ _9f\"></span>re details<span class=\"ls46 ws266\">).<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>CFE<span class=\"ff3a ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ls25 ws245\">financ<span class=\"_ _9f\"></span>es its con<span class=\"_ _0\"></span>structio<span class=\"_ _0\"></span>n and r<span class=\"_ _0\"></span>eal esta<span class=\"_ _0\"></span>te dev<span class=\"_ _0\"></span>elopmen<span class=\"_ _9f\"></span>t activitie<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> ban<span class=\"_ _0\"></span>k </span></span>lo<span class=\"_ _3\"></span>ans<span class=\"ls39 ws248\">,<span class=\"_ _3\"></span> medium<span class=\"_ _3\"></span> term notes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls42 ws2e5\">an<span class=\"_ _0\"></span>d comme<span class=\"_ _0\"></span>rcial pape<span class=\"_ _0\"></span>r. <span class=\"ls1 ws1ef\">During the second qua<span class=\"_ _0\"></span>rter of </span></span></span></span>2022, CFE set up new credit lines that <span class=\"_ _0\"></span>incorporate sustainability criter<span class=\"_ _0\"></span>ia. The bond of 30 millio<span class=\"_ _0\"></span>n euros th<span class=\"_ _0\"></span>at matu<span class=\"_ _0\"></span>red at year<span class=\"ls1 ws1\">-<span class=\"ws1f2\">end 2022<span class=\"_ _0\"></span> was repaid by <span class=\"_ _0\"></span>BPI, CFE\u2019s real </span></span>estat<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lopm<span class=\"ls25 ws1db\">en<span class=\"_ _0\"></span>t subsid<span class=\"_ _0\"></span>iary<span class=\"ls1 ws1\">.<span class=\"_ _0\"></span> </span></span>Both DEME and CFE had a substantial cash position (c<span class=\"_ _0\"></span>ash and cash equivalents) at<span class=\"_ _3\"></span> year<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 202</span>2. </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls53 ws23d\">Ren<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span><span class=\"ff3a\"> <span class=\"_ _4\"></span><span class=\"ws233\">group is financed primarily by equity, ban<span class=\"_ _0\"></span>k and s<span class=\"_ _3\"></span>har<span class=\"_ _0\"></span>eholder </span></span></span></span>loans. Infra Asia Investmen<span class=\"_ _0\"></span>t Hong Kong entered into a new roll<span class=\"ws1\">-<span class=\"ls39 ws204\">over <span class=\"ls52 ws237\">fa<span class=\"_ _3\"></span>cilit<span class=\"_ _3\"></span>y fo<span class=\"_ _3\"></span>r a </span></span></span>total amo<span class=\"_ _0\"></span>unt of 3<span class=\"_ _0\"></span>5 million U<span class=\"_ _0\"></span>SD (in <span class=\"_ _0\"></span>additio<span class=\"_ _0\"></span>n to the ex<span class=\"_ _0\"></span>isting 10 m<span class=\"_ _9f\"></span>illion USD),<span class=\"_ _0\"></span> replacing the 29,2 mi<span class=\"_ _0\"></span>llion euros and 1,8 million U<span class=\"_ _0\"></span>SD bond loans which we<span class=\"_ _0\"></span>re redeemed early per 3 May 2022.<span class=\"ls1 ws1\"> </span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ls25 ws208\">Port in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>ed its sta<span class=\"_ _0\"></span>ke in IAI<span class=\"_ _0\"></span> by 3<span class=\"ls54 ws279\">2.6</span>% to 94% in th<span class=\"_ _0\"></span>e first q<span class=\"_ _0\"></span>uarte<span class=\"_ _0\"></span>r of 202<span class=\"_ _0\"></span>2. </span></span>Re<span class=\"_ _3\"></span>nt<span class=\"ls1 ws1\">-A-<span class=\"ws1f8\">Port paid for this tr<span class=\"_ _3\"></span>ansact<span class=\"_ _0\"></span>ion at t<span class=\"_ _3\"></span>he beginning of July 2022 thanks to </span></span>additional shareholder lo<span class=\"_ _0\"></span>ans from AvH and CFE.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span>ha<span class=\"_ _3\"></span>s <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">the ne<span class=\"_ _0\"></span>cessary<span class=\"_ _0\"></span> long<span class=\"ls1 ws1\">-<span class=\"ws220\">ter<span class=\"_ _0\"></span>m credit facilities and backup lines for its </span></span></span></span>commercial paper to cove<span class=\"ls25 ws27e\">r prese<span class=\"_ _0\"></span>nt and<span class=\"_ _0\"></span> future in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent need<span class=\"_ _0\"></span>s. Thos<span class=\"_ _0\"></span>e credi<span class=\"_ _0\"></span>t </span>facilities and backu<span class=\"_ _0\"></span>p lines serve to hedg<span class=\"_ _0\"></span>e the financing risk. Th<span class=\"_ _0\"></span>e liquidity risk is<span class=\"_ _0\"></span> limited by having the financing sp<span class=\"_ _0\"></span>read over several financial counterpar<span class=\"_ _0\"></span>ties and by tapping various sources of funding,<span class=\"ws1\"> <span class=\"ls35 ws1f0\">as we<span class=\"_ _0\"></span>ll as by dive<span class=\"_ _0\"></span>rsifying th<span class=\"_ _9f\"></span>e e<span class=\"_ _3\"></span>xp<span class=\"_ _0\"></span>iration<span class=\"_ _0\"></span> dates<span class=\"_ _0\"></span> </span></span>of <span class=\"ls25 ws1eb\">the cre<span class=\"_ _0\"></span>dit faci<span class=\"_ _0\"></span>lities.<span class=\"_ _0\"></span> <span class=\"ls1 ws1\"> </span></span>On Nov<span class=\"_ _0\"></span>ember 2<span class=\"_ _0\"></span>0, 201<span class=\"_ _0\"></span>9, N<span class=\"_ _0\"></span>extens<span class=\"_ _0\"></span>a clo<span class=\"_ _0\"></span>sed a p<span class=\"_ _0\"></span>rivat<span class=\"_ _0\"></span>e plac<span class=\"_ _0\"></span>ement <span class=\"_ _0\"></span>of bon<span class=\"_ _0\"></span>ds with<span class=\"_ _0\"></span> seven<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-</span>year maturity and a fix<span class=\"_ _0\"></span>ed annual coupon of<span class=\"_ _0\"></span> 1.95% for an amount of 100<span class=\"_ _0\"></span> million euros (<span class=\"_ _0\"></span>with a fin<span class=\"_ _9f\"></span>al matu<span class=\"ls24 ws214\">rity on November 28, 2026). Its subsidiary, Extensa Group, </span>had previously closed two pr<span class=\"_ _0\"></span>ivate placements for an amoun<span class=\"_ _0\"></span>t of 45 million euros (fixed<span class=\"_ _0\"></span> interes<span class=\"_ _0\"></span>t rate of 3<span class=\"_ _0\"></span>.00% <span class=\"ls1 ws1ed\">and fully repaid on maturity date <span class=\"ls24 ws21b\">June 29, 2022) and </span></span>of 40 million <span class=\"_ _0\"></span>euros (fixed interest<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ls24 ws218\">rate 3.38% and maturing on Jun<span class=\"_ _0\"></span>e 5, 2024). The </span></span>am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>ts dr<span class=\"_ _3\"></span>awn do<span class=\"_ _3\"></span>wn o<span class=\"_ _3\"></span>n the bi<span class=\"_ _3\"></span>lat<span class=\"_ _3\"></span>era<span class=\"_ _3\"></span>l bank<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>ns wer<span class=\"_ _3\"></span>e 4<span class=\"ls24 ws1da\">91.5<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span></span>mill<span class=\"_ _3\"></span>ion e<span class=\"_ _3\"></span>uro<span class=\"_ _3\"></span>s in t<span class=\"_ _3\"></span>he long term and <span class=\"ls24 ws1da\">44.5 <span class=\"ls25 ws1eb\">mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros in<span class=\"_ _0\"></span> the sho<span class=\"_ _0\"></span>rt term a<span class=\"_ _0\"></span>t year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 202</span>2. </span></span></span>The financial debts reported by <span class=\"_ _0\"></span>the AvH &amp; Growth Capital segm<span class=\"ls25 ws236\">en<span class=\"_ _0\"></span>t are <span class=\"ls33 ws1f0\">entirely<span class=\"ls1 ws1\"> </span></span></span>attribu<span class=\"_ _0\"></span>table<span class=\"_ _0\"></span> to <span class=\"ff3b ls1 ws1\">Agidens<span class=\"ff3a\"> <span class=\"_ _3\"></span><span class=\"ls34 ws1ea\">an<span class=\"_ _3\"></span>d <span class=\"_ _3\"></span></span></span><span class=\"ls49 ws23c\">Biole<span class=\"_ _3\"></span>ctric Grou<span class=\"_ _3\"></span>p</span></span><span class=\"ls30\">. Th<span class=\"_ _9f\"></span>e debts of<span class=\"_ _0\"></span> Agid<span class=\"_ _0\"></span>ens rel<span class=\"_ _0\"></span>ate t<span class=\"_ _0\"></span>o </span>the financing of the main bu<span class=\"_ _0\"></span>ilding, the leases of ca<span class=\"_ _0\"></span>rs and a straight loan regarding<span class=\"_ _0\"></span> workin<span class=\"_ _0\"></span>g capita<span class=\"_ _0\"></span>l manage<span class=\"_ _0\"></span>ment. Th<span class=\"_ _0\"></span>e financia<span class=\"_ _0\"></span>l debts of<span class=\"_ _0\"></span> Biolect<span class=\"_ _0\"></span>ric relat<span class=\"_ _0\"></span>e to its<span class=\"_ _0\"></span> headquarters, the acquisition loan, i<span class=\"_ _0\"></span>ts working capital and th<span class=\"ls35 ws223\">e bioga<span class=\"_ _0\"></span>s insta<span class=\"_ _0\"></span>llation<span class=\"_ _0\"></span>s </span>that re<span class=\"_ _0\"></span>main in o<span class=\"_ _0\"></span>wnersh<span class=\"_ _0\"></span>ip of Bio<span class=\"_ _0\"></span>lect<span class=\"_ _0\"></span>ric so to<span class=\"_ _0\"></span> operat<span class=\"_ _0\"></span>e them and to<span class=\"_ _0\"></span> sell t<span class=\"_ _0\"></span>he elect<span class=\"_ _0\"></span>ricit<span class=\"_ _0\"></span>y produced to farmers. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>Thanks to the divestments realised in 2022<span class=\"_ _0\"></span> (Manuchar and Anima), the commercial paper programme was fully repaid, and <span class=\"ff3b ls6a ws215\">AvH (an<span class=\"ls1 ws237\">d s<span class=\"_ _0\"></span>ubholdings)<span class=\"ff3a ws1\"> <span class=\"ws1f5\">has a net cash </span></span></span></span>position of 498.7 million euros<span class=\"ls1 ws1\"> <span class=\"_ _7\"> </span><span class=\"ls25 ws1fc\">(see No<span class=\"_ _0\"></span>te <span class=\"ls1 ws21f\">6. Segment informa<span class=\"_ _0\"></span>tion Cash flow </span></span></span>state<span class=\"_ _0\"></span>ment<span class=\"ls1 ws1\"> </span><span class=\"ws1eb\">fo<span class=\"_ _0\"></span>r more d<span class=\"_ _0\"></span>etail<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span></span>AvH disposes of conf<span class=\"_ _0\"></span>irmed credit lines (2<span class=\"_ _0\"></span>80 million euros), spr<span class=\"_ _0\"></span>ead over different banks.  Severa<span class=\"_ _0\"></span>l fully<span class=\"_ _0\"></span> consol<span class=\"_ _0\"></span>idated co<span class=\"_ _0\"></span>mpa<span class=\"ls34 ws1f2\">nies ha<span class=\"_ _3\"></span>ve a<span class=\"_ _3\"></span>gree<span class=\"_ _3\"></span>d on ce<span class=\"_ _3\"></span>rt<span class=\"_ _3\"></span>ain ra<span class=\"_ _3\"></span>tio<span class=\"_ _3\"></span>s (co<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span>nants<span class=\"_ _3\"></span>) in </span>their credit agreem<span class=\"_ _0\"></span>ents and these were respected end on D<span class=\"_ _0\"></span>ecember, 31 202<span class=\"ws1\">2.<span class=\"_ _0\"></span> </span>The evolution of the financial debts and the net financial debt position is furthe<span class=\"_ _0\"></span>r explained in Note 19 Fin<span class=\"_ _0\"></span>a<span class=\"ws1ed\">ncial debts.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-125-3": {
   "value": "3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span>derivativ<span class=\"_ _3\"></span>es for</span> <span class=\"ls2f ws1e\">hed<span class=\"_ _3\"></span>ging the </span>i<span class=\"ls50 wscc\">nterest rate risk</span>, <span class=\"ls2f ws1e\">currency</span> <span class=\"ls3a ws20c\">ris<span class=\"_ _3\"></span>k and comm<span class=\"_ _3\"></span>odity</span> <span class=\"ls3a ws20c\">risk<span class=\"_ _3\"></span></span> Notional am<span class=\"_ _3\"></span>ount Notional am<span class=\"_ _3\"></span>ount (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2022<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>I. Int<span class=\"_ _0\"></span>erest r<span class=\"_ _0\"></span>ate h<span class=\"_ _0\"></span>edges<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>88,251<span class=\"ls1 ws1\"> </span>40,000<span class=\"ls1 ws1\"> </span>568<span class=\"ls1 ws1\"> </span>Cash flow hedges<span class=\"ls1 ws1\"> </span>1,269,235<span class=\"ls1 ws1\"> </span>82,695<span class=\"ls1 ws1\"> </span>0 0 Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>185,000<span class=\"ls1 ws1\"> </span>7,732<span class=\"ls1 ws1\"> </span>140,000<span class=\"ls1 ws1\"> </span>684<span class=\"ls1 ws1\"> </span>Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>178,677<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,252<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liabilities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>25,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">399</span> 745,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">28,687</span> Cash flow hedges<span class=\"ls1 ws1\"> </span>0 0 930,226<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,454</span> Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>15,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23</span> 280,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">5,599</span> Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">422</span> -<span class=\"ls27 ws1df\">54,740</span> II. Cur<span class=\"_ _0\"></span>rency hed<span class=\"_ _0\"></span>ges<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>198,298<span class=\"ls1 ws1\"> </span>2,549<span class=\"ls1 ws1\"> </span>183,934<span class=\"ls1 ws1\"> </span>2,043<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>1,148,935<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">84,188</span> 1,354,132<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">35,295</span> -<span class=\"ls27 ws1df\">81,639</span> -<span class=\"ls27 ws1df\">33,252</span> III.<span class=\"_ _3\"></span> Commodity <span class=\"_ _3\"></span>risks<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>2,044<span class=\"ls1 ws1\"> </span>2,651<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,175</span> -<span class=\"ls29 ws1e1\">314</span> 869<span class=\"ls1 ws1\"> </span>2,337<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Reconc<span class=\"_ _0\"></span>iliat<span class=\"_ _0\"></span>ion wit<span class=\"_ _0\"></span>h conso<span class=\"_ _9f\"></span>lidated<span class=\"_ _0\"></span> balanc<span class=\"_ _0\"></span>e sheet<span class=\"_ _9f\"></span><span class=\"ls1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging instruments</span> </span>158,911<span class=\"ls1 ws1\"> </span>1,816<span class=\"ls1 ws1\"> </span>Current hedging instruments<span class=\"ls1 ws1\"> </span>24,359<span class=\"ls1 ws1\"> </span>4,129<span class=\"ls1 ws1\"> </span>183,270<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging <span class=\"ws1e1\">instruments</span></span> </span>-<span class=\"ls29 ws1e1\">53,892</span> -<span class=\"ls29 ws1e1\">74,034</span> Current hedging instruments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">31,893</span> -<span class=\"ls29 ws1e1\">16,315</span> -<span class=\"ls27 ws1df\">85,785</span> -<span class=\"ls27 ws1df\">90,348</span> 3.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ws1\">Interest rate risk<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span>The <span class=\"_ _3\"></span><span class=\"ls33 ws23a\">intere<span class=\"_ _3\"></span>st rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span> withi<span class=\"_ _3\"></span>n the <span class=\"ff3b ls45 ws22c\">CFE<span class=\"_ _3\"></span></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">group is manag<span class=\"_ _0\"></span>ed according to the type of </span></span></span>activity. The Contracting activ<span class=\"_ _0\"></span>ities are characterized by an excess of cash which<span class=\"_ _0\"></span> par<span class=\"_ _3\"></span>tially<span class=\"_ _3\"></span> compe<span class=\"_ _3\"></span>nsates<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>real e<span class=\"_ _3\"></span>state<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls6a ws29e\">commitmen<span class=\"_ _0\"></span>ts. Cash manage<span class=\"_ _0\"></span>ment is mainly<span class=\"_ _0\"></span> </span></span>centralized through the cash pooling. <span class=\"ff3b ls53 ws23d\">DEME</span><span class=\"ws1\"> <span class=\"ls33 ws1fa\">e<span class=\"_ _3\"></span>nters i<span class=\"_ _3\"></span>nto</span> <span class=\"_ _3\"></span></span>substantial financing fo<span class=\"_ _0\"></span>r the acq<span class=\"_ _0\"></span>uisitio<span class=\"_ _0\"></span>n of dr<span class=\"_ _0\"></span>edging v<span class=\"_ _0\"></span>essel<span class=\"_ _0\"></span>s. DEME<span class=\"_ _0\"></span> uses int<span class=\"_ _0\"></span>erest ra<span class=\"_ _0\"></span>te swap<span class=\"_ _0\"></span>s to achiev<span class=\"_ _9f\"></span>e the best possible balance b<span class=\"_ _0\"></span>etween financing costs and th<span class=\"_ _0\"></span>e volatility of the financi<span class=\"_ _0\"></span>al resul<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls53 ws23d\">Ren<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span><span class=\"ff3a\"> <span class=\"_ _4\"></span>group <span class=\"_ _24\"></span><span class=\"ws233\">is<span class=\"_ _3\"></span> financ<span class=\"_ _0\"></span>ed primarily by equity, bank and shareholder </span></span></span></span>loans. Infra Asia Investmen<span class=\"_ _0\"></span>t Hong Kong entered into a new roll<span class=\"ws1\">-<span class=\"ls25 ws215\">o<span class=\"_ _0\"></span>ver faci<span class=\"_ _0\"></span>lity f<span class=\"_ _0\"></span>or a </span></span>total a<span class=\"_ _0\"></span>mount o<span class=\"_ _0\"></span>f 35 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD (in <span class=\"_ _0\"></span>additio<span class=\"_ _0\"></span>n to the<span class=\"_ _0\"></span> existing<span class=\"_ _0\"></span> 10 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD). <span class=\"ls54 ws279\">50% </span>of the in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>rate ri<span class=\"_ _0\"></span>sk on th<span class=\"_ _0\"></span>is credit f<span class=\"_ _0\"></span>acil<span class=\"_ _0\"></span>ity is hed<span class=\"_ _0\"></span>ged by a f<span class=\"_ _0\"></span>orward<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws215\">inte<span class=\"_ _0\"></span>rest rat<span class=\"_ _0\"></span>e </span></span>swap.<span class=\"ls1 ws1\"> </span>The hedging policy of <span class=\"ff3b ls34 ws1ea\">Next<span class=\"_ _3\"></span>ensa<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _13\"> </span><span class=\"ls33 ws276\">is t<span class=\"_ _3\"></span>o ring<span class=\"_ _3\"></span>fence th<span class=\"_ _3\"></span>e inte<span class=\"_ _3\"></span>rest rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span>s for </span></span>approx<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>ly 75% of th<span class=\"_ _9f\"></span>e financi<span class=\"_ _0\"></span>al debt fo<span class=\"_ _0\"></span>r a perio<span class=\"_ _0\"></span>d of 4<span class=\"ls1 ws1\">-<span class=\"ls4b ws2e7\">5 year<span class=\"_ _3\"></span>s and </span></span>approximately 50% for the following 5 y<span class=\"_ _0\"></span>ears. The hedge ratio for the investment portfolio <span class=\"_ _24\"></span><span class=\"ls4b ws2e8\">at y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws2dd\">end 2022 is 74%, compared to 67% at year</span>-<span class=\"_ _0\"></span><span class=\"ls24 ws2dd\">end 2021. As of </span></span></span>December 31, 2022, the w<span class=\"_ _0\"></span>eighted residual matur<span class=\"_ _0\"></span>ity of the loan portfolio alloca<span class=\"_ _0\"></span>ted to the <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>ropert<span class=\"_ _0\"></span>y evolv<span class=\"_ _9f\"></span>ed from 2.<span class=\"_ _0\"></span>98 ye<span class=\"_ _0\"></span>ars at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws26c\">end 2021 to 2.85 years </span></span>at year<span class=\"ls1 ws1\">-<span class=\"ls24 ws2ea\">end 2022. The weigh</span><span class=\"ws21a\">ted resid<span class=\"_ _0\"></span>ual maturity of the hedging products<span class=\"_ _0\"></span> </span></span>decr<span class=\"_ _3\"></span>eased fr<span class=\"_ _3\"></span>om 3.98 yea<span class=\"_ _3\"></span>rs (year<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2021) to 3.52 years at year</span>-<span class=\"ls24 ws218\">end 2022</span>. </span>The financial debts of the <span class=\"ff3b ls49 ws2ae\">AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l</span><span class=\"ws1\"> <span class=\"_ _0\"></span>segment <span class=\"ls39 ws204\">entirely <span class=\"ls25 ws207\">con<span class=\"_ _0\"></span>sist of th<span class=\"_ _0\"></span>e </span></span></span>debt entered into by Agidens and Biolectri<span class=\"_ _0\"></span>c regarding of<span class=\"ls25 ws1db\">fices,<span class=\"_ _0\"></span> the car p<span class=\"_ _0\"></span>ark and <span class=\"_ _0\"></span>the </span>funding of working capital. No interest hedging contracts were outstanding at the<span class=\"_ _0\"></span> 202<span class=\"ls1 ws1\">2 <span class=\"ws1f6\">year end.</span> </span>Sens<span class=\"_ _0\"></span>itivi<span class=\"_ _0\"></span>ty anal<span class=\"_ _0\"></span>ysis<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e inter<span class=\"_ _0\"></span>est r<span class=\"_ _0\"></span>ate ris<span class=\"_ _0\"></span>k <span class=\"ls1 ws1\"> </span>If Euribor rises by 50<span class=\"_ _0\"></span> base points thi<span class=\"_ _0\"></span>s will mean an intere<span class=\"_ _0\"></span>st charge increase of <span class=\"ws1\">0<span class=\"ls31 ws206\">.9</span> </span>million euros (CFE<span class=\"ls46 ws266\">), </span><span class=\"ws20b\">ne<span class=\"_ _0\"></span>gligible due to almo<span class=\"_ _0\"></span>st 100% hedge ratio (<span class=\"ls4b ws2af\">DEME)<span class=\"_ _3\"></span>, 0.</span><span class=\"ws1\">9 <span class=\"_ _0\"></span><span class=\"ls35 ws213\">million<span class=\"_ _0\"></span> </span></span></span>euros (Nextensa), 0.1 mil<span class=\"_ _0\"></span>lion euros (Agidens)<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls4b ws28a\">and</span> <span class=\"_ _24\"></span><span class=\"ls35 ws2c2\">0.1 million <span class=\"_ _0\"></span>euros (B<span class=\"_ _0\"></span>iolectr<span class=\"_ _0\"></span>ic)<span class=\"ls31 ws206\">. </span></span></span>AvH (&amp; subholdings)<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws213\">is <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">de<span class=\"_ _3\"></span>bt</span></span>-<span class=\"ls30 ws1eb\">free.</span> <span class=\"_ _3\"></span><span class=\"ls25 ws236\">Howev<span class=\"_ _9f\"></span>er, this do<span class=\"_ _0\"></span>es not ta<span class=\"_ _0\"></span>ke into a<span class=\"_ _0\"></span>ccoun<span class=\"_ _0\"></span>t the </span></span>imp<span class=\"_ _3\"></span>act we<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ls25 ws1eb\">wou<span class=\"_ _0\"></span>ld ob<span class=\"_ _0\"></span>serve on<span class=\"_ _0\"></span> the ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\">. </span></span></span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Wisselkoersrisico<span class=\"ls1 ws1\"> </span></span>Gi<span class=\"_ _3\"></span>ven t<span class=\"_ _3\"></span>he <span class=\"ls33 ws23a\">inte<span class=\"_ _3\"></span>rnati<span class=\"_ _3\"></span>onal cha<span class=\"_ _3\"></span>racter o<span class=\"_ _3\"></span>f its busi<span class=\"_ _3\"></span>ness ope<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span>s and the ex<span class=\"_ _3\"></span>ecutio<span class=\"_ _3\"></span>n of </span>contracts in foreign cu<span class=\"_ _0\"></span>rrency, <span class=\"ff3b ls33 ws1f0\">DEME</span><span class=\"ws1\"> <span class=\"_ _9\"> </span><span class=\"ls33 ws286\">is e<span class=\"_ _3\"></span>xposed to<span class=\"_ _3\"></span> currenc<span class=\"_ _3\"></span>y risks<span class=\"_ _3\"></span>. DEME\u2019s </span></span>transa<span class=\"_ _0\"></span>ctiona<span class=\"_ _0\"></span>l for<span class=\"_ _0\"></span>eign c<span class=\"_ _0\"></span>urrenc<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span> arise<span class=\"_ _0\"></span>s from co<span class=\"_ _9f\"></span>mmercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inated<span class=\"_ _0\"></span> in<span class=\"_ _0\"></span> currenc<span class=\"_ _9f\"></span>ies other <span class=\"_ _0\"></span>than t<span class=\"_ _0\"></span>he eu<span class=\"_ _0\"></span>ro.<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls40 ws218\">How<span class=\"_ _0\"></span>ever, <span class=\"_ _3\"></span><span class=\"ls24 ws1da\">79<span class=\"ls33 ws1f9\">% of DE<span class=\"_ _3\"></span>ME\u2019s reve<span class=\"_ _3\"></span>nues (20<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\">1</span></span></span><span class=\"ws262\">: 6<span class=\"ls1 ws1\">2<span class=\"ls4a ws2a4\">%) </span></span></span></span></span>relat<span class=\"_ _0\"></span>ed to tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _9f\"></span>ns expre<span class=\"_ _0\"></span>ssed in<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d, as <span class=\"_ _0\"></span>such, r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>ted the la<span class=\"_ _0\"></span>rgest<span class=\"_ _0\"></span> portion of DEME\u2019s revenues realised. Turnover in foreign curr<span class=\"_ _0\"></span>ency related to a.o.: US dollar, <span class=\"ls1 ws1f3\">Singapore dollar, Indian rup<span class=\"_ _0\"></span>ee, British pound, Danish krone, <span class=\"_ _0\"></span>Brazilian </span>Rea<span class=\"_ _3\"></span>l a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span><span class=\"ls1\">Urugua<span class=\"_ _0\"></span>yan peso. DEME\u2019s<span class=\"_ _0\"></span> expenses are also<span class=\"_ _0\"></span> predominantly in <span class=\"_ _0\"></span>euro, </span>except f<span class=\"_ _0\"></span>or con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re carr<span class=\"_ _0\"></span>ied out i<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-</span><span class=\"ws208\">euro cou<span class=\"_ _0\"></span>ntries.<span class=\"_ _0\"></span> The residu<span class=\"_ _0\"></span>al foreig<span class=\"_ _0\"></span>n </span>cur<span class=\"_ _3\"></span>rency ri<span class=\"_ _3\"></span>sk is as<span class=\"_ _3\"></span>sessed o<span class=\"_ _3\"></span>n a case<span class=\"ls1 ws1\">-by-<span class=\"ws259\">case basis and, if <span class=\"ls25 ws224\">ne<span class=\"_ _0\"></span>cessary,<span class=\"_ _0\"></span> DEME u<span class=\"_ _9f\"></span>ses </span></span></span>forwa<span class=\"_ _0\"></span>rd<span class=\"ls1 ws1\">-<span class=\"ws20b\">exchange contracts to hedg<span class=\"_ _0\"></span>e its residual foreign currency risk on projected </span></span>net com<span class=\"_ _0\"></span>mercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d in curr<span class=\"_ _0\"></span>encie<span class=\"_ _0\"></span>s other th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e euro.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>In the case of <span class=\"ff3b ls45 ws22c\">CFE</span><span class=\"ls25 ws1eb\">, most o<span class=\"_ _0\"></span>perat<span class=\"_ _0\"></span>ions ta<span class=\"_ _0\"></span>ke plac<span class=\"_ _0\"></span>e within th<span class=\"_ _9f\"></span>e eurozone;<span class=\"_ _0\"></span> neve<span class=\"_ _0\"></span>rthele<span class=\"_ _0\"></span>ss, </span>e<span class=\"ws1f7\">xposure to foreign <span class=\"_ _0\"></span>currency fluctuation<span class=\"_ _0\"></span>s<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws24c\">(mainly Po<span class=\"_ _9f\"></span>lish Zloty)<span class=\"ls1 ws1\"> <span class=\"ls34 ws23c\">i<span class=\"_ _3\"></span>s lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d as m<span class=\"_ _3\"></span>uch </span></span></span></span></span>as possible.<span class=\"ws1\"> </span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a\"> <span class=\"ls25 ws207\">p<span class=\"_ _0\"></span>rimar<span class=\"_ _0\"></span>ily opera<span class=\"_ _0\"></span>tes in Sou<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>ast Asia and<span class=\"_ _0\"></span> is ess<span class=\"_ _0\"></span>entially ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to an </span></span></span>exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sk relat<span class=\"_ _0\"></span>ing to the US do<span class=\"_ _0\"></span>llar and th<span class=\"_ _9f\"></span>e <span class=\"_ _3\"></span>Viet<span class=\"_ _0\"></span>names<span class=\"_ _0\"></span>e dong. Sin<span class=\"_ _0\"></span>ce the<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>subsidiaries of Rent<span class=\"ws1\">-A-<span class=\"ls33 ws236\">Port main<span class=\"_ _3\"></span>ly effec<span class=\"_ _3\"></span>t purchase<span class=\"_ _3\"></span>s and sale<span class=\"_ _3\"></span>s in loca<span class=\"_ _3\"></span>l currenci<span class=\"_ _3\"></span>es, </span></span>the gro<span class=\"_ _0\"></span>up\u2019s<span class=\"_ _0\"></span> exposu<span class=\"_ _9f\"></span>re to exch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span> rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span> in comm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al tran<span class=\"_ _0\"></span>saction<span class=\"_ _9f\"></span>s is limited in a na<span class=\"_ _0\"></span>tural way. The tr<span class=\"_ _0\"></span>anslation of the func<span class=\"_ _0\"></span>tional currency (USD) in<span class=\"_ _0\"></span>to euros<span class=\"_ _0\"></span> upon <span class=\"ls40\">consolidation embodies an exchang<span class=\"_ _0\"></span>e rate risk. <span class=\"ls1\"> </span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">operates in B<span class=\"_ _0\"></span>elgium, Luxembourg a<span class=\"_ _0\"></span>nd Austria, and i<span class=\"_ _0\"></span>s therefore not </span></span>subjec<span class=\"_ _0\"></span>t to exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e risks.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chan<span class=\"_ _0\"></span>ge ra<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>k of <span class=\"ff3b ls53 ws2a8\">Bank Van Breda</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls33 ws1fa\">is lim<span class=\"_ _3\"></span>ited, as<span class=\"_ _3\"></span> the bank o<span class=\"_ _3\"></span>nly operat<span class=\"_ _3\"></span>es </span></span>in Belgium and the nature of<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">its clients is such that it<span class=\"_ _3\"></span> does not hold any <span class=\"_ _0\"></span>significant </span></span>own currency position.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Agidens<span class=\"ff3a ws1f7\">, with i<span class=\"_ _0\"></span>ts worldwide operation<span class=\"_ _0\"></span>s, has a (limit<span class=\"_ _0\"></span>ed) exchange rate <span class=\"_ _0\"></span>exposure </span>to the US dollar and Swiss franc, and hedges its currency risk by using the same currency as much <span class=\"_ _0\"></span>as possible for the inc<span class=\"_ _0\"></span>ome and expenses in que<span class=\"_ _0\"></span>stion (natural<span class=\"_ _0\"></span> hedging). If necessary,<span class=\"_ _0\"></span> a currency swap is conclu<span class=\"_ _0\"></span>ded with approved and <span class=\"_ _0\"></span>reputable count<span class=\"_ _0\"></span>erparti<span class=\"_ _0\"></span>es. <span class=\"_ _3\"></span><span class=\"ff3b ls49 ws2bd\">Biolectr<span class=\"_ _3\"></span>ic</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f2\">has a li<span class=\"_ _3\"></span>mited GBP exposure through its branch in the </span></span>United Kingdom<span class=\"ws1\"> <span class=\"ls25 ws204\">The strateg<span class=\"_ _0\"></span>y of <span class=\"ff3b ls6e ws289\">AvH</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ws215\">to l<span class=\"_ _0\"></span>ook towa<span class=\"_ _0\"></span>rds em<span class=\"_ _0\"></span>erging m<span class=\"_ _0\"></span>arkets <span class=\"_ _0\"></span>resu<span class=\"_ _0\"></span>lted </span></span></span>in investments in Indi<span class=\"_ _0\"></span>an rupees (Sagar Cements, <span class=\"_ _0\"></span>the Healthquad I and II Fund<span class=\"_ _0\"></span>s and Medikabazaar) and in <span class=\"ls53 ws23d\">US<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>Dollar (<span class=\"_ _9f\"></span>the Ventu<span class=\"_ _0\"></span>ri Partn<span class=\"_ _0\"></span>ers Fund <span class=\"_ _0\"></span>I<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws24b\">and Convergent </span></span>Finance<span class=\"ls25 ws1eb\">). Th<span class=\"_ _0\"></span>is risk <span class=\"_ _0\"></span>is not h<span class=\"_ _0\"></span>edged<span class=\"_ _0\"></span> as it con<span class=\"_ _0\"></span>cerns lo<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span><span class=\"ws1db\">t<span class=\"_ _0\"></span>erm invest<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The remaining fully consolidat<span class=\"_ _0\"></span>ed participations are not subject to significant<span class=\"_ _0\"></span> exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sks sinc<span class=\"_ _0\"></span>e they mai<span class=\"_ _0\"></span>nly ope<span class=\"_ _0\"></span>rate in the eu<span class=\"_ _0\"></span>rozon<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>Various non<span class=\"ls1 ws1\">-<span class=\"ws241\">fully consolidated particip<span class=\"_ _0\"></span>ations such as Delen Private Bank, SIPEF and </span></span>Ve<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nt Bi<span class=\"_ _3\"></span>o<span class=\"ls25 ws1fc\">scien<span class=\"_ _0\"></span>ce, as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>Turbo\u2019s <span class=\"_ _0\"></span>Hoet Gro<span class=\"_ _9f\"></span>ep and othe<span class=\"_ _0\"></span>rs, oper<span class=\"_ _0\"></span>ate to <span class=\"_ _0\"></span>a </span>signif<span class=\"_ _0\"></span>icant <span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>t outsi<span class=\"_ _0\"></span>de the <span class=\"_ _0\"></span>eurozo<span class=\"_ _0\"></span>ne. Th<span class=\"_ _0\"></span>is may g<span class=\"_ _9f\"></span>ive rise t<span class=\"_ _0\"></span>o grea<span class=\"_ _0\"></span>ter ri<span class=\"_ _0\"></span>sks as <span class=\"_ _0\"></span>a resul<span class=\"_ _0\"></span>t of geopo<span class=\"_ _9f\"></span>litical d<span class=\"_ _0\"></span>evelopm<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>ts. <span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chang<span class=\"_ _0\"></span>e rate <span class=\"_ _0\"></span>risk in<span class=\"_ _0\"></span> each of<span class=\"_ _0\"></span> thes<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span>s is <span class=\"ls1 ws1f5\">fol<span class=\"_ _0\"></span>lowed up and controll<span class=\"_ _0\"></span>ed at the </span>level of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipa<span class=\"_ _0\"></span>tion itse<span class=\"_ _0\"></span>lf.<span class=\"ls1 ws1\"> </span>The exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e rat<span class=\"_ _0\"></span>e risk at <span class=\"ff3b ls4c ws2b0\">D<span class=\"_ _0\"></span>elen Priv<span class=\"_ _0\"></span>ate Bank<span class=\"ff3a ls1 ws1\"> <span class=\"ws1fe\">is limited to the foreign cu<span class=\"_ _0\"></span>rrency </span></span></span>subsidiaries (JM Finn and t<span class=\"_ _3\"></span>o a lesser extent Delen Suisse). The net e<span class=\"_ _3\"></span>xposu<span class=\"_ _0\"></span>re to the British<span class=\"_ _9f\"></span> Pound i<span class=\"_ _0\"></span>s curren<span class=\"_ _9f\"></span>tly limited<span class=\"_ _9f\"></span> as the i<span class=\"_ _0\"></span>mpact<span class=\"_ _0\"></span> of a<span class=\"_ _0\"></span>ny exch<span class=\"_ _0\"></span>ange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tion on<span class=\"_ _9f\"></span> the JM Finn equ<span class=\"_ _0\"></span>ity is neutralized by <span class=\"_ _0\"></span>an opposite impact on <span class=\"_ _0\"></span>the liquidity obligatio<span class=\"_ _0\"></span>n on the remaining 7% minori<span class=\"_ _0\"></span>ty stake in JM Finn. At <span class=\"ff3b ls4b ws28a\">SIPEF<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"ls33 ws1eb\">the majori<span class=\"_ _3\"></span>ty of t<span class=\"_ _3\"></span>he cos<span class=\"_ _3\"></span>ts </span></span>ar<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ed abr<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>d (in<span class=\"_ _3\"></span> Indo<span class=\"_ _3\"></span><span class=\"ls42 ws2eb\">n<span class=\"_ _0\"></span>esia and <span class=\"_ _0\"></span>Papua <span class=\"_ _0\"></span>New Guine<span class=\"_ _0\"></span>a), whe<span class=\"_ _0\"></span>reas sal<span class=\"_ _0\"></span>es are </span>reali<span class=\"_ _0\"></span>sed in USD<span class=\"_ _0\"></span>. This is a s<span class=\"_ _0\"></span>tructu<span class=\"_ _0\"></span>ral risk th<span class=\"_ _0\"></span>at is no<span class=\"_ _0\"></span>t hedged by<span class=\"_ _0\"></span> the compa<span class=\"_ _0\"></span>ny and i<span class=\"_ _0\"></span>s therefo<span class=\"_ _9f\"></span>re consider<span class=\"_ _0\"></span>ed as a gen<span class=\"_ _0\"></span>eral bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> risk. Tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>nal risk<span class=\"_ _0\"></span>s are gen<span class=\"_ _0\"></span>erally<span class=\"_ _9f\"></span> limited by short payment terms, and trans<span class=\"_ _0\"></span>l<span class=\"ls34 ws1fe\">a<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span> dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces<span class=\"_ _3\"></span> are<span class=\"_ _3\"></span> lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d by<span class=\"_ _3\"></span> maki<span class=\"_ _3\"></span>ng </span>the functional currency and reporting curr<span class=\"_ _0\"></span>ency the same as much as possible. Turbo\u2019s Hoet Groep<span class=\"ff3a ls35\">, fin<span class=\"_ _9f\"></span>ally has dev<span class=\"_ _0\"></span>eloped a<span class=\"_ _0\"></span> signifi<span class=\"_ _0\"></span>cant lev<span class=\"_ _0\"></span>el of act<span class=\"_ _0\"></span>ivity in E<span class=\"_ _0\"></span>astern<span class=\"_ _0\"></span> </span>Europ<span class=\"_ _0\"></span>e. Turbo<span class=\"_ _0\"></span>\u2019s Hoe<span class=\"_ _0\"></span>t Groep <span class=\"_ _0\"></span>realiz<span class=\"_ _0\"></span>es its tu<span class=\"_ _9f\"></span>rnover in th<span class=\"_ _0\"></span>ose m<span class=\"_ _0\"></span>arkets on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of<span class=\"_ _9f\"></span> local currency. Although Tu<span class=\"_ _0\"></span>rbo\u2019s Hoet Groep tries to pass on the impa<span class=\"_ _0\"></span>ct of any deprec<span class=\"_ _0\"></span>iation<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se loca<span class=\"_ _0\"></span>l curre<span class=\"_ _0\"></span>ncies <span class=\"_ _0\"></span>to the fin<span class=\"_ _0\"></span>al cu<span class=\"_ _0\"></span>stomer,<span class=\"_ _0\"></span> market <span class=\"_ _0\"></span>condi<span class=\"_ _0\"></span>tions d<span class=\"_ _0\"></span>o not alw<span class=\"_ _0\"></span>ays allo<span class=\"_ _0\"></span>w it.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">Turbo\u2019s Ho<span class=\"_ _0\"></span>et Group<span class=\"_ _0\"></span> has subsidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s in Russi<span class=\"ls1 ws20b\">a and Belarus that </span></span></span>are ac<span class=\"_ _0\"></span>tive in<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le and <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>cing of<span class=\"_ _0\"></span> truck<span class=\"_ _0\"></span>s. In <span class=\"_ _0\"></span>the cou<span class=\"_ _0\"></span>rse of 2<span class=\"_ _0\"></span>022, <span class=\"_ _0\"></span>THG lim<span class=\"_ _0\"></span>ited it<span class=\"_ _0\"></span>s exp<span class=\"_ _3\"></span>osure t<span class=\"_ _3\"></span>o those ma<span class=\"_ _3\"></span>rkets<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Some o<span class=\"_ _0\"></span>f the m<span class=\"_ _0\"></span>ain exch<span class=\"_ _9f\"></span>ange rate<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>have b<span class=\"_ _0\"></span>een us<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>nvert t<span class=\"_ _0\"></span>he balan<span class=\"_ _9f\"></span>ce sheet<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>esults o<span class=\"_ _0\"></span>f the <span class=\"ls1 ws1f6\">for<span class=\"_ _0\"></span>eign entities into euro<span class=\"ws1\">.</span></span>Conversion from fo<span class=\"_ _3\"></span>reign currency to Euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"><span class=\"fc3 sc0\"> </span></span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _3b\"> </span><span class=\"ws211\">Average rate</span> </span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _4d\"> </span><span class=\"ws211\">Average rate<span class=\"_ _3\"></span></span> </span>Australian Dollar<span class=\"ls1 ws1\"> </span>0.6366<span class=\"ls1 ws1\"> </span>0.6570<span class=\"ls1 ws1\"> </span>Polish Zloty<span class=\"ls1 ws1\"> </span>0.2135<span class=\"ls1 ws1\"> </span>0.2139<span class=\"ls1 ws1\"> </span>British Pound<span class=\"ls1 ws1\"> </span>1.1303<span class=\"ls1 ws1\"> </span>1.1717<span class=\"ls1 ws1\"> </span>Singapore Dollar<span class=\"ls1 ws1\"> </span>0.6974<span class=\"ls1 ws1\"> </span>0.6876<span class=\"ls1 ws1\"> </span>Brazilian Real<span class=\"ls1 ws1\"> </span>0.1768<span class=\"ls1 ws1\"> </span>0.1835<span class=\"ls1 ws1\"> </span>Taiwan Dollar<span class=\"ls1 ws1\"> </span>0.0306<span class=\"ls1 ws1\"> </span>0.0319<span class=\"ls1 ws1\"> </span>Egyptian Pound<span class=\"ls1 ws1\"> </span>0.0378<span class=\"ls1 ws1\"> </span>0.0498<span class=\"ls1 ws1\"> </span>US Dollar<span class=\"ls1 ws1\"> </span>0.9344<span class=\"ls1 ws1\"> </span>0.9462<span class=\"ls1 ws1\"> </span>Danish Krone<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>Vietnamese Dong<span class=\"ls1 ws1\"> </span>0.00003957<span class=\"ls1 ws1\"> </span>0.00004058<span class=\"ls1 ws1\"> </span>Indian Rupee<span class=\"ls1 ws1\"> </span>0.0113<span class=\"ls1 ws1\"> </span>0.0121<span class=\"ls1 ws1\"> </span>The table below gives a<span class=\"_ _0\"></span>n overview of the relevant financ<span class=\"_ _0\"></span>ial instruments used <span class=\"ls4b ws24e\">at DEM<span class=\"_ _3\"></span>E</span><span class=\"ws1\"> </span>and to a l<span class=\"_ _0\"></span>esser extent CFE<span class=\"ws1\">: </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Notional val<span class=\"_ _3\"></span>ue<span class=\"ls1 ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term <span class=\"ls29 ws1e1\">purchases<span class=\"ls1 ws1\">  </span></span>110,362<span class=\"ls1 ws1\"> </span>73,464<span class=\"ls1 ws1\"> </span>0 7,510<span class=\"ls1 ws1\"> </span>0 6,963<span class=\"ls1 ws1\"> </span>198,298<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Term sales<span class=\"ls1 ws1\">  </span>1,100,913<span class=\"ls1 ws1\"> </span>0 28,375<span class=\"ls1 ws1\"> </span>6,104<span class=\"ls1 ws1\"> </span>5,670<span class=\"ls1 ws1\"> </span>7,873<span class=\"ls1 ws1\"> </span>1,148,93<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term purchases<span class=\"ls1 ws1\">  </span>463<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">580</span> 0 -<span class=\"ls29 ws1e1\">91</span> 0 -<span class=\"ls29 ws1e1\">12</span> -<span class=\"ls27 ws1df\">221</span> Term sales<span class=\"ls1 ws1\">  </span>81,342<span class=\"ls1 ws1\"> </span>0 298<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">177</span> 369<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">414</span> 81,418<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - <span class=\"ls6f ws1f4\">DEME 2022</span> </span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>4,309<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,899</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>11,871<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,871</span> Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - </span><span class=\"ls62\">DEM<span class=\"_ _3\"></span>E 202<span class=\"_ _3\"></span><span class=\"ls1 ws1\">1 </span></span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>2,593<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,346</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>18,894<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,894</span> 3.3<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls70 ws2ec\">Commodity risk<span class=\"ls1 ws1\"> </span></span>Commodity risks<span class=\"ff3a ws1\"> <span class=\"_ _7\"> </span><span class=\"ls35 ws2c3\">are also lin<span class=\"_ _0\"></span>ked to <span class=\"_ _0\"></span>DEME, wh<span class=\"_ _0\"></span>ich hedg<span class=\"_ _0\"></span>es aga<span class=\"_ _0\"></span>inst oil p<span class=\"_ _0\"></span>rice </span></span>fluctu<span class=\"_ _0\"></span>ations b<span class=\"_ _9f\"></span>y enterin<span class=\"_ _0\"></span>g into f<span class=\"_ _0\"></span>orward c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts.Intere<span class=\"_ _3\"></span>st rate ri<span class=\"_ _3\"></span>sk Ban<span class=\"_ _3\"></span>k Van Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Intere<span class=\"_ _0\"></span>st rate ri<span class=\"_ _0\"></span>sk can be d<span class=\"_ _9f\"></span>efined as th<span class=\"_ _0\"></span>e extent to<span class=\"_ _0\"></span> which t<span class=\"_ _0\"></span>he resul<span class=\"_ _0\"></span>ts or val<span class=\"_ _0\"></span>ue of a financial transaction are affected by a cha<span class=\"_ _0\"></span>nge in market <span class=\"ls25 ws204\">interes<span class=\"_ _0\"></span>t rates.<span class=\"_ _0\"></span> Applied<span class=\"_ _0\"></span> to </span>a fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> institu<span class=\"_ _3\"></span>tion, i<span class=\"_ _3\"></span>nteres<span class=\"_ _3\"></span>t rate ri<span class=\"_ _3\"></span>sk is the<span class=\"_ _3\"></span> extent<span class=\"_ _3\"></span> to which<span class=\"_ _3\"></span> the (inte<span class=\"_ _3\"></span>rest) ea<span class=\"_ _3\"></span>rnings and/or fair va<span class=\"_ _0\"></span>lue of this institutio<span class=\"_ _0\"></span>n is liable to <span class=\"_ _0\"></span>be adversely affec<span class=\"_ _0\"></span>ted by a change in<span class=\"_ _0\"></span> marke<span class=\"_ _0\"></span>t interest ra<span class=\"_ _0\"></span>tes.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ban<span class=\"_ _0\"></span>k opts to keep th<span class=\"_ _0\"></span>e i<span class=\"ls33 ws204\">nteres<span class=\"_ _3\"></span>t rate<span class=\"_ _3\"></span> risk a<span class=\"_ _3\"></span>t a rela<span class=\"_ _3\"></span>tively<span class=\"_ _3\"></span> low leve<span class=\"_ _3\"></span>l:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">The bank uses hedging ins<span class=\"_ _0\"></span>truments to correct the mis<span class=\"_ _0\"></span>match. This is done wi<span class=\"_ _0\"></span>th a </span></span>comb<span class=\"_ _3\"></span>inatio<span class=\"_ _3\"></span>n of inte<span class=\"_ _3\"></span>rest rate s<span class=\"_ _3\"></span>waps (whi<span class=\"_ _3\"></span>ch conve<span class=\"_ _3\"></span>rt varia<span class=\"_ _3\"></span>ble inte<span class=\"_ _3\"></span>rest ra<span class=\"_ _3\"></span>te commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s into fix<span class=\"_ _0\"></span>ed rate com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>ents) an<span class=\"_ _0\"></span>d option<span class=\"_ _0\"></span>s <span class=\"ls1 ws23f\">(which provide </span>protec<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span>t a rise i<span class=\"_ _0\"></span>n intere<span class=\"_ _0\"></span>st rate<span class=\"_ _0\"></span>s abov<span class=\"_ _0\"></span>e given l<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws22a\">Equity v<span class=\"_ _9f\"></span>alue sensi<span class=\"_ _0\"></span>tivity<span class=\"_ _0\"></span> is th<span class=\"_ _0\"></span>e expo<span class=\"_ _0\"></span>sure o<span class=\"_ _0\"></span>f the com<span class=\"_ _0\"></span>pany\u2019<span class=\"_ _0\"></span>s econo<span class=\"_ _9f\"></span>mic value <span class=\"_ _0\"></span>to </span></span>unfavourable int<span class=\"_ _0\"></span>erest rate fluctuation<span class=\"_ _0\"></span>s. Earnings sensit<span class=\"_ _0\"></span>ivity is the exposu<span class=\"_ _0\"></span>re of the b<span class=\"_ _3\"></span>ank\u2019s (i<span class=\"_ _3\"></span>nterest<span class=\"_ _3\"></span>) earni<span class=\"_ _3\"></span>ngs to tho<span class=\"_ _3\"></span>se same u<span class=\"_ _3\"></span>nfavoura<span class=\"_ _3\"></span>ble inte<span class=\"_ _3\"></span>rest ra<span class=\"_ _3\"></span>te fluctuations. Its intensity can be seen in the duratio<span class=\"_ _0\"></span>n gap. By this is meant the difference in duration of all a<span class=\"_ _0\"></span>ssets and duration of all liabili<span class=\"_ _0\"></span>ties (mismatch), the duration being the weight<span class=\"_ _0\"></span>ed average <span class=\"ls33 ws215\">of the<span class=\"_ _3\"></span> matu<span class=\"_ _3\"></span>rities o<span class=\"_ _3\"></span>f a set<span class=\"_ _3\"></span> of fixed<span class=\"_ _3\"></span></span><span class=\"ws1\">-<span class=\"ls33 ws1f0\">interest </span></span>securi<span class=\"_ _0\"></span>ties.<span class=\"ls1 ws1\"> </span>E<span class=\"ws20b\">quity value sensitivity and earni<span class=\"_ _0\"></span>ngs sensitivity are monitored by mea<span class=\"_ _0\"></span>ns of scenario </span>analyses that take account of cha<span class=\"_ _0\"></span>nging market conditions, enabling the impac<span class=\"_ _0\"></span>t of stress sc<span class=\"_ _0\"></span>en<span class=\"ls1 ws216\">arios to be analysed. This equity value and earnings sensitivity is </span>measured using the <span class=\"_ _0\"></span>Basis Point Value (BP<span class=\"_ _0\"></span>V) methodology which <span class=\"_ _0\"></span>shows the value change of the portfol<span class=\"_ _0\"></span>io being analyzed when conf<span class=\"_ _0\"></span>ronted with an increase i<span class=\"_ _0\"></span>n inte<span class=\"ws1\"> </span>rest ra<span class=\"_ _0\"></span>tes ove<span class=\"_ _0\"></span>r the e<span class=\"_ _0\"></span>ntire cu<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">v</span><span class=\"ls30\">e.</span>Impact of an i<span class=\"_ _3\"></span>mmediate<span class=\"_ _3\"></span> increase of <span class=\"_ _3\"></span>the yield curv<span class=\"_ _3\"></span>e with 100 bas<span class=\"_ _3\"></span>e points (1<span class=\"_ _3\"></span>%) on:<span class=\"ls1 ws1\"> <span class=\"_ _3f\"> </span><span class=\"ls27 ws1df\">2022</span> <span class=\"_ _95\"> </span><span class=\"ls27 ws1df\">2021</span> </span>The interest result<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>2,827<span class=\"ls1 ws1\"> </span>4,907<span class=\"ls1 ws1\"> </span>(earnings sensitivity)<span class=\"ls1 ws1\"> </span>The faire value of the equity<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">53,698</span> -<span class=\"ls29 ws1e1\">47,409</span> (equity value sensitivit<span class=\"_ _0\"></span>y) (= BPV)<span class=\"ls1 ws1\"> </span>For th<span class=\"_ _0\"></span>e inter<span class=\"_ _0\"></span>est gap<span class=\"_ _0\"></span> analy<span class=\"_ _0\"></span>sis bo<span class=\"_ _0\"></span>th balan<span class=\"_ _0\"></span>ce sh<span class=\"_ _0\"></span>eet and<span class=\"_ _0\"></span> off ba<span class=\"_ _0\"></span>lance <span class=\"_ _0\"></span>sheet p<span class=\"_ _9f\"></span>roducts are grou<span class=\"_ _0\"></span>ped tog<span class=\"_ _0\"></span>ether pe<span class=\"_ _0\"></span>r period o<span class=\"_ _0\"></span>f matu<span class=\"_ _0\"></span>rity. In thi<span class=\"_ _0\"></span>s way the m<span class=\"_ _0\"></span>ismat<span class=\"_ _0\"></span>ch struc<span class=\"_ _0\"></span>ture becomes visible.<span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _4b\"> </span><span class=\"ls28 ws1e7\">\u2264 1 mon<span class=\"_ _3\"></span>th</span> <span class=\"_ _62\"> </span>1-</span><span class=\"ws1df\">3 </span>months<span class=\"ls1 ws1\">  <span class=\"_ _6e\"> </span>3-</span>12 months<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> <span class=\"_ _c7\"> </span>1-<span class=\"ls28 ws1e7\">5 yea<span class=\"_ _3\"></span>rs</span>  <span class=\"_ _6b\"> </span>5-<span class=\"ws202\">10 years</span>  <span class=\"_ _62\"> </span></span>&gt;<span class=\"_ _3\"></span> 10 years<span class=\"ls1 ws1\">  <span class=\"_ _6b\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,143,000<span class=\"ls1 ws1\"> </span>307,000<span class=\"ls1 ws1\"> </span>957,000<span class=\"ls1 ws1\"> </span>2,916,000<span class=\"ls1 ws1\"> </span>1,625,000<span class=\"ls1 ws1\"> </span>546,000<span class=\"ls1 ws1\"> </span>48,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,045,000</span> -<span class=\"ls29 ws1e1\">789,000</span> -<span class=\"ls29 ws1e1\">1,943,000</span> -<span class=\"ls29 ws1e1\">1,662,000</span> -<span class=\"ls29 ws1e1\">1,056,000</span> -<span class=\"ls29 ws1e1\">338,000</span> -<span class=\"ls29 ws1e1\">38,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>325,000<span class=\"ls1 ws1\"> </span>570,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">60,000</span> -<span class=\"ls29 ws1e1\">370,000</span> -<span class=\"ls29 ws1e1\">410,000</span> -<span class=\"ls29 ws1e1\">55,000</span> 0 Intere<span class=\"_ _3\"></span>st Ga<span class=\"_ _3\"></span>p<span class=\"ls1 ws1\"> </span>423,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>88,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,046,000<span class=\"_ _3\"></span></span> 884,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>159,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>153,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,786,000<span class=\"ls1 ws1\"> </span>414,000<span class=\"ls1 ws1\"> </span>1,126,000<span class=\"ls1 ws1\"> </span>2,775,000<span class=\"ls1 ws1\"> </span>1,210,000<span class=\"ls1 ws1\"> </span>345,000<span class=\"ls1 ws1\"> </span>48,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">979,000</span> -<span class=\"ls29 ws1e1\">931,000</span> -<span class=\"ls29 ws1e1\">2,457,000</span> -<span class=\"ls29 ws1e1\">1,491,000</span> -<span class=\"ls29 ws1e1\">894,000</span> -<span class=\"ls29 ws1e1\">295,000</span> -<span class=\"ls29 ws1e1\">37,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>270,000<span class=\"ls1 ws1\"> </span>515,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">80,000</span> -<span class=\"ls29 ws1e1\">355,000</span> -<span class=\"ls29 ws1e1\">310,000</span> -<span class=\"ls29 ws1e1\">40,000</span> 0 Intere<span class=\"_ _3\"></span>st Ga<span class=\"_ _3\"></span>p<span class=\"ls1 ws1\"> </span>1,077,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,000</span> -<span class=\"ls27 ws1df\">1,411,000<span class=\"_ _3\"></span></span> 929,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-125-4": {
   "value": "3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span>derivativ<span class=\"_ _3\"></span>es for</span> <span class=\"ls2f ws1e\">hed<span class=\"_ _3\"></span>ging the </span>i<span class=\"ls50 wscc\">nterest rate risk</span>, <span class=\"ls2f ws1e\">currency</span> <span class=\"ls3a ws20c\">ris<span class=\"_ _3\"></span>k and comm<span class=\"_ _3\"></span>odity</span> <span class=\"ls3a ws20c\">risk<span class=\"_ _3\"></span></span> Notional am<span class=\"_ _3\"></span>ount Notional am<span class=\"_ _3\"></span>ount (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2022<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>I. Int<span class=\"_ _0\"></span>erest r<span class=\"_ _0\"></span>ate h<span class=\"_ _0\"></span>edges<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>88,251<span class=\"ls1 ws1\"> </span>40,000<span class=\"ls1 ws1\"> </span>568<span class=\"ls1 ws1\"> </span>Cash flow hedges<span class=\"ls1 ws1\"> </span>1,269,235<span class=\"ls1 ws1\"> </span>82,695<span class=\"ls1 ws1\"> </span>0 0 Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>185,000<span class=\"ls1 ws1\"> </span>7,732<span class=\"ls1 ws1\"> </span>140,000<span class=\"ls1 ws1\"> </span>684<span class=\"ls1 ws1\"> </span>Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>178,677<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,252<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liabilities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>25,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">399</span> 745,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">28,687</span> Cash flow hedges<span class=\"ls1 ws1\"> </span>0 0 930,226<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,454</span> Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>15,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23</span> 280,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">5,599</span> Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">422</span> -<span class=\"ls27 ws1df\">54,740</span> II. Cur<span class=\"_ _0\"></span>rency hed<span class=\"_ _0\"></span>ges<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>198,298<span class=\"ls1 ws1\"> </span>2,549<span class=\"ls1 ws1\"> </span>183,934<span class=\"ls1 ws1\"> </span>2,043<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>1,148,935<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">84,188</span> 1,354,132<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">35,295</span> -<span class=\"ls27 ws1df\">81,639</span> -<span class=\"ls27 ws1df\">33,252</span> III.<span class=\"_ _3\"></span> Commodity <span class=\"_ _3\"></span>risks<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>2,044<span class=\"ls1 ws1\"> </span>2,651<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,175</span> -<span class=\"ls29 ws1e1\">314</span> 869<span class=\"ls1 ws1\"> </span>2,337<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Reconc<span class=\"_ _0\"></span>iliat<span class=\"_ _0\"></span>ion wit<span class=\"_ _0\"></span>h conso<span class=\"_ _9f\"></span>lidated<span class=\"_ _0\"></span> balanc<span class=\"_ _0\"></span>e sheet<span class=\"_ _9f\"></span><span class=\"ls1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging instruments</span> </span>158,911<span class=\"ls1 ws1\"> </span>1,816<span class=\"ls1 ws1\"> </span>Current hedging instruments<span class=\"ls1 ws1\"> </span>24,359<span class=\"ls1 ws1\"> </span>4,129<span class=\"ls1 ws1\"> </span>183,270<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging <span class=\"ws1e1\">instruments</span></span> </span>-<span class=\"ls29 ws1e1\">53,892</span> -<span class=\"ls29 ws1e1\">74,034</span> Current hedging instruments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">31,893</span> -<span class=\"ls29 ws1e1\">16,315</span> -<span class=\"ls27 ws1df\">85,785</span> -<span class=\"ls27 ws1df\">90,348</span> 3.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ws1\">Interest rate risk<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span>The <span class=\"_ _3\"></span><span class=\"ls33 ws23a\">intere<span class=\"_ _3\"></span>st rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span> withi<span class=\"_ _3\"></span>n the <span class=\"ff3b ls45 ws22c\">CFE<span class=\"_ _3\"></span></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">group is manag<span class=\"_ _0\"></span>ed according to the type of </span></span></span>activity. The Contracting activ<span class=\"_ _0\"></span>ities are characterized by an excess of cash which<span class=\"_ _0\"></span> par<span class=\"_ _3\"></span>tially<span class=\"_ _3\"></span> compe<span class=\"_ _3\"></span>nsates<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>real e<span class=\"_ _3\"></span>state<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls6a ws29e\">commitmen<span class=\"_ _0\"></span>ts. Cash manage<span class=\"_ _0\"></span>ment is mainly<span class=\"_ _0\"></span> </span></span>centralized through the cash pooling. <span class=\"ff3b ls53 ws23d\">DEME</span><span class=\"ws1\"> <span class=\"ls33 ws1fa\">e<span class=\"_ _3\"></span>nters i<span class=\"_ _3\"></span>nto</span> <span class=\"_ _3\"></span></span>substantial financing fo<span class=\"_ _0\"></span>r the acq<span class=\"_ _0\"></span>uisitio<span class=\"_ _0\"></span>n of dr<span class=\"_ _0\"></span>edging v<span class=\"_ _0\"></span>essel<span class=\"_ _0\"></span>s. DEME<span class=\"_ _0\"></span> uses int<span class=\"_ _0\"></span>erest ra<span class=\"_ _0\"></span>te swap<span class=\"_ _0\"></span>s to achiev<span class=\"_ _9f\"></span>e the best possible balance b<span class=\"_ _0\"></span>etween financing costs and th<span class=\"_ _0\"></span>e volatility of the financi<span class=\"_ _0\"></span>al resul<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls53 ws23d\">Ren<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span><span class=\"ff3a\"> <span class=\"_ _4\"></span>group <span class=\"_ _24\"></span><span class=\"ws233\">is<span class=\"_ _3\"></span> financ<span class=\"_ _0\"></span>ed primarily by equity, bank and shareholder </span></span></span></span>loans. Infra Asia Investmen<span class=\"_ _0\"></span>t Hong Kong entered into a new roll<span class=\"ws1\">-<span class=\"ls25 ws215\">o<span class=\"_ _0\"></span>ver faci<span class=\"_ _0\"></span>lity f<span class=\"_ _0\"></span>or a </span></span>total a<span class=\"_ _0\"></span>mount o<span class=\"_ _0\"></span>f 35 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD (in <span class=\"_ _0\"></span>additio<span class=\"_ _0\"></span>n to the<span class=\"_ _0\"></span> existing<span class=\"_ _0\"></span> 10 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD). <span class=\"ls54 ws279\">50% </span>of the in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>rate ri<span class=\"_ _0\"></span>sk on th<span class=\"_ _0\"></span>is credit f<span class=\"_ _0\"></span>acil<span class=\"_ _0\"></span>ity is hed<span class=\"_ _0\"></span>ged by a f<span class=\"_ _0\"></span>orward<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws215\">inte<span class=\"_ _0\"></span>rest rat<span class=\"_ _0\"></span>e </span></span>swap.<span class=\"ls1 ws1\"> </span>The hedging policy of <span class=\"ff3b ls34 ws1ea\">Next<span class=\"_ _3\"></span>ensa<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _13\"> </span><span class=\"ls33 ws276\">is t<span class=\"_ _3\"></span>o ring<span class=\"_ _3\"></span>fence th<span class=\"_ _3\"></span>e inte<span class=\"_ _3\"></span>rest rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span>s for </span></span>approx<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>ly 75% of th<span class=\"_ _9f\"></span>e financi<span class=\"_ _0\"></span>al debt fo<span class=\"_ _0\"></span>r a perio<span class=\"_ _0\"></span>d of 4<span class=\"ls1 ws1\">-<span class=\"ls4b ws2e7\">5 year<span class=\"_ _3\"></span>s and </span></span>approximately 50% for the following 5 y<span class=\"_ _0\"></span>ears. The hedge ratio for the investment portfolio <span class=\"_ _24\"></span><span class=\"ls4b ws2e8\">at y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws2dd\">end 2022 is 74%, compared to 67% at year</span>-<span class=\"_ _0\"></span><span class=\"ls24 ws2dd\">end 2021. As of </span></span></span>December 31, 2022, the w<span class=\"_ _0\"></span>eighted residual matur<span class=\"_ _0\"></span>ity of the loan portfolio alloca<span class=\"_ _0\"></span>ted to the <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>ropert<span class=\"_ _0\"></span>y evolv<span class=\"_ _9f\"></span>ed from 2.<span class=\"_ _0\"></span>98 ye<span class=\"_ _0\"></span>ars at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws26c\">end 2021 to 2.85 years </span></span>at year<span class=\"ls1 ws1\">-<span class=\"ls24 ws2ea\">end 2022. The weigh</span><span class=\"ws21a\">ted resid<span class=\"_ _0\"></span>ual maturity of the hedging products<span class=\"_ _0\"></span> </span></span>decr<span class=\"_ _3\"></span>eased fr<span class=\"_ _3\"></span>om 3.98 yea<span class=\"_ _3\"></span>rs (year<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2021) to 3.52 years at year</span>-<span class=\"ls24 ws218\">end 2022</span>. </span>The financial debts of the <span class=\"ff3b ls49 ws2ae\">AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l</span><span class=\"ws1\"> <span class=\"_ _0\"></span>segment <span class=\"ls39 ws204\">entirely <span class=\"ls25 ws207\">con<span class=\"_ _0\"></span>sist of th<span class=\"_ _0\"></span>e </span></span></span>debt entered into by Agidens and Biolectri<span class=\"_ _0\"></span>c regarding of<span class=\"ls25 ws1db\">fices,<span class=\"_ _0\"></span> the car p<span class=\"_ _0\"></span>ark and <span class=\"_ _0\"></span>the </span>funding of working capital. No interest hedging contracts were outstanding at the<span class=\"_ _0\"></span> 202<span class=\"ls1 ws1\">2 <span class=\"ws1f6\">year end.</span> </span>Sens<span class=\"_ _0\"></span>itivi<span class=\"_ _0\"></span>ty anal<span class=\"_ _0\"></span>ysis<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e inter<span class=\"_ _0\"></span>est r<span class=\"_ _0\"></span>ate ris<span class=\"_ _0\"></span>k <span class=\"ls1 ws1\"> </span>If Euribor rises by 50<span class=\"_ _0\"></span> base points thi<span class=\"_ _0\"></span>s will mean an intere<span class=\"_ _0\"></span>st charge increase of <span class=\"ws1\">0<span class=\"ls31 ws206\">.9</span> </span>million euros (CFE<span class=\"ls46 ws266\">), </span><span class=\"ws20b\">ne<span class=\"_ _0\"></span>gligible due to almo<span class=\"_ _0\"></span>st 100% hedge ratio (<span class=\"ls4b ws2af\">DEME)<span class=\"_ _3\"></span>, 0.</span><span class=\"ws1\">9 <span class=\"_ _0\"></span><span class=\"ls35 ws213\">million<span class=\"_ _0\"></span> </span></span></span>euros (Nextensa), 0.1 mil<span class=\"_ _0\"></span>lion euros (Agidens)<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls4b ws28a\">and</span> <span class=\"_ _24\"></span><span class=\"ls35 ws2c2\">0.1 million <span class=\"_ _0\"></span>euros (B<span class=\"_ _0\"></span>iolectr<span class=\"_ _0\"></span>ic)<span class=\"ls31 ws206\">. </span></span></span>AvH (&amp; subholdings)<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws213\">is <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">de<span class=\"_ _3\"></span>bt</span></span>-<span class=\"ls30 ws1eb\">free.</span> <span class=\"_ _3\"></span><span class=\"ls25 ws236\">Howev<span class=\"_ _9f\"></span>er, this do<span class=\"_ _0\"></span>es not ta<span class=\"_ _0\"></span>ke into a<span class=\"_ _0\"></span>ccoun<span class=\"_ _0\"></span>t the </span></span>imp<span class=\"_ _3\"></span>act we<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ls25 ws1eb\">wou<span class=\"_ _0\"></span>ld ob<span class=\"_ _0\"></span>serve on<span class=\"_ _0\"></span> the ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\">. </span></span></span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Wisselkoersrisico<span class=\"ls1 ws1\"> </span></span>Gi<span class=\"_ _3\"></span>ven t<span class=\"_ _3\"></span>he <span class=\"ls33 ws23a\">inte<span class=\"_ _3\"></span>rnati<span class=\"_ _3\"></span>onal cha<span class=\"_ _3\"></span>racter o<span class=\"_ _3\"></span>f its busi<span class=\"_ _3\"></span>ness ope<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span>s and the ex<span class=\"_ _3\"></span>ecutio<span class=\"_ _3\"></span>n of </span>contracts in foreign cu<span class=\"_ _0\"></span>rrency, <span class=\"ff3b ls33 ws1f0\">DEME</span><span class=\"ws1\"> <span class=\"_ _9\"> </span><span class=\"ls33 ws286\">is e<span class=\"_ _3\"></span>xposed to<span class=\"_ _3\"></span> currenc<span class=\"_ _3\"></span>y risks<span class=\"_ _3\"></span>. DEME\u2019s </span></span>transa<span class=\"_ _0\"></span>ctiona<span class=\"_ _0\"></span>l for<span class=\"_ _0\"></span>eign c<span class=\"_ _0\"></span>urrenc<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span> arise<span class=\"_ _0\"></span>s from co<span class=\"_ _9f\"></span>mmercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inated<span class=\"_ _0\"></span> in<span class=\"_ _0\"></span> currenc<span class=\"_ _9f\"></span>ies other <span class=\"_ _0\"></span>than t<span class=\"_ _0\"></span>he eu<span class=\"_ _0\"></span>ro.<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls40 ws218\">How<span class=\"_ _0\"></span>ever, <span class=\"_ _3\"></span><span class=\"ls24 ws1da\">79<span class=\"ls33 ws1f9\">% of DE<span class=\"_ _3\"></span>ME\u2019s reve<span class=\"_ _3\"></span>nues (20<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\">1</span></span></span><span class=\"ws262\">: 6<span class=\"ls1 ws1\">2<span class=\"ls4a ws2a4\">%) </span></span></span></span></span>relat<span class=\"_ _0\"></span>ed to tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _9f\"></span>ns expre<span class=\"_ _0\"></span>ssed in<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d, as <span class=\"_ _0\"></span>such, r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>ted the la<span class=\"_ _0\"></span>rgest<span class=\"_ _0\"></span> portion of DEME\u2019s revenues realised. Turnover in foreign curr<span class=\"_ _0\"></span>ency related to a.o.: US dollar, <span class=\"ls1 ws1f3\">Singapore dollar, Indian rup<span class=\"_ _0\"></span>ee, British pound, Danish krone, <span class=\"_ _0\"></span>Brazilian </span>Rea<span class=\"_ _3\"></span>l a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span><span class=\"ls1\">Urugua<span class=\"_ _0\"></span>yan peso. DEME\u2019s<span class=\"_ _0\"></span> expenses are also<span class=\"_ _0\"></span> predominantly in <span class=\"_ _0\"></span>euro, </span>except f<span class=\"_ _0\"></span>or con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re carr<span class=\"_ _0\"></span>ied out i<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-</span><span class=\"ws208\">euro cou<span class=\"_ _0\"></span>ntries.<span class=\"_ _0\"></span> The residu<span class=\"_ _0\"></span>al foreig<span class=\"_ _0\"></span>n </span>cur<span class=\"_ _3\"></span>rency ri<span class=\"_ _3\"></span>sk is as<span class=\"_ _3\"></span>sessed o<span class=\"_ _3\"></span>n a case<span class=\"ls1 ws1\">-by-<span class=\"ws259\">case basis and, if <span class=\"ls25 ws224\">ne<span class=\"_ _0\"></span>cessary,<span class=\"_ _0\"></span> DEME u<span class=\"_ _9f\"></span>ses </span></span></span>forwa<span class=\"_ _0\"></span>rd<span class=\"ls1 ws1\">-<span class=\"ws20b\">exchange contracts to hedg<span class=\"_ _0\"></span>e its residual foreign currency risk on projected </span></span>net com<span class=\"_ _0\"></span>mercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d in curr<span class=\"_ _0\"></span>encie<span class=\"_ _0\"></span>s other th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e euro.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>In the case of <span class=\"ff3b ls45 ws22c\">CFE</span><span class=\"ls25 ws1eb\">, most o<span class=\"_ _0\"></span>perat<span class=\"_ _0\"></span>ions ta<span class=\"_ _0\"></span>ke plac<span class=\"_ _0\"></span>e within th<span class=\"_ _9f\"></span>e eurozone;<span class=\"_ _0\"></span> neve<span class=\"_ _0\"></span>rthele<span class=\"_ _0\"></span>ss, </span>e<span class=\"ws1f7\">xposure to foreign <span class=\"_ _0\"></span>currency fluctuation<span class=\"_ _0\"></span>s<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws24c\">(mainly Po<span class=\"_ _9f\"></span>lish Zloty)<span class=\"ls1 ws1\"> <span class=\"ls34 ws23c\">i<span class=\"_ _3\"></span>s lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d as m<span class=\"_ _3\"></span>uch </span></span></span></span></span>as possible.<span class=\"ws1\"> </span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a\"> <span class=\"ls25 ws207\">p<span class=\"_ _0\"></span>rimar<span class=\"_ _0\"></span>ily opera<span class=\"_ _0\"></span>tes in Sou<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>ast Asia and<span class=\"_ _0\"></span> is ess<span class=\"_ _0\"></span>entially ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to an </span></span></span>exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sk relat<span class=\"_ _0\"></span>ing to the US do<span class=\"_ _0\"></span>llar and th<span class=\"_ _9f\"></span>e <span class=\"_ _3\"></span>Viet<span class=\"_ _0\"></span>names<span class=\"_ _0\"></span>e dong. Sin<span class=\"_ _0\"></span>ce the<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>subsidiaries of Rent<span class=\"ws1\">-A-<span class=\"ls33 ws236\">Port main<span class=\"_ _3\"></span>ly effec<span class=\"_ _3\"></span>t purchase<span class=\"_ _3\"></span>s and sale<span class=\"_ _3\"></span>s in loca<span class=\"_ _3\"></span>l currenci<span class=\"_ _3\"></span>es, </span></span>the gro<span class=\"_ _0\"></span>up\u2019s<span class=\"_ _0\"></span> exposu<span class=\"_ _9f\"></span>re to exch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span> rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span> in comm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al tran<span class=\"_ _0\"></span>saction<span class=\"_ _9f\"></span>s is limited in a na<span class=\"_ _0\"></span>tural way. The tr<span class=\"_ _0\"></span>anslation of the func<span class=\"_ _0\"></span>tional currency (USD) in<span class=\"_ _0\"></span>to euros<span class=\"_ _0\"></span> upon <span class=\"ls40\">consolidation embodies an exchang<span class=\"_ _0\"></span>e rate risk. <span class=\"ls1\"> </span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">operates in B<span class=\"_ _0\"></span>elgium, Luxembourg a<span class=\"_ _0\"></span>nd Austria, and i<span class=\"_ _0\"></span>s therefore not </span></span>subjec<span class=\"_ _0\"></span>t to exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e risks.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chan<span class=\"_ _0\"></span>ge ra<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>k of <span class=\"ff3b ls53 ws2a8\">Bank Van Breda</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls33 ws1fa\">is lim<span class=\"_ _3\"></span>ited, as<span class=\"_ _3\"></span> the bank o<span class=\"_ _3\"></span>nly operat<span class=\"_ _3\"></span>es </span></span>in Belgium and the nature of<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">its clients is such that it<span class=\"_ _3\"></span> does not hold any <span class=\"_ _0\"></span>significant </span></span>own currency position.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Agidens<span class=\"ff3a ws1f7\">, with i<span class=\"_ _0\"></span>ts worldwide operation<span class=\"_ _0\"></span>s, has a (limit<span class=\"_ _0\"></span>ed) exchange rate <span class=\"_ _0\"></span>exposure </span>to the US dollar and Swiss franc, and hedges its currency risk by using the same currency as much <span class=\"_ _0\"></span>as possible for the inc<span class=\"_ _0\"></span>ome and expenses in que<span class=\"_ _0\"></span>stion (natural<span class=\"_ _0\"></span> hedging). If necessary,<span class=\"_ _0\"></span> a currency swap is conclu<span class=\"_ _0\"></span>ded with approved and <span class=\"_ _0\"></span>reputable count<span class=\"_ _0\"></span>erparti<span class=\"_ _0\"></span>es. <span class=\"_ _3\"></span><span class=\"ff3b ls49 ws2bd\">Biolectr<span class=\"_ _3\"></span>ic</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f2\">has a li<span class=\"_ _3\"></span>mited GBP exposure through its branch in the </span></span>United Kingdom<span class=\"ws1\"> <span class=\"ls25 ws204\">The strateg<span class=\"_ _0\"></span>y of <span class=\"ff3b ls6e ws289\">AvH</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ws215\">to l<span class=\"_ _0\"></span>ook towa<span class=\"_ _0\"></span>rds em<span class=\"_ _0\"></span>erging m<span class=\"_ _0\"></span>arkets <span class=\"_ _0\"></span>resu<span class=\"_ _0\"></span>lted </span></span></span>in investments in Indi<span class=\"_ _0\"></span>an rupees (Sagar Cements, <span class=\"_ _0\"></span>the Healthquad I and II Fund<span class=\"_ _0\"></span>s and Medikabazaar) and in <span class=\"ls53 ws23d\">US<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>Dollar (<span class=\"_ _9f\"></span>the Ventu<span class=\"_ _0\"></span>ri Partn<span class=\"_ _0\"></span>ers Fund <span class=\"_ _0\"></span>I<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws24b\">and Convergent </span></span>Finance<span class=\"ls25 ws1eb\">). Th<span class=\"_ _0\"></span>is risk <span class=\"_ _0\"></span>is not h<span class=\"_ _0\"></span>edged<span class=\"_ _0\"></span> as it con<span class=\"_ _0\"></span>cerns lo<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span><span class=\"ws1db\">t<span class=\"_ _0\"></span>erm invest<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The remaining fully consolidat<span class=\"_ _0\"></span>ed participations are not subject to significant<span class=\"_ _0\"></span> exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sks sinc<span class=\"_ _0\"></span>e they mai<span class=\"_ _0\"></span>nly ope<span class=\"_ _0\"></span>rate in the eu<span class=\"_ _0\"></span>rozon<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>Various non<span class=\"ls1 ws1\">-<span class=\"ws241\">fully consolidated particip<span class=\"_ _0\"></span>ations such as Delen Private Bank, SIPEF and </span></span>Ve<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nt Bi<span class=\"_ _3\"></span>o<span class=\"ls25 ws1fc\">scien<span class=\"_ _0\"></span>ce, as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>Turbo\u2019s <span class=\"_ _0\"></span>Hoet Gro<span class=\"_ _9f\"></span>ep and othe<span class=\"_ _0\"></span>rs, oper<span class=\"_ _0\"></span>ate to <span class=\"_ _0\"></span>a </span>signif<span class=\"_ _0\"></span>icant <span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>t outsi<span class=\"_ _0\"></span>de the <span class=\"_ _0\"></span>eurozo<span class=\"_ _0\"></span>ne. Th<span class=\"_ _0\"></span>is may g<span class=\"_ _9f\"></span>ive rise t<span class=\"_ _0\"></span>o grea<span class=\"_ _0\"></span>ter ri<span class=\"_ _0\"></span>sks as <span class=\"_ _0\"></span>a resul<span class=\"_ _0\"></span>t of geopo<span class=\"_ _9f\"></span>litical d<span class=\"_ _0\"></span>evelopm<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>ts. <span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chang<span class=\"_ _0\"></span>e rate <span class=\"_ _0\"></span>risk in<span class=\"_ _0\"></span> each of<span class=\"_ _0\"></span> thes<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span>s is <span class=\"ls1 ws1f5\">fol<span class=\"_ _0\"></span>lowed up and controll<span class=\"_ _0\"></span>ed at the </span>level of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipa<span class=\"_ _0\"></span>tion itse<span class=\"_ _0\"></span>lf.<span class=\"ls1 ws1\"> </span>The exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e rat<span class=\"_ _0\"></span>e risk at <span class=\"ff3b ls4c ws2b0\">D<span class=\"_ _0\"></span>elen Priv<span class=\"_ _0\"></span>ate Bank<span class=\"ff3a ls1 ws1\"> <span class=\"ws1fe\">is limited to the foreign cu<span class=\"_ _0\"></span>rrency </span></span></span>subsidiaries (JM Finn and t<span class=\"_ _3\"></span>o a lesser extent Delen Suisse). The net e<span class=\"_ _3\"></span>xposu<span class=\"_ _0\"></span>re to the British<span class=\"_ _9f\"></span> Pound i<span class=\"_ _0\"></span>s curren<span class=\"_ _9f\"></span>tly limited<span class=\"_ _9f\"></span> as the i<span class=\"_ _0\"></span>mpact<span class=\"_ _0\"></span> of a<span class=\"_ _0\"></span>ny exch<span class=\"_ _0\"></span>ange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tion on<span class=\"_ _9f\"></span> the JM Finn equ<span class=\"_ _0\"></span>ity is neutralized by <span class=\"_ _0\"></span>an opposite impact on <span class=\"_ _0\"></span>the liquidity obligatio<span class=\"_ _0\"></span>n on the remaining 7% minori<span class=\"_ _0\"></span>ty stake in JM Finn. At <span class=\"ff3b ls4b ws28a\">SIPEF<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"ls33 ws1eb\">the majori<span class=\"_ _3\"></span>ty of t<span class=\"_ _3\"></span>he cos<span class=\"_ _3\"></span>ts </span></span>ar<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ed abr<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>d (in<span class=\"_ _3\"></span> Indo<span class=\"_ _3\"></span><span class=\"ls42 ws2eb\">n<span class=\"_ _0\"></span>esia and <span class=\"_ _0\"></span>Papua <span class=\"_ _0\"></span>New Guine<span class=\"_ _0\"></span>a), whe<span class=\"_ _0\"></span>reas sal<span class=\"_ _0\"></span>es are </span>reali<span class=\"_ _0\"></span>sed in USD<span class=\"_ _0\"></span>. This is a s<span class=\"_ _0\"></span>tructu<span class=\"_ _0\"></span>ral risk th<span class=\"_ _0\"></span>at is no<span class=\"_ _0\"></span>t hedged by<span class=\"_ _0\"></span> the compa<span class=\"_ _0\"></span>ny and i<span class=\"_ _0\"></span>s therefo<span class=\"_ _9f\"></span>re consider<span class=\"_ _0\"></span>ed as a gen<span class=\"_ _0\"></span>eral bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> risk. Tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>nal risk<span class=\"_ _0\"></span>s are gen<span class=\"_ _0\"></span>erally<span class=\"_ _9f\"></span> limited by short payment terms, and trans<span class=\"_ _0\"></span>l<span class=\"ls34 ws1fe\">a<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span> dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces<span class=\"_ _3\"></span> are<span class=\"_ _3\"></span> lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d by<span class=\"_ _3\"></span> maki<span class=\"_ _3\"></span>ng </span>the functional currency and reporting curr<span class=\"_ _0\"></span>ency the same as much as possible. Turbo\u2019s Hoet Groep<span class=\"ff3a ls35\">, fin<span class=\"_ _9f\"></span>ally has dev<span class=\"_ _0\"></span>eloped a<span class=\"_ _0\"></span> signifi<span class=\"_ _0\"></span>cant lev<span class=\"_ _0\"></span>el of act<span class=\"_ _0\"></span>ivity in E<span class=\"_ _0\"></span>astern<span class=\"_ _0\"></span> </span>Europ<span class=\"_ _0\"></span>e. Turbo<span class=\"_ _0\"></span>\u2019s Hoe<span class=\"_ _0\"></span>t Groep <span class=\"_ _0\"></span>realiz<span class=\"_ _0\"></span>es its tu<span class=\"_ _9f\"></span>rnover in th<span class=\"_ _0\"></span>ose m<span class=\"_ _0\"></span>arkets on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of<span class=\"_ _9f\"></span> local currency. Although Tu<span class=\"_ _0\"></span>rbo\u2019s Hoet Groep tries to pass on the impa<span class=\"_ _0\"></span>ct of any deprec<span class=\"_ _0\"></span>iation<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se loca<span class=\"_ _0\"></span>l curre<span class=\"_ _0\"></span>ncies <span class=\"_ _0\"></span>to the fin<span class=\"_ _0\"></span>al cu<span class=\"_ _0\"></span>stomer,<span class=\"_ _0\"></span> market <span class=\"_ _0\"></span>condi<span class=\"_ _0\"></span>tions d<span class=\"_ _0\"></span>o not alw<span class=\"_ _0\"></span>ays allo<span class=\"_ _0\"></span>w it.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">Turbo\u2019s Ho<span class=\"_ _0\"></span>et Group<span class=\"_ _0\"></span> has subsidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s in Russi<span class=\"ls1 ws20b\">a and Belarus that </span></span></span>are ac<span class=\"_ _0\"></span>tive in<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le and <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>cing of<span class=\"_ _0\"></span> truck<span class=\"_ _0\"></span>s. In <span class=\"_ _0\"></span>the cou<span class=\"_ _0\"></span>rse of 2<span class=\"_ _0\"></span>022, <span class=\"_ _0\"></span>THG lim<span class=\"_ _0\"></span>ited it<span class=\"_ _0\"></span>s exp<span class=\"_ _3\"></span>osure t<span class=\"_ _3\"></span>o those ma<span class=\"_ _3\"></span>rkets<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Some o<span class=\"_ _0\"></span>f the m<span class=\"_ _0\"></span>ain exch<span class=\"_ _9f\"></span>ange rate<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>have b<span class=\"_ _0\"></span>een us<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>nvert t<span class=\"_ _0\"></span>he balan<span class=\"_ _9f\"></span>ce sheet<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>esults o<span class=\"_ _0\"></span>f the <span class=\"ls1 ws1f6\">for<span class=\"_ _0\"></span>eign entities into euro<span class=\"ws1\">.</span></span>Conversion from fo<span class=\"_ _3\"></span>reign currency to Euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"><span class=\"fc3 sc0\"> </span></span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _3b\"> </span><span class=\"ws211\">Average rate</span> </span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _4d\"> </span><span class=\"ws211\">Average rate<span class=\"_ _3\"></span></span> </span>Australian Dollar<span class=\"ls1 ws1\"> </span>0.6366<span class=\"ls1 ws1\"> </span>0.6570<span class=\"ls1 ws1\"> </span>Polish Zloty<span class=\"ls1 ws1\"> </span>0.2135<span class=\"ls1 ws1\"> </span>0.2139<span class=\"ls1 ws1\"> </span>British Pound<span class=\"ls1 ws1\"> </span>1.1303<span class=\"ls1 ws1\"> </span>1.1717<span class=\"ls1 ws1\"> </span>Singapore Dollar<span class=\"ls1 ws1\"> </span>0.6974<span class=\"ls1 ws1\"> </span>0.6876<span class=\"ls1 ws1\"> </span>Brazilian Real<span class=\"ls1 ws1\"> </span>0.1768<span class=\"ls1 ws1\"> </span>0.1835<span class=\"ls1 ws1\"> </span>Taiwan Dollar<span class=\"ls1 ws1\"> </span>0.0306<span class=\"ls1 ws1\"> </span>0.0319<span class=\"ls1 ws1\"> </span>Egyptian Pound<span class=\"ls1 ws1\"> </span>0.0378<span class=\"ls1 ws1\"> </span>0.0498<span class=\"ls1 ws1\"> </span>US Dollar<span class=\"ls1 ws1\"> </span>0.9344<span class=\"ls1 ws1\"> </span>0.9462<span class=\"ls1 ws1\"> </span>Danish Krone<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>Vietnamese Dong<span class=\"ls1 ws1\"> </span>0.00003957<span class=\"ls1 ws1\"> </span>0.00004058<span class=\"ls1 ws1\"> </span>Indian Rupee<span class=\"ls1 ws1\"> </span>0.0113<span class=\"ls1 ws1\"> </span>0.0121<span class=\"ls1 ws1\"> </span>The table below gives a<span class=\"_ _0\"></span>n overview of the relevant financ<span class=\"_ _0\"></span>ial instruments used <span class=\"ls4b ws24e\">at DEM<span class=\"_ _3\"></span>E</span><span class=\"ws1\"> </span>and to a l<span class=\"_ _0\"></span>esser extent CFE<span class=\"ws1\">: </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Notional val<span class=\"_ _3\"></span>ue<span class=\"ls1 ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term <span class=\"ls29 ws1e1\">purchases<span class=\"ls1 ws1\">  </span></span>110,362<span class=\"ls1 ws1\"> </span>73,464<span class=\"ls1 ws1\"> </span>0 7,510<span class=\"ls1 ws1\"> </span>0 6,963<span class=\"ls1 ws1\"> </span>198,298<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Term sales<span class=\"ls1 ws1\">  </span>1,100,913<span class=\"ls1 ws1\"> </span>0 28,375<span class=\"ls1 ws1\"> </span>6,104<span class=\"ls1 ws1\"> </span>5,670<span class=\"ls1 ws1\"> </span>7,873<span class=\"ls1 ws1\"> </span>1,148,93<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term purchases<span class=\"ls1 ws1\">  </span>463<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">580</span> 0 -<span class=\"ls29 ws1e1\">91</span> 0 -<span class=\"ls29 ws1e1\">12</span> -<span class=\"ls27 ws1df\">221</span> Term sales<span class=\"ls1 ws1\">  </span>81,342<span class=\"ls1 ws1\"> </span>0 298<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">177</span> 369<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">414</span> 81,418<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - <span class=\"ls6f ws1f4\">DEME 2022</span> </span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>4,309<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,899</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>11,871<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,871</span> Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - </span><span class=\"ls62\">DEM<span class=\"_ _3\"></span>E 202<span class=\"_ _3\"></span><span class=\"ls1 ws1\">1 </span></span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>2,593<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,346</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>18,894<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,894</span> 3.3<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls70 ws2ec\">Commodity risk<span class=\"ls1 ws1\"> </span></span>Commodity risks<span class=\"ff3a ws1\"> <span class=\"_ _7\"> </span><span class=\"ls35 ws2c3\">are also lin<span class=\"_ _0\"></span>ked to <span class=\"_ _0\"></span>DEME, wh<span class=\"_ _0\"></span>ich hedg<span class=\"_ _0\"></span>es aga<span class=\"_ _0\"></span>inst oil p<span class=\"_ _0\"></span>rice </span></span>fluctu<span class=\"_ _0\"></span>ations b<span class=\"_ _9f\"></span>y enterin<span class=\"_ _0\"></span>g into f<span class=\"_ _0\"></span>orward c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts.(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ws1\"> </span>Level 2<span class=\"ws1\"> </span>Level 3<span class=\"ws1\"> </span>Level 1<span class=\"ws1\"> </span>Level 2<span class=\"ws1\"> </span>Level 3<span class=\"ws1\"> </span>Financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L <span class=\"ls2b ws1dd\">(FVPL<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span></span>152,405<span class=\"ls1 ws1\"> </span>97,251<span class=\"ls1 ws1\"> </span>173,254<span class=\"ls1 ws1\"> </span>52,287<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> </span>0 20,005<span class=\"ls1 ws1\"> </span>Receivables and c<span class=\"_ _3\"></span>ash<span class=\"ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">receivables fr<span class=\"_ _0\"></span>om credit institutions &amp; clients<span class=\"ls1 ws1\"> </span></span></span>751,761<span class=\"ls1 ws1\"> </span>6,029,229<span class=\"ls1 ws1\"> </span>1,362,479<span class=\"ls1 ws1\"> </span>6,116,785<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>1,577,488<span class=\"ls1 ws1\"> </span>1,571,727<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>29,899<span class=\"ls1 ws1\"> </span>219,061<span class=\"ls1 ws1\"> </span>Surbordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>97,344<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,713<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; <span class=\"ls28 ws1de\">securi<span class=\"_ _3\"></span>ties</span></span> 6,792,663<span class=\"ls1 ws1\"> </span>7,059,336<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>The fair values must be cla<span class=\"_ _0\"></span>ssified in three levels accordin<span class=\"_ _0\"></span>g to the valuation hierarchy of IFRS 13, depending on <span class=\"_ _0\"></span>the type of input used for the <span class=\"ls40 ws2cf\">valuation of<span class=\"_ _0\"></span> </span>financ<span class=\"_ _0\"></span>ial instru<span class=\"_ _0\"></span>ments:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws224\">Param<span class=\"_ _0\"></span>eters f<span class=\"_ _0\"></span>or <span class=\"ff3b ls4c ws2ed\">level<span class=\"_ _0\"></span> 1 instrum<span class=\"_ _0\"></span>ents<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws220\">are unadjusted quoted prices in active </span></span></span></span></span>marke<span class=\"_ _0\"></span>ts for ident<span class=\"_ _0\"></span>ical ass<span class=\"_ _0\"></span>ets and lia<span class=\"_ _0\"></span>bilitie<span class=\"_ _0\"></span>s. No valuatio<span class=\"_ _9f\"></span>n technique (<span class=\"_ _0\"></span>model) is<span class=\"_ _0\"></span> used. I<span class=\"_ _0\"></span>n level 1, w<span class=\"_ _0\"></span>e find al<span class=\"_ _0\"></span>l financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s (valu<span class=\"_ _0\"></span>ed at fai<span class=\"_ _0\"></span>r value, w<span class=\"_ _0\"></span>ith incorporation of value cha<span class=\"_ _0\"></span>nges in the unrealised results) wit<span class=\"_ _0\"></span>h a public listing in an activ<span class=\"_ _9f\"></span>e market.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws232\">Param<span class=\"_ _0\"></span>eters f<span class=\"_ _0\"></span>or <span class=\"ff3b ls3f ws226\">l<span class=\"_ _0\"></span>evel 2 i<span class=\"_ _0\"></span>nstrum<span class=\"_ _9f\"></span>ents<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws232\">are pri<span class=\"_ _0\"></span>ces q<span class=\"_ _0\"></span>uoted f<span class=\"_ _0\"></span>or sim<span class=\"_ _9f\"></span>ilar asse<span class=\"_ _0\"></span>ts and<span class=\"_ _0\"></span> </span></span></span></span></span>liabil<span class=\"_ _0\"></span>ities in<span class=\"_ _0\"></span> activ<span class=\"_ _0\"></span>e marke<span class=\"_ _0\"></span>ts, or da<span class=\"_ _0\"></span>ta bas<span class=\"_ _0\"></span>ed on o<span class=\"_ _0\"></span>r support<span class=\"_ _0\"></span>ed by o<span class=\"_ _0\"></span>bserv<span class=\"_ _0\"></span>able ma<span class=\"_ _0\"></span>rket da<span class=\"_ _3\"></span>ta. A<span class=\"_ _3\"></span> valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on te<span class=\"_ _3\"></span>chni<span class=\"_ _3\"></span>que<span class=\"_ _3\"></span> (mode<span class=\"_ _3\"></span>l)<span class=\"_ _3\"></span> is use<span class=\"_ _3\"></span>d, ba<span class=\"_ _3\"></span>sed<span class=\"_ _3\"></span> on obs<span class=\"_ _3\"></span>e<span class=\"ls33 ws236\">rva<span class=\"_ _3\"></span>ble para<span class=\"_ _3\"></span>meters </span>such as:<span class=\"ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ws1f6\">the actual value of the future <span class=\"_ _0\"></span>cashflows (discounted cashflow m<span class=\"_ _0\"></span>odel)<span class=\"ws1\"> </span></span></span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws22a\">the comp<span class=\"_ _9f\"></span>arison wit<span class=\"_ _0\"></span>h the<span class=\"_ _0\"></span> curr<span class=\"_ _0\"></span>ent or<span class=\"_ _0\"></span> rece<span class=\"_ _0\"></span>nt fair v<span class=\"_ _0\"></span>alue f<span class=\"_ _9f\"></span>rom anoth<span class=\"_ _0\"></span>er sim<span class=\"_ _0\"></span>ilar </span></span>instrument \uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws215\">the det<span class=\"_ _0\"></span>ermina<span class=\"_ _0\"></span>tion of pr<span class=\"_ _0\"></span>ices by <span class=\"_ _0\"></span>third pa<span class=\"_ _0\"></span>rties,<span class=\"_ _0\"></span> provid<span class=\"_ _0\"></span>ed that th<span class=\"_ _0\"></span>e price i<span class=\"_ _0\"></span>s in<span class=\"ls1 ws1\"> <span class=\"ls52 ws24e\">lin<span class=\"_ _3\"></span>e </span></span></span></span>wit<span class=\"_ _3\"></span>h alter<span class=\"_ _3\"></span>native<span class=\"_ _3\"></span> observa<span class=\"_ _3\"></span>ble para<span class=\"_ _3\"></span>meters<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>We find <span class=\"_ _0\"></span>the follo<span class=\"_ _0\"></span>wing f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s and liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s in lev<span class=\"_ _0\"></span>el 2:<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws1fa\">Cash and<span class=\"_ _0\"></span> assets w<span class=\"_ _0\"></span>ith cen<span class=\"_ _0\"></span>tral ban<span class=\"_ _0\"></span>ks: beca<span class=\"_ _0\"></span>use the<span class=\"_ _0\"></span>se assets h<span class=\"_ _0\"></span>ave a ver<span class=\"_ _0\"></span>y short<span class=\"_ _0\"></span> </span></span>term, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e is equ<span class=\"_ _0\"></span>ated wi<span class=\"_ _0\"></span>th the b<span class=\"_ _0\"></span>ook val<span class=\"_ _0\"></span>ue.<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls39 ws257\">Rec<span class=\"_ _3\"></span>eivables<span class=\"_ _3\"></span> fro<span class=\"ls35 ws260\">m credit <span class=\"_ _0\"></span>institut<span class=\"_ _0\"></span>ions and<span class=\"_ _0\"></span> financi<span class=\"_ _0\"></span>al liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s valued a<span class=\"_ _0\"></span>t amortis<span class=\"_ _0\"></span>ed </span></span></span>cost:<span class=\"_ _0\"></span> the f<span class=\"_ _0\"></span>air val<span class=\"_ _0\"></span>ue of <span class=\"_ _0\"></span>the a<span class=\"_ _0\"></span>bove f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al inst<span class=\"_ _0\"></span>rumen<span class=\"_ _0\"></span>ts is<span class=\"_ _0\"></span> determ<span class=\"_ _0\"></span>ined <span class=\"_ _0\"></span>as the current value of future cash flows based on the applicable swap interest rat<span class=\"_ _0\"></span>e and the assumptions be<span class=\"_ _0\"></span>low:<span class=\"ws1\"> </span>- <span class=\"ls40 ws218\">Comm</span><span class=\"ws1f6\">ercial margins are <span class=\"_ _0\"></span>taken into account when re<span class=\"_ _0\"></span>pricing;<span class=\"ws1\"> </span></span>- <span class=\"ls25 ws1eb\">No acco<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>s taken o<span class=\"_ _0\"></span>f a per<span class=\"_ _0\"></span>centag<span class=\"_ _0\"></span>e of cred<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ws1ed\">Derivatives held for<span class=\"_ _0\"></span> trading purposes and f<span class=\"_ _9f\"></span>or<span class=\"_ _3\"></span> hedgin<span class=\"_ _0\"></span>g purposes: the f<span class=\"_ _0\"></span>air value </span></span>of thes<span class=\"_ _0\"></span>e instru<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>s also de<span class=\"_ _0\"></span>termined<span class=\"_ _0\"></span> as the cu<span class=\"_ _0\"></span>rrent v<span class=\"_ _0\"></span>alue of f<span class=\"_ _0\"></span>ut<span class=\"ls34 ws275\">ure<span class=\"_ _3\"></span> ca<span class=\"_ _3\"></span>sh </span>flow<span class=\"_ _0\"></span>s based o<span class=\"_ _0\"></span>n the app<span class=\"_ _9f\"></span>licable sw<span class=\"_ _0\"></span>ap inte<span class=\"_ _0\"></span>rest r<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws215\">Param<span class=\"_ _0\"></span>eters fo<span class=\"_ _9f\"></span>r <span class=\"ff3b ls49 ws2a6\">le<span class=\"_ _3\"></span>vel 3 instr<span class=\"_ _3\"></span>uments</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls4b ws2ee\">are no<span class=\"_ _3\"></span>n</span>-<span class=\"ls33 ws1fa\">obse<span class=\"_ _3\"></span>rvable<span class=\"_ _3\"></span> data for<span class=\"_ _3\"></span> determi<span class=\"_ _3\"></span>ning </span></span></span></span>the fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of an a<span class=\"_ _0\"></span>sset or l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ity. In t<span class=\"_ _0\"></span>his cas<span class=\"_ _0\"></span>e, use <span class=\"_ _0\"></span>is made o<span class=\"_ _0\"></span>f a valu<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> technique (model) wi<span class=\"_ _0\"></span>th (partly) non<span class=\"ws1\">-<span class=\"ls33 ws204\">observa<span class=\"_ _3\"></span>ble par<span class=\"_ _3\"></span>ameters<span class=\"_ _3\"></span>.</span> </span>We find <span class=\"_ _0\"></span>the follo<span class=\"_ _0\"></span>wing f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l assets in<span class=\"_ _0\"></span> leve<span class=\"_ _0\"></span>l 3:<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls33 ws1eb\">So<span class=\"_ _3\"></span>me fina<span class=\"_ _3\"></span>ncial a<span class=\"_ _3\"></span>ssets (<span class=\"ls1 ws1ed\">valued at fair value with value changes inclu<span class=\"_ _0\"></span>ded in the </span></span></span>unrealised results) for whi<span class=\"_ _0\"></span>ch no public listing is avai<span class=\"_ _0\"></span>lable.<span class=\"ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws236\">Loans an<span class=\"_ _0\"></span>d advan<span class=\"_ _0\"></span>ces to cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>s, value<span class=\"_ _0\"></span>d at amor<span class=\"_ _0\"></span>tised c<span class=\"_ _0\"></span>ost: the f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>e </span></span>thereof<span class=\"_ _0\"></span> is de<span class=\"_ _0\"></span>termin<span class=\"_ _0\"></span>ed as<span class=\"_ _0\"></span> the curr<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lue of<span class=\"_ _0\"></span> futur<span class=\"_ _0\"></span>e cash f<span class=\"_ _0\"></span>lows <span class=\"ls34 ws1f2\">base<span class=\"_ _3\"></span>d on t<span class=\"_ _3\"></span>he </span>applicable swap inter<span class=\"_ _0\"></span>est rate and the assumptions b<span class=\"_ _0\"></span>elow:<span class=\"ws1\"> </span>-  <span class=\"_ _24\"></span><span class=\"ws1ed\">Commercial margins are t<span class=\"_ _3\"></span>aken into account when repricing;</span> -  <span class=\"_ _24\"></span><span class=\"ls25 ws1eb\">A percen<span class=\"_ _0\"></span>tage of e<span class=\"_ _0\"></span>arly r<span class=\"_ _0\"></span>epaym<span class=\"_ _0\"></span>ents and <span class=\"_ _0\"></span>cap opt<span class=\"_ _0\"></span>ions i<span class=\"_ _0\"></span>s taken in<span class=\"_ _0\"></span>to acco<span class=\"_ _0\"></span>unt;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>-  <span class=\"_ _24\"></span><span class=\"ws1f6\">No account is taken of a percentag<span class=\"_ _0\"></span>e of credit l<span class=\"ls25 ws1ec\">osses.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span></span>The fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>rities<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e investment portfoli<span class=\"_ _0\"></span>o<span class=\"ff3a ws1\"> <span class=\"_ _4\"> </span><span class=\"ls34 ws24b\">o<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> Gro<span class=\"_ _3\"></span>up is<span class=\"_ _3\"></span> </span></span>determined on the basis of the li<span class=\"_ _0\"></span>sting on the public market (level 1). The <span class=\"_ _0\"></span>same ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d t<span class=\"_ _3\"></span>o the<span class=\"_ _3\"></span> <span class=\"ff3b ws1ea\">b<span class=\"_ _3\"></span>ond</span><span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ws20b\">issued by BPI (2021<span class=\"_ _0\"></span>). The bonds iss<span class=\"_ _0\"></span>ued by Nextensa and <span class=\"_ _0\"></span>Rent<span class=\"ws1\">-</span></span></span>A-<span class=\"ls24 ws218\">Port (2021<span class=\"ls25 ws1eb\">) are rep<span class=\"_ _9f\"></span>orted und<span class=\"_ _0\"></span>er leve<span class=\"_ _0\"></span>l 2.<span class=\"ls1 ws1\"> </span></span></span>The abov<span class=\"_ _9f\"></span>e table giv<span class=\"_ _0\"></span>es no fair v<span class=\"_ _0\"></span>alue inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>ion for f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts and liab<span class=\"_ _9f\"></span>ilities that a<span class=\"_ _0\"></span>re not <span class=\"_ _0\"></span>measu<span class=\"_ _0\"></span>red at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alue, <span class=\"_ _0\"></span>such as<span class=\"_ _0\"></span> receiva<span class=\"_ _0\"></span>bles <span class=\"_ _0\"></span>and wa<span class=\"_ _0\"></span>rrantie<span class=\"_ _0\"></span>s, oth<span class=\"_ _0\"></span>er receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd paya<span class=\"_ _0\"></span>bles, trad<span class=\"_ _9f\"></span>e receivab<span class=\"ls1 ws241\">l<span class=\"_ _0\"></span>es and trade payab<span class=\"_ _0\"></span>les, advance payments, </span>am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>ts pay<span class=\"_ _3\"></span>able<span class=\"_ _3\"></span> rega<span class=\"_ _3\"></span>rdi<span class=\"_ _3\"></span>ng re<span class=\"_ _3\"></span>mune<span class=\"_ _3\"></span>rati<span class=\"_ _3\"></span>on a<span class=\"_ _3\"></span>nd so<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span> secu<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y, and<span class=\"_ _3\"></span> cas<span class=\"_ _3\"></span>h and ca<span class=\"_ _3\"></span>sh equiv<span class=\"_ _0\"></span>alents,<span class=\"_ _0\"></span> since th<span class=\"_ _0\"></span>eir carry<span class=\"_ _0\"></span>ing amou<span class=\"_ _0\"></span>nt is a rea<span class=\"_ _0\"></span>sonab<span class=\"_ _0\"></span>le approx<span class=\"_ _0\"></span>imatio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>eir fair<span class=\"_ _0\"></span> va<span class=\"_ _3\"></span>lue.2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span><span class=\"ls36 ws200\">assets</span>: at fa<span class=\"_ _3\"></span>ir valu<span class=\"_ _3\"></span>e <span class=\"ls2f ws1e\">through OCI <span class=\"_ _3\"></span>or through P/<span class=\"_ _3\"></span>L</span></span> Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets : at<span class=\"_ _0\"></span> fair value thr<span class=\"_ _0\"></span>ough OCI or through P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2021<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>131,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>51,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>475,164<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>546,322<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>131,391<span class=\"ls1 ws1\"> </span>51,155<span class=\"ls1 ws1\"> </span>463,025<span class=\"ls1 ws1\"> </span>20,003<span class=\"ls1 ws1\"> </span>534,183<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>24,453<span class=\"ls1 ws1\"> </span>66<span class=\"ls1 ws1\"> </span>88,967<span class=\"ls1 ws1\"> </span>107,601<span class=\"ls1 ws1\"> </span>196,635<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">1,108</span> -<span class=\"ls29 ws1e1\">100</span> -<span class=\"ls29 ws1e1\">1,208</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">14,971</span> -<span class=\"ls29 ws1e1\">7,770</span> -<span class=\"ls29 ws1e1\">48,253</span> -<span class=\"ls29 ws1e1\">107,500</span> -<span class=\"ls29 ws1e1\">163,523</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>36,338<span class=\"ls1 ws1\"> </span>4,739<span class=\"ls1 ws1\"> </span>0 4,739<span class=\"ls1 ws1\"> </span>Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVOCI)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,347</span> -<span class=\"ls29 ws1e1\">8,347</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>140<span class=\"ls1 ws1\"> </span>-1 1,505<span class=\"ls1 ws1\"> </span>1 1,505<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">140</span> 0 -<span class=\"ls29 ws1e1\">140</span> Financial ass<span class=\"_ _3\"></span>ets: ending <span class=\"ls2b ws1e4\">bala<span class=\"_ _3\"></span>nce at fair va<span class=\"_ _3\"></span>lue</span><span class=\"ls1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value <span class=\"ls2b ws1dd\">(FVO<span class=\"_ _3\"></span>CI)<span class=\"ls1 ws1\"> </span></span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets :<span class=\"_ _0\"></span> at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h OCI or <span class=\"ls32 ws29a\">t<span class=\"_ _0\"></span>hrough </span>P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2022<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>33,058<span class=\"ls1 ws1\"> </span>15,028<span class=\"ls1 ws1\"> </span>172,660<span class=\"ls1 ws1\"> </span>107,486<span class=\"ls1 ws1\"> </span>295,174<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">731</span> -<span class=\"ls29 ws1e1\">731</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">618</span> -<span class=\"ls29 ws1e1\">15,254</span> -<span class=\"ls29 ws1e1\">120,595</span> -<span class=\"ls29 ws1e1\">127,500</span> -<span class=\"ls29 ws1e1\">263,349</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>1,402<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">6,636</span> 0 -<span class=\"ls29 ws1e1\">6,636</span> Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value <span class=\"ls2b ws1dd\">(FVOCI)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">58,551</span> -<span class=\"ls29 ws1e1\">58,551</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>8 0 2,173<span class=\"ls1 ws1\"> </span>0 2,173<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,872</span> 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 427<span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>437<span class=\"ls1 ws1\"> </span>Financial assets: en<span class=\"_ _3\"></span>ding balance at fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>503,171<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>208,328<span class=\"ls1 ws1\"> </span>41,328<span class=\"ls1 ws1\"> </span>557,646<span class=\"ls1 ws1\"> </span>0 598,974<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span><span class=\"ws211\">adjustment to <span class=\"ls2b ws1df\">fair value (F<span class=\"_ _3\"></span>VOCI)<span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ls29 ws1e1\">55,655</span> -<span class=\"ls29 ws1e1\">55,655</span> Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>The <span class=\"_ _4\"> </span><span class=\"ff3b ls49 ws2f1\">Fina<span class=\"_ _3\"></span>ncial asse<span class=\"_ _3\"></span>ts at fa<span class=\"_ _3\"></span>ir value t<span class=\"_ _3\"></span>hrough P<span class=\"_ _3\"></span>rofit&amp;Loss </span><span class=\"ls1 ws233\">i<span class=\"_ _3\"></span>nclude th<span class=\"_ _0\"></span>e non<span class=\"ws1\">-</span></span>conso<span class=\"_ _0\"></span>lidated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pation<span class=\"_ _0\"></span>s of \u201cAvH<span class=\"_ _0\"></span> &amp; Gr<span class=\"_ _0\"></span>owth Cap<span class=\"_ _0\"></span>ital\u201d (m<span class=\"_ _0\"></span>ainly <span class=\"_ _0\"></span>investm<span class=\"_ _0\"></span>ents with<span class=\"_ _9f\"></span> a focus on Sou<span class=\"_ _0\"></span>theast Asia/India <span class=\"_ _0\"></span>and life sciences) and <span class=\"_ _0\"></span>the investment por<span class=\"_ _0\"></span>tfolio of \u201cAvH &amp; Subholdi<span class=\"_ _0\"></span>ngs\u201d. These are <span class=\"_ _0\"></span>the main compon<span class=\"_ _0\"></span>ents of this item, <span class=\"_ _0\"></span>along with th<span class=\"ls39 ws204\">e </span>9.6% in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>that N<span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>sa holds <span class=\"_ _0\"></span>in Reta<span class=\"_ _0\"></span>il Est<span class=\"_ _0\"></span>ates. <span class=\"ls1 ws1\"> </span>The recognition of thes<span class=\"_ _0\"></span>e assets at fair value made, on balance, <span class=\"_ _0\"></span>a negative contr<span class=\"_ _0\"></span>ibution o<span class=\"_ _0\"></span>f 5.2 mi<span class=\"_ _0\"></span>llion<span class=\"_ _0\"></span> euros to <span class=\"_ _0\"></span>the resu<span class=\"_ _9f\"></span>lts in 2022.<span class=\"_ _0\"></span> In \u201cRea<span class=\"_ _0\"></span>l Estat<span class=\"_ _0\"></span>e &amp; Senio<span class=\"_ _0\"></span>r Care\u201d,<span class=\"_ _0\"></span> the value o<span class=\"_ _0\"></span>f the Re<span class=\"_ _0\"></span>tail Esta<span class=\"_ _0\"></span>tes sha<span class=\"_ _0\"></span>res at Nex<span class=\"_ _0\"></span>tensa w<span class=\"_ _0\"></span>as decrea<span class=\"_ _0\"></span>sed by 12<span class=\"_ _0\"></span>.7 million euros in accordance with the evol<span class=\"_ _0\"></span>ution of the share price during 2022. In \u201cAv<span class=\"_ _3\"></span>H &amp; Gr<span class=\"_ _3\"></span>owt<span class=\"_ _3\"></span>h Capi<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>\u201d, an<span class=\"_ _3\"></span> upwa<span class=\"_ _3\"></span>rd val<span class=\"_ _3\"></span>ue ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tment<span class=\"_ _3\"></span> of 1<span class=\"_ _3\"></span>3.8 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os wa<span class=\"_ _3\"></span>s recognised on the non<span class=\"ws1\">-<span class=\"ls40 ws226\">consolidated parti<span class=\"_ _0\"></span>cipations of AvH Gr<span class=\"ls1 ws1f7\">owth Capital, while </span></span></span>the rev<span class=\"_ _0\"></span>aluatio<span class=\"_ _0\"></span>n at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of Av<span class=\"_ _0\"></span>H\u2019s inv<span class=\"_ _0\"></span>estment p<span class=\"_ _0\"></span>ortfol<span class=\"_ _0\"></span>io resu<span class=\"_ _0\"></span>lted in <span class=\"_ _0\"></span>a negat<span class=\"_ _0\"></span>ive value adjustment of 6.6 m<span class=\"_ _0\"></span>illion euros.<span class=\"ws1\"> </span>Dur<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g 2022<span class=\"_ _3\"></span>, Av<span class=\"_ _3\"></span>H inve<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>d 24.<span class=\"_ _3\"></span>9 mill<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n euro<span class=\"_ _3\"></span>s in t<span class=\"_ _3\"></span>he fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r exp<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f its \u201cGrowth<span class=\"_ _0\"></span> Capi<span class=\"_ _0\"></span>tal\u201d portf<span class=\"_ _0\"></span>olio w<span class=\"_ _0\"></span>ith <span class=\"ls34 ws1f2\">foc<span class=\"_ _3\"></span>us on L<span class=\"_ _3\"></span>ife<span class=\"_ _3\"></span> Sci<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>es a<span class=\"_ _3\"></span>nd I<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>a/S<span class=\"_ _3\"></span>outhe<span class=\"_ _3\"></span>ast<span class=\"_ _3\"></span> Asi<span class=\"_ _3\"></span>a, </span>mainly in Health Quad II, Medikabaz<span class=\"_ _0\"></span>aar, Venturi Fund I and the new participat<span class=\"_ _0\"></span>ions in Convergent Finance <span class=\"_ _0\"></span>and AstriVax.<span class=\"ws1\"> </span>The <span class=\"_ _0\"></span><span class=\"ls1 ws1\">\u201c<span class=\"ff3b ls4c ws268\">inves<span class=\"_ _0\"></span>tments<span class=\"ls1 ws1\">-<span class=\"ls53 ws23d\">FVOCI</span><span class=\"ff3a ws20b\">\u201d and \u201c</span><span class=\"ls45 ws2f2\">investme<span class=\"_ _3\"></span>nts at amortised cost<span class=\"ff3a ls54 ws21b\">\u201d a<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span> <span class=\"ls35 ws213\">lar<span class=\"_ _0\"></span>gely </span></span></span></span></span></span>attribu<span class=\"_ _0\"></span>table<span class=\"_ _0\"></span> to Bank Van Br<span class=\"_ _0\"></span>eda, and re<span class=\"_ _0\"></span>late to tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>ns realiz<span class=\"_ _0\"></span>ed as part of it<span class=\"_ _0\"></span>s Asset &amp;<span class=\"_ _0\"></span> Liabi<span class=\"_ _0\"></span>lity ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent (AL<span class=\"_ _0\"></span>M).<span class=\"ls1 ws1\"> </span>Fair value in Fair value in Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 Valua<span class=\"_ _3\"></span>ti<span class=\"ls2b ws1dd\">on <span class=\"ls1 ws1\">- </span></span>(\u20ac 1,000) Fina<span class=\"_ _3\"></span>ncial fixed <span class=\"_ _3\"></span>assets at F<span class=\"_ _3\"></span>air value th<span class=\"_ _3\"></span>rough P/L<span class=\"ls1 ws1\"> </span>Profi<span class=\"_ _0\"></span>t &amp; Loss Profi<span class=\"_ _0\"></span>t &amp; Loss (fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Level  2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>5,036<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,890<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>Retail Estate<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12,702</span> 16,621<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>305<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>83,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>97,215<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,397</span> 16,621<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>Epics Therapeutics (Bio<span class=\"_ _0\"></span> Cap Invest)<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Life Sciences <span class=\"ws1\">- </span>Fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>40,150<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>40,620<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">5,383</span> 12,956<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ws211\">East Asia </span>- <span class=\"ws202\">Fair value</span> </span>69,346<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>27,973<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,183<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Koffie Rombouts<span class=\"ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ws202\">Fair value</span> </span>10,014<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,654<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,571<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subtotal Av<span class=\"_ _3\"></span>H &amp; Growth C<span class=\"_ _3\"></span>apital<span class=\"ls1 ws1\"> </span>119,510<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,246<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,800<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,716<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value <span class=\"ws1\">- <span class=\"ls28 ws1de\">To<span class=\"_ _3\"></span>tal</span> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,402<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,338<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Number of<span class=\"_ _3\"></span> The inves<span class=\"_ _3\"></span>tments cons<span class=\"_ _3\"></span>ist of (\u20ac <span class=\"_ _3\"></span>1,000):<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>shares  Investment portfolio Bank V<span class=\"_ _0\"></span>an Breda<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>Funds managed by Delen Private Bank<span class=\"ls1 ws1\"> </span>29,295<span class=\"ls1 ws1\"> </span>Ageas<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>278,284<span class=\"ls1 ws1\"> </span>11,527<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>506<span class=\"ls1 ws1\"> </span>544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The breakdown per<span class=\"_ _3\"></span> segment of the fai<span class=\"_ _3\"></span>r value of the inves<span class=\"_ _3\"></span>tments is as follows (<span class=\"_ _3\"></span>\u20ac 1,000):<span class=\"ws1\"> </span>Fair value<span class=\"ws1\"> </span>Private Banking (Bank Van Breda)<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>41,325<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>2 Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Credit risk of th<span class=\"_ _3\"></span>e investment po<span class=\"_ _3\"></span>rtfolio Bank Van Bre<span class=\"_ _3\"></span>da<span class=\"ls1 ws1\"> </span>The ri<span class=\"_ _0\"></span>sk prof<span class=\"_ _0\"></span>ile of<span class=\"_ _0\"></span> the <span class=\"ls25 ws208\">inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t portfo<span class=\"_ _0\"></span>lio has f<span class=\"_ _0\"></span>or yea<span class=\"_ _0\"></span>rs now d<span class=\"_ _0\"></span>elibera<span class=\"_ _0\"></span>tely be<span class=\"_ _0\"></span>en kept<span class=\"_ _0\"></span> </span>very lo<span class=\"_ _0\"></span>w. The in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>at yea<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">-<span class=\"ls24 ws21c\">end 2022 contains 99% government </span></span>and government<span class=\"ws1\">-</span>g<span class=\"_ _0\"></span>uaranteed bonds with<span class=\"_ _0\"></span> a minimum A<span class=\"_ _0\"></span>a3 rating (Moody\u2019<span class=\"_ _0\"></span>s rating<span class=\"ls4a ws2a4\">) </span>and less than 1% shar<span class=\"_ _0\"></span>es and private equity.<span class=\"ws1\"> </span>The investment f<span class=\"_ _0\"></span>ramework that is s<span class=\"_ _0\"></span>ubmitted annually for<span class=\"_ _0\"></span> the approval of t<span class=\"_ _0\"></span>he board of directors of Bank Van Breda determines which investmen<span class=\"_ _0\"></span>ts can be made and the limits that apply. The following t<span class=\"_ _0\"></span>able shows the composition of the consolidated investm<span class=\"_ _0\"></span>ent portfolio by rating and matu<span class=\"_ _0\"></span>rity.<span class=\"ws1\"> </span>Remaining<span class=\"_ _3\"></span> Composition o<span class=\"_ _3\"></span>f the inves<span class=\"_ _3\"></span>tment port<span class=\"_ _3\"></span>folio 31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> <span class=\"_ _1ba\"> </span><span class=\"ls28 ws1de\">Ratin<span class=\"_ _3\"></span>g</span>  </span>durati<span class=\"_ _3\"></span>on<span class=\"ls1 ws1\"> </span>Government bonds Aaa<span class=\"ls1 ws1\"> </span>40%<span class=\"ls1 ws1\"> </span>2023<span class=\"ls1 ws1\"> </span>19%<span class=\"ls1 ws1\"> </span>Government bonds Aa1<span class=\"ls1 ws1\"> </span>20%<span class=\"ls1 ws1\"> </span>2024<span class=\"ls1 ws1\"> </span>15%<span class=\"ls1 ws1\"> </span>Government bonds Aa2<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>2025<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Government bonds Aa3<span class=\"ls1 ws1\"> </span>30%<span class=\"ls1 ws1\"> </span>2026<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>Government bonds A2<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>2027<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Corporate bonds and commercial paper &amp; ot<span class=\"_ _0\"></span>her<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>&gt; 2027<span class=\"ls1 ws1\"> </span>43%<span class=\"ls1 ws1\"> </span>indefinite<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>Intere<span class=\"_ _3\"></span>st rate ri<span class=\"_ _3\"></span>sk Ban<span class=\"_ _3\"></span>k Van Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Intere<span class=\"_ _0\"></span>st rate ri<span class=\"_ _0\"></span>sk can be d<span class=\"_ _9f\"></span>efined as th<span class=\"_ _0\"></span>e extent to<span class=\"_ _0\"></span> which t<span class=\"_ _0\"></span>he resul<span class=\"_ _0\"></span>ts or val<span class=\"_ _0\"></span>ue of a financial transaction are affected by a cha<span class=\"_ _0\"></span>nge in market <span class=\"ls25 ws204\">interes<span class=\"_ _0\"></span>t rates.<span class=\"_ _0\"></span> Applied<span class=\"_ _0\"></span> to </span>a fin<span class=\"_ _3\"></span>ancial<span class=\"_ _3\"></span> institu<span class=\"_ _3\"></span>tion, i<span class=\"_ _3\"></span>nteres<span class=\"_ _3\"></span>t rate ri<span class=\"_ _3\"></span>sk is the<span class=\"_ _3\"></span> extent<span class=\"_ _3\"></span> to which<span class=\"_ _3\"></span> the (inte<span class=\"_ _3\"></span>rest) ea<span class=\"_ _3\"></span>rnings and/or fair va<span class=\"_ _0\"></span>lue of this institutio<span class=\"_ _0\"></span>n is liable to <span class=\"_ _0\"></span>be adversely affec<span class=\"_ _0\"></span>ted by a change in<span class=\"_ _0\"></span> marke<span class=\"_ _0\"></span>t interest ra<span class=\"_ _0\"></span>tes.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ban<span class=\"_ _0\"></span>k opts to keep th<span class=\"_ _0\"></span>e i<span class=\"ls33 ws204\">nteres<span class=\"_ _3\"></span>t rate<span class=\"_ _3\"></span> risk a<span class=\"_ _3\"></span>t a rela<span class=\"_ _3\"></span>tively<span class=\"_ _3\"></span> low leve<span class=\"_ _3\"></span>l:<span class=\"ls1 ws1\"> </span></span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1ed\">The bank uses hedging ins<span class=\"_ _0\"></span>truments to correct the mis<span class=\"_ _0\"></span>match. This is done wi<span class=\"_ _0\"></span>th a </span></span>comb<span class=\"_ _3\"></span>inatio<span class=\"_ _3\"></span>n of inte<span class=\"_ _3\"></span>rest rate s<span class=\"_ _3\"></span>waps (whi<span class=\"_ _3\"></span>ch conve<span class=\"_ _3\"></span>rt varia<span class=\"_ _3\"></span>ble inte<span class=\"_ _3\"></span>rest ra<span class=\"_ _3\"></span>te commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s into fix<span class=\"_ _0\"></span>ed rate com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>ents) an<span class=\"_ _0\"></span>d option<span class=\"_ _0\"></span>s <span class=\"ls1 ws23f\">(which provide </span>protec<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>gains<span class=\"_ _0\"></span>t a rise i<span class=\"_ _0\"></span>n intere<span class=\"_ _0\"></span>st rate<span class=\"_ _0\"></span>s abov<span class=\"_ _0\"></span>e given l<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws22a\">Equity v<span class=\"_ _9f\"></span>alue sensi<span class=\"_ _0\"></span>tivity<span class=\"_ _0\"></span> is th<span class=\"_ _0\"></span>e expo<span class=\"_ _0\"></span>sure o<span class=\"_ _0\"></span>f the com<span class=\"_ _0\"></span>pany\u2019<span class=\"_ _0\"></span>s econo<span class=\"_ _9f\"></span>mic value <span class=\"_ _0\"></span>to </span></span>unfavourable int<span class=\"_ _0\"></span>erest rate fluctuation<span class=\"_ _0\"></span>s. Earnings sensit<span class=\"_ _0\"></span>ivity is the exposu<span class=\"_ _0\"></span>re of the b<span class=\"_ _3\"></span>ank\u2019s (i<span class=\"_ _3\"></span>nterest<span class=\"_ _3\"></span>) earni<span class=\"_ _3\"></span>ngs to tho<span class=\"_ _3\"></span>se same u<span class=\"_ _3\"></span>nfavoura<span class=\"_ _3\"></span>ble inte<span class=\"_ _3\"></span>rest ra<span class=\"_ _3\"></span>te fluctuations. Its intensity can be seen in the duratio<span class=\"_ _0\"></span>n gap. By this is meant the difference in duration of all a<span class=\"_ _0\"></span>ssets and duration of all liabili<span class=\"_ _0\"></span>ties (mismatch), the duration being the weight<span class=\"_ _0\"></span>ed average <span class=\"ls33 ws215\">of the<span class=\"_ _3\"></span> matu<span class=\"_ _3\"></span>rities o<span class=\"_ _3\"></span>f a set<span class=\"_ _3\"></span> of fixed<span class=\"_ _3\"></span></span><span class=\"ws1\">-<span class=\"ls33 ws1f0\">interest </span></span>securi<span class=\"_ _0\"></span>ties.<span class=\"ls1 ws1\"> </span>E<span class=\"ws20b\">quity value sensitivity and earni<span class=\"_ _0\"></span>ngs sensitivity are monitored by mea<span class=\"_ _0\"></span>ns of scenario </span>analyses that take account of cha<span class=\"_ _0\"></span>nging market conditions, enabling the impac<span class=\"_ _0\"></span>t of stress sc<span class=\"_ _0\"></span>en<span class=\"ls1 ws216\">arios to be analysed. This equity value and earnings sensitivity is </span>measured using the <span class=\"_ _0\"></span>Basis Point Value (BP<span class=\"_ _0\"></span>V) methodology which <span class=\"_ _0\"></span>shows the value change of the portfol<span class=\"_ _0\"></span>io being analyzed when conf<span class=\"_ _0\"></span>ronted with an increase i<span class=\"_ _0\"></span>n inte<span class=\"ws1\"> </span>rest ra<span class=\"_ _0\"></span>tes ove<span class=\"_ _0\"></span>r the e<span class=\"_ _0\"></span>ntire cu<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">v</span><span class=\"ls30\">e.</span>Impact of an i<span class=\"_ _3\"></span>mmediate<span class=\"_ _3\"></span> increase of <span class=\"_ _3\"></span>the yield curv<span class=\"_ _3\"></span>e with 100 bas<span class=\"_ _3\"></span>e points (1<span class=\"_ _3\"></span>%) on:<span class=\"ls1 ws1\"> <span class=\"_ _3f\"> </span><span class=\"ls27 ws1df\">2022</span> <span class=\"_ _95\"> </span><span class=\"ls27 ws1df\">2021</span> </span>The interest result<span class=\"_ _0\"></span><span class=\"ls1 ws1\">  </span>2,827<span class=\"ls1 ws1\"> </span>4,907<span class=\"ls1 ws1\"> </span>(earnings sensitivity)<span class=\"ls1 ws1\"> </span>The faire value of the equity<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">53,698</span> -<span class=\"ls29 ws1e1\">47,409</span> (equity value sensitivit<span class=\"_ _0\"></span>y) (= BPV)<span class=\"ls1 ws1\"> </span>For th<span class=\"_ _0\"></span>e inter<span class=\"_ _0\"></span>est gap<span class=\"_ _0\"></span> analy<span class=\"_ _0\"></span>sis bo<span class=\"_ _0\"></span>th balan<span class=\"_ _0\"></span>ce sh<span class=\"_ _0\"></span>eet and<span class=\"_ _0\"></span> off ba<span class=\"_ _0\"></span>lance <span class=\"_ _0\"></span>sheet p<span class=\"_ _9f\"></span>roducts are grou<span class=\"_ _0\"></span>ped tog<span class=\"_ _0\"></span>ether pe<span class=\"_ _0\"></span>r period o<span class=\"_ _0\"></span>f matu<span class=\"_ _0\"></span>rity. In thi<span class=\"_ _0\"></span>s way the m<span class=\"_ _0\"></span>ismat<span class=\"_ _0\"></span>ch struc<span class=\"_ _0\"></span>ture becomes visible.<span class=\"ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _4b\"> </span><span class=\"ls28 ws1e7\">\u2264 1 mon<span class=\"_ _3\"></span>th</span> <span class=\"_ _62\"> </span>1-</span><span class=\"ws1df\">3 </span>months<span class=\"ls1 ws1\">  <span class=\"_ _6e\"> </span>3-</span>12 months<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> <span class=\"_ _c7\"> </span>1-<span class=\"ls28 ws1e7\">5 yea<span class=\"_ _3\"></span>rs</span>  <span class=\"_ _6b\"> </span>5-<span class=\"ws202\">10 years</span>  <span class=\"_ _62\"> </span></span>&gt;<span class=\"_ _3\"></span> 10 years<span class=\"ls1 ws1\">  <span class=\"_ _6b\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,143,000<span class=\"ls1 ws1\"> </span>307,000<span class=\"ls1 ws1\"> </span>957,000<span class=\"ls1 ws1\"> </span>2,916,000<span class=\"ls1 ws1\"> </span>1,625,000<span class=\"ls1 ws1\"> </span>546,000<span class=\"ls1 ws1\"> </span>48,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,045,000</span> -<span class=\"ls29 ws1e1\">789,000</span> -<span class=\"ls29 ws1e1\">1,943,000</span> -<span class=\"ls29 ws1e1\">1,662,000</span> -<span class=\"ls29 ws1e1\">1,056,000</span> -<span class=\"ls29 ws1e1\">338,000</span> -<span class=\"ls29 ws1e1\">38,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>325,000<span class=\"ls1 ws1\"> </span>570,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">60,000</span> -<span class=\"ls29 ws1e1\">370,000</span> -<span class=\"ls29 ws1e1\">410,000</span> -<span class=\"ls29 ws1e1\">55,000</span> 0 Intere<span class=\"_ _3\"></span>st Ga<span class=\"_ _3\"></span>p<span class=\"ls1 ws1\"> </span>423,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>88,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">1,046,000<span class=\"_ _3\"></span></span> 884,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>159,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>153,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,786,000<span class=\"ls1 ws1\"> </span>414,000<span class=\"ls1 ws1\"> </span>1,126,000<span class=\"ls1 ws1\"> </span>2,775,000<span class=\"ls1 ws1\"> </span>1,210,000<span class=\"ls1 ws1\"> </span>345,000<span class=\"ls1 ws1\"> </span>48,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">979,000</span> -<span class=\"ls29 ws1e1\">931,000</span> -<span class=\"ls29 ws1e1\">2,457,000</span> -<span class=\"ls29 ws1e1\">1,491,000</span> -<span class=\"ls29 ws1e1\">894,000</span> -<span class=\"ls29 ws1e1\">295,000</span> -<span class=\"ls29 ws1e1\">37,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>270,000<span class=\"ls1 ws1\"> </span>515,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">80,000</span> -<span class=\"ls29 ws1e1\">355,000</span> -<span class=\"ls29 ws1e1\">310,000</span> -<span class=\"ls29 ws1e1\">40,000</span> 0 Intere<span class=\"_ _3\"></span>st Ga<span class=\"_ _3\"></span>p<span class=\"ls1 ws1\"> </span>1,077,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">2,000</span> -<span class=\"ls27 ws1df\">1,411,000<span class=\"_ _3\"></span></span> 929,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-125-5": {
   "value": "3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span>derivativ<span class=\"_ _3\"></span>es for</span> <span class=\"ls2f ws1e\">hed<span class=\"_ _3\"></span>ging the </span>i<span class=\"ls50 wscc\">nterest rate risk</span>, <span class=\"ls2f ws1e\">currency</span> <span class=\"ls3a ws20c\">ris<span class=\"_ _3\"></span>k and comm<span class=\"_ _3\"></span>odity</span> <span class=\"ls3a ws20c\">risk<span class=\"_ _3\"></span></span> Notional am<span class=\"_ _3\"></span>ount Notional am<span class=\"_ _3\"></span>ount (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2022<span class=\"ls1 ws1\"> </span>Book value <span class=\"_ _3\"></span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>I. Int<span class=\"_ _0\"></span>erest r<span class=\"_ _0\"></span>ate h<span class=\"_ _0\"></span>edges<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>88,251<span class=\"ls1 ws1\"> </span>40,000<span class=\"ls1 ws1\"> </span>568<span class=\"ls1 ws1\"> </span>Cash flow hedges<span class=\"ls1 ws1\"> </span>1,269,235<span class=\"ls1 ws1\"> </span>82,695<span class=\"ls1 ws1\"> </span>0 0 Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>185,000<span class=\"ls1 ws1\"> </span>7,732<span class=\"ls1 ws1\"> </span>140,000<span class=\"ls1 ws1\"> </span>684<span class=\"ls1 ws1\"> </span>Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>178,677<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,252<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liabilities<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value hedges <span class=\"ls1 ws1\">- </span>Bank Van Breda<span class=\"ls1 ws1\"> </span>25,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">399</span> 745,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">28,687</span> Cash flow hedges<span class=\"ls1 ws1\"> </span>0 0 930,226<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,454</span> Hedging instruments that do not<span class=\"_ _0\"></span> meet the requirements of cash flow hedging<span class=\"ls1 ws1\"> </span>15,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23</span> 280,000<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">5,599</span> Accrued interest<span class=\"ls1 ws1\"> </span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">422</span> -<span class=\"ls27 ws1df\">54,740</span> II. Cur<span class=\"_ _0\"></span>rency hed<span class=\"_ _0\"></span>ges<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>198,298<span class=\"ls1 ws1\"> </span>2,549<span class=\"ls1 ws1\"> </span>183,934<span class=\"ls1 ws1\"> </span>2,043<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>1,148,935<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">84,188</span> 1,354,132<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">35,295</span> -<span class=\"ls27 ws1df\">81,639</span> -<span class=\"ls27 ws1df\">33,252</span> III.<span class=\"_ _3\"></span> Commodity <span class=\"_ _3\"></span>risks<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>2,044<span class=\"ls1 ws1\"> </span>2,651<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,175</span> -<span class=\"ls29 ws1e1\">314</span> 869<span class=\"ls1 ws1\"> </span>2,337<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Reconc<span class=\"_ _0\"></span>iliat<span class=\"_ _0\"></span>ion wit<span class=\"_ _0\"></span>h conso<span class=\"_ _9f\"></span>lidated<span class=\"_ _0\"></span> balanc<span class=\"_ _0\"></span>e sheet<span class=\"_ _9f\"></span><span class=\"ls1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Asset si<span class=\"_ _0\"></span>de<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging instruments</span> </span>158,911<span class=\"ls1 ws1\"> </span>1,816<span class=\"ls1 ws1\"> </span>Current hedging instruments<span class=\"ls1 ws1\"> </span>24,359<span class=\"ls1 ws1\"> </span>4,129<span class=\"ls1 ws1\"> </span>183,270<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,945<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Liability side<span class=\"_ _3\"></span><span class=\"ls1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current hedging <span class=\"ws1e1\">instruments</span></span> </span>-<span class=\"ls29 ws1e1\">53,892</span> -<span class=\"ls29 ws1e1\">74,034</span> Current hedging instruments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">31,893</span> -<span class=\"ls29 ws1e1\">16,315</span> -<span class=\"ls27 ws1df\">85,785</span> -<span class=\"ls27 ws1df\">90,348</span> 3.1<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ws1\">Interest rate risk<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span>The <span class=\"_ _3\"></span><span class=\"ls33 ws23a\">intere<span class=\"_ _3\"></span>st rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span> withi<span class=\"_ _3\"></span>n the <span class=\"ff3b ls45 ws22c\">CFE<span class=\"_ _3\"></span></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f7\">group is manag<span class=\"_ _0\"></span>ed according to the type of </span></span></span>activity. The Contracting activ<span class=\"_ _0\"></span>ities are characterized by an excess of cash which<span class=\"_ _0\"></span> par<span class=\"_ _3\"></span>tially<span class=\"_ _3\"></span> compe<span class=\"_ _3\"></span>nsates<span class=\"_ _3\"></span> the <span class=\"_ _3\"></span>real e<span class=\"_ _3\"></span>state<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls6a ws29e\">commitmen<span class=\"_ _0\"></span>ts. Cash manage<span class=\"_ _0\"></span>ment is mainly<span class=\"_ _0\"></span> </span></span>centralized through the cash pooling. <span class=\"ff3b ls53 ws23d\">DEME</span><span class=\"ws1\"> <span class=\"ls33 ws1fa\">e<span class=\"_ _3\"></span>nters i<span class=\"_ _3\"></span>nto</span> <span class=\"_ _3\"></span></span>substantial financing fo<span class=\"_ _0\"></span>r the acq<span class=\"_ _0\"></span>uisitio<span class=\"_ _0\"></span>n of dr<span class=\"_ _0\"></span>edging v<span class=\"_ _0\"></span>essel<span class=\"_ _0\"></span>s. DEME<span class=\"_ _0\"></span> uses int<span class=\"_ _0\"></span>erest ra<span class=\"_ _0\"></span>te swap<span class=\"_ _0\"></span>s to achiev<span class=\"_ _9f\"></span>e the best possible balance b<span class=\"_ _0\"></span>etween financing costs and th<span class=\"_ _0\"></span>e volatility of the financi<span class=\"_ _0\"></span>al resul<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span>The <span class=\"_ _24\"></span><span class=\"ff3b ls53 ws23d\">Ren<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Port<span class=\"_ _3\"></span></span><span class=\"ff3a\"> <span class=\"_ _4\"></span>group <span class=\"_ _24\"></span><span class=\"ws233\">is<span class=\"_ _3\"></span> financ<span class=\"_ _0\"></span>ed primarily by equity, bank and shareholder </span></span></span></span>loans. Infra Asia Investmen<span class=\"_ _0\"></span>t Hong Kong entered into a new roll<span class=\"ws1\">-<span class=\"ls25 ws215\">o<span class=\"_ _0\"></span>ver faci<span class=\"_ _0\"></span>lity f<span class=\"_ _0\"></span>or a </span></span>total a<span class=\"_ _0\"></span>mount o<span class=\"_ _0\"></span>f 35 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD (in <span class=\"_ _0\"></span>additio<span class=\"_ _0\"></span>n to the<span class=\"_ _0\"></span> existing<span class=\"_ _0\"></span> 10 m<span class=\"_ _0\"></span>illion U<span class=\"_ _0\"></span>SD). <span class=\"ls54 ws279\">50% </span>of the in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>rate ri<span class=\"_ _0\"></span>sk on th<span class=\"_ _0\"></span>is credit f<span class=\"_ _0\"></span>acil<span class=\"_ _0\"></span>ity is hed<span class=\"_ _0\"></span>ged by a f<span class=\"_ _0\"></span>orward<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws215\">inte<span class=\"_ _0\"></span>rest rat<span class=\"_ _0\"></span>e </span></span>swap.<span class=\"ls1 ws1\"> </span>The hedging policy of <span class=\"ff3b ls34 ws1ea\">Next<span class=\"_ _3\"></span>ensa<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _13\"> </span><span class=\"ls33 ws276\">is t<span class=\"_ _3\"></span>o ring<span class=\"_ _3\"></span>fence th<span class=\"_ _3\"></span>e inte<span class=\"_ _3\"></span>rest rat<span class=\"_ _3\"></span>e risk<span class=\"_ _3\"></span>s for </span></span>approx<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>ly 75% of th<span class=\"_ _9f\"></span>e financi<span class=\"_ _0\"></span>al debt fo<span class=\"_ _0\"></span>r a perio<span class=\"_ _0\"></span>d of 4<span class=\"ls1 ws1\">-<span class=\"ls4b ws2e7\">5 year<span class=\"_ _3\"></span>s and </span></span>approximately 50% for the following 5 y<span class=\"_ _0\"></span>ears. The hedge ratio for the investment portfolio <span class=\"_ _24\"></span><span class=\"ls4b ws2e8\">at y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws2dd\">end 2022 is 74%, compared to 67% at year</span>-<span class=\"_ _0\"></span><span class=\"ls24 ws2dd\">end 2021. As of </span></span></span>December 31, 2022, the w<span class=\"_ _0\"></span>eighted residual matur<span class=\"_ _0\"></span>ity of the loan portfolio alloca<span class=\"_ _0\"></span>ted to the <span class=\"_ _0\"></span>invest<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>ropert<span class=\"_ _0\"></span>y evolv<span class=\"_ _9f\"></span>ed from 2.<span class=\"_ _0\"></span>98 ye<span class=\"_ _0\"></span>ars at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws26c\">end 2021 to 2.85 years </span></span>at year<span class=\"ls1 ws1\">-<span class=\"ls24 ws2ea\">end 2022. The weigh</span><span class=\"ws21a\">ted resid<span class=\"_ _0\"></span>ual maturity of the hedging products<span class=\"_ _0\"></span> </span></span>decr<span class=\"_ _3\"></span>eased fr<span class=\"_ _3\"></span>om 3.98 yea<span class=\"_ _3\"></span>rs (year<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2021) to 3.52 years at year</span>-<span class=\"ls24 ws218\">end 2022</span>. </span>The financial debts of the <span class=\"ff3b ls49 ws2ae\">AvH &amp; Gro<span class=\"_ _3\"></span>wth Capita<span class=\"_ _3\"></span>l</span><span class=\"ws1\"> <span class=\"_ _0\"></span>segment <span class=\"ls39 ws204\">entirely <span class=\"ls25 ws207\">con<span class=\"_ _0\"></span>sist of th<span class=\"_ _0\"></span>e </span></span></span>debt entered into by Agidens and Biolectri<span class=\"_ _0\"></span>c regarding of<span class=\"ls25 ws1db\">fices,<span class=\"_ _0\"></span> the car p<span class=\"_ _0\"></span>ark and <span class=\"_ _0\"></span>the </span>funding of working capital. No interest hedging contracts were outstanding at the<span class=\"_ _0\"></span> 202<span class=\"ls1 ws1\">2 <span class=\"ws1f6\">year end.</span> </span>Sens<span class=\"_ _0\"></span>itivi<span class=\"_ _0\"></span>ty anal<span class=\"_ _0\"></span>ysis<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e inter<span class=\"_ _0\"></span>est r<span class=\"_ _0\"></span>ate ris<span class=\"_ _0\"></span>k <span class=\"ls1 ws1\"> </span>If Euribor rises by 50<span class=\"_ _0\"></span> base points thi<span class=\"_ _0\"></span>s will mean an intere<span class=\"_ _0\"></span>st charge increase of <span class=\"ws1\">0<span class=\"ls31 ws206\">.9</span> </span>million euros (CFE<span class=\"ls46 ws266\">), </span><span class=\"ws20b\">ne<span class=\"_ _0\"></span>gligible due to almo<span class=\"_ _0\"></span>st 100% hedge ratio (<span class=\"ls4b ws2af\">DEME)<span class=\"_ _3\"></span>, 0.</span><span class=\"ws1\">9 <span class=\"_ _0\"></span><span class=\"ls35 ws213\">million<span class=\"_ _0\"></span> </span></span></span>euros (Nextensa), 0.1 mil<span class=\"_ _0\"></span>lion euros (Agidens)<span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls4b ws28a\">and</span> <span class=\"_ _24\"></span><span class=\"ls35 ws2c2\">0.1 million <span class=\"_ _0\"></span>euros (B<span class=\"_ _0\"></span>iolectr<span class=\"_ _0\"></span>ic)<span class=\"ls31 ws206\">. </span></span></span>AvH (&amp; subholdings)<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws213\">is <span class=\"_ _24\"></span><span class=\"ls34 ws1ea\">de<span class=\"_ _3\"></span>bt</span></span>-<span class=\"ls30 ws1eb\">free.</span> <span class=\"_ _3\"></span><span class=\"ls25 ws236\">Howev<span class=\"_ _9f\"></span>er, this do<span class=\"_ _0\"></span>es not ta<span class=\"_ _0\"></span>ke into a<span class=\"_ _0\"></span>ccoun<span class=\"_ _0\"></span>t the </span></span>imp<span class=\"_ _3\"></span>act we<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"ls25 ws1eb\">wou<span class=\"_ _0\"></span>ld ob<span class=\"_ _0\"></span>serve on<span class=\"_ _0\"></span> the ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\">. </span></span></span>3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Wisselkoersrisico<span class=\"ls1 ws1\"> </span></span>Gi<span class=\"_ _3\"></span>ven t<span class=\"_ _3\"></span>he <span class=\"ls33 ws23a\">inte<span class=\"_ _3\"></span>rnati<span class=\"_ _3\"></span>onal cha<span class=\"_ _3\"></span>racter o<span class=\"_ _3\"></span>f its busi<span class=\"_ _3\"></span>ness ope<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span>s and the ex<span class=\"_ _3\"></span>ecutio<span class=\"_ _3\"></span>n of </span>contracts in foreign cu<span class=\"_ _0\"></span>rrency, <span class=\"ff3b ls33 ws1f0\">DEME</span><span class=\"ws1\"> <span class=\"_ _9\"> </span><span class=\"ls33 ws286\">is e<span class=\"_ _3\"></span>xposed to<span class=\"_ _3\"></span> currenc<span class=\"_ _3\"></span>y risks<span class=\"_ _3\"></span>. DEME\u2019s </span></span>transa<span class=\"_ _0\"></span>ctiona<span class=\"_ _0\"></span>l for<span class=\"_ _0\"></span>eign c<span class=\"_ _0\"></span>urrenc<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span> arise<span class=\"_ _0\"></span>s from co<span class=\"_ _9f\"></span>mmercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inated<span class=\"_ _0\"></span> in<span class=\"_ _0\"></span> currenc<span class=\"_ _9f\"></span>ies other <span class=\"_ _0\"></span>than t<span class=\"_ _0\"></span>he eu<span class=\"_ _0\"></span>ro.<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls40 ws218\">How<span class=\"_ _0\"></span>ever, <span class=\"_ _3\"></span><span class=\"ls24 ws1da\">79<span class=\"ls33 ws1f9\">% of DE<span class=\"_ _3\"></span>ME\u2019s reve<span class=\"_ _3\"></span>nues (20<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\">1</span></span></span><span class=\"ws262\">: 6<span class=\"ls1 ws1\">2<span class=\"ls4a ws2a4\">%) </span></span></span></span></span>relat<span class=\"_ _0\"></span>ed to tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _9f\"></span>ns expre<span class=\"_ _0\"></span>ssed in<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d, as <span class=\"_ _0\"></span>such, r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>ted the la<span class=\"_ _0\"></span>rgest<span class=\"_ _0\"></span> portion of DEME\u2019s revenues realised. Turnover in foreign curr<span class=\"_ _0\"></span>ency related to a.o.: US dollar, <span class=\"ls1 ws1f3\">Singapore dollar, Indian rup<span class=\"_ _0\"></span>ee, British pound, Danish krone, <span class=\"_ _0\"></span>Brazilian </span>Rea<span class=\"_ _3\"></span>l a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span><span class=\"ls1\">Urugua<span class=\"_ _0\"></span>yan peso. DEME\u2019s<span class=\"_ _0\"></span> expenses are also<span class=\"_ _0\"></span> predominantly in <span class=\"_ _0\"></span>euro, </span>except f<span class=\"_ _0\"></span>or con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re carr<span class=\"_ _0\"></span>ied out i<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-</span><span class=\"ws208\">euro cou<span class=\"_ _0\"></span>ntries.<span class=\"_ _0\"></span> The residu<span class=\"_ _0\"></span>al foreig<span class=\"_ _0\"></span>n </span>cur<span class=\"_ _3\"></span>rency ri<span class=\"_ _3\"></span>sk is as<span class=\"_ _3\"></span>sessed o<span class=\"_ _3\"></span>n a case<span class=\"ls1 ws1\">-by-<span class=\"ws259\">case basis and, if <span class=\"ls25 ws224\">ne<span class=\"_ _0\"></span>cessary,<span class=\"_ _0\"></span> DEME u<span class=\"_ _9f\"></span>ses </span></span></span>forwa<span class=\"_ _0\"></span>rd<span class=\"ls1 ws1\">-<span class=\"ws20b\">exchange contracts to hedg<span class=\"_ _0\"></span>e its residual foreign currency risk on projected </span></span>net com<span class=\"_ _0\"></span>mercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d in curr<span class=\"_ _0\"></span>encie<span class=\"_ _0\"></span>s other th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e euro.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>In the case of <span class=\"ff3b ls45 ws22c\">CFE</span><span class=\"ls25 ws1eb\">, most o<span class=\"_ _0\"></span>perat<span class=\"_ _0\"></span>ions ta<span class=\"_ _0\"></span>ke plac<span class=\"_ _0\"></span>e within th<span class=\"_ _9f\"></span>e eurozone;<span class=\"_ _0\"></span> neve<span class=\"_ _0\"></span>rthele<span class=\"_ _0\"></span>ss, </span>e<span class=\"ws1f7\">xposure to foreign <span class=\"_ _0\"></span>currency fluctuation<span class=\"_ _0\"></span>s<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws24c\">(mainly Po<span class=\"_ _9f\"></span>lish Zloty)<span class=\"ls1 ws1\"> <span class=\"ls34 ws23c\">i<span class=\"_ _3\"></span>s lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d as m<span class=\"_ _3\"></span>uch </span></span></span></span></span>as possible.<span class=\"ws1\"> </span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a\"> <span class=\"ls25 ws207\">p<span class=\"_ _0\"></span>rimar<span class=\"_ _0\"></span>ily opera<span class=\"_ _0\"></span>tes in Sou<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>ast Asia and<span class=\"_ _0\"></span> is ess<span class=\"_ _0\"></span>entially ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to an </span></span></span>exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sk relat<span class=\"_ _0\"></span>ing to the US do<span class=\"_ _0\"></span>llar and th<span class=\"_ _9f\"></span>e <span class=\"_ _3\"></span>Viet<span class=\"_ _0\"></span>names<span class=\"_ _0\"></span>e dong. Sin<span class=\"_ _0\"></span>ce the<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>subsidiaries of Rent<span class=\"ws1\">-A-<span class=\"ls33 ws236\">Port main<span class=\"_ _3\"></span>ly effec<span class=\"_ _3\"></span>t purchase<span class=\"_ _3\"></span>s and sale<span class=\"_ _3\"></span>s in loca<span class=\"_ _3\"></span>l currenci<span class=\"_ _3\"></span>es, </span></span>the gro<span class=\"_ _0\"></span>up\u2019s<span class=\"_ _0\"></span> exposu<span class=\"_ _9f\"></span>re to exch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span> rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span> in comm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al tran<span class=\"_ _0\"></span>saction<span class=\"_ _9f\"></span>s is limited in a na<span class=\"_ _0\"></span>tural way. The tr<span class=\"_ _0\"></span>anslation of the func<span class=\"_ _0\"></span>tional currency (USD) in<span class=\"_ _0\"></span>to euros<span class=\"_ _0\"></span> upon <span class=\"ls40\">consolidation embodies an exchang<span class=\"_ _0\"></span>e rate risk. <span class=\"ls1\"> </span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">operates in B<span class=\"_ _0\"></span>elgium, Luxembourg a<span class=\"_ _0\"></span>nd Austria, and i<span class=\"_ _0\"></span>s therefore not </span></span>subjec<span class=\"_ _0\"></span>t to exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e risks.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chan<span class=\"_ _0\"></span>ge ra<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>k of <span class=\"ff3b ls53 ws2a8\">Bank Van Breda</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls33 ws1fa\">is lim<span class=\"_ _3\"></span>ited, as<span class=\"_ _3\"></span> the bank o<span class=\"_ _3\"></span>nly operat<span class=\"_ _3\"></span>es </span></span>in Belgium and the nature of<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">its clients is such that it<span class=\"_ _3\"></span> does not hold any <span class=\"_ _0\"></span>significant </span></span>own currency position.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Agidens<span class=\"ff3a ws1f7\">, with i<span class=\"_ _0\"></span>ts worldwide operation<span class=\"_ _0\"></span>s, has a (limit<span class=\"_ _0\"></span>ed) exchange rate <span class=\"_ _0\"></span>exposure </span>to the US dollar and Swiss franc, and hedges its currency risk by using the same currency as much <span class=\"_ _0\"></span>as possible for the inc<span class=\"_ _0\"></span>ome and expenses in que<span class=\"_ _0\"></span>stion (natural<span class=\"_ _0\"></span> hedging). If necessary,<span class=\"_ _0\"></span> a currency swap is conclu<span class=\"_ _0\"></span>ded with approved and <span class=\"_ _0\"></span>reputable count<span class=\"_ _0\"></span>erparti<span class=\"_ _0\"></span>es. <span class=\"_ _3\"></span><span class=\"ff3b ls49 ws2bd\">Biolectr<span class=\"_ _3\"></span>ic</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f2\">has a li<span class=\"_ _3\"></span>mited GBP exposure through its branch in the </span></span>United Kingdom<span class=\"ws1\"> <span class=\"ls25 ws204\">The strateg<span class=\"_ _0\"></span>y of <span class=\"ff3b ls6e ws289\">AvH</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ws215\">to l<span class=\"_ _0\"></span>ook towa<span class=\"_ _0\"></span>rds em<span class=\"_ _0\"></span>erging m<span class=\"_ _0\"></span>arkets <span class=\"_ _0\"></span>resu<span class=\"_ _0\"></span>lted </span></span></span>in investments in Indi<span class=\"_ _0\"></span>an rupees (Sagar Cements, <span class=\"_ _0\"></span>the Healthquad I and II Fund<span class=\"_ _0\"></span>s and Medikabazaar) and in <span class=\"ls53 ws23d\">US<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>Dollar (<span class=\"_ _9f\"></span>the Ventu<span class=\"_ _0\"></span>ri Partn<span class=\"_ _0\"></span>ers Fund <span class=\"_ _0\"></span>I<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws24b\">and Convergent </span></span>Finance<span class=\"ls25 ws1eb\">). Th<span class=\"_ _0\"></span>is risk <span class=\"_ _0\"></span>is not h<span class=\"_ _0\"></span>edged<span class=\"_ _0\"></span> as it con<span class=\"_ _0\"></span>cerns lo<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span><span class=\"ws1db\">t<span class=\"_ _0\"></span>erm invest<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The remaining fully consolidat<span class=\"_ _0\"></span>ed participations are not subject to significant<span class=\"_ _0\"></span> exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sks sinc<span class=\"_ _0\"></span>e they mai<span class=\"_ _0\"></span>nly ope<span class=\"_ _0\"></span>rate in the eu<span class=\"_ _0\"></span>rozon<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>Various non<span class=\"ls1 ws1\">-<span class=\"ws241\">fully consolidated particip<span class=\"_ _0\"></span>ations such as Delen Private Bank, SIPEF and </span></span>Ve<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nt Bi<span class=\"_ _3\"></span>o<span class=\"ls25 ws1fc\">scien<span class=\"_ _0\"></span>ce, as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>Turbo\u2019s <span class=\"_ _0\"></span>Hoet Gro<span class=\"_ _9f\"></span>ep and othe<span class=\"_ _0\"></span>rs, oper<span class=\"_ _0\"></span>ate to <span class=\"_ _0\"></span>a </span>signif<span class=\"_ _0\"></span>icant <span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>t outsi<span class=\"_ _0\"></span>de the <span class=\"_ _0\"></span>eurozo<span class=\"_ _0\"></span>ne. Th<span class=\"_ _0\"></span>is may g<span class=\"_ _9f\"></span>ive rise t<span class=\"_ _0\"></span>o grea<span class=\"_ _0\"></span>ter ri<span class=\"_ _0\"></span>sks as <span class=\"_ _0\"></span>a resul<span class=\"_ _0\"></span>t of geopo<span class=\"_ _9f\"></span>litical d<span class=\"_ _0\"></span>evelopm<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>ts. <span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chang<span class=\"_ _0\"></span>e rate <span class=\"_ _0\"></span>risk in<span class=\"_ _0\"></span> each of<span class=\"_ _0\"></span> thes<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span>s is <span class=\"ls1 ws1f5\">fol<span class=\"_ _0\"></span>lowed up and controll<span class=\"_ _0\"></span>ed at the </span>level of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipa<span class=\"_ _0\"></span>tion itse<span class=\"_ _0\"></span>lf.<span class=\"ls1 ws1\"> </span>The exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e rat<span class=\"_ _0\"></span>e risk at <span class=\"ff3b ls4c ws2b0\">D<span class=\"_ _0\"></span>elen Priv<span class=\"_ _0\"></span>ate Bank<span class=\"ff3a ls1 ws1\"> <span class=\"ws1fe\">is limited to the foreign cu<span class=\"_ _0\"></span>rrency </span></span></span>subsidiaries (JM Finn and t<span class=\"_ _3\"></span>o a lesser extent Delen Suisse). The net e<span class=\"_ _3\"></span>xposu<span class=\"_ _0\"></span>re to the British<span class=\"_ _9f\"></span> Pound i<span class=\"_ _0\"></span>s curren<span class=\"_ _9f\"></span>tly limited<span class=\"_ _9f\"></span> as the i<span class=\"_ _0\"></span>mpact<span class=\"_ _0\"></span> of a<span class=\"_ _0\"></span>ny exch<span class=\"_ _0\"></span>ange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tion on<span class=\"_ _9f\"></span> the JM Finn equ<span class=\"_ _0\"></span>ity is neutralized by <span class=\"_ _0\"></span>an opposite impact on <span class=\"_ _0\"></span>the liquidity obligatio<span class=\"_ _0\"></span>n on the remaining 7% minori<span class=\"_ _0\"></span>ty stake in JM Finn. At <span class=\"ff3b ls4b ws28a\">SIPEF<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"ls33 ws1eb\">the majori<span class=\"_ _3\"></span>ty of t<span class=\"_ _3\"></span>he cos<span class=\"_ _3\"></span>ts </span></span>ar<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ed abr<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>d (in<span class=\"_ _3\"></span> Indo<span class=\"_ _3\"></span><span class=\"ls42 ws2eb\">n<span class=\"_ _0\"></span>esia and <span class=\"_ _0\"></span>Papua <span class=\"_ _0\"></span>New Guine<span class=\"_ _0\"></span>a), whe<span class=\"_ _0\"></span>reas sal<span class=\"_ _0\"></span>es are </span>reali<span class=\"_ _0\"></span>sed in USD<span class=\"_ _0\"></span>. This is a s<span class=\"_ _0\"></span>tructu<span class=\"_ _0\"></span>ral risk th<span class=\"_ _0\"></span>at is no<span class=\"_ _0\"></span>t hedged by<span class=\"_ _0\"></span> the compa<span class=\"_ _0\"></span>ny and i<span class=\"_ _0\"></span>s therefo<span class=\"_ _9f\"></span>re consider<span class=\"_ _0\"></span>ed as a gen<span class=\"_ _0\"></span>eral bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> risk. Tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>nal risk<span class=\"_ _0\"></span>s are gen<span class=\"_ _0\"></span>erally<span class=\"_ _9f\"></span> limited by short payment terms, and trans<span class=\"_ _0\"></span>l<span class=\"ls34 ws1fe\">a<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span> dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces<span class=\"_ _3\"></span> are<span class=\"_ _3\"></span> lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d by<span class=\"_ _3\"></span> maki<span class=\"_ _3\"></span>ng </span>the functional currency and reporting curr<span class=\"_ _0\"></span>ency the same as much as possible. Turbo\u2019s Hoet Groep<span class=\"ff3a ls35\">, fin<span class=\"_ _9f\"></span>ally has dev<span class=\"_ _0\"></span>eloped a<span class=\"_ _0\"></span> signifi<span class=\"_ _0\"></span>cant lev<span class=\"_ _0\"></span>el of act<span class=\"_ _0\"></span>ivity in E<span class=\"_ _0\"></span>astern<span class=\"_ _0\"></span> </span>Europ<span class=\"_ _0\"></span>e. Turbo<span class=\"_ _0\"></span>\u2019s Hoe<span class=\"_ _0\"></span>t Groep <span class=\"_ _0\"></span>realiz<span class=\"_ _0\"></span>es its tu<span class=\"_ _9f\"></span>rnover in th<span class=\"_ _0\"></span>ose m<span class=\"_ _0\"></span>arkets on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of<span class=\"_ _9f\"></span> local currency. Although Tu<span class=\"_ _0\"></span>rbo\u2019s Hoet Groep tries to pass on the impa<span class=\"_ _0\"></span>ct of any deprec<span class=\"_ _0\"></span>iation<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se loca<span class=\"_ _0\"></span>l curre<span class=\"_ _0\"></span>ncies <span class=\"_ _0\"></span>to the fin<span class=\"_ _0\"></span>al cu<span class=\"_ _0\"></span>stomer,<span class=\"_ _0\"></span> market <span class=\"_ _0\"></span>condi<span class=\"_ _0\"></span>tions d<span class=\"_ _0\"></span>o not alw<span class=\"_ _0\"></span>ays allo<span class=\"_ _0\"></span>w it.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">Turbo\u2019s Ho<span class=\"_ _0\"></span>et Group<span class=\"_ _0\"></span> has subsidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s in Russi<span class=\"ls1 ws20b\">a and Belarus that </span></span></span>are ac<span class=\"_ _0\"></span>tive in<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le and <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>cing of<span class=\"_ _0\"></span> truck<span class=\"_ _0\"></span>s. In <span class=\"_ _0\"></span>the cou<span class=\"_ _0\"></span>rse of 2<span class=\"_ _0\"></span>022, <span class=\"_ _0\"></span>THG lim<span class=\"_ _0\"></span>ited it<span class=\"_ _0\"></span>s exp<span class=\"_ _3\"></span>osure t<span class=\"_ _3\"></span>o those ma<span class=\"_ _3\"></span>rkets<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Some o<span class=\"_ _0\"></span>f the m<span class=\"_ _0\"></span>ain exch<span class=\"_ _9f\"></span>ange rate<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>have b<span class=\"_ _0\"></span>een us<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>nvert t<span class=\"_ _0\"></span>he balan<span class=\"_ _9f\"></span>ce sheet<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>esults o<span class=\"_ _0\"></span>f the <span class=\"ls1 ws1f6\">for<span class=\"_ _0\"></span>eign entities into euro<span class=\"ws1\">.</span></span>Conversion from fo<span class=\"_ _3\"></span>reign currency to Euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"><span class=\"fc3 sc0\"> </span></span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _3b\"> </span><span class=\"ws211\">Average rate</span> </span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _4d\"> </span><span class=\"ws211\">Average rate<span class=\"_ _3\"></span></span> </span>Australian Dollar<span class=\"ls1 ws1\"> </span>0.6366<span class=\"ls1 ws1\"> </span>0.6570<span class=\"ls1 ws1\"> </span>Polish Zloty<span class=\"ls1 ws1\"> </span>0.2135<span class=\"ls1 ws1\"> </span>0.2139<span class=\"ls1 ws1\"> </span>British Pound<span class=\"ls1 ws1\"> </span>1.1303<span class=\"ls1 ws1\"> </span>1.1717<span class=\"ls1 ws1\"> </span>Singapore Dollar<span class=\"ls1 ws1\"> </span>0.6974<span class=\"ls1 ws1\"> </span>0.6876<span class=\"ls1 ws1\"> </span>Brazilian Real<span class=\"ls1 ws1\"> </span>0.1768<span class=\"ls1 ws1\"> </span>0.1835<span class=\"ls1 ws1\"> </span>Taiwan Dollar<span class=\"ls1 ws1\"> </span>0.0306<span class=\"ls1 ws1\"> </span>0.0319<span class=\"ls1 ws1\"> </span>Egyptian Pound<span class=\"ls1 ws1\"> </span>0.0378<span class=\"ls1 ws1\"> </span>0.0498<span class=\"ls1 ws1\"> </span>US Dollar<span class=\"ls1 ws1\"> </span>0.9344<span class=\"ls1 ws1\"> </span>0.9462<span class=\"ls1 ws1\"> </span>Danish Krone<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>Vietnamese Dong<span class=\"ls1 ws1\"> </span>0.00003957<span class=\"ls1 ws1\"> </span>0.00004058<span class=\"ls1 ws1\"> </span>Indian Rupee<span class=\"ls1 ws1\"> </span>0.0113<span class=\"ls1 ws1\"> </span>0.0121<span class=\"ls1 ws1\"> </span>The table below gives a<span class=\"_ _0\"></span>n overview of the relevant financ<span class=\"_ _0\"></span>ial instruments used <span class=\"ls4b ws24e\">at DEM<span class=\"_ _3\"></span>E</span><span class=\"ws1\"> </span>and to a l<span class=\"_ _0\"></span>esser extent CFE<span class=\"ws1\">: </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Notional val<span class=\"_ _3\"></span>ue<span class=\"ls1 ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term <span class=\"ls29 ws1e1\">purchases<span class=\"ls1 ws1\">  </span></span>110,362<span class=\"ls1 ws1\"> </span>73,464<span class=\"ls1 ws1\"> </span>0 7,510<span class=\"ls1 ws1\"> </span>0 6,963<span class=\"ls1 ws1\"> </span>198,298<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Term sales<span class=\"ls1 ws1\">  </span>1,100,913<span class=\"ls1 ws1\"> </span>0 28,375<span class=\"ls1 ws1\"> </span>6,104<span class=\"ls1 ws1\"> </span>5,670<span class=\"ls1 ws1\"> </span>7,873<span class=\"ls1 ws1\"> </span>1,148,93<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term purchases<span class=\"ls1 ws1\">  </span>463<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">580</span> 0 -<span class=\"ls29 ws1e1\">91</span> 0 -<span class=\"ls29 ws1e1\">12</span> -<span class=\"ls27 ws1df\">221</span> Term sales<span class=\"ls1 ws1\">  </span>81,342<span class=\"ls1 ws1\"> </span>0 298<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">177</span> 369<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">414</span> 81,418<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - <span class=\"ls6f ws1f4\">DEME 2022</span> </span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>4,309<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,899</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>11,871<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,871</span> Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - </span><span class=\"ls62\">DEM<span class=\"_ _3\"></span>E 202<span class=\"_ _3\"></span><span class=\"ls1 ws1\">1 </span></span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>2,593<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,346</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>18,894<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,894</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span>assets an<span class=\"_ _3\"></span>d liabilit<span class=\"_ _3\"></span>ies p<span class=\"_ _3\"></span>er cate<span class=\"_ _3\"></span>gory</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L (FVPL)<span class=\"ls1 ws1\"> </span>249,656<span class=\"ls1 ws1\"> </span>225,541<span class=\"ls1 ws1\"> </span>249,656<span class=\"ls1 ws1\"> </span>225,541<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> </span>0 20,005<span class=\"ls1 ws1\"> </span>0 20,005<span class=\"ls1 ws1\"> </span>Receivables and c<span class=\"_ _3\"></span>ash<span class=\"ws1\"> </span>Financial fixed assets <span class=\"ls1 ws1\">-<span class=\"_ _0\"></span> <span class=\"ls29 ws1e0\">receivables and warranties</span> </span>189,875<span class=\"ls1 ws1\"> </span>158,687<span class=\"ls1 ws1\"> </span>189,875<span class=\"ls1 ws1\"> </span>158,687<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e1\">receivables<span class=\"ls1 ws1\"> </span></span>127,871<span class=\"ls1 ws1\"> </span>146,332<span class=\"ls1 ws1\"> </span>127,871<span class=\"ls1 ws1\"> </span>146,332<span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>719,214<span class=\"ls1 ws1\"> </span>628,710<span class=\"ls1 ws1\"> </span>719,214<span class=\"ls1 ws1\"> </span>628,710<span class=\"ls1 ws1\"> </span>Cash and cash equivalents<span class=\"ls1 ws1\"> </span>1,160,972<span class=\"ls1 ws1\"> </span>883,730<span class=\"ls1 ws1\"> </span>1,160,972<span class=\"ls1 ws1\"> </span>883,730<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">receivables fr<span class=\"_ _0\"></span>om credit institutions &amp; clients<span class=\"ls1 ws1\"> </span></span></span>6,780,990<span class=\"ls1 ws1\"> </span>7,479,264<span class=\"ls1 ws1\"> </span>6,940,242<span class=\"ls1 ws1\"> </span>7,110,893<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ws1\"> </span>Level 2<span class=\"ws1\"> </span>Level 3<span class=\"ws1\"> </span>Level 1<span class=\"ws1\"> </span>Level 2<span class=\"ws1\"> </span>Level 3<span class=\"ws1\"> </span>Financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through P/L <span class=\"ls2b ws1dd\">(FVPL<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span></span>152,405<span class=\"ls1 ws1\"> </span>97,251<span class=\"ls1 ws1\"> </span>173,254<span class=\"ls1 ws1\"> </span>52,287<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : bonds <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>502,908<span class=\"ls1 ws1\"> </span>507,529<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> : shares <span class=\"ls1 ws1\">- </span>Fair value through OCI (FVOCI)<span class=\"ls1 ws1\"> </span>263<span class=\"ls1 ws1\"> </span>259<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- <span class=\"ls2b ws1df\">a<span class=\"_ _3\"></span>t amortised co<span class=\"_ _3\"></span>st</span> </span>0 20,005<span class=\"ls1 ws1\"> </span>Receivables and c<span class=\"_ _3\"></span>ash<span class=\"ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">receivables fr<span class=\"_ _0\"></span>om credit institutions &amp; clients<span class=\"ls1 ws1\"> </span></span></span>751,761<span class=\"ls1 ws1\"> </span>6,029,229<span class=\"ls1 ws1\"> </span>1,362,479<span class=\"ls1 ws1\"> </span>6,116,785<span class=\"ls1 ws1\"> </span>Bank<span class=\"_ _3\"></span>s <span class=\"ls1 ws1\">- <span class=\"ls29 ws1e0\">changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span></span></span>-<span class=\"ls29 ws1e1\">89,733</span> 25,705<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>183,270<span class=\"ls1 ws1\"> </span>5,945<span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>1,577,488<span class=\"ls1 ws1\"> </span>1,571,727<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>29,899<span class=\"ls1 ws1\"> </span>219,061<span class=\"ls1 ws1\"> </span>Surbordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>97,344<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,713<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; <span class=\"ls28 ws1de\">securi<span class=\"_ _3\"></span>ties</span></span> 6,792,663<span class=\"ls1 ws1\"> </span>7,059,336<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>The fair values must be cla<span class=\"_ _0\"></span>ssified in three levels accordin<span class=\"_ _0\"></span>g to the valuation hierarchy of IFRS 13, depending on <span class=\"_ _0\"></span>the type of input used for the <span class=\"ls40 ws2cf\">valuation of<span class=\"_ _0\"></span> </span>financ<span class=\"_ _0\"></span>ial instru<span class=\"_ _0\"></span>ments:<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws224\">Param<span class=\"_ _0\"></span>eters f<span class=\"_ _0\"></span>or <span class=\"ff3b ls4c ws2ed\">level<span class=\"_ _0\"></span> 1 instrum<span class=\"_ _0\"></span>ents<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws220\">are unadjusted quoted prices in active </span></span></span></span></span>marke<span class=\"_ _0\"></span>ts for ident<span class=\"_ _0\"></span>ical ass<span class=\"_ _0\"></span>ets and lia<span class=\"_ _0\"></span>bilitie<span class=\"_ _0\"></span>s. No valuatio<span class=\"_ _9f\"></span>n technique (<span class=\"_ _0\"></span>model) is<span class=\"_ _0\"></span> used. I<span class=\"_ _0\"></span>n level 1, w<span class=\"_ _0\"></span>e find al<span class=\"_ _0\"></span>l financ<span class=\"_ _0\"></span>ial asset<span class=\"_ _0\"></span>s (valu<span class=\"_ _0\"></span>ed at fai<span class=\"_ _0\"></span>r value, w<span class=\"_ _0\"></span>ith incorporation of value cha<span class=\"_ _0\"></span>nges in the unrealised results) wit<span class=\"_ _0\"></span>h a public listing in an activ<span class=\"_ _9f\"></span>e market.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws232\">Param<span class=\"_ _0\"></span>eters f<span class=\"_ _0\"></span>or <span class=\"ff3b ls3f ws226\">l<span class=\"_ _0\"></span>evel 2 i<span class=\"_ _0\"></span>nstrum<span class=\"_ _9f\"></span>ents<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws232\">are pri<span class=\"_ _0\"></span>ces q<span class=\"_ _0\"></span>uoted f<span class=\"_ _0\"></span>or sim<span class=\"_ _9f\"></span>ilar asse<span class=\"_ _0\"></span>ts and<span class=\"_ _0\"></span> </span></span></span></span></span>liabil<span class=\"_ _0\"></span>ities in<span class=\"_ _0\"></span> activ<span class=\"_ _0\"></span>e marke<span class=\"_ _0\"></span>ts, or da<span class=\"_ _0\"></span>ta bas<span class=\"_ _0\"></span>ed on o<span class=\"_ _0\"></span>r support<span class=\"_ _0\"></span>ed by o<span class=\"_ _0\"></span>bserv<span class=\"_ _0\"></span>able ma<span class=\"_ _0\"></span>rket da<span class=\"_ _3\"></span>ta. A<span class=\"_ _3\"></span> valu<span class=\"_ _3\"></span>ati<span class=\"_ _3\"></span>on te<span class=\"_ _3\"></span>chni<span class=\"_ _3\"></span>que<span class=\"_ _3\"></span> (mode<span class=\"_ _3\"></span>l)<span class=\"_ _3\"></span> is use<span class=\"_ _3\"></span>d, ba<span class=\"_ _3\"></span>sed<span class=\"_ _3\"></span> on obs<span class=\"_ _3\"></span>e<span class=\"ls33 ws236\">rva<span class=\"_ _3\"></span>ble para<span class=\"_ _3\"></span>meters </span>such as:<span class=\"ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ws1f6\">the actual value of the future <span class=\"_ _0\"></span>cashflows (discounted cashflow m<span class=\"_ _0\"></span>odel)<span class=\"ws1\"> </span></span></span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws22a\">the comp<span class=\"_ _9f\"></span>arison wit<span class=\"_ _0\"></span>h the<span class=\"_ _0\"></span> curr<span class=\"_ _0\"></span>ent or<span class=\"_ _0\"></span> rece<span class=\"_ _0\"></span>nt fair v<span class=\"_ _0\"></span>alue f<span class=\"_ _9f\"></span>rom anoth<span class=\"_ _0\"></span>er sim<span class=\"_ _0\"></span>ilar </span></span>instrument \uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws215\">the det<span class=\"_ _0\"></span>ermina<span class=\"_ _0\"></span>tion of pr<span class=\"_ _0\"></span>ices by <span class=\"_ _0\"></span>third pa<span class=\"_ _0\"></span>rties,<span class=\"_ _0\"></span> provid<span class=\"_ _0\"></span>ed that th<span class=\"_ _0\"></span>e price i<span class=\"_ _0\"></span>s in<span class=\"ls1 ws1\"> <span class=\"ls52 ws24e\">lin<span class=\"_ _3\"></span>e </span></span></span></span>wit<span class=\"_ _3\"></span>h alter<span class=\"_ _3\"></span>native<span class=\"_ _3\"></span> observa<span class=\"_ _3\"></span>ble para<span class=\"_ _3\"></span>meters<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>We find <span class=\"_ _0\"></span>the follo<span class=\"_ _0\"></span>wing f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s and liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s in lev<span class=\"_ _0\"></span>el 2:<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws1fa\">Cash and<span class=\"_ _0\"></span> assets w<span class=\"_ _0\"></span>ith cen<span class=\"_ _0\"></span>tral ban<span class=\"_ _0\"></span>ks: beca<span class=\"_ _0\"></span>use the<span class=\"_ _0\"></span>se assets h<span class=\"_ _0\"></span>ave a ver<span class=\"_ _0\"></span>y short<span class=\"_ _0\"></span> </span></span>term, th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e is equ<span class=\"_ _0\"></span>ated wi<span class=\"_ _0\"></span>th the b<span class=\"_ _0\"></span>ook val<span class=\"_ _0\"></span>ue.<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls39 ws257\">Rec<span class=\"_ _3\"></span>eivables<span class=\"_ _3\"></span> fro<span class=\"ls35 ws260\">m credit <span class=\"_ _0\"></span>institut<span class=\"_ _0\"></span>ions and<span class=\"_ _0\"></span> financi<span class=\"_ _0\"></span>al liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s valued a<span class=\"_ _0\"></span>t amortis<span class=\"_ _0\"></span>ed </span></span></span>cost:<span class=\"_ _0\"></span> the f<span class=\"_ _0\"></span>air val<span class=\"_ _0\"></span>ue of <span class=\"_ _0\"></span>the a<span class=\"_ _0\"></span>bove f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al inst<span class=\"_ _0\"></span>rumen<span class=\"_ _0\"></span>ts is<span class=\"_ _0\"></span> determ<span class=\"_ _0\"></span>ined <span class=\"_ _0\"></span>as the current value of future cash flows based on the applicable swap interest rat<span class=\"_ _0\"></span>e and the assumptions be<span class=\"_ _0\"></span>low:<span class=\"ws1\"> </span>- <span class=\"ls40 ws218\">Comm</span><span class=\"ws1f6\">ercial margins are <span class=\"_ _0\"></span>taken into account when re<span class=\"_ _0\"></span>pricing;<span class=\"ws1\"> </span></span>- <span class=\"ls25 ws1eb\">No acco<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>s taken o<span class=\"_ _0\"></span>f a per<span class=\"_ _0\"></span>centag<span class=\"_ _0\"></span>e of cred<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ws1ed\">Derivatives held for<span class=\"_ _0\"></span> trading purposes and f<span class=\"_ _9f\"></span>or<span class=\"_ _3\"></span> hedgin<span class=\"_ _0\"></span>g purposes: the f<span class=\"_ _0\"></span>air value </span></span>of thes<span class=\"_ _0\"></span>e instru<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>s also de<span class=\"_ _0\"></span>termined<span class=\"_ _0\"></span> as the cu<span class=\"_ _0\"></span>rrent v<span class=\"_ _0\"></span>alue of f<span class=\"_ _0\"></span>ut<span class=\"ls34 ws275\">ure<span class=\"_ _3\"></span> ca<span class=\"_ _3\"></span>sh </span>flow<span class=\"_ _0\"></span>s based o<span class=\"_ _0\"></span>n the app<span class=\"_ _9f\"></span>licable sw<span class=\"_ _0\"></span>ap inte<span class=\"_ _0\"></span>rest r<span class=\"_ _0\"></span>ate.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_\"> </span><span class=\"ff3a fcb ls25 ws215\">Param<span class=\"_ _0\"></span>eters fo<span class=\"_ _9f\"></span>r <span class=\"ff3b ls49 ws2a6\">le<span class=\"_ _3\"></span>vel 3 instr<span class=\"_ _3\"></span>uments</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls4b ws2ee\">are no<span class=\"_ _3\"></span>n</span>-<span class=\"ls33 ws1fa\">obse<span class=\"_ _3\"></span>rvable<span class=\"_ _3\"></span> data for<span class=\"_ _3\"></span> determi<span class=\"_ _3\"></span>ning </span></span></span></span>the fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of an a<span class=\"_ _0\"></span>sset or l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ity. In t<span class=\"_ _0\"></span>his cas<span class=\"_ _0\"></span>e, use <span class=\"_ _0\"></span>is made o<span class=\"_ _0\"></span>f a valu<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> technique (model) wi<span class=\"_ _0\"></span>th (partly) non<span class=\"ws1\">-<span class=\"ls33 ws204\">observa<span class=\"_ _3\"></span>ble par<span class=\"_ _3\"></span>ameters<span class=\"_ _3\"></span>.</span> </span>We find <span class=\"_ _0\"></span>the follo<span class=\"_ _0\"></span>wing f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l assets in<span class=\"_ _0\"></span> leve<span class=\"_ _0\"></span>l 3:<span class=\"ls1 ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls33 ws1eb\">So<span class=\"_ _3\"></span>me fina<span class=\"_ _3\"></span>ncial a<span class=\"_ _3\"></span>ssets (<span class=\"ls1 ws1ed\">valued at fair value with value changes inclu<span class=\"_ _0\"></span>ded in the </span></span></span>unrealised results) for whi<span class=\"_ _0\"></span>ch no public listing is avai<span class=\"_ _0\"></span>lable.<span class=\"ws1\"> </span>\uf0a7<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a ls25 ws236\">Loans an<span class=\"_ _0\"></span>d advan<span class=\"_ _0\"></span>ces to cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>s, value<span class=\"_ _0\"></span>d at amor<span class=\"_ _0\"></span>tised c<span class=\"_ _0\"></span>ost: the f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>e </span></span>thereof<span class=\"_ _0\"></span> is de<span class=\"_ _0\"></span>termin<span class=\"_ _0\"></span>ed as<span class=\"_ _0\"></span> the curr<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lue of<span class=\"_ _0\"></span> futur<span class=\"_ _0\"></span>e cash f<span class=\"_ _0\"></span>lows <span class=\"ls34 ws1f2\">base<span class=\"_ _3\"></span>d on t<span class=\"_ _3\"></span>he </span>applicable swap inter<span class=\"_ _0\"></span>est rate and the assumptions b<span class=\"_ _0\"></span>elow:<span class=\"ws1\"> </span>-  <span class=\"_ _24\"></span><span class=\"ws1ed\">Commercial margins are t<span class=\"_ _3\"></span>aken into account when repricing;</span> -  <span class=\"_ _24\"></span><span class=\"ls25 ws1eb\">A percen<span class=\"_ _0\"></span>tage of e<span class=\"_ _0\"></span>arly r<span class=\"_ _0\"></span>epaym<span class=\"_ _0\"></span>ents and <span class=\"_ _0\"></span>cap opt<span class=\"_ _0\"></span>ions i<span class=\"_ _0\"></span>s taken in<span class=\"_ _0\"></span>to acco<span class=\"_ _0\"></span>unt;<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>-  <span class=\"_ _24\"></span><span class=\"ws1f6\">No account is taken of a percentag<span class=\"_ _0\"></span>e of credit l<span class=\"ls25 ws1ec\">osses.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span></span>The fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>rities<span class=\"_ _0\"></span> in th<span class=\"_ _0\"></span>e investment portfoli<span class=\"_ _0\"></span>o<span class=\"ff3a ws1\"> <span class=\"_ _4\"> </span><span class=\"ls34 ws24b\">o<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> Gro<span class=\"_ _3\"></span>up is<span class=\"_ _3\"></span> </span></span>determined on the basis of the li<span class=\"_ _0\"></span>sting on the public market (level 1). The <span class=\"_ _0\"></span>same ap<span class=\"_ _3\"></span>plie<span class=\"_ _3\"></span>d t<span class=\"_ _3\"></span>o the<span class=\"_ _3\"></span> <span class=\"ff3b ws1ea\">b<span class=\"_ _3\"></span>ond</span><span class=\"ls1 ws1\"> <span class=\"_ _0\"></span><span class=\"ws20b\">issued by BPI (2021<span class=\"_ _0\"></span>). The bonds iss<span class=\"_ _0\"></span>ued by Nextensa and <span class=\"_ _0\"></span>Rent<span class=\"ws1\">-</span></span></span>A-<span class=\"ls24 ws218\">Port (2021<span class=\"ls25 ws1eb\">) are rep<span class=\"_ _9f\"></span>orted und<span class=\"_ _0\"></span>er leve<span class=\"_ _0\"></span>l 2.<span class=\"ls1 ws1\"> </span></span></span>The abov<span class=\"_ _9f\"></span>e table giv<span class=\"_ _0\"></span>es no fair v<span class=\"_ _0\"></span>alue inf<span class=\"_ _0\"></span>ormat<span class=\"_ _0\"></span>ion for f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al asse<span class=\"_ _0\"></span>ts and liab<span class=\"_ _9f\"></span>ilities that a<span class=\"_ _0\"></span>re not <span class=\"_ _0\"></span>measu<span class=\"_ _0\"></span>red at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alue, <span class=\"_ _0\"></span>such as<span class=\"_ _0\"></span> receiva<span class=\"_ _0\"></span>bles <span class=\"_ _0\"></span>and wa<span class=\"_ _0\"></span>rrantie<span class=\"_ _0\"></span>s, oth<span class=\"_ _0\"></span>er receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd paya<span class=\"_ _0\"></span>bles, trad<span class=\"_ _9f\"></span>e receivab<span class=\"ls1 ws241\">l<span class=\"_ _0\"></span>es and trade payab<span class=\"_ _0\"></span>les, advance payments, </span>am<span class=\"_ _3\"></span>oun<span class=\"_ _3\"></span>ts pay<span class=\"_ _3\"></span>able<span class=\"_ _3\"></span> rega<span class=\"_ _3\"></span>rdi<span class=\"_ _3\"></span>ng re<span class=\"_ _3\"></span>mune<span class=\"_ _3\"></span>rati<span class=\"_ _3\"></span>on a<span class=\"_ _3\"></span>nd so<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span> secu<span class=\"_ _3\"></span>rit<span class=\"_ _3\"></span>y, and<span class=\"_ _3\"></span> cas<span class=\"_ _3\"></span>h and ca<span class=\"_ _3\"></span>sh equiv<span class=\"_ _0\"></span>alents,<span class=\"_ _0\"></span> since th<span class=\"_ _0\"></span>eir carry<span class=\"_ _0\"></span>ing amou<span class=\"_ _0\"></span>nt is a rea<span class=\"_ _0\"></span>sonab<span class=\"_ _0\"></span>le approx<span class=\"_ _0\"></span>imatio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>eir fair<span class=\"_ _0\"></span> va<span class=\"_ _3\"></span>lue.2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Financial <span class=\"_ _3\"></span><span class=\"ls36 ws200\">assets</span>: at fa<span class=\"_ _3\"></span>ir valu<span class=\"_ _3\"></span>e <span class=\"ls2f ws1e\">through OCI <span class=\"_ _3\"></span>or through P/<span class=\"_ _3\"></span>L</span></span> Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets : at<span class=\"_ _0\"></span> fair value thr<span class=\"_ _0\"></span>ough OCI or through P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2021<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>131,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>51,155<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>475,164<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,003<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>546,322<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>131,391<span class=\"ls1 ws1\"> </span>51,155<span class=\"ls1 ws1\"> </span>463,025<span class=\"ls1 ws1\"> </span>20,003<span class=\"ls1 ws1\"> </span>534,183<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>11,246<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>893<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>24,453<span class=\"ls1 ws1\"> </span>66<span class=\"ls1 ws1\"> </span>88,967<span class=\"ls1 ws1\"> </span>107,601<span class=\"ls1 ws1\"> </span>196,635<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">1,108</span> -<span class=\"ls29 ws1e1\">100</span> -<span class=\"ls29 ws1e1\">1,208</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">14,971</span> -<span class=\"ls29 ws1e1\">7,770</span> -<span class=\"ls29 ws1e1\">48,253</span> -<span class=\"ls29 ws1e1\">107,500</span> -<span class=\"ls29 ws1e1\">163,523</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>36,338<span class=\"ls1 ws1\"> </span>4,739<span class=\"ls1 ws1\"> </span>0 4,739<span class=\"ls1 ws1\"> </span>Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVOCI)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">8,347</span> -<span class=\"ls29 ws1e1\">8,347</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>140<span class=\"ls1 ws1\"> </span>-1 1,505<span class=\"ls1 ws1\"> </span>1 1,505<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 -<span class=\"ls29 ws1e1\">140</span> 0 -<span class=\"ls29 ws1e1\">140</span> Financial ass<span class=\"_ _3\"></span>ets: ending <span class=\"ls2b ws1e4\">bala<span class=\"_ _3\"></span>nce at fair va<span class=\"_ _3\"></span>lue</span><span class=\"ls1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value <span class=\"ls2b ws1dd\">(FVO<span class=\"_ _3\"></span>CI)<span class=\"ls1 ws1\"> </span></span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Financial fixed Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Investments <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls28 ws1de\">at </span></span>Investments<span class=\"ls1 ws1\">  <span class=\"_ _3\"></span>- </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>assets <span class=\"ls1 ws1\">- <span class=\"_ _0\"></span><span class=\"ls2b ws1dd\">FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span></span>FVPL<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>FVOCI<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>amortised<span class=\"_ _3\"></span> cost<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets :<span class=\"_ _0\"></span> at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h OCI or <span class=\"ls32 ws29a\">t<span class=\"_ _0\"></span>hrough </span>P/L <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ls2e\">f<span class=\"_ _0\"></span>inanci<span class=\"_ _0\"></span>al year<span class=\"_ _0\"></span> 2022<span class=\"_ _0\"></span><span class=\"ls1\"> </span></span></span>Financial assets: op<span class=\"_ _3\"></span>ening balance at f<span class=\"_ _3\"></span>air value<span class=\"ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>48,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>507,788<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>575,982<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>177,351<span class=\"ls1 ws1\"> </span>48,190<span class=\"ls1 ws1\"> </span>504,139<span class=\"ls1 ws1\"> </span>20,005<span class=\"ls1 ws1\"> </span>572,334<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>adjustment to fair value<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>2,895<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>753<span class=\"ls1 ws1\"> </span>Additions<span class=\"ls1 ws1\"> </span>33,058<span class=\"ls1 ws1\"> </span>15,028<span class=\"ls1 ws1\"> </span>172,660<span class=\"ls1 ws1\"> </span>107,486<span class=\"ls1 ws1\"> </span>295,174<span class=\"ls1 ws1\"> </span>Additions through business combinations<span class=\"ls1 ws1\"> </span>0 0 0 0 0 Actuarial retu<span class=\"_ _3\"></span>rn<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">731</span> -<span class=\"ls29 ws1e1\">731</span> Disposa<span class=\"_ _3\"></span>ls (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>-<span class=\"ls29 ws1e1\">618</span> -<span class=\"ls29 ws1e1\">15,254</span> -<span class=\"ls29 ws1e1\">120,595</span> -<span class=\"ls29 ws1e1\">127,500</span> -<span class=\"ls29 ws1e1\">263,349</span> Disposals through business dis<span class=\"_ _0\"></span>posals (<span class=\"ls1 ws1\">-)<span class=\"_ _3\"></span> </span>0 0 0 0 0 Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value (FVPL)<span class=\"ls1 ws1\"> </span>1,402<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">6,636</span> 0 -<span class=\"ls29 ws1e1\">6,636</span> Increase (decrease) th<span class=\"_ _0\"></span>rough changes in fair value <span class=\"ls2b ws1dd\">(FVOCI)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">58,551</span> -<span class=\"ls29 ws1e1\">58,551</span> Impairment losses recog<span class=\"_ _0\"></span>nized in the income statement (<span class=\"ls1 ws1\">-) </span>0 0 Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decrease)<span class=\"ls1 ws1\"> </span>8 0 2,173<span class=\"ls1 ws1\"> </span>0 2,173<span class=\"ls1 ws1\"> </span>Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,872</span> 0 0 0 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 427<span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>437<span class=\"ls1 ws1\"> </span>Financial assets: en<span class=\"_ _3\"></span>ding balance at fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>41,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>503,171<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>carrying amount (including accumulated fair value adjustments through P/L <span class=\"ls1 ws1\">- <span class=\"ls2b ws1dd\">FVPL)</span> </span>208,328<span class=\"ls1 ws1\"> </span>41,328<span class=\"ls1 ws1\"> </span>557,646<span class=\"ls1 ws1\"> </span>0 598,974<span class=\"ls1 ws1\"> </span>Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span><span class=\"ws211\">adjustment to <span class=\"ls2b ws1df\">fair value (F<span class=\"_ _3\"></span>VOCI)<span class=\"ls1 ws1\"> </span></span></span>-<span class=\"ls29 ws1e1\">55,655</span> -<span class=\"ls29 ws1e1\">55,655</span> Financial assets<span class=\"_ _0\"></span> <span class=\"ls1 ws1\">- </span>ac<span class=\"_ _3\"></span>crued inter<span class=\"_ _0\"></span>est<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>1,180<span class=\"ls1 ws1\"> </span>The <span class=\"_ _4\"> </span><span class=\"ff3b ls49 ws2f1\">Fina<span class=\"_ _3\"></span>ncial asse<span class=\"_ _3\"></span>ts at fa<span class=\"_ _3\"></span>ir value t<span class=\"_ _3\"></span>hrough P<span class=\"_ _3\"></span>rofit&amp;Loss </span><span class=\"ls1 ws233\">i<span class=\"_ _3\"></span>nclude th<span class=\"_ _0\"></span>e non<span class=\"ws1\">-</span></span>conso<span class=\"_ _0\"></span>lidated p<span class=\"_ _0\"></span>artici<span class=\"_ _0\"></span>pation<span class=\"_ _0\"></span>s of \u201cAvH<span class=\"_ _0\"></span> &amp; Gr<span class=\"_ _0\"></span>owth Cap<span class=\"_ _0\"></span>ital\u201d (m<span class=\"_ _0\"></span>ainly <span class=\"_ _0\"></span>investm<span class=\"_ _0\"></span>ents with<span class=\"_ _9f\"></span> a focus on Sou<span class=\"_ _0\"></span>theast Asia/India <span class=\"_ _0\"></span>and life sciences) and <span class=\"_ _0\"></span>the investment por<span class=\"_ _0\"></span>tfolio of \u201cAvH &amp; Subholdi<span class=\"_ _0\"></span>ngs\u201d. These are <span class=\"_ _0\"></span>the main compon<span class=\"_ _0\"></span>ents of this item, <span class=\"_ _0\"></span>along with th<span class=\"ls39 ws204\">e </span>9.6% in<span class=\"_ _0\"></span>terest <span class=\"_ _0\"></span>that N<span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>sa holds <span class=\"_ _0\"></span>in Reta<span class=\"_ _0\"></span>il Est<span class=\"_ _0\"></span>ates. <span class=\"ls1 ws1\"> </span>The recognition of thes<span class=\"_ _0\"></span>e assets at fair value made, on balance, <span class=\"_ _0\"></span>a negative contr<span class=\"_ _0\"></span>ibution o<span class=\"_ _0\"></span>f 5.2 mi<span class=\"_ _0\"></span>llion<span class=\"_ _0\"></span> euros to <span class=\"_ _0\"></span>the resu<span class=\"_ _9f\"></span>lts in 2022.<span class=\"_ _0\"></span> In \u201cRea<span class=\"_ _0\"></span>l Estat<span class=\"_ _0\"></span>e &amp; Senio<span class=\"_ _0\"></span>r Care\u201d,<span class=\"_ _0\"></span> the value o<span class=\"_ _0\"></span>f the Re<span class=\"_ _0\"></span>tail Esta<span class=\"_ _0\"></span>tes sha<span class=\"_ _0\"></span>res at Nex<span class=\"_ _0\"></span>tensa w<span class=\"_ _0\"></span>as decrea<span class=\"_ _0\"></span>sed by 12<span class=\"_ _0\"></span>.7 million euros in accordance with the evol<span class=\"_ _0\"></span>ution of the share price during 2022. In \u201cAv<span class=\"_ _3\"></span>H &amp; Gr<span class=\"_ _3\"></span>owt<span class=\"_ _3\"></span>h Capi<span class=\"_ _3\"></span>tal<span class=\"_ _3\"></span>\u201d, an<span class=\"_ _3\"></span> upwa<span class=\"_ _3\"></span>rd val<span class=\"_ _3\"></span>ue ad<span class=\"_ _3\"></span>jus<span class=\"_ _3\"></span>tment<span class=\"_ _3\"></span> of 1<span class=\"_ _3\"></span>3.8 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on eur<span class=\"_ _3\"></span>os wa<span class=\"_ _3\"></span>s recognised on the non<span class=\"ws1\">-<span class=\"ls40 ws226\">consolidated parti<span class=\"_ _0\"></span>cipations of AvH Gr<span class=\"ls1 ws1f7\">owth Capital, while </span></span></span>the rev<span class=\"_ _0\"></span>aluatio<span class=\"_ _0\"></span>n at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of Av<span class=\"_ _0\"></span>H\u2019s inv<span class=\"_ _0\"></span>estment p<span class=\"_ _0\"></span>ortfol<span class=\"_ _0\"></span>io resu<span class=\"_ _0\"></span>lted in <span class=\"_ _0\"></span>a negat<span class=\"_ _0\"></span>ive value adjustment of 6.6 m<span class=\"_ _0\"></span>illion euros.<span class=\"ws1\"> </span>Dur<span class=\"_ _3\"></span>in<span class=\"_ _3\"></span>g 2022<span class=\"_ _3\"></span>, Av<span class=\"_ _3\"></span>H inve<span class=\"_ _3\"></span>ste<span class=\"_ _3\"></span>d 24.<span class=\"_ _3\"></span>9 mill<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n euro<span class=\"_ _3\"></span>s in t<span class=\"_ _3\"></span>he fur<span class=\"_ _3\"></span>the<span class=\"_ _3\"></span>r exp<span class=\"_ _3\"></span>ans<span class=\"_ _3\"></span>ion o<span class=\"_ _3\"></span>f its \u201cGrowth<span class=\"_ _0\"></span> Capi<span class=\"_ _0\"></span>tal\u201d portf<span class=\"_ _0\"></span>olio w<span class=\"_ _0\"></span>ith <span class=\"ls34 ws1f2\">foc<span class=\"_ _3\"></span>us on L<span class=\"_ _3\"></span>ife<span class=\"_ _3\"></span> Sci<span class=\"_ _3\"></span>enc<span class=\"_ _3\"></span>es a<span class=\"_ _3\"></span>nd I<span class=\"_ _3\"></span>ndi<span class=\"_ _3\"></span>a/S<span class=\"_ _3\"></span>outhe<span class=\"_ _3\"></span>ast<span class=\"_ _3\"></span> Asi<span class=\"_ _3\"></span>a, </span>mainly in Health Quad II, Medikabaz<span class=\"_ _0\"></span>aar, Venturi Fund I and the new participat<span class=\"_ _0\"></span>ions in Convergent Finance <span class=\"_ _0\"></span>and AstriVax.<span class=\"ws1\"> </span>The <span class=\"_ _0\"></span><span class=\"ls1 ws1\">\u201c<span class=\"ff3b ls4c ws268\">inves<span class=\"_ _0\"></span>tments<span class=\"ls1 ws1\">-<span class=\"ls53 ws23d\">FVOCI</span><span class=\"ff3a ws20b\">\u201d and \u201c</span><span class=\"ls45 ws2f2\">investme<span class=\"_ _3\"></span>nts at amortised cost<span class=\"ff3a ls54 ws21b\">\u201d a<span class=\"_ _3\"></span>re<span class=\"_ _3\"></span> <span class=\"ls35 ws213\">lar<span class=\"_ _0\"></span>gely </span></span></span></span></span></span>attribu<span class=\"_ _0\"></span>table<span class=\"_ _0\"></span> to Bank Van Br<span class=\"_ _0\"></span>eda, and re<span class=\"_ _0\"></span>late to tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>ns realiz<span class=\"_ _0\"></span>ed as part of it<span class=\"_ _0\"></span>s Asset &amp;<span class=\"_ _0\"></span> Liabi<span class=\"_ _0\"></span>lity ma<span class=\"_ _0\"></span>nagem<span class=\"_ _0\"></span>ent (AL<span class=\"_ _0\"></span>M).<span class=\"ls1 ws1\"> </span>Fair value in Fair value in Interest<span class=\"_ _3\"></span>% 2022 Interest<span class=\"_ _3\"></span>% 2021 Valua<span class=\"_ _3\"></span>ti<span class=\"ls2b ws1dd\">on <span class=\"ls1 ws1\">- </span></span>(\u20ac 1,000) Fina<span class=\"_ _3\"></span>ncial fixed <span class=\"_ _3\"></span>assets at F<span class=\"_ _3\"></span>air value th<span class=\"_ _3\"></span>rough P/L<span class=\"ls1 ws1\"> </span>Profi<span class=\"_ _0\"></span>t &amp; Loss Profi<span class=\"_ _0\"></span>t &amp; Loss (fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(fully diluted)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Level  2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Marine<span class=\"_ _3\"></span> Engineerin<span class=\"_ _3\"></span>g &amp; Contract<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>5,036<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,890<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 Real Estate<span class=\"_ _3\"></span> &amp; Senior Car<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>Retail Estate<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>9.6%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12,702</span> 16,621<span class=\"ls1 ws1\"> </span>Small stakes<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>305<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>83,782<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>97,215<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,397</span> 16,621<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH &amp; Gro<span class=\"_ _3\"></span>wth Capital<span class=\"ls1 ws1\"> </span>Life Sciences<span class=\"ws1\">  </span>AstriVax<span class=\"ls1 ws1\"> </span>5.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Biotalys<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>Level 1<span class=\"ls1 ws1\"> </span>Epics Therapeutics (Bio<span class=\"_ _0\"></span> Cap Invest)<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>29.5%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Indigo Diabetes<span class=\"ls1 ws1\"> </span>11.9%<span class=\"ls1 ws1\"> </span>9.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>MRM Health<span class=\"ls1\"> </span>15.9%<span class=\"ls1 ws1\"> </span>17.2%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Onco<span class=\"_ _3\"></span>DNA<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>9.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Life Sciences <span class=\"ws1\">- </span>Fai<span class=\"_ _3\"></span>r value<span class=\"ws1\"> </span>40,150<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>40,620<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">5,383</span> 12,956<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ls28 ws210\">East Asi<span class=\"_ _3\"></span>a</span>  </span>Convergent Finance<span class=\"ls1 ws1\"> </span>3.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund I<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>36.3%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>HealthQuad Fund II<span class=\"ls1 ws1\"> </span>11.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Medikabazaar (direct)<span class=\"ls1 ws1\"> </span>8.9%<span class=\"ls1 ws1\"> </span>8.7%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Fund I<span class=\"ls1 ws1\"> </span>11.1%<span class=\"ls1 ws1\"> </span>20.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Venturi Partn<span class=\"_ _3\"></span>ers / Venturi I Cap<span class=\"_ _3\"></span>ital<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>10.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>India / Sou<span class=\"_ _3\"></span>th<span class=\"ls1 ws1\">-<span class=\"ws211\">East Asia </span>- <span class=\"ws202\">Fair value</span> </span>69,346<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>27,973<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,183<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,190<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Baarbeek<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>100.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Hofkouter<span class=\"ls1 ws1\"> </span>65.00%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Invest BW.<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>25.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Koffie Rombouts<span class=\"ws1\"> </span>4.0%<span class=\"ls1 ws1\"> </span>5.0%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pluralis<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>2.1%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Pribinvest<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>78.8%<span class=\"ls1 ws1\"> </span>Level 3<span class=\"ls1 ws1\"> </span>Other <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ws202\">Fair value</span> </span>10,014<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,654<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,571<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subtotal Av<span class=\"_ _3\"></span>H &amp; Growth C<span class=\"_ _3\"></span>apital<span class=\"ls1 ws1\"> </span>119,510<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>73,246<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>13,800<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,716<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Fair value <span class=\"ws1\">- <span class=\"ls28 ws1de\">To<span class=\"_ _3\"></span>tal</span> </span>208,328<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>177,351<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,402<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>36,338<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Number of<span class=\"_ _3\"></span> The inves<span class=\"_ _3\"></span>tments cons<span class=\"_ _3\"></span>ist of (\u20ac <span class=\"_ _3\"></span>1,000):<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>shares  Investment portfolio Bank V<span class=\"_ _0\"></span>an Breda<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>Funds managed by Delen Private Bank<span class=\"ls1 ws1\"> </span>29,295<span class=\"ls1 ws1\"> </span>Ageas<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>278,284<span class=\"ls1 ws1\"> </span>11,527<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>506<span class=\"ls1 ws1\"> </span>544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The breakdown per<span class=\"_ _3\"></span> segment of the fai<span class=\"_ _3\"></span>r value of the inves<span class=\"_ _3\"></span>tments is as follows (<span class=\"_ _3\"></span>\u20ac 1,000):<span class=\"ws1\"> </span>Fair value<span class=\"ws1\"> </span>Private Banking (Bank Van Breda)<span class=\"ls1 ws1\"> </span>503,171<span class=\"ls1 ws1\"> </span>AvH &amp; Growth Ca<span class=\"_ _3\"></span>pital<span class=\"ls1 ws1\"> </span>41,325<span class=\"ls1 ws1\"> </span>Marine Engineering &amp; Contracting<span class=\"ls1 ws1\"> </span>2 Real Estate &amp; S<span class=\"_ _3\"></span>enior Care<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Energy &amp; Resources<span class=\"ls1 ws1\"> </span>0 544,498<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Credit risk of th<span class=\"_ _3\"></span>e investment po<span class=\"_ _3\"></span>rtfolio Bank Van Bre<span class=\"_ _3\"></span>da<span class=\"ls1 ws1\"> </span>The ri<span class=\"_ _0\"></span>sk prof<span class=\"_ _0\"></span>ile of<span class=\"_ _0\"></span> the <span class=\"ls25 ws208\">inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t portfo<span class=\"_ _0\"></span>lio has f<span class=\"_ _0\"></span>or yea<span class=\"_ _0\"></span>rs now d<span class=\"_ _0\"></span>elibera<span class=\"_ _0\"></span>tely be<span class=\"_ _0\"></span>en kept<span class=\"_ _0\"></span> </span>very lo<span class=\"_ _0\"></span>w. The in<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>ent po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>at yea<span class=\"_ _0\"></span>r<span class=\"ls1 ws1\">-<span class=\"ls24 ws21c\">end 2022 contains 99% government </span></span>and government<span class=\"ws1\">-</span>g<span class=\"_ _0\"></span>uaranteed bonds with<span class=\"_ _0\"></span> a minimum A<span class=\"_ _0\"></span>a3 rating (Moody\u2019<span class=\"_ _0\"></span>s rating<span class=\"ls4a ws2a4\">) </span>and less than 1% shar<span class=\"_ _0\"></span>es and private equity.<span class=\"ws1\"> </span>The investment f<span class=\"_ _0\"></span>ramework that is s<span class=\"_ _0\"></span>ubmitted annually for<span class=\"_ _0\"></span> the approval of t<span class=\"_ _0\"></span>he board of directors of Bank Van Breda determines which investmen<span class=\"_ _0\"></span>ts can be made and the limits that apply. The following t<span class=\"_ _0\"></span>able shows the composition of the consolidated investm<span class=\"_ _0\"></span>ent portfolio by rating and matu<span class=\"_ _0\"></span>rity.<span class=\"ws1\"> </span>Remaining<span class=\"_ _3\"></span> Composition o<span class=\"_ _3\"></span>f the inves<span class=\"_ _3\"></span>tment port<span class=\"_ _3\"></span>folio 31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> <span class=\"_ _1ba\"> </span><span class=\"ls28 ws1de\">Ratin<span class=\"_ _3\"></span>g</span>  </span>durati<span class=\"_ _3\"></span>on<span class=\"ls1 ws1\"> </span>Government bonds Aaa<span class=\"ls1 ws1\"> </span>40%<span class=\"ls1 ws1\"> </span>2023<span class=\"ls1 ws1\"> </span>19%<span class=\"ls1 ws1\"> </span>Government bonds Aa1<span class=\"ls1 ws1\"> </span>20%<span class=\"ls1 ws1\"> </span>2024<span class=\"ls1 ws1\"> </span>15%<span class=\"ls1 ws1\"> </span>Government bonds Aa2<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>2025<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Government bonds Aa3<span class=\"ls1 ws1\"> </span>30%<span class=\"ls1 ws1\"> </span>2026<span class=\"ls1 ws1\"> </span>9%<span class=\"ls1 ws1\"> </span>Government bonds A2<span class=\"ls1 ws1\"> </span>0%<span class=\"ls1 ws1\"> </span>2027<span class=\"ls1 ws1\"> </span>7%<span class=\"ls1 ws1\"> </span>Corporate bonds and commercial paper &amp; ot<span class=\"_ _0\"></span>her<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>&gt; 2027<span class=\"ls1 ws1\"> </span>43%<span class=\"ls1 ws1\"> </span>indefinite<span class=\"ls1 ws1\"> </span>1%<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-127-7": {
   "value": "3.2<span class=\"ff3c ls1 ws1\"> <span class=\"_ _71\"> </span></span><span class=\"ls48 ws231\">Wisselkoersrisico<span class=\"ls1 ws1\"> </span></span>Gi<span class=\"_ _3\"></span>ven t<span class=\"_ _3\"></span>he <span class=\"ls33 ws23a\">inte<span class=\"_ _3\"></span>rnati<span class=\"_ _3\"></span>onal cha<span class=\"_ _3\"></span>racter o<span class=\"_ _3\"></span>f its busi<span class=\"_ _3\"></span>ness ope<span class=\"_ _3\"></span>ration<span class=\"_ _3\"></span>s and the ex<span class=\"_ _3\"></span>ecutio<span class=\"_ _3\"></span>n of </span>contracts in foreign cu<span class=\"_ _0\"></span>rrency, <span class=\"ff3b ls33 ws1f0\">DEME</span><span class=\"ws1\"> <span class=\"_ _9\"> </span><span class=\"ls33 ws286\">is e<span class=\"_ _3\"></span>xposed to<span class=\"_ _3\"></span> currenc<span class=\"_ _3\"></span>y risks<span class=\"_ _3\"></span>. DEME\u2019s </span></span>transa<span class=\"_ _0\"></span>ctiona<span class=\"_ _0\"></span>l for<span class=\"_ _0\"></span>eign c<span class=\"_ _0\"></span>urrenc<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span> arise<span class=\"_ _0\"></span>s from co<span class=\"_ _9f\"></span>mmercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inated<span class=\"_ _0\"></span> in<span class=\"_ _0\"></span> currenc<span class=\"_ _9f\"></span>ies other <span class=\"_ _0\"></span>than t<span class=\"_ _0\"></span>he eu<span class=\"_ _0\"></span>ro.<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls40 ws218\">How<span class=\"_ _0\"></span>ever, <span class=\"_ _3\"></span><span class=\"ls24 ws1da\">79<span class=\"ls33 ws1f9\">% of DE<span class=\"_ _3\"></span>ME\u2019s reve<span class=\"_ _3\"></span>nues (20<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\">1</span></span></span><span class=\"ws262\">: 6<span class=\"ls1 ws1\">2<span class=\"ls4a ws2a4\">%) </span></span></span></span></span>relat<span class=\"_ _0\"></span>ed to tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _9f\"></span>ns expre<span class=\"_ _0\"></span>ssed in<span class=\"_ _0\"></span> euros an<span class=\"_ _0\"></span>d, as <span class=\"_ _0\"></span>such, r<span class=\"_ _0\"></span>epresen<span class=\"_ _9f\"></span>ted the la<span class=\"_ _0\"></span>rgest<span class=\"_ _0\"></span> portion of DEME\u2019s revenues realised. Turnover in foreign curr<span class=\"_ _0\"></span>ency related to a.o.: US dollar, <span class=\"ls1 ws1f3\">Singapore dollar, Indian rup<span class=\"_ _0\"></span>ee, British pound, Danish krone, <span class=\"_ _0\"></span>Brazilian </span>Rea<span class=\"_ _3\"></span>l a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he <span class=\"_ _3\"></span><span class=\"ls1\">Urugua<span class=\"_ _0\"></span>yan peso. DEME\u2019s<span class=\"_ _0\"></span> expenses are also<span class=\"_ _0\"></span> predominantly in <span class=\"_ _0\"></span>euro, </span>except f<span class=\"_ _0\"></span>or con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re carr<span class=\"_ _0\"></span>ied out i<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n<span class=\"ls1 ws1\">-</span><span class=\"ws208\">euro cou<span class=\"_ _0\"></span>ntries.<span class=\"_ _0\"></span> The residu<span class=\"_ _0\"></span>al foreig<span class=\"_ _0\"></span>n </span>cur<span class=\"_ _3\"></span>rency ri<span class=\"_ _3\"></span>sk is as<span class=\"_ _3\"></span>sessed o<span class=\"_ _3\"></span>n a case<span class=\"ls1 ws1\">-by-<span class=\"ws259\">case basis and, if <span class=\"ls25 ws224\">ne<span class=\"_ _0\"></span>cessary,<span class=\"_ _0\"></span> DEME u<span class=\"_ _9f\"></span>ses </span></span></span>forwa<span class=\"_ _0\"></span>rd<span class=\"ls1 ws1\">-<span class=\"ws20b\">exchange contracts to hedg<span class=\"_ _0\"></span>e its residual foreign currency risk on projected </span></span>net com<span class=\"_ _0\"></span>mercia<span class=\"_ _0\"></span>l flow<span class=\"_ _0\"></span>s denom<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d in curr<span class=\"_ _0\"></span>encie<span class=\"_ _0\"></span>s other th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e euro.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>In the case of <span class=\"ff3b ls45 ws22c\">CFE</span><span class=\"ls25 ws1eb\">, most o<span class=\"_ _0\"></span>perat<span class=\"_ _0\"></span>ions ta<span class=\"_ _0\"></span>ke plac<span class=\"_ _0\"></span>e within th<span class=\"_ _9f\"></span>e eurozone;<span class=\"_ _0\"></span> neve<span class=\"_ _0\"></span>rthele<span class=\"_ _0\"></span>ss, </span>e<span class=\"ws1f7\">xposure to foreign <span class=\"_ _0\"></span>currency fluctuation<span class=\"_ _0\"></span>s<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws24c\">(mainly Po<span class=\"_ _9f\"></span>lish Zloty)<span class=\"ls1 ws1\"> <span class=\"ls34 ws23c\">i<span class=\"_ _3\"></span>s lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d as m<span class=\"_ _3\"></span>uch </span></span></span></span></span>as possible.<span class=\"ws1\"> </span>Rent<span class=\"_ _3\"></span><span class=\"ls1 ws1\">-A-<span class=\"ls34 ws1ea\">Por<span class=\"_ _3\"></span>t</span><span class=\"ff3a\"> <span class=\"ls25 ws207\">p<span class=\"_ _0\"></span>rimar<span class=\"_ _0\"></span>ily opera<span class=\"_ _0\"></span>tes in Sou<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>ast Asia and<span class=\"_ _0\"></span> is ess<span class=\"_ _0\"></span>entially ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to an </span></span></span>exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sk relat<span class=\"_ _0\"></span>ing to the US do<span class=\"_ _0\"></span>llar and th<span class=\"_ _9f\"></span>e <span class=\"_ _3\"></span>Viet<span class=\"_ _0\"></span>names<span class=\"_ _0\"></span>e dong. Sin<span class=\"_ _0\"></span>ce the<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>subsidiaries of Rent<span class=\"ws1\">-A-<span class=\"ls33 ws236\">Port main<span class=\"_ _3\"></span>ly effec<span class=\"_ _3\"></span>t purchase<span class=\"_ _3\"></span>s and sale<span class=\"_ _3\"></span>s in loca<span class=\"_ _3\"></span>l currenci<span class=\"_ _3\"></span>es, </span></span>the gro<span class=\"_ _0\"></span>up\u2019s<span class=\"_ _0\"></span> exposu<span class=\"_ _9f\"></span>re to exch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span> rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span> in comm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al tran<span class=\"_ _0\"></span>saction<span class=\"_ _9f\"></span>s is limited in a na<span class=\"_ _0\"></span>tural way. The tr<span class=\"_ _0\"></span>anslation of the func<span class=\"_ _0\"></span>tional currency (USD) in<span class=\"_ _0\"></span>to euros<span class=\"_ _0\"></span> upon <span class=\"ls40\">consolidation embodies an exchang<span class=\"_ _0\"></span>e rate risk. <span class=\"ls1\"> </span></span>Next<span class=\"_ _0\"></span>ensa<span class=\"ff3a ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ws233\">operates in B<span class=\"_ _0\"></span>elgium, Luxembourg a<span class=\"_ _0\"></span>nd Austria, and i<span class=\"_ _0\"></span>s therefore not </span></span>subjec<span class=\"_ _0\"></span>t to exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e risks.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chan<span class=\"_ _0\"></span>ge ra<span class=\"_ _0\"></span>te ris<span class=\"_ _0\"></span>k of <span class=\"ff3b ls53 ws2a8\">Bank Van Breda</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls33 ws1fa\">is lim<span class=\"_ _3\"></span>ited, as<span class=\"_ _3\"></span> the bank o<span class=\"_ _3\"></span>nly operat<span class=\"_ _3\"></span>es </span></span>in Belgium and the nature of<span class=\"ws1\"> <span class=\"_ _0\"></span><span class=\"ws1ed\">its clients is such that it<span class=\"_ _3\"></span> does not hold any <span class=\"_ _0\"></span>significant </span></span>own currency position.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>Agidens<span class=\"ff3a ws1f7\">, with i<span class=\"_ _0\"></span>ts worldwide operation<span class=\"_ _0\"></span>s, has a (limit<span class=\"_ _0\"></span>ed) exchange rate <span class=\"_ _0\"></span>exposure </span>to the US dollar and Swiss franc, and hedges its currency risk by using the same currency as much <span class=\"_ _0\"></span>as possible for the inc<span class=\"_ _0\"></span>ome and expenses in que<span class=\"_ _0\"></span>stion (natural<span class=\"_ _0\"></span> hedging). If necessary,<span class=\"_ _0\"></span> a currency swap is conclu<span class=\"_ _0\"></span>ded with approved and <span class=\"_ _0\"></span>reputable count<span class=\"_ _0\"></span>erparti<span class=\"_ _0\"></span>es. <span class=\"_ _3\"></span><span class=\"ff3b ls49 ws2bd\">Biolectr<span class=\"_ _3\"></span>ic</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f2\">has a li<span class=\"_ _3\"></span>mited GBP exposure through its branch in the </span></span>United Kingdom<span class=\"ws1\"> <span class=\"ls25 ws204\">The strateg<span class=\"_ _0\"></span>y of <span class=\"ff3b ls6e ws289\">AvH</span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span></span><span class=\"ws215\">to l<span class=\"_ _0\"></span>ook towa<span class=\"_ _0\"></span>rds em<span class=\"_ _0\"></span>erging m<span class=\"_ _0\"></span>arkets <span class=\"_ _0\"></span>resu<span class=\"_ _0\"></span>lted </span></span></span>in investments in Indi<span class=\"_ _0\"></span>an rupees (Sagar Cements, <span class=\"_ _0\"></span>the Healthquad I and II Fund<span class=\"_ _0\"></span>s and Medikabazaar) and in <span class=\"ls53 ws23d\">US<span class=\"_ _3\"></span></span> <span class=\"_ _4\"> </span>Dollar (<span class=\"_ _9f\"></span>the Ventu<span class=\"_ _0\"></span>ri Partn<span class=\"_ _0\"></span>ers Fund <span class=\"_ _0\"></span>I<span class=\"ls1 ws1\"> <span class=\"_ _4\"> </span><span class=\"ws24b\">and Convergent </span></span>Finance<span class=\"ls25 ws1eb\">). Th<span class=\"_ _0\"></span>is risk <span class=\"_ _0\"></span>is not h<span class=\"_ _0\"></span>edged<span class=\"_ _0\"></span> as it con<span class=\"_ _0\"></span>cerns lo<span class=\"_ _0\"></span>ng<span class=\"ls1 ws1\"> </span><span class=\"ws1db\">t<span class=\"_ _0\"></span>erm invest<span class=\"_ _0\"></span>ments.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The remaining fully consolidat<span class=\"_ _0\"></span>ed participations are not subject to significant<span class=\"_ _0\"></span> exch<span class=\"_ _0\"></span>ange rate ri<span class=\"_ _0\"></span>sks sinc<span class=\"_ _0\"></span>e they mai<span class=\"_ _0\"></span>nly ope<span class=\"_ _0\"></span>rate in the eu<span class=\"_ _0\"></span>rozon<span class=\"_ _9f\"></span>e.<span class=\"ls1 ws1\"> </span>Various non<span class=\"ls1 ws1\">-<span class=\"ws241\">fully consolidated particip<span class=\"_ _0\"></span>ations such as Delen Private Bank, SIPEF and </span></span>Ve<span class=\"_ _3\"></span>rda<span class=\"_ _3\"></span>nt Bi<span class=\"_ _3\"></span>o<span class=\"ls25 ws1fc\">scien<span class=\"_ _0\"></span>ce, as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>Turbo\u2019s <span class=\"_ _0\"></span>Hoet Gro<span class=\"_ _9f\"></span>ep and othe<span class=\"_ _0\"></span>rs, oper<span class=\"_ _0\"></span>ate to <span class=\"_ _0\"></span>a </span>signif<span class=\"_ _0\"></span>icant <span class=\"_ _0\"></span>exten<span class=\"_ _0\"></span>t outsi<span class=\"_ _0\"></span>de the <span class=\"_ _0\"></span>eurozo<span class=\"_ _0\"></span>ne. Th<span class=\"_ _0\"></span>is may g<span class=\"_ _9f\"></span>ive rise t<span class=\"_ _0\"></span>o grea<span class=\"_ _0\"></span>ter ri<span class=\"_ _0\"></span>sks as <span class=\"_ _0\"></span>a resul<span class=\"_ _0\"></span>t of geopo<span class=\"_ _9f\"></span>litical d<span class=\"_ _0\"></span>evelopm<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>ts. <span class=\"ls1 ws1\"> </span>The ex<span class=\"_ _0\"></span>chang<span class=\"_ _0\"></span>e rate <span class=\"_ _0\"></span>risk in<span class=\"_ _0\"></span> each of<span class=\"_ _0\"></span> thes<span class=\"_ _0\"></span>e case<span class=\"_ _0\"></span>s is <span class=\"ls1 ws1f5\">fol<span class=\"_ _0\"></span>lowed up and controll<span class=\"_ _0\"></span>ed at the </span>level of<span class=\"_ _0\"></span> the part<span class=\"_ _0\"></span>icipa<span class=\"_ _0\"></span>tion itse<span class=\"_ _0\"></span>lf.<span class=\"ls1 ws1\"> </span>The exc<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e rat<span class=\"_ _0\"></span>e risk at <span class=\"ff3b ls4c ws2b0\">D<span class=\"_ _0\"></span>elen Priv<span class=\"_ _0\"></span>ate Bank<span class=\"ff3a ls1 ws1\"> <span class=\"ws1fe\">is limited to the foreign cu<span class=\"_ _0\"></span>rrency </span></span></span>subsidiaries (JM Finn and t<span class=\"_ _3\"></span>o a lesser extent Delen Suisse). The net e<span class=\"_ _3\"></span>xposu<span class=\"_ _0\"></span>re to the British<span class=\"_ _9f\"></span> Pound i<span class=\"_ _0\"></span>s curren<span class=\"_ _9f\"></span>tly limited<span class=\"_ _9f\"></span> as the i<span class=\"_ _0\"></span>mpact<span class=\"_ _0\"></span> of a<span class=\"_ _0\"></span>ny exch<span class=\"_ _0\"></span>ange <span class=\"_ _0\"></span>rate f<span class=\"_ _0\"></span>luctua<span class=\"_ _0\"></span>tion on<span class=\"_ _9f\"></span> the JM Finn equ<span class=\"_ _0\"></span>ity is neutralized by <span class=\"_ _0\"></span>an opposite impact on <span class=\"_ _0\"></span>the liquidity obligatio<span class=\"_ _0\"></span>n on the remaining 7% minori<span class=\"_ _0\"></span>ty stake in JM Finn. At <span class=\"ff3b ls4b ws28a\">SIPEF<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"ls33 ws1eb\">the majori<span class=\"_ _3\"></span>ty of t<span class=\"_ _3\"></span>he cos<span class=\"_ _3\"></span>ts </span></span>ar<span class=\"_ _3\"></span>e inc<span class=\"_ _3\"></span>urr<span class=\"_ _3\"></span>ed abr<span class=\"_ _3\"></span>oa<span class=\"_ _3\"></span>d (in<span class=\"_ _3\"></span> Indo<span class=\"_ _3\"></span><span class=\"ls42 ws2eb\">n<span class=\"_ _0\"></span>esia and <span class=\"_ _0\"></span>Papua <span class=\"_ _0\"></span>New Guine<span class=\"_ _0\"></span>a), whe<span class=\"_ _0\"></span>reas sal<span class=\"_ _0\"></span>es are </span>reali<span class=\"_ _0\"></span>sed in USD<span class=\"_ _0\"></span>. This is a s<span class=\"_ _0\"></span>tructu<span class=\"_ _0\"></span>ral risk th<span class=\"_ _0\"></span>at is no<span class=\"_ _0\"></span>t hedged by<span class=\"_ _0\"></span> the compa<span class=\"_ _0\"></span>ny and i<span class=\"_ _0\"></span>s therefo<span class=\"_ _9f\"></span>re consider<span class=\"_ _0\"></span>ed as a gen<span class=\"_ _0\"></span>eral bu<span class=\"_ _0\"></span>siness<span class=\"_ _0\"></span> risk. Tra<span class=\"_ _0\"></span>nsactio<span class=\"_ _0\"></span>nal risk<span class=\"_ _0\"></span>s are gen<span class=\"_ _0\"></span>erally<span class=\"_ _9f\"></span> limited by short payment terms, and trans<span class=\"_ _0\"></span>l<span class=\"ls34 ws1fe\">a<span class=\"_ _3\"></span>tion<span class=\"_ _3\"></span> dif<span class=\"_ _3\"></span>fere<span class=\"_ _3\"></span>nces<span class=\"_ _3\"></span> are<span class=\"_ _3\"></span> lim<span class=\"_ _3\"></span>ite<span class=\"_ _3\"></span>d by<span class=\"_ _3\"></span> maki<span class=\"_ _3\"></span>ng </span>the functional currency and reporting curr<span class=\"_ _0\"></span>ency the same as much as possible. Turbo\u2019s Hoet Groep<span class=\"ff3a ls35\">, fin<span class=\"_ _9f\"></span>ally has dev<span class=\"_ _0\"></span>eloped a<span class=\"_ _0\"></span> signifi<span class=\"_ _0\"></span>cant lev<span class=\"_ _0\"></span>el of act<span class=\"_ _0\"></span>ivity in E<span class=\"_ _0\"></span>astern<span class=\"_ _0\"></span> </span>Europ<span class=\"_ _0\"></span>e. Turbo<span class=\"_ _0\"></span>\u2019s Hoe<span class=\"_ _0\"></span>t Groep <span class=\"_ _0\"></span>realiz<span class=\"_ _0\"></span>es its tu<span class=\"_ _9f\"></span>rnover in th<span class=\"_ _0\"></span>ose m<span class=\"_ _0\"></span>arkets on<span class=\"_ _0\"></span> the ba<span class=\"_ _0\"></span>sis of<span class=\"_ _9f\"></span> local currency. Although Tu<span class=\"_ _0\"></span>rbo\u2019s Hoet Groep tries to pass on the impa<span class=\"_ _0\"></span>ct of any deprec<span class=\"_ _0\"></span>iation<span class=\"_ _0\"></span>s in tho<span class=\"_ _0\"></span>se loca<span class=\"_ _0\"></span>l curre<span class=\"_ _0\"></span>ncies <span class=\"_ _0\"></span>to the fin<span class=\"_ _0\"></span>al cu<span class=\"_ _0\"></span>stomer,<span class=\"_ _0\"></span> market <span class=\"_ _0\"></span>condi<span class=\"_ _0\"></span>tions d<span class=\"_ _0\"></span>o not alw<span class=\"_ _0\"></span>ays allo<span class=\"_ _0\"></span>w it.<span class=\"ls1 ws1\"> <span class=\"_ _9f\"></span><span class=\"ls25 ws208\">Turbo\u2019s Ho<span class=\"_ _0\"></span>et Group<span class=\"_ _0\"></span> has subsidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s in Russi<span class=\"ls1 ws20b\">a and Belarus that </span></span></span>are ac<span class=\"_ _0\"></span>tive in<span class=\"_ _0\"></span> the sa<span class=\"_ _0\"></span>le and <span class=\"_ _0\"></span>servi<span class=\"_ _0\"></span>cing of<span class=\"_ _0\"></span> truck<span class=\"_ _0\"></span>s. In <span class=\"_ _0\"></span>the cou<span class=\"_ _0\"></span>rse of 2<span class=\"_ _0\"></span>022, <span class=\"_ _0\"></span>THG lim<span class=\"_ _0\"></span>ited it<span class=\"_ _0\"></span>s exp<span class=\"_ _3\"></span>osure t<span class=\"_ _3\"></span>o those ma<span class=\"_ _3\"></span>rkets<span class=\"_ _3\"></span>.<span class=\"ls1 ws1\"> </span>Some o<span class=\"_ _0\"></span>f the m<span class=\"_ _0\"></span>ain exch<span class=\"_ _9f\"></span>ange rate<span class=\"_ _0\"></span>s that <span class=\"_ _0\"></span>have b<span class=\"_ _0\"></span>een us<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>nvert t<span class=\"_ _0\"></span>he balan<span class=\"_ _9f\"></span>ce sheet<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>esults o<span class=\"_ _0\"></span>f the <span class=\"ls1 ws1f6\">for<span class=\"_ _0\"></span>eign entities into euro<span class=\"ws1\">.</span></span>Conversion from fo<span class=\"_ _3\"></span>reign currency to Euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"><span class=\"fc3 sc0\"> </span></span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _3b\"> </span><span class=\"ws211\">Average rate</span> </span>Closin<span class=\"_ _3\"></span>g rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  <span class=\"_ _4d\"> </span><span class=\"ws211\">Average rate<span class=\"_ _3\"></span></span> </span>Australian Dollar<span class=\"ls1 ws1\"> </span>0.6366<span class=\"ls1 ws1\"> </span>0.6570<span class=\"ls1 ws1\"> </span>Polish Zloty<span class=\"ls1 ws1\"> </span>0.2135<span class=\"ls1 ws1\"> </span>0.2139<span class=\"ls1 ws1\"> </span>British Pound<span class=\"ls1 ws1\"> </span>1.1303<span class=\"ls1 ws1\"> </span>1.1717<span class=\"ls1 ws1\"> </span>Singapore Dollar<span class=\"ls1 ws1\"> </span>0.6974<span class=\"ls1 ws1\"> </span>0.6876<span class=\"ls1 ws1\"> </span>Brazilian Real<span class=\"ls1 ws1\"> </span>0.1768<span class=\"ls1 ws1\"> </span>0.1835<span class=\"ls1 ws1\"> </span>Taiwan Dollar<span class=\"ls1 ws1\"> </span>0.0306<span class=\"ls1 ws1\"> </span>0.0319<span class=\"ls1 ws1\"> </span>Egyptian Pound<span class=\"ls1 ws1\"> </span>0.0378<span class=\"ls1 ws1\"> </span>0.0498<span class=\"ls1 ws1\"> </span>US Dollar<span class=\"ls1 ws1\"> </span>0.9344<span class=\"ls1 ws1\"> </span>0.9462<span class=\"ls1 ws1\"> </span>Danish Krone<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>0.1345<span class=\"ls1 ws1\"> </span>Vietnamese Dong<span class=\"ls1 ws1\"> </span>0.00003957<span class=\"ls1 ws1\"> </span>0.00004058<span class=\"ls1 ws1\"> </span>Indian Rupee<span class=\"ls1 ws1\"> </span>0.0113<span class=\"ls1 ws1\"> </span>0.0121<span class=\"ls1 ws1\"> </span>The table below gives a<span class=\"_ _0\"></span>n overview of the relevant financ<span class=\"_ _0\"></span>ial instruments used <span class=\"ls4b ws24e\">at DEM<span class=\"_ _3\"></span>E</span><span class=\"ws1\"> </span>and to a l<span class=\"_ _0\"></span>esser extent CFE<span class=\"ws1\">: </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Notional val<span class=\"_ _3\"></span>ue<span class=\"ls1 ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term <span class=\"ls29 ws1e1\">purchases<span class=\"ls1 ws1\">  </span></span>110,362<span class=\"ls1 ws1\"> </span>73,464<span class=\"ls1 ws1\"> </span>0 7,510<span class=\"ls1 ws1\"> </span>0 6,963<span class=\"ls1 ws1\"> </span>198,298<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Term sales<span class=\"ls1 ws1\">  </span>1,100,913<span class=\"ls1 ws1\"> </span>0 28,375<span class=\"ls1 ws1\"> </span>6,104<span class=\"ls1 ws1\"> </span>5,670<span class=\"ls1 ws1\"> </span>7,873<span class=\"ls1 ws1\"> </span>1,148,93<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>SGD Singap<span class=\"_ _3\"></span>ore EGP Egyptian USD US Dolla<span class=\"_ _3\"></span>r<span class=\"ls1\"> </span>PLN Polish Z<span class=\"_ _3\"></span>loty<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span></span>GBP GB Poun<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws202\"> <span class=\"_ _3\"></span>  <span class=\"ws1\"> <span class=\"_ _fe\"> </span></span></span>T<span class=\"_ _3\"></span>otal<span class=\"ls1 ws1\"> </span>Dollar<span class=\"ls1 ws1\"> </span>Pound<span class=\"ls1 ws1\"> </span>Term purchases<span class=\"ls1 ws1\">  </span>463<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">580</span> 0 -<span class=\"ls29 ws1e1\">91</span> 0 -<span class=\"ls29 ws1e1\">12</span> -<span class=\"ls27 ws1df\">221</span> Term sales<span class=\"ls1 ws1\">  </span>81,342<span class=\"ls1 ws1\"> </span>0 298<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">177</span> 369<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">414</span> 81,418<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - <span class=\"ls6f ws1f4\">DEME 2022</span> </span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>4,309<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,899</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>11,871<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,871</span> Sensit<span class=\"_ _3\"></span>ivity <span class=\"ls1 ws1\">to <span class=\"ls33 ws23b\">the<span class=\"_ _3\"></span> curren</span>c<span class=\"_ _3\"></span><span class=\"ls49\">y risk</span> - </span><span class=\"ls62\">DEM<span class=\"_ _3\"></span>E 202<span class=\"_ _3\"></span><span class=\"ls1 ws1\">1 </span></span>Impact of th<span class=\"_ _3\"></span>e Impact of th<span class=\"_ _3\"></span>e sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> sens<span class=\"_ _3\"></span>itivity<span class=\"_ _3\"></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>calculation<span class=\"ls1 ws1\">- </span>calculation<span class=\"ls1 ws1\">- </span>depreciati<span class=\"_ _3\"></span>on of appreciati<span class=\"_ _3\"></span>on of 5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5% of <span class=\"_ _3\"></span>the euro<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Balance sheet imp<span class=\"_ _3\"></span>act (+ is debit / <span class=\"ws1\">- <span class=\"ls28 ws1e7\">is<span class=\"_ _3\"></span> cre<span class=\"_ _3\"></span>dit)</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt interest</span>-<span class=\"ls29 ws1e0\">bearing debts (+ current portion due in the year) after hedge accounting</span> </span>0 0 Net shor<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">term financial debts after hedge <span class=\"ws1e1\">accounting</span></span> </span>2,593<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,346</span> Outstanding trade rec<span class=\"_ _0\"></span>eivables &amp; payables<span class=\"ls1 ws1\"> </span>18,894<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">18,894</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-133-4": {
   "value": "(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> <span class=\"_ _95\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Financ<span class=\"_ _0\"></span>ial liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>Financial <span class=\"ls2b\">liabi<span class=\"_ _3\"></span>lities value<span class=\"_ _3\"></span>d at amortis<span class=\"_ _3\"></span>ed cost<span class=\"ls1 ws1\"> </span></span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank loans<span class=\"ls1 ws1\"> </span>1,577,488<span class=\"ls1 ws1\"> </span>1,571,727<span class=\"ls1 ws1\"> </span>1,613,885<span class=\"ls1 ws1\"> </span>1,552,702<span class=\"ls1 ws1\"> </span>Bonds<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>248,960<span class=\"ls1 ws1\"> </span>139,348<span class=\"ls1 ws1\"> </span>246,164<span class=\"ls1 ws1\"> </span>Surbordinated loans<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>97,344<span class=\"ls1 ws1\"> </span>677<span class=\"ls1 ws1\"> </span>95,152<span class=\"ls1 ws1\"> </span>Lease debts<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,713<span class=\"ls1 ws1\"> </span>151,959<span class=\"ls1 ws1\"> </span>185,712<span class=\"ls1 ws1\"> </span>Other <span class=\"ls29 ws1e0\">financial debts<span class=\"ls1 ws1\"> </span></span>128,621<span class=\"ls1 ws1\"> </span>301,887<span class=\"ls1 ws1\"> </span>128,621<span class=\"ls1 ws1\"> </span>301,887<span class=\"ls1 ws1\"> </span>Other de<span class=\"_ _3\"></span>bts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>1,136,241<span class=\"ls1 ws1\"> </span>1,145,112<span class=\"ls1 ws1\"> </span>1,136,241<span class=\"ls1 ws1\"> </span>1,145,112<span class=\"ls1 ws1\"> </span>Advances received<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>101,080<span class=\"ls1 ws1\"> </span>72,539<span class=\"ls1 ws1\"> </span>101,080<span class=\"ls1 ws1\"> </span>Amounts payable regarding remuneration and soc<span class=\"_ _0\"></span>ial security<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>210,608<span class=\"ls1 ws1\"> </span>220,085<span class=\"ls1 ws1\"> </span>Other amounts payable<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>110,391<span class=\"ls1 ws1\"> </span>98,411<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; securities</span> 6,792,663<span class=\"ls1 ws1\"> </span>7,059,336<span class=\"ls1 ws1\"> </span>6,834,644<span class=\"ls1 ws1\"> </span>7,038,871<span class=\"ls1 ws1\"> </span>Hedging instrume<span class=\"_ _3\"></span>nts<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>85,785<span class=\"ls1 ws1\"> </span>90,348<span class=\"ls1 ws1\"> </span>'B<span class=\"_ _3\"></span>anks<span class=\"_ _3\"></span> <span class=\"ls1 ws1\">- <span class=\"_ _3\"></span><span class=\"ws1fe\">changes in fair value of th<span class=\"_ _0\"></span>e hedged credit portfolio' ap<span class=\"_ _0\"></span>pear in Bank Van </span></span>Breda's balance sh<span class=\"_ _0\"></span>eet under liabilities w<span class=\"_ _0\"></span>hen the item shows a n<span class=\"_ _0\"></span>egative balance, as was <span class=\"_ _0\"></span>the case at <span class=\"_ _0\"></span>the end o<span class=\"_ _0\"></span>f 2022<span class=\"_ _0\"></span>. However,<span class=\"_ _0\"></span> the cu<span class=\"_ _0\"></span>mulativ<span class=\"_ _0\"></span>e fair v<span class=\"_ _0\"></span>alue adj<span class=\"ls25 ws1ec\">ustm<span class=\"_ _0\"></span>ents <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"_ _24\"></span><span class=\"ls34 ws1ef\">rega<span class=\"_ _3\"></span>rdl<span class=\"_ _3\"></span>ess<span class=\"_ _3\"></span> of th<span class=\"_ _3\"></span>e ba<span class=\"_ _3\"></span>lanc<span class=\"_ _3\"></span>e </span>- <span class=\"_ _3\"></span><span class=\"ls30 ws250\">always r<span class=\"_ _0\"></span>elate to<span class=\"_ _0\"></span> the h<span class=\"_ _0\"></span>edged <span class=\"ls25 ws1ec\">c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er </span></span></span></span>lo<span class=\"_ _3\"></span>ans<span class=\"ls1 ws1\"> <span class=\"_\"> </span><span class=\"ws252\">(which are included i<span class=\"_ _3\"></span>n asset heading 'Banks </span>- <span class=\"_\"> </span><span class=\"ls30 ws1eb\">rec<span class=\"_ _0\"></span>eivab<span class=\"_ _0\"></span>les <span class=\"_\"> </span><span class=\"ls46 ws266\">from <span class=\"_\"> </span><span class=\"ls33 ws1f0\">credit </span></span></span></span>instit<span class=\"_ _0\"></span>utions &amp; c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\">\u2019<span class=\"ls30 ws23d\">).<span class=\"_ _0\"></span> The boo<span class=\"_ _9f\"></span>k value <span class=\"ls25 ws204\">of th<span class=\"_ _0\"></span>e 'Ban<span class=\"_ _0\"></span>ks <span class=\"ls1 ws1\">- </span>debts to c<span class=\"_ _0\"></span>redit in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons,<span class=\"_ _0\"></span> </span></span></span>clie<span class=\"_ _3\"></span>nts &amp; <span class=\"ls33 ws1f0\">s<span class=\"_ _3\"></span>ecuri<span class=\"_ _3\"></span>t</span><span class=\"ws24e\">ies<span class=\"ls1 ws1fe\">' has been adjusted by 89,733 ('000)<span class=\"_ _0\"></span> euros i<span class=\"_ _3\"></span>n the above t<span class=\"_ _0\"></span>able </span></span>for thi<span class=\"_ _0\"></span>s purpo<span class=\"_ _0\"></span>se.\"",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-148-3": {
   "value": "Note 14:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls3a ws20c\">re<span class=\"_ _3\"></span>ceivable f<span class=\"_ _3\"></span>rom cre<span class=\"_ _3\"></span>dit <span class=\"ls2f ws1e\">instit<span class=\"_ _3\"></span>utions and cl<span class=\"_ _3\"></span>ients</span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value  <span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Loans and receivables to c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\"> </span>5,939,496<span class=\"ls1 ws1\"> </span>6,116,786<span class=\"ls1 ws1\"> </span>6,188,490<span class=\"ls1 ws1\"> </span>5,748,252<span class=\"ls1 ws1\"> </span>Changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span>0 25,704<span class=\"ls1 ws1\"> </span>0 25,704<span class=\"ls1 ws1\"> </span>Loans and advances to banks<span class=\"ls1 ws1\"> </span>110,845<span class=\"ls1 ws1\"> </span>137,851<span class=\"ls1 ws1\"> </span>110,836<span class=\"ls1 ws1\"> </span>138,014<span class=\"ls1 ws1\"> </span>Cash balances with central banks<span class=\"ls1 ws1\"> </span>640,916<span class=\"ls1 ws1\"> </span>1,224,628<span class=\"ls1 ws1\"> </span>640,916<span class=\"ls1 ws1\"> </span>1,224,628<span class=\"ls1 ws1\"> </span>6,691,25<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,504,96<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>6,940,24<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>7,136,59<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>Finance lease<span class=\"ls1 ws1\"> </span>366,374<span class=\"ls1 ws1\"> </span>279,004<span class=\"ls1 ws1\"> </span>Investment credits and financ<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> </span>2,815,391<span class=\"ls1 ws1\"> </span>2,670,776<span class=\"ls1 ws1\"> </span>Mortgage loans<span class=\"ls1 ws1\"> </span>2,617,715<span class=\"ls1 ws1\"> </span>2,438,038<span class=\"ls1 ws1\"> </span>Operating appropriatio<span class=\"_ _0\"></span>ns<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>404,040<span class=\"ls1 ws1\"> </span>371,689<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,373<span class=\"ls1 ws1\"> </span>17,901<span class=\"ls1 ws1\"> </span>Subtotal <span class=\"ls1 ws1\">- </span><span class=\"ws1e4\">G<span class=\"_ _3\"></span>ross loans and a<span class=\"_ _3\"></span>dvances<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Provisions Expected Credit <span class=\"ls28 ws1de\">Losses/w<span class=\"_ _3\"></span>rite<span class=\"ls1 ws1\">-off<span class=\"_ _3\"></span>s </span></span>-<span class=\"ls29 ws1e1\">27,403</span> -<span class=\"ls29 ws1e1\">29,156</span> Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>6,188,49<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>5,748,25<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>The full consolidation of <span class=\"ls34\">Bank<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>an B<span class=\"_ _3\"></span>reda<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws236\">resu<span class=\"_ _0\"></span>lts in th<span class=\"_ _0\"></span>e inclu<span class=\"_ _0\"></span>sion of<span class=\"_ _0\"></span> the spec<span class=\"_ _0\"></span>ific </span></span>bank<span class=\"_ _0\"></span>ing rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> debts in <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>lance sh<span class=\"_ _0\"></span>eet of<span class=\"_ _0\"></span> AvH. Th<span class=\"_ _0\"></span>ese it<span class=\"_ _0\"></span>ems have b<span class=\"_ _9f\"></span>een grouped in order to k<span class=\"_ _0\"></span>eep the balance sheet as transpar<span class=\"_ _0\"></span>ent as possible.<span class=\"ws1\"> </span>The loan<span class=\"_ _9f\"></span>s and adva<span class=\"_ _0\"></span>nces to<span class=\"_ _0\"></span> clients <span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>rise th<span class=\"_ _0\"></span>e follow<span class=\"_ _9f\"></span>ing: <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1f9\">loans g<span class=\"_ _0\"></span>ranted<span class=\"_ _0\"></span> to fam<span class=\"_ _0\"></span>ily en<span class=\"_ _0\"></span>trepren<span class=\"_ _0\"></span>eurs <span class=\"_ _0\"></span>and th<span class=\"_ _0\"></span>e libe<span class=\"_ _0\"></span>ral prof<span class=\"_ _0\"></span>ession<span class=\"_ _0\"></span>s at <span class=\"_ _0\"></span><span class=\"ls34 ws1f7\">B<span class=\"_ _3\"></span>ank V<span class=\"_ _3\"></span>an </span></span></span>Bre<span class=\"_ _3\"></span>da<span class=\"ls25 ws208\">. Th<span class=\"_ _0\"></span>e many<span class=\"_ _0\"></span> entrepr<span class=\"_ _0\"></span>eneur<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>racti<span class=\"_ _0\"></span>tione<span class=\"_ _0\"></span>rs of lib<span class=\"_ _0\"></span>eral p<span class=\"_ _0\"></span>rofes<span class=\"_ _0\"></span>sions w<span class=\"_ _0\"></span>ho hav<span class=\"_ _0\"></span>e </span>becom<span class=\"_ _0\"></span>e clients in<span class=\"_ _0\"></span> previou<span class=\"_ _0\"></span>s years ent<span class=\"_ _0\"></span>rus<span class=\"_ _0\"></span>t an ever incre<span class=\"_ _0\"></span>asing sh<span class=\"_ _0\"></span>are of thei<span class=\"_ _0\"></span>r banking business to th<span class=\"_ _0\"></span>e<span class=\"ws1\"> <span class=\"ls34 ws1ea\">ba<span class=\"_ _3\"></span>nk;<span class=\"_ _3\"></span> </span> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">car financing provided by Van <span class=\"_ _0\"></span>Breda Car Finance, a division of<span class=\"_ _0\"></span> the bank.<span class=\"ws1\"> </span></span></span>The strong<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls4d ws1f5\">co<span class=\"_ _3\"></span>mmer<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ls30 ws25c\">perf<span class=\"_ _0\"></span>orman<span class=\"_ _9f\"></span>ce of th<span class=\"_ _0\"></span>e bank exp<span class=\"_ _9f\"></span>lains the <span class=\"_ _0\"></span>signif<span class=\"_ _0\"></span>icant i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se </span></span>of loans and advance<span class=\"_ _0\"></span>s to clients.<span class=\"ws1\"> </span>Credit risk<span class=\"ls1 ws1\"> </span>The credit portfolio of <span class=\"ls1 ws1f5\">B<span class=\"_ _0\"></span>ank Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws204\">is v<span class=\"_ _0\"></span>ery widely<span class=\"_ _0\"></span> spread th<span class=\"_ _0\"></span>rougho<span class=\"_ _0\"></span>ut the loc<span class=\"_ _0\"></span>al </span></span></span>economic fabric of f<span class=\"_ _0\"></span>amily businesses an<span class=\"_ _0\"></span>d liberal professions. <span class=\"_ _0\"></span>The bank applies<span class=\"_ _0\"></span> concentration limit<span class=\"_ _0\"></span>s per sector and maxim<span class=\"_ _0\"></span>um credit amounts per clien<span class=\"_ _0\"></span>t. The credit portfolio of the Van Breda C<span class=\"_ _0\"></span>ar Finance division consists of ca<span class=\"ls1 ws20b\">r loans<span class=\"_ _0\"></span> and car finance </span>leas<span class=\"_ _0\"></span>es, and i<span class=\"_ _0\"></span>s very wid<span class=\"_ _9f\"></span>ely spread<span class=\"_ _0\"></span>. Const<span class=\"_ _0\"></span>ant f<span class=\"_ _0\"></span>ine<span class=\"ls1 ws1\">-<span class=\"ws1f2\">tuning of th<span class=\"_ _0\"></span>e acceptance criteria </span></span>and pro<span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>e debtor <span class=\"_ _0\"></span>moni<span class=\"_ _0\"></span>toring a<span class=\"_ _0\"></span>lso giv<span class=\"_ _0\"></span>e this po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> a low r<span class=\"_ _0\"></span>isk p<span class=\"_ _0\"></span>rofile.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The cr<span class=\"_ _0\"></span>edit po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>is div<span class=\"_ _0\"></span>ided into<span class=\"_ _0\"></span> risk <span class=\"_ _0\"></span>categori<span class=\"_ _0\"></span>es, each<span class=\"_ _0\"></span> of wh<span class=\"_ _0\"></span>ich is m<span class=\"_ _0\"></span><span class=\"ws22f\">onito<span class=\"_ _0\"></span>red in its </span>own specific way. The board of di<span class=\"_ _0\"></span>rectors of Bank Van Breda periodi<span class=\"_ _0\"></span>cally receives a report o<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>it fac<span class=\"_ _0\"></span>ilities <span class=\"_ _0\"></span>in the h<span class=\"_ _0\"></span>ighes<span class=\"_ _0\"></span>t risk ca<span class=\"_ _0\"></span>tegory.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Debts which becom<span class=\"_ _0\"></span>e doubtful are transf<span class=\"_ _0\"></span>erred to the Litigation d<span class=\"_ _0\"></span>epartment. There are specif<span class=\"_ _0\"></span>ic criter<span class=\"ws204\">i<span class=\"_ _0\"></span>a for man<span class=\"_ _0\"></span>dator<span class=\"_ _0\"></span>y transf<span class=\"_ _0\"></span>er when<span class=\"_ _0\"></span> specific ev<span class=\"_ _9f\"></span>ents arise w<span class=\"_ _0\"></span>ith cli<span class=\"_ _0\"></span>ents, </span>borrow<span class=\"_ _9f\"></span>ers or <span class=\"_ _3\"></span>gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ors. For cr<span class=\"_ _0\"></span>edit faci<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s in the highe<span class=\"_ _0\"></span>st risk catego<span class=\"_ _9f\"></span>ry and for debts that become doubtful, it will be determined wh<span class=\"_ _0\"></span>ether impairments are required. The valuation rules (<span class=\"ws1f6\">N<span class=\"_ _0\"></span>ote 1) offer a<span class=\"_ _3\"></span>n explanation of the methodology which <span class=\"ws1\">B<span class=\"ls34 ws1ea\">ank</span> </span></span>Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">uses und<span class=\"_ _0\"></span>er nor<span class=\"_ _0\"></span>mal ci<span class=\"_ _0\"></span>rcumst<span class=\"_ _0\"></span>ances to<span class=\"_ _0\"></span> deter<span class=\"_ _0\"></span>mine th<span class=\"_ _0\"></span>e <span class=\"ff3b ls1\">expected credit<span class=\"_ _0\"></span> </span></span></span>losses <span class=\"_ _3\"></span><span class=\"ls3f ws206\">(stag<span class=\"_ _0\"></span>e 1 and stag<span class=\"_ _0\"></span>e 2)<span class=\"ff3a ls1 ws1\"> <span class=\"ls34 ws1f7\">a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he </span></span><span class=\"ws2a8\">imp<span class=\"_ _0\"></span>airmen<span class=\"_ _9f\"></span>ts (stag<span class=\"_ _0\"></span>e 3)<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws25c\">for the <span class=\"_ _3\"></span>whole </span></span></span></span>credit portfolio. <span class=\"ls1 ws1\"> </span>Despite the very challenging environm<span class=\"_ _0\"></span>ent for its clients due to the geopolitical tensions and th<span class=\"_ _0\"></span>e sharply increased infl<span class=\"_ _0\"></span>ation, Bank V<span class=\"_ _0\"></span>an Breda did no<span class=\"_ _0\"></span>t report any signif<span class=\"_ _0\"></span>icant lo<span class=\"_ _0\"></span>sses on l<span class=\"_ _0\"></span>oans in<span class=\"_ _0\"></span> 2022. Th<span class=\"_ _9f\"></span>e total prov<span class=\"_ _0\"></span>ision fo<span class=\"_ _0\"></span>r <span class=\"ls1 ws1f5\">credit losses (including </span>Expected Credit Losses or E<span class=\"_ _0\"></span>CL) remains low at +0.02<span class=\"_ _0\"></span>% of the average loan portfo<span class=\"_ _0\"></span>lio. In<span class=\"_ _0\"></span> 2021,<span class=\"_ _0\"></span> there<span class=\"_ _0\"></span> was a <span class=\"_ _0\"></span>net po<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t on th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lts du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e par<span class=\"_ _0\"></span>tial rever<span class=\"_ _0\"></span>sal of th<span class=\"_ _0\"></span>e so<span class=\"ls1 ws1\">-<span class=\"ws1f7\">called \u2018corona prov<span class=\"_ _0\"></span>ision\u2019. This proves the strong qua<span class=\"ls52 ws24f\">lity of t<span class=\"_ _3\"></span>he </span></span></span>bank\u2019<span class=\"_ _0\"></span>s credit p<span class=\"_ _0\"></span>ortfo<span class=\"_ _0\"></span>lio as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>the resi<span class=\"_ _0\"></span>lienc<span class=\"_ _0\"></span>e of its c<span class=\"_ _0\"></span>lient<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\">. </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-148-4": {
   "value": "Note 14:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls3a ws20c\">re<span class=\"_ _3\"></span>ceivable f<span class=\"_ _3\"></span>rom cre<span class=\"_ _3\"></span>dit <span class=\"ls2f ws1e\">instit<span class=\"_ _3\"></span>utions and cl<span class=\"_ _3\"></span>ients</span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value  <span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Loans and receivables to c<span class=\"_ _0\"></span>lients<span class=\"ls1 ws1\"> </span>5,939,496<span class=\"ls1 ws1\"> </span>6,116,786<span class=\"ls1 ws1\"> </span>6,188,490<span class=\"ls1 ws1\"> </span>5,748,252<span class=\"ls1 ws1\"> </span>Changes in fair value of the hedged cr<span class=\"_ _0\"></span>edit portfolio<span class=\"ls1 ws1\">  </span>0 25,704<span class=\"ls1 ws1\"> </span>0 25,704<span class=\"ls1 ws1\"> </span>Loans and advances to banks<span class=\"ls1 ws1\"> </span>110,845<span class=\"ls1 ws1\"> </span>137,851<span class=\"ls1 ws1\"> </span>110,836<span class=\"ls1 ws1\"> </span>138,014<span class=\"ls1 ws1\"> </span>Cash balances with central banks<span class=\"ls1 ws1\"> </span>640,916<span class=\"ls1 ws1\"> </span>1,224,628<span class=\"ls1 ws1\"> </span>640,916<span class=\"ls1 ws1\"> </span>1,224,628<span class=\"ls1 ws1\"> </span>6,691,25<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,504,96<span class=\"_ _3\"></span>9<span class=\"ls1 ws1\"> </span>6,940,24<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>7,136,59<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>Finance lease<span class=\"ls1 ws1\"> </span>366,374<span class=\"ls1 ws1\"> </span>279,004<span class=\"ls1 ws1\"> </span>Investment credits and financ<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> </span>2,815,391<span class=\"ls1 ws1\"> </span>2,670,776<span class=\"ls1 ws1\"> </span>Mortgage loans<span class=\"ls1 ws1\"> </span>2,617,715<span class=\"ls1 ws1\"> </span>2,438,038<span class=\"ls1 ws1\"> </span>Operating appropriatio<span class=\"_ _0\"></span>ns<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>404,040<span class=\"ls1 ws1\"> </span>371,689<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,373<span class=\"ls1 ws1\"> </span>17,901<span class=\"ls1 ws1\"> </span>Subtotal <span class=\"ls1 ws1\">- </span><span class=\"ws1e4\">G<span class=\"_ _3\"></span>ross loans and a<span class=\"_ _3\"></span>dvances<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Provisions Expected Credit <span class=\"ls28 ws1de\">Losses/w<span class=\"_ _3\"></span>rite<span class=\"ls1 ws1\">-off<span class=\"_ _3\"></span>s </span></span>-<span class=\"ls29 ws1e1\">27,403</span> -<span class=\"ls29 ws1e1\">29,156</span> Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>6,188,49<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>5,748,25<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>The full consolidation of <span class=\"ls34\">Bank<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>an B<span class=\"_ _3\"></span>reda<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws236\">resu<span class=\"_ _0\"></span>lts in th<span class=\"_ _0\"></span>e inclu<span class=\"_ _0\"></span>sion of<span class=\"_ _0\"></span> the spec<span class=\"_ _0\"></span>ific </span></span>bank<span class=\"_ _0\"></span>ing rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> debts in <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>lance sh<span class=\"_ _0\"></span>eet of<span class=\"_ _0\"></span> AvH. Th<span class=\"_ _0\"></span>ese it<span class=\"_ _0\"></span>ems have b<span class=\"_ _9f\"></span>een grouped in order to k<span class=\"_ _0\"></span>eep the balance sheet as transpar<span class=\"_ _0\"></span>ent as possible.<span class=\"ws1\"> </span>The loan<span class=\"_ _9f\"></span>s and adva<span class=\"_ _0\"></span>nces to<span class=\"_ _0\"></span> clients <span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>rise th<span class=\"_ _0\"></span>e follow<span class=\"_ _9f\"></span>ing: <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1f9\">loans g<span class=\"_ _0\"></span>ranted<span class=\"_ _0\"></span> to fam<span class=\"_ _0\"></span>ily en<span class=\"_ _0\"></span>trepren<span class=\"_ _0\"></span>eurs <span class=\"_ _0\"></span>and th<span class=\"_ _0\"></span>e libe<span class=\"_ _0\"></span>ral prof<span class=\"_ _0\"></span>ession<span class=\"_ _0\"></span>s at <span class=\"_ _0\"></span><span class=\"ls34 ws1f7\">B<span class=\"_ _3\"></span>ank V<span class=\"_ _3\"></span>an </span></span></span>Bre<span class=\"_ _3\"></span>da<span class=\"ls25 ws208\">. Th<span class=\"_ _0\"></span>e many<span class=\"_ _0\"></span> entrepr<span class=\"_ _0\"></span>eneur<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>racti<span class=\"_ _0\"></span>tione<span class=\"_ _0\"></span>rs of lib<span class=\"_ _0\"></span>eral p<span class=\"_ _0\"></span>rofes<span class=\"_ _0\"></span>sions w<span class=\"_ _0\"></span>ho hav<span class=\"_ _0\"></span>e </span>becom<span class=\"_ _0\"></span>e clients in<span class=\"_ _0\"></span> previou<span class=\"_ _0\"></span>s years ent<span class=\"_ _0\"></span>rus<span class=\"_ _0\"></span>t an ever incre<span class=\"_ _0\"></span>asing sh<span class=\"_ _0\"></span>are of thei<span class=\"_ _0\"></span>r banking business to th<span class=\"_ _0\"></span>e<span class=\"ws1\"> <span class=\"ls34 ws1ea\">ba<span class=\"_ _3\"></span>nk;<span class=\"_ _3\"></span> </span> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">car financing provided by Van <span class=\"_ _0\"></span>Breda Car Finance, a division of<span class=\"_ _0\"></span> the bank.<span class=\"ws1\"> </span></span></span>The strong<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls4d ws1f5\">co<span class=\"_ _3\"></span>mmer<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ls30 ws25c\">perf<span class=\"_ _0\"></span>orman<span class=\"_ _9f\"></span>ce of th<span class=\"_ _0\"></span>e bank exp<span class=\"_ _9f\"></span>lains the <span class=\"_ _0\"></span>signif<span class=\"_ _0\"></span>icant i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se </span></span>of loans and advance<span class=\"_ _0\"></span>s to clients.<span class=\"ws1\"> </span>Credit risk<span class=\"ls1 ws1\"> </span>The credit portfolio of <span class=\"ls1 ws1f5\">B<span class=\"_ _0\"></span>ank Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws204\">is v<span class=\"_ _0\"></span>ery widely<span class=\"_ _0\"></span> spread th<span class=\"_ _0\"></span>rougho<span class=\"_ _0\"></span>ut the loc<span class=\"_ _0\"></span>al </span></span></span>economic fabric of f<span class=\"_ _0\"></span>amily businesses an<span class=\"_ _0\"></span>d liberal professions. <span class=\"_ _0\"></span>The bank applies<span class=\"_ _0\"></span> concentration limit<span class=\"_ _0\"></span>s per sector and maxim<span class=\"_ _0\"></span>um credit amounts per clien<span class=\"_ _0\"></span>t. The credit portfolio of the Van Breda C<span class=\"_ _0\"></span>ar Finance division consists of ca<span class=\"ls1 ws20b\">r loans<span class=\"_ _0\"></span> and car finance </span>leas<span class=\"_ _0\"></span>es, and i<span class=\"_ _0\"></span>s very wid<span class=\"_ _9f\"></span>ely spread<span class=\"_ _0\"></span>. Const<span class=\"_ _0\"></span>ant f<span class=\"_ _0\"></span>ine<span class=\"ls1 ws1\">-<span class=\"ws1f2\">tuning of th<span class=\"_ _0\"></span>e acceptance criteria </span></span>and pro<span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>e debtor <span class=\"_ _0\"></span>moni<span class=\"_ _0\"></span>toring a<span class=\"_ _0\"></span>lso giv<span class=\"_ _0\"></span>e this po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> a low r<span class=\"_ _0\"></span>isk p<span class=\"_ _0\"></span>rofile.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The cr<span class=\"_ _0\"></span>edit po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>is div<span class=\"_ _0\"></span>ided into<span class=\"_ _0\"></span> risk <span class=\"_ _0\"></span>categori<span class=\"_ _0\"></span>es, each<span class=\"_ _0\"></span> of wh<span class=\"_ _0\"></span>ich is m<span class=\"_ _0\"></span><span class=\"ws22f\">onito<span class=\"_ _0\"></span>red in its </span>own specific way. The board of di<span class=\"_ _0\"></span>rectors of Bank Van Breda periodi<span class=\"_ _0\"></span>cally receives a report o<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>it fac<span class=\"_ _0\"></span>ilities <span class=\"_ _0\"></span>in the h<span class=\"_ _0\"></span>ighes<span class=\"_ _0\"></span>t risk ca<span class=\"_ _0\"></span>tegory.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Debts which becom<span class=\"_ _0\"></span>e doubtful are transf<span class=\"_ _0\"></span>erred to the Litigation d<span class=\"_ _0\"></span>epartment. There are specif<span class=\"_ _0\"></span>ic criter<span class=\"ws204\">i<span class=\"_ _0\"></span>a for man<span class=\"_ _0\"></span>dator<span class=\"_ _0\"></span>y transf<span class=\"_ _0\"></span>er when<span class=\"_ _0\"></span> specific ev<span class=\"_ _9f\"></span>ents arise w<span class=\"_ _0\"></span>ith cli<span class=\"_ _0\"></span>ents, </span>borrow<span class=\"_ _9f\"></span>ers or <span class=\"_ _3\"></span>gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ors. For cr<span class=\"_ _0\"></span>edit faci<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s in the highe<span class=\"_ _0\"></span>st risk catego<span class=\"_ _9f\"></span>ry and for debts that become doubtful, it will be determined wh<span class=\"_ _0\"></span>ether impairments are required. The valuation rules (<span class=\"ws1f6\">N<span class=\"_ _0\"></span>ote 1) offer a<span class=\"_ _3\"></span>n explanation of the methodology which <span class=\"ws1\">B<span class=\"ls34 ws1ea\">ank</span> </span></span>Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">uses und<span class=\"_ _0\"></span>er nor<span class=\"_ _0\"></span>mal ci<span class=\"_ _0\"></span>rcumst<span class=\"_ _0\"></span>ances to<span class=\"_ _0\"></span> deter<span class=\"_ _0\"></span>mine th<span class=\"_ _0\"></span>e <span class=\"ff3b ls1\">expected credit<span class=\"_ _0\"></span> </span></span></span>losses <span class=\"_ _3\"></span><span class=\"ls3f ws206\">(stag<span class=\"_ _0\"></span>e 1 and stag<span class=\"_ _0\"></span>e 2)<span class=\"ff3a ls1 ws1\"> <span class=\"ls34 ws1f7\">a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he </span></span><span class=\"ws2a8\">imp<span class=\"_ _0\"></span>airmen<span class=\"_ _9f\"></span>ts (stag<span class=\"_ _0\"></span>e 3)<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws25c\">for the <span class=\"_ _3\"></span>whole </span></span></span></span>credit portfolio. <span class=\"ls1 ws1\"> </span>Despite the very challenging environm<span class=\"_ _0\"></span>ent for its clients due to the geopolitical tensions and th<span class=\"_ _0\"></span>e sharply increased infl<span class=\"_ _0\"></span>ation, Bank V<span class=\"_ _0\"></span>an Breda did no<span class=\"_ _0\"></span>t report any signif<span class=\"_ _0\"></span>icant lo<span class=\"_ _0\"></span>sses on l<span class=\"_ _0\"></span>oans in<span class=\"_ _0\"></span> 2022. Th<span class=\"_ _9f\"></span>e total prov<span class=\"_ _0\"></span>ision fo<span class=\"_ _0\"></span>r <span class=\"ls1 ws1f5\">credit losses (including </span>Expected Credit Losses or E<span class=\"_ _0\"></span>CL) remains low at +0.02<span class=\"_ _0\"></span>% of the average loan portfo<span class=\"_ _0\"></span>lio. In<span class=\"_ _0\"></span> 2021,<span class=\"_ _0\"></span> there<span class=\"_ _0\"></span> was a <span class=\"_ _0\"></span>net po<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t on th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lts du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e par<span class=\"_ _0\"></span>tial rever<span class=\"_ _0\"></span>sal of th<span class=\"_ _0\"></span>e so<span class=\"ls1 ws1\">-<span class=\"ws1f7\">called \u2018corona prov<span class=\"_ _0\"></span>ision\u2019. This proves the strong qua<span class=\"ls52 ws24f\">lity of t<span class=\"_ _3\"></span>he </span></span></span>bank\u2019<span class=\"_ _0\"></span>s credit p<span class=\"_ _0\"></span>ortfo<span class=\"_ _0\"></span>lio as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>the resi<span class=\"_ _0\"></span>lienc<span class=\"_ _0\"></span>e of its c<span class=\"_ _0\"></span>lient<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\">. </span>Inter<span class=\"_ _3\"></span>nal rati<span class=\"_ _3\"></span>ng per c<span class=\"_ _3\"></span>atego<span class=\"_ _3\"></span>ry <span class=\"ls1 ws1\">\u2013 </span>lo<span class=\"_ _3\"></span>ans and a<span class=\"_ _3\"></span>dvance<span class=\"_ _3\"></span>s to c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Loans and a<span class=\"_ _3\"></span>dvances to cl<span class=\"_ _3\"></span>ients <span class=\"ls1 ws1\">- <span class=\"ls28 ws1e7\">inte<span class=\"_ _3\"></span>rnal<span class=\"_ _3\"></span> rating<span class=\"_ _3\"></span> per ca<span class=\"_ _3\"></span>tego<span class=\"_ _3\"></span>ry</span> </span>Stage 1<span class=\"ws1\"> </span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bb\"> </span></span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> <span class=\"_ _ca\"> </span></span>Indivi<span class=\"_ _3\"></span>dual<span class=\"ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> </span>Performing<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Low<span class=\"_ _3\"></span> risk<span class=\"ls1 ws1\"> </span>2,599,257<span class=\"ls1 ws1\"> </span>0 19,099<span class=\"ls1 ws1\"> </span>15,313<span class=\"ls1 ws1\"> </span>0 2,633,669<span class=\"ls1 ws1\"> </span>Medium risk<span class=\"ls1 ws1\"> </span>2,348,294<span class=\"ls1 ws1\"> </span>0 361,644<span class=\"ls1 ws1\"> </span>59,268<span class=\"ls1 ws1\"> </span>0 2,769,205<span class=\"ls1 ws1\"> </span>High risk<span class=\"ls1 ws1\"> </span>328,614<span class=\"ls1 ws1\"> </span>0 372,495<span class=\"ls1 ws1\"> </span>19,408<span class=\"ls1 ws1\"> </span>0 720,516<span class=\"ls1 ws1\"> </span>Overdue<span class=\"ls1 ws1\"> </span>33,343<span class=\"ls1 ws1\"> </span>0 14,523<span class=\"ls1 ws1\"> </span>222<span class=\"ls1 ws1\"> </span>0 48,088<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span>perform<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Submitted<span class=\"_ _3\"></span> to write off<span class=\"ls1 ws1\"> </span>0 0 0 0 44,416<span class=\"ls1 ws1\"> </span>44,416<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,309,50<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>0 767,760<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>94,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Loans and a<span class=\"_ _3\"></span>dvances to cl<span class=\"_ _3\"></span>ients <span class=\"ls1 ws1\">- <span class=\"ls28 ws1e7\">inte<span class=\"_ _3\"></span>rnal<span class=\"_ _3\"></span> rating<span class=\"_ _3\"></span> per ca<span class=\"_ _3\"></span>tego<span class=\"_ _3\"></span>ry</span> <span class=\"_ _8c\"> </span><span class=\"ws202\">Stage 1</span> </span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> <span class=\"_ _58\"> </span><span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bb\"> </span></span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> <span class=\"_ _ca\"> </span></span>Indivi<span class=\"_ _3\"></span>dual<span class=\"ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> </span>Performing<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Low<span class=\"_ _3\"></span> risk<span class=\"ls1 ws1\"> </span>2,376,878<span class=\"ls1 ws1\"> </span>0 21,069<span class=\"ls1 ws1\"> </span>23,856<span class=\"ls1 ws1\"> </span>0 2,421,803<span class=\"ls1 ws1\"> </span>Medium risk<span class=\"ls1 ws1\"> </span>2,114,646<span class=\"ls1 ws1\"> </span>0 342,933<span class=\"ls1 ws1\"> </span>77,093<span class=\"ls1 ws1\"> </span>0 2,534,673<span class=\"ls1 ws1\"> </span>High risk<span class=\"ls1 ws1\"> </span>325,611<span class=\"ls1 ws1\"> </span>0 364,838<span class=\"ls1 ws1\"> </span>27,219<span class=\"ls1 ws1\"> </span>0 717,668<span class=\"ls1 ws1\"> </span>Overdue<span class=\"ls1 ws1\"> </span>33,601<span class=\"ls1 ws1\"> </span>0 15,380<span class=\"ls1 ws1\"> </span>649<span class=\"ls1 ws1\"> </span>0 49,629<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-</span>perform<span class=\"_ _3\"></span>ing<span class=\"ls1 ws1\"> </span>Submitted<span class=\"_ _3\"></span> to write off<span class=\"ls1 ws1\"> </span>0 0 0 0 53,635<span class=\"ls1 ws1\"> </span>53,635<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,850,73<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>0 744,219<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>128,818<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Loans and a<span class=\"_ _3\"></span>dvances to cl<span class=\"_ _3\"></span>ients <span class=\"ls1 ws1\">- </span>evolu<span class=\"_ _3\"></span>tion in 2022<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _be\"> </span><span class=\"ws202\">Stage<span class=\"_ _3\"></span> 1</span> </span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> <span class=\"_ _57\"> </span><span class=\"ls28 ws1de\">T<span class=\"_ _3\"></span>otal</span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Collective<span class=\"ls1 ws1\"> </span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Collective<span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>4,850,73<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>0 744,219<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>128,818<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Impact from collective s<span class=\"_ _0\"></span>taging<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">25,592</span> 25,592<span class=\"ls1 ws1\"> </span>38,017<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">38,017</span> 0 0 Recognition<span class=\"ls1 ws1\"> </span>1,612,423<span class=\"ls1 ws1\"> </span>0 163,399<span class=\"ls1 ws1\"> </span>4,838<span class=\"ls1 ws1\"> </span>4,280<span class=\"ls1 ws1\"> </span>1,784,939<span class=\"ls1 ws1\"> </span>Derecognition<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">753,174</span> 0 -<span class=\"ls29 ws1e1\">122,768</span> -<span class=\"ls29 ws1e1\">17,408</span> -<span class=\"ls29 ws1e1\">12,247</span> -<span class=\"ls29 ws1e1\">905,597</span> Repayments<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">371,329</span> 0 -<span class=\"ls29 ws1e1\">51,094</span> -<span class=\"ls29 ws1e1\">9,611</span> -<span class=\"ls29 ws1e1\">7,568</span> -<span class=\"ls29 ws1e1\">439,602</span> Tran<span class=\"_ _3\"></span>sfers to<span class=\"_ _3\"></span> stage 1<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>248,372<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">247,216</span> 0 -<span class=\"ls29 ws1e1\">1,156</span> 0 Tran<span class=\"_ _3\"></span>sfers to<span class=\"_ _3\"></span> stage 2<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">244,345</span> -<span class=\"ls29 ws1e1\">25,592</span> 246,576<span class=\"ls1 ws1\"> </span>25,592<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,231</span> 0 Tran<span class=\"_ _3\"></span>sfers to<span class=\"_ _3\"></span> stage 3<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">7,461</span> 0 -<span class=\"ls29 ws1e1\">3,289</span> 0 10,751<span class=\"ls1 ws1\"> </span>0 Methodology modifications<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">123</span> 0 -<span class=\"ls29 ws1e1\">84</span> 0 -8 -<span class=\"ls29 ws1e1\">215</span> Write offs<span class=\"ls1 ws1\"> </span>0 0 0 0 -<span class=\"ls29 ws1e1\">1,040</span> -<span class=\"ls29 ws1e1\">1,040</span> 31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>5,309,50<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>0 767,760<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>94,210<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Accumulate<span class=\"_ _3\"></span>d impairmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> <span class=\"_ _c0\"> </span><span class=\"ws202\">Stag<span class=\"_ _0\"></span>e 1<span class=\"_ _3\"></span><span class=\"ws1\"> </span></span></span>Stage 2<span class=\"ws1\"> </span>Stage 3<span class=\"ws1\"> <span class=\"_ _57\"> </span><span class=\"ls28 ws1de\">T<span class=\"_ _3\"></span>otal</span> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bb\"> </span></span>Individual<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _ca\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> <span class=\"_ _ca\"> </span></span>Indivi<span class=\"_ _3\"></span>dual<span class=\"ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ls3b ws1e4\">Collec<span class=\"_ _3\"></span>tive</span> </span>31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">4,192</span> 0 -<span class=\"ls27 ws1df\">1,926</span> -<span class=\"ls27 ws1df\">245</span> -<span class=\"ls27 ws1df\">22,792</span> -<span class=\"ls27 ws1df\">29,156</span> Impact from collective s<span class=\"_ _0\"></span>taging<span class=\"ls1 ws1\"> </span>16<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">16</span> -<span class=\"ls29 ws1e1\">63</span> 63<span class=\"ls1 ws1\"> </span>0 0 Recognition<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,042</span> -8 -<span class=\"ls29 ws1e1\">673</span> -1 -<span class=\"ls29 ws1e1\">1,376</span> -<span class=\"ls29 ws1e1\">6,100</span> Derecognition<span class=\"ls1 ws1\"> </span>1,266<span class=\"ls1 ws1\"> </span>0 484<span class=\"ls1 ws1\"> </span>6 1,524<span class=\"ls1 ws1\"> </span>3,280<span class=\"ls1 ws1\"> </span>Repayments<span class=\"ls1 ws1\"> </span>1,634<span class=\"ls1 ws1\"> </span>3 499<span class=\"ls1 ws1\"> </span>7 0 2,142<span class=\"ls1 ws1\"> </span>Transfers<span class=\"_ _0\"></span> to Stage 1<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,422</span> 0 1,361<span class=\"ls1 ws1\"> </span>0 60<span class=\"ls1 ws1\"> </span>0 Transfers<span class=\"_ _0\"></span> to Stage 2<span class=\"ls1 ws1\"> </span>164<span class=\"ls1 ws1\"> </span>24<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">290</span> -<span class=\"ls29 ws1e1\">24</span> 126<span class=\"ls1 ws1\"> </span>0 Transfers<span class=\"_ _0\"></span> to Stage 3<span class=\"ls1 ws1\"> </span>26<span class=\"ls1 ws1\"> </span>0 150<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">176</span> 0 Impact on ECL by<span class=\"_ _0\"></span> Stage Transfer<span class=\"ls1 ws1\"> </span>1,249<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">2,014</span> -<span class=\"ls29 ws1e1\">83</span> -<span class=\"ls29 ws1e1\">2,655</span> -<span class=\"ls29 ws1e1\">3,502</span> Other adjus<span class=\"_ _3\"></span>tments to credit ri<span class=\"_ _3\"></span>sk<span class=\"ls1 ws1\"> </span>528<span class=\"ls1 ws1\"> </span>-3 326<span class=\"ls1 ws1\"> </span>102<span class=\"ls1 ws1\"> </span>2,871<span class=\"ls1 ws1\"> </span>3,824<span class=\"ls1 ws1\"> </span>Methodology modifications<span class=\"ls1 ws1\"> </span>1 0 0 0 0 1 Model modifications<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">32</span> 0 101<span class=\"ls1 ws1\"> </span>0 0 69<span class=\"ls1 ws1\"> </span>Write<span class=\"ls1 ws1\">-offs<span class=\"_ _3\"></span> </span>0 0 0 0 2,039<span class=\"ls1 ws1\"> </span>2,039<span class=\"ls1 ws1\"> </span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">4,805</span> 0 -<span class=\"ls27 ws1df\">2,045</span> -<span class=\"ls27 ws1df\">176</span> -<span class=\"ls27 ws1df\">20,377</span> -<span class=\"ls27 ws1df\">27,403</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-149-5": {
   "value": "(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>Finance lease<span class=\"ls1 ws1\"> </span>366,374<span class=\"ls1 ws1\"> </span>279,004<span class=\"ls1 ws1\"> </span>Investment credits and financ<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> </span>2,815,391<span class=\"ls1 ws1\"> </span>2,670,776<span class=\"ls1 ws1\"> </span>Mortgage loans<span class=\"ls1 ws1\"> </span>2,617,715<span class=\"ls1 ws1\"> </span>2,438,038<span class=\"ls1 ws1\"> </span>Operating appropriatio<span class=\"_ _0\"></span>ns<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>404,040<span class=\"ls1 ws1\"> </span>371,689<span class=\"ls1 ws1\"> </span>Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,373<span class=\"ls1 ws1\"> </span>17,901<span class=\"ls1 ws1\"> </span>Subtotal <span class=\"ls1 ws1\">- </span><span class=\"ws1e4\">G<span class=\"_ _3\"></span>ross loans and a<span class=\"_ _3\"></span>dvances<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>6,215,89<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>5,777,40<span class=\"_ _3\"></span>8<span class=\"ls1 ws1\"> </span>Provisions Expected Credit <span class=\"ls28 ws1de\">Losses/w<span class=\"_ _3\"></span>rite<span class=\"ls1 ws1\">-off<span class=\"_ _3\"></span>s </span></span>-<span class=\"ls29 ws1e1\">27,403</span> -<span class=\"ls29 ws1e1\">29,156</span> Loans and receivables<span class=\"_ _3\"></span> to clients<span class=\"ws1\"> </span>6,188,49<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>5,748,25<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> </span>The full consolidation of <span class=\"ls34\">Bank<span class=\"_ _3\"></span> V<span class=\"_ _3\"></span>an B<span class=\"_ _3\"></span>reda<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _24\"></span><span class=\"ls25 ws236\">resu<span class=\"_ _0\"></span>lts in th<span class=\"_ _0\"></span>e inclu<span class=\"_ _0\"></span>sion of<span class=\"_ _0\"></span> the spec<span class=\"_ _0\"></span>ific </span></span>bank<span class=\"_ _0\"></span>ing rec<span class=\"_ _0\"></span>eivabl<span class=\"_ _0\"></span>es and<span class=\"_ _0\"></span> debts in <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>lance sh<span class=\"_ _0\"></span>eet of<span class=\"_ _0\"></span> AvH. Th<span class=\"_ _0\"></span>ese it<span class=\"_ _0\"></span>ems have b<span class=\"_ _9f\"></span>een grouped in order to k<span class=\"_ _0\"></span>eep the balance sheet as transpar<span class=\"_ _0\"></span>ent as possible.<span class=\"ws1\"> </span>The loan<span class=\"_ _9f\"></span>s and adva<span class=\"_ _0\"></span>nces to<span class=\"_ _0\"></span> clients <span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>rise th<span class=\"_ _0\"></span>e follow<span class=\"_ _9f\"></span>ing: <span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws1f9\">loans g<span class=\"_ _0\"></span>ranted<span class=\"_ _0\"></span> to fam<span class=\"_ _0\"></span>ily en<span class=\"_ _0\"></span>trepren<span class=\"_ _0\"></span>eurs <span class=\"_ _0\"></span>and th<span class=\"_ _0\"></span>e libe<span class=\"_ _0\"></span>ral prof<span class=\"_ _0\"></span>ession<span class=\"_ _0\"></span>s at <span class=\"_ _0\"></span><span class=\"ls34 ws1f7\">B<span class=\"_ _3\"></span>ank V<span class=\"_ _3\"></span>an </span></span></span>Bre<span class=\"_ _3\"></span>da<span class=\"ls25 ws208\">. Th<span class=\"_ _0\"></span>e many<span class=\"_ _0\"></span> entrepr<span class=\"_ _0\"></span>eneur<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>racti<span class=\"_ _0\"></span>tione<span class=\"_ _0\"></span>rs of lib<span class=\"_ _0\"></span>eral p<span class=\"_ _0\"></span>rofes<span class=\"_ _0\"></span>sions w<span class=\"_ _0\"></span>ho hav<span class=\"_ _0\"></span>e </span>becom<span class=\"_ _0\"></span>e clients in<span class=\"_ _0\"></span> previou<span class=\"_ _0\"></span>s years ent<span class=\"_ _0\"></span>rus<span class=\"_ _0\"></span>t an ever incre<span class=\"_ _0\"></span>asing sh<span class=\"_ _0\"></span>are of thei<span class=\"_ _0\"></span>r banking business to th<span class=\"_ _0\"></span>e<span class=\"ws1\"> <span class=\"ls34 ws1ea\">ba<span class=\"_ _3\"></span>nk;<span class=\"_ _3\"></span> </span> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">car financing provided by Van <span class=\"_ _0\"></span>Breda Car Finance, a division of<span class=\"_ _0\"></span> the bank.<span class=\"ws1\"> </span></span></span>The strong<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls4d ws1f5\">co<span class=\"_ _3\"></span>mmer<span class=\"_ _3\"></span>cial<span class=\"_ _3\"></span></span> <span class=\"_ _3\"></span><span class=\"ls30 ws25c\">perf<span class=\"_ _0\"></span>orman<span class=\"_ _9f\"></span>ce of th<span class=\"_ _0\"></span>e bank exp<span class=\"_ _9f\"></span>lains the <span class=\"_ _0\"></span>signif<span class=\"_ _0\"></span>icant i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se </span></span>of loans and advance<span class=\"_ _0\"></span>s to clients.<span class=\"ws1\"> </span>Credit risk<span class=\"ls1 ws1\"> </span>The credit portfolio of <span class=\"ls1 ws1f5\">B<span class=\"_ _0\"></span>ank Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws204\">is v<span class=\"_ _0\"></span>ery widely<span class=\"_ _0\"></span> spread th<span class=\"_ _0\"></span>rougho<span class=\"_ _0\"></span>ut the loc<span class=\"_ _0\"></span>al </span></span></span>economic fabric of f<span class=\"_ _0\"></span>amily businesses an<span class=\"_ _0\"></span>d liberal professions. <span class=\"_ _0\"></span>The bank applies<span class=\"_ _0\"></span> concentration limit<span class=\"_ _0\"></span>s per sector and maxim<span class=\"_ _0\"></span>um credit amounts per clien<span class=\"_ _0\"></span>t. The credit portfolio of the Van Breda C<span class=\"_ _0\"></span>ar Finance division consists of ca<span class=\"ls1 ws20b\">r loans<span class=\"_ _0\"></span> and car finance </span>leas<span class=\"_ _0\"></span>es, and i<span class=\"_ _0\"></span>s very wid<span class=\"_ _9f\"></span>ely spread<span class=\"_ _0\"></span>. Const<span class=\"_ _0\"></span>ant f<span class=\"_ _0\"></span>ine<span class=\"ls1 ws1\">-<span class=\"ws1f2\">tuning of th<span class=\"_ _0\"></span>e acceptance criteria </span></span>and pro<span class=\"_ _0\"></span>activ<span class=\"_ _0\"></span>e debtor <span class=\"_ _0\"></span>moni<span class=\"_ _0\"></span>toring a<span class=\"_ _0\"></span>lso giv<span class=\"_ _0\"></span>e this po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> a low r<span class=\"_ _0\"></span>isk p<span class=\"_ _0\"></span>rofile.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The cr<span class=\"_ _0\"></span>edit po<span class=\"_ _0\"></span>rtfolio <span class=\"_ _0\"></span>is div<span class=\"_ _0\"></span>ided into<span class=\"_ _0\"></span> risk <span class=\"_ _0\"></span>categori<span class=\"_ _0\"></span>es, each<span class=\"_ _0\"></span> of wh<span class=\"_ _0\"></span>ich is m<span class=\"_ _0\"></span><span class=\"ws22f\">onito<span class=\"_ _0\"></span>red in its </span>own specific way. The board of di<span class=\"_ _0\"></span>rectors of Bank Van Breda periodi<span class=\"_ _0\"></span>cally receives a report o<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>it fac<span class=\"_ _0\"></span>ilities <span class=\"_ _0\"></span>in the h<span class=\"_ _0\"></span>ighes<span class=\"_ _0\"></span>t risk ca<span class=\"_ _0\"></span>tegory.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span>Debts which becom<span class=\"_ _0\"></span>e doubtful are transf<span class=\"_ _0\"></span>erred to the Litigation d<span class=\"_ _0\"></span>epartment. There are specif<span class=\"_ _0\"></span>ic criter<span class=\"ws204\">i<span class=\"_ _0\"></span>a for man<span class=\"_ _0\"></span>dator<span class=\"_ _0\"></span>y transf<span class=\"_ _0\"></span>er when<span class=\"_ _0\"></span> specific ev<span class=\"_ _9f\"></span>ents arise w<span class=\"_ _0\"></span>ith cli<span class=\"_ _0\"></span>ents, </span>borrow<span class=\"_ _9f\"></span>ers or <span class=\"_ _3\"></span>gu<span class=\"_ _0\"></span>arant<span class=\"_ _0\"></span>ors. For cr<span class=\"_ _0\"></span>edit faci<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s in the highe<span class=\"_ _0\"></span>st risk catego<span class=\"_ _9f\"></span>ry and for debts that become doubtful, it will be determined wh<span class=\"_ _0\"></span>ether impairments are required. The valuation rules (<span class=\"ws1f6\">N<span class=\"_ _0\"></span>ote 1) offer a<span class=\"_ _3\"></span>n explanation of the methodology which <span class=\"ws1\">B<span class=\"ls34 ws1ea\">ank</span> </span></span>Van Breda<span class=\"ws1\"> <span class=\"_ _3\"></span><span class=\"ls25 ws1f9\">uses und<span class=\"_ _0\"></span>er nor<span class=\"_ _0\"></span>mal ci<span class=\"_ _0\"></span>rcumst<span class=\"_ _0\"></span>ances to<span class=\"_ _0\"></span> deter<span class=\"_ _0\"></span>mine th<span class=\"_ _0\"></span>e <span class=\"ff3b ls1\">expected credit<span class=\"_ _0\"></span> </span></span></span>losses <span class=\"_ _3\"></span><span class=\"ls3f ws206\">(stag<span class=\"_ _0\"></span>e 1 and stag<span class=\"_ _0\"></span>e 2)<span class=\"ff3a ls1 ws1\"> <span class=\"ls34 ws1f7\">a<span class=\"_ _3\"></span>nd t<span class=\"_ _3\"></span>he </span></span><span class=\"ws2a8\">imp<span class=\"_ _0\"></span>airmen<span class=\"_ _9f\"></span>ts (stag<span class=\"_ _0\"></span>e 3)<span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls39 ws25c\">for the <span class=\"_ _3\"></span>whole </span></span></span></span>credit portfolio. <span class=\"ls1 ws1\"> </span>Despite the very challenging environm<span class=\"_ _0\"></span>ent for its clients due to the geopolitical tensions and th<span class=\"_ _0\"></span>e sharply increased infl<span class=\"_ _0\"></span>ation, Bank V<span class=\"_ _0\"></span>an Breda did no<span class=\"_ _0\"></span>t report any signif<span class=\"_ _0\"></span>icant lo<span class=\"_ _0\"></span>sses on l<span class=\"_ _0\"></span>oans in<span class=\"_ _0\"></span> 2022. Th<span class=\"_ _9f\"></span>e total prov<span class=\"_ _0\"></span>ision fo<span class=\"_ _0\"></span>r <span class=\"ls1 ws1f5\">credit losses (including </span>Expected Credit Losses or E<span class=\"_ _0\"></span>CL) remains low at +0.02<span class=\"_ _0\"></span>% of the average loan portfo<span class=\"_ _0\"></span>lio. In<span class=\"_ _0\"></span> 2021,<span class=\"_ _0\"></span> there<span class=\"_ _0\"></span> was a <span class=\"_ _0\"></span>net po<span class=\"_ _0\"></span>sitiv<span class=\"_ _0\"></span>e impac<span class=\"_ _0\"></span>t on th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lts du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e par<span class=\"_ _0\"></span>tial rever<span class=\"_ _0\"></span>sal of th<span class=\"_ _0\"></span>e so<span class=\"ls1 ws1\">-<span class=\"ws1f7\">called \u2018corona prov<span class=\"_ _0\"></span>ision\u2019. This proves the strong qua<span class=\"ls52 ws24f\">lity of t<span class=\"_ _3\"></span>he </span></span></span>bank\u2019<span class=\"_ _0\"></span>s credit p<span class=\"_ _0\"></span>ortfo<span class=\"_ _0\"></span>lio as w<span class=\"_ _0\"></span>ell as <span class=\"_ _0\"></span>the resi<span class=\"_ _0\"></span>lienc<span class=\"_ _0\"></span>e of its c<span class=\"_ _0\"></span>lient<span class=\"_ _0\"></span>s<span class=\"ls1 ws1\">. </span>Note 17:<span class=\"ff3c\"> </span>L<span class=\"ls3a ws20c\">ease</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls36 ws200\">Lesso</span>r Bank Van Bred<span class=\"_ _0\"></span>a is active in the s<span class=\"_ _0\"></span>ector of car finance and<span class=\"_ _0\"></span> finance leasing of<span class=\"_ _0\"></span> cars via its <span class=\"_ _3\"></span>division Van Breda Car Finance.<span class=\"ws1\"> <span class=\"ls54 ws279\">We <span class=\"ls25 ws1eb\">refer to <span class=\"_ _0\"></span><span class=\"ls33 ws204\">Note<span class=\"_ _3\"></span> 1<span class=\"ls1 ws1\">4 <span class=\"ls40 ws205\">for more information</span>. </span></span></span></span></span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls36 ws200\">Lessee</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7f\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Asse<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Tangible assets<span class=\"_ _3\"></span><span class=\"ws1\"> </span>148,174<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>179,290<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Land and buildings<span class=\"ls1 ws1\"> </span>92,710<span class=\"ls1 ws1\"> </span>130,674<span class=\"ls1 ws1\"> </span>Plant, machinery and equipment<span class=\"ls1 ws1\"> </span>17,969<span class=\"ls1 ws1\"> </span>9,919<span class=\"ls1 ws1\"> </span>Furniture and vehicles<span class=\"ls1 ws1\"> </span>37,495<span class=\"ls1 ws1\"> </span>38,696<span class=\"ls1 ws1\"> </span>Investment<span class=\"_ _3\"></span> property<span class=\"ls1 ws1\"> </span>2,309<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,181<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- </span>Assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\">  </span>150,483<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>183,471<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Liabil<span class=\"_ _0\"></span>ities<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Equity <span class=\"ls1 ws1\">- </span><span class=\"ws1e4\">gro<span class=\"_ _3\"></span>up share<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls27 ws1df\">1,476</span> -<span class=\"ls27 ws1df\">2,242</span> Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>151,959<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>185,712<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current lease debts</span>  </span>112,180<span class=\"ls1 ws1\"> </span>149,514<span class=\"ls1 ws1\"> </span>Current lease debts<span class=\"ls1 ws1\"> </span>39,778<span class=\"ls1 ws1\"> </span>36,198<span class=\"ls1 ws1\"> </span>Total <span class=\"_ _3\"></span><span class=\"ls1 ws1\">- <span class=\"ls3b ws1e4\">Liabilities<span class=\"_ _3\"></span></span> </span>150,483<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>183,471<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>As a <span class=\"ls1 ws20b\">result of the application of IFRS 16 L<span class=\"_ _0\"></span>eases, the group recognized on D<span class=\"_ _0\"></span>ecember </span>31, 2022 a right<span class=\"ls1 ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ws259\">use asset of 150.<span class=\"_ _0\"></span>5 million euros and a<span class=\"_ _0\"></span> lease obligation of<span class=\"_ _0\"></span> </span></span>152.0 million euros,<span class=\"_ _3\"></span> of which 92% is <span class=\"ls42 ws238\">attri<span class=\"_ _0\"></span>butable to<span class=\"_ _0\"></span> DEME and CFE.<span class=\"_ _0\"></span> The dec<span class=\"_ _0\"></span>rease </span>of 33<span class=\"_ _0\"></span> million<span class=\"_ _0\"></span> euros<span class=\"_ _0\"></span> is main<span class=\"_ _0\"></span>ly exp<span class=\"_ _0\"></span>lained<span class=\"_ _0\"></span> by inv<span class=\"_ _0\"></span>estment<span class=\"_ _0\"></span>s (60<span class=\"_ _0\"></span> million<span class=\"_ _0\"></span> euros)<span class=\"_ _0\"></span> on th<span class=\"_ _0\"></span>e one hand and the <span class=\"_ _0\"></span>sale of Anima (40 m<span class=\"_ _0\"></span>illion euros), depreciation <span class=\"_ _0\"></span>expense (43 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s) and d<span class=\"_ _0\"></span>ivestm<span class=\"_ _0\"></span>ents (6 m<span class=\"_ _9f\"></span>illion euro<span class=\"_ _0\"></span>s) on th<span class=\"_ _0\"></span>e <span class=\"ls33 ws1f0\">other<span class=\"_ _3\"></span>.</span>We refer to: <span class=\"ls1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Acquisitions of right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-</span>use asset<span class=\"_ _0\"></span>s during 2022 amounted to 59.9 million eu<span class=\"_ _0\"></span>ros </span></span>(Note 9 Tan<span class=\"_ _0\"></span>gible as<span class=\"_ _0\"></span>sets).<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Cashflow statement (Not<span class=\"_ _0\"></span>e 6. Segment information).<span class=\"_ _0\"></span><span class=\"ws1\"> </span></span></span>There are no m<span class=\"_ _0\"></span>aterial leases conc<span class=\"_ _0\"></span>luded at reporting da<span class=\"_ _0\"></span>te that did not<span class=\"_ _0\"></span> commence a<span class=\"ws219\">s of December 31,<span class=\"_ _0\"></span> 2022. The amount of <span class=\"_ _0\"></span>renewal options <span class=\"_ _0\"></span>and termination optio<span class=\"_ _0\"></span>ns </span>not ref<span class=\"_ _0\"></span>lected i<span class=\"_ _0\"></span>n the lea<span class=\"_ _0\"></span>se liabil<span class=\"_ _0\"></span>ities i<span class=\"_ _0\"></span>s imm<span class=\"_ _0\"></span>aterial.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Income<span class=\"_ _3\"></span> statemen<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>Reversal of rental char<span class=\"_ _0\"></span>ges<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>44,588<span class=\"ls1 ws1\"> </span>38,922<span class=\"ls1 ws1\"> </span>Depreciation<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">43,995</span> -<span class=\"ls29 ws1e1\">36,859</span> Interest<span class=\"_ _0\"></span> expenses<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,036</span> -<span class=\"ls29 ws1e1\">2,508</span> The depreciation cost primar<span class=\"_ _0\"></span>ily relates to land and buildings<span class=\"ls40 ws218\">. <span class=\"_ _9f\"></span><span class=\"ls30 ws1e9\">The expen<span class=\"_ _0\"></span>ses re<span class=\"_ _0\"></span>lated<span class=\"_ _0\"></span> </span></span>to sho<span class=\"_ _0\"></span>rt<span class=\"ls1 ws1\">-</span>term l<span class=\"_ _0\"></span>ease co<span class=\"_ _0\"></span>ntracts <span class=\"_ _0\"></span>and low<span class=\"_ _9f\"></span> value leas<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>cts are c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>ered imma<span class=\"_ _0\"></span>terial.<span class=\"_ _0\"></span> There <span class=\"_ _0\"></span>are no<span class=\"_ _0\"></span> expen<span class=\"_ _0\"></span>ses in<span class=\"_ _0\"></span>curred<span class=\"_ _0\"></span> whic<span class=\"_ _0\"></span>h rela<span class=\"_ _0\"></span>te to va<span class=\"_ _0\"></span>riabl<span class=\"_ _0\"></span>e lease<span class=\"_ _0\"></span> payments. Income d<span class=\"_ _0\"></span>erived from <span class=\"_ _0\"></span>sub<span class=\"ws1\">-</span>leasing right<span class=\"ws1\">-<span class=\"ls40 ws218\">of</span>-<span class=\"ls33 ws251\">use assets is<span class=\"_ _3\"></span> consider<span class=\"_ _3\"></span>ed </span></span>immaterial<span class=\"ls1 ws1\">.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-154-2": {
   "value": "Note 15:<span class=\"ff3c\"> </span>I<span class=\"ls50 wscc\">nventori<span class=\"_ _0\"></span>es and construction<span class=\"_ _0\"></span> contracts<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>I. Inv<span class=\"_ _0\"></span>entor<span class=\"_ _0\"></span>ies, n<span class=\"_ _0\"></span>et <span class=\"ls32 ws29a\">amount<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>389,711<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>376,218<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross carry<span class=\"_ _3\"></span>ing amount<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>391,376<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>378,412<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Raw materials and consumables<span class=\"ls1 ws1\"> </span>62,879<span class=\"ls1 ws1\"> </span>50,638<span class=\"ls1 ws1\"> </span>Goods in progress<span class=\"ls1 ws1\"> </span>63,361<span class=\"ls1 ws1\"> </span>55,600<span class=\"ls1 ws1\"> </span>Finished products<span class=\"ls1 ws1\"> </span>5,213<span class=\"ls1 ws1\"> </span>4,919<span class=\"ls1 ws1\"> </span>Goods purchased for sale<span class=\"ls1 ws1\"> </span>1,468<span class=\"ls1 ws1\"> </span>1,107<span class=\"ls1 ws1\"> </span>Immovable property acquir<span class=\"_ _0\"></span>ed or <span class=\"ls2b ws1df\">con<span class=\"_ _3\"></span>structed for <span class=\"_ _3\"></span>resale<span class=\"ls1 ws1\"> </span></span>258,453<span class=\"ls1 ws1\"> </span>266,149<span class=\"ls1 ws1\"> </span>Prepayments<span class=\"ls1 ws1\"> </span>0 0 Depreciation<span class=\"_ _3\"></span> and impair<span class=\"_ _3\"></span>ments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls27 ws1df\">1,664</span> -<span class=\"ls27 ws1df\">2,194</span> Impairment on inventory thr<span class=\"_ _0\"></span>ough income statement during the financial year<span class=\"ls1 ws1\"> </span>38<span class=\"ls1 ws1\"> </span>1,056<span class=\"ls1 ws1\"> </span>Impairment on inventory revers<span class=\"_ _0\"></span>ed in the income statement during the financial year<span class=\"ls1 ws1\"> </span>185<span class=\"ls1 ws1\"> </span>0 II. Construction contracts<span class=\"ls1 ws1\"> </span>Amounts due <span class=\"_ _3\"></span>from (to) c<span class=\"_ _3\"></span>ustomers unde<span class=\"_ _3\"></span>r constructi<span class=\"_ _3\"></span>on contracts<span class=\"_ _3\"></span>, net<span class=\"ls1 ws1\"> </span>5,940<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>136,616<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Amounts due from customers under c<span class=\"_ _0\"></span>onstruction contracts<span class=\"ls1 ws1\"> </span>532,289<span class=\"ls1 ws1\"> </span>478,499<span class=\"ls1 ws1\"> </span>Amounts due to customers<span class=\"_ _0\"></span> under <span class=\"ls2b ws299\">con<span class=\"_ _3\"></span>struction co<span class=\"_ _3\"></span>ntracts<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls29 ws1e1\">526,349</span> -<span class=\"ls29 ws1e1\">341,883</span> Construc<span class=\"_ _3\"></span>tion contracts<span class=\"_ _3\"></span> on closing da<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span>Amount of contract costs inc<span class=\"_ _0\"></span>urred and recognized profits less losses<span class=\"ls1 ws1\"> </span>7,170,207<span class=\"ls1 ws1\"> </span>7,168,801<span class=\"ls1 ws1\"> </span>Amount of <span class=\"_ _3\"></span>contract revenu<span class=\"_ _3\"></span>e<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">7,164,266</span> -<span class=\"ls29 ws1e1\">7,032,186</span> Prepayments rece<span class=\"_ _3\"></span>ived <span class=\"ls3d ws20f\">(CFE</span><span class=\"ws1\">-<span class=\"ls59 ws290\">DE<span class=\"_ _3\"></span>ME)</span> </span>-<span class=\"ls27 ws1df\">79,734</span> -<span class=\"ls27 ws1df\">107,147<span class=\"_ _3\"></span></span> CFE\u2019s r<span class=\"_ _0\"></span>eal est<span class=\"_ _0\"></span>ate dev<span class=\"_ _0\"></span>elopm<span class=\"_ _0\"></span>ent <span class=\"ls25 ws1ec\">proj<span class=\"_ _0\"></span>ects, <span class=\"_ _3\"></span><span class=\"ls42 ws225\">Nex<span class=\"ls1 ws220\">tensa\u2019s landholdings, and the port<span class=\"ws1\">-</span></span></span></span>related developments in Vietnam by Ren<span class=\"_ _0\"></span>t<span class=\"ws1\">-A-</span>Port are the main components within \u2018<span class=\"ff3b ls4c ws268\">Inventori<span class=\"_ _0\"></span>es<span class=\"ff3a ls40 ws218\">\u2019.<span class=\"ls1 ws1\"> </span></span></span>CFE\u2019s in<span class=\"_ _0\"></span>vento<span class=\"_ _0\"></span>ries are es<span class=\"_ _0\"></span>sential<span class=\"_ _0\"></span>ly real<span class=\"_ _0\"></span> estate pro<span class=\"_ _0\"></span>jects dev<span class=\"_ _9f\"></span>eloped by BPI an<span class=\"_ _0\"></span>d its fully<span class=\"_ _9f\"></span> consolidated participat<span class=\"_ _0\"></span>ions.<span class=\"ws1\"> </span>The in<span class=\"_ _0\"></span>vento<span class=\"_ _0\"></span>ry of<span class=\"_ _0\"></span> Next<span class=\"_ _0\"></span>ensa c<span class=\"_ _0\"></span>onsis<span class=\"_ _0\"></span>ts mai<span class=\"_ _0\"></span>nly of<span class=\"_ _0\"></span> the la<span class=\"_ _0\"></span>nd ban<span class=\"_ _9f\"></span>k of Tou<span class=\"_ _0\"></span>r &amp; Tax<span class=\"_ _0\"></span>is on<span class=\"_ _9f\"></span> which about 130,000 m\u00b2 of mixed residential/offic<span class=\"ls1 ws1f5\">es can still be developed in the<span class=\"_ _0\"></span> </span>future on Zone A and B. <span class=\"ls30 ws257\">The d<span class=\"_ _9f\"></span>ecrease o<span class=\"_ _0\"></span>f inv<span class=\"_ _0\"></span>entori<span class=\"_ _0\"></span>es in \u201cR<span class=\"_ _0\"></span>eal Es<span class=\"_ _0\"></span>tate &amp; S<span class=\"_ _0\"></span>enior C<span class=\"_ _0\"></span>are\u201d </span>reflec<span class=\"_ _0\"></span>ts the low<span class=\"_ _9f\"></span>er invento<span class=\"_ _0\"></span>ry of dev<span class=\"_ _0\"></span>elopm<span class=\"_ _0\"></span>ent proj<span class=\"_ _0\"></span>ects a<span class=\"_ _0\"></span>t Nexten<span class=\"_ _0\"></span>sa, alth<span class=\"_ _0\"></span>ough th<span class=\"_ _0\"></span>is is amply offset by a higher f<span class=\"_ _0\"></span>igure for projects in progr<span class=\"_ _0\"></span>ess.<span class=\"ws1\"> </span>In 2022, Rent<span class=\"ls1 ws1\">-A-<span class=\"ws1f6\">Port accelerated the dev<span class=\"_ _0\"></span>elopment of the DEEP C Indu<span class=\"_ _0\"></span>strial Zones </span></span>in Haiphong (Vietnam). <span class=\"ls25 ws1db\">A<span class=\"_ _0\"></span>t prese<span class=\"_ _0\"></span>nt its a<span class=\"_ _0\"></span>ffiliate <span class=\"_ _0\"></span>Infra A<span class=\"_ _0\"></span>sia Inv<span class=\"_ _0\"></span>estmen<span class=\"_ _0\"></span>ts al<span class=\"_ _0\"></span>ready ow<span class=\"_ _0\"></span>ns </span>a land portfolio<span class=\"_ _0\"></span> of approximately<span class=\"_ _0\"></span> 3,400 hectares n<span class=\"_ _0\"></span>ear the new d<span class=\"_ _0\"></span>eep<span class=\"ws1\">-<span class=\"ls33 ws236\">sea p<span class=\"_ _3\"></span>ort of </span></span>Lach Huyen. <span class=\"ls35 ws26b\">This <span class=\"_ _0\"></span>represe<span class=\"_ _0\"></span>nts arou<span class=\"_ _0\"></span>nd 25% of all t<span class=\"_ _0\"></span>he avai<span class=\"_ _0\"></span>lable in<span class=\"_ _0\"></span>dustrial <span class=\"_ _0\"></span>land in<span class=\"_ _0\"></span> </span>north<span class=\"_ _0\"></span>ern Vietn<span class=\"_ _0\"></span>am.<span class=\"ls1 ws1\"> </span>The <span class=\"ff3b ls25 ws284\">construc<span class=\"_ _0\"></span>tion &amp; p<span class=\"_ _9f\"></span>roject con<span class=\"_ _0\"></span>tracts<span class=\"_ _0\"></span><span class=\"ff3a ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls42 ws2ee\">of CFE,<span class=\"_ _0\"></span> DEME and Agiden<span class=\"_ _0\"></span>s are valu<span class=\"_ _0\"></span>ed </span></span></span>accord<span class=\"_ _0\"></span>ing to <span class=\"_ _0\"></span>the \u2018P<span class=\"_ _0\"></span>ercen<span class=\"_ _0\"></span>tage of<span class=\"_ _0\"></span> Com<span class=\"_ _0\"></span>pletion\u2019<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls25 ws27f\">metho<span class=\"_ _0\"></span>d, wh<span class=\"_ _0\"></span>ereby r<span class=\"_ _0\"></span>esults a<span class=\"_ _9f\"></span>re </span></span>recogn<span class=\"_ _0\"></span>ized i<span class=\"_ _0\"></span>n accor<span class=\"_ _0\"></span>dance w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e prog<span class=\"_ _0\"></span>ress of t<span class=\"_ _0\"></span>he wo<span class=\"_ _0\"></span>rk. Expe<span class=\"_ _0\"></span>cted lo<span class=\"_ _0\"></span>sses a<span class=\"_ _0\"></span>re immediately recognized as an expense th<span class=\"ws1\">r</span>ough in <span class=\"_ _3\"></span>the income statement. <span class=\"ws1\"> </span>The execu<span class=\"_ _9f\"></span>tion of projec<span class=\"_ _0\"></span>ts always en<span class=\"_ _0\"></span>tails a certa<span class=\"_ _0\"></span>in oper<span class=\"_ _0\"></span>ational ri<span class=\"_ _0\"></span>sk, but also<span class=\"_ _0\"></span> means<span class=\"_ _0\"></span> that ce<span class=\"_ _0\"></span>rtain e<span class=\"_ _0\"></span>stimate<span class=\"_ _0\"></span>s of prof<span class=\"_ _0\"></span>itabi<span class=\"_ _0\"></span>lity need<span class=\"_ _0\"></span> to be mad<span class=\"_ _0\"></span>e at the <span class=\"_ _0\"></span>end of such<span class=\"_ _0\"></span> a proj<span class=\"_ _0\"></span>ect. This r<span class=\"_ _0\"></span>isk is <span class=\"_ _0\"></span>inher<span class=\"_ _0\"></span>ent to th<span class=\"_ _9f\"></span>e activit<span class=\"_ _0\"></span>y, as w<span class=\"_ _0\"></span>ell as th<span class=\"_ _9f\"></span>e risk of<span class=\"_ _0\"></span> disag<span class=\"_ _0\"></span>reement<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span> cus<span class=\"_ _3\"></span>to<span class=\"ls25 ws1db\">mers<span class=\"_ _0\"></span> over div<span class=\"_ _9f\"></span>ergent co<span class=\"_ _0\"></span>sts or c<span class=\"_ _0\"></span>hange<span class=\"_ _0\"></span>s in ex<span class=\"_ _0\"></span>ecutio<span class=\"_ _0\"></span>n and th<span class=\"_ _0\"></span>e coll<span class=\"_ _0\"></span>ection o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>se </span>receivables. DEME<span class=\"_ _0\"></span> is involved, both a<span class=\"_ _0\"></span>s claimant and as<span class=\"_ _0\"></span> defendant, in discus<span class=\"_ _0\"></span>sions with customers about the financial consequenc<span class=\"_ _0\"></span>es of deviations in the execution of contracting pro<span class=\"ls25 ws204\">ject<span class=\"_ _0\"></span>s. In a s<span class=\"_ _0\"></span>mall numb<span class=\"_ _9f\"></span>er of cases th<span class=\"_ _0\"></span>ey may r<span class=\"_ _0\"></span>esult i<span class=\"_ _0\"></span>n lawsu<span class=\"_ _0\"></span>its. In so<span class=\"_ _0\"></span> </span>far as <span class=\"_ _0\"></span>the con<span class=\"_ _9f\"></span>sequence<span class=\"_ _0\"></span>s of su<span class=\"_ _0\"></span>ch law<span class=\"_ _0\"></span>suits <span class=\"_ _0\"></span>can b<span class=\"_ _0\"></span>e relia<span class=\"_ _0\"></span>bly est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d, pro<span class=\"_ _0\"></span>vision<span class=\"_ _0\"></span>s are made fo<span class=\"_ _0\"></span>r this <span class=\"_ _0\"></span>in the a<span class=\"_ _0\"></span>ccoun<span class=\"_ _0\"></span>ts.<span class=\"ls1 ws1\"> </span>The cu<span class=\"_ _0\"></span>rrent <span class=\"_ _0\"></span>constr<span class=\"_ _0\"></span>uction <span class=\"_ _0\"></span>contra<span class=\"_ _0\"></span>cts of<span class=\"_ _0\"></span> CFE w<span class=\"_ _0\"></span>ill gen<span class=\"_ _0\"></span>erate <span class=\"_ _0\"></span>a turnov<span class=\"_ _9f\"></span>er of 961<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls52 ws24e\">mil<span class=\"_ _3\"></span>lion </span></span>euros <span class=\"_ _0\"></span>in the<span class=\"_ _0\"></span> next<span class=\"_ _0\"></span> years,<span class=\"_ _0\"></span> of wh<span class=\"_ _0\"></span>ich 47<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>llion <span class=\"_ _0\"></span>euros i<span class=\"_ _0\"></span>s estim<span class=\"_ _9f\"></span>ated in 2<span class=\"_ _0\"></span>023. D<span class=\"_ _0\"></span>EME estim<span class=\"_ _0\"></span>ates th<span class=\"_ _0\"></span>e pace <span class=\"_ _0\"></span>of exec<span class=\"_ _0\"></span>ution of<span class=\"_ _0\"></span> its cu<span class=\"_ _9f\"></span>rrent cont<span class=\"_ _0\"></span>racts a<span class=\"_ _0\"></span>s foll<span class=\"_ _0\"></span>ows: 55<span class=\"_ _9f\"></span>% in 2023,<span class=\"_ _9f\"></span> followed by 20% in 2024, 15% in 2025 and 10% after that.<span class=\"ls1 ws1\"> </span>Ne<span class=\"ls25 ws224\">xten<span class=\"_ _0\"></span>sa\u2019s r<span class=\"_ _0\"></span>eal esta<span class=\"_ _0\"></span>te devel<span class=\"_ _0\"></span>o<span class=\"ls1 ws259\">pment projects are also cont<span class=\"_ _0\"></span>ained in this balance </span></span>sheet <span class=\"_ _0\"></span>item, <span class=\"_ _0\"></span>as the r<span class=\"_ _0\"></span>esult<span class=\"_ _0\"></span>s of the p<span class=\"_ _0\"></span>re<span class=\"ls1 ws1\">-</span>so<span class=\"_ _0\"></span>ld ent<span class=\"_ _0\"></span>ities th<span class=\"_ _0\"></span>at are s<span class=\"_ _0\"></span>till un<span class=\"_ _0\"></span>der con<span class=\"_ _9f\"></span>struction<span class=\"_ _0\"></span> are also recognized according to the \u2018Percentage of Completion\u2019 method. <span class=\"ls34 ws1f2\">On the<span class=\"_ _3\"></span> </span>Tour &amp; Tax<span class=\"_ _9f\"></span>is site, all 3<span class=\"_ _0\"></span>19 apa<span class=\"_ _0\"></span>rtments in<span class=\"_ _0\"></span> <span class=\"ls1 ws1f6\">the 4 buildings of Park Lane phase I were </span>completed in 2022. Of thi<span class=\"_ _0\"></span>s phase, 5 apartments and 4 g<span class=\"_ _0\"></span>round<span class=\"ws1\">-<span class=\"ls33 ws1fa\">fl<span class=\"_ _3\"></span>oor retail<span class=\"_ _3\"></span> space<span class=\"_ _3\"></span>s </span></span>were st<span class=\"_ _0\"></span>ill av<span class=\"_ _0\"></span>ailab<span class=\"_ _0\"></span>le at y<span class=\"_ _0\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls24 ws218\">end 2022.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>The progress of the work is defined based on the <span class=\"ls25 ws23e\">expen<span class=\"_ _0\"></span>diture<span class=\"_ _0\"></span>s versu<span class=\"_ _0\"></span>s the estim<span class=\"_ _9f\"></span>ated </span>cost pri<span class=\"_ _0\"></span>ce of the entir<span class=\"_ _0\"></span>e project.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-157-2": {
   "value": "Note 16:<span class=\"ff3c\"> </span>M<span class=\"ls3a ws20c\">inorit<span class=\"_ _3\"></span>ies</span>   <span class=\"ls27 ws1dd\">(\u20ac 1,000)<span class=\"_ _3\"></span></span><span class=\"ws1\"> </span>Minori<span class=\"_ _3\"></span>ty %<span class=\"ls1 ws1\"> </span>Minority sha<span class=\"_ _3\"></span>re in the <span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Minority sha<span class=\"_ _3\"></span>re in the <span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH balanc<span class=\"_ _3\"></span>e sheet<span class=\"ls1 ws1\"> </span>profit <span class=\"_ _3\"></span>for t<span class=\"_ _3\"></span>he peri<span class=\"_ _3\"></span>od <span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2021<span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _cd\"> </span></span>2021<span class=\"ls1 ws1\"> </span>I. Mar<span class=\"_ _0\"></span>ine <span class=\"ls32 ws2d7\">Engine<span class=\"_ _0\"></span>ering &amp; Contract<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> </span></span>CFE <span class=\"ls1 ws1\">- <span class=\"ls3e ws1e1\">DEME (1)</span> </span>37.90%<span class=\"ls1 ws1\"> </span>740,856<span class=\"ls1 ws1\"> </span>59,045<span class=\"ls1 ws1\"> </span>DEME Group (1)<span class=\"ls1 ws1\"> </span>37.88%<span class=\"ls1 ws1\"> </span>769,598<span class=\"ls1 ws1\"> </span>43,831<span class=\"ls1 ws1\"> </span>CFE<span class=\"ls1 ws1\">  (1) </span>37.88%<span class=\"ls1 ws1\"> </span>68,995<span class=\"ls1 ws1\"> </span>10,648<span class=\"ls1 ws1\"> </span>Rent-A-<span class=\"ls29 ws1e0\">Port (Infra Asia Investments) (2)</span> 18.94%<span class=\"ls1 ws1\"> </span>18.95%<span class=\"ls1 ws1\"> </span>20,365<span class=\"ls1 ws1\"> </span>49,324<span class=\"ls1 ws1\"> </span>3,164<span class=\"ls1 ws1\"> </span>957<span class=\"ls1 ws1\"> </span>II. Priv<span class=\"_ _0\"></span>ate Ban<span class=\"_ _0\"></span>king<span class=\"ls1 ws1\"> </span>Bank Van Breda (3)<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>21.25%<span class=\"ls1 ws1\"> </span>141,372<span class=\"ls1 ws1\"> </span>141,694<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>12,936<span class=\"ls1 ws1\"> </span>III. Re<span class=\"_ _0\"></span>al Estat<span class=\"_ _0\"></span>e &amp; Senior<span class=\"_ _0\"></span> Care<span class=\"ls1 ws1\"> </span>Nexte<span class=\"_ _3\"></span>nsa<span class=\"ls1 ws1\">  </span>41.47%<span class=\"ls1 ws1\"> </span>41.47%<span class=\"ls1 ws1\"> </span>358,602<span class=\"ls1 ws1\"> </span>333,989<span class=\"ls1 ws1\"> </span>29,473<span class=\"ls1 ws1\"> </span>30,172<span class=\"ls1 ws1\"> </span>IV. A<span class=\"_ _3\"></span>vH &amp; Growth Capi<span class=\"_ _3\"></span>tal<span class=\"ls1 ws1\"> </span>Agidens<span class=\"ls1 ws1\">  </span>15.02%<span class=\"ls1 ws1\"> </span>15.02%<span class=\"ls1 ws1\"> </span>3,392<span class=\"ls1 ws1\"> </span>3,464<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">74</span> 807<span class=\"ls1 ws1\"> </span>Other<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>6,499<span class=\"ls1 ws1\"> </span>8,447<span class=\"ls1 ws1\"> </span>1,666<span class=\"ls1 ws1\"> </span>1,328<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,368,82<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>1,277,77<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>101,907<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>105,246<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws296\">On June 29, 2022, the Extraordinary G<span class=\"_ _0\"></span>eneral Meeting of Shareholders of C<span class=\"_ _0\"></span>FE approved the partial demerger of C<span class=\"_ _0\"></span>FE. On that date, CFE c<span class=\"_ _0\"></span>ontributed its 100% part<span class=\"_ _0\"></span>icipation in DEME to a new <span class=\"ws1e1\">company, </span></span>DEME Group, and transferred the shares of that company to its shareholders. The DEME Group shares were then listed on Euronext Brussels on June 30, 2022. Accordingly, as of June 30, 2<span class=\"_ _3\"></span>022, CFE and DEME Group are separ<span class=\"_ _0\"></span>ately listed companies. The partial demerger of CFE did not cha<span class=\"_ _0\"></span>nge AvH\u2019s economic interes<span class=\"_ _0\"></span>t in DEME/CFE: the only change is that,<span class=\"_ _0\"></span> as of June 30, 2022, AvH ho<span class=\"ws1e1\">lds </span>shares directly in the listed companies DEME Group (62.12%) and CFE (62.12<span class=\"_ _3\"></span>%), whereas before that date DEME was a 100% partic<span class=\"ws1e1\">ip</span>ation of the listed company CFE, in whi<span class=\"_ _3\"></span>ch AvH held a 62.12% participation. Consequently<span class=\"_ _0\"></span>, this partial demerger has no consequences for the reporting of DEME (Group) by full c<span class=\"_ _0\"></span>onsolidation in the consolidated financial statements of AvH.<span class=\"ls1 ws1\"> </span>(2) <span class=\"_ _15c\"> </span><span class=\"ff3a ls2a ws1e2\">In December <span class=\"ls29 ws1e0\">2021, Rent</span></span><span class=\"ff3a\">-A-<span class=\"ls29 ws1e0\">Port concluded an agreement to acquire an additional 32.6% stake <span class=\"_ _3\"></span>in IAI, which brought its total participation to 94%. The closing of the transaction took place in the </span></span>first quarter<span class=\"_ _0\"></span> of 2022. AvH/CFE\u2019s direct stake in Rent<span class=\"ls1 ws1\">-A-</span>Port remained uncha<span class=\"ws1e1\">nged.<span class=\"ls1 ws1\"> </span></span>(3) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws211\">In 2018 the shareholder structure of Delen Private Bank and Bank Van Breda was simplified. AvH now holds, via the 100%</span><span class=\"ff3a\">-<span class=\"ls29 ws211\">affiliate FinAx, a direct stake of 78.75% in Delen Private Bank, equity </span></span>accounted directly<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>Summarized income statement <span class=\"ls1\">\u2013 <span class=\"_ _3\"></span><span class=\"ls72 ws2f3\">202</span>2 </span>(\u20ac<span class=\"ls1 ws1\"> </span>1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _1bc\"> </span><span class=\"ls2b ws1e4\">DEME Group (<span class=\"_ _3\"></span>1)</span> <span class=\"_ _57\"> </span><span class=\"ls3d ws20f\">CF<span class=\"_ _3\"></span>E</span>  </span>(1)<span class=\"ls1 ws1\"> <span class=\"_ _66\"> </span><span class=\"ls2b ws1e3\">Bank Van Breda</span> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent</span>-A<span class=\"_ _3\"></span>-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nextensa<span class=\"_ _3\"></span> <span class=\"_ _b7\"> </span><span class=\"ls2b ws1dd\">Agidens<span class=\"_ _3\"></span></span> </span>Revenue<span class=\"ls1 ws1\"> </span>2,654,725<span class=\"ls1 ws1\"> </span>1,167,221<span class=\"ls1 ws1\"> </span>194,602<span class=\"ls1 ws1\"> </span>58,027<span class=\"ls1 ws1\"> </span>135,999<span class=\"ls1 ws1\"> </span>59,745<span class=\"ls1 ws1\"> </span>Profit (loss) fro<span class=\"_ _0\"></span>m operating activities<span class=\"ls1 ws1\"> </span>155,236<span class=\"ls1 ws1\"> </span>42,358<span class=\"ls1 ws1\"> </span>90,048<span class=\"ls1 ws1\"> </span>14,827<span class=\"ls1 ws1\"> </span>51,165<span class=\"ls1 ws1\"> </span>487<span class=\"ls1 ws1\"> </span>Finance result<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">24,311</span> <span class=\"_ _14\"> </span>-<span class=\"ls29 ws1e1\">217</span> -<span class=\"ls29 ws1e1\">3,822</span> <span class=\"_ _101\"> </span>-<span class=\"ls29 ws1e1\">8,511</span> <span class=\"_ _14\"> </span>-<span class=\"ls29 ws1e1\">444</span> Profit (los<span class=\"_ _3\"></span>s) before tax<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>146,752<span class=\"ls1 ws1\"> </span>47,359<span class=\"ls1 ws1\"> </span>90,048<span class=\"ls1 ws1\"> </span>14,885<span class=\"ls1 ws1\"> </span>86,828<span class=\"ls1 ws1\"> </span>43<span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>115,391<span class=\"ls1 ws1\"> </span>38,398<span class=\"ls1 ws1\"> </span>68,325<span class=\"ls1 ws1\"> </span>9,732<span class=\"ls1 ws1\"> </span>71,208<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">492</span> At the level of the individual com<span class=\"_ _3\"></span>pany<span class=\"ls1 ws1\"> </span>115,391<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>38,398<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>68,325<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,732<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71,208<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">492</span> - <span class=\"ls29 ws1e1\">Minority <span class=\"ls2b ws1dd\">interests<span class=\"_ _3\"></span></span></span> 2,671<span class=\"ls1 ws1\"> <span class=\"_ _12d\"> </span>-</span>36<span class=\"ls1 ws1\"> <span class=\"_ _ce\"> </span>0 <span class=\"_ _138\"> </span></span>1,629<span class=\"ls1 ws1\"> <span class=\"_ _14\"> </span>-</span>102<span class=\"ls1 ws1\"> <span class=\"_ _ce\"> </span>0 </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 112,720<span class=\"ls1 ws1\"> </span>38,434<span class=\"ls1 ws1\"> </span>68,325<span class=\"ls1 ws1\"> </span>8,104<span class=\"ls1 ws1\"> </span>71,310<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">492</span> At the leve<span class=\"_ _3\"></span>l of AvH (a)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>111,313<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>28,166<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>67,005<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>9,732<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">492</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 43,831<span class=\"ls1 ws1\"> </span>10,648<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>3,164<span class=\"ls1 ws1\"> </span>29,473<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">74</span> - <span class=\"ls29 ws1e0\">Share of the group</span> 67,482<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>17,518<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>53,806<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>6,569<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>42,516<span class=\"ls1 ws1\"> <span class=\"_ _14\"> </span>-</span>418<span class=\"ls1 ws1\"> </span>(a) <span class=\"_ _69\"> </span><span class=\"ff3a fs3e ls29 ws1e0\">Including a limited number of consolidation adjus<span class=\"_ _0\"></span>tments<span class=\"fs3d ls1 ws1\"> </span></span>Summarized income statement <span class=\"ls1\">\u2013 <span class=\"_ _3\"></span><span class=\"ls72 ws2f3\">202</span>1 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b1\"> </span><span class=\"ls3d ws20f\">CFE </span>- <span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>Bank Van Breda<span class=\"ls1 ws1\"> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nex<span class=\"_ _3\"></span>tensa <span class=\"_ _b7\"> </span></span><span class=\"ws1dd\">Agid<span class=\"_ _3\"></span>ens<span class=\"ls1 ws1\"> </span></span>Revenue<span class=\"ls1 ws1\"> </span>3,635,953<span class=\"ls1 ws1\"> </span>184,193<span class=\"ls1 ws1\"> </span>50,527<span class=\"ls1 ws1\"> </span>65,174<span class=\"ls1 ws1\"> </span>74,807<span class=\"ls1 ws1\"> </span>Profit <span class=\"ls29 ws1e0\">(loss) from operating activities<span class=\"ls1 ws1\"> </span></span>196,668<span class=\"ls1 ws1\"> </span>84,792<span class=\"ls1 ws1\"> </span>6,167<span class=\"ls1 ws1\"> </span>53,116<span class=\"ls1 ws1\"> </span>7,112<span class=\"ls1 ws1\"> </span>Finance result<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">11,451</span> -<span class=\"ls29 ws1e1\">2,819</span> 11,828<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">424</span> Profit (los<span class=\"_ _3\"></span>s) before tax<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>195,035<span class=\"ls1 ws1\"> </span>84,792<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>6,881<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>64,944<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>6,688<span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>152,766<span class=\"ls1 ws1\"> </span>65,193<span class=\"ls1 ws1\"> </span>3,858<span class=\"ls1 ws1\"> </span>53,355<span class=\"ls1 ws1\"> </span>5,410<span class=\"ls1 ws1\"> </span>At the leve<span class=\"_ _3\"></span>l of <span class=\"ls2b ws1e4\">the individua<span class=\"_ _3\"></span>l company<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>152,766<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>65,193<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,355<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,410<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 2,757<span class=\"ls1 ws1\"> </span>15<span class=\"ls1 ws1\"> </span>279<span class=\"ls1 ws1\"> </span>111<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 150,008<span class=\"ls1 ws1\"> </span>65,178<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>3,578<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>53,244<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>5,410<span class=\"ls1 ws1\"> </span>At the leve<span class=\"_ _3\"></span>l of AvH (a)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>151,167<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>64,263<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,858<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>53,842<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,410<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 59,045<span class=\"ls1 ws1\"> </span>12,936<span class=\"ls1 ws1\"> </span>957<span class=\"ls1 ws1\"> </span>30,172<span class=\"ls1 ws1\"> </span>807<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 92,122<span class=\"ls1 ws1\"> </span>51,328<span class=\"ls1 ws1\"> </span>2,900<span class=\"ls1 ws1\"> </span>23,670<span class=\"ls1 ws1\"> </span>4,602<span class=\"ls1 ws1\"> </span>(a) <span class=\"_ _69\"> </span><span class=\"ff3a fs3e ls29 ws1e0\">Including a limited number of consolidation adjus<span class=\"_ _0\"></span>tments<span class=\"fs3d ls1 ws1\"> </span></span>Summa<span class=\"_ _3\"></span>rized s<span class=\"_ _3\"></span>tateme<span class=\"_ _3\"></span>nt of co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hensi<span class=\"_ _3\"></span>ve inco<span class=\"_ _3\"></span>me <span class=\"ls1 ws1\">\u2013 <span class=\"ls72 ws2f3\">202</span>2 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bc\"> </span><span class=\"ls2b ws1e4\">DEME Group (<span class=\"_ _3\"></span>1)</span> <span class=\"_ _58\"> </span><span class=\"ls3d ws20f\">CFE</span>  </span>(1)<span class=\"ls1 ws1\"> <span class=\"_ _66\"> </span><span class=\"ls2b ws1e3\">Bank Van Breda</span> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nextensa<span class=\"_ _3\"></span> <span class=\"_ _b7\"> </span></span><span class=\"ls2b\">Agidens<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>At the level of the individual com<span class=\"_ _3\"></span>pany<span class=\"ls1 ws1\"> </span>218,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _128\"> </span></span>54,249<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _128\"> </span></span>22,374<span class=\"ls1 ws1\"> <span class=\"_ _c5\"> </span></span>12,095<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _128\"> </span></span>87,639<span class=\"ls1 ws1\"> <span class=\"_ _ad\"> </span>-</span>504<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>115,391<span class=\"ls1 ws1\"> </span>38,398<span class=\"ls1 ws1\"> </span>68,325<span class=\"ls1 ws1\"> </span>9,732<span class=\"ls1 ws1\"> </span>71,208<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">492</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 2,671<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36</span> 0 1,629<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">102</span> 0 - <span class=\"ls29 ws1e0\">Share of the group</span> 112,720<span class=\"ls1 ws1\"> </span>38,434<span class=\"ls1 ws1\"> </span>68,325<span class=\"ls1 ws1\"> </span>8,104<span class=\"ls1 ws1\"> </span>71,310<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">492</span> Other comprehensive income<span class=\"ls1 ws1\"> </span>103,025<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>15,851<span class=\"ls1 ws1\"> <span class=\"_ _c4\"> </span>-</span>45,951<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>2,363<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>16,431<span class=\"ls1 ws1\"> <span class=\"_ _98\"> </span>-</span>12<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 498<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 102,527<span class=\"ls1 ws1\"> </span>15,851<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">45,951</span> 2,363<span class=\"ls1 ws1\"> </span>16,431<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12</span> At the leve<span class=\"_ _3\"></span>l of AvH<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>213,840<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,651<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,365<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,095<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>88,420<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">504</span> Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>111,313<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>28,166<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>67,005<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>9,732<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>71,989<span class=\"ls1 ws1\"> <span class=\"_ _14\"> </span>-</span>492<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 43,831<span class=\"ls1 ws1\"> </span>10,648<span class=\"ls1 ws1\"> </span>13,199<span class=\"ls1 ws1\"> </span>3,164<span class=\"ls1 ws1\"> </span>29,473<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">74</span> - <span class=\"ls29 ws1e0\">Share of the group</span> 67,482<span class=\"ls1 ws1\"> </span>17,518<span class=\"ls1 ws1\"> </span>53,806<span class=\"ls1 ws1\"> </span>6,569<span class=\"ls1 ws1\"> </span>42,516<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">418</span> Other comprehensive income<span class=\"ls1 ws1\"> </span>102,528<span class=\"ls1 ws1\"> </span>5,485<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">46,640</span> 2,363<span class=\"ls1 ws1\"> </span>16,431<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 38,850<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>2,080<span class=\"ls1 ws1\"> <span class=\"_ _113\"> </span>-</span>9,911<span class=\"ls1 ws1\"> <span class=\"_ _1a\"> </span></span>448<span class=\"ls1 ws1\"> <span class=\"_ _ab\"> </span></span>6,815<span class=\"ls1 ws1\"> <span class=\"_ _142\"> </span>-2 </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 63,678<span class=\"ls1 ws1\"> </span>3,405<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36,729</span> 1,915<span class=\"ls1 ws1\"> </span>9,617<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">10</span> Summa<span class=\"_ _3\"></span>rized s<span class=\"_ _3\"></span>tateme<span class=\"_ _3\"></span>nt of co<span class=\"_ _3\"></span>mpre<span class=\"_ _3\"></span>hensi<span class=\"_ _3\"></span>ve inco<span class=\"_ _3\"></span>me <span class=\"ls1 ws1\">\u2013 <span class=\"ls72 ws2f3\">202</span>1 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b1\"> </span><span class=\"ls3d ws20f\">CFE </span>- <span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>Bank Van Breda<span class=\"ls1 ws1\"> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nex<span class=\"_ _3\"></span>tensa <span class=\"_ _b7\"> </span></span><span class=\"ws1dd\">Agid<span class=\"_ _3\"></span>ens<span class=\"ls1 ws1\"> </span></span>At the level of the individual com<span class=\"_ _3\"></span>pany<span class=\"ls1 ws1\"> </span>177,382<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>60,359<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,151<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>65,642<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,146<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>152,766<span class=\"ls1 ws1\"> </span>65,193<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>3,858<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>53,355<span class=\"ls1 ws1\"> <span class=\"_ _b2\"> </span></span>5,410<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 2,757<span class=\"ls1 ws1\"> </span>15<span class=\"ls1 ws1\"> </span>279<span class=\"ls1 ws1\"> </span>111<span class=\"ls1 ws1\"> </span>0 - <span class=\"ls29 ws1e0\">Share of the group</span> 150,008<span class=\"ls1 ws1\"> </span>65,178<span class=\"ls1 ws1\"> </span>3,578<span class=\"ls1 ws1\"> </span>53,244<span class=\"ls1 ws1\"> </span>5,410<span class=\"ls1 ws1\"> </span>Other comprehensive income<span class=\"ls1 ws1\"> </span>24,616<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,834</span> 4,294<span class=\"ls1 ws1\"> </span>12,287<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">264</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 88<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 24,528<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,834</span> 4,294<span class=\"ls1 ws1\"> </span>12,287<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">264</span> At the leve<span class=\"_ _3\"></span>l of AvH<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>175,783<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>59,026<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,151<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>66,434<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,146<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Profit (loss) of t<span class=\"_ _0\"></span>he period<span class=\"ls1 ws1\"> </span>151,167<span class=\"ls1 ws1\"> </span>64,263<span class=\"ls1 ws1\"> </span>3,858<span class=\"ls1 ws1\"> </span>53,842<span class=\"ls1 ws1\"> </span>5,410<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 59,045<span class=\"ls1 ws1\"> </span>12,936<span class=\"ls1 ws1\"> <span class=\"_ _1a\"> </span></span>957<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>30,172<span class=\"ls1 ws1\"> <span class=\"_ _1a\"> </span></span>807<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Share of the group</span> 92,122<span class=\"ls1 ws1\"> </span>51,328<span class=\"ls1 ws1\"> </span>2,900<span class=\"ls1 ws1\"> </span>23,670<span class=\"ls1 ws1\"> </span>4,602<span class=\"ls1 ws1\"> </span>Other comprehensive income<span class=\"ls1 ws1\"> </span>24,616<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">5,237</span> 4,294<span class=\"ls1 ws1\"> </span>12,592<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">264</span> - <span class=\"ls29 ws1e0\">Minority interests</span> 11,570<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,113</span> 814<span class=\"ls1 ws1\"> </span>11,690<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">36</span> - <span class=\"ls29 ws1e0\">Share of the group</span> 13,046<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,124</span> <span class=\"_ _138\"> </span><span class=\"ls29 ws1e1\">3,480</span> <span class=\"_ _1a\"> </span><span class=\"ls29 ws1e1\">903</span> <span class=\"_ _14\"> </span>-<span class=\"ls29 ws1e1\">227</span> Summa<span class=\"_ _3\"></span>rized ba<span class=\"_ _3\"></span>lanc<span class=\"_ _3\"></span>e sheet <span class=\"ls1 ws1\">\u2013<span class=\"_ _3\"></span> <span class=\"ls72 ws2f3\">202</span>2 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bc\"> </span><span class=\"ls2b ws1e4\">DEME Group (<span class=\"_ _3\"></span>1)</span> <span class=\"_ _58\"> </span><span class=\"ls3d ws20f\">CFE</span>  </span>(1)<span class=\"ls1 ws1\"> <span class=\"_ _66\"> </span><span class=\"ls2b ws1e3\">Bank Van Breda</span> <span class=\"_ _e2\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nextensa<span class=\"_ _3\"></span> <span class=\"_ _b7\"> </span></span><span class=\"ls2b\">Agidens<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt assets<span class=\"_ _3\"></span></span> </span>2,969,289<span class=\"ls1 ws1\"> </span>372,143<span class=\"ls1 ws1\"> </span>5,134,536<span class=\"ls1 ws1\"> </span>109,734<span class=\"ls1 ws1\"> </span>1,471,663<span class=\"ls1 ws1\"> </span>18,529<span class=\"ls1 ws1\"> </span>Current assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,540,489<span class=\"ls1 ws1\"> </span>685,936<span class=\"ls1 ws1\"> </span>2,522,491<span class=\"ls1 ws1\"> </span>150,831<span class=\"ls1 ws1\"> </span>296,738<span class=\"ls1 ws1\"> </span>28,784<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current liabilities</span> </span>1,015,460<span class=\"ls1 ws1\"> </span>209,731<span class=\"ls1 ws1\"> </span>882,087<span class=\"ls1 ws1\"> </span>104,858<span class=\"ls1 ws1\"> </span>693,493<span class=\"ls1 ws1\"> </span>6,895<span class=\"ls1 ws1\"> </span>Current liabilities<span class=\"ls1 ws1\"> </span>1,718,053<span class=\"ls1 ws1\"> </span>623,822<span class=\"ls1 ws1\"> </span>6,100,799<span class=\"ls1 ws1\"> </span>55,709<span class=\"ls1 ws1\"> </span>225,393<span class=\"ls1 ws1\"> </span>17,830<span class=\"ls1 ws1\"> </span>Equity<span class=\"ls1 ws1\"> </span>1,776,265<span class=\"ls1 ws1\"> </span>224,526<span class=\"ls1 ws1\"> </span>674,141<span class=\"ls1 ws1\"> </span>99,998<span class=\"ls1 ws1\"> </span>849,516<span class=\"ls1 ws1\"> </span>22,589<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Group Share</span> 1,753,947<span class=\"ls1 ws1\"> </span>224,653<span class=\"ls1 ws1\"> </span>674,141<span class=\"ls1 ws1\"> </span>83,514<span class=\"ls1 ws1\"> </span>838,798<span class=\"ls1 ws1\"> </span>22,589<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 22,318<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">127</span> 0 16,483<span class=\"ls1 ws1\"> </span>10,718<span class=\"ls1 ws1\"> </span>0 Dividend distributed to mino<span class=\"_ _0\"></span>rity interests<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">504</span> 0 -<span class=\"ls29 ws1e1\">5,525</span> 0 -<span class=\"ls29 ws1e1\">10,212</span> 0 Summa<span class=\"_ _3\"></span>rized ba<span class=\"_ _3\"></span>lanc<span class=\"_ _3\"></span>e sheet <span class=\"ls1 ws1\">\u2013<span class=\"_ _3\"></span> <span class=\"ls72 ws2f3\">202</span>1 </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1b1\"> </span><span class=\"ls3d ws20f\">CFE </span>- <span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>Bank Van <span class=\"ls28 ws1de\">Breda<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"_ _88\"> </span><span class=\"ls3d ws20f\">Rent<span class=\"_ _3\"></span></span>-A-<span class=\"ls28 ws1de\">Port</span> <span class=\"_ _3\"></span> <span class=\"_ _16\"> </span>Nextensa<span class=\"_ _3\"></span> <span class=\"_ _b7\"> </span><span class=\"ls2b ws1dd\">Agide<span class=\"_ _3\"></span>ns</span> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls2b ws1df\">curre<span class=\"_ _3\"></span>nt assets<span class=\"_ _3\"></span></span> </span>2,863,509<span class=\"ls1 ws1\"> </span>4,719,074<span class=\"ls1 ws1\"> </span>98,891<span class=\"ls1 ws1\"> </span>1,433,991<span class=\"ls1 ws1\"> </span>19,407<span class=\"ls1 ws1\"> </span>Current assets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,436,490<span class=\"ls1 ws1\"> </span>3,072,728<span class=\"ls1 ws1\"> </span>155,796<span class=\"ls1 ws1\"> </span>461,971<span class=\"ls1 ws1\"> </span>30,921<span class=\"ls1 ws1\"> </span>Non<span class=\"ls1 ws1\">-<span class=\"ls29 ws1e0\">current liabilities</span> </span>914,184<span class=\"ls1 ws1\"> </span>727,751<span class=\"ls1 ws1\"> </span>54,540<span class=\"ls1 ws1\"> </span>630,533<span class=\"ls1 ws1\"> </span>7,803<span class=\"ls1 ws1\"> </span>Current liabilities<span class=\"ls1 ws1\"> </span>2,429,789<span class=\"ls1 ws1\"> </span>6,385,592<span class=\"ls1 ws1\"> <span class=\"_ _f8\"> </span></span>74,402<span class=\"ls1 ws1\"> <span class=\"_ _b0\"> </span></span>474,956<span class=\"ls1 ws1\"> <span class=\"_ _103\"> </span></span>19,457<span class=\"ls1 ws1\"> </span>Equity<span class=\"ls1 ws1\"> </span>1,956,026<span class=\"ls1 ws1\"> </span>678,459<span class=\"ls1 ws1\"> </span>125,746<span class=\"ls1 ws1\"> </span>790,473<span class=\"ls1 ws1\"> </span>23,068<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Group Share</span> 1,936,335<span class=\"ls1 ws1\"> </span>678,459<span class=\"ls1 ws1\"> </span>79,555<span class=\"ls1 ws1\"> </span>779,970<span class=\"ls1 ws1\"> </span>23,068<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Minority interests</span> 19,691<span class=\"ls1 ws1\"> </span>0 46,191<span class=\"ls1 ws1\"> </span>10,503<span class=\"ls1 ws1\"> </span>0 Dividend distributed to mino<span class=\"_ _0\"></span>rity interests<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,594</span> -<span class=\"ls29 ws1e1\">2,486</span> <span class=\"_ _101\"> </span>-<span class=\"ls29 ws1e1\">1,770</span> <span class=\"_ _c4\"> </span>-<span class=\"ls29 ws1e1\">21,778</span> <span class=\"_ _98\"> </span>-<span class=\"ls29 ws1e1\">82</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-167-2": {
   "value": "Note 18:<span class=\"ff3c\"> </span>P<span class=\"ls3a ws20c\">rovision<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Provisions f<span class=\"_ _3\"></span>or Legal Provisions f<span class=\"_ _3\"></span>or negative Warran<span class=\"_ _3\"></span>ty Environme<span class=\"_ _3\"></span>ntal Provisions f<span class=\"_ _3\"></span>or Other proceeding<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ractual<span class=\"_ _3\"></span> equity Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>rest<span class=\"_ _3\"></span>ructurin<span class=\"_ _3\"></span>g<span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>obligations<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>method values Provisi<span class=\"_ _3\"></span>ons <span class=\"ls1 ws1\">- <span class=\"ls2e\">financ<span class=\"_ _0\"></span>ial ye<span class=\"_ _0\"></span>ar </span></span>2021 Provisions, o<span class=\"_ _3\"></span>pening bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>16,990<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,859<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 3,309<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,269<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>10,758<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>37,072<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>84,257<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Additional provisions<span class=\"ls1 ws1\"> </span>1,409<span class=\"ls1 ws1\"> </span>393<span class=\"ls1 ws1\"> </span>0 1,059<span class=\"ls1 ws1\"> </span>209<span class=\"ls1 ws1\"> </span>0 9,628<span class=\"ls1 ws1\"> </span>12,698<span class=\"ls1 ws1\"> </span>Increase of existin<span class=\"_ _0\"></span>g provisions<span class=\"ls1 ws1\"> </span>0 0 0 0 20<span class=\"ls1 ws1\"> </span>0 571<span class=\"ls1 ws1\"> </span>590<span class=\"ls1 ws1\"> </span>Increase through business c<span class=\"_ _0\"></span>ombinations<span class=\"ls1 ws1\">  </span>0 <span class=\"_ _138\"> </span><span class=\"ls29 ws1e1\">16</span> <span class=\"_ _a0\"> </span>0 <span class=\"_ _7a\"> </span>0 <span class=\"_ _14\"> </span>0 <span class=\"_ _14\"> </span>0 <span class=\"_ _7a\"> </span>0 16<span class=\"ls1 ws1\"> </span>Amounts of provisions<span class=\"_ _0\"></span> used (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">2,060</span> -<span class=\"ls29 ws1e1\">905</span> 0 -<span class=\"ls29 ws1e1\">2,435</span> -<span class=\"ls29 ws1e1\">2,712</span> 0 -<span class=\"ls29 ws1e1\">8,093</span> -<span class=\"ls29 ws1e1\">16,205</span> Reversal of unused amounts of provis<span class=\"_ _0\"></span>ions<span class=\"fc3 sc0\"> </span>(-) -<span class=\"ls29 ws1e1\">61</span> 0 0 0 -<span class=\"ls29 ws1e1\">18</span> 0 -<span class=\"ls29 ws1e1\">2,737</span> -<span class=\"ls29 ws1e1\">2,815</span> Decrease through business d<span class=\"_ _0\"></span>isposals (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">253</span> 0 0 0 0 0 0 -<span class=\"ls29 ws1e1\">253</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decreas<span class=\"_ _0\"></span>e)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">13</span> -<span class=\"ls29 ws1e1\">13</span> 0 0 0 0 -<span class=\"ls29 ws1e1\">42</span> -<span class=\"ls29 ws1e1\">68</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">1,000</span> 0 0 0 1,837<span class=\"ls1 ws1\"> </span>1,776<span class=\"ls1 ws1\"> </span>2,613<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 -<span class=\"ls29 ws1e1\">14</span> -<span class=\"ls29 ws1e1\">14</span> Provisions, e<span class=\"_ _3\"></span>nding bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>16,012<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,349<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,933<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,768<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,595<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>38,162<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>80,819<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Provisions f<span class=\"_ _3\"></span>or Legal Provisions f<span class=\"_ _3\"></span>or negative Warran<span class=\"_ _3\"></span>ty Environme<span class=\"_ _3\"></span>ntal Provisions f<span class=\"_ _3\"></span>or Other proceeding<span class=\"_ _3\"></span> cont<span class=\"_ _3\"></span>ractual<span class=\"_ _3\"></span> equity Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>rest<span class=\"_ _3\"></span>ructurin<span class=\"_ _3\"></span>g<span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>provisions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>obligations<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>method values Provisi<span class=\"_ _3\"></span>ons <span class=\"ls1 ws1\">- <span class=\"ls2e\">financ<span class=\"_ _0\"></span>ial ye<span class=\"_ _0\"></span>ar </span></span>2022 Provisions, o<span class=\"_ _3\"></span>pening bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>16,012<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,349<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 1,933<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,768<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,595<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>38,162<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>80,819<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Additional provisions<span class=\"ls1 ws1\"> </span>6,545<span class=\"ls1 ws1\"> </span>1,480<span class=\"ls1 ws1\"> </span>0 659<span class=\"ls1 ws1\"> </span>11,342<span class=\"ls1 ws1\"> </span>0 1,448<span class=\"ls1 ws1\"> </span>21,475<span class=\"ls1 ws1\"> </span>Increase of existin<span class=\"_ _0\"></span>g provisions<span class=\"ls1 ws1\"> </span>670<span class=\"ls1 ws1\"> </span>10<span class=\"ls1 ws1\"> </span>0 0 0 0 0 679<span class=\"ls1 ws1\"> </span>Increase through business c<span class=\"_ _0\"></span>ombinations<span class=\"ls1 ws1\">  </span>0 0 0 0 0 0 0 0 Amounts of provisions<span class=\"_ _0\"></span> used (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">1,884</span> <span class=\"_ _99\"> </span>-<span class=\"ls29 ws1e1\">733</span> <span class=\"_ _a0\"> </span>0 <span class=\"_ _c4\"> </span>-<span class=\"ls29 ws1e1\">155</span> <span class=\"_ _54\"> </span>-<span class=\"ls29 ws1e1\">4,142</span> <span class=\"_ _14\"> </span>0 <span class=\"_ _54\"> </span>-<span class=\"ls29 ws1e1\">3,461</span> -<span class=\"ls29 ws1e1\">10,373</span> Reversal of unused amounts of provis<span class=\"_ _0\"></span>ions<span class=\"fc3 sc0\"> </span>(-) 0 -<span class=\"ls29 ws1e1\">13</span> 0 0 -<span class=\"ls29 ws1e1\">552</span> 0 -<span class=\"ls29 ws1e1\">2,945</span> -<span class=\"ls29 ws1e1\">3,510</span> Decrease through business d<span class=\"_ _0\"></span>isposals (<span class=\"ls1 ws1\">-) </span>0 -<span class=\"ls29 ws1e1\">42</span> 0 0 0 0 -<span class=\"ls29 ws1e1\">25</span> -<span class=\"ls29 ws1e1\">67</span> Foreign currency exchange inc<span class=\"_ _0\"></span>rease (decreas<span class=\"_ _0\"></span>e)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">33</span> 0 0 0 0 0 -<span class=\"ls29 ws1e1\">107</span> -<span class=\"ls29 ws1e1\">140</span> Transfer from (to<span class=\"_ _3\"></span>) other items<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>37,378<span class=\"ls1 ws1\"> </span>0 0 0 0 4,080<span class=\"ls1 ws1\"> </span>2,754<span class=\"ls1 ws1\"> </span>44,212<span class=\"ls1 ws1\"> </span>Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 -<span class=\"ls29 ws1e1\">2,827</span> -<span class=\"ls29 ws1e1\">2,827</span> Provisions, e<span class=\"_ _3\"></span>nding bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>58,688<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,051<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 2,437<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12,416<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>16,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>130,268<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>The s<span class=\"_ _0\"></span>ignific<span class=\"_ _0\"></span>ant in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in war<span class=\"_ _0\"></span>ranty<span class=\"_ _0\"></span> provi<span class=\"_ _0\"></span>sions i<span class=\"_ _0\"></span>s expl<span class=\"_ _0\"></span>ained <span class=\"_ _0\"></span>by the<span class=\"_ _0\"></span> recla<span class=\"_ _0\"></span>ssifica<span class=\"_ _0\"></span>tion of the warranty<span class=\"_ _0\"></span> provisions at DEM<span class=\"_ _0\"></span>E (previously include<span class=\"_ _0\"></span>d in trade payabl<span class=\"_ _0\"></span>es) and increased business <span class=\"ls40 ws218\">opera<span class=\"_ _0\"></span>tions<span class=\"ls1 ws1\">. </span></span>The acquisition of <span class=\"_ _0\"></span>control over CFE a<span class=\"_ _0\"></span>t year<span class=\"ws1\">-<span class=\"ls24 ws2a8\">end 2013 gave rise to the recognition<span class=\"_ _0\"></span> </span></span>of a c<span class=\"_ _0\"></span>ontinge<span class=\"_ _0\"></span>nt liab<span class=\"_ _0\"></span>ility fo<span class=\"_ _9f\"></span>r risks of 6<span class=\"_ _0\"></span>0.3 <span class=\"_ _0\"></span>million<span class=\"_ _0\"></span> euros<span class=\"_ _0\"></span> in conn<span class=\"_ _0\"></span>ection<span class=\"_ _0\"></span> with CF<span class=\"_ _9f\"></span>E\u2019s cons<span class=\"_ _0\"></span>tructio<span class=\"_ _0\"></span>n and rea<span class=\"_ _0\"></span>l estate d<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> activit<span class=\"_ _0\"></span>ies. In<span class=\"_ _0\"></span> the cou<span class=\"_ _0\"></span>rse of <span class=\"ls24 ws1da\">2014<span class=\"ls1 ws1\">-</span>2021, </span>47.8 m<span class=\"_ _3\"></span>illi<span class=\"_ _3\"></span>on euros (g<span class=\"_ _3\"></span>roup sha<span class=\"_ _3\"></span>re 28.9 mil<span class=\"_ _3\"></span>lion euro<span class=\"_ _3\"></span>s) was rev<span class=\"_ _3\"></span>ersed be<span class=\"_ _3\"></span>cause the<span class=\"_ _3\"></span> risks in qu<span class=\"_ _0\"></span>estion <span class=\"_ _0\"></span>at CFE w<span class=\"_ _0\"></span>ere e<span class=\"_ _0\"></span>ither no<span class=\"_ _0\"></span> longe<span class=\"_ _0\"></span>r presen<span class=\"_ _9f\"></span>t or were <span class=\"_ _0\"></span>repor<span class=\"_ _0\"></span>ted in CF<span class=\"_ _9f\"></span>E\u2019s own financial statements. <span class=\"_ _0\"></span>The balance of 12.5 mil<span class=\"_ _0\"></span>lion euros (group share<span class=\"_ _0\"></span> 7.6 million eu<span class=\"ls1 ws1f6\">ros) remaine<span class=\"_ _0\"></span>d unchanged in 2022.<span class=\"ws1\"> </span></span>When disposing of pa<span class=\"_ _0\"></span>rticipating interests a<span class=\"_ _0\"></span>nd/or activities, AvH and i<span class=\"_ _0\"></span>ts subholdings are regu<span class=\"_ _0\"></span>larly <span class=\"_ _0\"></span>requir<span class=\"_ _0\"></span>ed to prov<span class=\"_ _0\"></span>ide cert<span class=\"_ _0\"></span>ain warr<span class=\"_ _0\"></span>anties a<span class=\"_ _0\"></span>nd repr<span class=\"_ _0\"></span>esenta<span class=\"_ _0\"></span>tions. Th<span class=\"_ _9f\"></span>ese may give rise to<span class=\"_ _0\"></span> claim<span class=\"_ _0\"></span>s <span class=\"ls1 ws1\">- </span>leg<span class=\"_ _0\"></span>itima<span class=\"_ _0\"></span>te or otherw<span class=\"_ _0\"></span>ise <span class=\"ls1 ws1\">- <span class=\"ls33 ws1db\">from b</span></span><span class=\"ws207\">uye<span class=\"_ _0\"></span>rs for co<span class=\"_ _0\"></span>mpen<span class=\"_ _0\"></span>sation <span class=\"_ _0\"></span>on that<span class=\"_ _0\"></span> </span>basis.<span class=\"_ _0\"></span> In 202<span class=\"_ _0\"></span>2, AvH<span class=\"_ _0\"></span> cons<span class=\"_ _0\"></span>tituted p<span class=\"_ _9f\"></span>rovision<span class=\"_ _0\"></span>s totall<span class=\"_ _0\"></span>ing 10.<span class=\"_ _0\"></span>7 mil<span class=\"_ _0\"></span>lion eu<span class=\"_ _0\"></span>ros fo<span class=\"_ _0\"></span>r two<span class=\"_ _0\"></span> cases. A<span class=\"_ _9f\"></span>lthough Av<span class=\"_ _0\"></span>H believ<span class=\"_ _0\"></span>es tha<span class=\"_ _0\"></span>t in both<span class=\"_ _0\"></span> instan<span class=\"_ _0\"></span>ces it ha<span class=\"_ _0\"></span>s a solid<span class=\"_ _0\"></span> case, th<span class=\"_ _9f\"></span>e maximum amount tha<span class=\"_ _0\"></span>t might be claimed was provid<span class=\"_ _0\"></span>ed.<span class=\"ws1\"> </span>\u2018Provisions for n<span class=\"ls1 ws21f\">egative eq<span class=\"_ _0\"></span>uity method conso<span class=\"_ _0\"></span>lidation values\u2019 increas<span class=\"_ _0\"></span>ed by 4.1 </span>million<span class=\"_ _0\"></span> euros.<span class=\"ls1 ws1\"> </span>Following the conclusion of an agreemen<span class=\"_ _0\"></span>t, Bank <span class=\"_ _3\"></span>Van Breda was able to reverse 2.9 million euros of the pr<span class=\"_ _0\"></span>ovision it had constituted in p<span class=\"_ _0\"></span>revious years. <span class=\"ws1\"> </span>The oth<span class=\"_ _0\"></span>er evolutio<span class=\"_ _0\"></span>ns are larg<span class=\"_ _0\"></span><span class=\"ls35 ws1ec\">ely att<span class=\"_ _0\"></span>ributab<span class=\"_ _0\"></span>le to varia<span class=\"_ _0\"></span>tions w<span class=\"_ _0\"></span>ithin CF<span class=\"_ _0\"></span>E's accou<span class=\"_ _9f\"></span>nts. <span class=\"ls1 ws1\"> </span></span>Several group companies of AvH (<span class=\"_ _0\"></span>such as DEME, CFE, Agidens...) are activel<span class=\"_ _0\"></span>y involv<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e execu<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> proj<span class=\"_ _0\"></span>ects. Th<span class=\"_ _0\"></span>is alw<span class=\"_ _0\"></span>ays enta<span class=\"_ _0\"></span>ils a c<span class=\"_ _0\"></span>ertain o<span class=\"_ _0\"></span>perati<span class=\"_ _0\"></span>onal ri<span class=\"_ _0\"></span>sk, but also<span class=\"_ _9f\"></span> means th<span class=\"_ _0\"></span>at cert<span class=\"_ _0\"></span>ain e<span class=\"_ _0\"></span>stimate<span class=\"_ _0\"></span>s <span class=\"ls1 ws1fe\">of profitability n<span class=\"_ _0\"></span>eed to be made <span class=\"_ _0\"></span>at the end </span>of such a pro<span class=\"_ _0\"></span>ject. Thi<span class=\"_ _0\"></span>s risk is inh<span class=\"_ _0\"></span>erent to the act<span class=\"_ _0\"></span>ivity,<span class=\"_ _0\"></span> as well as the ris<span class=\"_ _0\"></span>k of disagreements with<span class=\"_ _0\"></span> customers over div<span class=\"_ _0\"></span>ergent costs or changes <span class=\"_ _0\"></span>in execution and the c<span class=\"_ _3\"></span>ollectio<span class=\"_ _3\"></span>n of these rec<span class=\"_ _3\"></span>eivables<span class=\"_ _3\"></span>. DEME is inv<span class=\"_ _3\"></span>olved<span class=\"ls1 ws233\">, both as claiman<span class=\"_ _0\"></span>t and as </span>defendant, in discussions w<span class=\"_ _0\"></span>ith customers about the financi<span class=\"_ _0\"></span>al consequences of devia<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>n the ex<span class=\"_ _0\"></span>ecution o<span class=\"_ _0\"></span>f contr<span class=\"_ _0\"></span>acting<span class=\"_ _0\"></span> projec<span class=\"_ _0\"></span>ts. In a <span class=\"_ _0\"></span>small nu<span class=\"_ _0\"></span>mber of<span class=\"_ _0\"></span> cases th<span class=\"_ _9f\"></span>ey may result in lawsuits. In so fa<span class=\"_ _0\"></span>r as the consequences of such lawsui<span class=\"ls62 ws2f7\">ts can<span class=\"_ _3\"></span> be rel<span class=\"_ _3\"></span>iably </span>estim<span class=\"_ _0\"></span>ated, pr<span class=\"_ _0\"></span>ovisio<span class=\"_ _0\"></span>ns are m<span class=\"_ _0\"></span>ade fo<span class=\"_ _0\"></span>r this <span class=\"_ _0\"></span>in the a<span class=\"_ _0\"></span>ccount<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>Follow<span class=\"_ _0\"></span>ing cont<span class=\"_ _0\"></span>ingent as<span class=\"_ _0\"></span>sets and lia<span class=\"_ _0\"></span>biliti<span class=\"_ _0\"></span>es are relate<span class=\"_ _0\"></span>d to DEME:<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls34 ws1f5\">In<span class=\"_ _3\"></span> Dece<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r 20<span class=\"_ _3\"></span>22, t<span class=\"_ _3\"></span>he Cha<span class=\"_ _3\"></span>mbe<span class=\"_ _3\"></span>r of<span class=\"_ _3\"></span> Indi<span class=\"_ _3\"></span>ctme<span class=\"_ _3\"></span>nt a<span class=\"_ _3\"></span>t the<span class=\"_ _3\"></span> Cour<span class=\"_ _3\"></span>t o<span class=\"_ _3\"></span>f Appe<span class=\"_ _3\"></span>al o<span class=\"_ _3\"></span>f Ghe<span class=\"_ _3\"></span>nt </span></span>decided to refer certain comp<span class=\"_ _0\"></span>anies of t<span class=\"ls45 ws23b\">he DEME</span><span class=\"ws1\">-<span class=\"ls40\">group to court.</span> </span>The dec<span class=\"_ _0\"></span>ision fo<span class=\"_ _0\"></span>llows a <span class=\"_ _0\"></span>judici<span class=\"_ _0\"></span>al investi<span class=\"_ _0\"></span>gation <span class=\"_ _0\"></span>carried<span class=\"_ _0\"></span> out in <span class=\"_ _0\"></span>respec<span class=\"_ _0\"></span>t of the circumstances in which a contr<span class=\"_ _0\"></span>act was awarded in the framewor<span class=\"_ _0\"></span>k of a negot<span class=\"_ _0\"></span>iated p<span class=\"_ _0\"></span>rocedu<span class=\"_ _0\"></span>re to Mo<span class=\"_ _0\"></span>rdraga, a<span class=\"_ _0\"></span> Rus<span class=\"_ _0\"></span>sian fo<span class=\"_ _0\"></span>rmer joi<span class=\"_ _0\"></span>nt ventu<span class=\"_ _0\"></span>re comp<span class=\"_ _9f\"></span>any of the DE<span class=\"_ _0\"></span>ME<span class=\"ls1 ws1\">-gro<span class=\"ws220\">up, for the execution of dr<span class=\"_ _0\"></span>edging works in the port of Sabetta<span class=\"_ _0\"></span> </span></span>(Russi<span class=\"_ _0\"></span>a) in A<span class=\"_ _0\"></span>pril 2<span class=\"_ _0\"></span>014. <span class=\"_ _0\"></span>The wor<span class=\"_ _0\"></span>ks we<span class=\"_ _0\"></span>re carr<span class=\"_ _0\"></span>ied out<span class=\"_ _0\"></span> durin<span class=\"_ _0\"></span>g the <span class=\"_ _0\"></span>summer<span class=\"_ _0\"></span> mon<span class=\"_ _0\"></span>ths of 2014 and 2015.<span class=\"ls1 ws1\"> </span>The judicial investigation w<span class=\"_ _0\"></span>as initiated after a complaint filed by <span class=\"_ _0\"></span>a competitor, to who<span class=\"_ _0\"></span>m the afo<span class=\"_ _9f\"></span>remention<span class=\"_ _0\"></span>ed con<span class=\"_ _0\"></span>tract w<span class=\"_ _0\"></span>as not <span class=\"_ _0\"></span>awarded<span class=\"_ _0\"></span>.<span class=\"ls1 ws1\"> </span>DEME emphasize<span class=\"_ _0\"></span>s that the Chamb<span class=\"_ _0\"></span>er of Indictment<span class=\"_ _0\"></span> has only decided o<span class=\"_ _0\"></span>n the referr<span class=\"_ _0\"></span>al to cou<span class=\"_ _9f\"></span>rt. This m<span class=\"_ _0\"></span>eans th<span class=\"_ _0\"></span>at non<span class=\"_ _0\"></span>e of the p<span class=\"_ _0\"></span>arties <span class=\"_ _0\"></span>involv<span class=\"_ _0\"></span>ed hav<span class=\"_ _0\"></span>e yet had<span class=\"_ _9f\"></span> the opportunity to submi<span class=\"_ _0\"></span>t substantive argume<span class=\"_ _0\"></span>nts regarding the charg<span class=\"_ _0\"></span>es brought by the Public Prosecutor. <span class=\"_ _0\"></span><span class=\"ws1\"> </span>In the current <span class=\"ls25 ws1fd\">circum<span class=\"_ _0\"></span>stanc<span class=\"_ _0\"></span>es, it is th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re prematu<span class=\"_ _0\"></span>re to sp<span class=\"_ _0\"></span>eculate o<span class=\"_ _0\"></span>n the </span>outcome of these proc<span class=\"_ _0\"></span>eedings. In light of<span class=\"_ _0\"></span> the foregoing, DEME cannot<span class=\"_ _0\"></span> for the time b<span class=\"_ _0\"></span>eing ma<span class=\"_ _0\"></span>ke a r<span class=\"_ _0\"></span>eliable <span class=\"_ _0\"></span>assessm<span class=\"_ _0\"></span>ent of<span class=\"_ _0\"></span> the pos<span class=\"_ _0\"></span>sible f<span class=\"_ _0\"></span>inancia<span class=\"_ _0\"></span>l impact<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls34 ws275\">o<span class=\"_ _3\"></span>f the<span class=\"_ _3\"></span> </span></span>pending investigation.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">In 2018, the Group was involved in a litigation against Rijkswaters<span class=\"_ _0\"></span>taat in the </span></span>Netherlands related to the execution of the<span class=\"_ _3\"></span> Juliana Canal widening project. Based o<span class=\"_ _0\"></span>n the <span class=\"_ _0\"></span>available<span class=\"_ _0\"></span> informa<span class=\"_ _0\"></span>tion, D<span class=\"_ _0\"></span>EME can<span class=\"_ _0\"></span>not mak<span class=\"_ _0\"></span>e a re<span class=\"_ _0\"></span>liable a<span class=\"_ _0\"></span>ssess<span class=\"ls4d ws1f5\">ment<span class=\"_ _3\"></span> </span>of the financial con<span class=\"_ _0\"></span>sequences of this litigation. D<span class=\"_ _0\"></span>espite discussions about th<span class=\"_ _0\"></span>e execution of th<span class=\"_ _0\"></span>e Juliana Canal w<span class=\"_ _0\"></span>idening project taking pl<span class=\"_ _0\"></span>ace with the clie<span class=\"_ _0\"></span>nt Rijksw<span class=\"_ _0\"></span>aterst<span class=\"_ _0\"></span>aat, th<span class=\"_ _0\"></span>e issu<span class=\"_ _0\"></span>e has no<span class=\"_ _0\"></span>t been <span class=\"_ _0\"></span>settled y<span class=\"_ _0\"></span>et.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">DEME is involved in legal proceedings ini<span class=\"ls25 ws23a\">tia<span class=\"_ _0\"></span>ted by<span class=\"_ _0\"></span> the D<span class=\"_ _0\"></span>utch Wa<span class=\"_ _0\"></span>terbo<span class=\"_ _0\"></span>ard (<span class=\"_ _0\"></span>het </span></span></span>Waterschap Vallei en Veluwe) against a consortium of w<span class=\"_ _0\"></span>hich DEME is a<span class=\"_ _3\"></span> memb<span class=\"_ _0\"></span>er, due to allegedly unauthoriz<span class=\"_ _0\"></span>ed activities on the project Eemdijk. The outcom<span class=\"_ _0\"></span>e of the aforementioned pending legal proc<span class=\"_ _0\"></span>eedings is not expected to<span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls4b ws2f8\">hav<span class=\"_ _3\"></span>e a </span></span>material imp<span class=\"_ _0\"></span>act.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-179-3": {
   "value": "Note 20:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls2f ws1e\">debt<span class=\"_ _3\"></span>s to credit i<span class=\"_ _3\"></span>nstitutions,<span class=\"_ _3\"></span> clients a<span class=\"_ _3\"></span>nd securitie<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Debts to cre<span class=\"_ _3\"></span>dit institu<span class=\"_ _3\"></span>tions and ce<span class=\"_ _3\"></span>ntral banks<span class=\"ls1 ws1\"> </span>116,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>424,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts<span class=\"_ _3\"></span> to clie<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,504,73<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>6,378,53<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  560<span class=\"ls1 ws1\"> </span>10,234<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Securities inc<span class=\"_ _3\"></span>luding b<span class=\"_ _3\"></span>onds<span class=\"ls1 ws1\"> </span>171,599<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>256,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  47,155<span class=\"ls1 ws1\"> </span>50,745<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls2b ws1e4\">chang<span class=\"_ _3\"></span>es in fair value<span class=\"_ _3\"></span> of the hed<span class=\"_ _3\"></span>ged <span class=\"ls28 ws210\">cre<span class=\"_ _3\"></span>dit port<span class=\"_ _3\"></span>folio</span></span> <span class=\"_ _3\"></span> 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 6,882,39<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>7,059,33<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bf\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Debt<span class=\"_ _0\"></span>s to cr<span class=\"_ _0\"></span>edit in<span class=\"_ _0\"></span>stitut<span class=\"_ _0\"></span>ions an<span class=\"_ _0\"></span>d cen<span class=\"_ _0\"></span>tral b<span class=\"_ _0\"></span>anks<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>104,845<span class=\"ls1 ws1\"> </span>13,869<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>11,534<span class=\"ls1 ws1\"> </span>16,531<span class=\"ls1 ws1\"> </span>ECB TLTRO III<span class=\"ws1\"> </span>0 394,847<span class=\"ls1 ws1\"> </span>Accrued interests<span class=\"ls1 ws1\"> </span>0 106<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts to c<span class=\"_ _3\"></span>lients<span class=\"ls1 ws1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>4,197,238<span class=\"ls1 ws1\"> </span>4,218,578<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>1,248,652<span class=\"ls1 ws1\"> </span>1,045,537<span class=\"ls1 ws1\"> </span>Special deposits<span class=\"ls1 ws1\"> </span>56,798<span class=\"ls1 ws1\"> </span>64,876<span class=\"ls1 ws1\"> </span>Regulated deposits<span class=\"ls1 ws1\"> </span>1,050,247<span class=\"ls1 ws1\"> </span>1,029,249<span class=\"ls1 ws1\"> </span>Subordinated certific<span class=\"_ _0\"></span>ats<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Securit<span class=\"_ _0\"></span>ies in<span class=\"_ _0\"></span>cludin<span class=\"_ _0\"></span>g bond<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Debt certifi<span class=\"_ _3\"></span>cates<span class=\"ls1 ws1\"> </span>124,533<span class=\"ls1 ws1\"> </span>205,178<span class=\"ls1 ws1\"> </span>Subordinated bonds<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Ban<span class=\"_ _3\"></span>ks <span class=\"ls1 ws1\">- <span class=\"ls32 ws145\">changes in </span><span class=\"ls2e\">fair v<span class=\"_ _0\"></span>alue of<span class=\"_ _9f\"></span> the hedg<span class=\"_ _0\"></span>ed cr<span class=\"_ _0\"></span>edit<span class=\"ls1\"> <span class=\"ls2f ws1e\">portfolio</span>  </span></span></span>89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Total <span class=\"_ _3\"></span>debts<span class=\"_ _3\"></span> to cre<span class=\"_ _3\"></span>dit ins<span class=\"_ _3\"></span>tituti<span class=\"_ _3\"></span>ons, c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span> and s<span class=\"_ _3\"></span>ecuriti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>The fu<span class=\"_ _0\"></span>ll conso<span class=\"_ _0\"></span>lidatio<span class=\"_ _0\"></span>n of <span class=\"ls1 ws1f5\">Bank Van Breda<span class=\"ws1\"> <span class=\"ls25 ws215\">results <span class=\"_ _0\"></span>in the r<span class=\"_ _0\"></span>ecordi<span class=\"_ _0\"></span>ng of sp<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>c<span class=\"_ _0\"></span>ific ban<span class=\"_ _0\"></span>k </span></span></span>receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd debt<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e shee<span class=\"_ _0\"></span>t of Av<span class=\"_ _0\"></span>H. These it<span class=\"_ _0\"></span>ems wer<span class=\"_ _0\"></span>e group<span class=\"_ _0\"></span>ed for<span class=\"_ _0\"></span> maximum transparency of t<span class=\"_ _0\"></span>he balance sheet.<span class=\"ws1\"> </span>Liquidi<span class=\"_ _3\"></span>ty ri<span class=\"_ _3\"></span>sk Bank V<span class=\"_ _3\"></span>an Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Liquidity risk is <span class=\"_ _0\"></span>the risk that the ban<span class=\"_ _0\"></span>k has insufficient fund<span class=\"_ _0\"></span>s available, or is una<span class=\"_ _0\"></span>ble to release funds quickly enough <span class=\"_ _0\"></span>and at a reasonable cost to meet its short<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls4d ws1f5\">te<span class=\"_ _3\"></span>rm </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s. The c<span class=\"_ _0\"></span>omme<span class=\"_ _0\"></span>rcial ba<span class=\"_ _0\"></span>nking<span class=\"_ _0\"></span> activ<span class=\"_ _9f\"></span>ities are<span class=\"_ _0\"></span> the ma<span class=\"_ _0\"></span>in sou<span class=\"_ _0\"></span>rce of<span class=\"_ _0\"></span> liquid<span class=\"_ _9f\"></span>ity risk<span class=\"_ _3\"></span>. A <span class=\"ls1 ws220\">bank\u2019s sources of funding tradit<span class=\"_ _0\"></span>ionally have a shorter maturity than the<span class=\"_ _0\"></span> </span>financed assets, resulting in <span class=\"_ _0\"></span>a maturity mismatch. The liquidity man<span class=\"_ _0\"></span>agement of Bank Van Breda<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls25 ws245\">con<span class=\"_ _0\"></span>stantly m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rs thi<span class=\"_ _0\"></span>s mism<span class=\"_ _0\"></span>atch and<span class=\"_ _9f\"></span> works ou<span class=\"_ _0\"></span>t a finan<span class=\"_ _9f\"></span>cing </span></span>strat<span class=\"_ _0\"></span>egy to confi<span class=\"_ _0\"></span>ne it within<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span><span class=\"ws1f3\">guidelines that are set out in a liquid<span class=\"_ _0\"></span>ity control </span></span>framewo<span class=\"_ _9f\"></span>rk. In thi<span class=\"_ _0\"></span>s area,<span class=\"_ _0\"></span> too, th<span class=\"_ _9f\"></span>e bank pur<span class=\"_ _0\"></span>sues a<span class=\"_ _0\"></span> delib<span class=\"_ _0\"></span>erately<span class=\"_ _0\"></span> low ris<span class=\"_ _0\"></span>k prof<span class=\"_ _0\"></span>ile. Ban<span class=\"_ _9f\"></span>k Van Breda maintains a solid <span class=\"_ _3\"></span>and high<span class=\"ws1\">-<span class=\"ws219\">quality liquidi<span class=\"_ _0\"></span>ty buffer to absorb fluctuat<span class=\"_ _0\"></span>ions </span></span>in the t<span class=\"_ _0\"></span>reasu<span class=\"_ _0\"></span>ry posi<span class=\"_ _0\"></span>tion. Th<span class=\"_ _0\"></span>is<span class=\"ls1 ws1\"> <span class=\"ls46 ws22c\">buffer st<span class=\"ls40 ws218\">ood <span class=\"ls24\">at 1,<span class=\"ws1da\">252</span></span></span></span> <span class=\"ls52 ws1f0\">mil<span class=\"_ _3\"></span>lion eu<span class=\"_ _3\"></span>ros</span> <span class=\"ls24 ws218\">at year end 2022</span> </span>and consists primar<span class=\"_ _0\"></span>ily of cash, placed at <span class=\"_ _0\"></span>the ECB, and a highly<span class=\"_ _0\"></span> liquid portfolio of bonds. The ban<span class=\"_ _0\"></span>k\u2019s finan<span class=\"_ _9f\"></span>cing mix is v<span class=\"_ _0\"></span>ery stab<span class=\"_ _0\"></span>le, with<span class=\"_ _0\"></span> the depo<span class=\"_ _0\"></span>sits of t<span class=\"_ _0\"></span>he cor<span class=\"_ _0\"></span>e clients a<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span> main source of fundin<span class=\"_ _0\"></span>g. T<span class=\"ls25 ws232\">he cor<span class=\"_ _0\"></span>e cli<span class=\"_ _0\"></span>ents use <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>nk fo<span class=\"_ _0\"></span>r their i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>and </span>ev<span class=\"_ _3\"></span>ery<span class=\"_ _3\"></span>day ba<span class=\"_ _3\"></span>nki<span class=\"_ _3\"></span>ng tr<span class=\"_ _3\"></span>ansa<span class=\"_ _3\"></span>cti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>. The b<span class=\"_ _3\"></span>ank al<span class=\"_ _3\"></span>so cl<span class=\"_ _3\"></span>ose<span class=\"_ _3\"></span>ly wa<span class=\"_ _3\"></span>tche<span class=\"_ _3\"></span>s the<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls31 ws206\">depos<span class=\"_ _3\"></span>it </span></span>ratio an<span class=\"_ _0\"></span>d appli<span class=\"_ _0\"></span>es stri<span class=\"_ _0\"></span>ct limi<span class=\"_ _0\"></span>ts to thi<span class=\"_ _0\"></span>s ratio b<span class=\"_ _0\"></span>etween c<span class=\"_ _0\"></span>lient <span class=\"_ _0\"></span>credit po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> and cl<span class=\"_ _0\"></span>ient deposits, which at year-<span class=\"ls24 ws2fc\">end 202</span>2 <span class=\"_ _9c\"> </span><span class=\"ls33 ws2fd\">stood at 9<span class=\"_ _3\"></span></span>4<span class=\"ls30 ws2db\">%. D<span class=\"_ _0\"></span>epend<span class=\"_ _9f\"></span>ence on ex<span class=\"_ _0\"></span>terna<span class=\"_ _0\"></span>l </span>institutional financing<span class=\"_ _0\"></span> is kept to a min<span class=\"_ _0\"></span>imum and in 202<span class=\"ws1\">2 <span class=\"_ _0\"></span><span class=\"ws1f6\">accounted for only <span class=\"ws1\">2<span class=\"ls54 ws279\">.5% </span></span></span></span>of tota<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s. <span class=\"ls1 ws1\"> </span>Two liquidity ratios were introduc<span class=\"_ _0\"></span>ed in the Basel regulations and the CRR/CRD IV dire<span class=\"_ _3\"></span>ctive<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1fe\">The LCR (Liquidity Co<span class=\"_ _0\"></span>verag<span class=\"ls25 ws215\">e Ra<span class=\"_ _0\"></span>tio) i<span class=\"_ _0\"></span>s a cri<span class=\"_ _0\"></span>terion<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e liqu<span class=\"_ _0\"></span>idity p<span class=\"_ _0\"></span>ositio<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er </span></span>an acu<span class=\"_ _0\"></span>te stres<span class=\"_ _0\"></span>s scenar<span class=\"_ _0\"></span>io over 30<span class=\"_ _0\"></span> days. I<span class=\"_ _0\"></span>t requir<span class=\"_ _0\"></span>es finan<span class=\"_ _0\"></span>cial in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons to ho<span class=\"_ _9f\"></span>ld sufficient high<span class=\"ws1\">-</span>quality liquid a<span class=\"_ _0\"></span>ssets. <span class=\"ls25 ws224\">The regu<span class=\"_ _9f\"></span>lator impo<span class=\"_ _0\"></span>ses a li<span class=\"_ _0\"></span>mit of a<span class=\"_ _0\"></span>t least<span class=\"_ _0\"></span> </span>100%.<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The NSFR (Net Stable Fund<span class=\"_ _0\"></span>ing R<span class=\"ls25 ws1f9\">atio)<span class=\"_ _0\"></span> con<span class=\"_ _0\"></span>trasts t<span class=\"_ _0\"></span>he avai<span class=\"_ _0\"></span>lable<span class=\"_ _0\"></span> amount o<span class=\"_ _0\"></span>f sta<span class=\"_ _0\"></span>ble </span></span>funding with the required amoun<span class=\"_ _0\"></span>t of stable funding over a one<span class=\"ws1\">-<span class=\"ls34 ws1f6\">year<span class=\"_ _3\"></span> peri<span class=\"_ _3\"></span>od.<span class=\"_ _3\"></span> The </span></span>Basel III<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">gu<span class=\"_ _0\"></span>idelin<span class=\"_ _0\"></span>es imp<span class=\"_ _0\"></span>ose a lim<span class=\"_ _0\"></span>it of a<span class=\"_ _0\"></span>t least 1<span class=\"_ _0\"></span>00% a<span class=\"_ _0\"></span>s from 2<span class=\"_ _0\"></span>018.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>At y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">end 2022<span class=\"_ _0\"></span>, those <span class=\"_ _0\"></span>ratios sto<span class=\"_ _0\"></span>od at <span class=\"_ _0\"></span>138% (a<span class=\"_ _0\"></span>ccordin<span class=\"_ _0\"></span>g to LC<span class=\"_ _0\"></span>R <span class=\"ls45 ws2ff\">Delegated Ac<span class=\"_ _3\"></span>t </span></span></span>2015/61) and 131% (accor<span class=\"_ _3\"></span>ding to CRR2) respectively. Both ratios are well above the low<span class=\"_ _0\"></span>er lim<span class=\"_ _0\"></span>it of 10<span class=\"_ _0\"></span>0% that <span class=\"_ _0\"></span>is impo<span class=\"_ _0\"></span>sed b<span class=\"_ _0\"></span>y the r<span class=\"_ _0\"></span>egulato<span class=\"_ _0\"></span>ry autho<span class=\"_ _9f\"></span>rity. <span class=\"ls1 ws1\"> </span>The still generous liquidit<span class=\"_ _0\"></span>y position decreased in 2022, prim<span class=\"_ _0\"></span>arily due to the repaym<span class=\"_ _0\"></span>ent of 4<span class=\"_ _0\"></span>00 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s of TLTR<span class=\"_ _0\"></span>O loan<span class=\"_ _0\"></span>s and a cred<span class=\"_ _0\"></span>it incr<span class=\"_ _0\"></span>ease tha<span class=\"_ _0\"></span>t was great<span class=\"_ _0\"></span>er than the depo<span class=\"_ _0\"></span>sit incr<span class=\"_ _0\"></span>ease.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The bank\u2019s liquidit<span class=\"_ _0\"></span>y risk is monito<span class=\"_ _0\"></span>red constantly by mea<span class=\"_ _0\"></span>ns of proactive <span class=\"_ _0\"></span>treasury management, within the lin<span class=\"_ _0\"></span>es defined by the Asset &amp; Liability Managem<span class=\"_ _0\"></span>ent and t<span class=\"ls25 ws232\">he inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t framew<span class=\"_ _0\"></span>ork. Fo<span class=\"_ _0\"></span>r its liq<span class=\"_ _0\"></span>uidity<span class=\"_ _0\"></span> managem<span class=\"_ _0\"></span>ent, th<span class=\"_ _0\"></span>e bank u<span class=\"_ _0\"></span>ses, am<span class=\"_ _0\"></span>ong </span>other things, liquidity gap reports, ratio a<span class=\"_ _0\"></span>nalysis and short<span class=\"ws1\">- </span>and long<span class=\"ws1\">-<span class=\"ls6a ws300\">term volume<span class=\"_ _0\"></span> </span></span>prognoses. In the <span class=\"ls35 ws213\">follow<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">tab<span class=\"_ _0\"></span>le the a<span class=\"_ _0\"></span>ssets and l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties are g<span class=\"_ _0\"></span>rouped b<span class=\"_ _0\"></span>y matu<span class=\"_ _0\"></span>rity perio<span class=\"_ _0\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls34 ws1ea\">and </span></span></span></span></span>intern<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>umption<span class=\"_ _9f\"></span>s for depos<span class=\"_ _0\"></span>its wit<span class=\"_ _0\"></span>hout m<span class=\"_ _0\"></span>aturity d<span class=\"_ _0\"></span>ate<span class=\"ls1 ws1\"> <span class=\"ws1ed\">wer<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>taken into account<span class=\"ws1\">. </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c0\"> </span><span class=\"ls2b ws1e4\">&lt; 1 month</span> <span class=\"_ _116\"> </span>1-<span class=\"ls2b ws1e3\">3 months<span class=\"_ _3\"></span></span> <span class=\"_ _7c\"> </span>3-<span class=\"ls2b ws1e4\">12<span class=\"_ _3\"></span> months</span> <span class=\"_ _1d\"> </span>1-<span class=\"ls28 ws1e7\">5 ye<span class=\"_ _3\"></span>ars<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span>5-<span class=\"ws202\">10 years</span> <span class=\"_ _6b\"> </span></span>&gt; 10 years<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _b9\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,078,000<span class=\"ls1 ws1\"> </span>161,000<span class=\"ls1 ws1\"> </span>900,000<span class=\"ls1 ws1\"> </span>2,903,000<span class=\"ls1 ws1\"> </span>1,816,000<span class=\"ls1 ws1\"> </span>652,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000,000</span> -<span class=\"ls29 ws1e1\">790,000</span> -<span class=\"ls29 ws1e1\">1,925,000</span> -<span class=\"ls29 ws1e1\">1,675,000</span> -<span class=\"ls29 ws1e1\">1,101,000</span> -<span class=\"ls29 ws1e1\">343,000</span> -<span class=\"ls29 ws1e1\">51,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>1,000<span class=\"ls1 ws1\"> </span>2,000<span class=\"ls1 ws1\"> </span>16,000<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>23,000<span class=\"ls1 ws1\"> </span>0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>79,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">627,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,009,000<span class=\"_ _3\"></span></span> 1,283,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>738,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>309,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,000</span> 31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,686,000<span class=\"ls1 ws1\"> </span>209,000<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>2,764,000<span class=\"ls1 ws1\"> </span>1,588,000<span class=\"ls1 ws1\"> </span>553,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">981,000</span> -<span class=\"ls29 ws1e1\">929,000</span> -<span class=\"ls29 ws1e1\">2,460,000</span> -<span class=\"ls29 ws1e1\">1,447,000</span> -<span class=\"ls29 ws1e1\">925,000</span> -<span class=\"ls29 ws1e1\">286,000</span> -<span class=\"ls29 ws1e1\">63,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000</span> -<span class=\"ls29 ws1e1\">2,000</span> -<span class=\"ls29 ws1e1\">7,000</span> -<span class=\"ls29 ws1e1\">14,000</span> -<span class=\"ls29 ws1e1\">4,000</span> 0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>704,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">722,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,597,000<span class=\"_ _3\"></span></span> 1,303,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>659,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>267,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">24,000</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-179-4": {
   "value": "Note 20:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls2f ws1e\">debt<span class=\"_ _3\"></span>s to credit i<span class=\"_ _3\"></span>nstitutions,<span class=\"_ _3\"></span> clients a<span class=\"_ _3\"></span>nd securitie<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Debts to cre<span class=\"_ _3\"></span>dit institu<span class=\"_ _3\"></span>tions and ce<span class=\"_ _3\"></span>ntral banks<span class=\"ls1 ws1\"> </span>116,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>424,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts<span class=\"_ _3\"></span> to clie<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,504,73<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>6,378,53<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  560<span class=\"ls1 ws1\"> </span>10,234<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Securities inc<span class=\"_ _3\"></span>luding b<span class=\"_ _3\"></span>onds<span class=\"ls1 ws1\"> </span>171,599<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>256,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  47,155<span class=\"ls1 ws1\"> </span>50,745<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls2b ws1e4\">chang<span class=\"_ _3\"></span>es in fair value<span class=\"_ _3\"></span> of the hed<span class=\"_ _3\"></span>ged <span class=\"ls28 ws210\">cre<span class=\"_ _3\"></span>dit port<span class=\"_ _3\"></span>folio</span></span> <span class=\"_ _3\"></span> 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 6,882,39<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>7,059,33<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bf\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Debt<span class=\"_ _0\"></span>s to cr<span class=\"_ _0\"></span>edit in<span class=\"_ _0\"></span>stitut<span class=\"_ _0\"></span>ions an<span class=\"_ _0\"></span>d cen<span class=\"_ _0\"></span>tral b<span class=\"_ _0\"></span>anks<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>104,845<span class=\"ls1 ws1\"> </span>13,869<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>11,534<span class=\"ls1 ws1\"> </span>16,531<span class=\"ls1 ws1\"> </span>ECB TLTRO III<span class=\"ws1\"> </span>0 394,847<span class=\"ls1 ws1\"> </span>Accrued interests<span class=\"ls1 ws1\"> </span>0 106<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts to c<span class=\"_ _3\"></span>lients<span class=\"ls1 ws1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>4,197,238<span class=\"ls1 ws1\"> </span>4,218,578<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>1,248,652<span class=\"ls1 ws1\"> </span>1,045,537<span class=\"ls1 ws1\"> </span>Special deposits<span class=\"ls1 ws1\"> </span>56,798<span class=\"ls1 ws1\"> </span>64,876<span class=\"ls1 ws1\"> </span>Regulated deposits<span class=\"ls1 ws1\"> </span>1,050,247<span class=\"ls1 ws1\"> </span>1,029,249<span class=\"ls1 ws1\"> </span>Subordinated certific<span class=\"_ _0\"></span>ats<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Securit<span class=\"_ _0\"></span>ies in<span class=\"_ _0\"></span>cludin<span class=\"_ _0\"></span>g bond<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Debt certifi<span class=\"_ _3\"></span>cates<span class=\"ls1 ws1\"> </span>124,533<span class=\"ls1 ws1\"> </span>205,178<span class=\"ls1 ws1\"> </span>Subordinated bonds<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Ban<span class=\"_ _3\"></span>ks <span class=\"ls1 ws1\">- <span class=\"ls32 ws145\">changes in </span><span class=\"ls2e\">fair v<span class=\"_ _0\"></span>alue of<span class=\"_ _9f\"></span> the hedg<span class=\"_ _0\"></span>ed cr<span class=\"_ _0\"></span>edit<span class=\"ls1\"> <span class=\"ls2f ws1e\">portfolio</span>  </span></span></span>89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Total <span class=\"_ _3\"></span>debts<span class=\"_ _3\"></span> to cre<span class=\"_ _3\"></span>dit ins<span class=\"_ _3\"></span>tituti<span class=\"_ _3\"></span>ons, c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span> and s<span class=\"_ _3\"></span>ecuriti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>The fu<span class=\"_ _0\"></span>ll conso<span class=\"_ _0\"></span>lidatio<span class=\"_ _0\"></span>n of <span class=\"ls1 ws1f5\">Bank Van Breda<span class=\"ws1\"> <span class=\"ls25 ws215\">results <span class=\"_ _0\"></span>in the r<span class=\"_ _0\"></span>ecordi<span class=\"_ _0\"></span>ng of sp<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>c<span class=\"_ _0\"></span>ific ban<span class=\"_ _0\"></span>k </span></span></span>receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd debt<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e shee<span class=\"_ _0\"></span>t of Av<span class=\"_ _0\"></span>H. These it<span class=\"_ _0\"></span>ems wer<span class=\"_ _0\"></span>e group<span class=\"_ _0\"></span>ed for<span class=\"_ _0\"></span> maximum transparency of t<span class=\"_ _0\"></span>he balance sheet.<span class=\"ws1\"> </span>Liquidi<span class=\"_ _3\"></span>ty ri<span class=\"_ _3\"></span>sk Bank V<span class=\"_ _3\"></span>an Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Liquidity risk is <span class=\"_ _0\"></span>the risk that the ban<span class=\"_ _0\"></span>k has insufficient fund<span class=\"_ _0\"></span>s available, or is una<span class=\"_ _0\"></span>ble to release funds quickly enough <span class=\"_ _0\"></span>and at a reasonable cost to meet its short<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls4d ws1f5\">te<span class=\"_ _3\"></span>rm </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s. The c<span class=\"_ _0\"></span>omme<span class=\"_ _0\"></span>rcial ba<span class=\"_ _0\"></span>nking<span class=\"_ _0\"></span> activ<span class=\"_ _9f\"></span>ities are<span class=\"_ _0\"></span> the ma<span class=\"_ _0\"></span>in sou<span class=\"_ _0\"></span>rce of<span class=\"_ _0\"></span> liquid<span class=\"_ _9f\"></span>ity risk<span class=\"_ _3\"></span>. A <span class=\"ls1 ws220\">bank\u2019s sources of funding tradit<span class=\"_ _0\"></span>ionally have a shorter maturity than the<span class=\"_ _0\"></span> </span>financed assets, resulting in <span class=\"_ _0\"></span>a maturity mismatch. The liquidity man<span class=\"_ _0\"></span>agement of Bank Van Breda<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls25 ws245\">con<span class=\"_ _0\"></span>stantly m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rs thi<span class=\"_ _0\"></span>s mism<span class=\"_ _0\"></span>atch and<span class=\"_ _9f\"></span> works ou<span class=\"_ _0\"></span>t a finan<span class=\"_ _9f\"></span>cing </span></span>strat<span class=\"_ _0\"></span>egy to confi<span class=\"_ _0\"></span>ne it within<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span><span class=\"ws1f3\">guidelines that are set out in a liquid<span class=\"_ _0\"></span>ity control </span></span>framewo<span class=\"_ _9f\"></span>rk. In thi<span class=\"_ _0\"></span>s area,<span class=\"_ _0\"></span> too, th<span class=\"_ _9f\"></span>e bank pur<span class=\"_ _0\"></span>sues a<span class=\"_ _0\"></span> delib<span class=\"_ _0\"></span>erately<span class=\"_ _0\"></span> low ris<span class=\"_ _0\"></span>k prof<span class=\"_ _0\"></span>ile. Ban<span class=\"_ _9f\"></span>k Van Breda maintains a solid <span class=\"_ _3\"></span>and high<span class=\"ws1\">-<span class=\"ws219\">quality liquidi<span class=\"_ _0\"></span>ty buffer to absorb fluctuat<span class=\"_ _0\"></span>ions </span></span>in the t<span class=\"_ _0\"></span>reasu<span class=\"_ _0\"></span>ry posi<span class=\"_ _0\"></span>tion. Th<span class=\"_ _0\"></span>is<span class=\"ls1 ws1\"> <span class=\"ls46 ws22c\">buffer st<span class=\"ls40 ws218\">ood <span class=\"ls24\">at 1,<span class=\"ws1da\">252</span></span></span></span> <span class=\"ls52 ws1f0\">mil<span class=\"_ _3\"></span>lion eu<span class=\"_ _3\"></span>ros</span> <span class=\"ls24 ws218\">at year end 2022</span> </span>and consists primar<span class=\"_ _0\"></span>ily of cash, placed at <span class=\"_ _0\"></span>the ECB, and a highly<span class=\"_ _0\"></span> liquid portfolio of bonds. The ban<span class=\"_ _0\"></span>k\u2019s finan<span class=\"_ _9f\"></span>cing mix is v<span class=\"_ _0\"></span>ery stab<span class=\"_ _0\"></span>le, with<span class=\"_ _0\"></span> the depo<span class=\"_ _0\"></span>sits of t<span class=\"_ _0\"></span>he cor<span class=\"_ _0\"></span>e clients a<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span> main source of fundin<span class=\"_ _0\"></span>g. T<span class=\"ls25 ws232\">he cor<span class=\"_ _0\"></span>e cli<span class=\"_ _0\"></span>ents use <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>nk fo<span class=\"_ _0\"></span>r their i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>and </span>ev<span class=\"_ _3\"></span>ery<span class=\"_ _3\"></span>day ba<span class=\"_ _3\"></span>nki<span class=\"_ _3\"></span>ng tr<span class=\"_ _3\"></span>ansa<span class=\"_ _3\"></span>cti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>. The b<span class=\"_ _3\"></span>ank al<span class=\"_ _3\"></span>so cl<span class=\"_ _3\"></span>ose<span class=\"_ _3\"></span>ly wa<span class=\"_ _3\"></span>tche<span class=\"_ _3\"></span>s the<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls31 ws206\">depos<span class=\"_ _3\"></span>it </span></span>ratio an<span class=\"_ _0\"></span>d appli<span class=\"_ _0\"></span>es stri<span class=\"_ _0\"></span>ct limi<span class=\"_ _0\"></span>ts to thi<span class=\"_ _0\"></span>s ratio b<span class=\"_ _0\"></span>etween c<span class=\"_ _0\"></span>lient <span class=\"_ _0\"></span>credit po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> and cl<span class=\"_ _0\"></span>ient deposits, which at year-<span class=\"ls24 ws2fc\">end 202</span>2 <span class=\"_ _9c\"> </span><span class=\"ls33 ws2fd\">stood at 9<span class=\"_ _3\"></span></span>4<span class=\"ls30 ws2db\">%. D<span class=\"_ _0\"></span>epend<span class=\"_ _9f\"></span>ence on ex<span class=\"_ _0\"></span>terna<span class=\"_ _0\"></span>l </span>institutional financing<span class=\"_ _0\"></span> is kept to a min<span class=\"_ _0\"></span>imum and in 202<span class=\"ws1\">2 <span class=\"_ _0\"></span><span class=\"ws1f6\">accounted for only <span class=\"ws1\">2<span class=\"ls54 ws279\">.5% </span></span></span></span>of tota<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s. <span class=\"ls1 ws1\"> </span>Two liquidity ratios were introduc<span class=\"_ _0\"></span>ed in the Basel regulations and the CRR/CRD IV dire<span class=\"_ _3\"></span>ctive<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1fe\">The LCR (Liquidity Co<span class=\"_ _0\"></span>verag<span class=\"ls25 ws215\">e Ra<span class=\"_ _0\"></span>tio) i<span class=\"_ _0\"></span>s a cri<span class=\"_ _0\"></span>terion<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e liqu<span class=\"_ _0\"></span>idity p<span class=\"_ _0\"></span>ositio<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er </span></span>an acu<span class=\"_ _0\"></span>te stres<span class=\"_ _0\"></span>s scenar<span class=\"_ _0\"></span>io over 30<span class=\"_ _0\"></span> days. I<span class=\"_ _0\"></span>t requir<span class=\"_ _0\"></span>es finan<span class=\"_ _0\"></span>cial in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons to ho<span class=\"_ _9f\"></span>ld sufficient high<span class=\"ws1\">-</span>quality liquid a<span class=\"_ _0\"></span>ssets. <span class=\"ls25 ws224\">The regu<span class=\"_ _9f\"></span>lator impo<span class=\"_ _0\"></span>ses a li<span class=\"_ _0\"></span>mit of a<span class=\"_ _0\"></span>t least<span class=\"_ _0\"></span> </span>100%.<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The NSFR (Net Stable Fund<span class=\"_ _0\"></span>ing R<span class=\"ls25 ws1f9\">atio)<span class=\"_ _0\"></span> con<span class=\"_ _0\"></span>trasts t<span class=\"_ _0\"></span>he avai<span class=\"_ _0\"></span>lable<span class=\"_ _0\"></span> amount o<span class=\"_ _0\"></span>f sta<span class=\"_ _0\"></span>ble </span></span>funding with the required amoun<span class=\"_ _0\"></span>t of stable funding over a one<span class=\"ws1\">-<span class=\"ls34 ws1f6\">year<span class=\"_ _3\"></span> peri<span class=\"_ _3\"></span>od.<span class=\"_ _3\"></span> The </span></span>Basel III<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">gu<span class=\"_ _0\"></span>idelin<span class=\"_ _0\"></span>es imp<span class=\"_ _0\"></span>ose a lim<span class=\"_ _0\"></span>it of a<span class=\"_ _0\"></span>t least 1<span class=\"_ _0\"></span>00% a<span class=\"_ _0\"></span>s from 2<span class=\"_ _0\"></span>018.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>At y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">end 2022<span class=\"_ _0\"></span>, those <span class=\"_ _0\"></span>ratios sto<span class=\"_ _0\"></span>od at <span class=\"_ _0\"></span>138% (a<span class=\"_ _0\"></span>ccordin<span class=\"_ _0\"></span>g to LC<span class=\"_ _0\"></span>R <span class=\"ls45 ws2ff\">Delegated Ac<span class=\"_ _3\"></span>t </span></span></span>2015/61) and 131% (accor<span class=\"_ _3\"></span>ding to CRR2) respectively. Both ratios are well above the low<span class=\"_ _0\"></span>er lim<span class=\"_ _0\"></span>it of 10<span class=\"_ _0\"></span>0% that <span class=\"_ _0\"></span>is impo<span class=\"_ _0\"></span>sed b<span class=\"_ _0\"></span>y the r<span class=\"_ _0\"></span>egulato<span class=\"_ _0\"></span>ry autho<span class=\"_ _9f\"></span>rity. <span class=\"ls1 ws1\"> </span>The still generous liquidit<span class=\"_ _0\"></span>y position decreased in 2022, prim<span class=\"_ _0\"></span>arily due to the repaym<span class=\"_ _0\"></span>ent of 4<span class=\"_ _0\"></span>00 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s of TLTR<span class=\"_ _0\"></span>O loan<span class=\"_ _0\"></span>s and a cred<span class=\"_ _0\"></span>it incr<span class=\"_ _0\"></span>ease tha<span class=\"_ _0\"></span>t was great<span class=\"_ _0\"></span>er than the depo<span class=\"_ _0\"></span>sit incr<span class=\"_ _0\"></span>ease.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The bank\u2019s liquidit<span class=\"_ _0\"></span>y risk is monito<span class=\"_ _0\"></span>red constantly by mea<span class=\"_ _0\"></span>ns of proactive <span class=\"_ _0\"></span>treasury management, within the lin<span class=\"_ _0\"></span>es defined by the Asset &amp; Liability Managem<span class=\"_ _0\"></span>ent and t<span class=\"ls25 ws232\">he inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t framew<span class=\"_ _0\"></span>ork. Fo<span class=\"_ _0\"></span>r its liq<span class=\"_ _0\"></span>uidity<span class=\"_ _0\"></span> managem<span class=\"_ _0\"></span>ent, th<span class=\"_ _0\"></span>e bank u<span class=\"_ _0\"></span>ses, am<span class=\"_ _0\"></span>ong </span>other things, liquidity gap reports, ratio a<span class=\"_ _0\"></span>nalysis and short<span class=\"ws1\">- </span>and long<span class=\"ws1\">-<span class=\"ls6a ws300\">term volume<span class=\"_ _0\"></span> </span></span>prognoses. In the <span class=\"ls35 ws213\">follow<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">tab<span class=\"_ _0\"></span>le the a<span class=\"_ _0\"></span>ssets and l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties are g<span class=\"_ _0\"></span>rouped b<span class=\"_ _0\"></span>y matu<span class=\"_ _0\"></span>rity perio<span class=\"_ _0\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls34 ws1ea\">and </span></span></span></span></span>intern<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>umption<span class=\"_ _9f\"></span>s for depos<span class=\"_ _0\"></span>its wit<span class=\"_ _0\"></span>hout m<span class=\"_ _0\"></span>aturity d<span class=\"_ _0\"></span>ate<span class=\"ls1 ws1\"> <span class=\"ws1ed\">wer<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>taken into account<span class=\"ws1\">. </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c0\"> </span><span class=\"ls2b ws1e4\">&lt; 1 month</span> <span class=\"_ _116\"> </span>1-<span class=\"ls2b ws1e3\">3 months<span class=\"_ _3\"></span></span> <span class=\"_ _7c\"> </span>3-<span class=\"ls2b ws1e4\">12<span class=\"_ _3\"></span> months</span> <span class=\"_ _1d\"> </span>1-<span class=\"ls28 ws1e7\">5 ye<span class=\"_ _3\"></span>ars<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span>5-<span class=\"ws202\">10 years</span> <span class=\"_ _6b\"> </span></span>&gt; 10 years<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _b9\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,078,000<span class=\"ls1 ws1\"> </span>161,000<span class=\"ls1 ws1\"> </span>900,000<span class=\"ls1 ws1\"> </span>2,903,000<span class=\"ls1 ws1\"> </span>1,816,000<span class=\"ls1 ws1\"> </span>652,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000,000</span> -<span class=\"ls29 ws1e1\">790,000</span> -<span class=\"ls29 ws1e1\">1,925,000</span> -<span class=\"ls29 ws1e1\">1,675,000</span> -<span class=\"ls29 ws1e1\">1,101,000</span> -<span class=\"ls29 ws1e1\">343,000</span> -<span class=\"ls29 ws1e1\">51,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>1,000<span class=\"ls1 ws1\"> </span>2,000<span class=\"ls1 ws1\"> </span>16,000<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>23,000<span class=\"ls1 ws1\"> </span>0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>79,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">627,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,009,000<span class=\"_ _3\"></span></span> 1,283,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>738,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>309,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,000</span> 31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,686,000<span class=\"ls1 ws1\"> </span>209,000<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>2,764,000<span class=\"ls1 ws1\"> </span>1,588,000<span class=\"ls1 ws1\"> </span>553,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">981,000</span> -<span class=\"ls29 ws1e1\">929,000</span> -<span class=\"ls29 ws1e1\">2,460,000</span> -<span class=\"ls29 ws1e1\">1,447,000</span> -<span class=\"ls29 ws1e1\">925,000</span> -<span class=\"ls29 ws1e1\">286,000</span> -<span class=\"ls29 ws1e1\">63,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000</span> -<span class=\"ls29 ws1e1\">2,000</span> -<span class=\"ls29 ws1e1\">7,000</span> -<span class=\"ls29 ws1e1\">14,000</span> -<span class=\"ls29 ws1e1\">4,000</span> 0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>704,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">722,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,597,000<span class=\"_ _3\"></span></span> 1,303,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>659,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>267,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">24,000</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-179-5": {
   "value": "Note 20:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls2f ws1e\">debt<span class=\"_ _3\"></span>s to credit i<span class=\"_ _3\"></span>nstitutions,<span class=\"_ _3\"></span> clients a<span class=\"_ _3\"></span>nd securitie<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Debts to cre<span class=\"_ _3\"></span>dit institu<span class=\"_ _3\"></span>tions and ce<span class=\"_ _3\"></span>ntral banks<span class=\"ls1 ws1\"> </span>116,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>424,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts<span class=\"_ _3\"></span> to clie<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,504,73<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>6,378,53<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  560<span class=\"ls1 ws1\"> </span>10,234<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Securities inc<span class=\"_ _3\"></span>luding b<span class=\"_ _3\"></span>onds<span class=\"ls1 ws1\"> </span>171,599<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>256,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  47,155<span class=\"ls1 ws1\"> </span>50,745<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls2b ws1e4\">chang<span class=\"_ _3\"></span>es in fair value<span class=\"_ _3\"></span> of the hed<span class=\"_ _3\"></span>ged <span class=\"ls28 ws210\">cre<span class=\"_ _3\"></span>dit port<span class=\"_ _3\"></span>folio</span></span> <span class=\"_ _3\"></span> 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 6,882,39<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>7,059,33<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bf\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Debt<span class=\"_ _0\"></span>s to cr<span class=\"_ _0\"></span>edit in<span class=\"_ _0\"></span>stitut<span class=\"_ _0\"></span>ions an<span class=\"_ _0\"></span>d cen<span class=\"_ _0\"></span>tral b<span class=\"_ _0\"></span>anks<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>104,845<span class=\"ls1 ws1\"> </span>13,869<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>11,534<span class=\"ls1 ws1\"> </span>16,531<span class=\"ls1 ws1\"> </span>ECB TLTRO III<span class=\"ws1\"> </span>0 394,847<span class=\"ls1 ws1\"> </span>Accrued interests<span class=\"ls1 ws1\"> </span>0 106<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts to c<span class=\"_ _3\"></span>lients<span class=\"ls1 ws1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>4,197,238<span class=\"ls1 ws1\"> </span>4,218,578<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>1,248,652<span class=\"ls1 ws1\"> </span>1,045,537<span class=\"ls1 ws1\"> </span>Special deposits<span class=\"ls1 ws1\"> </span>56,798<span class=\"ls1 ws1\"> </span>64,876<span class=\"ls1 ws1\"> </span>Regulated deposits<span class=\"ls1 ws1\"> </span>1,050,247<span class=\"ls1 ws1\"> </span>1,029,249<span class=\"ls1 ws1\"> </span>Subordinated certific<span class=\"_ _0\"></span>ats<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Securit<span class=\"_ _0\"></span>ies in<span class=\"_ _0\"></span>cludin<span class=\"_ _0\"></span>g bond<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Debt certifi<span class=\"_ _3\"></span>cates<span class=\"ls1 ws1\"> </span>124,533<span class=\"ls1 ws1\"> </span>205,178<span class=\"ls1 ws1\"> </span>Subordinated bonds<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Ban<span class=\"_ _3\"></span>ks <span class=\"ls1 ws1\">- <span class=\"ls32 ws145\">changes in </span><span class=\"ls2e\">fair v<span class=\"_ _0\"></span>alue of<span class=\"_ _9f\"></span> the hedg<span class=\"_ _0\"></span>ed cr<span class=\"_ _0\"></span>edit<span class=\"ls1\"> <span class=\"ls2f ws1e\">portfolio</span>  </span></span></span>89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Total <span class=\"_ _3\"></span>debts<span class=\"_ _3\"></span> to cre<span class=\"_ _3\"></span>dit ins<span class=\"_ _3\"></span>tituti<span class=\"_ _3\"></span>ons, c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span> and s<span class=\"_ _3\"></span>ecuriti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>The fu<span class=\"_ _0\"></span>ll conso<span class=\"_ _0\"></span>lidatio<span class=\"_ _0\"></span>n of <span class=\"ls1 ws1f5\">Bank Van Breda<span class=\"ws1\"> <span class=\"ls25 ws215\">results <span class=\"_ _0\"></span>in the r<span class=\"_ _0\"></span>ecordi<span class=\"_ _0\"></span>ng of sp<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>c<span class=\"_ _0\"></span>ific ban<span class=\"_ _0\"></span>k </span></span></span>receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd debt<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e shee<span class=\"_ _0\"></span>t of Av<span class=\"_ _0\"></span>H. These it<span class=\"_ _0\"></span>ems wer<span class=\"_ _0\"></span>e group<span class=\"_ _0\"></span>ed for<span class=\"_ _0\"></span> maximum transparency of t<span class=\"_ _0\"></span>he balance sheet.<span class=\"ws1\"> </span>Liquidi<span class=\"_ _3\"></span>ty ri<span class=\"_ _3\"></span>sk Bank V<span class=\"_ _3\"></span>an Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Liquidity risk is <span class=\"_ _0\"></span>the risk that the ban<span class=\"_ _0\"></span>k has insufficient fund<span class=\"_ _0\"></span>s available, or is una<span class=\"_ _0\"></span>ble to release funds quickly enough <span class=\"_ _0\"></span>and at a reasonable cost to meet its short<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls4d ws1f5\">te<span class=\"_ _3\"></span>rm </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s. The c<span class=\"_ _0\"></span>omme<span class=\"_ _0\"></span>rcial ba<span class=\"_ _0\"></span>nking<span class=\"_ _0\"></span> activ<span class=\"_ _9f\"></span>ities are<span class=\"_ _0\"></span> the ma<span class=\"_ _0\"></span>in sou<span class=\"_ _0\"></span>rce of<span class=\"_ _0\"></span> liquid<span class=\"_ _9f\"></span>ity risk<span class=\"_ _3\"></span>. A <span class=\"ls1 ws220\">bank\u2019s sources of funding tradit<span class=\"_ _0\"></span>ionally have a shorter maturity than the<span class=\"_ _0\"></span> </span>financed assets, resulting in <span class=\"_ _0\"></span>a maturity mismatch. The liquidity man<span class=\"_ _0\"></span>agement of Bank Van Breda<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls25 ws245\">con<span class=\"_ _0\"></span>stantly m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rs thi<span class=\"_ _0\"></span>s mism<span class=\"_ _0\"></span>atch and<span class=\"_ _9f\"></span> works ou<span class=\"_ _0\"></span>t a finan<span class=\"_ _9f\"></span>cing </span></span>strat<span class=\"_ _0\"></span>egy to confi<span class=\"_ _0\"></span>ne it within<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span><span class=\"ws1f3\">guidelines that are set out in a liquid<span class=\"_ _0\"></span>ity control </span></span>framewo<span class=\"_ _9f\"></span>rk. In thi<span class=\"_ _0\"></span>s area,<span class=\"_ _0\"></span> too, th<span class=\"_ _9f\"></span>e bank pur<span class=\"_ _0\"></span>sues a<span class=\"_ _0\"></span> delib<span class=\"_ _0\"></span>erately<span class=\"_ _0\"></span> low ris<span class=\"_ _0\"></span>k prof<span class=\"_ _0\"></span>ile. Ban<span class=\"_ _9f\"></span>k Van Breda maintains a solid <span class=\"_ _3\"></span>and high<span class=\"ws1\">-<span class=\"ws219\">quality liquidi<span class=\"_ _0\"></span>ty buffer to absorb fluctuat<span class=\"_ _0\"></span>ions </span></span>in the t<span class=\"_ _0\"></span>reasu<span class=\"_ _0\"></span>ry posi<span class=\"_ _0\"></span>tion. Th<span class=\"_ _0\"></span>is<span class=\"ls1 ws1\"> <span class=\"ls46 ws22c\">buffer st<span class=\"ls40 ws218\">ood <span class=\"ls24\">at 1,<span class=\"ws1da\">252</span></span></span></span> <span class=\"ls52 ws1f0\">mil<span class=\"_ _3\"></span>lion eu<span class=\"_ _3\"></span>ros</span> <span class=\"ls24 ws218\">at year end 2022</span> </span>and consists primar<span class=\"_ _0\"></span>ily of cash, placed at <span class=\"_ _0\"></span>the ECB, and a highly<span class=\"_ _0\"></span> liquid portfolio of bonds. The ban<span class=\"_ _0\"></span>k\u2019s finan<span class=\"_ _9f\"></span>cing mix is v<span class=\"_ _0\"></span>ery stab<span class=\"_ _0\"></span>le, with<span class=\"_ _0\"></span> the depo<span class=\"_ _0\"></span>sits of t<span class=\"_ _0\"></span>he cor<span class=\"_ _0\"></span>e clients a<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span> main source of fundin<span class=\"_ _0\"></span>g. T<span class=\"ls25 ws232\">he cor<span class=\"_ _0\"></span>e cli<span class=\"_ _0\"></span>ents use <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>nk fo<span class=\"_ _0\"></span>r their i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>and </span>ev<span class=\"_ _3\"></span>ery<span class=\"_ _3\"></span>day ba<span class=\"_ _3\"></span>nki<span class=\"_ _3\"></span>ng tr<span class=\"_ _3\"></span>ansa<span class=\"_ _3\"></span>cti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>. The b<span class=\"_ _3\"></span>ank al<span class=\"_ _3\"></span>so cl<span class=\"_ _3\"></span>ose<span class=\"_ _3\"></span>ly wa<span class=\"_ _3\"></span>tche<span class=\"_ _3\"></span>s the<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls31 ws206\">depos<span class=\"_ _3\"></span>it </span></span>ratio an<span class=\"_ _0\"></span>d appli<span class=\"_ _0\"></span>es stri<span class=\"_ _0\"></span>ct limi<span class=\"_ _0\"></span>ts to thi<span class=\"_ _0\"></span>s ratio b<span class=\"_ _0\"></span>etween c<span class=\"_ _0\"></span>lient <span class=\"_ _0\"></span>credit po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> and cl<span class=\"_ _0\"></span>ient deposits, which at year-<span class=\"ls24 ws2fc\">end 202</span>2 <span class=\"_ _9c\"> </span><span class=\"ls33 ws2fd\">stood at 9<span class=\"_ _3\"></span></span>4<span class=\"ls30 ws2db\">%. D<span class=\"_ _0\"></span>epend<span class=\"_ _9f\"></span>ence on ex<span class=\"_ _0\"></span>terna<span class=\"_ _0\"></span>l </span>institutional financing<span class=\"_ _0\"></span> is kept to a min<span class=\"_ _0\"></span>imum and in 202<span class=\"ws1\">2 <span class=\"_ _0\"></span><span class=\"ws1f6\">accounted for only <span class=\"ws1\">2<span class=\"ls54 ws279\">.5% </span></span></span></span>of tota<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s. <span class=\"ls1 ws1\"> </span>Two liquidity ratios were introduc<span class=\"_ _0\"></span>ed in the Basel regulations and the CRR/CRD IV dire<span class=\"_ _3\"></span>ctive<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1fe\">The LCR (Liquidity Co<span class=\"_ _0\"></span>verag<span class=\"ls25 ws215\">e Ra<span class=\"_ _0\"></span>tio) i<span class=\"_ _0\"></span>s a cri<span class=\"_ _0\"></span>terion<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e liqu<span class=\"_ _0\"></span>idity p<span class=\"_ _0\"></span>ositio<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er </span></span>an acu<span class=\"_ _0\"></span>te stres<span class=\"_ _0\"></span>s scenar<span class=\"_ _0\"></span>io over 30<span class=\"_ _0\"></span> days. I<span class=\"_ _0\"></span>t requir<span class=\"_ _0\"></span>es finan<span class=\"_ _0\"></span>cial in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons to ho<span class=\"_ _9f\"></span>ld sufficient high<span class=\"ws1\">-</span>quality liquid a<span class=\"_ _0\"></span>ssets. <span class=\"ls25 ws224\">The regu<span class=\"_ _9f\"></span>lator impo<span class=\"_ _0\"></span>ses a li<span class=\"_ _0\"></span>mit of a<span class=\"_ _0\"></span>t least<span class=\"_ _0\"></span> </span>100%.<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The NSFR (Net Stable Fund<span class=\"_ _0\"></span>ing R<span class=\"ls25 ws1f9\">atio)<span class=\"_ _0\"></span> con<span class=\"_ _0\"></span>trasts t<span class=\"_ _0\"></span>he avai<span class=\"_ _0\"></span>lable<span class=\"_ _0\"></span> amount o<span class=\"_ _0\"></span>f sta<span class=\"_ _0\"></span>ble </span></span>funding with the required amoun<span class=\"_ _0\"></span>t of stable funding over a one<span class=\"ws1\">-<span class=\"ls34 ws1f6\">year<span class=\"_ _3\"></span> peri<span class=\"_ _3\"></span>od.<span class=\"_ _3\"></span> The </span></span>Basel III<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">gu<span class=\"_ _0\"></span>idelin<span class=\"_ _0\"></span>es imp<span class=\"_ _0\"></span>ose a lim<span class=\"_ _0\"></span>it of a<span class=\"_ _0\"></span>t least 1<span class=\"_ _0\"></span>00% a<span class=\"_ _0\"></span>s from 2<span class=\"_ _0\"></span>018.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>At y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">end 2022<span class=\"_ _0\"></span>, those <span class=\"_ _0\"></span>ratios sto<span class=\"_ _0\"></span>od at <span class=\"_ _0\"></span>138% (a<span class=\"_ _0\"></span>ccordin<span class=\"_ _0\"></span>g to LC<span class=\"_ _0\"></span>R <span class=\"ls45 ws2ff\">Delegated Ac<span class=\"_ _3\"></span>t </span></span></span>2015/61) and 131% (accor<span class=\"_ _3\"></span>ding to CRR2) respectively. Both ratios are well above the low<span class=\"_ _0\"></span>er lim<span class=\"_ _0\"></span>it of 10<span class=\"_ _0\"></span>0% that <span class=\"_ _0\"></span>is impo<span class=\"_ _0\"></span>sed b<span class=\"_ _0\"></span>y the r<span class=\"_ _0\"></span>egulato<span class=\"_ _0\"></span>ry autho<span class=\"_ _9f\"></span>rity. <span class=\"ls1 ws1\"> </span>The still generous liquidit<span class=\"_ _0\"></span>y position decreased in 2022, prim<span class=\"_ _0\"></span>arily due to the repaym<span class=\"_ _0\"></span>ent of 4<span class=\"_ _0\"></span>00 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s of TLTR<span class=\"_ _0\"></span>O loan<span class=\"_ _0\"></span>s and a cred<span class=\"_ _0\"></span>it incr<span class=\"_ _0\"></span>ease tha<span class=\"_ _0\"></span>t was great<span class=\"_ _0\"></span>er than the depo<span class=\"_ _0\"></span>sit incr<span class=\"_ _0\"></span>ease.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The bank\u2019s liquidit<span class=\"_ _0\"></span>y risk is monito<span class=\"_ _0\"></span>red constantly by mea<span class=\"_ _0\"></span>ns of proactive <span class=\"_ _0\"></span>treasury management, within the lin<span class=\"_ _0\"></span>es defined by the Asset &amp; Liability Managem<span class=\"_ _0\"></span>ent and t<span class=\"ls25 ws232\">he inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t framew<span class=\"_ _0\"></span>ork. Fo<span class=\"_ _0\"></span>r its liq<span class=\"_ _0\"></span>uidity<span class=\"_ _0\"></span> managem<span class=\"_ _0\"></span>ent, th<span class=\"_ _0\"></span>e bank u<span class=\"_ _0\"></span>ses, am<span class=\"_ _0\"></span>ong </span>other things, liquidity gap reports, ratio a<span class=\"_ _0\"></span>nalysis and short<span class=\"ws1\">- </span>and long<span class=\"ws1\">-<span class=\"ls6a ws300\">term volume<span class=\"_ _0\"></span> </span></span>prognoses. In the <span class=\"ls35 ws213\">follow<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">tab<span class=\"_ _0\"></span>le the a<span class=\"_ _0\"></span>ssets and l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties are g<span class=\"_ _0\"></span>rouped b<span class=\"_ _0\"></span>y matu<span class=\"_ _0\"></span>rity perio<span class=\"_ _0\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls34 ws1ea\">and </span></span></span></span></span>intern<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>umption<span class=\"_ _9f\"></span>s for depos<span class=\"_ _0\"></span>its wit<span class=\"_ _0\"></span>hout m<span class=\"_ _0\"></span>aturity d<span class=\"_ _0\"></span>ate<span class=\"ls1 ws1\"> <span class=\"ws1ed\">wer<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>taken into account<span class=\"ws1\">. </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c0\"> </span><span class=\"ls2b ws1e4\">&lt; 1 month</span> <span class=\"_ _116\"> </span>1-<span class=\"ls2b ws1e3\">3 months<span class=\"_ _3\"></span></span> <span class=\"_ _7c\"> </span>3-<span class=\"ls2b ws1e4\">12<span class=\"_ _3\"></span> months</span> <span class=\"_ _1d\"> </span>1-<span class=\"ls28 ws1e7\">5 ye<span class=\"_ _3\"></span>ars<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span>5-<span class=\"ws202\">10 years</span> <span class=\"_ _6b\"> </span></span>&gt; 10 years<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _b9\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,078,000<span class=\"ls1 ws1\"> </span>161,000<span class=\"ls1 ws1\"> </span>900,000<span class=\"ls1 ws1\"> </span>2,903,000<span class=\"ls1 ws1\"> </span>1,816,000<span class=\"ls1 ws1\"> </span>652,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000,000</span> -<span class=\"ls29 ws1e1\">790,000</span> -<span class=\"ls29 ws1e1\">1,925,000</span> -<span class=\"ls29 ws1e1\">1,675,000</span> -<span class=\"ls29 ws1e1\">1,101,000</span> -<span class=\"ls29 ws1e1\">343,000</span> -<span class=\"ls29 ws1e1\">51,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>1,000<span class=\"ls1 ws1\"> </span>2,000<span class=\"ls1 ws1\"> </span>16,000<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>23,000<span class=\"ls1 ws1\"> </span>0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>79,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">627,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,009,000<span class=\"_ _3\"></span></span> 1,283,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>738,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>309,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,000</span> 31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,686,000<span class=\"ls1 ws1\"> </span>209,000<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>2,764,000<span class=\"ls1 ws1\"> </span>1,588,000<span class=\"ls1 ws1\"> </span>553,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">981,000</span> -<span class=\"ls29 ws1e1\">929,000</span> -<span class=\"ls29 ws1e1\">2,460,000</span> -<span class=\"ls29 ws1e1\">1,447,000</span> -<span class=\"ls29 ws1e1\">925,000</span> -<span class=\"ls29 ws1e1\">286,000</span> -<span class=\"ls29 ws1e1\">63,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000</span> -<span class=\"ls29 ws1e1\">2,000</span> -<span class=\"ls29 ws1e1\">7,000</span> -<span class=\"ls29 ws1e1\">14,000</span> -<span class=\"ls29 ws1e1\">4,000</span> 0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>704,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">722,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,597,000<span class=\"_ _3\"></span></span> 1,303,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>659,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>267,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">24,000</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-179-6": {
   "value": "Note 20:<span class=\"ff3c\"> </span>B<span class=\"ls3a ws20c\">anks </span>\u2013 <span class=\"ls2f ws1e\">debt<span class=\"_ _3\"></span>s to credit i<span class=\"_ _3\"></span>nstitutions,<span class=\"_ _3\"></span> clients a<span class=\"_ _3\"></span>nd securitie<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Fair value<span class=\"ws1\"> </span>Book value<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>Debts to cre<span class=\"_ _3\"></span>dit institu<span class=\"_ _3\"></span>tions and ce<span class=\"_ _3\"></span>ntral banks<span class=\"ls1 ws1\"> </span>116,334<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>424,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts<span class=\"_ _3\"></span> to clie<span class=\"_ _3\"></span>nts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,504,73<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>6,378,53<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  560<span class=\"ls1 ws1\"> </span>10,234<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Securities inc<span class=\"_ _3\"></span>luding b<span class=\"_ _3\"></span>onds<span class=\"ls1 ws1\"> </span>171,599<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>256,321<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>- <span class=\"ls74 ws2fa\">of which subordinated</span>  47,155<span class=\"ls1 ws1\"> </span>50,745<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Banks - <span class=\"ls2b ws1e4\">chang<span class=\"_ _3\"></span>es in fair value<span class=\"_ _3\"></span> of the hed<span class=\"_ _3\"></span>ged <span class=\"ls28 ws210\">cre<span class=\"_ _3\"></span>dit port<span class=\"_ _3\"></span>folio</span></span> <span class=\"_ _3\"></span> 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 6,882,39<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>7,059,33<span class=\"_ _3\"></span>6<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1bf\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"ls1 ws1\"> </span></span>Debt<span class=\"_ _0\"></span>s to cr<span class=\"_ _0\"></span>edit in<span class=\"_ _0\"></span>stitut<span class=\"_ _0\"></span>ions an<span class=\"_ _0\"></span>d cen<span class=\"_ _0\"></span>tral b<span class=\"_ _0\"></span>anks<span class=\"_ _0\"></span><span class=\"ls1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>104,845<span class=\"ls1 ws1\"> </span>13,869<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>11,534<span class=\"ls1 ws1\"> </span>16,531<span class=\"ls1 ws1\"> </span>ECB TLTRO III<span class=\"ws1\"> </span>0 394,847<span class=\"ls1 ws1\"> </span>Accrued interests<span class=\"ls1 ws1\"> </span>0 106<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>116,379<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>425,353<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Debts to c<span class=\"_ _3\"></span>lients<span class=\"ls1 ws1\"> </span>Current accounts / overnight depos<span class=\"_ _0\"></span>its<span class=\"ls1 ws1\"> </span>4,197,238<span class=\"ls1 ws1\"> </span>4,218,578<span class=\"ls1 ws1\"> </span>Deposits with agreed maturity<span class=\"ls1 ws1\"> </span>1,248,652<span class=\"ls1 ws1\"> </span>1,045,537<span class=\"ls1 ws1\"> </span>Special deposits<span class=\"ls1 ws1\"> </span>56,798<span class=\"ls1 ws1\"> </span>64,876<span class=\"ls1 ws1\"> </span>Regulated deposits<span class=\"ls1 ws1\"> </span>1,050,247<span class=\"ls1 ws1\"> </span>1,029,249<span class=\"ls1 ws1\"> </span>Subordinated certific<span class=\"_ _0\"></span>ats<span class=\"ls1 ws1\"> </span>560<span class=\"ls1 ws1\"> </span>9,883<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,553,49<span class=\"_ _3\"></span>5<span class=\"ls1 ws1\"> </span>6,368,12<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>Securit<span class=\"_ _0\"></span>ies in<span class=\"_ _0\"></span>cludin<span class=\"_ _0\"></span>g bond<span class=\"_ _0\"></span>s<span class=\"ls1\"> </span>Debt certifi<span class=\"_ _3\"></span>cates<span class=\"ls1 ws1\"> </span>124,533<span class=\"ls1 ws1\"> </span>205,178<span class=\"ls1 ws1\"> </span>Subordinated bonds<span class=\"ls1 ws1\"> </span>40,236<span class=\"ls1 ws1\"> </span>40,216<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>164,769<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>245,395<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Ban<span class=\"_ _3\"></span>ks <span class=\"ls1 ws1\">- <span class=\"ls32 ws145\">changes in </span><span class=\"ls2e\">fair v<span class=\"_ _0\"></span>alue of<span class=\"_ _9f\"></span> the hedg<span class=\"_ _0\"></span>ed cr<span class=\"_ _0\"></span>edit<span class=\"ls1\"> <span class=\"ls2f ws1e\">portfolio</span>  </span></span></span>89,733<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Total <span class=\"_ _3\"></span>debts<span class=\"_ _3\"></span> to cre<span class=\"_ _3\"></span>dit ins<span class=\"_ _3\"></span>tituti<span class=\"_ _3\"></span>ons, c<span class=\"_ _3\"></span>lients<span class=\"_ _3\"></span> and s<span class=\"_ _3\"></span>ecuriti<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>6,924,37<span class=\"_ _3\"></span>7<span class=\"ls1 ws1\"> </span>7,038,87<span class=\"_ _3\"></span>1<span class=\"ls1 ws1\"> </span>The fu<span class=\"_ _0\"></span>ll conso<span class=\"_ _0\"></span>lidatio<span class=\"_ _0\"></span>n of <span class=\"ls1 ws1f5\">Bank Van Breda<span class=\"ws1\"> <span class=\"ls25 ws215\">results <span class=\"_ _0\"></span>in the r<span class=\"_ _0\"></span>ecordi<span class=\"_ _0\"></span>ng of sp<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>c<span class=\"_ _0\"></span>ific ban<span class=\"_ _0\"></span>k </span></span></span>receiv<span class=\"_ _0\"></span>ables a<span class=\"_ _0\"></span>nd debt<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e balanc<span class=\"_ _0\"></span>e shee<span class=\"_ _0\"></span>t of Av<span class=\"_ _0\"></span>H. These it<span class=\"_ _0\"></span>ems wer<span class=\"_ _0\"></span>e group<span class=\"_ _0\"></span>ed for<span class=\"_ _0\"></span> maximum transparency of t<span class=\"_ _0\"></span>he balance sheet.<span class=\"ws1\"> </span>Liquidi<span class=\"_ _3\"></span>ty ri<span class=\"_ _3\"></span>sk Bank V<span class=\"_ _3\"></span>an Br<span class=\"_ _3\"></span>eda<span class=\"ls1 ws1\"> </span>Liquidity risk is <span class=\"_ _0\"></span>the risk that the ban<span class=\"_ _0\"></span>k has insufficient fund<span class=\"_ _0\"></span>s available, or is una<span class=\"_ _0\"></span>ble to release funds quickly enough <span class=\"_ _0\"></span>and at a reasonable cost to meet its short<span class=\"_ _0\"></span><span class=\"ws1\">-<span class=\"ls4d ws1f5\">te<span class=\"_ _3\"></span>rm </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s. The c<span class=\"_ _0\"></span>omme<span class=\"_ _0\"></span>rcial ba<span class=\"_ _0\"></span>nking<span class=\"_ _0\"></span> activ<span class=\"_ _9f\"></span>ities are<span class=\"_ _0\"></span> the ma<span class=\"_ _0\"></span>in sou<span class=\"_ _0\"></span>rce of<span class=\"_ _0\"></span> liquid<span class=\"_ _9f\"></span>ity risk<span class=\"_ _3\"></span>. A <span class=\"ls1 ws220\">bank\u2019s sources of funding tradit<span class=\"_ _0\"></span>ionally have a shorter maturity than the<span class=\"_ _0\"></span> </span>financed assets, resulting in <span class=\"_ _0\"></span>a maturity mismatch. The liquidity man<span class=\"_ _0\"></span>agement of Bank Van Breda<span class=\"ws1\"> <span class=\"_ _4\"></span><span class=\"ls25 ws245\">con<span class=\"_ _0\"></span>stantly m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rs thi<span class=\"_ _0\"></span>s mism<span class=\"_ _0\"></span>atch and<span class=\"_ _9f\"></span> works ou<span class=\"_ _0\"></span>t a finan<span class=\"_ _9f\"></span>cing </span></span>strat<span class=\"_ _0\"></span>egy to confi<span class=\"_ _0\"></span>ne it within<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span>the <span class=\"_ _3\"></span><span class=\"ws1f3\">guidelines that are set out in a liquid<span class=\"_ _0\"></span>ity control </span></span>framewo<span class=\"_ _9f\"></span>rk. In thi<span class=\"_ _0\"></span>s area,<span class=\"_ _0\"></span> too, th<span class=\"_ _9f\"></span>e bank pur<span class=\"_ _0\"></span>sues a<span class=\"_ _0\"></span> delib<span class=\"_ _0\"></span>erately<span class=\"_ _0\"></span> low ris<span class=\"_ _0\"></span>k prof<span class=\"_ _0\"></span>ile. Ban<span class=\"_ _9f\"></span>k Van Breda maintains a solid <span class=\"_ _3\"></span>and high<span class=\"ws1\">-<span class=\"ws219\">quality liquidi<span class=\"_ _0\"></span>ty buffer to absorb fluctuat<span class=\"_ _0\"></span>ions </span></span>in the t<span class=\"_ _0\"></span>reasu<span class=\"_ _0\"></span>ry posi<span class=\"_ _0\"></span>tion. Th<span class=\"_ _0\"></span>is<span class=\"ls1 ws1\"> <span class=\"ls46 ws22c\">buffer st<span class=\"ls40 ws218\">ood <span class=\"ls24\">at 1,<span class=\"ws1da\">252</span></span></span></span> <span class=\"ls52 ws1f0\">mil<span class=\"_ _3\"></span>lion eu<span class=\"_ _3\"></span>ros</span> <span class=\"ls24 ws218\">at year end 2022</span> </span>and consists primar<span class=\"_ _0\"></span>ily of cash, placed at <span class=\"_ _0\"></span>the ECB, and a highly<span class=\"_ _0\"></span> liquid portfolio of bonds. The ban<span class=\"_ _0\"></span>k\u2019s finan<span class=\"_ _9f\"></span>cing mix is v<span class=\"_ _0\"></span>ery stab<span class=\"_ _0\"></span>le, with<span class=\"_ _0\"></span> the depo<span class=\"_ _0\"></span>sits of t<span class=\"_ _0\"></span>he cor<span class=\"_ _0\"></span>e clients a<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span> main source of fundin<span class=\"_ _0\"></span>g. T<span class=\"ls25 ws232\">he cor<span class=\"_ _0\"></span>e cli<span class=\"_ _0\"></span>ents use <span class=\"_ _0\"></span>the ba<span class=\"_ _0\"></span>nk fo<span class=\"_ _0\"></span>r their i<span class=\"_ _0\"></span>nvestm<span class=\"_ _0\"></span>ents <span class=\"_ _0\"></span>and </span>ev<span class=\"_ _3\"></span>ery<span class=\"_ _3\"></span>day ba<span class=\"_ _3\"></span>nki<span class=\"_ _3\"></span>ng tr<span class=\"_ _3\"></span>ansa<span class=\"_ _3\"></span>cti<span class=\"_ _3\"></span>ons<span class=\"_ _3\"></span>. The b<span class=\"_ _3\"></span>ank al<span class=\"_ _3\"></span>so cl<span class=\"_ _3\"></span>ose<span class=\"_ _3\"></span>ly wa<span class=\"_ _3\"></span>tche<span class=\"_ _3\"></span>s the<span class=\"_ _3\"></span> loa<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\">-<span class=\"ls25 ws1ec\">to</span>-<span class=\"ls31 ws206\">depos<span class=\"_ _3\"></span>it </span></span>ratio an<span class=\"_ _0\"></span>d appli<span class=\"_ _0\"></span>es stri<span class=\"_ _0\"></span>ct limi<span class=\"_ _0\"></span>ts to thi<span class=\"_ _0\"></span>s ratio b<span class=\"_ _0\"></span>etween c<span class=\"_ _0\"></span>lient <span class=\"_ _0\"></span>credit po<span class=\"_ _0\"></span>rtfolio<span class=\"_ _0\"></span> and cl<span class=\"_ _0\"></span>ient deposits, which at year-<span class=\"ls24 ws2fc\">end 202</span>2 <span class=\"_ _9c\"> </span><span class=\"ls33 ws2fd\">stood at 9<span class=\"_ _3\"></span></span>4<span class=\"ls30 ws2db\">%. D<span class=\"_ _0\"></span>epend<span class=\"_ _9f\"></span>ence on ex<span class=\"_ _0\"></span>terna<span class=\"_ _0\"></span>l </span>institutional financing<span class=\"_ _0\"></span> is kept to a min<span class=\"_ _0\"></span>imum and in 202<span class=\"ws1\">2 <span class=\"_ _0\"></span><span class=\"ws1f6\">accounted for only <span class=\"ws1\">2<span class=\"ls54 ws279\">.5% </span></span></span></span>of tota<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s. <span class=\"ls1 ws1\"> </span>Two liquidity ratios were introduc<span class=\"_ _0\"></span>ed in the Basel regulations and the CRR/CRD IV dire<span class=\"_ _3\"></span>ctive<span class=\"_ _3\"></span>:<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1fe\">The LCR (Liquidity Co<span class=\"_ _0\"></span>verag<span class=\"ls25 ws215\">e Ra<span class=\"_ _0\"></span>tio) i<span class=\"_ _0\"></span>s a cri<span class=\"_ _0\"></span>terion<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e liqu<span class=\"_ _0\"></span>idity p<span class=\"_ _0\"></span>ositio<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er </span></span>an acu<span class=\"_ _0\"></span>te stres<span class=\"_ _0\"></span>s scenar<span class=\"_ _0\"></span>io over 30<span class=\"_ _0\"></span> days. I<span class=\"_ _0\"></span>t requir<span class=\"_ _0\"></span>es finan<span class=\"_ _0\"></span>cial in<span class=\"_ _0\"></span>stituti<span class=\"_ _0\"></span>ons to ho<span class=\"_ _9f\"></span>ld sufficient high<span class=\"ws1\">-</span>quality liquid a<span class=\"_ _0\"></span>ssets. <span class=\"ls25 ws224\">The regu<span class=\"_ _9f\"></span>lator impo<span class=\"_ _0\"></span>ses a li<span class=\"_ _0\"></span>mit of a<span class=\"_ _0\"></span>t least<span class=\"_ _0\"></span> </span>100%.<span class=\"ls1 ws1\"> </span>\u2022 <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f7\">The NSFR (Net Stable Fund<span class=\"_ _0\"></span>ing R<span class=\"ls25 ws1f9\">atio)<span class=\"_ _0\"></span> con<span class=\"_ _0\"></span>trasts t<span class=\"_ _0\"></span>he avai<span class=\"_ _0\"></span>lable<span class=\"_ _0\"></span> amount o<span class=\"_ _0\"></span>f sta<span class=\"_ _0\"></span>ble </span></span>funding with the required amoun<span class=\"_ _0\"></span>t of stable funding over a one<span class=\"ws1\">-<span class=\"ls34 ws1f6\">year<span class=\"_ _3\"></span> peri<span class=\"_ _3\"></span>od.<span class=\"_ _3\"></span> The </span></span>Basel III<span class=\"ls1 ws1\">-<span class=\"ls25 ws1eb\">gu<span class=\"_ _0\"></span>idelin<span class=\"_ _0\"></span>es imp<span class=\"_ _0\"></span>ose a lim<span class=\"_ _0\"></span>it of a<span class=\"_ _0\"></span>t least 1<span class=\"_ _0\"></span>00% a<span class=\"_ _0\"></span>s from 2<span class=\"_ _0\"></span>018.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span>At y<span class=\"_ _3\"></span>ear<span class=\"ls1 ws1\">-<span class=\"ls25 ws1f9\">end 2022<span class=\"_ _0\"></span>, those <span class=\"_ _0\"></span>ratios sto<span class=\"_ _0\"></span>od at <span class=\"_ _0\"></span>138% (a<span class=\"_ _0\"></span>ccordin<span class=\"_ _0\"></span>g to LC<span class=\"_ _0\"></span>R <span class=\"ls45 ws2ff\">Delegated Ac<span class=\"_ _3\"></span>t </span></span></span>2015/61) and 131% (accor<span class=\"_ _3\"></span>ding to CRR2) respectively. Both ratios are well above the low<span class=\"_ _0\"></span>er lim<span class=\"_ _0\"></span>it of 10<span class=\"_ _0\"></span>0% that <span class=\"_ _0\"></span>is impo<span class=\"_ _0\"></span>sed b<span class=\"_ _0\"></span>y the r<span class=\"_ _0\"></span>egulato<span class=\"_ _0\"></span>ry autho<span class=\"_ _9f\"></span>rity. <span class=\"ls1 ws1\"> </span>The still generous liquidit<span class=\"_ _0\"></span>y position decreased in 2022, prim<span class=\"_ _0\"></span>arily due to the repaym<span class=\"_ _0\"></span>ent of 4<span class=\"_ _0\"></span>00 millio<span class=\"_ _0\"></span>n euro<span class=\"_ _0\"></span>s of TLTR<span class=\"_ _0\"></span>O loan<span class=\"_ _0\"></span>s and a cred<span class=\"_ _0\"></span>it incr<span class=\"_ _0\"></span>ease tha<span class=\"_ _0\"></span>t was great<span class=\"_ _0\"></span>er than the depo<span class=\"_ _0\"></span>sit incr<span class=\"_ _0\"></span>ease.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>The bank\u2019s liquidit<span class=\"_ _0\"></span>y risk is monito<span class=\"_ _0\"></span>red constantly by mea<span class=\"_ _0\"></span>ns of proactive <span class=\"_ _0\"></span>treasury management, within the lin<span class=\"_ _0\"></span>es defined by the Asset &amp; Liability Managem<span class=\"_ _0\"></span>ent and t<span class=\"ls25 ws232\">he inve<span class=\"_ _0\"></span>stmen<span class=\"_ _0\"></span>t framew<span class=\"_ _0\"></span>ork. Fo<span class=\"_ _0\"></span>r its liq<span class=\"_ _0\"></span>uidity<span class=\"_ _0\"></span> managem<span class=\"_ _0\"></span>ent, th<span class=\"_ _0\"></span>e bank u<span class=\"_ _0\"></span>ses, am<span class=\"_ _0\"></span>ong </span>other things, liquidity gap reports, ratio a<span class=\"_ _0\"></span>nalysis and short<span class=\"ws1\">- </span>and long<span class=\"ws1\">-<span class=\"ls6a ws300\">term volume<span class=\"_ _0\"></span> </span></span>prognoses. In the <span class=\"ls35 ws213\">follow<span class=\"_ _0\"></span>ing<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">tab<span class=\"_ _0\"></span>le the a<span class=\"_ _0\"></span>ssets and l<span class=\"_ _0\"></span>iabili<span class=\"_ _0\"></span>ties are g<span class=\"_ _0\"></span>rouped b<span class=\"_ _0\"></span>y matu<span class=\"_ _0\"></span>rity perio<span class=\"_ _0\"></span>d<span class=\"ls1 ws1\"> <span class=\"ls34 ws1ea\">and </span></span></span></span></span>intern<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>umption<span class=\"_ _9f\"></span>s for depos<span class=\"_ _0\"></span>its wit<span class=\"_ _0\"></span>hout m<span class=\"_ _0\"></span>aturity d<span class=\"_ _0\"></span>ate<span class=\"ls1 ws1\"> <span class=\"ws1ed\">wer<span class=\"_ _0\"></span>e <span class=\"_ _3\"></span>taken into account<span class=\"ws1\">. </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c0\"> </span><span class=\"ls2b ws1e4\">&lt; 1 month</span> <span class=\"_ _116\"> </span>1-<span class=\"ls2b ws1e3\">3 months<span class=\"_ _3\"></span></span> <span class=\"_ _7c\"> </span>3-<span class=\"ls2b ws1e4\">12<span class=\"_ _3\"></span> months</span> <span class=\"_ _1d\"> </span>1-<span class=\"ls28 ws1e7\">5 ye<span class=\"_ _3\"></span>ars<span class=\"_ _3\"></span></span> <span class=\"_ _6d\"> </span>5-<span class=\"ws202\">10 years</span> <span class=\"_ _6b\"> </span></span>&gt; 10 years<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _b9\"> </span></span><span class=\"ls2b\">Indefini<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>31/12/20<span class=\"_ _3\"></span>22<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,078,000<span class=\"ls1 ws1\"> </span>161,000<span class=\"ls1 ws1\"> </span>900,000<span class=\"ls1 ws1\"> </span>2,903,000<span class=\"ls1 ws1\"> </span>1,816,000<span class=\"ls1 ws1\"> </span>652,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000,000</span> -<span class=\"ls29 ws1e1\">790,000</span> -<span class=\"ls29 ws1e1\">1,925,000</span> -<span class=\"ls29 ws1e1\">1,675,000</span> -<span class=\"ls29 ws1e1\">1,101,000</span> -<span class=\"ls29 ws1e1\">343,000</span> -<span class=\"ls29 ws1e1\">51,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>1,000<span class=\"ls1 ws1\"> </span>2,000<span class=\"ls1 ws1\"> </span>16,000<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>23,000<span class=\"ls1 ws1\"> </span>0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>79,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">627,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,009,000<span class=\"_ _3\"></span></span> 1,283,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>738,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>309,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">12,000</span> 31/12/20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span>Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>1,686,000<span class=\"ls1 ws1\"> </span>209,000<span class=\"ls1 ws1\"> </span>870,000<span class=\"ls1 ws1\"> </span>2,764,000<span class=\"ls1 ws1\"> </span>1,588,000<span class=\"ls1 ws1\"> </span>553,000<span class=\"ls1 ws1\"> </span>39,000<span class=\"ls1 ws1\"> </span>Liabilities<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">981,000</span> -<span class=\"ls29 ws1e1\">929,000</span> -<span class=\"ls29 ws1e1\">2,460,000</span> -<span class=\"ls29 ws1e1\">1,447,000</span> -<span class=\"ls29 ws1e1\">925,000</span> -<span class=\"ls29 ws1e1\">286,000</span> -<span class=\"ls29 ws1e1\">63,000</span> Derivativ<span class=\"_ _3\"></span>es<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,000</span> -<span class=\"ls29 ws1e1\">2,000</span> -<span class=\"ls29 ws1e1\">7,000</span> -<span class=\"ls29 ws1e1\">14,000</span> -<span class=\"ls29 ws1e1\">4,000</span> 0 0 Liquidity Gap<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>704,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">722,000<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">1,597,000<span class=\"_ _3\"></span></span> 1,303,00<span class=\"_ _3\"></span>0<span class=\"ls1 ws1\"> </span>659,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>267,000<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">24,000</span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-189-2": {
   "value": "Note 21:<span class=\"ff3c\"> </span>T<span class=\"ls3a ws20c\">axes</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Recognize<span class=\"_ _3\"></span>d deferr<span class=\"_ _3\"></span>ed tax ass<span class=\"_ _3\"></span>ets and li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>ies</span> (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _1c1\"> </span>Assets 2<span class=\"_ _0\"></span>022<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span><span class=\"ls3b\">Lia<span class=\"_ _3\"></span>bilities 2022</span> <span class=\"_ _ac\"> </span><span class=\"ls27 ws1dd\">Net 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _cb\"> </span></span>Assets 2021<span class=\"ls1 ws1\"> <span class=\"_ _67\"> </span><span class=\"ls3b\">Liabili<span class=\"_ _3\"></span>ties 2021</span> <span class=\"_ _ac\"> </span><span class=\"ls27 ws1dd\">N<span class=\"_ _3\"></span>et 2021</span> </span>Intangible assets<span class=\"ls1 ws1\"> </span>0 21,132<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,132</span> 27<span class=\"ls1 ws1\"> </span>26,470<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">26,443</span> Tangible assets<span class=\"ls1 ws1\"> </span>23,365<span class=\"ls1 ws1\"> </span>37,683<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">14,318</span> 26,979<span class=\"ls1 ws1\"> </span>68,382<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,403</span> Investmen<span class=\"_ _3\"></span>t property<span class=\"ls1 ws1\"> </span>0 33,726<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">33,726</span> 167<span class=\"ls1 ws1\"> </span>34,768<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">34,601</span> Financial fixed assets<span class=\"ls1 ws1\"> </span>0 1,626<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,626</span> 0 4,802<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,802</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\">  </span>13,953<span class=\"ls1 ws1\"> </span>0 13,953<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">686</span> 0 -<span class=\"ls29 ws1e1\">686</span> Employee benefits<span class=\"ls1 ws1\"> </span>17,648<span class=\"ls1 ws1\"> </span>705<span class=\"ls1 ws1\"> </span>16,943<span class=\"ls1 ws1\"> </span>16,134<span class=\"ls1 ws1\"> </span>867<span class=\"ls1 ws1\"> </span>15,267<span class=\"ls1 ws1\"> </span>Provisions<span class=\"ls1 ws1\"> </span>4,878<span class=\"ls1 ws1\"> </span>464<span class=\"ls1 ws1\"> </span>4,414<span class=\"ls1 ws1\"> </span>4,563<span class=\"ls1 ws1\"> </span>7,613<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,050</span> Financial derivative instruments<span class=\"ls1 ws1\"> </span>1,057<span class=\"ls1 ws1\"> </span>21,216<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,159</span> 1,533<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,942</span> 6,474<span class=\"ls1 ws1\"> </span>Working capital items<span class=\"ls1 ws1\"> </span>43,099<span class=\"ls1 ws1\"> </span>65,556<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">22,457</span> 59,500<span class=\"ls1 ws1\"> </span>63,394<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,893</span> Tax losses and tax cr<span class=\"_ _0\"></span>edits / deduction for investment<span class=\"ls1 ws1\"> </span>71,450<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,852</span> 81,302<span class=\"ls1 ws1\"> </span>68,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12,726</span> 81,567<span class=\"ls1 ws1\"> </span>Set<span class=\"ls1 ws1\">-off </span>-<span class=\"ls29 ws1e1\">20,621</span> -<span class=\"ls29 ws1e1\">20,621</span> 0 -<span class=\"ls29 ws1e1\">26,778</span> -<span class=\"ls29 ws1e1\">26,778</span> 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>154,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>151,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,195<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>150,279<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>161,849<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">11,570</span> Deferre<span class=\"_ _0\"></span>d taxes <span class=\"_ _0\"></span>are main<span class=\"_ _0\"></span>ly due to<span class=\"_ _0\"></span> the rev<span class=\"_ _0\"></span>aluatio<span class=\"_ _0\"></span>n of as<span class=\"_ _0\"></span>sets and<span class=\"_ _0\"></span> liabili<span class=\"_ _0\"></span>ties as a <span class=\"_ _0\"></span><span class=\"ls33 ws1f0\">res<span class=\"_ _3\"></span>ult </span>of business combinations. The Group regu<span class=\"_ _0\"></span>larly assesses its uncertain tax positions. In accordance with IFRIC 23, and whe<span class=\"_ _0\"></span>re appropriate, provisions are made wh<span class=\"_ _0\"></span>ich are rec<span class=\"ls1 ws1f6\">or<span class=\"_ _0\"></span>ded under the deferred tax li<span class=\"_ _0\"></span>abilities. <span class=\"ws1\"> </span></span>The management of DEME periodic<span class=\"_ _0\"></span>ally evaluates positions taken in the tax return<span class=\"_ _0\"></span>s with respect to situation<span class=\"_ _0\"></span>s in which applicable tax r<span class=\"_ _0\"></span>egulations are subject to interp<span class=\"_ _0\"></span>retatio<span class=\"_ _0\"></span>n and es<span class=\"_ _0\"></span>tabli<span class=\"_ _0\"></span>shes prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s wher<span class=\"_ _0\"></span>e approp<span class=\"_ _0\"></span><span class=\"ls40 ws262\">riate. These provisions for </span>uncert<span class=\"_ _0\"></span>ain tax<span class=\"_ _0\"></span> posi<span class=\"_ _0\"></span>tions (U<span class=\"_ _0\"></span>TP) are b<span class=\"_ _0\"></span>ooked<span class=\"_ _0\"></span> as a def<span class=\"_ _0\"></span>erred <span class=\"_ _0\"></span>tax liab<span class=\"_ _9f\"></span>ility. In th<span class=\"_ _0\"></span>is reg<span class=\"_ _0\"></span>ard, management consid<span class=\"_ _0\"></span>ers UTP\u2019s individually, bas<span class=\"_ _0\"></span>ed on an approach which prov<span class=\"_ _0\"></span>ides the best p<span class=\"_ _0\"></span>redic<span class=\"_ _0\"></span>tion of th<span class=\"_ _0\"></span>e resolu<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the uncer<span class=\"_ _0\"></span>tainti<span class=\"_ _0\"></span>es with th<span class=\"_ _0\"></span>e tax auth<span class=\"_ _0\"></span>ority.<span class=\"_ _0\"></span> For 2022 (and 2021) <span class=\"_ _0\"></span>each UTP has <span class=\"_ _0\"></span>been measured using <span class=\"_ _0\"></span>the most likely s<span class=\"_ _0\"></span>ingle amount.<span class=\"_ _0\"></span> Cur<span class=\"_ _0\"></span>rently, <span class=\"_ _0\"></span>the majo<span class=\"_ _0\"></span>r UTP\u2019<span class=\"_ _0\"></span>s relate <span class=\"_ _0\"></span>to ongoin<span class=\"_ _0\"></span>g tax l<span class=\"_ _0\"></span>itigatio<span class=\"_ _0\"></span>ns in t<span class=\"_ _0\"></span>he Philippines, India, and Nigeria.<span class=\"ws1\"> </span>The item<span class=\"_ _0\"></span> \u2018Set<span class=\"ls1 ws1\">-<span class=\"ls46 ws301\">off\u2019 reflec<span class=\"_ _3\"></span>ts <span class=\"ls25 ws1ec\">th</span></span></span><span class=\"ws203\">e s<span class=\"_ _0\"></span>et<span class=\"ls1 ws1\">-<span class=\"ls25 ws207\">off<span class=\"_ _0\"></span> between d<span class=\"_ _9f\"></span>eferred ta<span class=\"_ _0\"></span>x assets <span class=\"_ _0\"></span>and liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es per </span></span></span>entity at DEM<span class=\"_ _0\"></span>E.<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls26 ws1dc\">Un<span class=\"_ _0\"></span>recogniz<span class=\"_ _0\"></span>ed deferred t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>sets<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Unrecognized receivables f<span class=\"_ _0\"></span>ollowing tax losses<span class=\"ls1 ws1\"> </span>118,286<span class=\"ls1 ws1\"> </span>145,645<span class=\"ls1 ws1\"> </span>Other unrecognized deferr<span class=\"_ _0\"></span>ed tax <span class=\"ls28 ws20e\">as<span class=\"_ _3\"></span>sets (1<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span></span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>118,286<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>145,645<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws302\">The other unrecognized deferred tax assets principally concern amounts whose recuperation is r<span class=\"_ _3\"></span>estricted in time and dependent</span><span class=\"ff3a\"> <span class=\"ls29 ws302\">upon t<span class=\"_ _0\"></span>he extent to which taxable<span class=\"_ _3\"></span> results can be achieved within this </span></span>period. Claims which stem from t<span class=\"_ _0\"></span>he reclamation of unapplied taxable fixed income surplus are not mentioned in this overview.<span class=\"ls1 ws1\"> </span>Unrecognized deferr<span class=\"_ _0\"></span>ed tax assets are largely at<span class=\"_ _0\"></span>tributable to DEME and CFE.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Current and <span class=\"ls26 ws1dc\">deferred tax ex<span class=\"_ _0\"></span>penses<span class=\"_ _0\"></span> (inco<span class=\"_ _0\"></span>me)<span class=\"ls1 ws1\"> </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Current inc<span class=\"_ _3\"></span>ome tax expens<span class=\"_ _3\"></span>e, net<span class=\"ls1 ws1\"> </span>Current period tax expense<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">89,723</span> -<span class=\"ls29 ws1e1\">90,272</span> Adjustments to current t<span class=\"_ _0\"></span>ax of prior periods<span class=\"ls1 ws1\"> </span>4,395<span class=\"ls1 ws1\"> </span>5,199<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">85,328</span> -<span class=\"ls27 ws1df\">85,073</span> Deferred taxes, n<span class=\"_ _3\"></span>et<span class=\"ws1\"> </span>Origination and <span class=\"ls2b ws1df\">reversal of tempora<span class=\"_ _3\"></span>ry differen<span class=\"_ _3\"></span>ces<span class=\"ls1 ws1\"> </span></span>3,154<span class=\"ls1 ws1\"> </span>4,787<span class=\"ls1 ws1\"> </span>Additions (use) of tax losses<span class=\"ls1 ws1\"> </span>245<span class=\"ls1 ws1\"> </span>920<span class=\"ls1 ws1\"> </span>Other deferred<span class=\"_ _3\"></span> taxes<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">150</span> -<span class=\"ls29 ws1e1\">83</span> Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,624<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total cur<span class=\"_ _3\"></span>rent and defer<span class=\"_ _3\"></span>red tax (expe<span class=\"_ _3\"></span>nses) income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">82,078</span> -<span class=\"ls27 ws1df\">79,449</span> 4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Reconcil<span class=\"_ _3\"></span>iation</span> <span class=\"ls3a ws20c\">of st<span class=\"_ _3\"></span>atutory<span class=\"_ _3\"></span> tax to ef<span class=\"_ _3\"></span>fective<span class=\"_ _3\"></span> tax</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Profit (los<span class=\"_ _3\"></span>s) before taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>889,590<span class=\"ls1 ws1\"> </span>591,659<span class=\"ls1 ws1\"> </span>Profit (loss) of par<span class=\"_ _0\"></span>ticipations accounted for using the equity method (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">243,874</span> -<span class=\"ls29 ws1e1\">255,191</span> Profit (loss) before t<span class=\"_ _0\"></span>axes, excluding result from participations accounted for using the equity<span class=\"_ _0\"></span> method<span class=\"ls1 ws1\"> </span>645,716<span class=\"ls1 ws1\"> </span>336,469<span class=\"ls1 ws1\"> </span>Statutory tax ra<span class=\"_ _3\"></span>te (%)<span class=\"ls1 ws1\"> </span>25.00%<span class=\"ls1 ws1\"> </span>25.00%<span class=\"ls1 ws1\"> </span>Tax expense using the sta<span class=\"_ _3\"></span>tutory tax rate<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">161,429<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">84,117</span> Tax effect of rates in ot<span class=\"_ _0\"></span>her jurisdictions<span class=\"ls1 ws1\"> </span>427<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">468</span> Tax effect of tax<span class=\"ws1\">-<span class=\"ls2a ws1ee\">exempt revenues</span> </span>99,041<span class=\"ls1 ws1\"> </span>39,386<span class=\"ls1 ws1\"> </span>Tax effect of non<span class=\"ws1\">-<span class=\"ls29 ws1e0\">deductible expenses</span> </span>-<span class=\"ls29 ws1e1\">15,029</span> -<span class=\"ls29 ws1e1\">18,573</span> Tax effect of tax losse<span class=\"_ _3\"></span>s<span class=\"ws1\"> </span>-<span class=\"ls29 ws1e1\">4,930</span> -<span class=\"ls29 ws1e1\">5,393</span> Tax effect from (under) or<span class=\"_ _0\"></span> over provisions in prior periods<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,847</span> -<span class=\"ls29 ws1e1\">9,765</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2,689<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">518</span> Tax expense using the <span class=\"ls28 ws1e7\">ef<span class=\"_ _3\"></span>fective<span class=\"_ _3\"></span> tax ra<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls27 ws1df\">82,078</span> -<span class=\"ls27 ws1df\">79,449</span> Profit (los<span class=\"_ _3\"></span>s) before taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>889,590<span class=\"ls1 ws1\"> </span>591,659<span class=\"ls1 ws1\"> </span>Profit (loss) of par<span class=\"_ _0\"></span>ticipations accounted for using the equity method (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">243,874</span> -<span class=\"ls29 ws1e1\">255,191</span> Profit (loss) before t<span class=\"_ _0\"></span>axes, excluding result from participations accounted for using the equity<span class=\"_ _0\"></span> method<span class=\"ls1 ws1\"> </span>645,716<span class=\"ls1 ws1\"> </span>336,469<span class=\"ls1 ws1\"> </span>Effective tax rate (%)<span class=\"ws1\"> </span>12.71%<span class=\"ls1 ws1\"> </span>23.61%<span class=\"ls1 ws1\"> </span>The income taxes increa<span class=\"_ _0\"></span>sed slightly to 82.1 million <span class=\"_ _0\"></span><span class=\"ls25 ws1f9\">euros r<span class=\"_ _0\"></span>elative to<span class=\"_ _0\"></span> last <span class=\"_ _0\"></span>year. In<span class=\"_ _0\"></span> </span>the as<span class=\"_ _0\"></span>sessmen<span class=\"_ _0\"></span>t of thi<span class=\"_ _0\"></span>s figu<span class=\"_ _0\"></span>re in rel<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> to the pro<span class=\"_ _0\"></span>fit bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span>, <span class=\"ws22a\">at least th<span class=\"_ _0\"></span>e </span>following should be taken into <span class=\"_ _3\"></span>account:<span class=\"_ _0\"></span><span class=\"ws1\"> </span>i.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ff3a ws220\">the c<span class=\"_ _3\"></span>ontr<span class=\"_ _0\"></span>ibution from the equity<span class=\"ws1\">-</span>accounted investments is reported on the<span class=\"_ _0\"></span> </span></span>basis o<span class=\"_ _0\"></span>f the net <span class=\"_ _0\"></span>result,<span class=\"_ _0\"></span> in other w<span class=\"_ _0\"></span>ords, af<span class=\"_ _0\"></span>ter the t<span class=\"_ _0\"></span>axes bo<span class=\"_ _0\"></span>rne by tho<span class=\"_ _9f\"></span>se entitie<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>ii.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span></span><span class=\"ls33 ws215\">In 20<span class=\"_ _3\"></span>22, a subst<span class=\"_ _3\"></span>antial<span class=\"_ _3\"></span> part of th<span class=\"_ _3\"></span>e result co<span class=\"_ _3\"></span>nsi<span class=\"ls1 ws1f5\">sted of gains on t<span class=\"_ _0\"></span>he disposal of </span></span>participations which Av<span class=\"_ _0\"></span>H held over the long term and are <span class=\"_ _0\"></span>exempt from tax.If the t<span class=\"_ _0\"></span>otal t<span class=\"_ _0\"></span>ax expen<span class=\"_ _0\"></span>se of 82.<span class=\"_ _0\"></span>1 mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s is com<span class=\"_ _0\"></span>pared w<span class=\"_ _0\"></span>ith jus<span class=\"_ _0\"></span>t the pr<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-</span>tax prof<span class=\"_ _0\"></span>it aft<span class=\"_ _0\"></span>er adju<span class=\"_ _0\"></span>stment for <span class=\"_ _0\"></span>the abo<span class=\"_ _0\"></span>ve elem<span class=\"_ _0\"></span>ents, th<span class=\"_ _0\"></span>e tax rate w<span class=\"_ _0\"></span>ould b<span class=\"_ _0\"></span><span class=\"ls39 ws204\">e </span>27.2%.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-189-3": {
   "value": "Note 21:<span class=\"ff3c\"> </span>T<span class=\"ls3a ws20c\">axes</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Recognize<span class=\"_ _3\"></span>d deferr<span class=\"_ _3\"></span>ed tax ass<span class=\"_ _3\"></span>ets and li<span class=\"_ _3\"></span>abilit<span class=\"_ _3\"></span>ies</span> (\u20ac 1,000<span class=\"_ _3\"></span>) <span class=\"_ _1c1\"> </span>Assets 2<span class=\"_ _0\"></span>022<span class=\"ls1 ws1\"> <span class=\"_ _15d\"> </span><span class=\"ls3b\">Lia<span class=\"_ _3\"></span>bilities 2022</span> <span class=\"_ _ac\"> </span><span class=\"ls27 ws1dd\">Net 20<span class=\"_ _3\"></span>22</span> <span class=\"_ _cb\"> </span></span>Assets 2021<span class=\"ls1 ws1\"> <span class=\"_ _67\"> </span><span class=\"ls3b\">Liabili<span class=\"_ _3\"></span>ties 2021</span> <span class=\"_ _ac\"> </span><span class=\"ls27 ws1dd\">N<span class=\"_ _3\"></span>et 2021</span> </span>Intangible assets<span class=\"ls1 ws1\"> </span>0 21,132<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,132</span> 27<span class=\"ls1 ws1\"> </span>26,470<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">26,443</span> Tangible assets<span class=\"ls1 ws1\"> </span>23,365<span class=\"ls1 ws1\"> </span>37,683<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">14,318</span> 26,979<span class=\"ls1 ws1\"> </span>68,382<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">41,403</span> Investmen<span class=\"_ _3\"></span>t property<span class=\"ls1 ws1\"> </span>0 33,726<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">33,726</span> 167<span class=\"ls1 ws1\"> </span>34,768<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">34,601</span> Financial fixed assets<span class=\"ls1 ws1\"> </span>0 1,626<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">1,626</span> 0 4,802<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,802</span> Investmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\">  </span>13,953<span class=\"ls1 ws1\"> </span>0 13,953<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">686</span> 0 -<span class=\"ls29 ws1e1\">686</span> Employee benefits<span class=\"ls1 ws1\"> </span>17,648<span class=\"ls1 ws1\"> </span>705<span class=\"ls1 ws1\"> </span>16,943<span class=\"ls1 ws1\"> </span>16,134<span class=\"ls1 ws1\"> </span>867<span class=\"ls1 ws1\"> </span>15,267<span class=\"ls1 ws1\"> </span>Provisions<span class=\"ls1 ws1\"> </span>4,878<span class=\"ls1 ws1\"> </span>464<span class=\"ls1 ws1\"> </span>4,414<span class=\"ls1 ws1\"> </span>4,563<span class=\"ls1 ws1\"> </span>7,613<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,050</span> Financial derivative instruments<span class=\"ls1 ws1\"> </span>1,057<span class=\"ls1 ws1\"> </span>21,216<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">20,159</span> 1,533<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">4,942</span> 6,474<span class=\"ls1 ws1\"> </span>Working capital items<span class=\"ls1 ws1\"> </span>43,099<span class=\"ls1 ws1\"> </span>65,556<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">22,457</span> 59,500<span class=\"ls1 ws1\"> </span>63,394<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,893</span> Tax losses and tax cr<span class=\"_ _0\"></span>edits / deduction for investment<span class=\"ls1 ws1\"> </span>71,450<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">9,852</span> 81,302<span class=\"ls1 ws1\"> </span>68,841<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">12,726</span> 81,567<span class=\"ls1 ws1\"> </span>Set<span class=\"ls1 ws1\">-off </span>-<span class=\"ls29 ws1e1\">20,621</span> -<span class=\"ls29 ws1e1\">20,621</span> 0 -<span class=\"ls29 ws1e1\">26,778</span> -<span class=\"ls29 ws1e1\">26,778</span> 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>154,829<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>151,635<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,195<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>150,279<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>161,849<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">11,570</span> Deferre<span class=\"_ _0\"></span>d taxes <span class=\"_ _0\"></span>are main<span class=\"_ _0\"></span>ly due to<span class=\"_ _0\"></span> the rev<span class=\"_ _0\"></span>aluatio<span class=\"_ _0\"></span>n of as<span class=\"_ _0\"></span>sets and<span class=\"_ _0\"></span> liabili<span class=\"_ _0\"></span>ties as a <span class=\"_ _0\"></span><span class=\"ls33 ws1f0\">res<span class=\"_ _3\"></span>ult </span>of business combinations. The Group regu<span class=\"_ _0\"></span>larly assesses its uncertain tax positions. In accordance with IFRIC 23, and whe<span class=\"_ _0\"></span>re appropriate, provisions are made wh<span class=\"_ _0\"></span>ich are rec<span class=\"ls1 ws1f6\">or<span class=\"_ _0\"></span>ded under the deferred tax li<span class=\"_ _0\"></span>abilities. <span class=\"ws1\"> </span></span>The management of DEME periodic<span class=\"_ _0\"></span>ally evaluates positions taken in the tax return<span class=\"_ _0\"></span>s with respect to situation<span class=\"_ _0\"></span>s in which applicable tax r<span class=\"_ _0\"></span>egulations are subject to interp<span class=\"_ _0\"></span>retatio<span class=\"_ _0\"></span>n and es<span class=\"_ _0\"></span>tabli<span class=\"_ _0\"></span>shes prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s wher<span class=\"_ _0\"></span>e approp<span class=\"_ _0\"></span><span class=\"ls40 ws262\">riate. These provisions for </span>uncert<span class=\"_ _0\"></span>ain tax<span class=\"_ _0\"></span> posi<span class=\"_ _0\"></span>tions (U<span class=\"_ _0\"></span>TP) are b<span class=\"_ _0\"></span>ooked<span class=\"_ _0\"></span> as a def<span class=\"_ _0\"></span>erred <span class=\"_ _0\"></span>tax liab<span class=\"_ _9f\"></span>ility. In th<span class=\"_ _0\"></span>is reg<span class=\"_ _0\"></span>ard, management consid<span class=\"_ _0\"></span>ers UTP\u2019s individually, bas<span class=\"_ _0\"></span>ed on an approach which prov<span class=\"_ _0\"></span>ides the best p<span class=\"_ _0\"></span>redic<span class=\"_ _0\"></span>tion of th<span class=\"_ _0\"></span>e resolu<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the uncer<span class=\"_ _0\"></span>tainti<span class=\"_ _0\"></span>es with th<span class=\"_ _0\"></span>e tax auth<span class=\"_ _0\"></span>ority.<span class=\"_ _0\"></span> For 2022 (and 2021) <span class=\"_ _0\"></span>each UTP has <span class=\"_ _0\"></span>been measured using <span class=\"_ _0\"></span>the most likely s<span class=\"_ _0\"></span>ingle amount.<span class=\"_ _0\"></span> Cur<span class=\"_ _0\"></span>rently, <span class=\"_ _0\"></span>the majo<span class=\"_ _0\"></span>r UTP\u2019<span class=\"_ _0\"></span>s relate <span class=\"_ _0\"></span>to ongoin<span class=\"_ _0\"></span>g tax l<span class=\"_ _0\"></span>itigatio<span class=\"_ _0\"></span>ns in t<span class=\"_ _0\"></span>he Philippines, India, and Nigeria.<span class=\"ws1\"> </span>The item<span class=\"_ _0\"></span> \u2018Set<span class=\"ls1 ws1\">-<span class=\"ls46 ws301\">off\u2019 reflec<span class=\"_ _3\"></span>ts <span class=\"ls25 ws1ec\">th</span></span></span><span class=\"ws203\">e s<span class=\"_ _0\"></span>et<span class=\"ls1 ws1\">-<span class=\"ls25 ws207\">off<span class=\"_ _0\"></span> between d<span class=\"_ _9f\"></span>eferred ta<span class=\"_ _0\"></span>x assets <span class=\"_ _0\"></span>and liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es per </span></span></span>entity at DEM<span class=\"_ _0\"></span>E.<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls26 ws1dc\">Un<span class=\"_ _0\"></span>recogniz<span class=\"_ _0\"></span>ed deferred t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>sets<span class=\"ls1 ws1\"> </span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Unrecognized receivables f<span class=\"_ _0\"></span>ollowing tax losses<span class=\"ls1 ws1\"> </span>118,286<span class=\"ls1 ws1\"> </span>145,645<span class=\"ls1 ws1\"> </span>Other unrecognized deferr<span class=\"_ _0\"></span>ed tax <span class=\"ls28 ws20e\">as<span class=\"_ _3\"></span>sets (1<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span></span>0 0 Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>118,286<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>145,645<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws302\">The other unrecognized deferred tax assets principally concern amounts whose recuperation is r<span class=\"_ _3\"></span>estricted in time and dependent</span><span class=\"ff3a\"> <span class=\"ls29 ws302\">upon t<span class=\"_ _0\"></span>he extent to which taxable<span class=\"_ _3\"></span> results can be achieved within this </span></span>period. Claims which stem from t<span class=\"_ _0\"></span>he reclamation of unapplied taxable fixed income surplus are not mentioned in this overview.<span class=\"ls1 ws1\"> </span>Unrecognized deferr<span class=\"_ _0\"></span>ed tax assets are largely at<span class=\"_ _0\"></span>tributable to DEME and CFE.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Current and <span class=\"ls26 ws1dc\">deferred tax ex<span class=\"_ _0\"></span>penses<span class=\"_ _0\"></span> (inco<span class=\"_ _0\"></span>me)<span class=\"ls1 ws1\"> </span></span></span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Current inc<span class=\"_ _3\"></span>ome tax expens<span class=\"_ _3\"></span>e, net<span class=\"ls1 ws1\"> </span>Current period tax expense<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">89,723</span> -<span class=\"ls29 ws1e1\">90,272</span> Adjustments to current t<span class=\"_ _0\"></span>ax of prior periods<span class=\"ls1 ws1\"> </span>4,395<span class=\"ls1 ws1\"> </span>5,199<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">85,328</span> -<span class=\"ls27 ws1df\">85,073</span> Deferred taxes, n<span class=\"_ _3\"></span>et<span class=\"ws1\"> </span>Origination and <span class=\"ls2b ws1df\">reversal of tempora<span class=\"_ _3\"></span>ry differen<span class=\"_ _3\"></span>ces<span class=\"ls1 ws1\"> </span></span>3,154<span class=\"ls1 ws1\"> </span>4,787<span class=\"ls1 ws1\"> </span>Additions (use) of tax losses<span class=\"ls1 ws1\"> </span>245<span class=\"ls1 ws1\"> </span>920<span class=\"ls1 ws1\"> </span>Other deferred<span class=\"_ _3\"></span> taxes<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">150</span> -<span class=\"ls29 ws1e1\">83</span> Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,624<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total cur<span class=\"_ _3\"></span>rent and defer<span class=\"_ _3\"></span>red tax (expe<span class=\"_ _3\"></span>nses) income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">82,078</span> -<span class=\"ls27 ws1df\">79,449</span> 4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Reconcil<span class=\"_ _3\"></span>iation</span> <span class=\"ls3a ws20c\">of st<span class=\"_ _3\"></span>atutory<span class=\"_ _3\"></span> tax to ef<span class=\"_ _3\"></span>fective<span class=\"_ _3\"></span> tax</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Profit (los<span class=\"_ _3\"></span>s) before taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>889,590<span class=\"ls1 ws1\"> </span>591,659<span class=\"ls1 ws1\"> </span>Profit (loss) of par<span class=\"_ _0\"></span>ticipations accounted for using the equity method (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">243,874</span> -<span class=\"ls29 ws1e1\">255,191</span> Profit (loss) before t<span class=\"_ _0\"></span>axes, excluding result from participations accounted for using the equity<span class=\"_ _0\"></span> method<span class=\"ls1 ws1\"> </span>645,716<span class=\"ls1 ws1\"> </span>336,469<span class=\"ls1 ws1\"> </span>Statutory tax ra<span class=\"_ _3\"></span>te (%)<span class=\"ls1 ws1\"> </span>25.00%<span class=\"ls1 ws1\"> </span>25.00%<span class=\"ls1 ws1\"> </span>Tax expense using the sta<span class=\"_ _3\"></span>tutory tax rate<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">161,429<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">84,117</span> Tax effect of rates in ot<span class=\"_ _0\"></span>her jurisdictions<span class=\"ls1 ws1\"> </span>427<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">468</span> Tax effect of tax<span class=\"ws1\">-<span class=\"ls2a ws1ee\">exempt revenues</span> </span>99,041<span class=\"ls1 ws1\"> </span>39,386<span class=\"ls1 ws1\"> </span>Tax effect of non<span class=\"ws1\">-<span class=\"ls29 ws1e0\">deductible expenses</span> </span>-<span class=\"ls29 ws1e1\">15,029</span> -<span class=\"ls29 ws1e1\">18,573</span> Tax effect of tax losse<span class=\"_ _3\"></span>s<span class=\"ws1\"> </span>-<span class=\"ls29 ws1e1\">4,930</span> -<span class=\"ls29 ws1e1\">5,393</span> Tax effect from (under) or<span class=\"_ _0\"></span> over provisions in prior periods<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,847</span> -<span class=\"ls29 ws1e1\">9,765</span> Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2,689<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">518</span> Tax expense using the <span class=\"ls28 ws1e7\">ef<span class=\"_ _3\"></span>fective<span class=\"_ _3\"></span> tax ra<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls27 ws1df\">82,078</span> -<span class=\"ls27 ws1df\">79,449</span> Profit (los<span class=\"_ _3\"></span>s) before taxes<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>889,590<span class=\"ls1 ws1\"> </span>591,659<span class=\"ls1 ws1\"> </span>Profit (loss) of par<span class=\"_ _0\"></span>ticipations accounted for using the equity method (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">243,874</span> -<span class=\"ls29 ws1e1\">255,191</span> Profit (loss) before t<span class=\"_ _0\"></span>axes, excluding result from participations accounted for using the equity<span class=\"_ _0\"></span> method<span class=\"ls1 ws1\"> </span>645,716<span class=\"ls1 ws1\"> </span>336,469<span class=\"ls1 ws1\"> </span>Effective tax rate (%)<span class=\"ws1\"> </span>12.71%<span class=\"ls1 ws1\"> </span>23.61%<span class=\"ls1 ws1\"> </span>The income taxes increa<span class=\"_ _0\"></span>sed slightly to 82.1 million <span class=\"_ _0\"></span><span class=\"ls25 ws1f9\">euros r<span class=\"_ _0\"></span>elative to<span class=\"_ _0\"></span> last <span class=\"_ _0\"></span>year. In<span class=\"_ _0\"></span> </span>the as<span class=\"_ _0\"></span>sessmen<span class=\"_ _0\"></span>t of thi<span class=\"_ _0\"></span>s figu<span class=\"_ _0\"></span>re in rel<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span> to the pro<span class=\"_ _0\"></span>fit bef<span class=\"_ _0\"></span>ore tax<span class=\"_ _0\"></span>, <span class=\"ws22a\">at least th<span class=\"_ _0\"></span>e </span>following should be taken into <span class=\"_ _3\"></span>account:<span class=\"_ _0\"></span><span class=\"ws1\"> </span>i.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span><span class=\"ff3a ws220\">the c<span class=\"_ _3\"></span>ontr<span class=\"_ _0\"></span>ibution from the equity<span class=\"ws1\">-</span>accounted investments is reported on the<span class=\"_ _0\"></span> </span></span>basis o<span class=\"_ _0\"></span>f the net <span class=\"_ _0\"></span>result,<span class=\"_ _0\"></span> in other w<span class=\"_ _0\"></span>ords, af<span class=\"_ _0\"></span>ter the t<span class=\"_ _0\"></span>axes bo<span class=\"_ _0\"></span>rne by tho<span class=\"_ _9f\"></span>se entitie<span class=\"_ _0\"></span>s.<span class=\"ls1 ws1\"> </span>ii.<span class=\"ff3c ls1 ws1\"> <span class=\"_ _c8\"> </span></span><span class=\"ls33 ws215\">In 20<span class=\"_ _3\"></span>22, a subst<span class=\"_ _3\"></span>antial<span class=\"_ _3\"></span> part of th<span class=\"_ _3\"></span>e result co<span class=\"_ _3\"></span>nsi<span class=\"ls1 ws1f5\">sted of gains on t<span class=\"_ _0\"></span>he disposal of </span></span>participations which Av<span class=\"_ _0\"></span>H held over the long term and are <span class=\"_ _0\"></span>exempt from tax.If the t<span class=\"_ _0\"></span>otal t<span class=\"_ _0\"></span>ax expen<span class=\"_ _0\"></span>se of 82.<span class=\"_ _0\"></span>1 mill<span class=\"_ _0\"></span>ion euro<span class=\"_ _0\"></span>s is com<span class=\"_ _0\"></span>pared w<span class=\"_ _0\"></span>ith jus<span class=\"_ _0\"></span>t the pr<span class=\"_ _0\"></span>e<span class=\"ls1 ws1\">-</span>tax prof<span class=\"_ _0\"></span>it aft<span class=\"_ _0\"></span>er adju<span class=\"_ _0\"></span>stment for <span class=\"_ _0\"></span>the abo<span class=\"_ _0\"></span>ve elem<span class=\"_ _0\"></span>ents, th<span class=\"_ _0\"></span>e tax rate w<span class=\"_ _0\"></span>ould b<span class=\"_ _0\"></span><span class=\"ls39 ws204\">e </span>27.2%.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-195-2": {
   "value": "Note 22:<span class=\"ff3c\"> </span><span class=\"ls2f ws1e\">share based p<span class=\"_ _3\"></span>ayment</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Equity sett<span class=\"_ _3\"></span>led stock<span class=\"_ _3\"></span> option <span class=\"_ _3\"></span>plan AvH<span class=\"_ _3\"></span> as of 31 D<span class=\"_ _3\"></span>ecemb<span class=\"_ _3\"></span>er 202</span>2 Number op<span class=\"_ _3\"></span>tions Number op<span class=\"_ _3\"></span>tions Number op<span class=\"_ _3\"></span>tions Grant da<span class=\"_ _3\"></span>te<span class=\"ls1 ws1\"> </span>Balance <span class=\"_ _16\"> </span><span class=\"ws202\">Exercise price (\u20ac)</span> <span class=\"_ _14\"> </span><span class=\"ws202\">Exercise perio<span class=\"_ _3\"></span>d</span> accepted exercised expire<span class=\"_ _3\"></span>d<span class=\"ls1 ws1\"> </span>2015<span class=\"ls1 ws1\"> </span>50,500<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">46,500</span> 4,000<span class=\"ls1 ws1\"> </span>100.23<span class=\"ls1 ws1\"> </span>01/01/2019 <span class=\"ls1 ws1\">- </span>05/01/2023<span class=\"ls1 ws1\"> </span>2016<span class=\"ls1 ws1\"> </span>40,500<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,000</span> 37,500<span class=\"ls1 ws1\"> </span>130.95<span class=\"ls1 ws1\"> </span>01/01/2020 <span class=\"ls1 ws1\">- </span>03/01/2024<span class=\"ls1 ws1\"> </span>2017<span class=\"ls1 ws1\"> </span>46,000<span class=\"ls1 ws1\"> </span>0 46,000<span class=\"ls1 ws1\"> </span>128.30<span class=\"ls1 ws1\"> </span>01/01/2021 <span class=\"ls1 ws1\">- </span>12/01/2025<span class=\"ls1 ws1\"> </span>2018<span class=\"ls1 ws1\"> </span>46,000<span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">500</span> 45,500<span class=\"ls1 ws1\"> </span>148.64<span class=\"ls1 ws1\"> </span>01/01/2022 <span class=\"ls1 ws1\">- </span>11/01/2026<span class=\"ls1 ws1\"> </span>2019<span class=\"ls1 ws1\"> </span>46,000<span class=\"ls1 ws1\"> </span>0 46,000<span class=\"ls1 ws1\"> </span>132.52<span class=\"ls1 ws1\"> </span>01/01/2023 <span class=\"ls1 ws1\">- </span>14/01/2027<span class=\"ls1 ws1\"> </span>2020<span class=\"ls1 ws1\"> </span>23,750<span class=\"ls1 ws1\"> </span>0 23,750<span class=\"ls1 ws1\"> </span>141.09<span class=\"ls1 ws1\"> </span>01/01/2024 <span class=\"ls1 ws1\">- </span>13/01/2028<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>0 55,000<span class=\"ls1 ws1\"> </span>124.67<span class=\"ls1 ws1\"> </span>01/01/2025 <span class=\"ls1 ws1\">- </span>14/01/2029<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>59,350<span class=\"ls1 ws1\"> </span>0 59,350<span class=\"ls1 ws1\"> </span>166.35<span class=\"ls1 ws1\"> </span>01/01/2026 <span class=\"ls1 ws1\">- </span>13/01/2030<span class=\"ls1 ws1\"> </span>367,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">49,500</span> -<span class=\"ls27 ws1df\">500</span> 317,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>AvH\u2019s stock option plan, which was ap<span class=\"_ _0\"></span>proved in March 1999, is intended toprovide long-te<span class=\"_ _0\"></span>rm motiv<span class=\"_ _9f\"></span>ation for <span class=\"_ _0\"></span>execu<span class=\"_ _0\"></span>tive di<span class=\"_ _0\"></span>rectors,<span class=\"_ _0\"></span> memb<span class=\"_ _0\"></span>ers of<span class=\"_ _0\"></span> the ex<span class=\"_ _0\"></span>ecutiv<span class=\"_ _0\"></span>ecommittee and m<span class=\"_ _0\"></span>anagement who<span class=\"_ _0\"></span>se activ<span class=\"_ _9f\"></span>ities are ess<span class=\"_ _0\"></span>ential to<span class=\"_ _0\"></span> the succ<span class=\"_ _0\"></span>ess of the<span class=\"_ _0\"></span> group. The options give them the right to acquire a corresponding number ofshares in Ackermans &amp; v<span class=\"_ _0\"></span>an Haaren.<span class=\"ws1\"> </span>The remuneration committ<span class=\"_ _0\"></span>ee is responsible for monitoring this plan and select<span class=\"_ _0\"></span>ing the ben<span class=\"_ _0\"></span>efici<span class=\"ls25 ws1db\">a<span class=\"_ _0\"></span>ries. <span class=\"_ _0\"></span>The opt<span class=\"_ _0\"></span>ions a<span class=\"_ _0\"></span>re provi<span class=\"_ _0\"></span>ded f<span class=\"_ _0\"></span>ree of ch<span class=\"_ _9f\"></span>arge and th<span class=\"_ _0\"></span>eir ex<span class=\"_ _0\"></span>ercis<span class=\"_ _0\"></span>e perio<span class=\"_ _0\"></span>d </span>is 8 yea<span class=\"_ _0\"></span>rs. <span class=\"ls1 ws1\"> </span>The to<span class=\"_ _0\"></span>tal va<span class=\"_ _0\"></span>lue of<span class=\"_ _0\"></span> the <span class=\"ls1 ws220\">outstand<span class=\"_ _0\"></span>ing options of 201<span class=\"ws1\">5-<span class=\"ls24 ws1da\">202</span>2<span class=\"_ _0\"></span> <span class=\"_ _24\"></span><span class=\"ls25 ws20a\">(measu<span class=\"_ _9f\"></span>red at the f<span class=\"_ _9f\"></span>air </span></span></span>value when grant<span class=\"_ _0\"></span>ed) amounts to <span class=\"ls24 ws1da\">8.9</span><span class=\"ws1\"> <span class=\"ws219\">mi<span class=\"_ _0\"></span>llion euros and is ca<span class=\"_ _3\"></span>lcul<span class=\"_ _0\"></span>ated by <span class=\"ws1\">a<span class=\"_ _3\"></span>n <span class=\"_ _0\"></span><span class=\"ls33 ws1f0\">exte<span class=\"_ _3\"></span>rnal </span></span></span></span>party according to<span class=\"_ _0\"></span> an adjusted Black <span class=\"_ _0\"></span>&amp; Scholes model of whi<span class=\"_ _0\"></span>ch the<span class=\"_ _3\"></span> main components are<span class=\"ws218\">: </span>Estimated expected Black &amp; Scholes Va<span class=\"_ _3\"></span>lue Year of grant<span class=\"ls1 ws1\"> <span class=\"_ _5c\"> </span><span class=\"ws202\">Share price (\u20ac)<span class=\"_ _3\"></span></span> <span class=\"_ _ba\"> </span><span class=\"ls3b\">D<span class=\"_ _3\"></span>ividend yield</span> <span class=\"_ _f8\"> </span><span class=\"ls3b ws1e4\">Vola<span class=\"_ _3\"></span>tility</span> <span class=\"_ _ab\"> </span><span class=\"ls28 ws210\">Interes<span class=\"_ _3\"></span>t rate<span class=\"_ _3\"></span></span> </span>lifetime<span class=\"ls1 ws1\"> </span>(\u20ac)<span class=\"ls1 ws1\"> </span>2015<span class=\"ls1 ws1\"> </span>101.35<span class=\"ls1 ws1\"> </span>2.19%<span class=\"ls1 ws1\"> </span>19.00%<span class=\"ls1 ws1\"> </span>0.47%<span class=\"ls1 ws1\"> </span>7.79<span class=\"ls1 ws1\"> </span>13.76<span class=\"ls1 ws1\"> </span>2016<span class=\"ls1 ws1\"> </span>131.95<span class=\"ls1 ws1\"> </span>1.28%<span class=\"ls1 ws1\"> </span>23.00%<span class=\"ls1 ws1\"> </span>0.59%<span class=\"ls1 ws1\"> </span>7.79<span class=\"ls1 ws1\"> </span>27.72<span class=\"ls1 ws1\"> </span>2017<span class=\"ls1 ws1\"> </span>129.40<span class=\"ls1 ws1\"> <span class=\"_ _64\"> </span></span>1.40%<span class=\"ls1 ws1\"> <span class=\"_ _fb\"> </span></span>23.00%<span class=\"ls1 ws1\"> <span class=\"_ _64\"> </span></span>0.34%<span class=\"ls1 ws1\"> <span class=\"_ _15\"> </span></span>7.79<span class=\"ls1 ws1\"> <span class=\"_ _96\"> </span></span>25.70<span class=\"ls1 ws1\"> </span>2018<span class=\"ls1 ws1\"> </span>149.20<span class=\"ls1 ws1\"> </span>1.30%<span class=\"ls1 ws1\"> </span>20.00%<span class=\"ls1 ws1\"> </span>0.68%<span class=\"ls1 ws1\"> </span>7.79<span class=\"ls1 ws1\"> </span>27.32<span class=\"ls1 ws1\"> </span>2019<span class=\"ls1 ws1\"> </span>135.50<span class=\"ls1 ws1\"> </span>1.43%<span class=\"ls1 ws1\"> </span>20.40%<span class=\"ls1 ws1\"> </span>0.52%<span class=\"ls1 ws1\"> </span>7.90<span class=\"ls1 ws1\"> </span>24.92<span class=\"ls1 ws1\"> </span>2020<span class=\"ls1 ws1\"> </span>141.80<span class=\"ls1 ws1\"> </span>1.77%<span class=\"ls1 ws1\"> </span>21.00%<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">0.01%</span> 7.90<span class=\"ls1 ws1\"> </span>22.43<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>129.50<span class=\"ls1 ws1\"> <span class=\"_ _64\"> </span></span>1.35%<span class=\"ls1 ws1\"> <span class=\"_ _fb\"> </span></span>24.00%<span class=\"ls1 ws1\"> <span class=\"_ _ce\"> </span>-</span>0.36%<span class=\"ls1 ws1\"> <span class=\"_ _1af\"> </span></span>7.90<span class=\"ls1 ws1\"> <span class=\"_ _86\"> </span></span>26.59<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>174.30<span class=\"ls1 ws1\"> </span>1.00%<span class=\"ls1 ws1\"> </span>22.00%<span class=\"ls1 ws1\"> </span>0.25%<span class=\"ls1 ws1\"> </span>7.90<span class=\"ls1 ws1\"> </span>38.20<span class=\"ls1 ws1\"> </span>Movement s<span class=\"_ _3\"></span>chedule <span class=\"ls1 ws1\">- </span>Stock<span class=\"_ _3\"></span> options <span class=\"_ _1c2\"> </span><span class=\"fc23 ls27 ws1df\">2022</span><span class=\"fc23\"> <span class=\"_ _a9\"> </span><span class=\"ls27 ws1df\">2021<span class=\"_ _3\"></span></span> </span>Opening bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>306,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>304,750<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Number of options accepted<span class=\"ls1 ws1\"> </span>59,350<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>Number of options exercis<span class=\"_ _0\"></span>ed<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">48,500</span> -<span class=\"ls29 ws1e1\">53,500</span> Number of options expired<span class=\"ls1 ws1\"> </span>0 0 Ending bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>317,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>306,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>In 202<span class=\"ls1 ws1\">2<span class=\"ls40 ws218\">, </span></span><span class=\"ws1da\">59,350<span class=\"ls1 ws1\"> <span class=\"ws1ed\">new stoc<span class=\"_ _0\"></span>k options were granted with an exercise price of 1<span class=\"ls24 ws1da\">66.35<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span></span></span></span>euros per share. The fair v<span class=\"_ _0\"></span>alue when granted was fix<span class=\"_ _0\"></span>ed at 2.3 million euros and is<span class=\"_ _0\"></span> record<span class=\"_ _0\"></span>ed in th<span class=\"_ _9f\"></span>e profit an<span class=\"_ _0\"></span>d loss<span class=\"_ _0\"></span> account <span class=\"_ _0\"></span>over <span class=\"_ _0\"></span>the ve<span class=\"_ _0\"></span>sting p<span class=\"_ _0\"></span>eriod o<span class=\"_ _0\"></span>f 4 year<span class=\"_ _0\"></span>s. In 20<span class=\"_ _0\"></span>22 48,500 options were exercised (weighted average stock price of 157.04 euros).<span class=\"ls1 ws1\"> </span>At the e<span class=\"_ _3\"></span>nd<span class=\"ws1\"> <span class=\"ls24 ws206\">of 2022, the total number of outstanding stock options<span class=\"_ _3\"></span> was 317,100. </span></span>To hedg<span class=\"_ _0\"></span>e th<span class=\"ls35 ws213\">is <span class=\"_ _0\"></span><span class=\"ls42 ws238\">oblig<span class=\"_ _0\"></span>ation AvH<span class=\"_ _0\"></span> had a total o<span class=\"_ _0\"></span>f <span class=\"ls24 ws1da\">317,100<span class=\"ls1 ws1\"> <span class=\"ls25 ws1db\">share<span class=\"_ _0\"></span>s in portf<span class=\"_ _0\"></span>olio at <span class=\"_ _0\"></span>the end<span class=\"_ _0\"></span> </span></span></span></span></span>of 202<span class=\"ls1 ws1\">2. </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Cash <span class=\"ls50 wscc\">settled</span></span> <span class=\"ls3a ws20c\">stock opti<span class=\"_ _3\"></span>on plans<span class=\"_ _3\"></span> at conso<span class=\"_ _3\"></span>lidated su<span class=\"_ _3\"></span>bsidi<span class=\"_ _3\"></span>aries of A<span class=\"_ _3\"></span>vH</span> The ben<span class=\"_ _9f\"></span>eficiarie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e opti<span class=\"_ _0\"></span>on plan<span class=\"_ _9f\"></span>s of Delen P<span class=\"_ _0\"></span>rivat<span class=\"_ _0\"></span>e Ban<span class=\"_ _0\"></span>k, Ban<span class=\"_ _0\"></span>k Van Br<span class=\"_ _0\"></span>eda,<span class=\"_ _0\"></span> Agidens and Turbo's Hoet Groep have a put option on the respectiv<span class=\"_ _0\"></span>e parent companies FinAx/Promofi<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span>a<span class=\"_ _3\"></span>nd <span class=\"_ _4\"></span><span class=\"ls42 ws2eb\">AvH<span class=\"_ _0\"></span> Grow<span class=\"_ _0\"></span>th Capital (<span class=\"_ _0\"></span>these<span class=\"_ _0\"></span> compani<span class=\"_ _0\"></span>es have c<span class=\"_ _0\"></span>all </span></span>options and a pre<span class=\"ws1\">-<span class=\"ls25 ws1f9\">emp<span class=\"_ _0\"></span>tion righ<span class=\"_ _9f\"></span>t to prevent th<span class=\"_ _0\"></span>e share<span class=\"_ _0\"></span>s from be<span class=\"_ _0\"></span>ing tran<span class=\"_ _9f\"></span>sferred to<span class=\"_ _0\"></span> </span></span>third p<span class=\"_ _0\"></span>artie<span class=\"_ _0\"></span>s).<span class=\"ls1 ws1\"> </span>These option pla<span class=\"_ _0\"></span>ns concern shares whi<span class=\"_ _0\"></span>ch are not listed<span class=\"_ _0\"></span> on a stock exc<span class=\"_ _0\"></span>hange and whose value is determined in the op<span class=\"ls40 ws1ea\">tion plan. The valuation of the option<span class=\"_ _0\"></span> price is </span>(depending on the option plan) ba<span class=\"_ _0\"></span>sed on the growth of the equity, a multipl<span class=\"_ _0\"></span>e on the growth of the conso<span class=\"_ _0\"></span>lidated profit or a market va<span class=\"_ _0\"></span>luation of the company.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>These option plans are accounted for in accordance with IFRS 2, and as such a liabi<span class=\"_ _0\"></span>lity is r<span class=\"_ _0\"></span>ecord<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e balan<span class=\"_ _0\"></span>ce sh<span class=\"_ _0\"></span>eet. The l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ities ar<span class=\"_ _0\"></span>e revi<span class=\"_ _0\"></span>ewed a<span class=\"_ _0\"></span>s a resul<span class=\"_ _0\"></span>t of an exercise, a regranting or modification of the parameters. These in<span class=\"ws1\">- <span class=\"ls25 ws1db\">o<span class=\"_ _9f\"></span>r decreas<span class=\"_ _0\"></span>es </span></span>of the l<span class=\"_ _0\"></span>iabil<span class=\"_ _0\"></span>ity resul<span class=\"_ _0\"></span>t resp<span class=\"_ _0\"></span>ectivel<span class=\"_ _0\"></span>y in a lo<span class=\"_ _9f\"></span>ss or profi<span class=\"_ _0\"></span>t i<span class=\"ls30 ws1e9\">n the inco<span class=\"_ _0\"></span>me stat<span class=\"_ _0\"></span>ement.<span class=\"_ _9f\"></span><span class=\"ls1 ws1\"> </span></span>The total liabil<span class=\"_ _0\"></span>ity of the option<span class=\"_ _0\"></span> plans of th<span class=\"_ _0\"></span>e fully consolidated<span class=\"_ _0\"></span> subsidiaries as of 31<span class=\"_ _0\"></span> Decem<span class=\"_ _3\"></span>ber 202<span class=\"ls1 ws1\">2 <span class=\"_ _3\"></span><span class=\"ws1f5\">amounts to <span class=\"ls24 ws1da\">15<span class=\"ls35 ws1f0\">,0 m<span class=\"_ _9f\"></span>illion euro<span class=\"_ _0\"></span>s, includ<span class=\"_ _0\"></span>ed <span class=\"ls25 ws1eb\">in the oth<span class=\"_ _0\"></span>er <span class=\"ls40 ws218\">non<span class=\"ls1 ws1\">-<span class=\"ls33 ws1f0\">curre<span class=\"_ _3\"></span>nt</span> </span></span></span></span></span></span></span>liabil<span class=\"_ _0\"></span>ities",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-204-2": {
   "value": "3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls50 wscc\">Treasury<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> <span class=\"ls3a ws20c\">share<span class=\"_ _3\"></span>s</span> </span></span>Treasury s<span class=\"_ _3\"></span>hares as pa<span class=\"_ _3\"></span>rt of the stock o<span class=\"_ _3\"></span>ption plan<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Opening bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>345,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>343,750<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Acquisition of treas<span class=\"_ _0\"></span>ury shares<span class=\"ls1 ws1\"> </span>20,350<span class=\"ls1 ws1\"> </span>55,000<span class=\"ls1 ws1\"> </span>Disposal <span class=\"_ _0\"></span>of treasury shares<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">48,500</span> -<span class=\"ls29 ws1e1\">53,500</span> Ending bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>317,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>345,250<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>In 2022, AvH has purchased 20,350 <span class=\"_ _0\"></span>treasury shares in order to h<span class=\"_ _0\"></span>edge options for the ben<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span>fi<span class=\"_ _0\"></span>t of st<span class=\"_ _0\"></span>aff.<span class=\"_ _0\"></span> Over th<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> sa<span class=\"_ _0\"></span>me pe<span class=\"_ _0\"></span>riod,<span class=\"_ _0\"></span> benefic<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es of t<span class=\"_ _0\"></span>he sha<span class=\"_ _0\"></span>re optio<span class=\"_ _0\"></span>n pl<span class=\"_ _0\"></span>an exercised options on 48,500 AvH shares. On December 31, 2022, options were outstanding on a t<span class=\"ls40 ws2a6\">otal of 317,100 AvH shares. In order t<span class=\"_ _3\"></span>o hedge this obligation,<span class=\"_ _0\"></span> </span>AvH o<span class=\"_ _0\"></span>wned th<span class=\"_ _0\"></span>e same nu<span class=\"_ _0\"></span>mber of<span class=\"_ _0\"></span> trea<span class=\"_ _0\"></span>sury sha<span class=\"_ _0\"></span>res on th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e date<span class=\"ls1 ws1\">. </span>Treasury s<span class=\"_ _3\"></span>hares as pa<span class=\"_ _3\"></span>rt of the liqui<span class=\"_ _3\"></span>dity contrac<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Opening bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>1,842<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,467<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Acquisition of treas<span class=\"_ _0\"></span>ury<span class=\"ls1 ws1\"> <span class=\"ls28 ws1de\">sh<span class=\"_ _3\"></span>ares</span> </span>347,174<span class=\"ls1 ws1\"> </span>211,979<span class=\"ls1 ws1\"> </span>Disposal <span class=\"_ _0\"></span>of treasury shares<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">345,510</span> -<span class=\"ls29 ws1e1\">216,604</span> Ending bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>3,506<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,842<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>In addition, 347,174 AvH sh<span class=\"_ _3\"></span>ares were purchased and 345,510 shares were sold in 2022<span class=\"_ _0\"></span> in the con<span class=\"_ _0\"></span>text of<span class=\"_ _0\"></span> the cont<span class=\"_ _0\"></span>ract <span class=\"_ _0\"></span>that AvH<span class=\"_ _0\"></span> entered<span class=\"_ _0\"></span> into w<span class=\"_ _0\"></span>ith Kepl<span class=\"_ _0\"></span>er Cheuv<span class=\"_ _9f\"></span>reux in ord<span class=\"_ _0\"></span>er to suppo<span class=\"_ _9f\"></span>rt the liqui<span class=\"_ _0\"></span>dity of<span class=\"_ _0\"></span> the Av<span class=\"_ _0\"></span>H share. Th<span class=\"_ _0\"></span>ese tran<span class=\"_ _9f\"></span>sactions <span class=\"_ _0\"></span>are ini<span class=\"_ _0\"></span>tiated<span class=\"_ _0\"></span> enti<span class=\"_ _3\"></span>rely a<span class=\"_ _3\"></span>ut<span class=\"ls1 ws1f3\">onomously by <span class=\"_ _0\"></span>Kepler Cheuvre<span class=\"_ _0\"></span>ux, but as they take place<span class=\"_ _0\"></span> on behalf of </span>AvH, the net purchase of 1,664 AvH<span class=\"_ _0\"></span> shares has an impact on AvH\u2019s equity. On December 31, 2022, the number of<span class=\"_ _0\"></span> treasury shares in the portfolio in the cont<span class=\"_ _0\"></span>ext of this li<span class=\"_ _3\"></span>quidi<span class=\"_ _0\"></span>ty agreement a<span class=\"_ _3\"></span>mou<span class=\"ls24 ws218\">nt<span class=\"_ _0\"></span>s to 3,506.<span class=\"ls1 ws1\"> </span></span>Treasury s<span class=\"_ _3\"></span>hares as pa<span class=\"_ _3\"></span>rt of the share <span class=\"_ _3\"></span>buyback progr<span class=\"_ _3\"></span>amme<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Opening bala<span class=\"_ _3\"></span>nce<span class=\"ls1 ws1\"> </span>0 0 Acquisition of treas<span class=\"_ _0\"></span>ury shares<span class=\"ls1 ws1\"> </span>70,633<span class=\"ls1 ws1\"> </span>0 Disposal <span class=\"_ _0\"></span>of treasury shares<span class=\"ls1 ws1\"> </span>0 0 Ending bal<span class=\"_ _3\"></span>ance<span class=\"ls1 ws1\"> </span>70,633<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 Additionally, in Octob<span class=\"_ _0\"></span>er 2022, AvH announced th<span class=\"_ _0\"></span>e start of a share buybac<span class=\"_ _0\"></span>k programme of up to 70.0 million euro<span class=\"_ _0\"></span>s. The programme started on Octobe<span class=\"_ _0\"></span>r 5, 2022 and will in principle run until the annual m<span class=\"_ _0\"></span>eeting of May 22, 2023, unless the maximum amount h<span class=\"_ _0\"></span>as been<span class=\"ws1\"> <span class=\"_ _3\"></span></span>invested prior to that date. In p<span class=\"_ _0\"></span>ursuance of this plan, 70,633 shares have been purchased<span class=\"_ _0\"></span> for a total<span class=\"_ _3\"></span> amount of 9.6<span class=\"_ _0\"></span> million euros as at December 31, 2022.<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-213-2": {
   "value": "Note 23:<span class=\"ff3c\"> </span>R<span class=\"ls2f ws1e\">ights and <span class=\"ls26 ws1dc\">commitments<span class=\"_ _0\"></span> not reflected<span class=\"_ _0\"></span> in the b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce sheet<span class=\"ls1 ws1\"> </span></span></span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Rights and comm<span class=\"_ _3\"></span>itments no<span class=\"_ _3\"></span>t refle<span class=\"_ _3\"></span>cted in the balance<span class=\"_ _3\"></span> sheet<span class=\"_ _3\"></span>, excluding CFE</span>-<span class=\"_ _3\"></span><span class=\"ls3a ws20c\">DEME</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Amount of personal guarantees, given or ir<span class=\"_ _0\"></span>revocably promised by the enterprises included in the conso<span class=\"_ _0\"></span>lidation, as security for debts or commitments<span class=\"ls1 ws1\"> </span>635,278<span class=\"ls1 ws1\"> </span>315,063<span class=\"ls1 ws1\"> </span>Amount of real guarantees<span class=\"_ _0\"></span>, given or irrevocably promised by the enterprises included in the consolidation on their own ass<span class=\"_ _0\"></span>ets, as security for debts and commitments of enterpris<span class=\"_ _0\"></span>es included in the consolidation<span class=\"ls1 ws1\"> </span>303,463<span class=\"ls1 ws1\"> </span>588,793<span class=\"ls1 ws1\"> </span>Goods and values, not d<span class=\"_ _0\"></span>isclosed in the balance sheet, held by third parties in their own name but at risk to and for the bene<span class=\"ls2b ws1df\">fit of the enterp<span class=\"_ _3\"></span>rise<span class=\"ls1 ws1\"> </span></span>0 0 Commitments to acquire fixed ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\"> </span>96,816<span class=\"ls1 ws1\"> </span>177,449<span class=\"ls1 ws1\"> </span>Commitments to dispose of fixed ass<span class=\"_ _0\"></span>ets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>312,230<span class=\"ls1 ws1\"> </span>291,336<span class=\"ls1 ws1\"> </span>Rights and commitments not<span class=\"_ _0\"></span> reflected in the balance sheet of banks (Bank Van Breda)<span class=\"ls1 ws1\"> </span>- <span class=\"ls3e ws1e1\">Loan commitments</span> 610,220<span class=\"ls1 ws1\"> </span>489,579<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Financial guarantees</span> 49,465<span class=\"ls1 ws1\"> </span>52,181<span class=\"ls1 ws1\"> </span>- Repo <span class=\"ls2b ws1df\">transa<span class=\"_ _3\"></span>ctions + collatera<span class=\"_ _3\"></span>l</span> 2,000<span class=\"ls1 ws1\"> </span>401,700<span class=\"ls1 ws1\"> </span>The personal guarantees in 202<span class=\"ws1\">2 <span class=\"_\"> </span></span>are re<span class=\"_ _3\"></span>present<span class=\"_ _0\"></span>ed by<span class=\"_ _3\"></span> <span class=\"ls24 ws1da\">48.3</span><span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls35 ws304\">million<span class=\"_ _0\"></span> euros in<span class=\"_ _9f\"></span> </span></span>guara<span class=\"_ _0\"></span>ntees f<span class=\"_ _0\"></span>or Nex<span class=\"_ _0\"></span>tensa re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>cts and <span class=\"ls24 ws1da\">1.2<span class=\"ls1 ws1\"> <span class=\"ws1f2\">million euros in guarantee<span class=\"_ _0\"></span>s </span></span></span>for Agidens project<span class=\"_ _0\"></span>s. The balance of <span class=\"_ _0\"></span>585.8<span class=\"ls1 ws1\"> <span class=\"_ _9\"> </span><span class=\"ls35 ws305\">million<span class=\"_ _0\"></span> euros m<span class=\"_ _0\"></span>ainly co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>s </span></span>guarantees entered into by AvH<span class=\"_ _0\"></span> &amp; subholdings relating to the sale of participation<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span>The amount of pe<span class=\"_ _0\"></span>rsonal guarantees giv<span class=\"_ _0\"></span>en increased as a r<span class=\"_ _0\"></span>esult of the <span class=\"ls4a ws306\">sa<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f </span>Anima.<span class=\"ls1 ws1\"> </span>The real guarantees<span class=\"_ _0\"></span> concern <span class=\"ls24 ws1da\">181.7</span><span class=\"ws1\"> </span>m<span class=\"_ _0\"></span>illion euros in guaran<span class=\"_ _0\"></span>tees put up by Nexten<span class=\"_ _0\"></span>sa re<span class=\"_ _3\"></span>gar<span class=\"_ _3\"></span>ding<span class=\"_ _3\"></span> the fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>ncin<span class=\"_ _3\"></span>g of it<span class=\"_ _3\"></span>s act<span class=\"_ _3\"></span>ivi<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span> in l<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d and re<span class=\"_ _3\"></span>al es<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>e de<span class=\"_ _3\"></span>velo<span class=\"_ _3\"></span>pme<span class=\"_ _3\"></span>nt and 113.5<span class=\"ls1 ws1\"> <span class=\"ws1f5\">mi<span class=\"_ _3\"></span>llion euro<span class=\"_ _0\"></span>s in the <span class=\"_ _3\"></span>scope of Rent<span class=\"ws1\">-A-<span class=\"ws1fe\">Port<span class=\"_ _0\"></span> development proje<span class=\"_ _0\"></span>cts. The 337.5 </span></span></span></span>million euros in guaran<span class=\"_ _0\"></span>tees given by Anima at year<span class=\"ws1\">-<span class=\"_ _0\"></span><span class=\"ls24 ws2d6\">end 2021 for real estate </span></span>financing ha<span class=\"ls54 ws279\">ve</span><span class=\"ws1\"> <span class=\"_ _24\"></span></span>b<span class=\"_ _0\"></span>een derecognised from t<span class=\"_ _0\"></span>he off<span class=\"ws1\">-<span class=\"ls33 ws1f9\">bala<span class=\"_ _3\"></span>nce sh<span class=\"_ _3\"></span>eet c<span class=\"_ _3\"></span>ommitme<span class=\"_ _3\"></span>nts as <span class=\"_ _3\"></span>a </span></span>resul<span class=\"_ _0\"></span>t of the<span class=\"_ _0\"></span> decon<span class=\"_ _9f\"></span>solidatio<span class=\"ls34 ws219\">n of Anim<span class=\"_ _3\"></span>a. On<span class=\"_ _3\"></span> bal<span class=\"_ _3\"></span>ance<span class=\"_ _3\"></span>, ther<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>mai<span class=\"_ _3\"></span>ns 3.<span class=\"_ _3\"></span>8 mill<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n euros<span class=\"_ _3\"></span> </span>from Agidens (fin<span class=\"_ _0\"></span>ancing of the h<span class=\"_ _0\"></span>eadquarter) and 4.5<span class=\"_ _0\"></span> million euros from<span class=\"_ _0\"></span> Biolectric (regarding the acquisi<span class=\"_ _0\"></span>tion loan).<span class=\"ws1\"> </span>The com<span class=\"_ _9f\"></span>mitments<span class=\"_ _0\"></span> to acq<span class=\"_ _0\"></span>uire fi<span class=\"_ _0\"></span>xed as<span class=\"_ _0\"></span>sets <span class=\"_ _0\"></span>concern o<span class=\"_ _9f\"></span>ptions as<span class=\"_ _0\"></span> part <span class=\"_ _0\"></span>of stoc<span class=\"_ _9f\"></span>k<span class=\"_ _3\"></span> op<span class=\"_ _0\"></span>tion plan<span class=\"ls25 ws236\">s or o<span class=\"_ _0\"></span>ptions <span class=\"_ _0\"></span>as par<span class=\"_ _0\"></span>t of sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>ers\u2019 ag<span class=\"_ _0\"></span>reemen<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws269\">fo<span class=\"_ _0\"></span>r a total o<span class=\"_ _0\"></span>f 96.8 <span class=\"_ _0\"></span>millio<span class=\"_ _0\"></span>n </span></span></span>eu<span class=\"_ _3\"></span>ros<span class=\"_ _3\"></span><span class=\"ls1 ws221\">. The agr<span class=\"_ _0\"></span>eement signed by Rent<span class=\"ws1\">-A<span class=\"_ _0\"></span>-<span class=\"ls25 ws27e\">Port at year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws2d6\">end 2021 to acquire an </span></span></span></span></span>additional 32.6% stake in IAI was executed in 2022.<span class=\"ls1 ws1\"> </span>The com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>ents to dis<span class=\"_ _0\"></span>pose of<span class=\"_ _0\"></span> fixed ass<span class=\"_ _0\"></span>ets are f<span class=\"_ _0\"></span>or ca<span class=\"ls35 ws304\">ll opt<span class=\"_ _0\"></span>ions (in<span class=\"_ _0\"></span>cluding<span class=\"_ _0\"></span> </span>conditional options) o<span class=\"_ _0\"></span>n the assets of<span class=\"_ _0\"></span> AvH &amp; Growth <span class=\"_ _0\"></span>Capital for the<span class=\"_ _0\"></span> amount of 312.2<span class=\"ls1 ws1\"> <span class=\"ls35 ws223\">million<span class=\"_ _0\"></span> euros.<span class=\"ls1 ws1\"> </span></span></span>The off<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">bal<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e</span>-<span class=\"ls25 ws20a\">shee<span class=\"_ _0\"></span>t commitm<span class=\"_ _0\"></span>ents of<span class=\"_ _0\"></span> Bank Va<span class=\"_ _0\"></span>n Breda co<span class=\"_ _0\"></span>nsist p<span class=\"_ _0\"></span>rimaril<span class=\"_ _0\"></span>y of the<span class=\"_ _0\"></span> </span></span>unus<span class=\"_ _0\"></span>ed part of<span class=\"_ _0\"></span> loans/<span class=\"_ _0\"></span>credit <span class=\"_ _0\"></span>lines g<span class=\"_ _0\"></span>ranted<span class=\"_ _0\"></span>. Bank gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>es,<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls34 ws1f8\">se<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>ity<span class=\"_ _3\"></span> loan<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d </span></span>docum<span class=\"_ _9f\"></span>entary cr<span class=\"_ _0\"></span>edits<span class=\"_ _0\"></span> have a<span class=\"_ _0\"></span>lso be<span class=\"_ _0\"></span>en gra<span class=\"_ _0\"></span>nted t<span class=\"_ _0\"></span>o cli<span class=\"_ _0\"></span>ents. <span class=\"_ _0\"></span>These o<span class=\"_ _0\"></span>ff<span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">bala<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span></span>-<span class=\"ls34 ws1ea\">shee<span class=\"_ _3\"></span>t </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s are al<span class=\"_ _0\"></span>so taken<span class=\"_ _0\"></span> into a<span class=\"_ _0\"></span>ccount <span class=\"_ _0\"></span>in the a<span class=\"_ _0\"></span>ssessm<span class=\"_ _0\"></span>ent of <span class=\"_ _0\"></span>the cr<span class=\"_ _0\"></span>edit ris<span class=\"_ _0\"></span>k.<span class=\"ls1 ws1\"> </span>Bank Van Breda ha<span class=\"_ _0\"></span>s also given certain<span class=\"_ _0\"></span> real guarantees on <span class=\"_ _0\"></span>its own behalf: in 2<span class=\"_ _0\"></span>02<span class=\"ls31 ws206\">2, </span>the TLTRO loan f<span class=\"_ _0\"></span>rom the ECB was <span class=\"_ _0\"></span>repaid, thus ending <span class=\"_ _0\"></span>the pledging of bonds<span class=\"_ _0\"></span> from the inve<span class=\"_ _0\"></span>stment por<span class=\"_ _0\"></span>tfol<span class=\"_ _0\"></span>io<span class=\"ls1 ws1\">. </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Rights and comm<span class=\"_ _3\"></span>itments no<span class=\"_ _3\"></span>t refle<span class=\"_ _3\"></span>cted in the balance<span class=\"_ _3\"></span> sheet<span class=\"_ _3\"></span> CFE</span>-<span class=\"ls3a ws20c\">DEME</span> (\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _1c3\"> </span></span><span class=\"ws2a1\">2022<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span></span>Commitmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Amount of real guarantees,<span class=\"_ _0\"></span> given or irrevocably promised by the enterprises included in the consolidation on their own ass<span class=\"_ _0\"></span>ets, as security f<span class=\"ls2b ws1df\">or deb<span class=\"_ _3\"></span>ts </span>and commitments of enterpris<span class=\"_ _0\"></span>es included in the consolidation<span class=\"ls1 ws1\"> </span>0 18,281<span class=\"ls1 ws1\"> </span>Bank and insurance guarantees<span class=\"_ _0\"></span> for commitment<span class=\"_ _3\"></span>s of enter<span class=\"_ _0\"></span>prises included in the consolidation<span class=\"ls1 ws1\"> </span>1,623,964<span class=\"ls1 ws1\"> </span>1,653,213<span class=\"ls1 ws1\"> </span>Other commitments given<span class=\"ls1 ws1\">  </span>35,869<span class=\"ls1 ws1\"> </span>4,870<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,659,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>1,676,36<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>Rights<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank guarantees received as s<span class=\"_ _0\"></span>ecurity for commitments to enterprises included in the <span class=\"ws1e1\">consolidation<span class=\"ls1 ws1\"> </span></span>180,335<span class=\"ls1 ws1\"> </span>310,905<span class=\"ls1 ws1\"> </span>Other commitmen<span class=\"_ _3\"></span>ts received<span class=\"ls1 ws1\"> </span>4,308<span class=\"ls1 ws1\"> </span>3,677<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>184,643<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>314,582<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank and insurance g<span class=\"_ _0\"></span>uarantees relate to <span class=\"_ _0\"></span>guarantees given in conn<span class=\"_ _0\"></span>ection with the<span class=\"_ _0\"></span> perfor<span class=\"_ _0\"></span>mance <span class=\"_ _0\"></span>of con<span class=\"_ _0\"></span>struc<span class=\"_ _0\"></span>tion con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s. Gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>es are<span class=\"_ _0\"></span> also g<span class=\"_ _0\"></span>iven in<span class=\"_ _0\"></span> the c<span class=\"_ _0\"></span>ontext<span class=\"_ _0\"></span> of tender<span class=\"_ _9f\"></span>s. The re<span class=\"_ _0\"></span>al guar<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>es of DE<span class=\"_ _0\"></span>ME wo<span class=\"_ _0\"></span>rth 18.3<span class=\"_ _0\"></span> mil<span class=\"_ _0\"></span>lion eur<span class=\"_ _0\"></span>os we<span class=\"_ _0\"></span>re rel<span class=\"_ _0\"></span>eased <span class=\"_ _0\"></span>in 2022 as a resu<span class=\"ls1 ws24b\">lt of the early repaymen<span class=\"_ _0\"></span>t of financing of the fleet. <span class=\"_ _0\"></span>The \u2018Other </span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s given\u2019 <span class=\"_ _0\"></span>refer to <span class=\"_ _0\"></span>the \u2018p<span class=\"_ _0\"></span>rogres<span class=\"_ _0\"></span>s guar<span class=\"_ _0\"></span>antee\u2019 (<span class=\"_ _9f\"></span>Breyne Ac<span class=\"_ _0\"></span>t) at CF<span class=\"_ _0\"></span>E.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-213-3": {
   "value": "Note 23:<span class=\"ff3c\"> </span>R<span class=\"ls2f ws1e\">ights and <span class=\"ls26 ws1dc\">commitments<span class=\"_ _0\"></span> not reflected<span class=\"_ _0\"></span> in the b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce sheet<span class=\"ls1 ws1\"> </span></span></span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Rights and comm<span class=\"_ _3\"></span>itments no<span class=\"_ _3\"></span>t refle<span class=\"_ _3\"></span>cted in the balance<span class=\"_ _3\"></span> sheet<span class=\"_ _3\"></span>, excluding CFE</span>-<span class=\"_ _3\"></span><span class=\"ls3a ws20c\">DEME</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Amount of personal guarantees, given or ir<span class=\"_ _0\"></span>revocably promised by the enterprises included in the conso<span class=\"_ _0\"></span>lidation, as security for debts or commitments<span class=\"ls1 ws1\"> </span>635,278<span class=\"ls1 ws1\"> </span>315,063<span class=\"ls1 ws1\"> </span>Amount of real guarantees<span class=\"_ _0\"></span>, given or irrevocably promised by the enterprises included in the consolidation on their own ass<span class=\"_ _0\"></span>ets, as security for debts and commitments of enterpris<span class=\"_ _0\"></span>es included in the consolidation<span class=\"ls1 ws1\"> </span>303,463<span class=\"ls1 ws1\"> </span>588,793<span class=\"ls1 ws1\"> </span>Goods and values, not d<span class=\"_ _0\"></span>isclosed in the balance sheet, held by third parties in their own name but at risk to and for the bene<span class=\"ls2b ws1df\">fit of the enterp<span class=\"_ _3\"></span>rise<span class=\"ls1 ws1\"> </span></span>0 0 Commitments to acquire fixed ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\"> </span>96,816<span class=\"ls1 ws1\"> </span>177,449<span class=\"ls1 ws1\"> </span>Commitments to dispose of fixed ass<span class=\"_ _0\"></span>ets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>312,230<span class=\"ls1 ws1\"> </span>291,336<span class=\"ls1 ws1\"> </span>Rights and commitments not<span class=\"_ _0\"></span> reflected in the balance sheet of banks (Bank Van Breda)<span class=\"ls1 ws1\"> </span>- <span class=\"ls3e ws1e1\">Loan commitments</span> 610,220<span class=\"ls1 ws1\"> </span>489,579<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Financial guarantees</span> 49,465<span class=\"ls1 ws1\"> </span>52,181<span class=\"ls1 ws1\"> </span>- Repo <span class=\"ls2b ws1df\">transa<span class=\"_ _3\"></span>ctions + collatera<span class=\"_ _3\"></span>l</span> 2,000<span class=\"ls1 ws1\"> </span>401,700<span class=\"ls1 ws1\"> </span>The personal guarantees in 202<span class=\"ws1\">2 <span class=\"_\"> </span></span>are re<span class=\"_ _3\"></span>present<span class=\"_ _0\"></span>ed by<span class=\"_ _3\"></span> <span class=\"ls24 ws1da\">48.3</span><span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls35 ws304\">million<span class=\"_ _0\"></span> euros in<span class=\"_ _9f\"></span> </span></span>guara<span class=\"_ _0\"></span>ntees f<span class=\"_ _0\"></span>or Nex<span class=\"_ _0\"></span>tensa re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>cts and <span class=\"ls24 ws1da\">1.2<span class=\"ls1 ws1\"> <span class=\"ws1f2\">million euros in guarantee<span class=\"_ _0\"></span>s </span></span></span>for Agidens project<span class=\"_ _0\"></span>s. The balance of <span class=\"_ _0\"></span>585.8<span class=\"ls1 ws1\"> <span class=\"_ _9\"> </span><span class=\"ls35 ws305\">million<span class=\"_ _0\"></span> euros m<span class=\"_ _0\"></span>ainly co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>s </span></span>guarantees entered into by AvH<span class=\"_ _0\"></span> &amp; subholdings relating to the sale of participation<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span>The amount of pe<span class=\"_ _0\"></span>rsonal guarantees giv<span class=\"_ _0\"></span>en increased as a r<span class=\"_ _0\"></span>esult of the <span class=\"ls4a ws306\">sa<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f </span>Anima.<span class=\"ls1 ws1\"> </span>The real guarantees<span class=\"_ _0\"></span> concern <span class=\"ls24 ws1da\">181.7</span><span class=\"ws1\"> </span>m<span class=\"_ _0\"></span>illion euros in guaran<span class=\"_ _0\"></span>tees put up by Nexten<span class=\"_ _0\"></span>sa re<span class=\"_ _3\"></span>gar<span class=\"_ _3\"></span>ding<span class=\"_ _3\"></span> the fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>ncin<span class=\"_ _3\"></span>g of it<span class=\"_ _3\"></span>s act<span class=\"_ _3\"></span>ivi<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span> in l<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d and re<span class=\"_ _3\"></span>al es<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>e de<span class=\"_ _3\"></span>velo<span class=\"_ _3\"></span>pme<span class=\"_ _3\"></span>nt and 113.5<span class=\"ls1 ws1\"> <span class=\"ws1f5\">mi<span class=\"_ _3\"></span>llion euro<span class=\"_ _0\"></span>s in the <span class=\"_ _3\"></span>scope of Rent<span class=\"ws1\">-A-<span class=\"ws1fe\">Port<span class=\"_ _0\"></span> development proje<span class=\"_ _0\"></span>cts. The 337.5 </span></span></span></span>million euros in guaran<span class=\"_ _0\"></span>tees given by Anima at year<span class=\"ws1\">-<span class=\"_ _0\"></span><span class=\"ls24 ws2d6\">end 2021 for real estate </span></span>financing ha<span class=\"ls54 ws279\">ve</span><span class=\"ws1\"> <span class=\"_ _24\"></span></span>b<span class=\"_ _0\"></span>een derecognised from t<span class=\"_ _0\"></span>he off<span class=\"ws1\">-<span class=\"ls33 ws1f9\">bala<span class=\"_ _3\"></span>nce sh<span class=\"_ _3\"></span>eet c<span class=\"_ _3\"></span>ommitme<span class=\"_ _3\"></span>nts as <span class=\"_ _3\"></span>a </span></span>resul<span class=\"_ _0\"></span>t of the<span class=\"_ _0\"></span> decon<span class=\"_ _9f\"></span>solidatio<span class=\"ls34 ws219\">n of Anim<span class=\"_ _3\"></span>a. On<span class=\"_ _3\"></span> bal<span class=\"_ _3\"></span>ance<span class=\"_ _3\"></span>, ther<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>mai<span class=\"_ _3\"></span>ns 3.<span class=\"_ _3\"></span>8 mill<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n euros<span class=\"_ _3\"></span> </span>from Agidens (fin<span class=\"_ _0\"></span>ancing of the h<span class=\"_ _0\"></span>eadquarter) and 4.5<span class=\"_ _0\"></span> million euros from<span class=\"_ _0\"></span> Biolectric (regarding the acquisi<span class=\"_ _0\"></span>tion loan).<span class=\"ws1\"> </span>The com<span class=\"_ _9f\"></span>mitments<span class=\"_ _0\"></span> to acq<span class=\"_ _0\"></span>uire fi<span class=\"_ _0\"></span>xed as<span class=\"_ _0\"></span>sets <span class=\"_ _0\"></span>concern o<span class=\"_ _9f\"></span>ptions as<span class=\"_ _0\"></span> part <span class=\"_ _0\"></span>of stoc<span class=\"_ _9f\"></span>k<span class=\"_ _3\"></span> op<span class=\"_ _0\"></span>tion plan<span class=\"ls25 ws236\">s or o<span class=\"_ _0\"></span>ptions <span class=\"_ _0\"></span>as par<span class=\"_ _0\"></span>t of sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>ers\u2019 ag<span class=\"_ _0\"></span>reemen<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws269\">fo<span class=\"_ _0\"></span>r a total o<span class=\"_ _0\"></span>f 96.8 <span class=\"_ _0\"></span>millio<span class=\"_ _0\"></span>n </span></span></span>eu<span class=\"_ _3\"></span>ros<span class=\"_ _3\"></span><span class=\"ls1 ws221\">. The agr<span class=\"_ _0\"></span>eement signed by Rent<span class=\"ws1\">-A<span class=\"_ _0\"></span>-<span class=\"ls25 ws27e\">Port at year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws2d6\">end 2021 to acquire an </span></span></span></span></span>additional 32.6% stake in IAI was executed in 2022.<span class=\"ls1 ws1\"> </span>The com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>ents to dis<span class=\"_ _0\"></span>pose of<span class=\"_ _0\"></span> fixed ass<span class=\"_ _0\"></span>ets are f<span class=\"_ _0\"></span>or ca<span class=\"ls35 ws304\">ll opt<span class=\"_ _0\"></span>ions (in<span class=\"_ _0\"></span>cluding<span class=\"_ _0\"></span> </span>conditional options) o<span class=\"_ _0\"></span>n the assets of<span class=\"_ _0\"></span> AvH &amp; Growth <span class=\"_ _0\"></span>Capital for the<span class=\"_ _0\"></span> amount of 312.2<span class=\"ls1 ws1\"> <span class=\"ls35 ws223\">million<span class=\"_ _0\"></span> euros.<span class=\"ls1 ws1\"> </span></span></span>The off<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">bal<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e</span>-<span class=\"ls25 ws20a\">shee<span class=\"_ _0\"></span>t commitm<span class=\"_ _0\"></span>ents of<span class=\"_ _0\"></span> Bank Va<span class=\"_ _0\"></span>n Breda co<span class=\"_ _0\"></span>nsist p<span class=\"_ _0\"></span>rimaril<span class=\"_ _0\"></span>y of the<span class=\"_ _0\"></span> </span></span>unus<span class=\"_ _0\"></span>ed part of<span class=\"_ _0\"></span> loans/<span class=\"_ _0\"></span>credit <span class=\"_ _0\"></span>lines g<span class=\"_ _0\"></span>ranted<span class=\"_ _0\"></span>. Bank gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>es,<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls34 ws1f8\">se<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>ity<span class=\"_ _3\"></span> loan<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d </span></span>docum<span class=\"_ _9f\"></span>entary cr<span class=\"_ _0\"></span>edits<span class=\"_ _0\"></span> have a<span class=\"_ _0\"></span>lso be<span class=\"_ _0\"></span>en gra<span class=\"_ _0\"></span>nted t<span class=\"_ _0\"></span>o cli<span class=\"_ _0\"></span>ents. <span class=\"_ _0\"></span>These o<span class=\"_ _0\"></span>ff<span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">bala<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span></span>-<span class=\"ls34 ws1ea\">shee<span class=\"_ _3\"></span>t </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s are al<span class=\"_ _0\"></span>so taken<span class=\"_ _0\"></span> into a<span class=\"_ _0\"></span>ccount <span class=\"_ _0\"></span>in the a<span class=\"_ _0\"></span>ssessm<span class=\"_ _0\"></span>ent of <span class=\"_ _0\"></span>the cr<span class=\"_ _0\"></span>edit ris<span class=\"_ _0\"></span>k.<span class=\"ls1 ws1\"> </span>Bank Van Breda ha<span class=\"_ _0\"></span>s also given certain<span class=\"_ _0\"></span> real guarantees on <span class=\"_ _0\"></span>its own behalf: in 2<span class=\"_ _0\"></span>02<span class=\"ls31 ws206\">2, </span>the TLTRO loan f<span class=\"_ _0\"></span>rom the ECB was <span class=\"_ _0\"></span>repaid, thus ending <span class=\"_ _0\"></span>the pledging of bonds<span class=\"_ _0\"></span> from the inve<span class=\"_ _0\"></span>stment por<span class=\"_ _0\"></span>tfol<span class=\"_ _0\"></span>io<span class=\"ls1 ws1\">. </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Rights and comm<span class=\"_ _3\"></span>itments no<span class=\"_ _3\"></span>t refle<span class=\"_ _3\"></span>cted in the balance<span class=\"_ _3\"></span> sheet<span class=\"_ _3\"></span> CFE</span>-<span class=\"ls3a ws20c\">DEME</span> (\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _1c3\"> </span></span><span class=\"ws2a1\">2022<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span></span>Commitmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Amount of real guarantees,<span class=\"_ _0\"></span> given or irrevocably promised by the enterprises included in the consolidation on their own ass<span class=\"_ _0\"></span>ets, as security f<span class=\"ls2b ws1df\">or deb<span class=\"_ _3\"></span>ts </span>and commitments of enterpris<span class=\"_ _0\"></span>es included in the consolidation<span class=\"ls1 ws1\"> </span>0 18,281<span class=\"ls1 ws1\"> </span>Bank and insurance guarantees<span class=\"_ _0\"></span> for commitment<span class=\"_ _3\"></span>s of enter<span class=\"_ _0\"></span>prises included in the consolidation<span class=\"ls1 ws1\"> </span>1,623,964<span class=\"ls1 ws1\"> </span>1,653,213<span class=\"ls1 ws1\"> </span>Other commitments given<span class=\"ls1 ws1\">  </span>35,869<span class=\"ls1 ws1\"> </span>4,870<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,659,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>1,676,36<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>Rights<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank guarantees received as s<span class=\"_ _0\"></span>ecurity for commitments to enterprises included in the <span class=\"ws1e1\">consolidation<span class=\"ls1 ws1\"> </span></span>180,335<span class=\"ls1 ws1\"> </span>310,905<span class=\"ls1 ws1\"> </span>Other commitmen<span class=\"_ _3\"></span>ts received<span class=\"ls1 ws1\"> </span>4,308<span class=\"ls1 ws1\"> </span>3,677<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>184,643<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>314,582<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank and insurance g<span class=\"_ _0\"></span>uarantees relate to <span class=\"_ _0\"></span>guarantees given in conn<span class=\"_ _0\"></span>ection with the<span class=\"_ _0\"></span> perfor<span class=\"_ _0\"></span>mance <span class=\"_ _0\"></span>of con<span class=\"_ _0\"></span>struc<span class=\"_ _0\"></span>tion con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s. Gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>es are<span class=\"_ _0\"></span> also g<span class=\"_ _0\"></span>iven in<span class=\"_ _0\"></span> the c<span class=\"_ _0\"></span>ontext<span class=\"_ _0\"></span> of tender<span class=\"_ _9f\"></span>s. The re<span class=\"_ _0\"></span>al guar<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>es of DE<span class=\"_ _0\"></span>ME wo<span class=\"_ _0\"></span>rth 18.3<span class=\"_ _0\"></span> mil<span class=\"_ _0\"></span>lion eur<span class=\"_ _0\"></span>os we<span class=\"_ _0\"></span>re rel<span class=\"_ _0\"></span>eased <span class=\"_ _0\"></span>in 2022 as a resu<span class=\"ls1 ws24b\">lt of the early repaymen<span class=\"_ _0\"></span>t of financing of the fleet. <span class=\"_ _0\"></span>The \u2018Other </span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s given\u2019 <span class=\"_ _0\"></span>refer to <span class=\"_ _0\"></span>the \u2018p<span class=\"_ _0\"></span>rogres<span class=\"_ _0\"></span>s guar<span class=\"_ _0\"></span>antee\u2019 (<span class=\"_ _9f\"></span>Breyne Ac<span class=\"_ _0\"></span>t) at CF<span class=\"_ _0\"></span>E.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-213-4": {
   "value": "Note 23:<span class=\"ff3c\"> </span>R<span class=\"ls2f ws1e\">ights and <span class=\"ls26 ws1dc\">commitments<span class=\"_ _0\"></span> not reflected<span class=\"_ _0\"></span> in the b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce sheet<span class=\"ls1 ws1\"> </span></span></span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Rights and comm<span class=\"_ _3\"></span>itments no<span class=\"_ _3\"></span>t refle<span class=\"_ _3\"></span>cted in the balance<span class=\"_ _3\"></span> sheet<span class=\"_ _3\"></span>, excluding CFE</span>-<span class=\"_ _3\"></span><span class=\"ls3a ws20c\">DEME</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Amount of personal guarantees, given or ir<span class=\"_ _0\"></span>revocably promised by the enterprises included in the conso<span class=\"_ _0\"></span>lidation, as security for debts or commitments<span class=\"ls1 ws1\"> </span>635,278<span class=\"ls1 ws1\"> </span>315,063<span class=\"ls1 ws1\"> </span>Amount of real guarantees<span class=\"_ _0\"></span>, given or irrevocably promised by the enterprises included in the consolidation on their own ass<span class=\"_ _0\"></span>ets, as security for debts and commitments of enterpris<span class=\"_ _0\"></span>es included in the consolidation<span class=\"ls1 ws1\"> </span>303,463<span class=\"ls1 ws1\"> </span>588,793<span class=\"ls1 ws1\"> </span>Goods and values, not d<span class=\"_ _0\"></span>isclosed in the balance sheet, held by third parties in their own name but at risk to and for the bene<span class=\"ls2b ws1df\">fit of the enterp<span class=\"_ _3\"></span>rise<span class=\"ls1 ws1\"> </span></span>0 0 Commitments to acquire fixed ass<span class=\"_ _0\"></span>ets<span class=\"ls1 ws1\"> </span>96,816<span class=\"ls1 ws1\"> </span>177,449<span class=\"ls1 ws1\"> </span>Commitments to dispose of fixed ass<span class=\"_ _0\"></span>ets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>312,230<span class=\"ls1 ws1\"> </span>291,336<span class=\"ls1 ws1\"> </span>Rights and commitments not<span class=\"_ _0\"></span> reflected in the balance sheet of banks (Bank Van Breda)<span class=\"ls1 ws1\"> </span>- <span class=\"ls3e ws1e1\">Loan commitments</span> 610,220<span class=\"ls1 ws1\"> </span>489,579<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Financial guarantees</span> 49,465<span class=\"ls1 ws1\"> </span>52,181<span class=\"ls1 ws1\"> </span>- Repo <span class=\"ls2b ws1df\">transa<span class=\"_ _3\"></span>ctions + collatera<span class=\"_ _3\"></span>l</span> 2,000<span class=\"ls1 ws1\"> </span>401,700<span class=\"ls1 ws1\"> </span>The personal guarantees in 202<span class=\"ws1\">2 <span class=\"_\"> </span></span>are re<span class=\"_ _3\"></span>present<span class=\"_ _0\"></span>ed by<span class=\"_ _3\"></span> <span class=\"ls24 ws1da\">48.3</span><span class=\"ws1\"> <span class=\"_\"> </span><span class=\"ls35 ws304\">million<span class=\"_ _0\"></span> euros in<span class=\"_ _9f\"></span> </span></span>guara<span class=\"_ _0\"></span>ntees f<span class=\"_ _0\"></span>or Nex<span class=\"_ _0\"></span>tensa re<span class=\"_ _0\"></span>al estat<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>cts and <span class=\"ls24 ws1da\">1.2<span class=\"ls1 ws1\"> <span class=\"ws1f2\">million euros in guarantee<span class=\"_ _0\"></span>s </span></span></span>for Agidens project<span class=\"_ _0\"></span>s. The balance of <span class=\"_ _0\"></span>585.8<span class=\"ls1 ws1\"> <span class=\"_ _9\"> </span><span class=\"ls35 ws305\">million<span class=\"_ _0\"></span> euros m<span class=\"_ _0\"></span>ainly co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>s </span></span>guarantees entered into by AvH<span class=\"_ _0\"></span> &amp; subholdings relating to the sale of participation<span class=\"_ _0\"></span>s.<span class=\"ws1\"> </span>The amount of pe<span class=\"_ _0\"></span>rsonal guarantees giv<span class=\"_ _0\"></span>en increased as a r<span class=\"_ _0\"></span>esult of the <span class=\"ls4a ws306\">sa<span class=\"_ _3\"></span>le o<span class=\"_ _3\"></span>f </span>Anima.<span class=\"ls1 ws1\"> </span>The real guarantees<span class=\"_ _0\"></span> concern <span class=\"ls24 ws1da\">181.7</span><span class=\"ws1\"> </span>m<span class=\"_ _0\"></span>illion euros in guaran<span class=\"_ _0\"></span>tees put up by Nexten<span class=\"_ _0\"></span>sa re<span class=\"_ _3\"></span>gar<span class=\"_ _3\"></span>ding<span class=\"_ _3\"></span> the fi<span class=\"_ _3\"></span>na<span class=\"_ _3\"></span>ncin<span class=\"_ _3\"></span>g of it<span class=\"_ _3\"></span>s act<span class=\"_ _3\"></span>ivi<span class=\"_ _3\"></span>ties<span class=\"_ _3\"></span> in l<span class=\"_ _3\"></span>an<span class=\"_ _3\"></span>d and re<span class=\"_ _3\"></span>al es<span class=\"_ _3\"></span>tat<span class=\"_ _3\"></span>e de<span class=\"_ _3\"></span>velo<span class=\"_ _3\"></span>pme<span class=\"_ _3\"></span>nt and 113.5<span class=\"ls1 ws1\"> <span class=\"ws1f5\">mi<span class=\"_ _3\"></span>llion euro<span class=\"_ _0\"></span>s in the <span class=\"_ _3\"></span>scope of Rent<span class=\"ws1\">-A-<span class=\"ws1fe\">Port<span class=\"_ _0\"></span> development proje<span class=\"_ _0\"></span>cts. The 337.5 </span></span></span></span>million euros in guaran<span class=\"_ _0\"></span>tees given by Anima at year<span class=\"ws1\">-<span class=\"_ _0\"></span><span class=\"ls24 ws2d6\">end 2021 for real estate </span></span>financing ha<span class=\"ls54 ws279\">ve</span><span class=\"ws1\"> <span class=\"_ _24\"></span></span>b<span class=\"_ _0\"></span>een derecognised from t<span class=\"_ _0\"></span>he off<span class=\"ws1\">-<span class=\"ls33 ws1f9\">bala<span class=\"_ _3\"></span>nce sh<span class=\"_ _3\"></span>eet c<span class=\"_ _3\"></span>ommitme<span class=\"_ _3\"></span>nts as <span class=\"_ _3\"></span>a </span></span>resul<span class=\"_ _0\"></span>t of the<span class=\"_ _0\"></span> decon<span class=\"_ _9f\"></span>solidatio<span class=\"ls34 ws219\">n of Anim<span class=\"_ _3\"></span>a. On<span class=\"_ _3\"></span> bal<span class=\"_ _3\"></span>ance<span class=\"_ _3\"></span>, ther<span class=\"_ _3\"></span>e re<span class=\"_ _3\"></span>mai<span class=\"_ _3\"></span>ns 3.<span class=\"_ _3\"></span>8 mill<span class=\"_ _3\"></span>io<span class=\"_ _3\"></span>n euros<span class=\"_ _3\"></span> </span>from Agidens (fin<span class=\"_ _0\"></span>ancing of the h<span class=\"_ _0\"></span>eadquarter) and 4.5<span class=\"_ _0\"></span> million euros from<span class=\"_ _0\"></span> Biolectric (regarding the acquisi<span class=\"_ _0\"></span>tion loan).<span class=\"ws1\"> </span>The com<span class=\"_ _9f\"></span>mitments<span class=\"_ _0\"></span> to acq<span class=\"_ _0\"></span>uire fi<span class=\"_ _0\"></span>xed as<span class=\"_ _0\"></span>sets <span class=\"_ _0\"></span>concern o<span class=\"_ _9f\"></span>ptions as<span class=\"_ _0\"></span> part <span class=\"_ _0\"></span>of stoc<span class=\"_ _9f\"></span>k<span class=\"_ _3\"></span> op<span class=\"_ _0\"></span>tion plan<span class=\"ls25 ws236\">s or o<span class=\"_ _0\"></span>ptions <span class=\"_ _0\"></span>as par<span class=\"_ _0\"></span>t of sha<span class=\"_ _0\"></span>rehold<span class=\"_ _0\"></span>ers\u2019 ag<span class=\"_ _0\"></span>reemen<span class=\"_ _0\"></span>ts<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls35 ws269\">fo<span class=\"_ _0\"></span>r a total o<span class=\"_ _0\"></span>f 96.8 <span class=\"_ _0\"></span>millio<span class=\"_ _0\"></span>n </span></span></span>eu<span class=\"_ _3\"></span>ros<span class=\"_ _3\"></span><span class=\"ls1 ws221\">. The agr<span class=\"_ _0\"></span>eement signed by Rent<span class=\"ws1\">-A<span class=\"_ _0\"></span>-<span class=\"ls25 ws27e\">Port at year<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls24 ws2d6\">end 2021 to acquire an </span></span></span></span></span>additional 32.6% stake in IAI was executed in 2022.<span class=\"ls1 ws1\"> </span>The com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>ents to dis<span class=\"_ _0\"></span>pose of<span class=\"_ _0\"></span> fixed ass<span class=\"_ _0\"></span>ets are f<span class=\"_ _0\"></span>or ca<span class=\"ls35 ws304\">ll opt<span class=\"_ _0\"></span>ions (in<span class=\"_ _0\"></span>cluding<span class=\"_ _0\"></span> </span>conditional options) o<span class=\"_ _0\"></span>n the assets of<span class=\"_ _0\"></span> AvH &amp; Growth <span class=\"_ _0\"></span>Capital for the<span class=\"_ _0\"></span> amount of 312.2<span class=\"ls1 ws1\"> <span class=\"ls35 ws223\">million<span class=\"_ _0\"></span> euros.<span class=\"ls1 ws1\"> </span></span></span>The off<span class=\"_ _0\"></span><span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">bal<span class=\"_ _3\"></span>anc<span class=\"_ _3\"></span>e</span>-<span class=\"ls25 ws20a\">shee<span class=\"_ _0\"></span>t commitm<span class=\"_ _0\"></span>ents of<span class=\"_ _0\"></span> Bank Va<span class=\"_ _0\"></span>n Breda co<span class=\"_ _0\"></span>nsist p<span class=\"_ _0\"></span>rimaril<span class=\"_ _0\"></span>y of the<span class=\"_ _0\"></span> </span></span>unus<span class=\"_ _0\"></span>ed part of<span class=\"_ _0\"></span> loans/<span class=\"_ _0\"></span>credit <span class=\"_ _0\"></span>lines g<span class=\"_ _0\"></span>ranted<span class=\"_ _0\"></span>. Bank gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>es,<span class=\"ls1 ws1\"> <span class=\"_ _24\"></span><span class=\"ls34 ws1f8\">se<span class=\"_ _3\"></span>cur<span class=\"_ _3\"></span>ity<span class=\"_ _3\"></span> loan<span class=\"_ _3\"></span>s an<span class=\"_ _3\"></span>d </span></span>docum<span class=\"_ _9f\"></span>entary cr<span class=\"_ _0\"></span>edits<span class=\"_ _0\"></span> have a<span class=\"_ _0\"></span>lso be<span class=\"_ _0\"></span>en gra<span class=\"_ _0\"></span>nted t<span class=\"_ _0\"></span>o cli<span class=\"_ _0\"></span>ents. <span class=\"_ _0\"></span>These o<span class=\"_ _0\"></span>ff<span class=\"ls1 ws1\">-<span class=\"ls34 ws1ea\">bala<span class=\"_ _3\"></span>nce<span class=\"_ _3\"></span></span>-<span class=\"ls34 ws1ea\">shee<span class=\"_ _3\"></span>t </span></span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s are al<span class=\"_ _0\"></span>so taken<span class=\"_ _0\"></span> into a<span class=\"_ _0\"></span>ccount <span class=\"_ _0\"></span>in the a<span class=\"_ _0\"></span>ssessm<span class=\"_ _0\"></span>ent of <span class=\"_ _0\"></span>the cr<span class=\"_ _0\"></span>edit ris<span class=\"_ _0\"></span>k.<span class=\"ls1 ws1\"> </span>Bank Van Breda ha<span class=\"_ _0\"></span>s also given certain<span class=\"_ _0\"></span> real guarantees on <span class=\"_ _0\"></span>its own behalf: in 2<span class=\"_ _0\"></span>02<span class=\"ls31 ws206\">2, </span>the TLTRO loan f<span class=\"_ _0\"></span>rom the ECB was <span class=\"_ _0\"></span>repaid, thus ending <span class=\"_ _0\"></span>the pledging of bonds<span class=\"_ _0\"></span> from the inve<span class=\"_ _0\"></span>stment por<span class=\"_ _0\"></span>tfol<span class=\"_ _0\"></span>io<span class=\"ls1 ws1\">. </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Rights and comm<span class=\"_ _3\"></span>itments no<span class=\"_ _3\"></span>t refle<span class=\"_ _3\"></span>cted in the balance<span class=\"_ _3\"></span> sheet<span class=\"_ _3\"></span> CFE</span>-<span class=\"ls3a ws20c\">DEME</span> (\u20ac 1,000)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _1c3\"> </span></span><span class=\"ws2a1\">2022<span class=\"ls1 ws1\"> <span class=\"_ _138\"> </span></span>20<span class=\"_ _3\"></span>21<span class=\"ls1 ws1\"> </span></span>Commitmen<span class=\"_ _3\"></span>ts<span class=\"ls1 ws1\"> </span>Amount of real guarantees,<span class=\"_ _0\"></span> given or irrevocably promised by the enterprises included in the consolidation on their own ass<span class=\"_ _0\"></span>ets, as security f<span class=\"ls2b ws1df\">or deb<span class=\"_ _3\"></span>ts </span>and commitments of enterpris<span class=\"_ _0\"></span>es included in the consolidation<span class=\"ls1 ws1\"> </span>0 18,281<span class=\"ls1 ws1\"> </span>Bank and insurance guarantees<span class=\"_ _0\"></span> for commitment<span class=\"_ _3\"></span>s of enter<span class=\"_ _0\"></span>prises included in the consolidation<span class=\"ls1 ws1\"> </span>1,623,964<span class=\"ls1 ws1\"> </span>1,653,213<span class=\"ls1 ws1\"> </span>Other commitments given<span class=\"ls1 ws1\">  </span>35,869<span class=\"ls1 ws1\"> </span>4,870<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>1,659,83<span class=\"_ _3\"></span>3<span class=\"ls1 ws1\"> </span>1,676,36<span class=\"_ _3\"></span>4<span class=\"ls1 ws1\"> </span>Rights<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank guarantees received as s<span class=\"_ _0\"></span>ecurity for commitments to enterprises included in the <span class=\"ws1e1\">consolidation<span class=\"ls1 ws1\"> </span></span>180,335<span class=\"ls1 ws1\"> </span>310,905<span class=\"ls1 ws1\"> </span>Other commitmen<span class=\"_ _3\"></span>ts received<span class=\"ls1 ws1\"> </span>4,308<span class=\"ls1 ws1\"> </span>3,677<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>184,643<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>314,582<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Bank and insurance g<span class=\"_ _0\"></span>uarantees relate to <span class=\"_ _0\"></span>guarantees given in conn<span class=\"_ _0\"></span>ection with the<span class=\"_ _0\"></span> perfor<span class=\"_ _0\"></span>mance <span class=\"_ _0\"></span>of con<span class=\"_ _0\"></span>struc<span class=\"_ _0\"></span>tion con<span class=\"_ _0\"></span>tract<span class=\"_ _0\"></span>s. Gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>es are<span class=\"_ _0\"></span> also g<span class=\"_ _0\"></span>iven in<span class=\"_ _0\"></span> the c<span class=\"_ _0\"></span>ontext<span class=\"_ _0\"></span> of tender<span class=\"_ _9f\"></span>s. The re<span class=\"_ _0\"></span>al guar<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>es of DE<span class=\"_ _0\"></span>ME wo<span class=\"_ _0\"></span>rth 18.3<span class=\"_ _0\"></span> mil<span class=\"_ _0\"></span>lion eur<span class=\"_ _0\"></span>os we<span class=\"_ _0\"></span>re rel<span class=\"_ _0\"></span>eased <span class=\"_ _0\"></span>in 2022 as a resu<span class=\"ls1 ws24b\">lt of the early repaymen<span class=\"_ _0\"></span>t of financing of the fleet. <span class=\"_ _0\"></span>The \u2018Other </span>commi<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s given\u2019 <span class=\"_ _0\"></span>refer to <span class=\"_ _0\"></span>the \u2018p<span class=\"_ _0\"></span>rogres<span class=\"_ _0\"></span>s guar<span class=\"_ _0\"></span>antee\u2019 (<span class=\"_ _9f\"></span>Breyne Ac<span class=\"_ _0\"></span>t) at CF<span class=\"_ _0\"></span>E.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-221-2": {
   "value": "Note 24:<span class=\"ff3c\"> </span>E<span class=\"ls26 ws1dc\">mplo<span class=\"_ _0\"></span>yment<span class=\"ls1 ws1\"> </span></span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls26 ws1dc\">Avera<span class=\"_ _0\"></span>ge number<span class=\"_ _0\"></span> of perso<span class=\"_ _0\"></span>ns empl<span class=\"_ _0\"></span>oyed<span class=\"ls1 ws1\"> </span></span>2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Employees<span class=\"ls1 ws1\"> </span>5,732<span class=\"ls1 ws1\"> </span>6,836<span class=\"ls1 ws1\"> </span>Workers<span class=\"ls1 ws1\"> </span>3,771<span class=\"ls1 ws1\"> </span>4,074<span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Personnel ch<span class=\"_ _3\"></span>arges</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Remuneration and social charges<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">795,125</span> -<span class=\"ls29 ws1e1\">846,764</span> Pension expenses (defined c<span class=\"_ _0\"></span>ontribution and defined benefit plans)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23,112</span> -<span class=\"ls29 ws1e1\">22,998</span> Share based payment<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,045</span> -<span class=\"ls29 ws1e1\">7,928</span> Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">820,282<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">877,690<span class=\"_ _3\"></span></span> The sale of Anima resulted in a 15% decrease in headcount <span class=\"_ _0\"></span>and 7% decrease in total personnel charge<span class=\"_ _0\"></span>s. On balance, headcount <span class=\"_ _0\"></span>increased by 2%, mainly at DE<span class=\"_ _0\"></span>ME, and personnel charges <span class=\"_ _0\"></span>increased by 1%.<span class=\"ws1\"> </span>AvH,<span class=\"_ _0\"></span> AvH Grow<span class=\"_ _0\"></span>th Capi<span class=\"_ _0\"></span>tal en Av<span class=\"_ _0\"></span>H Sing<span class=\"_ _0\"></span>apore c<span class=\"_ _0\"></span>ount f<span class=\"_ _0\"></span>or 38 emp<span class=\"_ _9f\"></span>loyees. A p<span class=\"_ _0\"></span>ro form<span class=\"_ _0\"></span>a headcount of <span class=\"ls24 ws1da\">21,453</span><span class=\"ws1\"> <span class=\"ls25 ws215\">is cited in th<span class=\"_ _0\"></span>e secti<span class=\"_ _0\"></span>on '20<span class=\"_ _0\"></span>2<span class=\"ls1 ws1\">2 <span class=\"ws1fe\">at<span class=\"_ _3\"></span> a glance' (page 8). This pro </span></span></span></span>forma f<span class=\"_ _0\"></span>igure com<span class=\"_ _0\"></span>prise<span class=\"_ _0\"></span>s the sta<span class=\"_ _0\"></span>ff of al<span class=\"_ _0\"></span>l particip<span class=\"_ _9f\"></span>ations held<span class=\"_ _0\"></span> by the Av<span class=\"_ _0\"></span>H group, <span class=\"_ _0\"></span>and therefo<span class=\"_ _9f\"></span>re devia<span class=\"ws204\">te<span class=\"_ _0\"></span>s from th<span class=\"_ _9f\"></span>e averag<span class=\"_ _0\"></span>e head<span class=\"_ _0\"></span>count re<span class=\"_ _0\"></span>ported<span class=\"_ _0\"></span> abov<span class=\"_ _0\"></span>e which <span class=\"_ _0\"></span>is bas<span class=\"_ _0\"></span>ed on<span class=\"_ _0\"></span> </span>the IFRS consolidation, which was drawn up on the basis of the consolid<span class=\"_ _0\"></span>ation scope reported in Note 2 and 3. In this pro forma presen<span class=\"_ _0\"></span>tation, all exclusive control inter<span class=\"_ _0\"></span>ests are inc<span class=\"_ _0\"></span>orpora<span class=\"_ _0\"></span>ted in<span class=\"ls1 ws1\"> </span><span class=\"ws1eb\">ful<span class=\"_ _0\"></span>l and th<span class=\"_ _0\"></span>e other i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>sts pro<span class=\"_ _0\"></span>portion<span class=\"_ _0\"></span>ally.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-222-3": {
   "value": "2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Personnel ch<span class=\"_ _3\"></span>arges</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Remuneration and social charges<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">795,125</span> -<span class=\"ls29 ws1e1\">846,764</span> Pension expenses (defined c<span class=\"_ _0\"></span>ontribution and defined benefit plans)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">23,112</span> -<span class=\"ls29 ws1e1\">22,998</span> Share based payment<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,045</span> -<span class=\"ls29 ws1e1\">7,928</span> Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">820,282<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">877,690<span class=\"_ _3\"></span></span> The sale of Anima resulted in a 15% decrease in headcount <span class=\"_ _0\"></span>and 7% decrease in total personnel charge<span class=\"_ _0\"></span>s. On balance, headcount <span class=\"_ _0\"></span>increased by 2%, mainly at DE<span class=\"_ _0\"></span>ME, and personnel charges <span class=\"_ _0\"></span>increased by 1%.<span class=\"ws1\"> </span>AvH,<span class=\"_ _0\"></span> AvH Grow<span class=\"_ _0\"></span>th Capi<span class=\"_ _0\"></span>tal en Av<span class=\"_ _0\"></span>H Sing<span class=\"_ _0\"></span>apore c<span class=\"_ _0\"></span>ount f<span class=\"_ _0\"></span>or 38 emp<span class=\"_ _9f\"></span>loyees. A p<span class=\"_ _0\"></span>ro form<span class=\"_ _0\"></span>a headcount of <span class=\"ls24 ws1da\">21,453</span><span class=\"ws1\"> <span class=\"ls25 ws215\">is cited in th<span class=\"_ _0\"></span>e secti<span class=\"_ _0\"></span>on '20<span class=\"_ _0\"></span>2<span class=\"ls1 ws1\">2 <span class=\"ws1fe\">at<span class=\"_ _3\"></span> a glance' (page 8). This pro </span></span></span></span>forma f<span class=\"_ _0\"></span>igure com<span class=\"_ _0\"></span>prise<span class=\"_ _0\"></span>s the sta<span class=\"_ _0\"></span>ff of al<span class=\"_ _0\"></span>l particip<span class=\"_ _9f\"></span>ations held<span class=\"_ _0\"></span> by the Av<span class=\"_ _0\"></span>H group, <span class=\"_ _0\"></span>and therefo<span class=\"_ _9f\"></span>re devia<span class=\"ws204\">te<span class=\"_ _0\"></span>s from th<span class=\"_ _9f\"></span>e averag<span class=\"_ _0\"></span>e head<span class=\"_ _0\"></span>count re<span class=\"_ _0\"></span>ported<span class=\"_ _0\"></span> abov<span class=\"_ _0\"></span>e which <span class=\"_ _0\"></span>is bas<span class=\"_ _0\"></span>ed on<span class=\"_ _0\"></span> </span>the IFRS consolidation, which was drawn up on the basis of the consolid<span class=\"_ _0\"></span>ation scope reported in Note 2 and 3. In this pro forma presen<span class=\"_ _0\"></span>tation, all exclusive control inter<span class=\"_ _0\"></span>ests are inc<span class=\"_ _0\"></span>orpora<span class=\"_ _0\"></span>ted in<span class=\"ls1 ws1\"> </span><span class=\"ws1eb\">ful<span class=\"_ _0\"></span>l and th<span class=\"_ _0\"></span>e other i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>sts pro<span class=\"_ _0\"></span>portion<span class=\"_ _0\"></span>ally.<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span></span>Note 26:<span class=\"ff3c\"> </span>P<span class=\"ls3a ws20c\">ension li<span class=\"_ _3\"></span>abilitie<span class=\"_ _3\"></span>s</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Defined benefit pension plans<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">72,038</span> -<span class=\"ls29 ws1e1\">76,668</span> Other pension obligat<span class=\"_ _0\"></span>ions (early retirement)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">5,164</span> -<span class=\"ls29 ws1e1\">5,376</span> Total pensio<span class=\"_ _3\"></span>n obligatio<span class=\"_ _3\"></span>ns<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">77,202</span> -<span class=\"ls27 ws1df\">82,044</span> Total pensio<span class=\"_ _3\"></span>n assets<span class=\"ls1 ws1\"> </span>2,820<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,467<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Define<span class=\"_ _3\"></span>d benefit pe<span class=\"_ _3\"></span>nsion plans<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>1. Amounts as recorded in the balance<span class=\"_ _3\"></span> sheet<span class=\"ls1 ws1\"> </span>Net funded defined benefit plan (obligation)<span class=\"_ _0\"></span> asset<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">69,218</span> -<span class=\"ls29 ws1e1\">73,201</span> Present value of wholly or par<span class=\"_ _0\"></span>tially funded obligations (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls74 ws2fb\">289,860</span> -<span class=\"ls74 ws2fb\">358,746</span> Fair value of plan assets<span class=\"ls1 ws1\"> </span>220,642<span class=\"ls1 ws1\"> </span>285,545<span class=\"ls1 ws1\"> </span>Defined bene<span class=\"_ _3\"></span>fit plan (o<span class=\"_ _3\"></span>bligation) ass<span class=\"_ _3\"></span>et, total<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">69,218</span> -<span class=\"ls27 ws1df\">73,201</span> Liabilities (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">72,038</span> -<span class=\"ls29 ws1e1\">76,668</span> Asset<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>2,820<span class=\"ls1 ws1\"> </span>3,467<span class=\"ls1 ws1\"> </span>Movements <span class=\"_ _3\"></span>in plan assets <span class=\"_ _3\"></span>(obligations<span class=\"_ _3\"></span>) as recor<span class=\"_ _3\"></span>ded in the b<span class=\"_ _3\"></span>alance sheet<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Net defined benefit plan ass<span class=\"_ _0\"></span>et (obligation) recorded in the balance sheet, opening balance<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">73,201</span> -<span class=\"ls29 ws1e1\">73,049</span> Increas<span class=\"_ _0\"></span>e (decrease) from busin<span class=\"_ _0\"></span>ess <span class=\"ls29 ws1e1\">combinations/disposals<span class=\"ls1 ws1\"> </span></span>0 0 Net defined benefit cost rec<span class=\"_ _0\"></span>orded in the income statement<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">22,034</span> -<span class=\"ls29 ws1e1\">21,382</span> Net defined benefit cost rec<span class=\"_ _0\"></span>orded in \u2018Other Comprehensive Income\u2019<span class=\"ls1 ws1\"> </span>3,338<span class=\"ls1 ws1\"> </span>687<span class=\"ls1 ws1\"> </span>Contributions<span class=\"_ _0\"></span> from employer / employee<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>22,515<span class=\"ls1 ws1\"> </span>20,336<span class=\"ls1 ws1\"> </span>Other increa<span class=\"_ _3\"></span>se <span class=\"ls2a ws1ee\">(decrease)<span class=\"ls1 ws1\"> </span></span>164<span class=\"ls1 ws1\"> </span>208<span class=\"ls1 ws1\"> </span>Net defined benefit plan ass<span class=\"_ _0\"></span>et (obligation) recorded in the balance sheet, ending balance<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">69,218</span> -<span class=\"ls29 ws1e1\">73,201</span> 2a. Net cos<span class=\"_ _3\"></span>t recorded in <span class=\"_ _3\"></span>the income<span class=\"_ _3\"></span> statement<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">22,034</span> -<span class=\"ls27 ws1df\">21,382</span> Current servi<span class=\"_ _3\"></span>ce cost<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,659</span> -<span class=\"ls29 ws1e1\">21,031</span> Interest cost<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3,269</span> -<span class=\"ls29 ws1e1\">1,663</span> Interest income on plan ass<span class=\"_ _0\"></span>ets (<span class=\"ls1 ws1\">-) </span>2,679<span class=\"ls1 ws1\"> </span>1,394<span class=\"ls1 ws1\"> </span>Past se<span class=\"_ _3\"></span>rvice <span class=\"_ _3\"></span>cost<span class=\"ls1 ws1\"> </span>216<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">82</span> 2b. Net cos<span class=\"_ _3\"></span>t recorded in \u2018O<span class=\"_ _3\"></span>ther Comp<span class=\"_ _3\"></span>rehensiv<span class=\"_ _3\"></span>e Income\u2019<span class=\"ls1 ws1\"> </span>3,338<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>687<span class=\"ls1 ws1\"> </span>Actuarial gains/(losses<span class=\"_ _0\"></span>) recognised in \u2018Other Comprehensive Income\u2019<span class=\"ls1 ws1\"> </span>80,252<span class=\"ls1 ws1\"> </span>7,189<span class=\"ls1 ws1\"> </span>Return on plan assets, excluding int<span class=\"_ _0\"></span>erest income (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">75,978</span> -<span class=\"ls29 ws1e1\">6,455</span> Exchange differences<span class=\"ls1 ws1\"> </span>0 0 Other<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">935</span> -<span class=\"ls29 ws1e1\">48</span> 3a. Moveme<span class=\"_ _3\"></span>nts in define<span class=\"_ _3\"></span>d benefit p<span class=\"_ _3\"></span>lan obligations<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Defined benefit plan obligations r<span class=\"_ _0\"></span>ecorded in the balance sheet, opening balance<span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">358,746<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">368,346<span class=\"_ _3\"></span></span> Increase as a result of b<span class=\"_ _0\"></span>usiness combinations<span class=\"ls1 ws1\"> </span>0 0 Decrease as a result o<span class=\"_ _0\"></span>f business disposals<span class=\"ls1 ws1\"> </span>0 3,167<span class=\"ls1 ws1\"> </span>Current servi<span class=\"_ _3\"></span>ce cost<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">21,659</span> -<span class=\"ls29 ws1e1\">21,031</span> Interest cost<span class=\"_ _3\"></span> <span class=\"_ _1c4\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">3,269</span> <span class=\"_ _101\"> </span>-<span class=\"ls29 ws1e1\">1,663</span> </span>Contributions<span class=\"_ _0\"></span> from employee<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">922</span> -<span class=\"ls29 ws1e1\">913</span> Benefit payments (<span class=\"ls1 ws1\">-) </span>11,900<span class=\"ls1 ws1\"> </span>20,265<span class=\"ls1 ws1\"> </span>Remeasurement (gains)/loss<span class=\"_ _0\"></span>es (net)<span class=\"ls1 ws1\"> </span>80,252<span class=\"ls1 ws1\"> </span>7,189<span class=\"ls1 ws1\"> </span>of which: actuarial (<span class=\"_ _0\"></span>gains)/losses on DBO arising from changes in demographic assumptions<span class=\"ls1 ws1\"> </span>325<span class=\"ls1 ws1\"> </span>-<span class=\"ls74 ws2fb\">7,449</span> of which: actuarial (<span class=\"_ _0\"></span>gains)/losses on DBO arising from changes in financial assumptions<span class=\"ls1 ws1\"> </span>102,473<span class=\"ls1 ws1\"> </span>17,788<span class=\"ls1 ws1\"> </span>of which: actuarial (<span class=\"_ _0\"></span>gains)/losses on DBO arising from experience<span class=\"ls1 ws1\"> <span class=\"_ _1c5\"> </span><span class=\"fc22\">-<span class=\"ls74 ws2fb\">22,546</span></span></span>-<span class=\"ls74 ws2fb\">3,150</span>Past se<span class=\"_ _3\"></span>rvice <span class=\"_ _3\"></span>cost<span class=\"ls1 ws1\"> </span>0 0 Exchange differences<span class=\"ls1 ws1\"> </span>170<span class=\"ls1 ws1\"> </span>0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>2,414<span class=\"ls1 ws1\"> </span>2,586<span class=\"ls1 ws1\"> </span>Defined benefit plan obligations r<span class=\"_ _0\"></span>ecorded in the balance sheet, ending <span class=\"ws1e1\">balance<span class=\"ls1 ws1\"> </span></span>-<span class=\"ls27 ws1df\">289,861<span class=\"_ _3\"></span></span> -<span class=\"ls27 ws1df\">358,746<span class=\"_ _3\"></span></span> 3b. Moveme<span class=\"_ _3\"></span>nts in plan as<span class=\"_ _3\"></span>sets<span class=\"ls1 ws1\"> </span>Fair value of the plan assets,<span class=\"_ _0\"></span> opening balance<span class=\"ls1 ws1\"> </span>285,545<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>295,297<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Increase as a result of b<span class=\"_ _0\"></span>usiness combinations<span class=\"ls1 ws1\"> </span>0 0 Decrease through business d<span class=\"_ _0\"></span>isposals<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 -<span class=\"ls29 ws1e1\">3,054</span> Return on plan assets excluding int<span class=\"_ _0\"></span>erest income<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">75,978</span> -<span class=\"ls29 ws1e1\">6,455</span> Interest income on plan ass<span class=\"_ _0\"></span>ets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2,679<span class=\"ls1 ws1\"> </span>1,394<span class=\"ls1 ws1\"> </span>Contributions<span class=\"_ _0\"></span> from employer / employee<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>23,327<span class=\"ls1 ws1\"> </span>21,249<span class=\"ls1 ws1\"> </span>Benefit payments (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls29 ws1e1\">11,900</span> -<span class=\"ls29 ws1e1\">20,265</span> Exchange differences<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">170</span> 0 Other incr<span class=\"_ _0\"></span>ease (decrease)<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2,860</span> -<span class=\"ls29 ws1e1\">2,621</span> Fair <span class=\"ls29 ws1e0\">value of the plan assets, ending balance<span class=\"ls1 ws1\"> </span></span>220,642<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>285,545<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4. Principa<span class=\"_ _3\"></span>l actuarial ass<span class=\"_ _3\"></span>umptions<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Discount rate us<span class=\"_ _0\"></span>ed<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3.5%<span class=\"ls1 ws1\"> </span>0.9%<span class=\"ls1 ws1\"> </span>Expected rate of salary inc<span class=\"_ _0\"></span>rease<span class=\"ls1 ws1\"> </span>3.7%<span class=\"ls1 ws1\"> </span>3.4%<span class=\"ls1 ws1\"> </span>Inflation<span class=\"ls1 ws1\"> </span>2.2%<span class=\"ls1 ws1\"> </span>1.9%<span class=\"ls1 ws1\"> </span>Mortality table<span class=\"_ _3\"></span>s<span class=\"ls1 ws1\"> </span>MR/FR MR/FR 5. Othe<span class=\"_ _3\"></span>r info<span class=\"_ _3\"></span>rmatio<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\"> </span>Term <span class=\"ls29 ws1e0\">(in years)<span class=\"ls1 ws1\"> </span></span>13.84<span class=\"ls1 ws1\"> </span>15.74<span class=\"ls1 ws1\"> </span>Average actual return on plan ass<span class=\"_ _0\"></span>ets<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">25.16%</span> -<span class=\"ls29 ws1e1\">1.71%</span> Expected contribut<span class=\"_ _0\"></span>ion in next financial year<span class=\"ls1 ws1\"> </span>20,534<span class=\"ls1 ws1\"> </span>17,750<span class=\"ls1 ws1\"> </span>6. Sensitivi<span class=\"_ _3\"></span>ty analysis<span class=\"ls1\"> </span>Disc<span class=\"_ _3\"></span>ount rate<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>25 base point increase<span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">3.8%</span> -<span class=\"ls29 ws1e1\">4.7%</span> 25 base point decreas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2.4%<span class=\"ls1 ws1\"> </span>2.9%<span class=\"ls1 ws1\"> </span>Expected rate of sala<span class=\"_ _3\"></span>ry increase<span class=\"ws1\"> </span>25 base point increase<span class=\"ls1 ws1\"> </span>1.0%<span class=\"ls1 ws1\"> </span>0.8%<span class=\"ls1 ws1\"> </span>25 base point decreas<span class=\"_ _0\"></span>e<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls29 ws1e1\">2.1%</span> -<span class=\"ls29 ws1e1\">2.8%</span> AvH took out \u2018defin<span class=\"_ _0\"></span>ed benefit\u2019 as well as \u2018defi<span class=\"_ _0\"></span>ned contribution\u2019 pension pl<span class=\"_ _0\"></span>ans. These plans are<span class=\"_ _0\"></span> underwritten by in<span class=\"_ _0\"></span>surers in <span class=\"ls35 ws23a\">class 2<span class=\"_ _0\"></span>1 (lif<span class=\"_ _0\"></span>e insu<span class=\"_ _0\"></span>rance p<span class=\"_ _0\"></span>olicies<span class=\"_ _0\"></span> with<span class=\"_ _0\"></span> </span>guaranteed interest rate).<span class=\"ws1\"> </span>Belgian law requ<span class=\"_ _0\"></span>ires that employers g<span class=\"_ _0\"></span>uarantee a minim<span class=\"_ _0\"></span>um yield of 3.25%<span class=\"_ _0\"></span> on their own contributions to defined contribut<span class=\"_ _0\"></span>ion plans; this applies to all <span class=\"ls39 ws1e9\">paym<span class=\"_ _3\"></span>ents made </span>up to 31/12/2015 and unti<span class=\"_ _3\"></span>l retirement age. On January 1, 2016, the<span class=\"_ _3\"></span> Act of December 18, 2015 c<span class=\"ls30 ws1f4\">ame in<span class=\"_ _0\"></span>to effec<span class=\"_ _0\"></span>t<span class=\"ls40 ws1\">. T<span class=\"ls1 ws1f6\">he WAP (Law on Supplemen<span class=\"_ _0\"></span>tary Pensions) </span></span></span>yield guaranteed by <span class=\"_ _0\"></span>the employer <span class=\"ls52 ws24e\">is</span><span class=\"ws1\"> <span class=\"ls25 ws1db\">a \u2018v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>able\u2019 in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span> rate, li<span class=\"_ _0\"></span>nked <span class=\"_ _0\"></span>to the y<span class=\"_ _0\"></span>ield on<span class=\"_ _0\"></span> </span></span>the bond market whi<span class=\"_ _0\"></span>ch will be defined <span class=\"_ _0\"></span>each year as of January 1 o<span class=\"_ _0\"></span>n the basis of a<span class=\"_ _0\"></span> formula specified in the Law o<span class=\"ws1f6\">n Suppleme<span class=\"_ _0\"></span>ntary Pensions. For the<span class=\"_ _0\"></span> periods 2017 up<span class=\"_ _0\"></span> </span>to 2022, the guaranteed yield was 1.75%.<span class=\"ls1 ws1\"> </span>The guarantee wh<span class=\"_ _0\"></span>ich the employer offer<span class=\"_ _0\"></span>s under the Law on <span class=\"_ _0\"></span>Supplementary Pensions is a secondary guarantee: the employer on<span class=\"_ _0\"></span>ly has to make up the diff<span class=\"_ _0\"></span>erence i<span class=\"_ _0\"></span>f the yie<span class=\"_ _0\"></span>l<span class=\"ls1 ws1f2\">d guaranteed by the insurer on plan a<span class=\"_ _0\"></span>ssets is lower than the </span>legally guaranteed yield.<span class=\"_ _0\"></span><span class=\"ws1\"> </span>In acco<span class=\"_ _0\"></span>rdance w<span class=\"_ _0\"></span>ith IAS 1<span class=\"_ _0\"></span>9R, an a<span class=\"_ _0\"></span>ctuar<span class=\"_ _0\"></span>ial c<span class=\"_ _0\"></span>alcula<span class=\"_ _0\"></span>tion is ca<span class=\"_ _0\"></span>rried ou<span class=\"_ _0\"></span>t accord<span class=\"_ _0\"></span>ing to <span class=\"_ _0\"></span>the Projected Unit Credit method fo<span class=\"_ _0\"></span>r the defined benefit plans. The pl<span class=\"_ _0\"></span>an assets are meas<span class=\"_ _3\"></span><span class=\"ls25 ws1eb\">ured <span class=\"_ _0\"></span>at the d<span class=\"_ _0\"></span>iscoun<span class=\"_ _9f\"></span>te<span class=\"_ _3\"></span>d v<span class=\"_ _0\"></span>alue of<span class=\"_ _0\"></span> the res<span class=\"_ _0\"></span>erves, <span class=\"_ _0\"></span>takin<span class=\"_ _0\"></span>g into ac<span class=\"_ _0\"></span>coun<span class=\"_ _0\"></span>t the in<span class=\"_ _0\"></span>terest<span class=\"_ _0\"></span> </span>rates<span class=\"_ _0\"></span> guaran<span class=\"_ _0\"></span>teed b<span class=\"_ _0\"></span>y the in<span class=\"_ _0\"></span>surers. A<span class=\"_ _9f\"></span>ctuaria<span class=\"_ _0\"></span>l gains <span class=\"_ _0\"></span>and los<span class=\"_ _0\"></span>ses are <span class=\"_ _0\"></span>repor<span class=\"_ _0\"></span>ted as o<span class=\"_ _0\"></span>ther comprehensive income in the equity (see <span class=\"_ _0\"></span>the item \u2018Actuarial gains and losses on defin<span class=\"_ _0\"></span>ed ben<span class=\"_ _0\"></span>efi<span class=\"ls1 ws219\">t pen<span class=\"_ _0\"></span>sion plans\u2019 in the stat<span class=\"_ _0\"></span>ement of changes in con<span class=\"_ _0\"></span>solidated equity).<span class=\"ws1\"> </span></span>The dec<span class=\"_ _9f\"></span>rease in ret<span class=\"_ _9f\"></span>irement ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>s relat<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e evolu<span class=\"_ _0\"></span>tion in<span class=\"_ _0\"></span> the ma<span class=\"_ _0\"></span>cro<span class=\"ls1 ws1\">-</span>econom<span class=\"_ _0\"></span>ic env<span class=\"_ _0\"></span>ironm<span class=\"_ _0\"></span>ent an<span class=\"_ _0\"></span>d more<span class=\"_ _0\"></span> specif<span class=\"_ _0\"></span>ically<span class=\"_ _0\"></span> to th<span class=\"_ _0\"></span>e evolu<span class=\"_ _0\"></span>tion of<span class=\"_ _0\"></span> the in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st rate<span class=\"_ _0\"></span>s and the inflation. P<span class=\"_ _0\"></span>er D<span class=\"ls25 ws236\">ece<span class=\"_ _0\"></span>mber 31,<span class=\"_ _9f\"></span> 2022, th<span class=\"_ _9f\"></span>e discoun<span class=\"_ _0\"></span>t rat<span class=\"_ _0\"></span>e increa<span class=\"_ _0\"></span>sed to<span class=\"_ _0\"></span> 3.5<span class=\"_ _0\"></span>% </span>compa<span class=\"_ _0\"></span>red to 0.<span class=\"_ _0\"></span>9% at<span class=\"_ _0\"></span> the end<span class=\"_ _0\"></span> of 2021<span class=\"_ _0\"></span>. This <span class=\"_ _0\"></span>resulted<span class=\"_ _0\"></span> in a v<span class=\"_ _0\"></span>ery neg<span class=\"_ _0\"></span>ative r<span class=\"_ _0\"></span>eturn on<span class=\"_ _9f\"></span> assets o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e one ha<span class=\"_ _0\"></span>nd and<span class=\"_ _0\"></span> in a sig<span class=\"_ _0\"></span>nifican<span class=\"_ _9f\"></span>t gain in t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>measure<span class=\"_ _0\"></span>ment of<span class=\"_ _9f\"></span> retirement benefit p<span class=\"_ _0\"></span>lan obligations due<span class=\"_ _0\"></span> to change<span class=\"ws1\"> <span class=\"ls34 ws1fe\">in fi<span class=\"_ _3\"></span>nanc<span class=\"_ _3\"></span>ial<span class=\"_ _3\"></span> assu<span class=\"_ _3\"></span>mpt<span class=\"_ _3\"></span>ions<span class=\"_ _3\"></span> on the<span class=\"_ _3\"></span> </span></span>other hand. The net po<span class=\"_ _0\"></span>sitive effect was o<span class=\"_ _0\"></span>nly slightly impacted by <span class=\"_ _0\"></span>the increase of the infla<span class=\"_ _0\"></span>tion rate fr<span class=\"_ _0\"></span>om 1.9% to 2.2<span class=\"_ _0\"></span>%.<span class=\"ls1 ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Remune<span class=\"_ _3\"></span>ration</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Remuneratio<span class=\"_ _3\"></span>n of the di<span class=\"_ _3\"></span>rectors<span class=\"ls1 ws1\"> </span>Tanti\u00e8mes at t<span class=\"_ _0\"></span>he expense of AvH<span class=\"ls1 ws1\"> </span>630<span class=\"ls1 ws1\"> </span>605<span class=\"ls1 ws1\"> </span>Remuneratio<span class=\"_ _3\"></span>n of the me<span class=\"_ _3\"></span>mbers of the e<span class=\"_ _3\"></span>xecutive co<span class=\"_ _3\"></span>mmittee<span class=\"ls1 ws1\"> </span>Fixed remuneration<span class=\"ls1 ws1\"> </span>3,548<span class=\"ls1 ws1\"> </span>3,079<span class=\"ls1 ws1\"> </span>Variable <span class=\"ls2b ws1dd\">remuneratio<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\"> </span></span>6,798<span class=\"ls1 ws1\"> </span>3,395<span class=\"ls1 ws1\"> </span>Share based payment<span class=\"ls1 ws1\"> </span>1,862<span class=\"ls1 ws1\"> </span>1,059<span class=\"ls1 ws1\"> </span>Group and hospitalisation ins<span class=\"_ _0\"></span>urance<span class=\"ls1 ws1\"> </span>572<span class=\"ls1 ws1\"> </span>367<span class=\"ls1 ws1\"> </span>Benefits in kind (company c<span class=\"_ _0\"></span>ar)<span class=\"ls1 ws1\"> </span>38<span class=\"ls1 ws1\"> </span>33<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-232-2": {
   "value": "Note 27:<span class=\"ff3c\"> </span>R<span class=\"ls3a ws20c\">elate<span class=\"_ _3\"></span>d parties<span class=\"_ _3\"></span></span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Related par<span class=\"_ _3\"></span>ties, e<span class=\"_ _3\"></span>xcluding C<span class=\"_ _3\"></span>FE </span>\u2013 <span class=\"ls3a ws20c\">DEME<span class=\"_ _3\"></span></span> Financial Financial (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>2022<span class=\"ls1 ws1\"> </span>2021<span class=\"ls1 ws1\"> </span>year year I. Ass<span class=\"_ _0\"></span>ets wit<span class=\"_ _0\"></span>h rel<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>artie<span class=\"_ _0\"></span>s <span class=\"ls1\">- <span class=\"ls38 ws2ce\">balan<span class=\"_ _3\"></span>ce </span></span>shee<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>Financial fixe<span class=\"_ _3\"></span>d assets<span class=\"ls1\"> </span>0 4,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 4,128<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,449<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 11,449<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Receivables and warranties: gr<span class=\"_ _0\"></span>oss amount<span class=\"ls1 ws1\"> </span>0 4,128<span class=\"ls1 ws1\"> </span>0 4,128<span class=\"ls1 ws1\"> </span>0 11,449<span class=\"ls1 ws1\"> </span>0 11,449<span class=\"ls1 ws1\"> </span>Receivables and warranties: impair<span class=\"_ _0\"></span>ments<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 0 Amounts receiva<span class=\"_ _3\"></span>ble<span class=\"ls1 ws1\"> </span>21,705<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>11,966<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4 33,675<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>6,913<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>7,932<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4 14,848<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Trade de<span class=\"_ _3\"></span>btors<span class=\"ls1 ws1\"> </span>17<span class=\"ls1 ws1\"> </span>0 4 20<span class=\"ls1 ws1\"> </span>499<span class=\"ls1 ws1\"> </span>21<span class=\"ls1 ws1\"> </span>4 524<span class=\"ls1 ws1\"> </span>Other receivables: gross amount<span class=\"ls1 ws1\"> </span>21,689<span class=\"ls1 ws1\"> </span>11,966<span class=\"ls1 ws1\"> </span>0 33,654<span class=\"ls1 ws1\"> </span>6,414<span class=\"ls1 ws1\"> </span>9,891<span class=\"ls1 ws1\"> </span>0 16,305<span class=\"ls1 ws1\"> </span>Other receivables: impairments<span class=\"ls1 ws1\"> </span>0 0 0 0 0 -<span class=\"ls29 ws1e1\">1,981</span> 0 -<span class=\"ls29 ws1e1\">1,981</span> Banks - <span class=\"ls3b\">receivables<span class=\"_ _3\"></span> from credi<span class=\"_ _3\"></span>t institutions &amp;<span class=\"_ _3\"></span> clients</span> 5,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 5,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>5,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 5,091<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Deferred charges<span class=\"_ _3\"></span> &amp; accrued income<span class=\"_ _3\"></span><span class=\"ws1\"> </span>6,819<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>390<span class=\"ls1 ws1\"> </span>0 7,209<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>8,497<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>609<span class=\"ls1 ws1\"> </span>0 9,106<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>33,616<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>16,484<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4 50,103<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>20,501<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>19,989<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4 40,494<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>II. Li<span class=\"_ _0\"></span>abilit<span class=\"_ _0\"></span>ies w<span class=\"_ _0\"></span>ith rel<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>artie<span class=\"_ _0\"></span>s <span class=\"ls1\">- </span>balanc<span class=\"_ _0\"></span>e sheet<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>Financial debts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 30,787<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 30,787<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Subordinated loans <span class=\"_ _1c6\"> </span><span class=\"fc22\">0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _101\"> </span>0 <span class=\"_ _170\"> </span>0 <span class=\"_ _101\"> </span>0 </span>Other financial debts<span class=\"ls1 ws1\"> </span>0 0 0 0 30,787<span class=\"ls1 ws1\"> </span>0 0 30,787<span class=\"ls1 ws1\"> </span>Other de<span class=\"_ _3\"></span>bts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>155<span class=\"ls1 ws1\"> </span>150<span class=\"ls1 ws1\"> </span>0 305<span class=\"ls1 ws1\"> </span>30<span class=\"ls1 ws1\"> </span>150<span class=\"ls1 ws1\"> </span>0 180<span class=\"ls1 ws1\"> </span>Trade payables<span class=\"ls1 ws1\"> </span>152<span class=\"ls1 ws1\"> </span>0 0 152<span class=\"ls1 ws1\"> </span>12<span class=\"ls1 ws1\"> </span>0 0 12<span class=\"ls1 ws1\"> </span>Other amounts payable<span class=\"ls1 ws1\"> <span class=\"_ _1ab\"> </span><span class=\"fc22\">3 <span class=\"_ _8\"> </span></span></span><span class=\"fc22\">150<span class=\"ls1 ws1\"> <span class=\"_ _170\"> </span>0 <span class=\"_ _8\"> </span></span>153<span class=\"ls1 ws1\"> <span class=\"_ _99\"> </span></span>18<span class=\"ls1 ws1\"> <span class=\"_ _8\"> </span></span>150<span class=\"ls1 ws1\"> <span class=\"_ _101\"> </span>0 <span class=\"_ _8\"> </span></span>168<span class=\"ls1 ws1\"> </span></span>Banks - <span class=\"ls3b\">debts t<span class=\"_ _3\"></span>o credit institu<span class=\"_ _3\"></span>tions, client<span class=\"_ _3\"></span>s &amp; </span>secu<span class=\"_ _3\"></span>rities<span class=\"ls1 ws1\"> </span>79,614<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 79,614<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>151,033<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 151,033<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Accrued cha<span class=\"_ _3\"></span>rges and de<span class=\"_ _3\"></span>ferred income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 1,209<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 1,209<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> <span class=\"_ _2e\"> </span><span class=\"ls27 ws1df\">79,769</span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">150</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _e4\"> </span><span class=\"ls27 ws1df\">79,9<span class=\"_ _3\"></span>19</span> <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">183,059<span class=\"_ _3\"></span></span> <span class=\"_ _100\"> </span><span class=\"ls27 ws1df\">150</span> <span class=\"_ _e5\"> </span>0 <span class=\"_ _6c\"> </span><span class=\"ls27 ws1df\">183,<span class=\"_ _3\"></span>209</span> </span>III. <span class=\"ls2e ws1\">Tran<span class=\"_ _0\"></span>sactio<span class=\"_ _0\"></span>ns with<span class=\"_ _9f\"></span> related p<span class=\"_ _0\"></span>art<span class=\"_ _0\"></span>ies <span class=\"ls1\">- </span></span>incom<span class=\"_ _0\"></span>e stat<span class=\"_ _0\"></span>ement<span class=\"ls1\"> </span>Revenue 65,972<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>125<span class=\"ls1 ws1\"> </span>3 66,100<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>61,872<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>445<span class=\"ls1 ws1\"> </span>3 62,319<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Rendering of services<span class=\"ls1 ws1\"> </span>2,887<span class=\"ls1 ws1\"> </span>35<span class=\"ls1 ws1\"> </span>3 2,925<span class=\"ls1 ws1\"> </span>2,232<span class=\"ls1 ws1\"> </span>75<span class=\"ls1 ws1\"> </span>3 2,311<span class=\"ls1 ws1\"> </span>Real estate r<span class=\"_ _0\"></span>evenue<span class=\"ls1 ws1\"> </span>20<span class=\"ls1 ws1\"> </span>0 0 20<span class=\"ls1 ws1\"> </span>48<span class=\"ls1 ws1\"> </span>0 0 48<span class=\"ls1 ws1\"> </span>Interest income of<span class=\"_ _0\"></span> banking activities<span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 0 Commissions receivable of banking activities<span class=\"_ _0\"></span><span class=\"ls1 ws1\"> </span>63,040<span class=\"ls1 ws1\"> </span>0 0 63,040<span class=\"ls1 ws1\"> </span>59,567<span class=\"ls1 ws1\"> </span>0 0 59,567<span class=\"ls1 ws1\"> </span>Revenue from construct<span class=\"_ _0\"></span>ion contracts<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 0 0 0 0 0 0 0 Other operating revenue<span class=\"ls1 ws1\"> </span>25<span class=\"ls1 ws1\"> </span>90<span class=\"ls1 ws1\"> </span>0 115<span class=\"ls1 ws1\"> </span>25<span class=\"ls1 ws1\"> </span>369<span class=\"ls1 ws1\"> </span>0 394<span class=\"ls1 ws1\"> </span>Operating expens<span class=\"_ _3\"></span>es (<span class=\"ls1 ws1\">-) </span>-<span class=\"ls27 ws1df\">173</span> 0 0 -<span class=\"ls27 ws1df\">173</span> -<span class=\"ls27 ws1df\">88</span> 0 0 -<span class=\"ls27 ws1df\">88</span> Raw <span class=\"ls29 ws1e0\">materials, consum., services &amp; subc<span class=\"_ _0\"></span>ontract<span class=\"_ _3\"></span>ed work (<span class=\"ls1 ws1\">-) </span></span>-<span class=\"ls29 ws1e1\">173</span> 0 0 -<span class=\"ls29 ws1e1\">173</span> -<span class=\"ls29 ws1e1\">88</span> 0 0 -<span class=\"ls29 ws1e1\">88</span> Interest<span class=\"_ _0\"></span> expenses Bank Van Breda (<span class=\"ls1 ws1\">-) </span>0 0 0 0 0 0 0 0 Impairment losses (<span class=\"ls1 ws1\">-) </span>0 0 0 0 0 0 0 0 Financial resul<span class=\"_ _3\"></span>t<span class=\"ls1 ws1\"> </span>3,689<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>996<span class=\"ls1 ws1\"> </span>0 4,685<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>-<span class=\"ls27 ws1df\">832</span> 1,568<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>0 736<span class=\"ls1 ws1\"> </span>Interest income<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,689<span class=\"ls1 ws1\"> </span>996<span class=\"ls1 ws1\"> </span>0 4,685<span class=\"ls1 ws1\"> </span>1,118<span class=\"ls1 ws1\"> </span>1,568<span class=\"ls1 ws1\"> </span>0 2,686<span class=\"ls1 ws1\"> </span>Interest<span class=\"_ _0\"></span> expenses<span class=\"ls1 ws1\"> </span>0 0 0 0 -<span class=\"ls29 ws1e1\">1,950</span> 0 0 -<span class=\"ls29 ws1e1\">1,950</span> The loans that AvH (<span class=\"_ _9f\"></span>a<span class=\"_ _3\"></span>nd subho<span class=\"_ _0\"></span>ldings) have granted to <span class=\"_ _0\"></span>participations that <span class=\"_ _0\"></span>are not fully consolidated <span class=\"_ _0\"></span>are included in the ab<span class=\"_ _0\"></span>ove table. The interest r<span class=\"_ _0\"></span>ate charged for<span class=\"_ _0\"></span> these int<span class=\"_ _0\"></span>ra<span class=\"ls1 ws1\">-<span class=\"ws1f3\">group loans is at arm\u2019s <span class=\"_ _0\"></span>length. The same applies for financing lo<span class=\"_ _0\"></span>ans </span></span>tha<span class=\"_ _3\"></span>t <span class=\"_ _7\"> </span><span class=\"ls4b ws28a\">Ne<span class=\"_ _3\"></span><span class=\"ls34 ws1ea\">xte<span class=\"_ _3\"></span>ns<span class=\"ls39 ws25f\">a, R<span class=\"_ _3\"></span>ent<span class=\"ls1 ws1\">-A-<span class=\"ws216\">Port and Green <span class=\"_ _0\"></span>Offshore grant to their e<span class=\"_ _0\"></span>quity<span class=\"ws1\">-<span class=\"ls34 ws1ea\">me<span class=\"_ _3\"></span>thod </span></span></span></span></span></span></span>partic<span class=\"_ _0\"></span>ipation<span class=\"_ _9f\"></span>s (or receiv<span class=\"_ _9f\"></span>e<span class=\"_ _3\"></span> fro<span class=\"_ _9f\"></span>m them, as i<span class=\"_ _0\"></span>s the c<span class=\"_ _0\"></span>ase at <span class=\"_ _0\"></span>Rent<span class=\"ls1 ws1\">-A-</span><span class=\"ws1ec\">Po<span class=\"_ _0\"></span>rt). <span class=\"ls1 ws1\"> </span></span>Through the full consolidation of <span class=\"ws307\">B<span class=\"_ _0\"></span>ank Va<span class=\"_ _3\"></span>n Breda<span class=\"ws1\"> <span class=\"_ _9f\"></span><span class=\"ws241\">and the inclusion of Delen Private<span class=\"_ _0\"></span> </span></span></span>Ba<span class=\"_ _3\"></span>nk <span class=\"_ _3\"></span><span class=\"ls1 ws1f2\">using the eq<span class=\"_ _0\"></span>uity method, th<span class=\"_ _0\"></span>e commercial paper of<span class=\"_ _0\"></span> Bank Van <span class=\"_ _0\"></span>Breda held by </span>Dele<span class=\"_ _3\"></span>n Private Ba<span class=\"_ _3\"></span>nk (<span class=\"ls24 ws1da\">71.8<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ws1f2\">million euros) a<span class=\"_ _0\"></span>nd the time deposits (<span class=\"_ _0\"></span><span class=\"ls24 ws1da\">7.8<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span><span class=\"ls35 ws237\">million<span class=\"_ _0\"></span> euros)<span class=\"_ _0\"></span> </span></span></span></span></span></span>are reported as a <span class=\"_ _3\"></span>debt of <span class=\"ls34 ws1f5\">Ba<span class=\"_ _3\"></span>nk V<span class=\"_ _3\"></span>an Br<span class=\"_ _3\"></span>eda<span class=\"_ _3\"></span></span><span class=\"ws1\"> <span class=\"ls33 ws204\">to a rela<span class=\"_ _3\"></span>ted par<span class=\"_ _3\"></span>ty.</span> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Transactio<span class=\"_ _3\"></span>ns with re<span class=\"_ _3\"></span>lated p<span class=\"_ _3\"></span>arties </span>\u2013 <span class=\"ls56 ws13d\">CFE </span>\u2013 <span class=\"ls3a ws20c\">DEME</span> \u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls24 ws26a\">Ackermans &amp; van Haare<span class=\"_ _3\"></span>n (AvH) owns 15,725,684 shares of CFE and DEME </span></span>Group a<span class=\"_ _0\"></span>s a resul<span class=\"_ _0\"></span>t is the pri<span class=\"_ _0\"></span>mary sh<span class=\"_ _0\"></span>arehol<span class=\"_ _0\"></span>der of bo<span class=\"_ _0\"></span>th comp<span class=\"_ _0\"></span>anies w<span class=\"_ _0\"></span>ith 62.1<span class=\"_ _0\"></span>2% of the tot<span class=\"_ _0\"></span>al num<span class=\"_ _0\"></span>ber of sh<span class=\"_ _9f\"></span>ares.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ws1f6\">Under the service contracts which DEME <span class=\"_ _0\"></span>and CFE concluded with AvH (in 2001 </span></span>and 2015 respectively), amo<span class=\"_ _3\"></span>unts were paid of 1.3 million euros and 0.6 milli<span class=\"_ _3\"></span>on euro<span class=\"_ _0\"></span>s respec<span class=\"_ _0\"></span>tivel<span class=\"_ _0\"></span>y.<span class=\"ls1 ws1\"> </span>\u2022<span class=\"ff3c\"> <span class=\"_ _4\"> </span><span class=\"ff3a fcb ls25 ws207\">Trans<span class=\"_ _0\"></span>actions w<span class=\"_ _0\"></span>ith rel<span class=\"_ _0\"></span>ated pa<span class=\"_ _0\"></span>rties co<span class=\"_ _0\"></span>ncern<span class=\"_ _0\"></span>ed main<span class=\"_ _0\"></span>ly tran<span class=\"_ _0\"></span>saction<span class=\"_ _0\"></span>s with c<span class=\"_ _0\"></span><span class=\"ls1 ws1\">ompanies </span></span></span>in which CFE an<span class=\"_ _0\"></span>d DEME have a jo<span class=\"_ _0\"></span>int control or <span class=\"_ _0\"></span>a significative influ<span class=\"_ _0\"></span>ence. These transa<span class=\"_ _0\"></span>ctions <span class=\"_ _0\"></span>are con<span class=\"_ _0\"></span>cluded<span class=\"_ _0\"></span> at arm\u2019<span class=\"_ _9f\"></span>s length.(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Assets<span class=\"_ _3\"></span> with rela<span class=\"_ _3\"></span>ted par<span class=\"_ _3\"></span>ties CFE<span class=\"ls1 ws1\">-<span class=\"ls59 ws290\">D<span class=\"_ _3\"></span>EME</span> </span>213,973<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>144,286<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Non current financial assets<span class=\"ls1 ws1\"> </span>162,467<span class=\"ls1 ws1\"> </span>109,788<span class=\"ls1 ws1\"> </span>Trade and other receivables<span class=\"ls1 ws1\"> </span>45,190<span class=\"ls1 ws1\"> </span>29,043<span class=\"ls1 ws1\"> </span>Other current a<span class=\"_ _3\"></span>ssets<span class=\"ls1 ws1\"> </span>6,316<span class=\"ls1 ws1\"> </span>5,455<span class=\"ls1 ws1\"> </span>Liabilities with related parties CFE<span class=\"ws1\">-<span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>48,296<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>35,781<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Other non current liabilities<span class=\"ls1 ws1\"> </span>13,666<span class=\"ls1 ws1\"> </span>15,061<span class=\"ls1 ws1\"> </span>Trade and other liabilities<span class=\"ls1 ws1\"> </span>34,630<span class=\"ls1 ws1\"> </span>20,720<span class=\"ls1 ws1\"> </span>(\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Revenues and expenses<span class=\"_ _3\"></span> with related pa<span class=\"_ _3\"></span>rties CFE<span class=\"ws1\">-<span class=\"ls59 ws290\">DEME<span class=\"_ _3\"></span></span> </span>281,050<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>229,758<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Revenue and revenue from auxiliary activities<span class=\"ls1 ws1\"> </span>303,068<span class=\"ls1 ws1\"> </span>242,452<span class=\"ls1 ws1\"> </span>Purchases and other operat<span class=\"_ _0\"></span>ing expenses <span class=\"_ _1c8\"> </span><span class=\"fc22\">-<span class=\"ls29 ws1e1\">28,822</span> <span class=\"_ _c4\"> </span>-<span class=\"ls29 ws1e1\">17,505</span> </span>Net financial <span class=\"ws1e1\">inc<span class=\"_ _0\"></span>ome/(expe<span class=\"_ _3\"></span>nse)<span class=\"ls1 ws1\"> </span></span>6,804<span class=\"ls1 ws1\"> </span>4,811<span class=\"ls1 ws1\"> </span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Remune<span class=\"_ _3\"></span>ration</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Remuneratio<span class=\"_ _3\"></span>n of the di<span class=\"_ _3\"></span>rectors<span class=\"ls1 ws1\"> </span>Tanti\u00e8mes at t<span class=\"_ _0\"></span>he expense of AvH<span class=\"ls1 ws1\"> </span>630<span class=\"ls1 ws1\"> </span>605<span class=\"ls1 ws1\"> </span>Remuneratio<span class=\"_ _3\"></span>n of the me<span class=\"_ _3\"></span>mbers of the e<span class=\"_ _3\"></span>xecutive co<span class=\"_ _3\"></span>mmittee<span class=\"ls1 ws1\"> </span>Fixed remuneration<span class=\"ls1 ws1\"> </span>3,548<span class=\"ls1 ws1\"> </span>3,079<span class=\"ls1 ws1\"> </span>Variable <span class=\"ls2b ws1dd\">remuneratio<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\"> </span></span>6,798<span class=\"ls1 ws1\"> </span>3,395<span class=\"ls1 ws1\"> </span>Share based payment<span class=\"ls1 ws1\"> </span>1,862<span class=\"ls1 ws1\"> </span>1,059<span class=\"ls1 ws1\"> </span>Group and hospitalisation ins<span class=\"_ _0\"></span>urance<span class=\"ls1 ws1\"> </span>572<span class=\"ls1 ws1\"> </span>367<span class=\"ls1 ws1\"> </span>Benefits in kind (company c<span class=\"_ _0\"></span>ar)<span class=\"ls1 ws1\"> </span>38<span class=\"ls1 ws1\"> </span>33<span class=\"ls1 ws1\"> </span>4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">The auditor<span class=\"_ _3\"></span> EY rece<span class=\"_ _3\"></span>ived foll<span class=\"_ _3\"></span>owing fee<span class=\"_ _3\"></span>s relate<span class=\"_ _3\"></span>d to:</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _18b\"> </span><span class=\"ls28 ws1de\">Av<span class=\"_ _3\"></span>H</span> <span class=\"_ _15d\"> </span><span class=\"ls2b ws1e4\">Subsidiaries (<span class=\"_ _3\"></span>1)</span> <span class=\"_ _61\"> </span></span><span class=\"ws297\">Total 202<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> <span class=\"_ _14\"> </span><span class=\"ls28 ws1de\">AvH<span class=\"_ _3\"></span></span> <span class=\"_ _67\"> </span><span class=\"ls2b ws1e4\">Subsidiaries<span class=\"_ _3\"></span> (1)</span> <span class=\"_ _10\"> </span></span>Total 2021<span class=\"ls1 ws1\"> </span></span>The statutor<span class=\"_ _3\"></span>y mandate<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71<span class=\"ls1 ws1\"> </span>3,227<span class=\"ls1 ws1\"> </span>3,298<span class=\"ls1 ws1\"> </span>66<span class=\"ls1 ws1\"> </span>2,562<span class=\"ls1 ws1\"> </span>2,628<span class=\"ls1 ws1\"> </span>Special missions<span class=\"ls1 ws1\"> </span>- <span class=\"ls2b ws1df\">Other control m<span class=\"_ _3\"></span>issions<span class=\"_ _3\"></span></span> 0 331<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>14<span class=\"ls1 ws1\"> </span>212<span class=\"ls1 ws1\"> </span>226<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Tax advice</span> 6 416<span class=\"ls1 ws1\"> </span>422<span class=\"ls1 ws1\"> </span>6 419<span class=\"ls1 ws1\"> </span>425<span class=\"ls1 ws1\"> </span>- <span class=\"ls2b ws1df\">Other mission<span class=\"_ _3\"></span>s than statutor<span class=\"_ _3\"></span>y</span> 9 86<span class=\"ls1 ws1\"> </span>95<span class=\"ls1 ws1\"> </span>8 70<span class=\"ls1 ws1\"> </span>79<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>86<span class=\"ls1 ws1\"> </span>4,060<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,146<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>94<span class=\"ls1 ws1\"> </span>3,263<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,358<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Including jointly controlled subsidiaries acco<span class=\"_ _0\"></span>unted for using the equity method.<span class=\"ls1 ws1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-238-4": {
   "value": "3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Remune<span class=\"_ _3\"></span>ration</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Remuneratio<span class=\"_ _3\"></span>n of the di<span class=\"_ _3\"></span>rectors<span class=\"ls1 ws1\"> </span>Tanti\u00e8mes at t<span class=\"_ _0\"></span>he expense of AvH<span class=\"ls1 ws1\"> </span>630<span class=\"ls1 ws1\"> </span>605<span class=\"ls1 ws1\"> </span>Remuneratio<span class=\"_ _3\"></span>n of the me<span class=\"_ _3\"></span>mbers of the e<span class=\"_ _3\"></span>xecutive co<span class=\"_ _3\"></span>mmittee<span class=\"ls1 ws1\"> </span>Fixed remuneration<span class=\"ls1 ws1\"> </span>3,548<span class=\"ls1 ws1\"> </span>3,079<span class=\"ls1 ws1\"> </span>Variable <span class=\"ls2b ws1dd\">remuneratio<span class=\"_ _3\"></span>n<span class=\"ls1 ws1\"> </span></span>6,798<span class=\"ls1 ws1\"> </span>3,395<span class=\"ls1 ws1\"> </span>Share based payment<span class=\"ls1 ws1\"> </span>1,862<span class=\"ls1 ws1\"> </span>1,059<span class=\"ls1 ws1\"> </span>Group and hospitalisation ins<span class=\"_ _0\"></span>urance<span class=\"ls1 ws1\"> </span>572<span class=\"ls1 ws1\"> </span>367<span class=\"ls1 ws1\"> </span>Benefits in kind (company c<span class=\"_ _0\"></span>ar)<span class=\"ls1 ws1\"> </span>38<span class=\"ls1 ws1\"> </span>33<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-239-3": {
   "value": "4.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">The auditor<span class=\"_ _3\"></span> EY rece<span class=\"_ _3\"></span>ived foll<span class=\"_ _3\"></span>owing fee<span class=\"_ _3\"></span>s relate<span class=\"_ _3\"></span>d to:</span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _18b\"> </span><span class=\"ls28 ws1de\">Av<span class=\"_ _3\"></span>H</span> <span class=\"_ _15d\"> </span><span class=\"ls2b ws1e4\">Subsidiaries (<span class=\"_ _3\"></span>1)</span> <span class=\"_ _61\"> </span></span><span class=\"ws297\">Total 202<span class=\"_ _3\"></span>2<span class=\"ls1 ws1\"> <span class=\"_ _14\"> </span><span class=\"ls28 ws1de\">AvH<span class=\"_ _3\"></span></span> <span class=\"_ _67\"> </span><span class=\"ls2b ws1e4\">Subsidiaries<span class=\"_ _3\"></span> (1)</span> <span class=\"_ _10\"> </span></span>Total 2021<span class=\"ls1 ws1\"> </span></span>The statutor<span class=\"_ _3\"></span>y mandate<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>71<span class=\"ls1 ws1\"> </span>3,227<span class=\"ls1 ws1\"> </span>3,298<span class=\"ls1 ws1\"> </span>66<span class=\"ls1 ws1\"> </span>2,562<span class=\"ls1 ws1\"> </span>2,628<span class=\"ls1 ws1\"> </span>Special missions<span class=\"ls1 ws1\"> </span>- <span class=\"ls2b ws1df\">Other control m<span class=\"_ _3\"></span>issions<span class=\"_ _3\"></span></span> 0 331<span class=\"ls1 ws1\"> </span>331<span class=\"ls1 ws1\"> </span>14<span class=\"ls1 ws1\"> </span>212<span class=\"ls1 ws1\"> </span>226<span class=\"ls1 ws1\"> </span>- <span class=\"ls29 ws1e0\">Tax advice</span> 6 416<span class=\"ls1 ws1\"> </span>422<span class=\"ls1 ws1\"> </span>6 419<span class=\"ls1 ws1\"> </span>425<span class=\"ls1 ws1\"> </span>- <span class=\"ls2b ws1df\">Other mission<span class=\"_ _3\"></span>s than statutor<span class=\"_ _3\"></span>y</span> 9 86<span class=\"ls1 ws1\"> </span>95<span class=\"ls1 ws1\"> </span>8 70<span class=\"ls1 ws1\"> </span>79<span class=\"ls1 ws1\"> </span>Total<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>86<span class=\"ls1 ws1\"> </span>4,060<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>4,146<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>94<span class=\"ls1 ws1\"> </span>3,263<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>3,358<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Including jointly controlled subsidiaries acco<span class=\"_ _0\"></span>unted for using the equity method.<span class=\"ls1 ws1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-240-2": {
   "value": "Note 28:<span class=\"ff3c\"> </span>E<span class=\"ls2f ws1e\">arnings per<span class=\"_ _3\"></span> share</span> 1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Continued and d<span class=\"_ _3\"></span>iscontin<span class=\"_ _3\"></span>ued operations<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Net consolidated res<span class=\"_ _0\"></span>ult, group share (\u20ac 1,000)<span class=\"ls1 ws1\"> </span>708,655<span class=\"ls1 ws1\"> </span>406,814<span class=\"ls1 ws1\"> </span>Weighted average number of shares (<span class=\"_ _0\"></span>1)<span class=\"ls1 ws1\"> </span>33,127,739<span class=\"ls1 ws1\"> </span>33,148,250<span class=\"ls1 ws1\"> </span>Earnings pe<span class=\"_ _3\"></span>r share (\u20ac)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21.39<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12.27<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Net consolidated res<span class=\"_ _0\"></span>ult, group share (\u20ac 1,000)<span class=\"ls1 ws1\"> </span>708,655<span class=\"ls1 ws1\"> </span>406,814<span class=\"ls1 ws1\"> </span>Weighted average number of shares (<span class=\"_ _0\"></span>1)<span class=\"ls1 ws1\"> </span>33,127,739<span class=\"ls1 ws1\"> </span>33,148,250<span class=\"ls1 ws1\"> </span>Impa<span class=\"_ _3\"></span>ct stock<span class=\"_ _3\"></span> <span class=\"ls5e ws1e0\">options<span class=\"ls1 ws1\"> </span></span>34,772<span class=\"ls1 ws1\"> </span>34,242<span class=\"ls1 ws1\"> </span>Adjusted weighted average number of shar<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>33,162,510<span class=\"ls1 ws1\"> </span>33,182,491<span class=\"ls1 ws1\"> </span>Diluted ear<span class=\"_ _3\"></span>nings per sha<span class=\"_ _3\"></span>re (\u20ac)<span class=\"ls1 ws1\"> </span>21.37<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12.26<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws10d\">Continued act<span class=\"_ _3\"></span>ivities<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _7b\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Net consolidated res<span class=\"_ _0\"></span>ult from continuing operations, group share (\u20ac 1,000)<span class=\"ls1 ws1\"> </span>705,834<span class=\"ls1 ws1\"> </span>406,964<span class=\"ls1 ws1\"> </span>Weighted average number of shares (<span class=\"_ _0\"></span>1)<span class=\"ls1 ws1\"> </span>33,127,739<span class=\"ls1 ws1\"> </span>33,148,250<span class=\"ls1 ws1\"> </span>Earnings pe<span class=\"_ _3\"></span>r share (\u20ac)<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>21.31<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12.28<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Net consolidated res<span class=\"_ _0\"></span>ult from continuing operations, group share (\u20ac 1,000)<span class=\"ls1 ws1\"> </span>705,834<span class=\"ls1 ws1\"> </span>406,964<span class=\"ls1 ws1\"> </span>Weighted average number of shares (<span class=\"_ _0\"></span>1)<span class=\"ls1 ws1\"> </span>33,127,739<span class=\"ls1 ws1\"> </span>33,148,250<span class=\"ls1 ws1\"> </span>Impact stock op<span class=\"_ _3\"></span>tions<span class=\"ls1 ws1\"> </span>34,772<span class=\"ls1 ws1\"> </span>34,242<span class=\"ls1 ws1\"> </span>Adjusted weighted average number of shar<span class=\"_ _0\"></span>es<span class=\"ls1 ws1\"> </span>33,162,510<span class=\"ls1 ws1\"> </span>33,182,491<span class=\"ls1 ws1\"> </span>Diluted ear<span class=\"_ _3\"></span>nings per sha<span class=\"_ _3\"></span>re (\u20ac)<span class=\"ls1 ws1\"> </span>21.28<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>12.26<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>(1) <span class=\"ls29 ws1e0\">Based on number of shares<span class=\"_ _0\"></span> issued, adjusted for treasury shares in portfolio<span class=\"fs3d ls1 ws1\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-242-2": {
   "value": "Note 29:<span class=\"ff3c\"> </span><span class=\"ls2f ws308\">Proposed and distr<span class=\"_ _3\"></span>ibuted dividends<span class=\"_ _3\"></span></span> A dividend <span class=\"ls40 ws23c\">of EUR 3.10 per share will b<span class=\"_ _0\"></span>e proposed for approval to the ordinary </span>general meeting of sha<span class=\"_ _0\"></span>reholders which will take pl<span class=\"_ _0\"></span>ace on 22 May 2023.<span class=\"ws1\"> </span>1.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Determine<span class=\"_ _3\"></span>d and paid out d<span class=\"_ _3\"></span>uring the year<span class=\"_ _3\"></span></span> (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> <span class=\"_ _1c7\"> </span></span><span class=\"ws1df\">2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span></span>Dividend on ordinary s<span class=\"_ _0\"></span>hares distributed in:<span class=\"ls1 ws1\"> </span> - <span class=\"ls29 ws1e0\">Final dividend 2021: 2.75 euros per share</span> -<span class=\"ls29 ws1e1\">91,085</span> -<span class=\"ls29 ws1e1\">77,890</span> 2.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls3a ws20c\">Proposed f<span class=\"_ _3\"></span>or approv<span class=\"_ _3\"></span>al by th<span class=\"_ _3\"></span>e gener<span class=\"_ _3\"></span>al meet<span class=\"_ _3\"></span>ing of May 2</span>2, 2023 (\u20ac 1,000<span class=\"_ _3\"></span>)<span class=\"ls1 ws1\"> </span>Dividend on ordinary s<span class=\"_ _0\"></span>hares:<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span> - <span class=\"ls29 ws1e0\">Final dividend 2022: 3.10 euros per share (1)</span> -<span class=\"ls29 ws1e1\">103,840</span> (1) <span class=\"_ _15c\"> </span><span class=\"ff3a ls29 ws1e0\">Maximum amount of dividend, based upon the total number of shares, without t<span class=\"_ _0\"></span>aking into account the treasury shares.<span class=\"ls1 ws1\"> </span></span>3.<span class=\"ff3c\"> <span class=\"_ _66\"> </span></span><span class=\"ls2f ws1e\">Dividend per sh<span class=\"_ _3\"></span>are (\u20ac)</span> 2022<span class=\"ls1 ws1\"> <span class=\"_ _a9\"> </span></span>2021<span class=\"_ _3\"></span><span class=\"ls1 ws1\"> </span>Gross<span class=\"ls1 ws1\"> <span class=\"_ _3\"></span> </span>3.1000<span class=\"ls1 ws1\"> </span>2.7500<span class=\"ls1 ws1\"> </span>Net (witholding tax 30%)<span class=\"ls1 ws1\"> </span>2.1700<span class=\"ls1 ws1\"> </span>1.9250<span class=\"ls1 ws1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121126": {
   "value": "Ackermans van Haaren ",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121134": {
   "value": "Belgium ",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121142": {
   "value": "Limited liability company ",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121151": {
   "value": "Belgium ",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121157": {
   "value": "2000 Antwerp, Begijnenvest 113 ",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121164": {
   "value": "Worldwide ",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121172": {
   "value": "Industrial Group ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121177": {
   "value": "Ackermans van Haaren ",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121186": {
   "value": "Ackermans van Haaren ",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "f121200": {
   "value": "NA ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
    "language": "en",
    "entity": "scheme:5493005E2GHATS0Z6J59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}