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T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l<span class=\"_ _341\"> </span> st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts have b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>epa<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>d ap<span class=\"_ _3\"/>prove<span class=\"_ _3\"/>d by the D<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s in<span class=\"_ _341\"> </span> accordance with UK adopt<span class=\"_ _2\"/>ed international accounting standards.<span class=\"_ _341\"> </span> The Company has elected t<span class=\"_ _2\"/>o prepare its parent company financial<span class=\"_ _341\"> </span> st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts in a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ord<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce wi<span class=\"_ _3\"/>th FRS 101<span class=\"_ _35\"/>. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se a<span class=\"_ _3\"/>re pr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ente<span class=\"_ _3\"/>d on<span class=\"_ _3\"/> pag<span class=\"_ _3\"/>es 21<span class=\"_ _2\"/>5 to 221<span class=\"_ _35\"/>.<span class=\"_ _341\"> </span>BA<span class=\"_ _3\"/>SI<span class=\"_ _3\"/>S O<span class=\"_ _3\"/>F PR<span class=\"_ _3\"/>E<span class=\"_ _3\"/>PAR<span class=\"_ _3\"/>ATIO<span class=\"_ _3\"/>N<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts have b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>are<span class=\"_ _3\"/>d in a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ord<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce wi<span class=\"_ _3\"/>th<span class=\"_ _341\"> </span> UK adopted<span class=\"_ _2\"/> international accounting standards in conformity with<span class=\"_ _341\"> </span> the re<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts o<span class=\"_ _3\"/>f the C<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ies A<span class=\"_ _3\"/>ct 20<span class=\"_ _3\"/>0<span class=\"_ _3\"/>6 an<span class=\"_ _3\"/>d Inte<span class=\"_ _3\"/>r<span class=\"_ _3\"/>nati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>al<span class=\"_ _341\"> </span> Fina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>ting S<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ds (I<span class=\"_ _3\"/>FRS) a<span class=\"_ _3\"/>s ado<span class=\"_ _3\"/>pte<span class=\"_ _3\"/>d by the UK<span class=\"_ _3\"/>. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se<span class=\"_ _341\"> </span> fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l st<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>men<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>lso c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>ply w<span class=\"_ _3\"/>ith I<span class=\"_ _3\"/>FRS a<span class=\"_ _3\"/>s is<span class=\"_ _3\"/>sue<span class=\"_ _3\"/>d by th<span class=\"_ _3\"/>e IAS<span class=\"_ _3\"/>B.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts have b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>are<span class=\"_ _3\"/>d on t<span class=\"_ _3\"/>he hi<span class=\"_ _3\"/>stor<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>al c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span> bas<span class=\"_ _3\"/>is exce<span class=\"_ _3\"/>pt th<span class=\"_ _3\"/>at de<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ivati<span class=\"_ _3\"/>ve fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e sta<span class=\"_ _3\"/>ted a<span class=\"_ _3\"/>t the<span class=\"_ _3\"/>ir<span class=\"_ _341\"> </span> fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e. Th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>epa<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of fi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts r<span class=\"_ _3\"/>eq<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>es th<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span> app<span class=\"_ _3\"/>lic<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>nd ju<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t af<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ted<span class=\"_ _3\"/> am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts of a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets a<span class=\"_ _3\"/>nd l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s, reve<span class=\"_ _3\"/>nue<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>nd co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d rel<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span> disclosures at the balance sheet dat<span class=\"_ _2\"/>e.<span class=\"_ _341\"> </span> Th<span class=\"_ _3\"/>e fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts have b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>are<span class=\"_ _3\"/>d on a g<span class=\"_ _3\"/>oin<span class=\"_ _3\"/>g co<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>er<span class=\"_ _3\"/>n<span class=\"_ _341\"> </span> bas<span class=\"_ _3\"/>is<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>ale f<span class=\"_ _3\"/>or ad<span class=\"_ _3\"/>opt<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>is ba<span class=\"_ _3\"/>si<span class=\"_ _3\"/>s is di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>us<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span> Dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s\u2019 re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t on p<span class=\"_ _3\"/>age 154.<span class=\"_ _341\"> </span>REPORT<span class=\"_ _2\"/>ING CURREN<span class=\"_ _2\"/>CY<span class=\"_ _341\"> </span>As a c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>e<span class=\"_ _3\"/>que<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e of the m<span class=\"_ _3\"/>aj<span class=\"_ _3\"/>ori<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y of th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s s<span class=\"_ _3\"/>ale<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>nd<span class=\"_ _341\"> </span> earning<span class=\"_ _3\"/>s originating in US dollars or US dollar link<span class=\"_ _2\"/>ed cur<span class=\"_ _3\"/>rencies<span class=\"_ _3\"/>,<span class=\"_ _341\"> </span> the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p ha<span class=\"_ _3\"/>s cho<span class=\"_ _3\"/>se<span class=\"_ _3\"/>n the U<span class=\"_ _3\"/>S dol<span class=\"_ _3\"/>la<span class=\"_ _3\"/>r as it<span class=\"_ _3\"/>s pr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>al cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>cy<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span> Thi<span class=\"_ _3\"/>s al<span class=\"_ _3\"/>ign<span class=\"_ _3\"/>s the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s ex<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>ting w<span class=\"_ _3\"/>ith t<span class=\"_ _3\"/>he pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>le of th<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span> Gr<span class=\"_ _3\"/>oup, as we<span class=\"_ _3\"/>ll a<span class=\"_ _3\"/>s with i<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>rna<span class=\"_ _3\"/>l ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>gem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tin<span class=\"_ _3\"/>g. Th<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span> fun<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>al cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>cy of th<span class=\"_ _3\"/>e pa<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>t is p<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ds s<span class=\"_ _3\"/>terl<span class=\"_ _3\"/>ing.<span class=\"_ _341\"> </span>CRITICAL ACCOUNTING JU<span class=\"_ _3\"/>DGEM<span class=\"_ _3\"/>ENTS AN<span class=\"_ _3\"/>D KEY<span class=\"_ _1\"/> SOURCE<span class=\"_ _3\"/>S OF ESTIMA<span class=\"_ _2\"/>TION UN<span class=\"_ _3\"/>CERTAINTY<span class=\"_ _341\"> </span>When applying the Group<span class=\"_ _2\"/>\u2019<span class=\"_ _2\"/>s accounting policies, management<span class=\"_ _341\"> </span> mus<span class=\"_ _3\"/>t ma<span class=\"_ _3\"/>ke a numb<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r of key jud<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>men<span class=\"_ _3\"/>ts o<span class=\"_ _3\"/>n the a<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>ica<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of<span class=\"_ _341\"> </span> applicable accounting<span class=\"_ _2\"/> standards and estimat<span class=\"_ _2\"/>es and assumptions<span class=\"_ _341\"> </span> con<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ning t<span class=\"_ _3\"/>he c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>yi<span class=\"_ _3\"/>ng a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nts o<span class=\"_ _3\"/>f as<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es th<span class=\"_ _3\"/>at a<span class=\"_ _3\"/>re<span class=\"_ _341\"> </span> not re<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>ily a<span class=\"_ _3\"/>ppa<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt fr<span class=\"_ _3\"/>om ot<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r sou<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>. The<span class=\"_ _3\"/>se e<span class=\"_ _3\"/>s<span class=\"_ _3\"/>tima<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>nd<span class=\"_ _341\"> </span> jud<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts a<span class=\"_ _3\"/>re ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on f<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s co<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d to be re<span class=\"_ _3\"/>leva<span class=\"_ _3\"/>nt,<span class=\"_ _3\"/> inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>ing h<span class=\"_ _3\"/>isto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>l expe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ien<span class=\"_ _3\"/>ce, w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h may d<span class=\"_ _3\"/>if<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>r sig<span class=\"_ _3\"/>nif<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>an<span class=\"_ _3\"/>tly f<span class=\"_ _3\"/>rom<span class=\"_ _3\"/> the a<span class=\"_ _3\"/>ctu<span class=\"_ _3\"/>al ou<span class=\"_ _3\"/>tco<span class=\"_ _3\"/>me. T<span class=\"_ _3\"/>he key a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ump<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns co<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>er<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>g the f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re<span class=\"_ _341\"> </span> and o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r key so<span class=\"_ _3\"/>urc<span class=\"_ _3\"/>es of e<span class=\"_ _3\"/>s<span class=\"_ _3\"/>tima<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n unc<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>int<span class=\"_ _3\"/>y th<span class=\"_ _3\"/>at h<span class=\"_ _3\"/>ave a<span class=\"_ _341\"> </span> sig<span class=\"_ _3\"/>nif<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k of ca<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ing a m<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>ria<span class=\"_ _3\"/>l ad<span class=\"_ _3\"/>jus<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt to th<span class=\"_ _3\"/>e am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts<span class=\"_ _341\"> </span> re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in the f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts wi<span class=\"_ _3\"/>thin t<span class=\"_ _3\"/>he nex<span class=\"_ _3\"/>t ye<span class=\"_ _3\"/>ar a<span class=\"_ _3\"/>re<span class=\"_ _341\"> </span> dis<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ed b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow<span class=\"_ _2\"/>. Th<span class=\"_ _3\"/>e devel<span class=\"_ _3\"/>op<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of th<span class=\"_ _3\"/>e es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ates a<span class=\"_ _3\"/>nd<span class=\"_ _3\"/> dis<span class=\"_ _3\"/>clo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s rel<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d to eac<span class=\"_ _3\"/>h of the<span class=\"_ _3\"/>se m<span class=\"_ _3\"/>at<span class=\"_ _3\"/>te<span class=\"_ _3\"/>rs h<span class=\"_ _3\"/>as b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n di<span class=\"_ _3\"/>scu<span class=\"_ _3\"/>s<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span> by the Au<span class=\"_ _3\"/>dit C<span class=\"_ _3\"/>om<span class=\"_ _3\"/>mit<span class=\"_ _3\"/>te<span class=\"_ _3\"/>e.<span class=\"_ _341\"> </span>Clim<span class=\"_ _3\"/>ate c<span class=\"_ _3\"/>han<span class=\"_ _3\"/>ge r<span class=\"_ _3\"/>isk<span class=\"_ _3\"/>s and o<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>uni<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>s det<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>led i<span class=\"_ _3\"/>n cli<span class=\"_ _3\"/>mate<span class=\"_ _3\"/> str<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>gy o<span class=\"_ _3\"/>n pag<span class=\"_ _3\"/>es 42 to 56<span class=\"_ _3\"/>, were c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>si<span class=\"_ _3\"/>de<span class=\"_ _3\"/>red a<span class=\"_ _3\"/>s pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of o<span class=\"_ _3\"/>ur f<span class=\"_ _3\"/>ive<span class=\"_ _341\"> </span> yea<span class=\"_ _3\"/>r fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l pl<span class=\"_ _3\"/>an. T<span class=\"_ _3\"/>he f<span class=\"_ _3\"/>ive yea<span class=\"_ _3\"/>r fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al pl<span class=\"_ _3\"/>an h<span class=\"_ _3\"/>as b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n uti<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n<span class=\"_ _341\"> </span> the a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>sm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t of the c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing va<span class=\"_ _3\"/>lue o<span class=\"_ _3\"/>f as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts, i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of<span class=\"_ _341\"> </span> goo<span class=\"_ _3\"/>dw<span class=\"_ _3\"/>ill, a<span class=\"_ _3\"/>nd the g<span class=\"_ _3\"/>oi<span class=\"_ _3\"/>ng co<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>er<span class=\"_ _3\"/>n an<span class=\"_ _3\"/>d via<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>es<span class=\"_ _3\"/>sm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>CRITICAL ACCOUNTING JU<span class=\"_ _3\"/>DGEM<span class=\"_ _3\"/>ENTS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g is the s<span class=\"_ _3\"/>ol<span class=\"_ _3\"/>e cr<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>l jud<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t, a<span class=\"_ _3\"/>s opp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ed to th<span class=\"_ _3\"/>os<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span> involv<span class=\"_ _3\"/>ing e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns wh<span class=\"_ _3\"/>ich a<span class=\"_ _3\"/>re d<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>lt wi<span class=\"_ _3\"/>th se<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>rate<span class=\"_ _3\"/>ly b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow<span class=\"_ _2\"/>, tha<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span> the D<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s have ma<span class=\"_ _3\"/>de in th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s of ap<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>yin<span class=\"_ _3\"/>g the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s<span class=\"_ _341\"> </span> accounting policies that has significant effect on the amounts<span class=\"_ _341\"> </span> Notes to the consolidated financial st<span class=\"_ _3\"/>atements For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>recogni<span class=\"_ _3\"/>sed in the financial statements<span class=\"_ _3\"/>. Where relevant and<span class=\"_ _341\"> </span> pr<span class=\"_ _3\"/>act<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>e, se<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>itiv<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>nal<span class=\"_ _3\"/>ys<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re di<span class=\"_ _3\"/>scl<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n the re<span class=\"_ _3\"/>leva<span class=\"_ _3\"/>nt<span class=\"_ _341\"> </span> note<span class=\"_ _3\"/>s to dem<span class=\"_ _3\"/>on<span class=\"_ _3\"/>str<span class=\"_ _3\"/>ate th<span class=\"_ _3\"/>e imp<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t of ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s or<span class=\"_ _341\"> </span> assumptions used.<span class=\"_ _341\"> </span>REVENUE RE<span class=\"_ _2\"/>COGNI<span class=\"_ _2\"/>TION<span class=\"_ _341\"> </span>Jud<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt is exer<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d over how to d<span class=\"_ _3\"/>eter<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>ne th<span class=\"_ _3\"/>e timi<span class=\"_ _3\"/>ng<span class=\"_ _341\"> </span> of reve<span class=\"_ _3\"/>nue re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on fo<span class=\"_ _3\"/>r ord<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s w<span class=\"_ _3\"/>her<span class=\"_ _3\"/>e the a<span class=\"_ _3\"/>gre<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d ter<span class=\"_ _3\"/>ms a<span class=\"_ _3\"/>re<span class=\"_ _341\"> </span> del<span class=\"_ _3\"/>iver<span class=\"_ _0\"/>y to the d<span class=\"_ _3\"/>es<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n po<span class=\"_ _3\"/>int<span class=\"_ _3\"/>. The G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up ha<span class=\"_ _3\"/>s co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ile<span class=\"_ _3\"/>d sh<span class=\"_ _3\"/>ipp<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ates b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n the d<span class=\"_ _3\"/>es<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n co<span class=\"_ _3\"/>unt<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y wh<span class=\"_ _3\"/>ich a<span class=\"_ _3\"/>re u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to<span class=\"_ _341\"> </span> inform the timing of<span class=\"_ _2\"/> revenue recognition. In compiling these<span class=\"_ _341\"> </span> es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ates m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt h<span class=\"_ _3\"/>ave use<span class=\"_ _3\"/>d pa<span class=\"_ _3\"/>st ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rie<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>r<span class=\"_ _341\"> </span> st<span class=\"_ _3\"/>and<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>d shi<span class=\"_ _3\"/>ppi<span class=\"_ _3\"/>ng e<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>mate<span class=\"_ _3\"/>s to info<span class=\"_ _3\"/>rm t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>ir de<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n ma<span class=\"_ _3\"/>kin<span class=\"_ _3\"/>g.<span class=\"_ _341\"> </span>KE<span class=\"_ _3\"/>Y S<span class=\"_ _3\"/>O<span class=\"_ _3\"/>UR<span class=\"_ _3\"/>CE<span class=\"_ _3\"/>S O<span class=\"_ _3\"/>F ES<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>M<span class=\"_ _3\"/>ATION U<span class=\"_ _3\"/>N<span class=\"_ _3\"/>CE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>TAIN<span class=\"_ _3\"/>T<span class=\"_ _3\"/>Y<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e key as<span class=\"_ _3\"/>sum<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>ns c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>rni<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e fu<span class=\"_ _3\"/>ture, a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r key sou<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>es<span class=\"_ _341\"> </span> of es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on un<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y at the r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ing p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>d tha<span class=\"_ _3\"/>t may have a<span class=\"_ _341\"> </span> sig<span class=\"_ _3\"/>nif<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k of ca<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ing a m<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>ria<span class=\"_ _3\"/>l mi<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt to th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yin<span class=\"_ _3\"/>g<span class=\"_ _341\"> </span> am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts of a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets a<span class=\"_ _3\"/>nd l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s wit<span class=\"_ _3\"/>hin th<span class=\"_ _3\"/>e nex<span class=\"_ _3\"/>t fi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al ye<span class=\"_ _3\"/>ar<span class=\"_ _2\"/>, a<span class=\"_ _3\"/>re<span class=\"_ _341\"> </span> discussed belo<span class=\"_ _2\"/>w<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>A. <span class=\"_ _42\"> </span>ENVIRONMENT<span class=\"_ _35\"/>AL P<span class=\"_ _2\"/>ROVISIONS<span class=\"_ _341\"> </span>Provi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns fo<span class=\"_ _3\"/>r env<span class=\"_ _3\"/>iro<span class=\"_ _3\"/>nme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al re<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n are r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re: the<span class=\"_ _3\"/> Gr<span class=\"_ _3\"/>oup h<span class=\"_ _3\"/>as a p<span class=\"_ _3\"/>res<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t le<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>l or co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tive ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on a<span class=\"_ _3\"/>s a res<span class=\"_ _3\"/>ult o<span class=\"_ _3\"/>f<span class=\"_ _341\"> </span> pas<span class=\"_ _3\"/>t even<span class=\"_ _3\"/>ts; it i<span class=\"_ _3\"/>s pr<span class=\"_ _3\"/>oba<span class=\"_ _3\"/>ble t<span class=\"_ _3\"/>hat a<span class=\"_ _3\"/>n ou<span class=\"_ _3\"/>t<span class=\"_ _3\"/>flow of r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>rce<span class=\"_ _3\"/>s wi<span class=\"_ _3\"/>ll be<span class=\"_ _341\"> </span> re<span class=\"_ _3\"/>quir<span class=\"_ _3\"/>ed to s<span class=\"_ _3\"/>et<span class=\"_ _3\"/>tl<span class=\"_ _3\"/>e the ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on; an<span class=\"_ _3\"/>d the a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt c<span class=\"_ _3\"/>an b<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span> es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ated r<span class=\"_ _3\"/>eli<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ly<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>Envir<span class=\"_ _3\"/>onm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s are m<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d at the p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt val<span class=\"_ _3\"/>ue of t<span class=\"_ _3\"/>he<span class=\"_ _341\"> </span> expe<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>itu<span class=\"_ _3\"/>res ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted to be r<span class=\"_ _3\"/>eq<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ed to s<span class=\"_ _3\"/>et<span class=\"_ _3\"/>tle t<span class=\"_ _3\"/>he ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on us<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> a pre<span class=\"_ _3\"/>-t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate th<span class=\"_ _3\"/>at re<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ts c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>t ma<span class=\"_ _3\"/>rket a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>sm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts<span class=\"_ _341\"> </span> of the t<span class=\"_ _3\"/>ime va<span class=\"_ _3\"/>lue of m<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ey an<span class=\"_ _3\"/>d the r<span class=\"_ _3\"/>isk<span class=\"_ _3\"/>s sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>c to the o<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>gat<span class=\"_ _3\"/>ion.<span class=\"_ _3\"/> Du<span class=\"_ _3\"/>e to the lo<span class=\"_ _3\"/>ng ti<span class=\"_ _3\"/>me ho<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>zons ove<span class=\"_ _3\"/>r whi<span class=\"_ _3\"/>ch c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ts ar<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>tic<span class=\"_ _3\"/>ipate<span class=\"_ _3\"/>d,<span class=\"_ _341\"> </span> sma<span class=\"_ _3\"/>ll c<span class=\"_ _3\"/>han<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s in re<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>ual c<span class=\"_ _3\"/>a<span class=\"_ _3\"/>sh ou<span class=\"_ _3\"/>t<span class=\"_ _3\"/>flow<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>n have a<span class=\"_ _341\"> </span> significant cumulative i<span class=\"_ _2\"/>mpact on the to<span class=\"_ _2\"/>tal provision required. At<span class=\"_ _2\"/> 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yin<span class=\"_ _3\"/>g valu<span class=\"_ _3\"/>e of e<span class=\"_ _3\"/>nviro<span class=\"_ _3\"/>nm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>al p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns<span class=\"_ _3\"/> was $27<span class=\"_ _35\"/>.5m. Fur<span class=\"_ _0\"/>the<span class=\"_ _3\"/>r de<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ils of t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se p<span class=\"_ _3\"/>rovis<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>nd a se<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>vit<span class=\"_ _3\"/>y<span class=\"_ _341\"> </span> as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>re give<span class=\"_ _3\"/>n in N<span class=\"_ _3\"/>ote 1<span class=\"_ _2\"/>5.<span class=\"_ _341\"> </span>B. <span class=\"_ _42\"> </span>VA<span class=\"_ _3\"/>LUATIO<span class=\"_ _3\"/>N O<span class=\"_ _3\"/>F A DE<span class=\"_ _3\"/>FI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D BE<span class=\"_ _3\"/>N<span class=\"_ _3\"/>E<span class=\"_ _3\"/>FI<span class=\"_ _3\"/>T PE<span class=\"_ _3\"/>N<span class=\"_ _3\"/>S<span class=\"_ _3\"/>IO<span class=\"_ _3\"/>N<span class=\"_ _1\"/> OBLIGA<span class=\"_ _35\"/>TION<span class=\"_ _1\"/> The ke<span class=\"_ _2\"/>y estimates made in r<span class=\"_ _2\"/>elation to defined benefit pensions<span class=\"_ _341\"> </span> rel<span class=\"_ _3\"/>ate to the d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>cou<span class=\"_ _3\"/>nt r<span class=\"_ _3\"/>ate us<span class=\"_ _3\"/>ed to d<span class=\"_ _3\"/>eter<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>ne th<span class=\"_ _3\"/>e pre<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt va<span class=\"_ _3\"/>lue of<span class=\"_ _3\"/> fut<span class=\"_ _3\"/>ure b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>it, th<span class=\"_ _3\"/>e ra<span class=\"_ _3\"/>te of inf<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>lie<span class=\"_ _3\"/>d to pla<span class=\"_ _3\"/>n as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets<span class=\"_ _3\"/>, mor<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y<span class=\"_ _3\"/> rate<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d ra<span class=\"_ _3\"/>tes of s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y grow<span class=\"_ _3\"/>t<span class=\"_ _3\"/>h. At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r 2022 th<span class=\"_ _3\"/>e UK<span class=\"_ _341\"> </span> sch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e, the l<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>st of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s retire<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt p<span class=\"_ _3\"/>lan<span class=\"_ _3\"/>s, h<span class=\"_ _3\"/>ad a su<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>lus<span class=\"_ _3\"/> of $26.4<span class=\"_ _3\"/>m whil<span class=\"_ _3\"/>st th<span class=\"_ _3\"/>e US a<span class=\"_ _3\"/>nd oth<span class=\"_ _3\"/>er s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>es we<span class=\"_ _3\"/>re in a n<span class=\"_ _3\"/>et de<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>cit<span class=\"_ _3\"/> po<span class=\"_ _3\"/>siti<span class=\"_ _3\"/>on of $<span class=\"_ _3\"/>8.<span class=\"_ _3\"/>9m in a<span class=\"_ _3\"/>gg<span class=\"_ _3\"/>re<span class=\"_ _3\"/>gate. Fur<span class=\"_ _0\"/>the<span class=\"_ _3\"/>r de<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ils of p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>nd<span class=\"_ _341\"> </span> a se<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>tiv<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>al<span class=\"_ _3\"/>ysi<span class=\"_ _3\"/>s are g<span class=\"_ _3\"/>iven i<span class=\"_ _3\"/>n Note 25.<span class=\"_ _341\"> </span>C. <span class=\"_ _42\"> </span>I<span class=\"_ _3\"/>M<span class=\"_ _3\"/>PAI<span class=\"_ _3\"/>RM<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT T<span class=\"_ _3\"/>ES<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>G OF G<span class=\"_ _3\"/>O<span class=\"_ _3\"/>ODW<span class=\"_ _3\"/>I<span class=\"_ _3\"/>LL I<span class=\"_ _3\"/>N TALC<span class=\"_ _1\"/> CAS<span class=\"_ _3\"/>H G<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ATI<span class=\"_ _3\"/>NG U<span class=\"_ _3\"/>N<span class=\"_ _3\"/>IT (C<span class=\"_ _3\"/>GU<span class=\"_ _3\"/>)<span class=\"_ _1\"/> Eac<span class=\"_ _3\"/>h yea<span class=\"_ _3\"/>r the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up ca<span class=\"_ _3\"/>r<span class=\"_ _3\"/>rie<span class=\"_ _3\"/>s ou<span class=\"_ _3\"/>t im<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ent te<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s of go<span class=\"_ _3\"/>od<span class=\"_ _3\"/>will<span class=\"_ _3\"/> whi<span class=\"_ _3\"/>ch re<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ire e<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>mate<span class=\"_ _3\"/>s to be m<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>e of the va<span class=\"_ _3\"/>lue i<span class=\"_ _3\"/>n us<span class=\"_ _3\"/>e of the<span class=\"_ _3\"/> ca<span class=\"_ _3\"/>sh ge<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g uni<span class=\"_ _3\"/>ts to wh<span class=\"_ _3\"/>ich i<span class=\"_ _3\"/>t is a<span class=\"_ _3\"/>llo<span class=\"_ _3\"/>cate<span class=\"_ _3\"/>d. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se val<span class=\"_ _3\"/>ue in u<span class=\"_ _3\"/>se<span class=\"_ _3\"/> ca<span class=\"_ _3\"/>lcu<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s are d<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>en<span class=\"_ _3\"/>de<span class=\"_ _3\"/>nt on e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>tes of f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>ash f<span class=\"_ _3\"/>low<span class=\"_ _3\"/>s,<span class=\"_ _341\"> </span> lon<span class=\"_ _3\"/>g-te<span class=\"_ _3\"/>rm g<span class=\"_ _3\"/>row<span class=\"_ _3\"/>th r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s and a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ate di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t rate<span class=\"_ _3\"/>s to be<span class=\"_ _3\"/> app<span class=\"_ _3\"/>lie<span class=\"_ _3\"/>d to fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Du<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g the ye<span class=\"_ _3\"/>ar e<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>ed 31 De<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r 202<span class=\"_ _3\"/>2, a full i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _341\"> </span> revi<span class=\"_ _3\"/>ew was p<span class=\"_ _3\"/>er<span class=\"_ _0\"/>for<span class=\"_ _3\"/>me<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>d an im<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t ch<span class=\"_ _3\"/>arg<span class=\"_ _3\"/>e of $1<span class=\"_ _2\"/>0<span class=\"_ _3\"/>3.4 mill<span class=\"_ _3\"/>ion<span class=\"_ _3\"/> was re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ord<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>spe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t of the g<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>dwi<span class=\"_ _3\"/>ll he<span class=\"_ _3\"/>ld in th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>lc CG<span class=\"_ _3\"/>U.<span class=\"_ _341\"> </span> At 31 Octob<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>al<span class=\"_ _3\"/>c CG<span class=\"_ _3\"/>U had a c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing va<span class=\"_ _3\"/>lue of<span class=\"_ _3\"/> $244.6 mill<span class=\"_ _3\"/>ion a<span class=\"_ _3\"/>nd n<span class=\"_ _3\"/>o fur<span class=\"_ _0\"/>the<span class=\"_ _3\"/>r im<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t cha<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>e was re<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span> Should the business experience fur<span class=\"_ _3\"/>ther unforeseen deterioration<span class=\"_ _341\"> </span>of re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>ts, we<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e to be a<span class=\"_ _3\"/>n inc<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ase i<span class=\"_ _3\"/>n the p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>-ta<span class=\"_ _0\"/>x dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate,<span class=\"_ _3\"/> or a re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on in t<span class=\"_ _3\"/>he lo<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>-ter<span class=\"_ _3\"/>m grow<span class=\"_ _0\"/>th ra<span class=\"_ _3\"/>te, a fut<span class=\"_ _3\"/>ure i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt may be r<span class=\"_ _3\"/>eq<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ed fo<span class=\"_ _3\"/>r the<span class=\"_ _3\"/>se a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s. Fur<span class=\"_ _3\"/>t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r det<span class=\"_ _3\"/>ail<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d se<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>itiv<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y dis<span class=\"_ _3\"/>clo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s are i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>ude<span class=\"_ _3\"/>d in N<span class=\"_ _3\"/>ote 10<span class=\"_ _341\"> </span>.<span class=\"_ _341\"> </span>BA<span class=\"_ _3\"/>SI<span class=\"_ _3\"/>S O<span class=\"_ _3\"/>F CO<span class=\"_ _3\"/>N<span class=\"_ _3\"/>SO<span class=\"_ _3\"/>LI<span class=\"_ _3\"/>DATION<span class=\"_ _341\"> </span>The consolidated financial statements include the<span class=\"_ _2\"/> financial st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts of th<span class=\"_ _3\"/>e Co<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ny an<span class=\"_ _3\"/>d its s<span class=\"_ _3\"/>ubs<span class=\"_ _3\"/>idi<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s for t<span class=\"_ _3\"/>he yea<span class=\"_ _3\"/>r<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>Subsidiar<span class=\"_ _3\"/>ies are all entities (including stru<span class=\"_ _3\"/>ctured entities) over whi<span class=\"_ _3\"/>ch th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup h<span class=\"_ _3\"/>as c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rol. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ols a<span class=\"_ _3\"/>n en<span class=\"_ _3\"/>tit<span class=\"_ _3\"/>y w<span class=\"_ _3\"/>hen<span class=\"_ _3\"/> the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p is ex<span class=\"_ _3\"/>pos<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d to, or ha<span class=\"_ _3\"/>s rig<span class=\"_ _3\"/>hts to, va<span class=\"_ _3\"/>ria<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e ret<span class=\"_ _3\"/>urn<span class=\"_ _3\"/>s fr<span class=\"_ _3\"/>om it<span class=\"_ _3\"/>s involve<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt wi<span class=\"_ _3\"/>th the e<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>d ha<span class=\"_ _3\"/>s the a<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y to af<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct t<span class=\"_ _3\"/>hos<span class=\"_ _3\"/>e retu<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>s thr<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>gh it<span class=\"_ _3\"/>s powe<span class=\"_ _3\"/>r over th<span class=\"_ _3\"/>e ent<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y<span class=\"_ _2\"/>. Su<span class=\"_ _3\"/>bs<span class=\"_ _3\"/>idi<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s are f<span class=\"_ _3\"/>ull<span class=\"_ _3\"/>y con<span class=\"_ _3\"/>so<span class=\"_ _3\"/>lid<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d fro<span class=\"_ _3\"/>m the d<span class=\"_ _3\"/>ate on w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ol is t<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nsfe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d to the Gr<span class=\"_ _3\"/>oup. T<span class=\"_ _3\"/>hey a<span class=\"_ _3\"/>re de<span class=\"_ _3\"/>co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>oli<span class=\"_ _3\"/>date<span class=\"_ _3\"/>d fr<span class=\"_ _3\"/>om th<span class=\"_ _3\"/>e date o<span class=\"_ _3\"/>n whi<span class=\"_ _3\"/>ch th<span class=\"_ _3\"/>at control ceases.<span class=\"_ _341\"> </span>The Group applies the acquisition<span class=\"_ _2\"/> method to account for<span class=\"_ _2\"/> busines<span class=\"_ _3\"/>s combinations. The consideration transferred for the acquisition of<span class=\"_ _2\"/> a sub<span class=\"_ _3\"/>si<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y is t<span class=\"_ _3\"/>he fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue of t<span class=\"_ _3\"/>he as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>red<span class=\"_ _3\"/>, the li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ies<span class=\"_ _3\"/> inc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d to the fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>er ow<span class=\"_ _3\"/>ner<span class=\"_ _3\"/>s of t<span class=\"_ _3\"/>he ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>re<span class=\"_ _3\"/>e, an<span class=\"_ _3\"/>d the e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>sts i<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>d by the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up. Th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tion t<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>es t<span class=\"_ _3\"/>he fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue of a<span class=\"_ _3\"/>ny as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t or li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ulti<span class=\"_ _3\"/>ng fr<span class=\"_ _3\"/>om a contingent cons<span class=\"_ _3\"/>ideration ar<span class=\"_ _3\"/>rangeme<span class=\"_ _3\"/>nt. Identifiable as<span class=\"_ _3\"/>sets acquired and liabili<span class=\"_ _2\"/>ties and contingent<span class=\"_ _2\"/> liabilities assumed in<span class=\"_ _2\"/> a business com<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>nati<span class=\"_ _3\"/>on a<span class=\"_ _3\"/>re me<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ed in<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>all<span class=\"_ _3\"/>y at th<span class=\"_ _3\"/>eir f<span class=\"_ _3\"/>air va<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>e at the<span class=\"_ _3\"/> acquisition date<span class=\"_ _2\"/>. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition bas<span class=\"_ _3\"/>is, eit<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r at fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue o<span class=\"_ _3\"/>r at the n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tro<span class=\"_ _3\"/>llin<span class=\"_ _3\"/>g inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st<span class=\"_ _3\"/>\u2019<span class=\"_ _2\"/>s pr<span class=\"_ _3\"/>op<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>ate sha<span class=\"_ _3\"/>re of t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts of t<span class=\"_ _3\"/>he ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>re<span class=\"_ _3\"/>e\u2019<span class=\"_ _2\"/>s id<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le net a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Acq<span class=\"_ _3\"/>uis<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on c<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d for a<span class=\"_ _3\"/>s an ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse i<span class=\"_ _3\"/>n the<span class=\"_ _3\"/> pe<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>d in<span class=\"_ _3\"/>cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span>Intr<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d any un<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ali<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d ga<span class=\"_ _3\"/>ins a<span class=\"_ _3\"/>nd l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s or in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me<span class=\"_ _3\"/> and ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g fr<span class=\"_ _3\"/>om in<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>gro<span class=\"_ _3\"/>up tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>, ar<span class=\"_ _3\"/>e eli<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ated i<span class=\"_ _3\"/>n preparing the consolidated financial statements. Unrealised losses are e<span class=\"_ _3\"/>lim<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n the s<span class=\"_ _3\"/>am<span class=\"_ _3\"/>e way as un<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ali<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d ga<span class=\"_ _3\"/>ins<span class=\"_ _3\"/>, but o<span class=\"_ _3\"/>nl<span class=\"_ _3\"/>y to the exte<span class=\"_ _3\"/>nt th<span class=\"_ _3\"/>at th<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e is no ev<span class=\"_ _3\"/>ide<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e of im<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t.<span class=\"_ _341\"> </span>A ful<span class=\"_ _3\"/>l lis<span class=\"_ _3\"/>t of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s su<span class=\"_ _3\"/>bsi<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>s sh<span class=\"_ _3\"/>own in N<span class=\"_ _3\"/>ote 6 of the<span class=\"_ _3\"/> parent company financial statements.<span class=\"_ _341\"> </span>CHANGES IN<span class=\"_ _2\"/> ACCO<span class=\"_ _2\"/>UNTING POL<span class=\"_ _2\"/>ICIES<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>g po<span class=\"_ _3\"/>lic<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s ado<span class=\"_ _3\"/>pted a<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>tent w<span class=\"_ _3\"/>ith t<span class=\"_ _3\"/>hos<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e previous financial year<span class=\"_ _35\"/>. FOREI<span class=\"_ _2\"/>GN CURRENC<span class=\"_ _35\"/>Y<span class=\"_ _341\"> </span>A. <span class=\"_ _42\"> </span>FOREI<span class=\"_ _2\"/>GN CURREN<span class=\"_ _2\"/>CY<span class=\"_ _2\"/> TRANSAC<span class=\"_ _2\"/>TIONS<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>ransac<span class=\"_ _3\"/>tions in foreign<span class=\"_ _2\"/> curren<span class=\"_ _3\"/>cies are translated at t<span class=\"_ _2\"/>he foreign ex<span class=\"_ _2\"/>change rate ruling at<span class=\"_ _2\"/> the date o<span class=\"_ _2\"/>f the transaction. Monetar<span class=\"_ _3\"/>y assets and liabilities denominated in<span class=\"_ _2\"/> foreign currencies at the balance sheet date are t<span class=\"_ _2\"/>ranslated at the foreign e<span class=\"_ _2\"/>xchange rate ruling at that<span class=\"_ _2\"/> date. F<span class=\"_ _2\"/>oreign ex<span class=\"_ _2\"/>change dif<span class=\"_ _3\"/>ferences arising on translation are rec<span class=\"_ _3\"/>ognised in the income statement. Non<span class=\"_ _3\"/>-moneta<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y assets and liabilities denominated in<span class=\"_ _2\"/> foreign currencies that are st<span class=\"_ _3\"/>ated a<span class=\"_ _3\"/>t fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue ar<span class=\"_ _3\"/>e tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d at exch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge r<span class=\"_ _3\"/>ates r<span class=\"_ _3\"/>uli<span class=\"_ _3\"/>ng at t<span class=\"_ _3\"/>he date<span class=\"_ _3\"/>s the f<span class=\"_ _3\"/>air va<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>e was de<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>B. <span class=\"_ _42\"> </span>FINANCIAL ST<span class=\"_ _1\"/>A<span class=\"_ _2\"/>TEMENTS OF F<span class=\"_ _2\"/>OREIGN<span class=\"_ _1\"/> OPER<span class=\"_ _3\"/>A<span class=\"_ _2\"/>TION<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts an<span class=\"_ _3\"/>d lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es of fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ign o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns, i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>ng go<span class=\"_ _3\"/>od<span class=\"_ _3\"/>will<span class=\"_ _3\"/> and f<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nts a<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g on c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sol<span class=\"_ _3\"/>ida<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n, are t<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d at ex<span class=\"_ _2\"/>change rates ruling at<span class=\"_ _2\"/> the balance sheet date.<span class=\"_ _2\"/> The revenues and ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>es o<span class=\"_ _3\"/>f fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>re tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sla<span class=\"_ _3\"/>ted a<span class=\"_ _3\"/>t the ave<span class=\"_ _3\"/>rag<span class=\"_ _3\"/>e rates of<span class=\"_ _2\"/> exchange ruling<span class=\"_ _2\"/> for the relev<span class=\"_ _2\"/>ant period. Exchange dif<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g sin<span class=\"_ _3\"/>ce 1 J<span class=\"_ _3\"/>anu<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y 20<span class=\"_ _3\"/>04 on t<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on a<span class=\"_ _3\"/>re take<span class=\"_ _3\"/>n to the t<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nsl<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ve. T<span class=\"_ _3\"/>hey a<span class=\"_ _3\"/>re re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e sta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent u<span class=\"_ _3\"/>po<span class=\"_ _3\"/>n dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>l of the f<span class=\"_ _3\"/>ore<span class=\"_ _3\"/>ign o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n. Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up m<span class=\"_ _3\"/>ay he<span class=\"_ _3\"/>dge a p<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of the t<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nsl<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of i<span class=\"_ _3\"/>ts over<span class=\"_ _3\"/>se<span class=\"_ _3\"/>as n<span class=\"_ _3\"/>et as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets t<span class=\"_ _3\"/>hro<span class=\"_ _3\"/>ugh U<span class=\"_ _3\"/>S dol<span class=\"_ _3\"/>la<span class=\"_ _3\"/>r and e<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>o bo<span class=\"_ _3\"/>rrow<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s. From 1 Ja<span class=\"_ _3\"/>nua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 20<span class=\"_ _3\"/>0<span class=\"_ _3\"/>5, the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up ha<span class=\"_ _3\"/>s el<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ted to a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>ly ne<span class=\"_ _3\"/>t inv<span class=\"_ _2\"/>estment hedge accounting for these transactions where po<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>e. Whe<span class=\"_ _3\"/>re h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>gin<span class=\"_ _3\"/>g is ap<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>, the ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive p<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of the<span class=\"_ _3\"/> gai<span class=\"_ _3\"/>n or l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s on an i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to hed<span class=\"_ _3\"/>ge a n<span class=\"_ _3\"/>et inve<span class=\"_ _3\"/>stm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in eq<span class=\"_ _3\"/>uit<span class=\"_ _3\"/>y. Any ine<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ve por<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dge i<span class=\"_ _3\"/>s recogni<span class=\"_ _3\"/>sed in the income statement.<span class=\"_ _341\"> </span>PROPERT<span class=\"_ _3\"/>Y<span class=\"_ _2\"/>, PLA<span class=\"_ _3\"/>NT AND EQUIPM<span class=\"_ _3\"/>ENT<span class=\"_ _341\"> </span>Item<span class=\"_ _3\"/>s of pr<span class=\"_ _3\"/>op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y, plant a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ipm<span class=\"_ _3\"/>ent a<span class=\"_ _3\"/>re s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>d at c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t le<span class=\"_ _3\"/>ss<span class=\"_ _3\"/> accumulated depreciation and impairment losses. Freehold land is no<span class=\"_ _2\"/>t depreciated. Leasehold proper<span class=\"_ _3\"/>ty is depreciated o<span class=\"_ _2\"/>ver the pe<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>d of th<span class=\"_ _3\"/>e le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e. Free<span class=\"_ _3\"/>ho<span class=\"_ _3\"/>ld bu<span class=\"_ _3\"/>ildi<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s, pl<span class=\"_ _3\"/>ant a<span class=\"_ _3\"/>nd m<span class=\"_ _3\"/>ach<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y, fix<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ure<span class=\"_ _3\"/>s, f<span class=\"_ _3\"/>it<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>gs a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>re de<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>iate<span class=\"_ _3\"/>d over t<span class=\"_ _3\"/>hei<span class=\"_ _3\"/>r es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ated u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ful l<span class=\"_ _3\"/>ives o<span class=\"_ _3\"/>n a str<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ght l<span class=\"_ _3\"/>ine b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>is. D<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n met<span class=\"_ _3\"/>hod<span class=\"_ _3\"/>s, u<span class=\"_ _3\"/>sef<span class=\"_ _3\"/>ul li<span class=\"_ _3\"/>ves a<span class=\"_ _3\"/>nd re<span class=\"_ _3\"/>si<span class=\"_ _3\"/>dua<span class=\"_ _3\"/>l valu<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d at t<span class=\"_ _3\"/>he rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tin<span class=\"_ _3\"/>g date. N<span class=\"_ _3\"/>o de<span class=\"_ _3\"/>pre<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on is c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>rge<span class=\"_ _3\"/>d on a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s un<span class=\"_ _3\"/>der<span class=\"_ _3\"/> con<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on u<span class=\"_ _3\"/>ntil th<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t is avai<span class=\"_ _3\"/>lab<span class=\"_ _3\"/>le fo<span class=\"_ _3\"/>r us<span class=\"_ _3\"/>e.<span class=\"_ _341\"> </span>Depreciation is charged on a straight<span class=\"_ _2\"/>-line basis ov<span class=\"_ _2\"/>er the estimated use<span class=\"_ _3\"/>fu<span class=\"_ _3\"/>l ec<span class=\"_ _3\"/>ono<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>c live<span class=\"_ _3\"/>s of the a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s as fo<span class=\"_ _3\"/>llows:<span class=\"_ _341\"> </span>Buildings<span class=\"_ _153\"> </span><span class=\"ls1d\">10 \u2013 50 years<span class=\"_ _341\"> </span></span>Plant and machiner<span class=\"_ _3\"/>y<span class=\"_ _143\"> </span><span class=\"ls1d ws3\">2 \u2013 20 years<span class=\"_ _341\"> </span></span>Fixtures<span class=\"_ _3\"/>, fittings and equip<span class=\"_ _3\"/>ment<span class=\"_ _7d\"> </span><span class=\"ls1d ws3\">2 \u2013 20 years<span class=\"_ _341\"> </span></span>Rig<span class=\"_ _3\"/>ht of u<span class=\"_ _3\"/>se a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets<span class=\"_ _ad\"> </span>Shorter of the useful economic life of the asset and the lease term<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e cos<span class=\"_ _3\"/>t of re<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>aci<span class=\"_ _3\"/>ng pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of a<span class=\"_ _3\"/>n ite<span class=\"_ _3\"/>m of pr<span class=\"_ _3\"/>ope<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y, plant a<span class=\"_ _3\"/>nd<span class=\"_ _3\"/> eq<span class=\"_ _3\"/>uip<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t is re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d in t<span class=\"_ _3\"/>he ca<span class=\"_ _3\"/>r<span class=\"_ _3\"/>r<span class=\"_ _3\"/>yi<span class=\"_ _3\"/>ng am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt of th<span class=\"_ _3\"/>e item i<span class=\"_ _3\"/>f it i<span class=\"_ _3\"/>s probable that the<span class=\"_ _2\"/> future economic benefits embo<span class=\"_ _3\"/>died within it<span class=\"_ _2\"/> will flow to t<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>oup a<span class=\"_ _3\"/>nd i<span class=\"_ _3\"/>ts c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>n be me<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ed re<span class=\"_ _3\"/>lia<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>y<span class=\"_ _2\"/>. Th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s of the d<span class=\"_ _3\"/>ay-to-<span class=\"_ _3\"/>d<span class=\"_ _3\"/>ay se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>vi<span class=\"_ _3\"/>cin<span class=\"_ _3\"/>g of pr<span class=\"_ _3\"/>ope<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pl<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t an<span class=\"_ _3\"/>d equ<span class=\"_ _3\"/>ipm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t are<span class=\"_ _3\"/> recogni<span class=\"_ _3\"/>sed in the income statement as incurre<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span>Management regularly conside<span class=\"_ _3\"/>rs whether there are any ind<span class=\"_ _3\"/>ica<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns of i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt to ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yin<span class=\"_ _3\"/>g val<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>s of pr<span class=\"_ _3\"/>ope<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pl<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t and e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ipm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t. Im<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ent r<span class=\"_ _3\"/>evie<span class=\"_ _3\"/>ws ar<span class=\"_ _3\"/>e ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on ri<span class=\"_ _3\"/>sk a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low p<span class=\"_ _3\"/>roje<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns. S<span class=\"_ _3\"/>ign<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ica<span class=\"_ _3\"/>nt j<span class=\"_ _3\"/>udg<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is ap<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>ed<span class=\"_ _3\"/> to the a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ump<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns un<span class=\"_ _3\"/>de<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>yin<span class=\"_ _3\"/>g the<span class=\"_ _3\"/>se p<span class=\"_ _3\"/>roj<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>e es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ated d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>cou<span class=\"_ _3\"/>nt r<span class=\"_ _3\"/>ates<span class=\"_ _3\"/>, grow<span class=\"_ _3\"/>t<span class=\"_ _3\"/>h rate<span class=\"_ _3\"/>s, f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re se<span class=\"_ _3\"/>lli<span class=\"_ _3\"/>ng pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd<span class=\"_ _3\"/> direct costs. Changes to these assumptions could<span class=\"_ _2\"/> have a<span class=\"_ _2\"/> material imp<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t on the f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l po<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p an<span class=\"_ _3\"/>d on th<span class=\"_ _3\"/>e res<span class=\"_ _3\"/>ult<span class=\"_ _3\"/> for th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>1. <span class=\"_ _42\"> </span>ACCO<span class=\"_ _3\"/>UN<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>NG P<span class=\"_ _3\"/>O<span class=\"_ _3\"/>LIC<span class=\"_ _3\"/>I<span class=\"_ _3\"/>ES C<span class=\"_ _3\"/>ON<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>NU<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>INT<span class=\"_ _35\"/>ANGIB<span class=\"_ _3\"/>LE<span class=\"_ _2\"/> ASSETS<span class=\"_ _341\"> </span>A. GOODWIL<span class=\"_ _2\"/>L<span class=\"_ _341\"> </span>Go<span class=\"_ _3\"/>odw<span class=\"_ _3\"/>ill a<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s on th<span class=\"_ _3\"/>e acq<span class=\"_ _3\"/>uis<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on of s<span class=\"_ _3\"/>ubs<span class=\"_ _3\"/>idi<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d rep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nts<span class=\"_ _3\"/> the exce<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s of the c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed, t<span class=\"_ _3\"/>he a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt of a<span class=\"_ _3\"/>ny<span class=\"_ _341\"> </span>non-c<span class=\"_ _3\"/>ontrolling interest in the acquiree and the acquisition-<span class=\"_ _3\"/>date<span class=\"_ _341\"> </span>fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e of any p<span class=\"_ _3\"/>rev<span class=\"_ _3\"/>iou<span class=\"_ _3\"/>s eq<span class=\"_ _3\"/>uit<span class=\"_ _3\"/>y i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t in the a<span class=\"_ _3\"/>cq<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ee ove<span class=\"_ _3\"/>r the<span class=\"_ _341\"> </span>fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e ide<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>fia<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e net a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>red<span class=\"_ _3\"/>. If the tot<span class=\"_ _3\"/>al o<span class=\"_ _3\"/>f<span class=\"_ _341\"> </span>conside<span class=\"_ _3\"/>ration transfer<span class=\"_ _3\"/>red, non-c<span class=\"_ _3\"/>ontrolling interest recognis<span class=\"_ _3\"/>ed and<span class=\"_ _341\"> </span>prev<span class=\"_ _3\"/>iou<span class=\"_ _3\"/>sl<span class=\"_ _3\"/>y he<span class=\"_ _3\"/>ld inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st m<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>su<span class=\"_ _3\"/>red a<span class=\"_ _3\"/>t fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue is l<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>n th<span class=\"_ _3\"/>e fai<span class=\"_ _3\"/>r<span class=\"_ _341\"> </span>valu<span class=\"_ _3\"/>e of the n<span class=\"_ _3\"/>et a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s of the s<span class=\"_ _3\"/>ubs<span class=\"_ _3\"/>idi<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>red<span class=\"_ _3\"/>, in the c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e of<span class=\"_ _341\"> </span>a bar<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>in pu<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>has<span class=\"_ _3\"/>e, th<span class=\"_ _3\"/>e dif<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e is re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d di<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>tl<span class=\"_ _3\"/>y in the<span class=\"_ _3\"/> income statement.<span class=\"_ _341\"> </span>INT<span class=\"_ _2\"/>ANG<span class=\"_ _3\"/>IBLE ASS<span class=\"_ _3\"/>ETS CONTINU<span class=\"_ _3\"/>ED<span class=\"_ _341\"> </span>B. <span class=\"_ _36\"> </span>RESE<span class=\"_ _3\"/>ARCH<span class=\"_ _2\"/> AND DEVEL<span class=\"_ _2\"/>OPMENT<span class=\"_ _341\"> </span>Ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>itur<span class=\"_ _3\"/>e on p<span class=\"_ _3\"/>ure r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>rch i<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t as a<span class=\"_ _3\"/>n expe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>e as i<span class=\"_ _3\"/>ncu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed. U<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>er I<span class=\"_ _3\"/>AS 38, ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>itur<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>on deve<span class=\"_ _3\"/>lop<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>arc<span class=\"_ _3\"/>h fi<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ngs a<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d to a pla<span class=\"_ _3\"/>n<span class=\"_ _341\"> </span>or de<span class=\"_ _3\"/>si<span class=\"_ _3\"/>gn fo<span class=\"_ _3\"/>r the p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of new o<span class=\"_ _3\"/>r su<span class=\"_ _3\"/>bst<span class=\"_ _3\"/>an<span class=\"_ _3\"/>tia<span class=\"_ _3\"/>lly i<span class=\"_ _3\"/>mpr<span class=\"_ _3\"/>oved<span class=\"_ _341\"> </span>pro<span class=\"_ _3\"/>du<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s and p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>pi<span class=\"_ _3\"/>tal<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d if t<span class=\"_ _3\"/>he p<span class=\"_ _3\"/>rod<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>t or p<span class=\"_ _3\"/>roc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>will g<span class=\"_ _3\"/>ive ri<span class=\"_ _3\"/>se to fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e ec<span class=\"_ _3\"/>on<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>c be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>it<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d whe<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>st<span class=\"_ _341\"> </span>of the c<span class=\"_ _3\"/>ap<span class=\"_ _3\"/>it<span class=\"_ _3\"/>ali<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>n be me<span class=\"_ _3\"/>a<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>ed r<span class=\"_ _3\"/>eli<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>y<span class=\"_ _2\"/>. E<span class=\"_ _3\"/>xp<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ditu<span class=\"_ _3\"/>re<span class=\"_ _341\"> </span>ca<span class=\"_ _3\"/>pit<span class=\"_ _3\"/>ali<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d is s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ted a<span class=\"_ _3\"/>s the c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t of ma<span class=\"_ _3\"/>teri<span class=\"_ _3\"/>al<span class=\"_ _3\"/>s, di<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>t la<span class=\"_ _3\"/>bo<span class=\"_ _3\"/>ur<span class=\"_ _341\"> </span>and an <span class=\"_ _2\"/>appropr<span class=\"_ _3\"/>iate proportion of o<span class=\"_ _2\"/>verheads less accumulated<span class=\"_ _341\"> </span>amor<span class=\"_ _3\"/>tisation. The length of<span class=\"_ _2\"/> development lifecy<span class=\"_ _2\"/>cles, broad nature<span class=\"_ _341\"> </span>of mu<span class=\"_ _3\"/>ch of th<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>arc<span class=\"_ _3\"/>h un<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ken a<span class=\"_ _3\"/>nd un<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ty u<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>l a late<span class=\"_ _341\"> </span>st<span class=\"_ _3\"/>age a<span class=\"_ _3\"/>s to the u<span class=\"_ _3\"/>ltim<span class=\"_ _3\"/>ate c<span class=\"_ _3\"/>omm<span class=\"_ _3\"/>er<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l vi<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y of a p<span class=\"_ _3\"/>oten<span class=\"_ _3\"/>tia<span class=\"_ _3\"/>l pr<span class=\"_ _3\"/>odu<span class=\"_ _3\"/>ct<span class=\"_ _3\"/> ca<span class=\"_ _3\"/>n mea<span class=\"_ _3\"/>n th<span class=\"_ _3\"/>at the m<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t cr<span class=\"_ _3\"/>ite<span class=\"_ _3\"/>ria o<span class=\"_ _3\"/>f IAS 3<span class=\"_ _3\"/>8 re<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>rdin<span class=\"_ _3\"/>g the<span class=\"_ _3\"/> pro<span class=\"_ _3\"/>ba<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y of fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e ec<span class=\"_ _3\"/>ono<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>c be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>it<span class=\"_ _3\"/>s and t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y of<span class=\"_ _341\"> </span>all<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s may no<span class=\"_ _3\"/>t be me<span class=\"_ _3\"/>t, in w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h ca<span class=\"_ _3\"/>se ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>is exp<span class=\"_ _3\"/>en<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d as i<span class=\"_ _3\"/>ncu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed.<span class=\"_ _341\"> </span>C.<span class=\"_ _2\"/> <span class=\"_ _42\"> </span>CUSTOM<span class=\"_ _2\"/>ER RELA<span class=\"_ _35\"/>TIONSHIPS,<span class=\"_ _35\"/> BR<span class=\"_ _3\"/>ANDS<span class=\"_ _2\"/> AND O<span class=\"_ _2\"/>THER<span class=\"_ _3f\"/> INT<span class=\"_ _35\"/>ANGIBLE ASSETS<span class=\"_ _3f\"/> Customer relationship<span class=\"_ _3\"/>s, brands and other intangible as<span class=\"_ _3\"/>sets are<span class=\"_ _341\"> </span>st<span class=\"_ _3\"/>ated a<span class=\"_ _3\"/>t co<span class=\"_ _3\"/>st o<span class=\"_ _3\"/>r whe<span class=\"_ _3\"/>n ar<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>n a bus<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s co<span class=\"_ _3\"/>mbi<span class=\"_ _3\"/>nati<span class=\"_ _3\"/>on,<span class=\"_ _3\"/> estimated fair v<span class=\"_ _2\"/>alue, less accumulated amor<span class=\"_ _3\"/>tisation.<span class=\"_ _341\"> </span>D.<span class=\"_ _2\"/> AMORTISA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span>Am<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>is<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n is c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>rge<span class=\"_ _3\"/>d to the i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ome s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>teme<span class=\"_ _3\"/>nt o<span class=\"_ _3\"/>n a str<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ght<span class=\"_ _3\"/> line b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>is over t<span class=\"_ _3\"/>he e<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>mate<span class=\"_ _3\"/>d us<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>ul live<span class=\"_ _3\"/>s of in<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ngib<span class=\"_ _3\"/>le a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>thr<span class=\"_ _3\"/>oug<span class=\"_ _3\"/>h the a<span class=\"_ _3\"/>dmi<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>tive ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse<span class=\"_ _3\"/>s lin<span class=\"_ _3\"/>e ite<span class=\"_ _3\"/>m, unl<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s su<span class=\"_ _3\"/>ch li<span class=\"_ _3\"/>ves<span class=\"_ _3\"/> are i<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>nite. G<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>dwi<span class=\"_ _3\"/>ll is sy<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>mati<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>lly te<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r imp<span class=\"_ _3\"/>air<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _341\"> </span>eac<span class=\"_ _3\"/>h yea<span class=\"_ _3\"/>r<span class=\"_ _2\"/>. O<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r int<span class=\"_ _3\"/>an<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>le as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>, com<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ing c<span class=\"_ _3\"/>usto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r lis<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>,<span class=\"_ _341\"> </span>customer<span class=\"_ _2\"/> relationships,<span class=\"_ _2\"/> manufacturing processes and<span class=\"_ _2\"/> procedures,<span class=\"_ _341\"> </span>tra<span class=\"_ _3\"/>de<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>rks<span class=\"_ _3\"/>, non<span class=\"_ _3\"/>-<span class=\"_ _3\"/>co<span class=\"_ _3\"/>mpe<span class=\"_ _3\"/>te cla<span class=\"_ _3\"/>us<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd pa<span class=\"_ _3\"/>tent<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e am<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d over<span class=\"_ _3\"/> the<span class=\"_ _3\"/>ir e<span class=\"_ _3\"/>stim<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d us<span class=\"_ _3\"/>efu<span class=\"_ _3\"/>l live<span class=\"_ _3\"/>s whi<span class=\"_ _3\"/>ch r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge fr<span class=\"_ _3\"/>om 5 to 24 year<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span><span class=\"_ _3\"/> IMP<span class=\"_ _2\"/>AIRMENT<span class=\"_ _2\"/> OF NON-CURRENT<span class=\"_ _2\"/> NON-FINANCIAL<span class=\"_ _1\"/> ASSETS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>y<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g amo<span class=\"_ _3\"/>unt o<span class=\"_ _3\"/>f non<span class=\"_ _3\"/>-<span class=\"_ _3\"/>cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s othe<span class=\"_ _3\"/>r tha<span class=\"_ _3\"/>n de<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x<span class=\"_ _3\"/> is co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>are<span class=\"_ _3\"/>d to th<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>set<span class=\"_ _3\"/>\u2019s recove<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ble a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt a<span class=\"_ _3\"/>t ea<span class=\"_ _3\"/>ch ba<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>she<span class=\"_ _3\"/>et d<span class=\"_ _3\"/>ate wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e the<span class=\"_ _3\"/>re is a<span class=\"_ _3\"/>n in<span class=\"_ _3\"/>dic<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of im<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t. For g<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>dwi<span class=\"_ _3\"/>ll,<span class=\"_ _341\"> </span>as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts th<span class=\"_ _3\"/>at have a<span class=\"_ _3\"/>n ind<span class=\"_ _3\"/>efi<span class=\"_ _3\"/>nite u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ful li<span class=\"_ _3\"/>fe an<span class=\"_ _3\"/>d int<span class=\"_ _3\"/>an<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>le a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets t<span class=\"_ _3\"/>hat<span class=\"_ _3\"/> are n<span class=\"_ _3\"/>ot yet ava<span class=\"_ _3\"/>ila<span class=\"_ _3\"/>ble f<span class=\"_ _3\"/>or us<span class=\"_ _3\"/>e, th<span class=\"_ _3\"/>e rec<span class=\"_ _3\"/>over<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt is e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>ted<span class=\"_ _341\"> </span>at each balance sheet date<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>Eac<span class=\"_ _3\"/>h yea<span class=\"_ _3\"/>r the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up ca<span class=\"_ _3\"/>r<span class=\"_ _3\"/>rie<span class=\"_ _3\"/>s ou<span class=\"_ _3\"/>t im<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ent te<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s of it<span class=\"_ _3\"/>s go<span class=\"_ _3\"/>odw<span class=\"_ _3\"/>ill<span class=\"_ _341\"> </span>and other indefinite life intangible assets which require<span class=\"_ _3\"/>s an<span class=\"_ _341\"> </span>es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ate to be m<span class=\"_ _3\"/>ade of t<span class=\"_ _3\"/>he val<span class=\"_ _3\"/>ue in u<span class=\"_ _3\"/>se o<span class=\"_ _3\"/>f its C<span class=\"_ _3\"/>GUs<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e valu<span class=\"_ _3\"/>e in<span class=\"_ _341\"> </span>use c<span class=\"_ _3\"/>al<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s are d<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>en<span class=\"_ _3\"/>de<span class=\"_ _3\"/>nt on e<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tes of f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows<span class=\"_ _3\"/> and l<span class=\"_ _3\"/>on<span class=\"_ _3\"/>g ter<span class=\"_ _3\"/>m grow<span class=\"_ _3\"/>t<span class=\"_ _3\"/>h rate<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e CGU<span class=\"_ _3\"/>s. Fur<span class=\"_ _3\"/>t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r det<span class=\"_ _3\"/>ail<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ates a<span class=\"_ _3\"/>re gi<span class=\"_ _3\"/>ven i<span class=\"_ _3\"/>n Note 10.<span class=\"_ _341\"> </span>An i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt lo<span class=\"_ _3\"/>ss i<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d whe<span class=\"_ _3\"/>neve<span class=\"_ _3\"/>r the c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt of<span class=\"_ _3\"/> an a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et or i<span class=\"_ _3\"/>ts C<span class=\"_ _3\"/>GU exce<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>s it<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>cover<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt. I<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>losse<span class=\"_ _3\"/>s are recognise<span class=\"_ _3\"/>d in the income statement. Impairment los<span class=\"_ _3\"/>ses<span class=\"_ _341\"> </span>re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of CG<span class=\"_ _3\"/>Us a<span class=\"_ _3\"/>re all<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d fi<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>t to re<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>e the<span class=\"_ _3\"/> ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yin<span class=\"_ _3\"/>g am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t of any g<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>dwil<span class=\"_ _3\"/>l all<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ated to C<span class=\"_ _3\"/>GUs a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>hen to<span class=\"_ _3\"/> re<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>e the c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt of t<span class=\"_ _3\"/>he oth<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s in th<span class=\"_ _3\"/>e uni<span class=\"_ _3\"/>t on a<span class=\"_ _341\"> </span>pro<span class=\"_ _3\"/>-<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ta ba<span class=\"_ _3\"/>si<span class=\"_ _3\"/>s. A CG<span class=\"_ _3\"/>U is th<span class=\"_ _3\"/>e sma<span class=\"_ _3\"/>lle<span class=\"_ _3\"/>s<span class=\"_ _3\"/>t ide<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>fia<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e gro<span class=\"_ _3\"/>up of a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>that generates cash inflows<span class=\"_ _2\"/> that are largely independent of the<span class=\"_ _341\"> </span>ca<span class=\"_ _3\"/>sh in<span class=\"_ _3\"/>flow<span class=\"_ _3\"/>s fro<span class=\"_ _3\"/>m oth<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s or gr<span class=\"_ _3\"/>oup<span class=\"_ _3\"/>s of a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e rec<span class=\"_ _3\"/>over<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt is t<span class=\"_ _3\"/>he gr<span class=\"_ _3\"/>eate<span class=\"_ _3\"/>r of th<span class=\"_ _3\"/>eir f<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e le<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ts<span class=\"_ _341\"> </span>to sel<span class=\"_ _3\"/>l an<span class=\"_ _3\"/>d valu<span class=\"_ _3\"/>e in us<span class=\"_ _3\"/>e. In a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ng val<span class=\"_ _3\"/>ue in u<span class=\"_ _3\"/>se, t<span class=\"_ _3\"/>he e<span class=\"_ _3\"/>stim<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span>fut<span class=\"_ _3\"/>ure c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ows ar<span class=\"_ _3\"/>e dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>d to the<span class=\"_ _3\"/>ir p<span class=\"_ _3\"/>res<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t valu<span class=\"_ _3\"/>e us<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/> pre<span class=\"_ _3\"/>-t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate th<span class=\"_ _3\"/>at re<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ts c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>t ma<span class=\"_ _3\"/>rket a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>sm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts of<span class=\"_ _3\"/> the ti<span class=\"_ _3\"/>me val<span class=\"_ _3\"/>ue of m<span class=\"_ _3\"/>one<span class=\"_ _3\"/>y and t<span class=\"_ _3\"/>he r<span class=\"_ _3\"/>isks s<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>c to the a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et(s). For<span class=\"_ _341\"> </span>an a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et th<span class=\"_ _3\"/>at do<span class=\"_ _3\"/>es n<span class=\"_ _3\"/>ot ge<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te lar<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>ly in<span class=\"_ _3\"/>de<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>nt c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h inf<span class=\"_ _3\"/>lows<span class=\"_ _3\"/>,<span class=\"_ _341\"> </span>the re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>overa<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t is de<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ed fo<span class=\"_ _3\"/>r the C<span class=\"_ _3\"/>GU to wh<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>h the<span class=\"_ _341\"> </span>asset belongs.<span class=\"_ _341\"> </span>IM<span class=\"_ _3\"/>PAI<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ME<span class=\"_ _3\"/>N<span class=\"_ _3\"/>T OF F<span class=\"_ _3\"/>I<span class=\"_ _3\"/>NA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>CI<span class=\"_ _3\"/>A<span class=\"_ _3\"/>L AS<span class=\"_ _3\"/>S<span class=\"_ _3\"/>E<span class=\"_ _3\"/>TS \u2013 E<span class=\"_ _3\"/>X<span class=\"_ _3\"/>PE<span class=\"_ _3\"/>CT<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D<span class=\"_ _1\"/> CREDIT L<span class=\"_ _2\"/>OSSES<span class=\"_ _341\"> </span>The Group applies the IF<span class=\"_ _2\"/>RS 9 simplified approach to<span class=\"_ _2\"/> measu<span class=\"_ _3\"/>ring<span class=\"_ _341\"> </span>expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s whi<span class=\"_ _3\"/>ch u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s a life<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>e expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted lo<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>all<span class=\"_ _3\"/>owanc<span class=\"_ _3\"/>e fo<span class=\"_ _3\"/>r all tr<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>o me<span class=\"_ _3\"/>a<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>e the ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, tra<span class=\"_ _3\"/>de re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>have be<span class=\"_ _3\"/>en g<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>upe<span class=\"_ _3\"/>d ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>acte<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>cs<span class=\"_ _3\"/> and t<span class=\"_ _3\"/>he day<span class=\"_ _3\"/>s pa<span class=\"_ _3\"/>st du<span class=\"_ _3\"/>e. Th<span class=\"_ _3\"/>e exp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ted l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s ra<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>re ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on<span class=\"_ _3\"/> paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t pro<span class=\"_ _3\"/>fil<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pon<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g his<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>al cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/> expe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ien<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>d. T<span class=\"_ _3\"/>he hi<span class=\"_ _3\"/>stor<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>al l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s rate<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>re adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ted to re<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd fo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>war<span class=\"_ _3\"/>d lo<span class=\"_ _3\"/>oki<span class=\"_ _3\"/>ng in<span class=\"_ _3\"/>for<span class=\"_ _3\"/>mat<span class=\"_ _3\"/>ion i<span class=\"_ _3\"/>n rel<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on to<span class=\"_ _341\"> </span>mac<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>on<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>c fac<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>at co<span class=\"_ _3\"/>uld a<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct th<span class=\"_ _3\"/>e ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y of<span class=\"_ _3\"/> cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s to se<span class=\"_ _3\"/>t<span class=\"_ _3\"/>tle re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up u<span class=\"_ _3\"/>sua<span class=\"_ _3\"/>lly c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>si<span class=\"_ _3\"/>de<span class=\"_ _3\"/>rs a f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>set i<span class=\"_ _3\"/>n def<span class=\"_ _3\"/>aul<span class=\"_ _3\"/>t wh<span class=\"_ _3\"/>en<span class=\"_ _341\"> </span>con<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>act<span class=\"_ _3\"/>ual p<span class=\"_ _3\"/>aym<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e 1<span class=\"_ _2\"/>20 day<span class=\"_ _3\"/>s pas<span class=\"_ _3\"/>t du<span class=\"_ _3\"/>e. In ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>n ca<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s, th<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>Gr<span class=\"_ _3\"/>oup m<span class=\"_ _3\"/>ay als<span class=\"_ _3\"/>o co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ide<span class=\"_ _3\"/>r a fi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et to b<span class=\"_ _3\"/>e in de<span class=\"_ _3\"/>faul<span class=\"_ _3\"/>t wh<span class=\"_ _3\"/>en<span class=\"_ _341\"> </span>inte<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al o<span class=\"_ _3\"/>r exte<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al i<span class=\"_ _3\"/>nfor<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n ind<span class=\"_ _3\"/>ica<span class=\"_ _3\"/>tes t<span class=\"_ _3\"/>hat th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup i<span class=\"_ _3\"/>s unl<span class=\"_ _3\"/>ikel<span class=\"_ _3\"/>y<span class=\"_ _341\"> </span>to rec<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>ve the ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>l am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts i<span class=\"_ _3\"/>n full b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re t<span class=\"_ _3\"/>ak<span class=\"_ _3\"/>ing<span class=\"_ _341\"> </span>into ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt a<span class=\"_ _3\"/>ny cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it en<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s he<span class=\"_ _3\"/>ld by the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up. A<span class=\"_ _341\"> </span>fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t is w<span class=\"_ _3\"/>rit<span class=\"_ _3\"/>te<span class=\"_ _3\"/>n of<span class=\"_ _3\"/>f wh<span class=\"_ _3\"/>en t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re is n<span class=\"_ _3\"/>o rea<span class=\"_ _3\"/>so<span class=\"_ _3\"/>na<span class=\"_ _3\"/>ble<span class=\"_ _3\"/> expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tat<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f rec<span class=\"_ _3\"/>over<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>l ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>INVENTORIES<span class=\"_ _341\"> </span>Invento<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>d at th<span class=\"_ _3\"/>e lowe<span class=\"_ _3\"/>r of co<span class=\"_ _3\"/>st a<span class=\"_ _3\"/>nd ne<span class=\"_ _3\"/>t re<span class=\"_ _3\"/>ali<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>ble va<span class=\"_ _3\"/>lue<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Net r<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le val<span class=\"_ _3\"/>ue is t<span class=\"_ _3\"/>he e<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>mate<span class=\"_ _3\"/>d se<span class=\"_ _3\"/>llin<span class=\"_ _3\"/>g pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>e, le<span class=\"_ _3\"/>ss e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>ted<span class=\"_ _341\"> </span>costs of<span class=\"_ _2\"/> completion and<span class=\"_ _2\"/> selling e<span class=\"_ _2\"/>xpenses. Cost, whi<span class=\"_ _2\"/>ch is based<span class=\"_ _341\"> </span>on a w<span class=\"_ _2\"/>eighted average, includes expenditure incur<span class=\"_ _3\"/>red in acquiring<span class=\"_ _341\"> </span>stoc<span class=\"_ _3\"/>k an<span class=\"_ _3\"/>d br<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>t to its ex<span class=\"_ _3\"/>ist<span class=\"_ _3\"/>ing l<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on an<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n. In th<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>ca<span class=\"_ _3\"/>se of m<span class=\"_ _3\"/>anu<span class=\"_ _3\"/>fa<span class=\"_ _3\"/>ctu<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d invento<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd wo<span class=\"_ _3\"/>rk in p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>gre<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s, co<span class=\"_ _3\"/>st<span class=\"_ _341\"> </span>inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>n ap<span class=\"_ _3\"/>pro<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>te sha<span class=\"_ _3\"/>re of ove<span class=\"_ _3\"/>rhe<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>s at<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ibu<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e to<span class=\"_ _341\"> </span>manufacture, based on normal operating capacity<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>TRADE AND<span class=\"_ _35\"/> OTHER RE<span class=\"_ _2\"/>CEIVABL<span class=\"_ _2\"/>ES<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>vabl<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd ot<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>cei<span class=\"_ _3\"/>vab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s are d<span class=\"_ _3\"/>ue fo<span class=\"_ _3\"/>r paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t wit<span class=\"_ _3\"/>hin<span class=\"_ _341\"> </span>one ye<span class=\"_ _3\"/>ar a<span class=\"_ _3\"/>nd a<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>us cl<span class=\"_ _3\"/>as<span class=\"_ _3\"/>si<span class=\"_ _3\"/>fie<span class=\"_ _3\"/>d a<span class=\"_ _3\"/>s cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt. T<span class=\"_ _3\"/>hey a<span class=\"_ _3\"/>re n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>st<span class=\"_ _3\"/> be<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/>nd a<span class=\"_ _3\"/>re st<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d at th<span class=\"_ _3\"/>eir n<span class=\"_ _3\"/>om<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>l am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t whi<span class=\"_ _3\"/>ch is t<span class=\"_ _3\"/>he or<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>l<span class=\"_ _341\"> </span>invoic<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d amo<span class=\"_ _3\"/>unt<span class=\"_ _3\"/>, le<span class=\"_ _3\"/>ss a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e for ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t los<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s.<span class=\"_ _3\"/> Est<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>tes of f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re exp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t los<span class=\"_ _3\"/>s<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re inf<span class=\"_ _3\"/>or<span class=\"_ _3\"/>me<span class=\"_ _3\"/>d by<span class=\"_ _341\"> </span>historical<span class=\"_ _2\"/> experience and management\u2019<span class=\"_ _35\"/>s expectations<span class=\"_ _2\"/> of<span class=\"_ _341\"> </span>fut<span class=\"_ _3\"/>ure e<span class=\"_ _3\"/>co<span class=\"_ _3\"/>no<span class=\"_ _3\"/>mic f<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s, fu<span class=\"_ _3\"/>r<span class=\"_ _3\"/>th<span class=\"_ _3\"/>er i<span class=\"_ _3\"/>nfor<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n on exp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>los<span class=\"_ _3\"/>s im<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is gi<span class=\"_ _3\"/>ven in th<span class=\"_ _3\"/>e imp<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ent o<span class=\"_ _3\"/>f fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts<span class=\"_ _341\"> </span>acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>g po<span class=\"_ _3\"/>licy. Indiv<span class=\"_ _3\"/>idu<span class=\"_ _3\"/>al t<span class=\"_ _3\"/>rad<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s are w<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ten<span class=\"_ _341\"> </span>of<span class=\"_ _3\"/>f wh<span class=\"_ _3\"/>en m<span class=\"_ _3\"/>ana<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt de<span class=\"_ _3\"/>em t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>m to be no l<span class=\"_ _3\"/>ong<span class=\"_ _3\"/>er c<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e.<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>CAS<span class=\"_ _3\"/>H A<span class=\"_ _3\"/>N<span class=\"_ _3\"/>D CAS<span class=\"_ _3\"/>H E<span class=\"_ _3\"/>QU<span class=\"_ _3\"/>I<span class=\"_ _3\"/>VALE<span class=\"_ _3\"/>N<span class=\"_ _3\"/>TS<span class=\"_ _341\"> </span>Cash and<span class=\"_ _2\"/> cash equiv<span class=\"_ _2\"/>alents co<span class=\"_ _2\"/>mprise cash b<span class=\"_ _2\"/>alances and cal<span class=\"_ _2\"/>l dep<span class=\"_ _3\"/>os<span class=\"_ _3\"/>it<span class=\"_ _3\"/>s with a<span class=\"_ _3\"/>n or<span class=\"_ _3\"/>igi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l mat<span class=\"_ _3\"/>uri<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y of th<span class=\"_ _3\"/>ree m<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ths o<span class=\"_ _3\"/>r le<span class=\"_ _3\"/>ss. B<span class=\"_ _3\"/>an<span class=\"_ _3\"/>k overd<span class=\"_ _3\"/>raf<span class=\"_ _0\"/>ts th<span class=\"_ _3\"/>at ar<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>payab<span class=\"_ _3\"/>le o<span class=\"_ _3\"/>n dem<span class=\"_ _3\"/>an<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>d for<span class=\"_ _3\"/>m an i<span class=\"_ _3\"/>nteg<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>l pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s ca<span class=\"_ _3\"/>sh m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>re in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d as a c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pon<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t of ca<span class=\"_ _3\"/>sh a<span class=\"_ _3\"/>nd ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ival<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts fo<span class=\"_ _3\"/>r the p<span class=\"_ _3\"/>urp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e sta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent o<span class=\"_ _3\"/>f ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>LEAS<span class=\"_ _3\"/>ES<span class=\"_ _341\"> </span>A lea<span class=\"_ _3\"/>se l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y is re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d wh<span class=\"_ _3\"/>en th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup o<span class=\"_ _3\"/>bta<span class=\"_ _3\"/>in<span class=\"_ _3\"/>s co<span class=\"_ _3\"/>ntro<span class=\"_ _3\"/>l of the r<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>t-of-u<span class=\"_ _3\"/>se a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et th<span class=\"_ _3\"/>at is t<span class=\"_ _3\"/>he su<span class=\"_ _3\"/>bje<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t of the l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se. T<span class=\"_ _3\"/>he l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se lia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y is su<span class=\"_ _3\"/>bs<span class=\"_ _3\"/>eq<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>ntly m<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d usi<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ive inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st<span class=\"_ _3\"/> met<span class=\"_ _3\"/>hod, w<span class=\"_ _3\"/>ith i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t ch<span class=\"_ _3\"/>arg<span class=\"_ _3\"/>ed to f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s. Ri<span class=\"_ _3\"/>ght-<span class=\"_ _3\"/>of-u<span class=\"_ _3\"/>se as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts ar<span class=\"_ _3\"/>e ge<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>lly d<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>iate<span class=\"_ _3\"/>d over t<span class=\"_ _3\"/>he sh<span class=\"_ _3\"/>or<span class=\"_ _0\"/>ter of th<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t\u2019s use<span class=\"_ _3\"/>fu<span class=\"_ _3\"/>l life a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e ter<span class=\"_ _3\"/>m on a st<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>t-line b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>is. If t<span class=\"_ _3\"/>he gr<span class=\"_ _3\"/>oup i<span class=\"_ _3\"/>s rea<span class=\"_ _3\"/>so<span class=\"_ _3\"/>na<span class=\"_ _3\"/>bly c<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>in to exer<span class=\"_ _3\"/>cis<span class=\"_ _3\"/>e a pu<span class=\"_ _3\"/>rch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e opti<span class=\"_ _3\"/>on, th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>ght-<span class=\"_ _3\"/>of-us<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t is de<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>iate<span class=\"_ _3\"/>d over th<span class=\"_ _3\"/>e un<span class=\"_ _3\"/>der<span class=\"_ _3\"/>ly<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>\u2019s usefu<span class=\"_ _3\"/>l life<span class=\"_ _3\"/>. At inc<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>, the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p evalu<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s whe<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r it i<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ona<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>y ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>in tha<span class=\"_ _3\"/>t any op<span class=\"_ _3\"/>tion to ex<span class=\"_ _3\"/>te<span class=\"_ _3\"/>nd a le<span class=\"_ _3\"/>a<span class=\"_ _3\"/>se ter<span class=\"_ _3\"/>m wi<span class=\"_ _3\"/>ll be exer<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d or likew<span class=\"_ _3\"/>ise<span class=\"_ _3\"/> whe<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r any o<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>n to ter<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ate th<span class=\"_ _3\"/>e lea<span class=\"_ _3\"/>se w<span class=\"_ _3\"/>ill b<span class=\"_ _3\"/>e exerc<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d. T<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>oup c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>inu<span class=\"_ _3\"/>es to eva<span class=\"_ _3\"/>lua<span class=\"_ _3\"/>te the like<span class=\"_ _3\"/>lih<span class=\"_ _3\"/>ood o<span class=\"_ _3\"/>f exerc<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>ng su<span class=\"_ _3\"/>ch<span class=\"_ _3\"/> options throughout the<span class=\"_ _2\"/> initial lease term. When the<span class=\"_ _2\"/> Group is committed to extending<span class=\"_ _2\"/> or terminating the lease,<span class=\"_ _2\"/> having considered the alternative op<span class=\"_ _2\"/>tions available,<span class=\"_ _2\"/> and where appropriate lessor consent to the<span class=\"_ _2\"/> extension or termination has be<span class=\"_ _3\"/>en o<span class=\"_ _3\"/>bta<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d, th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup w<span class=\"_ _3\"/>ill c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>id<span class=\"_ _3\"/>er th<span class=\"_ _3\"/>e opti<span class=\"_ _3\"/>on to b<span class=\"_ _3\"/>e rea<span class=\"_ _3\"/>so<span class=\"_ _3\"/>na<span class=\"_ _3\"/>bly<span class=\"_ _3\"/> ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>in to b<span class=\"_ _3\"/>e exerci<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d. Wh<span class=\"_ _3\"/>en a<span class=\"_ _3\"/>n opt<span class=\"_ _3\"/>ion i<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ona<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>y ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>in to b<span class=\"_ _3\"/>e exerc<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d, th<span class=\"_ _3\"/>e rig<span class=\"_ _3\"/>ht-o<span class=\"_ _3\"/>f-us<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t an<span class=\"_ _3\"/>d lea<span class=\"_ _3\"/>se l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d are a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d to ref<span class=\"_ _3\"/>le<span class=\"_ _3\"/>ct t<span class=\"_ _3\"/>he ex<span class=\"_ _3\"/>ten<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d or c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ail<span class=\"_ _3\"/>ed l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se te<span class=\"_ _3\"/>rm.<span class=\"_ _341\"> </span>Lea<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s, w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h at in<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>on have a te<span class=\"_ _3\"/>rm of l<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>an 12 month<span class=\"_ _3\"/>s or rel<span class=\"_ _3\"/>ate to low-va<span class=\"_ _3\"/>lue a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s, ar<span class=\"_ _3\"/>e not r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce s<span class=\"_ _3\"/>he<span class=\"_ _3\"/>et.<span class=\"_ _3\"/> Payme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s mad<span class=\"_ _3\"/>e un<span class=\"_ _3\"/>der s<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>h le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d as a<span class=\"_ _3\"/>n exp<span class=\"_ _3\"/>en<span class=\"_ _3\"/>se<span class=\"_ _3\"/> in the i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ome s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent o<span class=\"_ _3\"/>n a str<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ght-li<span class=\"_ _3\"/>ne ba<span class=\"_ _3\"/>si<span class=\"_ _3\"/>s over th<span class=\"_ _3\"/>e pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>od of<span class=\"_ _3\"/> the lease.<span class=\"_ _341\"> </span>BORROWINGS<span class=\"_ _341\"> </span>Bor<span class=\"_ _3\"/>row<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e init<span class=\"_ _3\"/>ial<span class=\"_ _3\"/>ly me<span class=\"_ _3\"/>a<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>t co<span class=\"_ _3\"/>st, w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h is e<span class=\"_ _3\"/>qua<span class=\"_ _3\"/>l to the f<span class=\"_ _3\"/>air<span class=\"_ _3\"/> value<span class=\"_ _2\"/> at inception,<span class=\"_ _2\"/> and are subsequently measured a<span class=\"_ _2\"/>t amor<span class=\"_ _3\"/>tised co<span class=\"_ _3\"/>st us<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t rate m<span class=\"_ _3\"/>eth<span class=\"_ _3\"/>od. A<span class=\"_ _3\"/>ny di<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce bet<span class=\"_ _3\"/>we<span class=\"_ _3\"/>en t<span class=\"_ _3\"/>he pr<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>ds<span class=\"_ _3\"/>, net o<span class=\"_ _3\"/>f tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n co<span class=\"_ _3\"/>sts a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>he se<span class=\"_ _3\"/>t<span class=\"_ _3\"/>tle<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt or re<span class=\"_ _3\"/>de<span class=\"_ _3\"/>mpt<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f bor<span class=\"_ _3\"/>row<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s is re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d over t<span class=\"_ _3\"/>he te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>s of the<span class=\"_ _3\"/> bo<span class=\"_ _3\"/>rrow<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s us<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ate m<span class=\"_ _3\"/>etho<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span>TRADE AND<span class=\"_ _35\"/> OTHER P<span class=\"_ _35\"/>A<span class=\"_ _2\"/>Y<span class=\"_ _35\"/>ABLES<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade p<span class=\"_ _3\"/>ayab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s are n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>st b<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ng b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowin<span class=\"_ _3\"/>gs a<span class=\"_ _3\"/>nd a<span class=\"_ _3\"/>re ini<span class=\"_ _3\"/>tia<span class=\"_ _3\"/>lly m<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>t fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d sub<span class=\"_ _3\"/>se<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>ly c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ed at<span class=\"_ _3\"/> amor<span class=\"_ _3\"/>tised cost.<span class=\"_ _341\"> </span>PROV<span class=\"_ _3\"/>IS<span class=\"_ _3\"/>IO<span class=\"_ _3\"/>NS<span class=\"_ _341\"> </span>A prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on i<span class=\"_ _3\"/>s rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n the b<span class=\"_ _3\"/>al<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>e sh<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t whe<span class=\"_ _3\"/>n th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up has a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt le<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>l or c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>str<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tive o<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>gat<span class=\"_ _3\"/>ion a<span class=\"_ _3\"/>s a re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>t of a pa<span class=\"_ _3\"/>st<span class=\"_ _3\"/> event<span class=\"_ _3\"/>, it is p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>bab<span class=\"_ _3\"/>le th<span class=\"_ _3\"/>at an o<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>f<span class=\"_ _3\"/>low of e<span class=\"_ _3\"/>co<span class=\"_ _3\"/>nom<span class=\"_ _3\"/>ic b<span class=\"_ _3\"/>ene<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ts wi<span class=\"_ _3\"/>ll be<span class=\"_ _3\"/> re<span class=\"_ _3\"/>quir<span class=\"_ _3\"/>ed to s<span class=\"_ _3\"/>et<span class=\"_ _3\"/>tl<span class=\"_ _3\"/>e the ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on a<span class=\"_ _3\"/>nd a re<span class=\"_ _3\"/>lia<span class=\"_ _3\"/>ble e<span class=\"_ _3\"/>s<span class=\"_ _3\"/>tima<span class=\"_ _3\"/>te ca<span class=\"_ _3\"/>n be mad<span class=\"_ _3\"/>e. If th<span class=\"_ _3\"/>e ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct i<span class=\"_ _3\"/>s ma<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ial, p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>re de<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d by dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unti<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows a<span class=\"_ _3\"/>t a pr<span class=\"_ _3\"/>e-t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ate tha<span class=\"_ _3\"/>t ref<span class=\"_ _3\"/>le<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s of the t<span class=\"_ _3\"/>ime va<span class=\"_ _3\"/>lue of m<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ey and<span class=\"_ _3\"/>, whe<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ate, the r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ks sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ic to the l<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>A prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on fo<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>str<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g is re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d wh<span class=\"_ _3\"/>en th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup<span class=\"_ _3\"/> has a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>rove<span class=\"_ _3\"/>d a det<span class=\"_ _3\"/>ail<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>nd fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>al r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>ing p<span class=\"_ _3\"/>lan a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>he res<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>ing h<span class=\"_ _3\"/>as e<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>er c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nce<span class=\"_ _3\"/>d or h<span class=\"_ _3\"/>as b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n a<span class=\"_ _3\"/>nno<span class=\"_ _3\"/>unc<span class=\"_ _3\"/>ed<span class=\"_ _3\"/> publicly<span class=\"_ _35\"/>. In accordance with t<span class=\"_ _2\"/>he Group\u2019<span class=\"_ _35\"/>s environmental policy and applicable<span class=\"_ _2\"/> legal requirements, a<span class=\"_ _2\"/> provision f<span class=\"_ _2\"/>or site r<span class=\"_ _2\"/>estoration<span class=\"_ _341\"> </span>in re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of co<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>ami<span class=\"_ _3\"/>nate<span class=\"_ _3\"/>d la<span class=\"_ _3\"/>nd i<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d whe<span class=\"_ _3\"/>n the l<span class=\"_ _3\"/>an<span class=\"_ _3\"/>d is contaminated.<span class=\"_ _2\"/> Provisions<span class=\"_ _2\"/> for envir<span class=\"_ _2\"/>onmental issues are judgemental by the<span class=\"_ _3\"/>ir na<span class=\"_ _3\"/>ture<span class=\"_ _3\"/>, par<span class=\"_ _0\"/>tic<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>y wh<span class=\"_ _3\"/>en c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>id<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e size a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>imin<span class=\"_ _3\"/>g of rem<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>iat<span class=\"_ _3\"/>ion s<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng, a<span class=\"_ _3\"/>nd a<span class=\"_ _3\"/>re mo<span class=\"_ _3\"/>re di<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>cul<span class=\"_ _3\"/>t to es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ate whe<span class=\"_ _3\"/>n th<span class=\"_ _3\"/>ey rel<span class=\"_ _3\"/>ate to si<span class=\"_ _3\"/>tes n<span class=\"_ _3\"/>o lon<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>r dire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tly c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rol<span class=\"_ _3\"/>le<span class=\"_ _3\"/>d by the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p.<span class=\"_ _341\"> </span>Self-insurance pro<span class=\"_ _2\"/>visions relat<span class=\"_ _2\"/>e to<span class=\"_ _2\"/> per<span class=\"_ _3\"/>sonal injury and ot<span class=\"_ _2\"/>her cla<span class=\"_ _3\"/>im<span class=\"_ _3\"/>s fro<span class=\"_ _3\"/>m for<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r em<span class=\"_ _3\"/>ploye<span class=\"_ _3\"/>e<span class=\"_ _3\"/>s or thi<span class=\"_ _3\"/>rd p<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ies a<span class=\"_ _3\"/>nd r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>sen<span class=\"_ _3\"/>t the a<span class=\"_ _3\"/>ggr<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>ate of ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng cl<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ms pl<span class=\"_ _3\"/>us a p<span class=\"_ _3\"/>roje<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es inc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d but n<span class=\"_ _3\"/>ot yet r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>te<span class=\"_ _3\"/>d wh<span class=\"_ _3\"/>ich to<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r ma<span class=\"_ _3\"/>ke up the f<span class=\"_ _3\"/>ull lia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d as a p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n. In<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>over<span class=\"_ _3\"/>ies a<span class=\"_ _3\"/>re<span class=\"_ _3\"/> recogni<span class=\"_ _3\"/>sed as a separate reimbur<span class=\"_ _3\"/>sement as<span class=\"_ _3\"/>set.<span class=\"_ _341\"> </span>PENSION<span class=\"_ _35\"/> AND OT<span class=\"_ _2\"/>HER POS<span class=\"_ _2\"/>T RET<span class=\"_ _2\"/>IREMENT<span class=\"_ _2\"/> BENEFITS<span class=\"_ _341\"> </span>In re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s defin<span class=\"_ _3\"/>ed b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>efi<span class=\"_ _3\"/>t sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s, the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s ne<span class=\"_ _3\"/>t obligation in r<span class=\"_ _2\"/>esp<span class=\"_ _3\"/>ect of defined benefit pension plans is calculated by estimating<span class=\"_ _2\"/> the amount of future<span class=\"_ _2\"/> benefit that employees hav<span class=\"_ _2\"/>e ea<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>ed in r<span class=\"_ _3\"/>etu<span class=\"_ _3\"/>rn fo<span class=\"_ _3\"/>r the<span class=\"_ _3\"/>ir s<span class=\"_ _3\"/>er<span class=\"_ _3\"/>v<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>e in th<span class=\"_ _3\"/>e cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd pr<span class=\"_ _3\"/>io<span class=\"_ _3\"/>r pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ods<span class=\"_ _3\"/>, tha<span class=\"_ _3\"/>t be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>it is d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>cou<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d to dete<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ine i<span class=\"_ _3\"/>ts p<span class=\"_ _3\"/>res<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t valu<span class=\"_ _3\"/>e, an<span class=\"_ _3\"/>d the<span class=\"_ _3\"/> fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e of any p<span class=\"_ _3\"/>la<span class=\"_ _3\"/>n as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts is d<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>ted. T<span class=\"_ _3\"/>he li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y d<span class=\"_ _3\"/>isc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt ra<span class=\"_ _3\"/>te is th<span class=\"_ _3\"/>e yie<span class=\"_ _3\"/>ld at t<span class=\"_ _3\"/>he ba<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e she<span class=\"_ _3\"/>et d<span class=\"_ _3\"/>ate on A<span class=\"_ _0\"/>A c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d bon<span class=\"_ _3\"/>ds th<span class=\"_ _3\"/>at have ma<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y da<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>ppr<span class=\"_ _3\"/>oxim<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g to the te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s obligations. Pension and<span class=\"_ _2\"/> post retirement liabilities are calculated by qua<span class=\"_ _3\"/>lif<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d ac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es u<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g the p<span class=\"_ _3\"/>roj<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ted u<span class=\"_ _3\"/>nit c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit m<span class=\"_ _3\"/>eth<span class=\"_ _3\"/>od.<span class=\"_ _3\"/> Follow<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he in<span class=\"_ _3\"/>tro<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e revi<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d IAS 19 Empl<span class=\"_ _3\"/>oyee Be<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ts st<span class=\"_ _3\"/>and<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>d, the n<span class=\"_ _3\"/>et in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>st o<span class=\"_ _3\"/>n the d<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d be<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>fit l<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y co<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s of the in<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t co<span class=\"_ _3\"/>st on t<span class=\"_ _3\"/>he de<span class=\"_ _3\"/>fin<span class=\"_ _3\"/>ed b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>it ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on an<span class=\"_ _3\"/>d the i<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>res<span class=\"_ _3\"/>t inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e on pl<span class=\"_ _3\"/>an a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s, bo<span class=\"_ _3\"/>th ca<span class=\"_ _3\"/>lcu<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d by re<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce to the<span class=\"_ _3\"/> discount rate used t<span class=\"_ _2\"/>o measure the defined benefit obligation at th<span class=\"_ _3\"/>e sta<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of t<span class=\"_ _3\"/>he pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>iod.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>s ac<span class=\"_ _3\"/>tu<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ial g<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ns an<span class=\"_ _3\"/>d lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n the p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>d in whi<span class=\"_ _3\"/>ch th<span class=\"_ _3\"/>ey oc<span class=\"_ _3\"/>cur t<span class=\"_ _3\"/>hro<span class=\"_ _3\"/>ug<span class=\"_ _3\"/>h the s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pre<span class=\"_ _3\"/>he<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ive inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e. Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>lso o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tes a s<span class=\"_ _3\"/>mal<span class=\"_ _3\"/>l num<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r of de<span class=\"_ _3\"/>fin<span class=\"_ _3\"/>ed c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tri<span class=\"_ _3\"/>but<span class=\"_ _3\"/>ion<span class=\"_ _3\"/> sch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ibu<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns p<span class=\"_ _3\"/>ayabl<span class=\"_ _3\"/>e dur<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g the ye<span class=\"_ _3\"/>ar a<span class=\"_ _3\"/>re re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d as in<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>d. D<span class=\"_ _3\"/>ue to th<span class=\"_ _3\"/>e size of t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s pe<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>on sch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, rel<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>vely s<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ll ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n the<span class=\"_ _3\"/> assumptions can have<span class=\"_ _2\"/> a significant impact on the<span class=\"_ _2\"/> expense re<span class=\"_ _3\"/>cor<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t and o<span class=\"_ _3\"/>n the p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>si<span class=\"_ _3\"/>on li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y re<span class=\"_ _3\"/>cor<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce s<span class=\"_ _3\"/>he<span class=\"_ _3\"/>et.<span class=\"_ _341\"> </span>SHARE C<span class=\"_ _2\"/>APIT<span class=\"_ _35\"/>AL<span class=\"_ _341\"> </span>Inc<span class=\"_ _3\"/>re<span class=\"_ _3\"/>men<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l co<span class=\"_ _3\"/>sts d<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tly at<span class=\"_ _3\"/>t<span class=\"_ _3\"/>rib<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le to the i<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ue of o<span class=\"_ _3\"/>rdi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y sha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d sha<span class=\"_ _3\"/>re o<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>re re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d a<span class=\"_ _3\"/>s a de<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n fr<span class=\"_ _3\"/>om eq<span class=\"_ _3\"/>uit<span class=\"_ _3\"/>y. When s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re ca<span class=\"_ _3\"/>pi<span class=\"_ _3\"/>tal r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y is re<span class=\"_ _3\"/>pur<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed,<span class=\"_ _3\"/> the amount of<span class=\"_ _2\"/> the consideration paid, including dir<span class=\"_ _2\"/>ec<span class=\"_ _3\"/>tly attributable co<span class=\"_ _3\"/>sts<span class=\"_ _3\"/>, is re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d a<span class=\"_ _3\"/>s a de<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n fr<span class=\"_ _3\"/>om e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>ty. Sha<span class=\"_ _3\"/>res<span class=\"_ _3\"/> rep<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>cha<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d by the C<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pany a<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>las<span class=\"_ _3\"/>si<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s tre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ur<span class=\"_ _0\"/>y sha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d are p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d as a de<span class=\"_ _3\"/>du<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ion f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m tota<span class=\"_ _3\"/>l eq<span class=\"_ _3\"/>uit<span class=\"_ _3\"/>y.<span class=\"_ _341\"> </span>DERIV<span class=\"_ _2\"/>A<span class=\"_ _35\"/>TIVE FINANCIAL<span class=\"_ _35\"/> INSTRUMENTS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s de<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al i<span class=\"_ _3\"/>nst<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts<span class=\"_ _3\"/>, suc<span class=\"_ _3\"/>h as f<span class=\"_ _3\"/>or<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s, in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ate swa<span class=\"_ _3\"/>ps a<span class=\"_ _3\"/>nd co<span class=\"_ _3\"/>mm<span class=\"_ _3\"/>odi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y swap con<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>act<span class=\"_ _3\"/>s, to he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e it<span class=\"_ _3\"/>s for<span class=\"_ _3\"/>eig<span class=\"_ _3\"/>n cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>y ris<span class=\"_ _3\"/>ks, i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t rate r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ks and c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>y p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ce r<span class=\"_ _3\"/>isk<span class=\"_ _3\"/>s, re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>ly. The Gr<span class=\"_ _3\"/>oup d<span class=\"_ _3\"/>oe<span class=\"_ _3\"/>s not h<span class=\"_ _3\"/>old<span class=\"_ _3\"/> or is<span class=\"_ _3\"/>su<span class=\"_ _3\"/>e de<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>vative f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts f<span class=\"_ _3\"/>or sp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>cul<span class=\"_ _3\"/>ative t<span class=\"_ _3\"/>rad<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> pur<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s. H<span class=\"_ _3\"/>owever<span class=\"_ _2\"/>, de<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>vative<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t do no<span class=\"_ _3\"/>t qua<span class=\"_ _3\"/>lif<span class=\"_ _0\"/>y for h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>g ar<span class=\"_ _3\"/>e acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d for a<span class=\"_ _3\"/>s tra<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s. D<span class=\"_ _3\"/>ue to the<span class=\"_ _3\"/> requireme<span class=\"_ _3\"/>nt to<span class=\"_ _2\"/> as<span class=\"_ _3\"/>sess the ef<span class=\"_ _3\"/>fectivenes<span class=\"_ _3\"/>s of hedging instruments, cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n mar<span class=\"_ _3\"/>ket c<span class=\"_ _3\"/>ond<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>ons c<span class=\"_ _3\"/>an r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ult i<span class=\"_ _3\"/>n the re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on of unr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>ed g<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>s or l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s on he<span class=\"_ _3\"/>d<span class=\"_ _3\"/>ging i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts i<span class=\"_ _3\"/>n the<span class=\"_ _3\"/> income statement.<span class=\"_ _341\"> </span><div class=\"t m0 h8 ff7b fs1 fcc sc0 ls13 ws3\" style=\"left:0.0031280518px; bottom:856.63116px;\">1. <span class=\"_ _42\"> </span>ACCO<span class=\"_ _3\"/>UN<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>NG P<span class=\"_ _3\"/>O<span class=\"_ _3\"/>LIC<span class=\"_ _3\"/>I<span class=\"_ _3\"/>ES C<span class=\"_ _3\"/>ON<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>NU<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls4 ws4\" style=\"left:0.0031280518px; bottom:844.93115px;\">DER<span class=\"_ _3\"/>IVA<span class=\"_ _35\"/>TIV<span class=\"_ _3\"/>E FINANC<span class=\"_ _3\"/>IAL INS<span class=\"_ _3\"/>TRUME<span class=\"_ _3\"/>NTS CONTIN<span class=\"_ _3\"/>UED<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:831.93115px;\">Derivative financial instru<span class=\"_ _3\"/>ments are recogni<span class=\"_ _3\"/>sed initially at fair value </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:818.93115px;\">and a<span class=\"_ _3\"/>re s<span class=\"_ _3\"/>hown w<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>in de<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>vative<span class=\"_ _3\"/>s if th<span class=\"_ _3\"/>ey ar<span class=\"_ _3\"/>e in an a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on or<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:805.93115px;\">wit<span class=\"_ _3\"/>hin f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s if th<span class=\"_ _3\"/>ey are i<span class=\"_ _3\"/>n a lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y po<span class=\"_ _3\"/>si<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e gai<span class=\"_ _3\"/>n or </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:792.93115px;\">los<span class=\"_ _3\"/>s on r<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent to f<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e is re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d im<span class=\"_ _3\"/>me<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>tely i<span class=\"_ _3\"/>n </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:779.93115px;\">the in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt. H<span class=\"_ _3\"/>owever<span class=\"_ _2\"/>, wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e de<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>s qua<span class=\"_ _3\"/>lif<span class=\"_ _0\"/>y for </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:766.93115px;\">hedge acco<span class=\"_ _3\"/>unting, recognition of any resultant gain or loss </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:753.93115px;\">dep<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ds o<span class=\"_ _3\"/>n the n<span class=\"_ _3\"/>atu<span class=\"_ _3\"/>re of th<span class=\"_ _3\"/>e item b<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>ng he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ed.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcd sc0 ls66 ws3\" style=\"left:0.0031280518px; bottom:731.17596px;\">A<span class=\"_ _3\"/>. <span class=\"_ _42\"> </span>CA<span class=\"_ _3\"/>S<span class=\"_ _3\"/>H FLO<span class=\"_ _3\"/>W HE<span class=\"_ _3\"/>D<span class=\"_ _3\"/>GE<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:718.17596px;\">Whe<span class=\"_ _3\"/>re a d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ivat<span class=\"_ _3\"/>ive fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>ent i<span class=\"_ _3\"/>s de<span class=\"_ _3\"/>si<span class=\"_ _3\"/>gna<span class=\"_ _3\"/>ted a<span class=\"_ _3\"/>s a he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e of </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:705.17596px;\">the va<span class=\"_ _3\"/>ria<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y in c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ows of a re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et or l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _35\"/>, o<span class=\"_ _3\"/>r a </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:692.17596px;\">hig<span class=\"_ _3\"/>hly p<span class=\"_ _3\"/>rob<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>st tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on, th<span class=\"_ _3\"/>e ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ive pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of a<span class=\"_ _3\"/>ny ga<span class=\"_ _3\"/>in </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:679.17596px;\">or lo<span class=\"_ _3\"/>ss o<span class=\"_ _3\"/>n the d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ivat<span class=\"_ _3\"/>ive fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d di<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>tl<span class=\"_ _3\"/>y </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:666.17596px;\">in the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>gin<span class=\"_ _3\"/>g re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ve. A<span class=\"_ _3\"/>ny ine<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>tive p<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge i<span class=\"_ _3\"/>s </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:653.17596px;\">recogni<span class=\"_ _3\"/>sed immediately in the income statement.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:629.1207px;\">Amounts previous<span class=\"_ _3\"/>ly recognise<span class=\"_ _3\"/>d in other comprehensi<span class=\"_ _3\"/>ve income </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:616.1207px;\">and a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>umu<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d in e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y ar<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>cla<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d to pro<span class=\"_ _3\"/>fit a<span class=\"_ _3\"/>nd l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s in </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:603.1207px;\">the p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ds wh<span class=\"_ _3\"/>en th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>tem is r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t or lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>, </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws9d\" style=\"left:0.0031280518px; bottom:590.1207px;\">in the s<span class=\"_ _3\"/>am<span class=\"_ _3\"/>e lin<span class=\"_ _3\"/>e of the i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ome s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent a<span class=\"_ _3\"/>s the r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:577.1207px;\">item<span class=\"_ _3\"/>. However, when th<span class=\"_ _3\"/>e for<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n tha<span class=\"_ _3\"/>t is he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ed<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:564.1207px;\">res<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>ts in th<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of a no<span class=\"_ _3\"/>n-f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et th<span class=\"_ _3\"/>e ga<span class=\"_ _3\"/>ins o<span class=\"_ _3\"/>r </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:551.1207px;\">los<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s pr<span class=\"_ _3\"/>evio<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ly ac<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>mul<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d in e<span class=\"_ _3\"/>quit<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>re tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>red f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:538.1207px;\">eq<span class=\"_ _3\"/>uit<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>nd in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e ini<span class=\"_ _3\"/>tia<span class=\"_ _3\"/>l me<span class=\"_ _3\"/>asu<span class=\"_ _3\"/>re<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>st of th<span class=\"_ _3\"/>e </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws4e\" style=\"left:0.0031280518px; bottom:525.1207px;\">non-financial asset.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcd sc0 ls66 ws3\" style=\"left:0.0031280518px; bottom:502.36566px;\">B. <span class=\"_ _42\"> </span>FA<span class=\"_ _3\"/>I<span class=\"_ _3\"/>R VALU<span class=\"_ _3\"/>E H<span class=\"_ _3\"/>E<span class=\"_ _3\"/>DG<span class=\"_ _3\"/>ES<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:489.36566px;\">Whe<span class=\"_ _3\"/>re a d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ivat<span class=\"_ _3\"/>ive fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>ent i<span class=\"_ _3\"/>s de<span class=\"_ _3\"/>si<span class=\"_ _3\"/>gna<span class=\"_ _3\"/>ted a<span class=\"_ _3\"/>s a he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e of </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:476.3657px;\">the va<span class=\"_ _3\"/>ria<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y in a f<span class=\"_ _3\"/>air va<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>e of a re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t or li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y o<span class=\"_ _3\"/>r an </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:463.3657px;\">unr<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed f<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>m co<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt, a<span class=\"_ _3\"/>ll c<span class=\"_ _3\"/>han<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s in th<span class=\"_ _3\"/>e fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:450.3657px;\">derivative are recognised imme<span class=\"_ _3\"/>diately in the income statement.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:426.3105px;\">Th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>y<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g valu<span class=\"_ _3\"/>e of the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d ite<span class=\"_ _3\"/>m is ad<span class=\"_ _3\"/>jus<span class=\"_ _3\"/>ted by t<span class=\"_ _3\"/>he ch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge in<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:413.3105px;\">fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e tha<span class=\"_ _3\"/>t is at<span class=\"_ _3\"/>t<span class=\"_ _3\"/>rib<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>e to the r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k bei<span class=\"_ _3\"/>ng he<span class=\"_ _3\"/>d<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d, even if i<span class=\"_ _3\"/>t is </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls20 wsd\" style=\"left:0.0031280518px; bottom:400.3105px;\">normally carried at<span class=\"_ _2\"/> amor<span class=\"_ _3\"/>tised cost, and<span class=\"_ _2\"/> any gains<span class=\"_ _2\"/> or losses on </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:387.3105px;\">remeas<span class=\"_ _3\"/>urement are reco<span class=\"_ _3\"/>gnised imme<span class=\"_ _3\"/>diately in the<span class=\"_ _2\"/> inco<span class=\"_ _3\"/>me </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:374.3105px;\">st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t, even i<span class=\"_ _3\"/>f tho<span class=\"_ _3\"/>se ga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>s woul<span class=\"_ _3\"/>d nor<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>lly b<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:361.3105px;\">directly in reser<span class=\"_ _3\"/>ves.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcd sc0 ls66 ws3\" style=\"left:0.0031280518px; bottom:338.55542px;\">C. <span class=\"_ _42\"> </span>H<span class=\"_ _3\"/>E<span class=\"_ _3\"/>DG<span class=\"_ _3\"/>E<span class=\"_ _3\"/>S OF A N<span class=\"_ _3\"/>E<span class=\"_ _3\"/>T IN<span class=\"_ _3\"/>V<span class=\"_ _3\"/>E<span class=\"_ _3\"/>ST<span class=\"_ _3\"/>ME<span class=\"_ _3\"/>N<span class=\"_ _3\"/>T IN A F<span class=\"_ _3\"/>OR<span class=\"_ _3\"/>E<span class=\"_ _3\"/>IG<span class=\"_ _3\"/>N<span class=\"_ _1\"/> </div><div class=\"t m0 h5 ff7b fs2 fcd sc0 lsce ws152\" style=\"left:0.0031280518px; bottom:326.8528px;\">OPER<span class=\"_ _3\"/>A<span class=\"_ _2\"/>TION<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:0.0031280518px; bottom:313.8554px;\">The Group designates the<span class=\"_ _2\"/> foreign exchange<span class=\"_ _2\"/> gain or loss on </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:300.8554px;\">a pro<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>on of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s euro a<span class=\"_ _3\"/>nd US d<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar de<span class=\"_ _3\"/>no<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:287.8554px;\">bo<span class=\"_ _3\"/>rrow<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s as a h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge of t<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>oup\u2019s net inves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt i<span class=\"_ _3\"/>n fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:274.8554px;\">ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns. A<span class=\"_ _3\"/>s su<span class=\"_ _3\"/>ch t<span class=\"_ _3\"/>he fo<span class=\"_ _3\"/>rei<span class=\"_ _3\"/>gn excha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e ga<span class=\"_ _3\"/>in or l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s on th<span class=\"_ _3\"/>os<span class=\"_ _3\"/>e </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:261.8554px;\">bo<span class=\"_ _3\"/>rrow<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s is re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ed in o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>reh<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sive i<span class=\"_ _3\"/>nco<span class=\"_ _3\"/>me a<span class=\"_ _3\"/>nd </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:248.85541px;\">acc<span class=\"_ _3\"/>um<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>ted in e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y un<span class=\"_ _3\"/>til su<span class=\"_ _3\"/>ch ti<span class=\"_ _3\"/>me a<span class=\"_ _3\"/>s the o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:235.85541px;\">dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d of at wh<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>h poi<span class=\"_ _3\"/>nt th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>on<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g amo<span class=\"_ _3\"/>unt<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:222.85541px;\">re<span class=\"_ _3\"/>cycle<span class=\"_ _3\"/>d to pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t or l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls31 ws87\" style=\"left:0.0031280518px; bottom:200.10034px;\">TERMINA<span class=\"_ _35\"/>TION<span class=\"_ _2\"/> BENEFITS<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:187.10034px;\">T<span class=\"_ _35\"/>e<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>tion b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>its a<span class=\"_ _3\"/>re r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s an ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>n the<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls5f ws52\" style=\"left:0.0031280518px; bottom:174.10034px;\">Group is demonstrably committed, wit<span class=\"_ _2\"/>hout realistic possibility </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:161.10034px;\">of wit<span class=\"_ _3\"/>hdr<span class=\"_ _3\"/>awal, to a fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>al d<span class=\"_ _3\"/>et<span class=\"_ _3\"/>ail<span class=\"_ _3\"/>ed p<span class=\"_ _3\"/>lan to te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>te em<span class=\"_ _3\"/>ploy<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:0.0031280518px; bottom:148.10034px;\">before the normal retir<span class=\"_ _2\"/>ement date. T<span class=\"_ _1\"/>e<span class=\"_ _3\"/>rmination benefits for </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:135.10034px;\">volun<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>nda<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s are r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>f the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up ha<span class=\"_ _3\"/>s ma<span class=\"_ _3\"/>de </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:122.10034px;\">an of<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>r e<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>our<span class=\"_ _3\"/>agi<span class=\"_ _3\"/>ng vol<span class=\"_ _3\"/>unt<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y re<span class=\"_ _3\"/>dun<span class=\"_ _3\"/>dan<span class=\"_ _3\"/>cy<span class=\"_ _2\"/>, it i<span class=\"_ _3\"/>s pr<span class=\"_ _3\"/>oba<span class=\"_ _3\"/>ble t<span class=\"_ _3\"/>hat<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:109.10034px;\">the of<span class=\"_ _3\"/>f<span class=\"_ _3\"/>er wi<span class=\"_ _3\"/>ll be a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>epte<span class=\"_ _3\"/>d, a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e num<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r of ac<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>pta<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es c<span class=\"_ _3\"/>an<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:96.10034px;\">be e<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>mate<span class=\"_ _3\"/>d re<span class=\"_ _3\"/>lia<span class=\"_ _3\"/>bly.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls31 ws31\" style=\"left:0.0031280518px; bottom:73.34527px;\">REVENUE<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:60.34527px;\">Reven<span class=\"_ _3\"/>ue is r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed u<span class=\"_ _3\"/>po<span class=\"_ _3\"/>n tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>fer o<span class=\"_ _3\"/>f pro<span class=\"_ _3\"/>mis<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d goo<span class=\"_ _3\"/>ds to </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:0.0031280518px; bottom:47.34527px;\">customers (the perfor<span class=\"_ _3\"/>mance obligation)<span class=\"_ _2\"/> in an amount that reflects </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:856.63165px;\">the c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>id<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on th<span class=\"_ _3\"/>e Com<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ny expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ts to re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ive in exch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge fo<span class=\"_ _3\"/>r </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:843.63165px;\">tho<span class=\"_ _3\"/>se go<span class=\"_ _3\"/>od<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>his m<span class=\"_ _3\"/>ay oc<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>r<span class=\"_ _35\"/>, d<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>en<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g on th<span class=\"_ _3\"/>e indi<span class=\"_ _3\"/>vid<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>l </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:830.63165px;\">cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>nsh<span class=\"_ _3\"/>ip, whe<span class=\"_ _3\"/>n the p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>t ha<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>e<span class=\"_ _3\"/>n tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d to a </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:817.63165px;\">fre<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>r<span class=\"_ _2\"/>, whe<span class=\"_ _3\"/>n th<span class=\"_ _3\"/>e cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er h<span class=\"_ _3\"/>as re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ive<span class=\"_ _3\"/>d the p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>t or, for </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:804.63165px;\">con<span class=\"_ _3\"/>si<span class=\"_ _3\"/>gnm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t stoc<span class=\"_ _3\"/>k he<span class=\"_ _3\"/>ld at c<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tome<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s\u2019 pre<span class=\"_ _3\"/>mis<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, whe<span class=\"_ _3\"/>n us<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>e </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:791.63165px;\">rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>ts fo<span class=\"_ _3\"/>r the r<span class=\"_ _3\"/>eleva<span class=\"_ _3\"/>nt p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>iod h<span class=\"_ _3\"/>ave be<span class=\"_ _3\"/>en c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pile<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:767.5765px;\">All r<span class=\"_ _3\"/>evenu<span class=\"_ _3\"/>e is f<span class=\"_ _3\"/>rom c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s wit<span class=\"_ _3\"/>h cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>s to the<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:754.5765px;\">sa<span class=\"_ _3\"/>le of s<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>lt<span class=\"_ _3\"/>y c<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>als p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>. Se<span class=\"_ _3\"/>llin<span class=\"_ _3\"/>g pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re ag<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:741.5765px;\">adva<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d hen<span class=\"_ _3\"/>ce a<span class=\"_ _3\"/>re di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ctl<span class=\"_ _3\"/>y ob<span class=\"_ _3\"/>se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>vab<span class=\"_ _3\"/>le.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:717.52124px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s paymen<span class=\"_ _3\"/>t ter<span class=\"_ _3\"/>ms of<span class=\"_ _0\"/>fer<span class=\"_ _3\"/>ed to c<span class=\"_ _3\"/>usto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s are w<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>in </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:704.52124px;\">a ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>in nu<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er of d<span class=\"_ _3\"/>ays of r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>eip<span class=\"_ _3\"/>t of invoi<span class=\"_ _3\"/>ce a<span class=\"_ _3\"/>nd st<span class=\"_ _3\"/>an<span class=\"_ _3\"/>da<span class=\"_ _3\"/>rd </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:329.8256px; bottom:691.52124px;\">contract<span class=\"_ _3\"/>s do not include a<span class=\"_ _2\"/> signif<span class=\"_ _3\"/>icant financing co<span class=\"_ _3\"/>mponent. The </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:678.52124px;\">Gr<span class=\"_ _3\"/>oup d<span class=\"_ _3\"/>oe<span class=\"_ _3\"/>s not ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct to h<span class=\"_ _3\"/>ave any co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e the p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>d </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:665.52124px;\">bet<span class=\"_ _3\"/>we<span class=\"_ _3\"/>en t<span class=\"_ _3\"/>he tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>r of the p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>mis<span class=\"_ _3\"/>ed g<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>ds to th<span class=\"_ _3\"/>e cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>nd </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:652.52124px;\">paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t by the c<span class=\"_ _3\"/>usto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r exce<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>s one ye<span class=\"_ _3\"/>ar. As a con<span class=\"_ _3\"/>se<span class=\"_ _3\"/>que<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e, </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:639.52124px;\">the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p do<span class=\"_ _3\"/>es n<span class=\"_ _3\"/>ot adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>t any of th<span class=\"_ _3\"/>e tr<span class=\"_ _3\"/>ans<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es fo<span class=\"_ _3\"/>r the t<span class=\"_ _3\"/>ime<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:626.52124px;\">valu<span class=\"_ _3\"/>e of mo<span class=\"_ _3\"/>ney.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:602.46606px;\">Provi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns fo<span class=\"_ _3\"/>r ret<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ns, t<span class=\"_ _3\"/>rad<span class=\"_ _3\"/>e dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d reb<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s are<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:589.46606px;\">re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d as a re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ion i<span class=\"_ _3\"/>n reven<span class=\"_ _3\"/>ue at t<span class=\"_ _3\"/>he la<span class=\"_ _3\"/>ter of w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>n reven<span class=\"_ _3\"/>ue </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:576.46606px;\">is re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r the tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>r of th<span class=\"_ _3\"/>e rel<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d goo<span class=\"_ _3\"/>ds a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e en<span class=\"_ _3\"/>tit<span class=\"_ _3\"/>y </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:563.46606px;\">pays o<span class=\"_ _3\"/>r pr<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s to pay the c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>si<span class=\"_ _3\"/>der<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on. T<span class=\"_ _3\"/>he p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>mis<span class=\"_ _3\"/>e to pay </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:550.46606px;\">reb<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s is co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>lly a<span class=\"_ _3\"/>gre<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d in ad<span class=\"_ _3\"/>van<span class=\"_ _3\"/>ce a<span class=\"_ _3\"/>nd thu<span class=\"_ _3\"/>s the p<span class=\"_ _3\"/>oi<span class=\"_ _3\"/>nt of </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:537.46606px;\">tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e go<span class=\"_ _3\"/>ods to t<span class=\"_ _3\"/>he cu<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>mer i<span class=\"_ _3\"/>s de<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ed to b<span class=\"_ _3\"/>e the l<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>r </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:524.46606px;\">of the t<span class=\"_ _3\"/>wo ci<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>ums<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>. Reb<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s and d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>cou<span class=\"_ _3\"/>nts a<span class=\"_ _3\"/>re e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>ted </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:511.46606px;\">usi<span class=\"_ _3\"/>ng hi<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>ric<span class=\"_ _3\"/>al d<span class=\"_ _3\"/>at<span class=\"_ _3\"/>a and ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s wit<span class=\"_ _3\"/>h the c<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tome<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s. Re<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>ns </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:498.46606px;\">fro<span class=\"_ _3\"/>m cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>re ne<span class=\"_ _3\"/>gli<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>le.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls4 ws4\" style=\"left:329.8256px; bottom:475.7106px;\">OPER<span class=\"_ _3\"/>A<span class=\"_ _2\"/>TING PROFIT<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:462.7106px;\">Op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>es n<span class=\"_ _3\"/>et p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>its r<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n the s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e of ta<span class=\"_ _3\"/>ngi<span class=\"_ _3\"/>ble<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:449.7106px;\">fixe<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts, c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt an<span class=\"_ _3\"/>d lo<span class=\"_ _3\"/>ng ter<span class=\"_ _3\"/>m a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets a<span class=\"_ _3\"/>nd li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s but<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:436.7106px;\">exclud<span class=\"_ _3\"/>es g<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ns an<span class=\"_ _3\"/>d lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es o<span class=\"_ _3\"/>n the di<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>al of b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>. </div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls8a ws50\" style=\"left:329.8256px; bottom:413.9554px;\">OTHE<span class=\"_ _2\"/>R EXPENSES<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:400.9554px;\">Ot<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r expe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>dmin<span class=\"_ _3\"/>is<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n cos<span class=\"_ _3\"/>ts i<span class=\"_ _3\"/>ncu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>nd p<span class=\"_ _3\"/>aid by t<span class=\"_ _3\"/>he </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:387.9554px;\">Gr<span class=\"_ _3\"/>oup\u2019s pens<span class=\"_ _3\"/>ion s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>es, w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h re<span class=\"_ _3\"/>late p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>mar<span class=\"_ _3\"/>il<span class=\"_ _3\"/>y to for<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:329.8256px; bottom:374.9554px;\">employees of<span class=\"_ _2\"/> legacy busines<span class=\"_ _3\"/>ses.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 lsc6 ws3\" style=\"left:329.8256px; bottom:352.20035px;\">FI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>AN<span class=\"_ _3\"/>C<span class=\"_ _3\"/>E IN<span class=\"_ _3\"/>CO<span class=\"_ _3\"/>M<span class=\"_ _3\"/>E A<span class=\"_ _3\"/>ND F<span class=\"_ _3\"/>I<span class=\"_ _3\"/>NA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>CE C<span class=\"_ _3\"/>OS<span class=\"_ _3\"/>T<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls54 ws49\" style=\"left:329.8256px; bottom:339.20035px;\">Finance income<span class=\"_ _2\"/> comprises interest income<span class=\"_ _2\"/> on funds in<span class=\"_ _2\"/>vested and </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:326.20035px;\">cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n the fa<span class=\"_ _3\"/>ir va<span class=\"_ _3\"/>lue of f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s at fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue t<span class=\"_ _3\"/>aken<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:329.8256px; bottom:313.20035px;\">to the<span class=\"_ _2\"/> incom<span class=\"_ _3\"/>e statement. Interest income is recog<span class=\"_ _3\"/>nised as it </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:300.20035px;\">acc<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, us<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>st m<span class=\"_ _3\"/>eth<span class=\"_ _3\"/>od.<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls20 wsd\" style=\"left:329.8256px; bottom:276.14514px;\">Finance costs<span class=\"_ _2\"/> comprise int<span class=\"_ _2\"/>erest expense on<span class=\"_ _2\"/> borrowings,<span class=\"_ _2\"/> lease </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:263.14514px;\">lia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s, u<span class=\"_ _3\"/>nwin<span class=\"_ _3\"/>ding o<span class=\"_ _3\"/>f the di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt on p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns, d<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>nds o<span class=\"_ _3\"/>n </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:250.14514px;\">pre<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce s<span class=\"_ _3\"/>har<span class=\"_ _3\"/>es c<span class=\"_ _3\"/>la<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s de<span class=\"_ _3\"/>bt, fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ign c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy g<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>s/<span class=\"_ _3\"/>lo<span class=\"_ _3\"/>s<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:237.14514px;\">and c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es in t<span class=\"_ _3\"/>he val<span class=\"_ _3\"/>ue of f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts a<span class=\"_ _3\"/>t fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue ta<span class=\"_ _3\"/>ken </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:224.14514px;\">to the in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt. A<span class=\"_ _3\"/>ll b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ng co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s are r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n the<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:211.14514px;\">inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e sta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent u<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ive inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st me<span class=\"_ _3\"/>tho<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls123 ws11e\" style=\"left:329.8256px; bottom:188.3902px;\">TA<span class=\"_ _0\"/>X<span class=\"_ _36\"> </span>AT<span class=\"_ _3\"/>I<span class=\"_ _0\"/>O<span class=\"_ _0\"/>N<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:175.3902px;\">Inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x o<span class=\"_ _3\"/>n the p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>it or l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s for t<span class=\"_ _3\"/>he yea<span class=\"_ _3\"/>r co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:162.3902px;\">defe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x. I<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ome t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x is r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n the in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:149.3902px;\">excep<span class=\"_ _3\"/>t to the ex<span class=\"_ _3\"/>ten<span class=\"_ _3\"/>t tha<span class=\"_ _3\"/>t it re<span class=\"_ _3\"/>late<span class=\"_ _3\"/>s to ite<span class=\"_ _3\"/>ms re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ctl<span class=\"_ _3\"/>y </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:136.3902px;\">in e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>ty o<span class=\"_ _3\"/>r in ot<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r com<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>ehe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ive in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me. Cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ent t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x is t<span class=\"_ _3\"/>he </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:123.3902px;\">expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x paya<span class=\"_ _3\"/>ble o<span class=\"_ _3\"/>n the t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>xa<span class=\"_ _3\"/>ble i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ome fo<span class=\"_ _3\"/>r the ye<span class=\"_ _3\"/>ar, using t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:329.8256px; bottom:110.3902px;\">rates enacted or substantiv<span class=\"_ _2\"/>ely enacted at the balance sheet date<span class=\"_ _2\"/>, </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:329.8256px; bottom:97.3902px;\">and a<span class=\"_ _3\"/>ny ad<span class=\"_ _3\"/>jus<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt to t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x paya<span class=\"_ _3\"/>ble i<span class=\"_ _3\"/>n res<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f prev<span class=\"_ _3\"/>io<span class=\"_ _3\"/>us yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span></div><div class=\"t m0 h7 ff7b fs4 fc2 sc0 ls3 ws3\" style=\"left:67.15866px; bottom:977.4316px;\">Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span></div><div class=\"t m0 h7a ff7c fs9 fc2 sc0 ls3 ws3\" style=\"left:219.71716px; bottom:961.83154px;\">For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span></div><div class=\"t m0 hf ff6 fs2 fc2 sc0 ls3 ws3\" style=\"left:250.9307px; bottom:1.7575188px;\">An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7 fs2 fc2 sc0 ls22 ws24\" style=\"left:290.14258px; bottom:12.814018px;\">Elementis plc<span class=\"_ _341\"> </span></div><div class=\"t m0 h15 ff7e fsb fc2 sc0 ls86 ws79\" style=\"left:305.0112px; bottom:1023.4347px;\">17<span class=\"_ _36\"/>2<span class=\"_ _341\"> </span></div>A defe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et is r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>nly to t<span class=\"_ _3\"/>he ex<span class=\"_ _3\"/>ten<span class=\"_ _3\"/>t tha<span class=\"_ _3\"/>t it is<span class=\"_ _3\"/> pro<span class=\"_ _3\"/>ba<span class=\"_ _3\"/>ble t<span class=\"_ _3\"/>hat f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re ta<span class=\"_ _0\"/>xab<span class=\"_ _3\"/>le p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>its w<span class=\"_ _3\"/>ill b<span class=\"_ _3\"/>e availa<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e aga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>st wh<span class=\"_ _3\"/>ich<span class=\"_ _3\"/> the a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et c<span class=\"_ _3\"/>an b<span class=\"_ _3\"/>e util<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d. D<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x is p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d on tem<span class=\"_ _3\"/>po<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y dif<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es b<span class=\"_ _3\"/>et<span class=\"_ _3\"/>we<span class=\"_ _3\"/>en th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yin<span class=\"_ _3\"/>g am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts of a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s and l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s for f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ing p<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s and t<span class=\"_ _3\"/>he am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d for t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>xa<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n pur<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he fo<span class=\"_ _3\"/>llowi<span class=\"_ _3\"/>ng te<span class=\"_ _3\"/>mpo<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y di<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e not p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d for<span class=\"_ _3\"/>: the in<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>al re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on of go<span class=\"_ _3\"/>od<span class=\"_ _3\"/>will; t<span class=\"_ _3\"/>he ini<span class=\"_ _3\"/>tia<span class=\"_ _3\"/>l re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of assets or liabilities that<span class=\"_ _2\"/> af<span class=\"_ _3\"/>fect neither accounting nor taxable pro<span class=\"_ _3\"/>fit o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r tha<span class=\"_ _3\"/>n in a b<span class=\"_ _3\"/>usi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>bin<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n; and d<span class=\"_ _3\"/>if<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es rel<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng to inves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s in su<span class=\"_ _3\"/>bs<span class=\"_ _3\"/>idi<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ies to t<span class=\"_ _3\"/>he ex<span class=\"_ _3\"/>ten<span class=\"_ _3\"/>t tha<span class=\"_ _3\"/>t they will p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>bab<span class=\"_ _3\"/>ly no<span class=\"_ _3\"/>t rever<span class=\"_ _3\"/>s<span class=\"_ _3\"/>e in th<span class=\"_ _3\"/>e fore<span class=\"_ _3\"/>se<span class=\"_ _3\"/>e<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>e fu<span class=\"_ _3\"/>ture<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e amo<span class=\"_ _3\"/>unt<span class=\"_ _3\"/> of def<span class=\"_ _3\"/>er<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d is ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on t<span class=\"_ _3\"/>he exp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>te<span class=\"_ _3\"/>d man<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>r of rea<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>at<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>r se<span class=\"_ _3\"/>tt<span class=\"_ _3\"/>le<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t of the c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt o<span class=\"_ _3\"/>f as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts an<span class=\"_ _3\"/>d liabilities, using tax rates enacted or substantiv<span class=\"_ _2\"/>ely enacted at the bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce s<span class=\"_ _3\"/>he<span class=\"_ _3\"/>et da<span class=\"_ _3\"/>te. De<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s are r<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>ed to th<span class=\"_ _3\"/>e ex<span class=\"_ _3\"/>tent<span class=\"_ _3\"/> that it is<span class=\"_ _2\"/> no longer probable that the<span class=\"_ _2\"/> related tax benef<span class=\"_ _3\"/>it will be re<span class=\"_ _3\"/>al<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up i<span class=\"_ _3\"/>s req<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ed to e<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>mate t<span class=\"_ _3\"/>he in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me ta<span class=\"_ _0\"/>x in ea<span class=\"_ _3\"/>ch of t<span class=\"_ _3\"/>he jur<span class=\"_ _3\"/>is<span class=\"_ _3\"/>dic<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns in w<span class=\"_ _3\"/>hi<span class=\"_ _3\"/>ch it o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tes. T<span class=\"_ _3\"/>hi<span class=\"_ _3\"/>s req<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>n es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y tog<span class=\"_ _3\"/>eth<span class=\"_ _3\"/>er wi<span class=\"_ _3\"/>th a<span class=\"_ _3\"/>n as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of th<span class=\"_ _3\"/>e tem<span class=\"_ _3\"/>por<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y dif<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h ar<span class=\"_ _3\"/>is<span class=\"_ _3\"/>e as a c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>e<span class=\"_ _3\"/>que<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e of dif<span class=\"_ _0\"/>fer<span class=\"_ _3\"/>ent a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g and t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x tr<span class=\"_ _3\"/>eat<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rate<span class=\"_ _3\"/>s in a nu<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er of c<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s in the wo<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>d is su<span class=\"_ _3\"/>bje<span class=\"_ _3\"/>ct to m<span class=\"_ _3\"/>any t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ju<span class=\"_ _3\"/>ris<span class=\"_ _3\"/>di<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ons a<span class=\"_ _3\"/>nd r<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>es.<span class=\"_ _3\"/> As a c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>e<span class=\"_ _3\"/>que<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up is s<span class=\"_ _3\"/>ubj<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t to ta<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>ts, w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h by the<span class=\"_ _3\"/>ir na<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e are of<span class=\"_ _0\"/>ten c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>lex a<span class=\"_ _3\"/>nd c<span class=\"_ _3\"/>an re<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ire s<span class=\"_ _3\"/>ever<span class=\"_ _3\"/>al yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s to conclude. Manage<span class=\"_ _3\"/>ment\u2019s<span class=\"_ _2\"/> judge<span class=\"_ _3\"/>ment is required to determine the tota<span class=\"_ _3\"/>l prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on fo<span class=\"_ _3\"/>r inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x<span class=\"_ _3\"/>. Am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts a<span class=\"_ _3\"/>re ac<span class=\"_ _3\"/>cr<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>d ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on<span class=\"_ _3\"/> ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>\u2019s inter<span class=\"_ _3\"/>pre<span class=\"_ _3\"/>tat<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f cou<span class=\"_ _3\"/>ntr<span class=\"_ _0\"/>y sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>c ta<span class=\"_ _3\"/>x l<span class=\"_ _3\"/>aw an<span class=\"_ _3\"/>d likeli<span class=\"_ _3\"/>ho<span class=\"_ _3\"/>od of s<span class=\"_ _3\"/>et<span class=\"_ _3\"/>tle<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>. However, the actu<span class=\"_ _3\"/>al t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x lia<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es c<span class=\"_ _3\"/>oul<span class=\"_ _3\"/>d dif<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>r fr<span class=\"_ _3\"/>om th<span class=\"_ _3\"/>e po<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ion a<span class=\"_ _3\"/>nd i<span class=\"_ _3\"/>n suc<span class=\"_ _3\"/>h even<span class=\"_ _3\"/>ts an a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t woul<span class=\"_ _3\"/>d be re<span class=\"_ _3\"/>quir<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n the s<span class=\"_ _3\"/>ubs<span class=\"_ _3\"/>eq<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>nt pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>iod w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h co<span class=\"_ _3\"/>uld h<span class=\"_ _3\"/>ave a mate<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>al impact. T<span class=\"_ _35\"/>ax benefits are not recognised unless it is probable that the t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x po<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e sus<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e. On<span class=\"_ _3\"/>ce c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ed to b<span class=\"_ _3\"/>e pro<span class=\"_ _3\"/>ba<span class=\"_ _3\"/>ble,<span class=\"_ _3\"/> management reviews each mat<span class=\"_ _2\"/>erial ta<span class=\"_ _3\"/>x benefit to assess whether a prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on s<span class=\"_ _3\"/>hou<span class=\"_ _3\"/>ld be t<span class=\"_ _3\"/>ake<span class=\"_ _3\"/>n aga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>st fu<span class=\"_ _3\"/>ll re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>it on the basis o<span class=\"_ _2\"/>f potential settlement through negotiation.<span class=\"_ _2\"/> This evaluation requires judgement<span class=\"_ _3\"/>s to<span class=\"_ _2\"/> be made including the foreca<span class=\"_ _3\"/>st of futur<span class=\"_ _2\"/>e taxable income.<span class=\"_ _341\"> </span>SHARE B<span class=\"_ _2\"/>ASED<span class=\"_ _2\"/> P<span class=\"_ _2\"/>A<span class=\"_ _2\"/>YMENTS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e of e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>ty s<span class=\"_ _3\"/>et<span class=\"_ _3\"/>tl<span class=\"_ _3\"/>ed s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re op<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s, c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h set<span class=\"_ _3\"/>t<span class=\"_ _3\"/>le<span class=\"_ _3\"/>d sha<span class=\"_ _3\"/>dow opti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s and L<span class=\"_ _2\"/>TI<span class=\"_ _3\"/>P award<span class=\"_ _3\"/>s gr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ted to e<span class=\"_ _3\"/>mpl<span class=\"_ _3\"/>oyee<span class=\"_ _3\"/>s is re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d a<span class=\"_ _3\"/>s an expe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>e wi<span class=\"_ _3\"/>th a co<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pon<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g inc<span class=\"_ _3\"/>re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e in e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>ty. The fa<span class=\"_ _3\"/>ir va<span class=\"_ _3\"/>lue i<span class=\"_ _3\"/>s me<span class=\"_ _3\"/>asu<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d at g<span class=\"_ _3\"/>ran<span class=\"_ _3\"/>t date a<span class=\"_ _3\"/>nd s<span class=\"_ _3\"/>pre<span class=\"_ _3\"/>ad ove<span class=\"_ _3\"/>r the p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>d dur<span class=\"_ _3\"/>ing w<span class=\"_ _3\"/>hi<span class=\"_ _3\"/>ch the employ<span class=\"_ _2\"/>ees be<span class=\"_ _3\"/>come unconditionally entitled t<span class=\"_ _2\"/>o the options/<span class=\"_ _341\"> </span>award<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he fa<span class=\"_ _3\"/>ir va<span class=\"_ _3\"/>lue of t<span class=\"_ _3\"/>he op<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>/awards g<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nted i<span class=\"_ _3\"/>s me<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ure<span class=\"_ _3\"/>d usi<span class=\"_ _3\"/>ng a b<span class=\"_ _3\"/>ino<span class=\"_ _3\"/>mia<span class=\"_ _3\"/>l mo<span class=\"_ _3\"/>del, t<span class=\"_ _3\"/>ak<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>nto ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt t<span class=\"_ _3\"/>he ter<span class=\"_ _3\"/>ms a<span class=\"_ _3\"/>nd<span class=\"_ _3\"/> con<span class=\"_ _3\"/>di<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s up<span class=\"_ _3\"/>on wh<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>h the op<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>/awards we<span class=\"_ _3\"/>re gr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ted. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/> am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d as a<span class=\"_ _3\"/>n emp<span class=\"_ _3\"/>loye<span class=\"_ _3\"/>e exp<span class=\"_ _3\"/>ens<span class=\"_ _3\"/>e is a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d to ref<span class=\"_ _3\"/>le<span class=\"_ _3\"/>ct<span class=\"_ _3\"/> the a<span class=\"_ _3\"/>ctu<span class=\"_ _3\"/>al nu<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er of s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re op<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s<span class=\"_ _3\"/>/awards th<span class=\"_ _3\"/>at ves<span class=\"_ _3\"/>t exce<span class=\"_ _3\"/>pt wh<span class=\"_ _3\"/>ere<span class=\"_ _3\"/> for<span class=\"_ _3\"/>f<span class=\"_ _3\"/>eit<span class=\"_ _3\"/>ure i<span class=\"_ _3\"/>s onl<span class=\"_ _3\"/>y due to s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es n<span class=\"_ _3\"/>ot ac<span class=\"_ _3\"/>hiev<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he th<span class=\"_ _3\"/>res<span class=\"_ _3\"/>ho<span class=\"_ _3\"/>ld for ve<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>ng.<span class=\"_ _341\"> </span>SHORT<span class=\"_ _35\"/>-<span class=\"_ _35\"/>TERM<span class=\"_ _2\"/> EMPLO<span class=\"_ _35\"/>YEE BENEFI<span class=\"_ _2\"/>TS<span class=\"_ _341\"> </span>Sho<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t-ter<span class=\"_ _3\"/>m em<span class=\"_ _3\"/>ploye<span class=\"_ _3\"/>e be<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>fit<span class=\"_ _3\"/>s, s<span class=\"_ _3\"/>uch a<span class=\"_ _3\"/>s sa<span class=\"_ _3\"/>la<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, pai<span class=\"_ _3\"/>d ab<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nce<span class=\"_ _3\"/>s,<span class=\"_ _3\"/> and o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r be<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>fit<span class=\"_ _3\"/>s in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g any re<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d pay<span class=\"_ _3\"/>rol<span class=\"_ _3\"/>l ta<span class=\"_ _3\"/>xe<span class=\"_ _3\"/>s are<span class=\"_ _3\"/> acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d for o<span class=\"_ _3\"/>n an ac<span class=\"_ _3\"/>cr<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>l ba<span class=\"_ _3\"/>sis ove<span class=\"_ _3\"/>r the p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>d whi<span class=\"_ _3\"/>ch emp<span class=\"_ _3\"/>loye<span class=\"_ _3\"/>es h<span class=\"_ _3\"/>ave prov<span class=\"_ _3\"/>ide<span class=\"_ _3\"/>d se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>vi<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s. B<span class=\"_ _3\"/>onu<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to the exte<span class=\"_ _3\"/>nt th<span class=\"_ _3\"/>at th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup h<span class=\"_ _3\"/>as a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n to it<span class=\"_ _3\"/>s emp<span class=\"_ _3\"/>loye<span class=\"_ _3\"/>es<span class=\"_ _3\"/> tha<span class=\"_ _3\"/>t can b<span class=\"_ _3\"/>e me<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ure<span class=\"_ _3\"/>d re<span class=\"_ _3\"/>lia<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>d are a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ted fo<span class=\"_ _3\"/>r in a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ord<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce wit<span class=\"_ _3\"/>h the re<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts o<span class=\"_ _3\"/>f IAS 19, \u2018Employe<span class=\"_ _3\"/>e be<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>fit<span class=\"_ _3\"/>s\u2019<span class=\"_ _35\"/>. A<span class=\"_ _3\"/>ll exp<span class=\"_ _3\"/>en<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s relating t<span class=\"_ _2\"/>o employee benefits (<span class=\"_ _2\"/>other than pension costs) are<span class=\"_ _341\"> </span>re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in the i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ome s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>teme<span class=\"_ _3\"/>nt w<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>in wag<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd s<span class=\"_ _3\"/>ala<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, or social security costs.<span class=\"_ _341\"> </span>OWN<span class=\"_ _35\"/> SHARES HELD<span class=\"_ _35\"/> BY EMP<span class=\"_ _2\"/>LO<span class=\"_ _35\"/>YEE SHARE O<span class=\"_ _35\"/>WNERSHIP<span class=\"_ _1\"/> TRUST<span class=\"_ _2\"/> (ESOT)<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ons o<span class=\"_ _3\"/>f the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up sp<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sor<span class=\"_ _3\"/>ed ES<span class=\"_ _3\"/>OT are i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>ude<span class=\"_ _3\"/>d in t<span class=\"_ _3\"/>he consolidated financial statements. In particular<span class=\"_ _2\"/>, the E<span class=\"_ _2\"/>SOT\u2019<span class=\"_ _35\"/>s pur<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>ase<span class=\"_ _3\"/>s of s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>res i<span class=\"_ _3\"/>n the C<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pany a<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>har<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tly to e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>GOVER<span class=\"_ _3\"/>NME<span class=\"_ _3\"/>NT GRA<span class=\"_ _3\"/>NTS<span class=\"_ _341\"> </span>Gove<span class=\"_ _3\"/>rnm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t gr<span class=\"_ _3\"/>ant<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>t fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue wh<span class=\"_ _3\"/>en th<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e is reasonable assur<span class=\"_ _3\"/>ance that the<span class=\"_ _2\"/> conditions asso<span class=\"_ _3\"/>ciated with<span class=\"_ _2\"/> the gra<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s have be<span class=\"_ _3\"/>en c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>ed w<span class=\"_ _3\"/>ith a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e gr<span class=\"_ _3\"/>ant<span class=\"_ _3\"/>s will b<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ive<span class=\"_ _3\"/>d. Gr<span class=\"_ _3\"/>ant<span class=\"_ _3\"/>s co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sat<span class=\"_ _3\"/>ing fo<span class=\"_ _3\"/>r exp<span class=\"_ _3\"/>en<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s inc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d are r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s a de<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e rel<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d expe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n the c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sol<span class=\"_ _3\"/>ida<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>nco<span class=\"_ _3\"/>me<span class=\"_ _3\"/> st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t on a sys<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>c bas<span class=\"_ _3\"/>is i<span class=\"_ _3\"/>n the s<span class=\"_ _3\"/>am<span class=\"_ _3\"/>e pe<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>ds i<span class=\"_ _3\"/>n whi<span class=\"_ _3\"/>ch th<span class=\"_ _3\"/>e expenses are incur<span class=\"_ _3\"/>red.<span class=\"_ _341\"> </span>NO<span class=\"_ _3\"/>N<span class=\"_ _3\"/>-<span class=\"_ _3\"/>CU<span class=\"_ _3\"/>R<span class=\"_ _3\"/>R<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT AS<span class=\"_ _3\"/>S<span class=\"_ _3\"/>E<span class=\"_ _3\"/>TS H<span class=\"_ _3\"/>E<span class=\"_ _3\"/>LD FO<span class=\"_ _3\"/>R S<span class=\"_ _3\"/>AL<span class=\"_ _3\"/>E AN<span class=\"_ _3\"/>D<span class=\"_ _35\"/> DISCO<span class=\"_ _3\"/>NTINUE<span class=\"_ _3\"/>D OPER<span class=\"_ _3\"/>A<span class=\"_ _2\"/>TIONS<span class=\"_ _35\"/> A non<span class=\"_ _3\"/>-<span class=\"_ _3\"/>cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et o<span class=\"_ _3\"/>r a gro<span class=\"_ _3\"/>up of a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>inin<span class=\"_ _3\"/>g a no<span class=\"_ _3\"/>n-<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ent<span class=\"_ _3\"/> as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t (a disp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>al g<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p), is cla<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s he<span class=\"_ _3\"/>ld fo<span class=\"_ _3\"/>r sa<span class=\"_ _3\"/>le if i<span class=\"_ _3\"/>ts c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t will b<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>cove<span class=\"_ _3\"/>red p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>lly th<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>gh s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e rat<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r tha<span class=\"_ _3\"/>n thr<span class=\"_ _3\"/>oug<span class=\"_ _3\"/>h co<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>uin<span class=\"_ _3\"/>g use<span class=\"_ _3\"/>, it is ava<span class=\"_ _3\"/>ila<span class=\"_ _3\"/>ble f<span class=\"_ _3\"/>or im<span class=\"_ _3\"/>me<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>te sa<span class=\"_ _3\"/>le an<span class=\"_ _3\"/>d sa<span class=\"_ _3\"/>le wit<span class=\"_ _3\"/>hin on<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r is hi<span class=\"_ _3\"/>ghl<span class=\"_ _3\"/>y pr<span class=\"_ _3\"/>oba<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e. On i<span class=\"_ _3\"/>niti<span class=\"_ _3\"/>al c<span class=\"_ _3\"/>la<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n as he<span class=\"_ _3\"/>ld<span class=\"_ _3\"/> for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e, non<span class=\"_ _3\"/>-<span class=\"_ _3\"/>cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s and d<span class=\"_ _3\"/>isp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>al g<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>ps a<span class=\"_ _3\"/>re me<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>t the l<span class=\"_ _3\"/>ower of p<span class=\"_ _3\"/>revi<span class=\"_ _3\"/>ous c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt a<span class=\"_ _3\"/>nd f<span class=\"_ _3\"/>air va<span class=\"_ _3\"/>lue l<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s c<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>s to sel<span class=\"_ _3\"/>l wit<span class=\"_ _3\"/>h any ad<span class=\"_ _3\"/>jus<span class=\"_ _3\"/>tm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s ta<span class=\"_ _3\"/>ken to pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t or lo<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s. Th<span class=\"_ _3\"/>e sa<span class=\"_ _3\"/>me a<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s to gai<span class=\"_ _2\"/>ns and losses on subsequent<span class=\"_ _2\"/> remeasurement.<span class=\"_ _341\"> </span>A dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>d op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n is a c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>on<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t rep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nts a s<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ate ma<span class=\"_ _3\"/>jor l<span class=\"_ _3\"/>ine of b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s or ge<span class=\"_ _3\"/>og<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ph<span class=\"_ _3\"/>ic are<span class=\"_ _3\"/>a of op<span class=\"_ _3\"/>e<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s or i<span class=\"_ _3\"/>s a sub<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d exclus<span class=\"_ _3\"/>ivel<span class=\"_ _3\"/>y wi<span class=\"_ _3\"/>th a view to r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ale<span class=\"_ _3\"/>, that h<span class=\"_ _3\"/>as b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n di<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ose<span class=\"_ _3\"/>d of, ha<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>en a<span class=\"_ _3\"/>ban<span class=\"_ _3\"/>do<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d, or th<span class=\"_ _3\"/>at me<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s the c<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ia to be c<span class=\"_ _3\"/>la<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ied a<span class=\"_ _3\"/>s he<span class=\"_ _3\"/>ld fo<span class=\"_ _3\"/>r sa<span class=\"_ _3\"/>le.<span class=\"_ _341\"> </span>AL<span class=\"_ _35\"/>TERNA<span class=\"_ _35\"/>TIVE P<span class=\"_ _2\"/>ERFORMANCE<span class=\"_ _2\"/> MEASURES<span class=\"_ _341\"> </span>In the a<span class=\"_ _3\"/>na<span class=\"_ _3\"/>lys<span class=\"_ _3\"/>is of t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g res<span class=\"_ _3\"/>ult<span class=\"_ _3\"/>s, e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>gs p<span class=\"_ _3\"/>er s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re and c<span class=\"_ _3\"/>a<span class=\"_ _3\"/>sh fl<span class=\"_ _3\"/>ows, i<span class=\"_ _3\"/>nfor<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n is p<span class=\"_ _3\"/>res<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ted to p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de re<span class=\"_ _3\"/>ade<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s wi<span class=\"_ _3\"/>th add<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>ona<span class=\"_ _3\"/>l pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce in<span class=\"_ _3\"/>dic<span class=\"_ _3\"/>ato<span class=\"_ _3\"/>rs t<span class=\"_ _3\"/>hat a<span class=\"_ _3\"/>re p<span class=\"_ _3\"/>rep<span class=\"_ _3\"/>are<span class=\"_ _3\"/>d on a n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-<span class=\"_ _341\"> </span>st<span class=\"_ _3\"/>atuto<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y ba<span class=\"_ _3\"/>si<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>his p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n is re<span class=\"_ _3\"/>gu<span class=\"_ _3\"/>la<span class=\"_ _3\"/>rly r<span class=\"_ _3\"/>evie<span class=\"_ _3\"/>wed by ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent to i<span class=\"_ _3\"/>de<span class=\"_ _3\"/>ntif<span class=\"_ _0\"/>y item<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t ar<span class=\"_ _3\"/>e unu<span class=\"_ _3\"/>su<span class=\"_ _3\"/>al an<span class=\"_ _3\"/>d oth<span class=\"_ _3\"/>er i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s rel<span class=\"_ _3\"/>evant to a<span class=\"_ _3\"/>n un<span class=\"_ _3\"/>de<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s per<span class=\"_ _3\"/>fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce a<span class=\"_ _3\"/>nd lo<span class=\"_ _3\"/>ng<span class=\"_ _3\"/> ter<span class=\"_ _3\"/>m tre<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>s with r<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nce to t<span class=\"_ _3\"/>hei<span class=\"_ _3\"/>r ma<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ial<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>d nat<span class=\"_ _3\"/>ure. T<span class=\"_ _3\"/>hi<span class=\"_ _3\"/>s additional information is<span class=\"_ _2\"/> not uniformly defined by<span class=\"_ _2\"/> all companies and m<span class=\"_ _3\"/>ay not b<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>e wit<span class=\"_ _3\"/>h sim<span class=\"_ _3\"/>ila<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>y titl<span class=\"_ _3\"/>ed m<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s and<span class=\"_ _3\"/> disclosures by other<span class=\"_ _2\"/> organisations. The non-st<span class=\"_ _3\"/>atutory disclosures sho<span class=\"_ _3\"/>uld n<span class=\"_ _3\"/>ot be v<span class=\"_ _3\"/>iewe<span class=\"_ _3\"/>d in is<span class=\"_ _3\"/>ol<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on or a<span class=\"_ _3\"/>s an a<span class=\"_ _3\"/>lte<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>ative to th<span class=\"_ _3\"/>e equivalent statutory measure. Information for separate pre<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on is c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s fol<span class=\"_ _3\"/>lows: \u2022  <span class=\"ws4e\">Ma<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l co<span class=\"_ _3\"/>sts o<span class=\"_ _3\"/>r reve<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>al<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>rom a s<span class=\"_ _3\"/>ign<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ica<span class=\"_ _3\"/>nt re<span class=\"_ _3\"/>s<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>uri<span class=\"_ _3\"/>ng </span>of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s are p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d sep<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>atel<span class=\"_ _3\"/>y<span class=\"_ _341\"> </span>\u2022  <span class=\"ws3\">D<span class=\"_ _3\"/>isp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>al o<span class=\"_ _3\"/>f ent<span class=\"_ _3\"/>itie<span class=\"_ _3\"/>s or i<span class=\"_ _3\"/>nves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nts i<span class=\"_ _3\"/>n as<span class=\"_ _3\"/>so<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>ates o<span class=\"_ _3\"/>r joi<span class=\"_ _3\"/>nt ven<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>es </span>or im<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t of re<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>re pr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ted s<span class=\"_ _3\"/>epa<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tely<span class=\"_ _341\"> </span>\u2022  <span class=\"ws3\">O<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r ma<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ing d<span class=\"_ _3\"/>ue to th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s acqui<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ion, s<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>h as<span class=\"_ _3\"/> </span>adjustments to contingent consid<span class=\"_ _3\"/>eration, payment of retention bon<span class=\"_ _3\"/>us<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, acq<span class=\"_ _3\"/>uis<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on c<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue ad<span class=\"_ _3\"/>jus<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s for acq<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s mad<span class=\"_ _3\"/>e in ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>rd<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>e wi<span class=\"_ _3\"/>th IFR<span class=\"_ _3\"/>S 1<span class=\"_ _2\"/>3 ar<span class=\"_ _3\"/>e separately disclosed in aggregate<span class=\"_ _341\"> </span>\u2022  <span class=\"ws3\">If a c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>nge i<span class=\"_ _3\"/>n an ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt<span class=\"_ _3\"/>ing e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>te for p<span class=\"_ _3\"/>rovis<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ns, i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>ng </span>envi<span class=\"_ _3\"/>ron<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>l pr<span class=\"_ _3\"/>ovis<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s, re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>lt<span class=\"_ _3\"/>s in a ma<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ial g<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>n or lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>, tha<span class=\"_ _3\"/>t is p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d s<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>ly<span class=\"_ _341\"> </span>\u2022  <span class=\"ws3\">O<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r ite<span class=\"_ _3\"/>ms t<span class=\"_ _3\"/>he Di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>cto<span class=\"_ _3\"/>rs m<span class=\"_ _3\"/>ay de<span class=\"_ _3\"/>em to b<span class=\"_ _3\"/>e unu<span class=\"_ _3\"/>su<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>s a res<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>t of </span>the<span class=\"_ _3\"/>ir si<span class=\"_ _3\"/>ze and<span class=\"_ _3\"/>/or na<span class=\"_ _3\"/>ture<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>1. <span class=\"_ _42\"> </span>ACCO<span class=\"_ _3\"/>UN<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>NG P<span class=\"_ _3\"/>O<span class=\"_ _3\"/>LIC<span class=\"_ _3\"/>I<span class=\"_ _3\"/>ES C<span class=\"_ _3\"/>ON<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>NU<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>ADOPTION<span class=\"_ _35\"/> OF NEW AND<span class=\"_ _35\"/> REVIS<span class=\"_ _3\"/>ED S<span class=\"_ _2\"/>T<span class=\"_ _2\"/>ANDARDS<span class=\"_ _341\"> </span>In the c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt yea<span class=\"_ _3\"/>r<span class=\"_ _2\"/>, the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up ha<span class=\"_ _3\"/>s ap<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>ed a n<span class=\"_ _3\"/>umb<span class=\"_ _3\"/>er o<span class=\"_ _3\"/>f<span class=\"_ _341\"> </span>ame<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts to I<span class=\"_ _3\"/>FRS<span class=\"_ _3\"/>s is<span class=\"_ _3\"/>sue<span class=\"_ _3\"/>d by the I<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>rna<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l Acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>g<span class=\"_ _341\"> </span>St<span class=\"_ _3\"/>and<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ds B<span class=\"_ _3\"/>oar<span class=\"_ _3\"/>d (I<span class=\"_ _3\"/>ASB) th<span class=\"_ _3\"/>at a<span class=\"_ _3\"/>re ma<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>ator<span class=\"_ _3\"/>ily e<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ve for<span class=\"_ _341\"> </span>acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>g pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>od<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t be<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>n on or a<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ter 1 J<span class=\"_ _3\"/>anu<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y 2022. T<span class=\"_ _3\"/>hei<span class=\"_ _3\"/>r<span class=\"_ _341\"> </span>adoption has not<span class=\"_ _2\"/> had any mat<span class=\"_ _2\"/>erial impact on the disclosures or on<span class=\"_ _341\"> </span>the a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s rep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>te<span class=\"_ _3\"/>d in t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se fi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts:<span class=\"_ _341\"> </span>International Accounting<span class=\"_ _1\"/> Standards (IAS<span class=\"_ _2\"/>/IFRSs)<span class=\"_ _2\"/> and<span class=\"_ _1\"/> Interpretation<span class=\"_ _3\"/>s (IFRICs)<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>K<span class=\"_ _341\"> </span>Endorsement<span class=\"_ _1\"/> status<span class=\"_ _d4\"> </span><span class=\"ls8f ws3\">Ef<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ve dat<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IFRS 3:<span class=\"_ _341\"> </span>Reference to t<span class=\"_ _2\"/>he<span class=\"_ _341\"> </span>Conceptua<span class=\"_ _2\"/>l F<span class=\"_ _2\"/>ramew<span class=\"_ _2\"/>ork<span class=\"_ _341\"> </span>Endorsed<span class=\"_ _76\"> </span><span class=\"ls1d ws3\">1 J<span class=\"_ _3\"/>anu<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y 2022<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IAS 16:<span class=\"_ _341\"> </span>Prop<span class=\"_ _3\"/>er<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, Pla<span class=\"_ _3\"/>nt an<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span>Equipment<span class=\"_ _35\"/>\u2014Procee<span class=\"_ _3\"/>ds<span class=\"_ _341\"> </span>bef<span class=\"_ _3\"/>ore I<span class=\"_ _3\"/>nten<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d Use<span class=\"_ _341\"> </span>Endorsed<span class=\"_ _76\"> </span><span class=\"ls1d ws3\">1 J<span class=\"_ _3\"/>anu<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y 2022<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IAS 37<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Onerous Cont<span class=\"_ _2\"/>racts \u2013 Cost<span class=\"_ _341\"> </span>of Fulf<span class=\"_ _3\"/>illin<span class=\"_ _3\"/>g a Co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>Endorsed<span class=\"_ _76\"> </span><span class=\"ls1d ws3\">1 J<span class=\"_ _3\"/>anu<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y 2022<span class=\"_ _341\"> </span></span>Annual Improvements to IFRS<span class=\"_ _341\"> </span>St<span class=\"_ _3\"/>and<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ds 201<span class=\"_ _2\"/>8<span class=\"_ _3\"/>-2020 C<span class=\"_ _3\"/>ycle:<span class=\"_ _3\"/> Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IFRS 1<span class=\"_ _3\"/> Fir<span class=\"_ _3\"/>st-tim<span class=\"_ _3\"/>e Ado<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>n of<span class=\"_ _341\"> </span>International Financial<span class=\"_ _341\"> </span>Rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tin<span class=\"_ _3\"/>g Sta<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ds, I<span class=\"_ _3\"/>FRS 9<span class=\"_ _341\"> </span>Financial Instru<span class=\"_ _3\"/>ments, IFRS 1<span class=\"_ _35\"/>6<span class=\"_ _341\"> </span>Lea<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>nd I<span class=\"_ _3\"/>AS 4<span class=\"_ _2\"/>1 Agr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>ult<span class=\"_ _3\"/>ure<span class=\"_ _341\"> </span>Endorsed<span class=\"_ _76\"> </span><span class=\"ls1d ws3\">1 J<span class=\"_ _3\"/>anu<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y 2022<span class=\"_ _341\"> </span></span>NE<span class=\"_ _3\"/>W A<span class=\"_ _3\"/>N<span class=\"_ _3\"/>D RE<span class=\"_ _3\"/>V<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>ED I<span class=\"_ _3\"/>F<span class=\"_ _3\"/>RS<span class=\"_ _3\"/>S I<span class=\"_ _3\"/>N I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>SU<span class=\"_ _3\"/>E B<span class=\"_ _3\"/>UT N<span class=\"_ _3\"/>OT<span class=\"_ _35\"/> YET EFFECTIVE<span class=\"_ _341\"> </span>At the d<span class=\"_ _3\"/>ate of au<span class=\"_ _3\"/>tho<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>tion o<span class=\"_ _3\"/>f the<span class=\"_ _3\"/>se f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s, th<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>Group has not applied the<span class=\"_ _2\"/> following<span class=\"_ _2\"/> new and revised int<span class=\"_ _2\"/>ernational<span class=\"_ _341\"> </span>accounting standards (IAS/IFRSs) and int<span class=\"_ _2\"/>erpretations (IFRICs) t<span class=\"_ _2\"/>hat<span class=\"_ _341\"> </span>have be<span class=\"_ _3\"/>en i<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>d bu<span class=\"_ _3\"/>t ar<span class=\"_ _3\"/>e not ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive fo<span class=\"_ _3\"/>r pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>od<span class=\"_ _3\"/>s st<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ing o<span class=\"_ _3\"/>n<span class=\"_ _341\"> </span>1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 202<span class=\"_ _3\"/>2 but w<span class=\"_ _3\"/>ill b<span class=\"_ _3\"/>e ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ive for l<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>r pe<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>ds:<span class=\"_ _341\"> </span>International Accounting<span class=\"_ _1\"/> Standards (IAS<span class=\"_ _2\"/>/IFRSs)<span class=\"_ _1\"/> and I<span class=\"_ _2\"/>nterpretations<span class=\"_ _1\"/> (IF<span class=\"_ _3\"/>RIC<span class=\"_ _3\"/>s) not ye<span class=\"_ _3\"/>t e<span class=\"_ _3\"/>ndo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d<span class=\"_ _1\"/> for u<span class=\"_ _3\"/>se i<span class=\"_ _3\"/>n the E<span class=\"_ _3\"/>U or UK<span class=\"_ _3\"/>:<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>K<span class=\"_ _341\"> </span>Endorsement<span class=\"_ _1\"/> status<span class=\"_ _341\"> </span>E<span class=\"_ _36\"/>f<span class=\"_ _42\"> </span>f<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>t<span class=\"_ _36\"/>i<span class=\"_ _36\"> </span>v<span class=\"_ _36\"> </span>e<span class=\"_ _341\"> </span>for a<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>l<span class=\"_ _1\"/> r<span class=\"_ _36\"/>e<span class=\"_ _42\"> </span>p<span class=\"_ _36\"/>o<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>n<span class=\"_ _36\"/>g<span class=\"_ _341\"> </span>periods<span class=\"_ _1\"/> beginning<span class=\"_ _1\"/> on o<span class=\"_ _3\"/>r af<span class=\"_ _3\"/>te<span class=\"_ _3\"/>r<span class=\"_ _341\"> </span>IFRS 1<span class=\"_ _1\"/>7 Insurance Contracts<span class=\"_ _8e\"> </span><span class=\"ls20 ws1a\">Endorsed<span class=\"_ _30\"> </span><span class=\"ls1d ws3\">1 J<span class=\"_ _3\"/>anu<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y 2023<span class=\"_ _341\"> </span></span></span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IFRS 1<span class=\"_ _2\"/>7<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Ini<span class=\"_ _3\"/>tia<span class=\"_ _3\"/>l Ap<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>cat<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f IFRS 1<span class=\"_ _2\"/>7<span class=\"_ _341\"> </span>and I<span class=\"_ _3\"/>FRS 9 \u2013 C<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ve<span class=\"_ _341\"> </span>Information<span class=\"_ _341\"> </span>Endorsed<span class=\"_ _30\"> </span><span class=\"ls1d ws3\">1 Ja<span class=\"_ _3\"/>nua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 20<span class=\"_ _3\"/>23<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IAS 1 a<span class=\"_ _3\"/>nd<span class=\"_ _341\"> </span>IFRS P<span class=\"_ _3\"/>rac<span class=\"_ _3\"/>tic<span class=\"_ _3\"/>e St<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt 2:<span class=\"_ _341\"> </span>Disclos<span class=\"_ _3\"/>ure of Accounting<span class=\"_ _341\"> </span>Policies<span class=\"_ _341\"> </span>Endorsed<span class=\"_ _30\"> </span><span class=\"ls1d ws3\">1 Ja<span class=\"_ _3\"/>nua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 20<span class=\"_ _3\"/>23<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IAS 8:<span class=\"_ _341\"> </span>Definition of Accounting<span class=\"_ _341\"> </span>Estimat<span class=\"_ _2\"/>es<span class=\"_ _341\"> </span>Endorsed<span class=\"_ _30\"> </span><span class=\"ls1d ws3\">1 Ja<span class=\"_ _3\"/>nua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 20<span class=\"_ _3\"/>23<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IAS 12<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Def<span class=\"_ _3\"/>er<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>ted to<span class=\"_ _341\"> </span>As<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts an<span class=\"_ _3\"/>d Li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ies a<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ng<span class=\"_ _341\"> </span>from a Single<span class=\"_ _2\"/> T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ansaction<span class=\"_ _341\"> </span>Endorsed<span class=\"_ _30\"> </span><span class=\"ls1d ws3\">1 Ja<span class=\"_ _3\"/>nua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 20<span class=\"_ _3\"/>23<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IAS 1<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Classification of Liabilities<span class=\"_ _341\"> </span>as Current or Non-c<span class=\"_ _3\"/>urrent<span class=\"_ _341\"> </span>Not ye<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>endorsed<span class=\"_ _341\"> </span>1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 2024<span class=\"_ _341\"> </span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IFRS 16<span class=\"_ _341\"> </span>Lea<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s: Le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e Li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y in<span class=\"_ _3\"/> a Sa<span class=\"_ _3\"/>le an<span class=\"_ _3\"/>d Le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>eba<span class=\"_ _3\"/>ck<span class=\"_ _341\"> </span>Not ye<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>endorsed<span class=\"_ _341\"> </span>1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 2024<span class=\"_ _341\"> </span>Am<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s to IAS 1<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Non-<span class=\"_ _3\"/>Current Lia<span class=\"_ _3\"/>bilities<span class=\"_ _341\"> </span>wi<span class=\"_ _3\"/>th C<span class=\"_ _3\"/>oven<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ts<span class=\"_ _341\"> </span>Not ye<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>endorsed<span class=\"_ _341\"> </span>1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 2024<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>2. <span class=\"_ _42\"> </span>OPER<span class=\"_ _3\"/>A<span class=\"_ _35\"/>TING SEGMENTS<span class=\"_ _341\"> </span>BUSINESS<span class=\"_ _2\"/> SEGMENTS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up h<span class=\"_ _3\"/>as de<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>ts o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ing s<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts o<span class=\"_ _3\"/>n the b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>is of th<span class=\"_ _3\"/>os<span class=\"_ _3\"/>e use<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>, inte<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ng pu<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e all<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n of st<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tegi<span class=\"_ _3\"/>c re<span class=\"_ _3\"/>sou<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e key mea<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re us<span class=\"_ _3\"/>ed f<span class=\"_ _3\"/>or rev<span class=\"_ _3\"/>iew of t<span class=\"_ _3\"/>he pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce of t<span class=\"_ _3\"/>he op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts is a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g pro<span class=\"_ _3\"/>fit<span class=\"_ _3\"/>. In ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>rd<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>e wi<span class=\"_ _3\"/>th the p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ons o<span class=\"_ _3\"/>f IFRS 8<span class=\"_ _3\"/>, the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s chi<span class=\"_ _3\"/>ef op<span class=\"_ _3\"/>e<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ing d<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on m<span class=\"_ _3\"/>aker i<span class=\"_ _3\"/>s the B<span class=\"_ _3\"/>oa<span class=\"_ _3\"/>rd of D<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>cto<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e thre<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>e se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s, Pe<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>on<span class=\"_ _3\"/>al Ca<span class=\"_ _3\"/>re, C<span class=\"_ _3\"/>oati<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s and T<span class=\"_ _2\"/>al<span class=\"_ _3\"/>c ea<span class=\"_ _3\"/>ch have d<span class=\"_ _3\"/>ist<span class=\"_ _3\"/>inc<span class=\"_ _3\"/>t pr<span class=\"_ _3\"/>odu<span class=\"_ _3\"/>ct g<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>pi<span class=\"_ _3\"/>ngs a<span class=\"_ _3\"/>nd s<span class=\"_ _3\"/>epa<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t str<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>es<span class=\"_ _3\"/>. Se<span class=\"_ _3\"/>gme<span class=\"_ _3\"/>nt r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ult<span class=\"_ _3\"/>s, as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets a<span class=\"_ _3\"/>nd li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>e ite<span class=\"_ _3\"/>ms di<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>tl<span class=\"_ _3\"/>y at<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ibu<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ble to a s<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt an<span class=\"_ _3\"/>d tho<span class=\"_ _3\"/>se th<span class=\"_ _3\"/>at m<span class=\"_ _3\"/>ay be re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>on<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>y all<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ated f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m co<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>ora<span class=\"_ _3\"/>te ac<span class=\"_ _3\"/>tivi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s. Pr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>en<span class=\"_ _3\"/>tat<span class=\"_ _3\"/>ion of t<span class=\"_ _3\"/>he se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>ts is o<span class=\"_ _3\"/>n a ba<span class=\"_ _3\"/>sis c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>si<span class=\"_ _3\"/>sten<span class=\"_ _3\"/>t wit<span class=\"_ _3\"/>h tho<span class=\"_ _3\"/>se u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d for re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ng G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p res<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>ts. T<span class=\"_ _3\"/>he p<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>cip<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>vit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s of the r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>re as fo<span class=\"_ _3\"/>llow<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span>PERSONAL<span class=\"_ _2\"/> CARE<span class=\"_ _341\"> </span>Pro<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of r<span class=\"_ _3\"/>he<span class=\"_ _3\"/>olo<span class=\"_ _3\"/>gic<span class=\"_ _3\"/>al m<span class=\"_ _3\"/>odi<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>nd co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d pr<span class=\"_ _3\"/>odu<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s, in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g ac<span class=\"_ _3\"/>tive in<span class=\"_ _3\"/>gre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s for A<span class=\"_ _3\"/>P de<span class=\"_ _3\"/>od<span class=\"_ _3\"/>or<span class=\"_ _3\"/>ant<span class=\"_ _3\"/>s, fo<span class=\"_ _3\"/>r su<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>y to pe<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>on<span class=\"_ _3\"/>al care manufac<span class=\"_ _3\"/>turers.<span class=\"_ _341\"> </span>CO<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TINGS<span class=\"_ _341\"> </span>Production of rheological modifiers and additives for<span class=\"_ _2\"/> deco<span class=\"_ _3\"/>rative and<span class=\"_ _2\"/> industrial coatings. TA<span class=\"_ _3\"/>L<span class=\"_ _0\"/>C<span class=\"_ _341\"> </span>Pro<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n an<span class=\"_ _3\"/>d sup<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>y of ta<span class=\"_ _3\"/>lc fo<span class=\"_ _3\"/>r us<span class=\"_ _3\"/>e in pl<span class=\"_ _3\"/>as<span class=\"_ _3\"/>tic<span class=\"_ _3\"/>s, c<span class=\"_ _3\"/>oati<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s, tec<span class=\"_ _3\"/>hni<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>l ce<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>cs a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e pap<span class=\"_ _3\"/>er s<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ctor<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Ef<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ve fro<span class=\"_ _3\"/>m 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 2023 t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>lts of t<span class=\"_ _3\"/>he Co<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ngs a<span class=\"_ _3\"/>nd T<span class=\"_ _2\"/>al<span class=\"_ _3\"/>c se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s wil<span class=\"_ _3\"/>l be me<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>nd re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>te<span class=\"_ _3\"/>d un<span class=\"_ _3\"/>der a n<span class=\"_ _3\"/>ew se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>lle<span class=\"_ _3\"/>d Per<span class=\"_ _3\"/>fo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>man<span class=\"_ _3\"/>ce S<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>alt<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s, wh<span class=\"_ _3\"/>ich r<span class=\"_ _3\"/>efl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ts a c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>nge i<span class=\"_ _3\"/>n the i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l or<span class=\"_ _3\"/>gan<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on st<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>ctu<span class=\"_ _3\"/>re u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d for m<span class=\"_ _3\"/>ana<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt, i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tin<span class=\"_ _3\"/>g pur<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s and the allocation o<span class=\"_ _2\"/>f strategic resources. SEGMENT<span class=\"_ _35\"/>AL ANAL<span class=\"_ _1\"/>YSIS<span class=\"_ _2\"/> FOR<span class=\"_ _2\"/> THE YEAR<span class=\"_ _2\"/> ENDED 3<span class=\"_ _35\"/>1 DEC<span class=\"_ _2\"/>EMBER 202<span class=\"_ _2\"/>2<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>Personal<span class=\"_ _1\"/> Care<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Coatings<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"> </span>c $m<span class=\"_ _341\"> </span>Segment<span class=\"_ _1\"/> t<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>Central<span class=\"_ _1\"/> c<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>s<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l $m<span class=\"_ _341\"> </span>Reve<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>e<span class=\"_ _66\"> </span><span class=\"ff7d ls1d ws72\">211.5<span class=\"_ _64\"> </span>389.1<span class=\"_ _64\"> </span>135.8<span class=\"_ _64\"> </span>736.4<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>736.4<span class=\"_ _341\"> </span></span>Internal revenue<span class=\"_ _1fd\"> </span><span class=\"ff7d ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _341\"> </span></span>Reven<span class=\"_ _3\"/>ue f<span class=\"_ _3\"/>rom ex<span class=\"_ _3\"/>te<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al cu<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>rs<span class=\"_ _a8\"> </span><span class=\"ff7d ws72\">211.5<span class=\"_ _64\"> </span>389.1<span class=\"_ _4b\"> </span>135.8<span class=\"_ _64\"> </span>736.4<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>736.4<span class=\"_ _341\"> </span></span>Adjusted operating profit/(loss)<span class=\"_ _19f\"> </span><span class=\"ff7d ls1d ws72\">52.8<span class=\"_ _14\"> </span>73.3<span class=\"_ _1fe\"> </span>(0.4)<span class=\"_ _76\"> </span>125.7<span class=\"_ _97\"> </span>(25.2)<span class=\"_ _76\"> </span>100.5<span class=\"_ _341\"> </span></span>Adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tems (s<span class=\"_ _3\"/>ee N<span class=\"_ _3\"/>ote 5)<span class=\"_ _cd\"> </span><span class=\"ff7d ws72\">(8.4)<span class=\"_ _c7\"> </span>(4.1)<span class=\"_ _5e\"> </span>(133.6)<span class=\"_ _4e\"> </span>(146.1)<span class=\"_ _26\"> </span>3.8<span class=\"_ _31\"> </span>(142.3)<span class=\"_ _341\"> </span></span>Operating profit<span class=\"_ _3\"/>/(loss)<span class=\"_ _13e\"> </span><span class=\"ff7d ls1d ws72\">44.4<span class=\"_ _c7\"> </span>69.2<span class=\"_ _31\"> </span>(134.0)<span class=\"_ _64\"> </span>(20.4)<span class=\"_ _64\"> </span>(21.4)<span class=\"_ _10\"> </span>(41.8)<span class=\"_ _341\"> </span></span>Other expenses<span class=\"_ _6c\"> </span><span class=\"ff7d ls1d ws72\">(1.3)<span class=\"_ _341\"> </span></span>Finance income<span class=\"_ _1ff\"> </span><span class=\"ff7d ls1d ws72\">9.9<span class=\"_ _341\"> </span></span>Finance e<span class=\"_ _2\"/>xpense<span class=\"_ _200\"> </span><span class=\"ff7d ls1d ws72\">(21.6)<span class=\"_ _341\"> </span></span>Ta<span class=\"_ _36\"/>x<span class=\"_ _201\"> </span><span class=\"ff7d ls1d ws72\">(7.8)<span class=\"_ _341\"> </span></span>Profit fr<span class=\"_ _2\"/>om discontinued operations<span class=\"_ _202\"> </span><span class=\"ff7d ls1d ws72\">11.5<span class=\"_ _341\"> </span></span>LOS<span class=\"_ _3\"/>S FO<span class=\"_ _3\"/>R TH<span class=\"_ _3\"/>E YE<span class=\"_ _3\"/>A<span class=\"_ _3\"/>R<span class=\"_ _1e4\"> </span><span class=\"ws72\">(51.1)<span class=\"_ _341\"> </span></span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>17<span class=\"_ _0\"/>5<span class=\"_ _341\"> </span>2<span class=\"_ _3\"/>. <span class=\"_ _3a\"> </span>OP<span class=\"_ _3\"/>ER<span class=\"_ _0\"/>A<span class=\"_ _2\"/>TI<span class=\"_ _3\"/>NG S<span class=\"_ _3\"/>EG<span class=\"_ _3\"/>M<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>S CO<span class=\"_ _3\"/>NTI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>U<span class=\"_ _3\"/>ED<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>Personal<span class=\"_ _1\"/> Care<span class=\"_ _2\"/> and<span class=\"_ _1\"/> Coatings<span class=\"_ _341\"> </span>1<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"> </span>c<span class=\"_ _341\"> </span> $m<span class=\"_ _341\"> </span>Segment<span class=\"_ _1\"/> t<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"> </span>s<span class=\"_ _341\"> </span> $m<span class=\"_ _341\"> </span>Central<span class=\"_ _1\"/> c<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>s<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>s<span class=\"_ _341\"> </span> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l<span class=\"_ _341\"> </span> $m<span class=\"_ _341\"> </span>Fix<span class=\"_ _2\"/>ed assets<span class=\"_ _203\"> </span><span class=\"ff7d ls1d ws72\">637.7<span class=\"_ _64\"> </span>259.4<span class=\"_ _64\"> </span>897.1<span class=\"_ _4b\"> </span>149.5<span class=\"_ _2c\"> </span>1,046.6<span class=\"_ _341\"> </span></span>Inve<span class=\"_ _3\"/>nto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es<span class=\"_ _204\"> </span><span class=\"ff7d ls1d ws72\">151.6<span class=\"_ _14\"> </span>30.3<span class=\"_ _64\"> </span>181.9<span class=\"_ _74\"> </span>0.1<span class=\"_ _64\"> </span>182.0<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s<span class=\"_ _205\"> </span><span class=\"ff7d ws72\">70.9<span class=\"_ _14\"> </span>17.2<span class=\"_ _14\"> </span>88.1<span class=\"_ _74\"> </span>6.8<span class=\"_ _14\"> </span>94.9<span class=\"_ _341\"> </span></span>Other tax recov<span class=\"_ _2\"/>erable<span class=\"_ _206\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">17.5<span class=\"_ _14\"> </span>17.5<span class=\"_ _341\"> </span></span></span>Derivatives<span class=\"_ _207\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">12.0<span class=\"_ _14\"> </span>12.0<span class=\"_ _341\"> </span></span></span>Ta<span class=\"_ _36\"/>x<span class=\"_ _3\"/> a<span class=\"_ _36\"/>s<span class=\"_ _0\"/>s<span class=\"_ _36\"/>e<span class=\"_ _0\"/>t<span class=\"_ _0\"/>s<span class=\"_ _5a\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _14\"> </span><span class=\"ls1d ws72\">31.8<span class=\"_ _14\"> </span>31.8<span class=\"_ _341\"> </span></span></span>Retirement ben<span class=\"_ _3\"/>efit surplus<span class=\"_ _208\"> </span><span class=\"ff7d ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">26.4<span class=\"_ _14\"> </span>26.4<span class=\"_ _341\"> </span></span></span>Cas<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>vale<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _209\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">54.9<span class=\"_ _14\"> </span>54.9<span class=\"_ _341\"> </span></span></span>SEGMENT<span class=\"_ _35\"/> ASSETS<span class=\"_ _5b\"> </span><span class=\"ls1d ws72\">860.2<span class=\"_ _64\"> </span>306.9<span class=\"_ _2c\"> </span>1,167.1<span class=\"_ _64\"> </span>299.0<span class=\"_ _2c\"> </span>1,466.1<span class=\"_ _341\"> </span></span>As<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts cl<span class=\"_ _3\"/>as<span class=\"_ _3\"/>si<span class=\"_ _3\"/>fie<span class=\"_ _3\"/>d a<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e<span class=\"_ _20a\"> </span><span class=\"ff7d ws72\">160.9<span class=\"_ _341\"> </span></span>TO<span class=\"_ _2\"/>T<span class=\"_ _35\"/>AL ASSETS<span class=\"_ _20b\"> </span><span class=\"ls1d ws72\">1,627.0<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s<span class=\"_ _20c\"> </span><span class=\"ff7d ws72\">(83.6)<span class=\"_ _64\"> </span>(27.3)<span class=\"_ _4e\"> </span>(110.9)<span class=\"_ _64\"> </span>(24.5)<span class=\"_ _4e\"> </span>(135.4<span class=\"_ _341\"> </span></span><span class=\"ff7d ws72\">)<span class=\"_ _341\"> </span></span>Operating provisions<span class=\"_ _20d\"> </span><span class=\"ff7d ls1d ws72\">(0.8)<span class=\"_ _c7\"> </span>(4.6)<span class=\"_ _c7\"> </span>(5.4)<span class=\"_ _64\"> </span>(24.3)<span class=\"_ _64\"> </span>(29.7<span class=\"_ _341\"> </span></span><span class=\"ff7d ls1d ws72\">)<span class=\"_ _341\"> </span></span>Leas<span class=\"_ _3\"/>e liabilities<span class=\"_ _20e\"> </span><span class=\"ff7d ls1d ws72\">(26.1)<span class=\"_ _c7\"> </span>(9.6)<span class=\"_ _64\"> </span>(35.7)<span class=\"_ _c7\"> </span>(0.6)<span class=\"_ _64\"> </span>(36.3<span class=\"_ _341\"> </span></span><span class=\"ff7d ls1d ws72\">)<span class=\"_ _341\"> </span></span>Ban<span class=\"_ _3\"/>k overd<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd lo<span class=\"_ _3\"/>an<span class=\"_ _3\"/>s<span class=\"_ _20f\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _f\"> </span><span class=\"ls1d ws72\">(417.4)<span class=\"_ _5e\"> </span>(417.4<span class=\"_ _341\"> </span></span></span><span class=\"ff7d ls3\"><span class=\"ls1d ws72\">)<span class=\"_ _341\"> </span></span></span>Curre<span class=\"_ _3\"/>nt ta<span class=\"_ _3\"/>x liabilities<span class=\"_ _210\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _17a\"> </span><span class=\"ls1d ws72\">(20.2)<span class=\"_ _64\"> </span>(20.2<span class=\"_ _341\"> </span></span></span><span class=\"ff7d ls3 ws3\"><span class=\"ls1d ws72\">)<span class=\"_ _341\"> </span></span></span>Retirement benefit obligations<span class=\"_ _211\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(8.9)<span class=\"_ _2e\"> </span>(8.9<span class=\"_ _341\"> </span></span></span><span class=\"ff7d ls3 ws3\"><span class=\"ls1d ws72\">)<span class=\"_ _341\"> </span></span></span>Defer<span class=\"_ _3\"/>red ta<span class=\"_ _3\"/>x liabilitie<span class=\"_ _3\"/>s<span class=\"_ _1b9\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _f\"> </span><span class=\"ls1d ws72\">(131.3)<span class=\"_ _5e\"> </span>(131.3<span class=\"_ _341\"> </span></span></span><span class=\"ff7d ls3 ws3\"><span class=\"ls1d ws72\">)<span class=\"_ _341\"> </span></span></span>Financial liabilities<span class=\"_ _212\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(6.1)<span class=\"_ _2e\"> </span>(6.1<span class=\"_ _341\"> </span></span></span><span class=\"ff7d ls3 ws3\"><span class=\"ls1d ws72\">)<span class=\"_ _341\"> </span></span></span>SEGMENT L<span class=\"_ _2\"/>IABILITIES<span class=\"_ _186\"> </span><span class=\"ls1d ws72\">(110.5)<span class=\"_ _10\"> </span>(41.5)<span class=\"_ _5e\"> </span>(152.0)<span class=\"_ _4e\"> </span>(633.3)<span class=\"_ _5e\"> </span>(785.3<span class=\"_ _341\"> </span></span><span class=\"ls1d ws72\">)<span class=\"_ _341\"> </span></span>Liabilities classified as held for sale<span class=\"_ _10a\"> </span><span class=\"ff7d ls1d ws72\">(57.8<span class=\"_ _341\"> </span></span><span class=\"ff7d ls1d ws72\">)<span class=\"_ _341\"> </span></span>TOT<span class=\"_ _35\"/>AL LIAB<span class=\"_ _3\"/>ILITIE<span class=\"_ _3\"/>S<span class=\"_ _213\"> </span><span class=\"ls1d ws72\">(843.1<span class=\"_ _341\"> </span></span><span class=\"ls1d ws72\">)<span class=\"_ _341\"> </span></span>NET A<span class=\"_ _2\"/>SSETS<span class=\"_ _214\"> </span><span class=\"ls1d ws72\">749.7<span class=\"_ _64\"> </span>265.4<span class=\"_ _2c\"> </span>1,015.1<span class=\"_ _31\"> </span>(334.3)<span class=\"_ _9b\"> </span>783.9<span class=\"_ _341\"> </span></span>Capital additi<span class=\"_ _2\"/>ons<span class=\"_ _e4\"> </span><span class=\"ff7d ls1d ws72\">18.3<span class=\"_ _c7\"> </span>17.1<span class=\"_ _14\"> </span>35.4<span class=\"_ _74\"> </span>3.2<span class=\"_ _14\"> </span>38.6<span class=\"_ _341\"> </span></span>Depreciation and amor<span class=\"_ _3\"/>tisation<span class=\"_ _fd\"> </span><span class=\"ff7d ls1d ws72\">(28.6)<span class=\"_ _64\"> </span>(24.8)<span class=\"_ _64\"> </span>(53.4)<span class=\"_ _2e\"> </span>(3.2)<span class=\"_ _64\"> </span>(56.6<span class=\"_ _341\"> </span></span><span class=\"ff7d ls1d ws72\">)<span class=\"_ _341\"> </span></span>1 <span class=\"_ _49\"> </span>Du<span class=\"_ _3\"/>e to the s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d na<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>od<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n fa<span class=\"_ _3\"/>cil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s for t<span class=\"_ _3\"/>he Pe<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>on<span class=\"_ _3\"/>al C<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d Co<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s a sp<span class=\"_ _3\"/>li<span class=\"_ _3\"/>t of as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets a<span class=\"_ _3\"/>nd l<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>e<span class=\"_ _3\"/>s by se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is no<span class=\"_ _3\"/>t avai<span class=\"_ _3\"/>la<span class=\"_ _3\"/>ble<span class=\"_ _3\"/> an<span class=\"_ _3\"/>d the c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t to de<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>ne s<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>h a sp<span class=\"_ _3\"/>lit wo<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>d be p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>hib<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>ve th<span class=\"_ _3\"/>er<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d lia<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e sh<span class=\"_ _3\"/>own in a<span class=\"_ _3\"/>gg<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>te for t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se s<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s.<span class=\"_ _3\"/> ANAL<span class=\"_ _1\"/>YSIS B<span class=\"_ _2\"/>Y GEOGRAPHY<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>N<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>r<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h<span class=\"_ _341\"> </span> America<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>n<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>t<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>d<span class=\"_ _341\"> </span> Kingdom<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>R<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>t<span class=\"_ _36\"/> o<span class=\"_ _36\"> </span>f<span class=\"_ _341\"> </span> E<span class=\"_ _36\"/>u<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"/>p<span class=\"_ _36\"> </span>e<span class=\"_ _341\"> </span> $m<span class=\"_ _341\"> </span>R<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>t<span class=\"_ _36\"/> o<span class=\"_ _36\"> </span>f<span class=\"_ _341\"> </span> t<span class=\"_ _36\"/>h<span class=\"_ _36\"> </span>e<span class=\"_ _36\"> </span> W<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>r<span class=\"_ _36\"/>l<span class=\"_ _36\"> </span>d<span class=\"_ _341\"> </span> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l<span class=\"_ _341\"> </span> $m<span class=\"_ _341\"> </span>Reven<span class=\"_ _3\"/>ue f<span class=\"_ _3\"/>rom ex<span class=\"_ _3\"/>te<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al cu<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>rs<span class=\"_ _122\"> </span><span class=\"ff7d ws72\">234.6<span class=\"_ _103\"> </span>23.2<span class=\"_ _9d\"> </span>250.3<span class=\"_ _9d\"> </span>228.3<span class=\"_ _9d\"> </span>736.4<span class=\"_ _341\"> </span></span>Fix<span class=\"_ _2\"/>ed assets<span class=\"_ _215\"> </span><span class=\"ff7d ls1d ws72\">666.9<span class=\"_ _103\"> </span>26.4<span class=\"_ _9d\"> </span>280.9<span class=\"_ _1e\"> </span>72.4<span class=\"_ _86\"> </span>1,046.6<span class=\"_ _341\"> </span></span>Capital additi<span class=\"_ _2\"/>ons<span class=\"_ _1e7\"> </span><span class=\"ff7d ls1d ws72\">20.1<span class=\"_ _d8\"> </span>6.0<span class=\"_ _84\"> </span>5.3<span class=\"_ _84\"> </span>7.2<span class=\"_ _1e\"> </span>38.6<span class=\"_ _341\"> </span></span>Depreciation and amor<span class=\"_ _3\"/>tisation<span class=\"_ _216\"> </span><span class=\"ff7d ls1d ws72\">(24.0)<span class=\"_ _103\"> </span>(1.5)<span class=\"_ _87\"> </span>(27.9)<span class=\"_ _103\"> </span>(3.2)<span class=\"_ _87\"> </span>(56.6<span class=\"_ _341\"> </span></span><span class=\"ff7d ls1d ws72\">)<span class=\"_ _341\"> </span></span>Reven<span class=\"_ _3\"/>ue is b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n the l<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of th<span class=\"_ _3\"/>e cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er. The Gr<span class=\"_ _3\"/>oup\u2019s larg<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>un<span class=\"_ _3\"/>ts for 7<span class=\"_ _35\"/>.5% of revenu<span class=\"_ _3\"/>e ($<span class=\"_ _3\"/>55.<span class=\"_ _3\"/>5m).<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>17<span class=\"_ _0\"/>6<span class=\"_ _341\"> </span>SEGMENT<span class=\"_ _35\"/>AL ANAL<span class=\"_ _1\"/>YSIS<span class=\"_ _2\"/> FOR<span class=\"_ _2\"/> THE YEAR<span class=\"_ _2\"/> ENDED 3<span class=\"_ _35\"/>1 DEC<span class=\"_ _2\"/>EMBER 202<span class=\"_ _35\"/>1<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>Personal<span class=\"_ _1\"/> C<span class=\"_ _36\"/>a<span class=\"_ _42\"> </span>r<span class=\"_ _36\"/>e $m<span class=\"_ _341\"> </span>Coatings<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"/>c $m<span class=\"_ _341\"> </span>S<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>g<span class=\"_ _36\"/>m<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>n<span class=\"_ _36\"/>t t<span class=\"_ _36\"/>o<span class=\"_ _36\"/>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"/>l<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>Central costs<span class=\"_ _3f\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>Reve<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>e<span class=\"_ _217\"> </span><span class=\"ls1d ws72\">174.7<span class=\"_ _83\"> </span>384.3<span class=\"_ _83\"> </span>150.4<span class=\"_ _d\"> </span>709.4<span class=\"_ _28\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _83\"> </span></span>709.4<span class=\"_ _341\"> </span></span>Internal revenue<span class=\"_ _1db\"> </span><span class=\"ws3\">\u2013<span class=\"_ _28\"> </span>\u2013<span class=\"_ _28\"> </span>\u2013<span class=\"_ _9e\"> </span>\u2013<span class=\"_ _28\"> </span>\u2013<span class=\"_ _28\"> </span>\u2013<span class=\"_ _341\"> </span></span>Reven<span class=\"_ _3\"/>ue f<span class=\"_ _3\"/>rom ex<span class=\"_ _3\"/>te<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al cu<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>rs<span class=\"_ _17b\"> </span><span class=\"ws72\">174.7<span class=\"_ _83\"> </span>384.3<span class=\"_ _d\"> </span>150.4<span class=\"_ _83\"> </span>709.4<span class=\"_ _28\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _83\"> </span></span><span class=\"ws72\">709.4<span class=\"_ _341\"> </span></span>Adjusted operating profit/(loss)<span class=\"_ _41\"> </span><span class=\"ls1d ws72\">36.7<span class=\"_ _3e\"> </span>61.8<span class=\"_ _3e\"> </span>14.0<span class=\"_ _83\"> </span>112.5<span class=\"_ _18b\"> </span>(24.5)<span class=\"_ _79\"> </span>88.0<span class=\"_ _341\"> </span></span>Adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tems (s<span class=\"_ _3\"/>ee N<span class=\"_ _3\"/>ote 5)<span class=\"_ _218\"> </span><span class=\"ws72\">(8.8)<span class=\"_ _44\"> </span>(5.3)<span class=\"_ _d0\"> </span>(58.3)<span class=\"_ _d\"> </span>(72.4)<span class=\"_ _44\"> </span>(3.7)<span class=\"_ _d0\"> </span>(76.1)<span class=\"_ _341\"> </span></span>Operating profit<span class=\"_ _3\"/>/(loss)<span class=\"_ _130\"> </span><span class=\"ls1d ws72\">27.9<span class=\"_ _3e\"> </span>56.5<span class=\"_ _140\"> </span>(44.3)<span class=\"_ _79\"> </span>40.1<span class=\"_ _18b\"> </span>(28.2)<span class=\"_ _79\"> </span>11.9<span class=\"_ _341\"> </span></span>Los<span class=\"_ _3\"/>s on d<span class=\"_ _3\"/>isp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>al<span class=\"_ _219\"> </span><span class=\"ws72\">(1.7)<span class=\"_ _341\"> </span></span>Other expenses<span class=\"_ _21a\"> </span><span class=\"ls1d ws72\">(2.0)<span class=\"_ _341\"> </span></span>Finance income<span class=\"_ _21b\"> </span><span class=\"ls1d ws72\">11.0<span class=\"_ _341\"> </span></span>Finance e<span class=\"_ _2\"/>xpense<span class=\"_ _21c\"> </span><span class=\"ls1d ws72\">(26.7)<span class=\"_ _341\"> </span></span>Ta<span class=\"_ _36\"/>x<span class=\"_ _21d\"> </span><span class=\"ls1d ws72\">(0.4)<span class=\"_ _341\"> </span></span>Profit fr<span class=\"_ _2\"/>om discontinued operations<span class=\"_ _202\"> </span><span class=\"ls1d ws72\">10.4<span class=\"_ _341\"> </span></span>PRO<span class=\"_ _3\"/>FIT FO<span class=\"_ _3\"/>R TH<span class=\"_ _3\"/>E Y<span class=\"_ _3\"/>E<span class=\"_ _3\"/>AR<span class=\"_ _21e\"> </span><span class=\"ff7c ws72\">2.5<span class=\"_ _341\"> </span></span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>Personal<span class=\"_ _1\"/> C<span class=\"_ _36\"/>a<span class=\"_ _42\"> </span>r<span class=\"_ _36\"/>e<span class=\"_ _36\"/>,<span class=\"_ _36\"/> a<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>d Coatings<span class=\"_ _341\"> </span>1<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"/>c $m<span class=\"_ _341\"> </span>S<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>g<span class=\"_ _36\"/>m<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>n<span class=\"_ _36\"/>t t<span class=\"_ _36\"/>o<span class=\"_ _36\"/>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"/>l<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>Central<span class=\"_ _1\"/> costs<span class=\"_ _341\"> </span>2<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>Discontinue<span class=\"_ _3\"/>d<span class=\"_ _1\"/> segments<span class=\"_ _341\"> </span>2<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>Fix<span class=\"_ _2\"/>ed assets<span class=\"_ _153\"> </span><span class=\"ls1d ws72\">659.1<span class=\"_ _d8\"> </span>310.5<span class=\"_ _84\"> </span>969.6<span class=\"_ _d8\"> </span>268.4<span class=\"_ _d4\"> </span>77.4<span class=\"_ _1c\"> </span>1,315.4<span class=\"_ _341\"> </span></span>Inve<span class=\"_ _3\"/>nto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es<span class=\"_ _131\"> </span><span class=\"ls1d ws72\">109.0<span class=\"_ _1fe\"> </span>23.0<span class=\"_ _84\"> </span>132.0<span class=\"_ _d0\"> </span>(0.1)<span class=\"_ _14\"> </span>54.2<span class=\"_ _84\"> </span>186.1<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s<span class=\"_ _1df\"> </span><span class=\"ws72\">90.0<span class=\"_ _d4\"> </span>23.2<span class=\"_ _d8\"> </span>113.2<span class=\"_ _23\"> </span>5.5<span class=\"_ _d4\"> </span>20.2<span class=\"_ _84\"> </span>138.9<span class=\"_ _341\"> </span></span>Other tax recov<span class=\"_ _2\"/>erable<span class=\"_ _21f\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _1fe\"> </span><span class=\"ls1d ws72\">19.7<span class=\"_ _43\"> </span></span>\u2013<span class=\"_ _d4\"> </span><span class=\"ls1d ws72\">19.7<span class=\"_ _341\"> </span></span></span>Derivatives<span class=\"_ _220\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _79\"> </span><span class=\"ls1d ws72\">0.2<span class=\"_ _43\"> </span></span>\u2013<span class=\"_ _23\"> </span><span class=\"ls1d ws72\">0.2<span class=\"_ _341\"> </span></span></span>Ta<span class=\"_ _36\"/>x<span class=\"_ _3\"/> a<span class=\"_ _36\"/>s<span class=\"_ _0\"/>s<span class=\"_ _36\"/>e<span class=\"_ _0\"/>t<span class=\"_ _0\"/>s<span class=\"_ _221\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _1fe\"> </span><span class=\"ls1d ws72\">34.9<span class=\"_ _23\"> </span>0.2<span class=\"_ _d4\"> </span>35.1<span class=\"_ _341\"> </span></span></span>Retirement ben<span class=\"_ _3\"/>efit surplus<span class=\"_ _cd\"> </span><span class=\"ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _1fe\"> </span><span class=\"ls1d ws72\">56.6<span class=\"_ _43\"> </span></span>\u2013<span class=\"_ _d4\"> </span><span class=\"ls1d ws72\">56.6<span class=\"_ _341\"> </span></span></span>Cas<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>vale<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _143\"> </span><span class=\"ls3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _75\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">84.6<span class=\"_ _43\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">84.6<span class=\"_ _341\"> </span></span>SEGMENT<span class=\"_ _35\"/> ASSETS<span class=\"_ _222\"> </span><span class=\"ff7c ls1d ws72\">858.1<span class=\"_ _d8\"> </span>356.7<span class=\"_ _166\"> </span>1,214.8<span class=\"_ _d8\"> </span>469.8<span class=\"_ _84\"> </span>152.0<span class=\"_ _1c\"> </span>1,836.6<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s<span class=\"_ _223\"> </span><span class=\"ws72\">(86.2)<span class=\"_ _84\"> </span>(21.6)<span class=\"_ _1e\"> </span>(107.8)<span class=\"_ _5\"> </span>(22.3)<span class=\"_ _84\"> </span>(30.9)<span class=\"_ _1e\"> </span>(161.0)<span class=\"_ _341\"> </span></span>Operating provisions<span class=\"_ _154\"> </span><span class=\"ls1d ws72\">(1.0)<span class=\"_ _d4\"> </span>(4.4)<span class=\"_ _a\"> </span>(5.4)<span class=\"_ _5\"> </span>(34.8)<span class=\"_ _84\"> </span>(21.6)<span class=\"_ _84\"> </span>(61.8)<span class=\"_ _341\"> </span></span>Leas<span class=\"_ _3\"/>e liabilities<span class=\"_ _224\"> </span><span class=\"ls1d ws72\">(27.9)<span class=\"_ _84\"> </span>(11.0)<span class=\"_ _84\"> </span>(38.9)<span class=\"_ _a\"> </span>(0.8)<span class=\"_ _f2\"> </span>(0.5)<span class=\"_ _84\"> </span>(40.2)<span class=\"_ _341\"> </span></span>Ban<span class=\"_ _3\"/>k overd<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd lo<span class=\"_ _3\"/>an<span class=\"_ _3\"/>s<span class=\"_ _123\"> </span><span class=\"ls3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _20\"> </span></span><span class=\"ws72\">(482.5)<span class=\"_ _225\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _22\"> </span></span><span class=\"ws72\">(482.5)<span class=\"_ _341\"> </span></span>Curre<span class=\"_ _3\"/>nt ta<span class=\"_ _3\"/>x liabilities<span class=\"_ _226\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _d9\"> </span><span class=\"ls1d ws72\">(17.4)<span class=\"_ _182\"> </span></span>\u2013<span class=\"_ _21\"> </span><span class=\"ls1d ws72\">(17.4)<span class=\"_ _341\"> </span></span></span>Retirement benefit obligations<span class=\"_ _19f\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _d9\"> </span><span class=\"ls1d ws72\">(14.5)<span class=\"_ _f2\"> </span>(2.8)<span class=\"_ _84\"> </span>(17.3)<span class=\"_ _341\"> </span></span></span>Defer<span class=\"_ _3\"/>red ta<span class=\"_ _3\"/>x liabilitie<span class=\"_ _3\"/>s<span class=\"_ _227\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _20\"> </span><span class=\"ls1d ws72\">(149.2)<span class=\"_ _a\"> </span>(0.8)<span class=\"_ _ca\"> </span>(150.0)<span class=\"_ _341\"> </span></span></span>Financial liabilities<span class=\"_ _172\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _75\"> </span>\u2013<span class=\"_ _d0\"> </span><span class=\"ls1d ws72\">(5.4)<span class=\"_ _225\"> </span></span>\u2013<span class=\"_ _d0\"> </span><span class=\"ls1d ws72\">(5.4)<span class=\"_ _341\"> </span></span></span>SEGMENT L<span class=\"_ _2\"/>IABILITIES<span class=\"_ _b4\"> </span><span class=\"ff7c ls1d ws72\">(115.1)<span class=\"_ _5\"> </span>(37.0)<span class=\"_ _1e\"> </span>(152.1)<span class=\"_ _1e\"> </span>(726.9)<span class=\"_ _84\"> </span>(56.6)<span class=\"_ _ca\"> </span>(935.6)<span class=\"_ _341\"> </span></span>NET A<span class=\"_ _2\"/>SSETS<span class=\"_ _228\"> </span><span class=\"ff7c ls1d ws72\">743.0<span class=\"_ _d8\"> </span>319.7<span class=\"_ _166\"> </span>1,062.7<span class=\"_ _22\"> </span>(257.1)<span class=\"_ _82\"> </span>95.4<span class=\"_ _d8\"> </span>901.0<span class=\"_ _341\"> </span></span>Capital additi<span class=\"_ _2\"/>ons<span class=\"_ _56\"> </span><span class=\"ls1d ws72\">28.9<span class=\"_ _d4\"> </span>14.3<span class=\"_ _d4\"> </span>43.2<span class=\"_ _23\"> </span>4.4<span class=\"_ _33\"> </span>8.7<span class=\"_ _1fe\"> </span>56.3<span class=\"_ _341\"> </span></span>Depreciation and amor<span class=\"_ _3\"/>tisation<span class=\"_ _65\"> </span><span class=\"ls1d ws72\">(28.3)<span class=\"_ _84\"> </span>(27.4)<span class=\"_ _5\"> </span>(55.7)<span class=\"_ _a\"> </span>(2.6)<span class=\"_ _84\"> </span>(10.0)<span class=\"_ _5\"> </span>(68.3)<span class=\"_ _341\"> </span></span>1 <span class=\"_ _49\"> </span>Du<span class=\"_ _3\"/>e to the s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d na<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>od<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n fa<span class=\"_ _3\"/>cil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s for t<span class=\"_ _3\"/>he Pe<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>on<span class=\"_ _3\"/>al C<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d Co<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s a sp<span class=\"_ _3\"/>li<span class=\"_ _3\"/>t of as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets a<span class=\"_ _3\"/>nd l<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>e<span class=\"_ _3\"/>s by se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is no<span class=\"_ _3\"/>t avai<span class=\"_ _3\"/>la<span class=\"_ _3\"/>ble<span class=\"_ _3\"/> an<span class=\"_ _3\"/>d the c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t to de<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>ne s<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>h a sp<span class=\"_ _3\"/>lit wo<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>d be p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>hib<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>ve. A<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d lia<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e the<span class=\"_ _3\"/>re<span class=\"_ _3\"/>fo<span class=\"_ _3\"/>re sh<span class=\"_ _3\"/>own i<span class=\"_ _3\"/>n ag<span class=\"_ _3\"/>gre<span class=\"_ _3\"/>g<span class=\"_ _3\"/>ate fo<span class=\"_ _3\"/>r the<span class=\"_ _3\"/>s<span class=\"_ _3\"/>e se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts.<span class=\"_ _341\"> </span>2 <span class=\"_ _49\"> </span>Th<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>ts o<span class=\"_ _3\"/>f the C<span class=\"_ _3\"/>hr<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>um b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s, w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h ha<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>e<span class=\"_ _3\"/>n cl<span class=\"_ _3\"/>as<span class=\"_ _3\"/>si<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s he<span class=\"_ _3\"/>ld fo<span class=\"_ _3\"/>r s<span class=\"_ _3\"/>ale a<span class=\"_ _3\"/>s of 3<span class=\"_ _3\"/>0 Nove<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r 2022, h<span class=\"_ _3\"/>ave be<span class=\"_ _3\"/>e<span class=\"_ _3\"/>n rep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d wi<span class=\"_ _3\"/>th<span class=\"_ _3\"/>in th<span class=\"_ _3\"/>e ce<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>l co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s and discontinued<span class=\"_ _2\"/> segments above.<span class=\"_ _341\"> </span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>17<span class=\"_ _42\"/>7<span class=\"_ _341\"> </span>2<span class=\"_ _3\"/>. <span class=\"_ _3a\"> </span>OP<span class=\"_ _3\"/>ER<span class=\"_ _0\"/>A<span class=\"_ _2\"/>TI<span class=\"_ _3\"/>NG S<span class=\"_ _3\"/>EG<span class=\"_ _3\"/>M<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>S CO<span class=\"_ _3\"/>NTI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>U<span class=\"_ _3\"/>ED<span class=\"_ _341\"> </span>ANAL<span class=\"_ _1\"/>YSIS B<span class=\"_ _2\"/>Y GEOGRAPHY<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>N<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>r<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h America<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>n<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>t<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>d Kingdom<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>R<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>t<span class=\"_ _36\"/> o<span class=\"_ _36\"> </span>f E<span class=\"_ _36\"/>u<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"/>p<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>Re<span class=\"_ _3\"/>st of t<span class=\"_ _3\"/>he<span class=\"_ _1\"/> W<span class=\"_ _0\"/>o<span class=\"_ _42\"> </span>r<span class=\"_ _36\"> </span>l<span class=\"_ _42\"> </span>d $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>Reven<span class=\"_ _3\"/>ue f<span class=\"_ _3\"/>rom ex<span class=\"_ _3\"/>te<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al cu<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>rs<span class=\"_ _229\"> </span><span class=\"ws72\">180.1<span class=\"_ _14\"> </span>21.0<span class=\"_ _64\"> </span>272.3<span class=\"_ _64\"> </span>236.0<span class=\"_ _4b\"> </span>709.4<span class=\"_ _341\"> </span></span>Fix<span class=\"_ _2\"/>ed assets<span class=\"_ _203\"> </span><span class=\"ls1d ws72\">750.9<span class=\"_ _64\"> </span>155.2<span class=\"_ _64\"> </span>335.0<span class=\"_ _14\"> </span>74.3<span class=\"_ _2c\"> </span>1,315.4<span class=\"_ _341\"> </span></span>Capital additi<span class=\"_ _2\"/>ons<span class=\"_ _e4\"> </span><span class=\"ls1d ws72\">19.9<span class=\"_ _74\"> </span>1.5<span class=\"_ _c7\"> </span>16.3<span class=\"_ _74\"> </span>9.9<span class=\"_ _14\"> </span>47.6<span class=\"_ _341\"> </span></span>Depreciation and amor<span class=\"_ _3\"/>tisation<span class=\"_ _54\"> </span><span class=\"ls1d ws72\">(23.3)<span class=\"_ _14\"> </span>(1.6)<span class=\"_ _29\"> </span>(30.3)<span class=\"_ _82\"> </span>(3.1)<span class=\"_ _4b\"> </span>(58.3)<span class=\"_ _341\"> </span></span>Reven<span class=\"_ _3\"/>ue is b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n the l<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of th<span class=\"_ _3\"/>e cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er. The Gr<span class=\"_ _3\"/>oup\u2019s larg<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>un<span class=\"_ _3\"/>ts for 7<span class=\"_ _35\"/>.5% of revenu<span class=\"_ _3\"/>e ($<span class=\"_ _3\"/>43<span class=\"_ _3\"/>.3m).<span class=\"_ _341\"> </span>3. <span class=\"_ _3a\"> </span>F<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>A<span class=\"_ _3\"/>NC<span class=\"_ _3\"/>E I<span class=\"_ _3\"/>NC<span class=\"_ _3\"/>OM<span class=\"_ _3\"/>E<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Interest on bank deposits<span class=\"_ _1d6\"> </span><span class=\"ff7d ls1d ws72\">0.2<span class=\"_ _74\"> </span><span class=\"ff7c\">0.3<span class=\"_ _341\"> </span></span></span>Pens<span class=\"_ _3\"/>io<span class=\"_ _3\"/>n and o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r po<span class=\"_ _3\"/>st re<span class=\"_ _3\"/>tir<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s<span class=\"_ _22a\"> </span><span class=\"ff7d ws72\">0.6<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Fair va<span class=\"_ _3\"/>lue m<span class=\"_ _3\"/>oveme<span class=\"_ _3\"/>nt o<span class=\"_ _3\"/>n der<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>s<span class=\"_ _22b\"> </span><span class=\"ff7d ws72\">9.1<span class=\"_ _14\"> </span><span class=\"ff7c\">10.7<span class=\"_ _341\"> </span></span></span>9.9<span class=\"_ _14\"> </span><span class=\"ff7c\">11.0<span class=\"_ _341\"> </span></span>4. <span class=\"_ _3a\"> </span>F<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>A<span class=\"_ _3\"/>NC<span class=\"_ _3\"/>E C<span class=\"_ _3\"/>OS<span class=\"_ _3\"/>TS<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Interest on bank loans<span class=\"_ _22c\"> </span><span class=\"ff7d ls1d ws72\">19.5<span class=\"_ _14\"> </span><span class=\"ff7c\">23.2<span class=\"_ _341\"> </span></span></span>Pens<span class=\"_ _3\"/>io<span class=\"_ _3\"/>n and o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r po<span class=\"_ _3\"/>st re<span class=\"_ _3\"/>tir<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s<span class=\"_ _22d\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">0.2<span class=\"_ _341\"> </span></span>Unwin<span class=\"_ _3\"/>d of di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t on p<span class=\"_ _3\"/>rovis<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ns<span class=\"_ _22e\"> </span><span class=\"ff7d ws72\">0.7<span class=\"_ _74\"> </span><span class=\"ff7c\">1.7<span class=\"_ _341\"> </span></span></span>Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st on l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s<span class=\"_ _22f\"> </span><span class=\"ff7d ws72\">1.4<span class=\"_ _74\"> </span><span class=\"ff7c\">1.6<span class=\"_ _341\"> </span></span></span>21.6<span class=\"_ _14\"> </span><span class=\"ff7c\">26.7<span class=\"_ _341\"> </span></span>5. <span class=\"_ _3a\"> </span>A<span class=\"_ _3\"/>DJ<span class=\"_ _3\"/>U<span class=\"_ _3\"/>STI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>G ITE<span class=\"_ _3\"/>M<span class=\"_ _3\"/>S 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 Discontinued operations<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>2<span class=\"_ _3\"/>0<span class=\"_ _36\"/>2<span class=\"_ _3\"/>1 Discontinue<span class=\"_ _3\"/>d<span class=\"_ _35\"/> operations<span class=\"_ _35\"/> $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>Business transformation<span class=\"_ _217\"> </span><span class=\"ff7d ls1d ws72\">4.8<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>4.8<span class=\"_ _74\"> </span><span class=\"ff7c\">4.3<span class=\"_ _13d\"> </span>0.3<span class=\"_ _74\"> </span>4.6<span class=\"_ _341\"> </span></span></span>Environmental provisions <span class=\"_ _3b\"> </span> <span class=\"_ _72\"/>Increase in pro<span class=\"_ _2\"/>visions due t<span class=\"_ _2\"/>o additional remediation work identified<span class=\"_ _123\"> </span><span class=\"ff7d ls1d ws72\">3.4<span class=\"_ _74\"> </span>5.3<span class=\"_ _74\"> </span>8.7<span class=\"_ _74\"> </span><span class=\"ff7c\">5.3<span class=\"_ _74\"> </span>4.3<span class=\"_ _74\"> </span>9.6</span></span> <span class=\"_ _3b\"> </span> <span class=\"_ _72\"/>D<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>rea<span class=\"_ _3\"/>se i<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>ovisi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s due to c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>nge i<span class=\"_ _3\"/>n dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate<span class=\"_ _205\"> </span><span class=\"ff7d\">(7.2)<span class=\"_ _c7\"> </span>(3.1)<span class=\"_ _64\"> </span>(10.3)<span class=\"_ _82\"> </span></span>(0.6)<span class=\"_ _82\"> </span>(0.7)<span class=\"_ _82\"> </span>(1.3)<span class=\"_ _341\"> </span>Imp<span class=\"_ _3\"/>air<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of p<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt<span class=\"_ _7\"> </span><span class=\"ff7d ws72\">23.0<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _14\"> </span></span>23.0<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _341\"> </span></span>Impairment of goodwill<span class=\"_ _12b\"> </span><span class=\"ff7d ls1d ws72\">103.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>103.4<span class=\"_ _14\"> </span><span class=\"ff7c\">52.3<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _c7\"> </span></span>52.3<span class=\"_ _341\"> </span></span></span>Sa<span class=\"_ _3\"/>le of Mo<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>l lan<span class=\"_ _3\"/>d<span class=\"_ _52\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(1.0)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(1.0)<span class=\"_ _341\"> </span></span>Costs associat<span class=\"_ _2\"/>ed with<span class=\"_ _2\"/> Chromium d<span class=\"_ _2\"/>isposal<span class=\"_ _7c\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">5.6<span class=\"_ _74\"> </span>5.6<span class=\"_ _341\"> </span></span></span>Amor<span class=\"_ _3\"/>tisation of intangibles arising on acquisition<span class=\"_ _15a\"> </span><span class=\"ff7d ls1d ws72\">14.9<span class=\"_ _13d\"> </span>0.2<span class=\"_ _c7\"> </span>15.1<span class=\"_ _14\"> </span><span class=\"ff7c\">15.8<span class=\"_ _13d\"> </span>0.2<span class=\"_ _14\"> </span>16.0<span class=\"_ _341\"> </span></span></span>142.3<span class=\"_ _74\"> </span>8.0<span class=\"_ _64\"> </span>150.3<span class=\"_ _14\"> </span><span class=\"ff7c\">76.1<span class=\"_ _74\"> </span>4.1<span class=\"_ _14\"> </span>80.2<span class=\"_ _341\"> </span></span>Sale of<span class=\"_ _2\"/> Business<span class=\"_ _205\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span><span class=\"ls1d ws72\">1.7<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>1.7<span class=\"_ _341\"> </span></span>Unr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>ed m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>k to ma<span class=\"_ _3\"/>rket of d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ivat<span class=\"_ _3\"/>ive fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al instrume<span class=\"_ _3\"/>nts<span class=\"_ _230\"> </span><span class=\"ff7d ls1d ws72\">(6.6)<span class=\"_ _b\"> </span></span><span class=\"ff7d\">\u2013<span class=\"_ _26\"> </span><span class=\"ls1d ws72\">(6.6)<span class=\"_ _29\"> </span><span class=\"ff7c\">(10.7)<span class=\"_ _12\"> </span></span></span></span>\u2013<span class=\"_ _84\"> </span><span class=\"ls1d ws72\">(10.7)<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>x c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit in r<span class=\"_ _3\"/>el<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n to adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ting i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s<span class=\"_ _be\"> </span><span class=\"ff7d ws72\">(8.3)<span class=\"_ _c7\"> </span>(1.7)<span class=\"_ _64\"> </span>(10.0)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(10.5)<span class=\"_ _82\"> </span>(0.8)<span class=\"_ _4b\"> </span>(11.3)<span class=\"_ _341\"> </span></span></span>127.4<span class=\"_ _74\"> </span>6.3<span class=\"_ _64\"> </span>133.7<span class=\"_ _14\"> </span><span class=\"ff7c\">56.6<span class=\"_ _74\"> </span>3.3<span class=\"_ _14\"> </span>59.9<span class=\"_ _341\"> </span></span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>17<span class=\"_ _36\"/>8<span class=\"_ _341\"> </span>A num<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r of ite<span class=\"_ _3\"/>ms have b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>rd<span class=\"_ _3\"/>ed u<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>r \u2018adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tems\u2019 by vi<span class=\"_ _3\"/>r<span class=\"_ _3\"/>tu<span class=\"_ _3\"/>e of the<span class=\"_ _3\"/>ir s<span class=\"_ _3\"/>ize an<span class=\"_ _3\"/>d<span class=\"_ _3\"/>/<span class=\"_ _2\"/>o<span class=\"_ _3\"/>r one ti<span class=\"_ _3\"/>me na<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e, in li<span class=\"_ _3\"/>ne wi<span class=\"_ _3\"/>th ou<span class=\"_ _3\"/>r acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>g pol<span class=\"_ _3\"/>icy i<span class=\"_ _3\"/>n Note 1, in orde<span class=\"_ _3\"/>r to prov<span class=\"_ _3\"/>ide a<span class=\"_ _3\"/>ddi<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l use<span class=\"_ _3\"/>fu<span class=\"_ _3\"/>l ana<span class=\"_ _3\"/>ly<span class=\"_ _3\"/>sis of t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>ts. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ide<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s the a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d res<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>ts to be a<span class=\"_ _3\"/>n imp<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t me<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ure u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to mo<span class=\"_ _3\"/>nito<span class=\"_ _3\"/>r how the b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s are p<span class=\"_ _3\"/>er<span class=\"_ _0\"/>for<span class=\"_ _3\"/>min<span class=\"_ _3\"/>g as t<span class=\"_ _3\"/>hey ac<span class=\"_ _3\"/>hieve c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>ten<span class=\"_ _3\"/>cy an<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y b<span class=\"_ _3\"/>et<span class=\"_ _3\"/>wee<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>por<span class=\"_ _0\"/>tin<span class=\"_ _3\"/>g pe<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>ds<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e net i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ct of t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se ite<span class=\"_ _3\"/>ms o<span class=\"_ _3\"/>n the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t be<span class=\"_ _3\"/>fore t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x fo<span class=\"_ _3\"/>r the ye<span class=\"_ _3\"/>ar i<span class=\"_ _3\"/>s a deb<span class=\"_ _3\"/>it of $135.<span class=\"_ _2\"/>7m (2021<span class=\"_ _35\"/>: $67<span class=\"_ _35\"/>.<span class=\"_ _1\"/>1m). The item<span class=\"_ _3\"/>s fa<span class=\"_ _3\"/>ll in<span class=\"_ _3\"/>to a num<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r of ca<span class=\"_ _3\"/>teg<span class=\"_ _3\"/>or<span class=\"_ _3\"/>ies<span class=\"_ _3\"/>, as s<span class=\"_ _3\"/>umm<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ed b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow:<span class=\"_ _341\"> </span>Business transformation<span class=\"ff7c ls1d ws3\"> \u2013 In Novem<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2020, th<span class=\"_ _3\"/>e cl<span class=\"_ _3\"/>osu<span class=\"_ _3\"/>re of th<span class=\"_ _3\"/>e Ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>les<span class=\"_ _3\"/>ton p<span class=\"_ _3\"/>lan<span class=\"_ _3\"/>t was a<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>d. Co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s of $2.9<span class=\"_ _3\"/>m ($4.<span class=\"_ _3\"/>2m in 20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>)<span class=\"_ _3\"/> </span>(in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g $0<span class=\"_ _3\"/>.4m of de<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>iati<span class=\"_ _3\"/>on ($<span class=\"_ _3\"/>0.4m i<span class=\"_ _3\"/>n 2021<span class=\"_ _2\"/>)) as<span class=\"_ _3\"/>so<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>ted w<span class=\"_ _3\"/>ith th<span class=\"_ _3\"/>e clo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re of th<span class=\"_ _3\"/>e site a<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>las<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s an a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>ng ite<span class=\"_ _3\"/>m an<span class=\"_ _3\"/>d the s<span class=\"_ _3\"/>ite is<span class=\"_ _3\"/> pla<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>ed to b<span class=\"_ _3\"/>e dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d of in th<span class=\"_ _3\"/>e fut<span class=\"_ _3\"/>ure. S<span class=\"_ _3\"/>in<span class=\"_ _3\"/>ce Nove<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>20, co<span class=\"_ _3\"/>sts o<span class=\"_ _3\"/>f $22.7<span class=\"_ _35\"/>m h<span class=\"_ _3\"/>ave be<span class=\"_ _3\"/>en in<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed in r<span class=\"_ _3\"/>el<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n to the c<span class=\"_ _3\"/>los<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>e of the s<span class=\"_ _3\"/>ite. In ad<span class=\"_ _3\"/>diti<span class=\"_ _3\"/>on to th<span class=\"_ _3\"/>is, c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ts of $1<span class=\"_ _2\"/>.9<span class=\"_ _3\"/>m have be<span class=\"_ _3\"/>e<span class=\"_ _3\"/>n inc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d in re<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on to th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>lc in<span class=\"_ _3\"/>teg<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion a<span class=\"_ _3\"/>nd sy<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>rgy p<span class=\"_ _3\"/>roj<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e pro<span class=\"_ _3\"/>je<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s were<span class=\"_ _3\"/> com<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>ete<span class=\"_ _3\"/>d in 2022. Environmental pro<span class=\"_ _2\"/>visions<span class=\"ff7c ls1d ws3\"> \u2013 The G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s env<span class=\"_ _3\"/>iro<span class=\"_ _3\"/>nme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n is c<span class=\"_ _3\"/>alc<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>ated o<span class=\"_ _3\"/>n a dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>is, re<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g the ti<span class=\"_ _3\"/>me </span>pe<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>d over w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h sp<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ding i<span class=\"_ _3\"/>s es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d to ta<span class=\"_ _3\"/>ke plac<span class=\"_ _3\"/>e. T<span class=\"_ _3\"/>he move<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt in th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ovis<span class=\"_ _3\"/>ion r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>tes to a c<span class=\"_ _3\"/>han<span class=\"_ _3\"/>ge in d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>cou<span class=\"_ _3\"/>nt r<span class=\"_ _3\"/>ates t<span class=\"_ _3\"/>hat h<span class=\"_ _3\"/>as de<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed t<span class=\"_ _3\"/>he li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y by $7<span class=\"_ _1\"/>.<span class=\"_ _3\"/>2m in t<span class=\"_ _3\"/>he yea<span class=\"_ _3\"/>r (2021<span class=\"_ _2\"/>: $0.6<span class=\"_ _3\"/>m) an<span class=\"_ _3\"/>d ex<span class=\"_ _3\"/>tra r<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>di<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on wor<span class=\"_ _3\"/>k id<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ied i<span class=\"_ _3\"/>n the ye<span class=\"_ _3\"/>ar w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h ha<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>ted in a $<span class=\"_ _3\"/>3.4<span class=\"_ _3\"/>m inc<span class=\"_ _3\"/>re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e to the li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $5<span class=\"_ _3\"/>.3m). As t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se c<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>late to no<span class=\"_ _3\"/>n-<span class=\"_ _3\"/>op<span class=\"_ _3\"/>e<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>al fa<span class=\"_ _3\"/>cil<span class=\"_ _3\"/>itie<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>ey ar<span class=\"_ _3\"/>e cla<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d as a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>ng ite<span class=\"_ _3\"/>ms.<span class=\"_ _341\"> </span>Impairment o<span class=\"_ _2\"/>f propert<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, plant<span class=\"_ _2\"/> and equipment<span class=\"ff7c ls1d ws3\"> \u2013 In 2022 the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d a no<span class=\"_ _3\"/>n-<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>sh $<span class=\"_ _3\"/>23.0<span class=\"_ _3\"/>m imp<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>rme<span class=\"_ _3\"/>nt i<span class=\"_ _3\"/>n res<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t of non<span class=\"_ _3\"/>-<span class=\"_ _341\"> </span></span>operational bioleaching proper<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _35\"/>, plant and equipment in the<span class=\"_ _2\"/> T<span class=\"_ _35\"/>alc busines<span class=\"_ _3\"/>s. The Group det<span class=\"_ _2\"/>ermine<span class=\"_ _3\"/>d that the<span class=\"_ _2\"/> operational, health and safety and f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l co<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s req<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ed to o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rate t<span class=\"_ _3\"/>he e<span class=\"_ _3\"/>quip<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt we<span class=\"_ _3\"/>re not t<span class=\"_ _3\"/>he be<span class=\"_ _3\"/>s<span class=\"_ _3\"/>t use o<span class=\"_ _3\"/>f the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s re<span class=\"_ _3\"/>sou<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Impairment o<span class=\"_ _2\"/>f goodwill<span class=\"_ _35\"/><span class=\"ff7c ls1d ws3\"> \u2013 T<span class=\"_ _3\"/>he p<span class=\"_ _3\"/>er<span class=\"_ _0\"/>for<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>al<span class=\"_ _3\"/>c bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s wa<span class=\"_ _3\"/>s adve<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>el<span class=\"_ _3\"/>y imp<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ted by a lowe<span class=\"_ _3\"/>r de<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>nvir<span class=\"_ _3\"/>onm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>, glo<span class=\"_ _3\"/>ba<span class=\"_ _3\"/>l </span>inf<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>y p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>es, h<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>er e<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>y co<span class=\"_ _3\"/>sts a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>he Ru<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ia inva<span class=\"_ _3\"/>si<span class=\"_ _3\"/>on of Uk<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>in<span class=\"_ _3\"/>e. Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e fac<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>s well a<span class=\"_ _3\"/>s a re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on in t<span class=\"_ _3\"/>he ne<span class=\"_ _3\"/>ar te<span class=\"_ _3\"/>r<span class=\"_ _3\"/>m fore<span class=\"_ _3\"/>c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ted p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>ita<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y of th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>lc b<span class=\"_ _3\"/>usi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ss a<span class=\"_ _3\"/>nd a r<span class=\"_ _3\"/>ise i<span class=\"_ _3\"/>n the p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>-ta<span class=\"_ _0\"/>x dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n an im<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t ch<span class=\"_ _3\"/>arg<span class=\"_ _3\"/>e of $1<span class=\"_ _2\"/>0<span class=\"_ _3\"/>3.4m be<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>52.3m). Du<span class=\"_ _3\"/>e to the c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>cy in w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h the g<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>dwi<span class=\"_ _3\"/>ll was h<span class=\"_ _3\"/>el<span class=\"_ _3\"/>d, thi<span class=\"_ _3\"/>s imp<span class=\"_ _3\"/>air<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>lso g<span class=\"_ _3\"/>ave ris<span class=\"_ _3\"/>e to a $8<span class=\"_ _3\"/>.0m (<span class=\"_ _3\"/>2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>0.8<span class=\"_ _3\"/>m) movem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t in excha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e dif<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es o<span class=\"_ _3\"/>n tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n othe<span class=\"_ _3\"/>r co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>re<span class=\"_ _3\"/>hen<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ve inc<span class=\"_ _3\"/>ome<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Costs associat<span class=\"_ _2\"/>ed with Chromium<span class=\"_ _2\"/> disposal <span class=\"ff7c ls1d ws3\">\u2013 As a<span class=\"_ _3\"/>nno<span class=\"_ _3\"/>unc<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d in Nove<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r 202<span class=\"_ _3\"/>2, the Gr<span class=\"_ _3\"/>oup s<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d a sa<span class=\"_ _3\"/>le an<span class=\"_ _3\"/>d pu<span class=\"_ _3\"/>rch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e agr<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt fo<span class=\"_ _3\"/>r </span>the di<span class=\"_ _3\"/>ves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt of i<span class=\"_ _3\"/>ts Ch<span class=\"_ _3\"/>rom<span class=\"_ _3\"/>ium b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s. Th<span class=\"_ _3\"/>e tr<span class=\"_ _3\"/>ans<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>lete<span class=\"_ _3\"/>d in Ja<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>y 20<span class=\"_ _3\"/>23. C<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>s tota<span class=\"_ _3\"/>lli<span class=\"_ _3\"/>ng $<span class=\"_ _3\"/>5.6m we<span class=\"_ _3\"/>re in<span class=\"_ _3\"/>cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d du<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g 2022 a<span class=\"_ _3\"/>s par<span class=\"_ _0\"/>t of th<span class=\"_ _3\"/>e dive<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e pro<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>. Sa<span class=\"_ _3\"/>l<span class=\"_ _3\"/>e of M<span class=\"_ _3\"/>on<span class=\"_ _3\"/>t<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>l la<span class=\"_ _3\"/>n<span class=\"_ _3\"/>d<span class=\"ff7c\"> \u2013 In 20<span class=\"_ _3\"/>21 the Gr<span class=\"_ _3\"/>oup di<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ed of a n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-c<span class=\"_ _3\"/>or<span class=\"_ _3\"/>e pa<span class=\"_ _3\"/>rce<span class=\"_ _3\"/>l of la<span class=\"_ _3\"/>nd i<span class=\"_ _3\"/>n Mon<span class=\"_ _3\"/>tre<span class=\"_ _3\"/>al, Ca<span class=\"_ _3\"/>na<span class=\"_ _3\"/>da<span class=\"_ _3\"/>. The p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>it o<span class=\"_ _3\"/>n dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>l ha<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>en<span class=\"_ _3\"/> </span>tre<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d as a<span class=\"_ _3\"/>n adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tem.<span class=\"_ _3\"/> Amort<span class=\"_ _3\"/>isation of<span class=\"_ _2\"/> intangibles arising on<span class=\"_ _2\"/> acquisition<span class=\"ff7c ls1d ws3\"> \u2013 Am<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tis<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of $1<span class=\"_ _35\"/>4.<span class=\"_ _3\"/>9m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $1<span class=\"_ _2\"/>5.8<span class=\"_ _3\"/>m) rep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nts t<span class=\"_ _3\"/>he ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ge in r<span class=\"_ _3\"/>esp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ct of t<span class=\"_ _3\"/>he </span>Gr<span class=\"_ _3\"/>oup\u2019s acqui<span class=\"_ _3\"/>red i<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts. A<span class=\"_ _3\"/>s in p<span class=\"_ _3\"/>revi<span class=\"_ _3\"/>ous ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s<span class=\"_ _3\"/>, the<span class=\"_ _3\"/>se a<span class=\"_ _3\"/>re in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d in ad<span class=\"_ _3\"/>jus<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g ite<span class=\"_ _3\"/>ms a<span class=\"_ _3\"/>s they a<span class=\"_ _3\"/>re a no<span class=\"_ _3\"/>n-<span class=\"_ _3\"/>c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h cha<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>e ar<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>ng fr<span class=\"_ _3\"/>om historical in<span class=\"_ _2\"/>vestment activities.<span class=\"_ _341\"> </span>Sa<span class=\"_ _3\"/>l<span class=\"_ _3\"/>e of B<span class=\"_ _3\"/>u<span class=\"_ _3\"/>si<span class=\"_ _3\"/>n<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s <span class=\"ff7c\">\u2013 In 20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>, th<span class=\"_ _3\"/>e $1<span class=\"_ _35\"/>.7<span class=\"_ _2\"/>m lo<span class=\"_ _3\"/>ss o<span class=\"_ _3\"/>n dis<span class=\"_ _3\"/>pos<span class=\"_ _3\"/>al o<span class=\"_ _3\"/>f two n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-c<span class=\"_ _3\"/>or<span class=\"_ _3\"/>e de<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>l bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s, Ei<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nba<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>er D<span class=\"_ _3\"/>en<span class=\"_ _3\"/>tal<span class=\"_ _3\"/>war<span class=\"_ _3\"/>en ED G<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>H and<span class=\"_ _3\"/> </span>Ade<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>atec G<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>H, wa<span class=\"_ _3\"/>s tre<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d as a<span class=\"_ _3\"/>n adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tem.<span class=\"_ _341\"> </span>Unrealised mark<span class=\"_ _2\"/> to mark<span class=\"_ _2\"/>et of<span class=\"_ _2\"/> derivatives<span class=\"_ _2\"/><span class=\"ff7c ls1d ws3\"> \u2013 T<span class=\"_ _3\"/>he un<span class=\"_ _3\"/>rea<span class=\"_ _3\"/>li<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d movem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts in th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>rk to m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket valu<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l ins<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts t<span class=\"_ _3\"/>hat a<span class=\"_ _3\"/>re </span>not in h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>gin<span class=\"_ _3\"/>g re<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>shi<span class=\"_ _3\"/>ps a<span class=\"_ _3\"/>re tre<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d as a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>ng ite<span class=\"_ _3\"/>ms a<span class=\"_ _3\"/>s they a<span class=\"_ _3\"/>re u<span class=\"_ _3\"/>nre<span class=\"_ _3\"/>ali<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d no<span class=\"_ _3\"/>n-<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts t<span class=\"_ _3\"/>hat w<span class=\"_ _3\"/>ill no<span class=\"_ _3\"/>t af<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows of t<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>oup.<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>x o<span class=\"_ _3\"/>n a<span class=\"_ _3\"/>dj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>t<span class=\"_ _3\"/>i<span class=\"_ _3\"/>ng i<span class=\"_ _3\"/>t<span class=\"_ _3\"/>em<span class=\"_ _3\"/>s<span class=\"ff7c\"> \u2013 thi<span class=\"_ _3\"/>s is th<span class=\"_ _3\"/>e net i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ct of t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x re<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ing to th<span class=\"_ _3\"/>e adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ting i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s lis<span class=\"_ _3\"/>ted a<span class=\"_ _3\"/>bove.<span class=\"_ _341\"> </span></span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>17<span class=\"_ _36\"/>9<span class=\"_ _341\"> </span>5. <span class=\"_ _3a\"> </span>A<span class=\"_ _3\"/>DJ<span class=\"_ _3\"/>U<span class=\"_ _3\"/>STI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>G ITE<span class=\"_ _3\"/>M<span class=\"_ _3\"/>S CO<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>U<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>o su<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>rab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y with t<span class=\"_ _3\"/>he f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>teme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s as p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>sen<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n 2022, a re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ilia<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n to the ad<span class=\"_ _3\"/>jus<span class=\"_ _3\"/>ted c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>so<span class=\"_ _3\"/>lid<span class=\"_ _3\"/>ated i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ome<span class=\"_ _3\"/> st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is sh<span class=\"_ _3\"/>own be<span class=\"_ _3\"/>low.<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 P<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"> </span>f<span class=\"_ _42\"> </span>i<span class=\"_ _36\"> </span>t and lo<span class=\"_ _2\"/>ss<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 A<span class=\"_ _36\"> </span>d<span class=\"_ _42\"> </span>j<span class=\"_ _36\"> </span>u<span class=\"_ _42\"> </span>s<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>i<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>g items<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 A<span class=\"_ _36\"> </span>d<span class=\"_ _42\"> </span>j<span class=\"_ _36\"> </span>u<span class=\"_ _42\"> </span>s<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>d profit<span class=\"_ _2\"/> and<span class=\"_ _1\"/> l<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>s<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>Reve<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>e<span class=\"_ _231\"> </span><span class=\"ff7d ls1d ws72\">736.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>736.4<span class=\"_ _341\"> </span></span>Cos<span class=\"_ _3\"/>t of s<span class=\"_ _3\"/>ale<span class=\"_ _3\"/>s<span class=\"_ _232\"> </span><span class=\"ff7d ws72\">(437.5)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _76\"> </span></span>(437.5)<span class=\"_ _341\"> </span></span>Gross profit<span class=\"_ _233\"> </span><span class=\"ff7d ls1d ws72\">298.9<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>298.9<span class=\"_ _341\"> </span></span>Distribution costs<span class=\"_ _234\"> </span><span class=\"ff7d ls1d ws72\">(125.0)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _76\"> </span></span>(125.0)<span class=\"_ _341\"> </span></span>Administ<span class=\"_ _2\"/>rative<span class=\"_ _2\"/> expenses<span class=\"_ _1f7\"> </span><span class=\"ff7d ls1d ws72\">(215.7)<span class=\"_ _76\"> </span>142.3<span class=\"_ _97\"> </span>(73.4)<span class=\"_ _341\"> </span></span>Operating (loss)/profit<span class=\"_ _235\"> </span><span class=\"ff7d ls1d ws72\">(41.8)<span class=\"_ _76\"> </span>142.3<span class=\"_ _64\"> </span>100.5<span class=\"_ _341\"> </span></span>Other expenses<span class=\"_ _236\"> </span><span class=\"ff7d ls1d ws72\">(1.3)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _26\"> </span></span>(1.3)<span class=\"_ _341\"> </span></span>Finance income<span class=\"_ _1d3\"> </span><span class=\"ff7d ls1d ws72\">9.9<span class=\"_ _15\"> </span>(6.6)<span class=\"_ _26\"> </span>3.3<span class=\"_ _341\"> </span></span>Finance<span class=\"_ _2\"/> costs<span class=\"_ _118\"> </span><span class=\"ff7d ls1d ws72\">(21.6)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _17a\"> </span></span>(21.6)<span class=\"_ _341\"> </span></span>(Loss)/<span class=\"_ _2\"/>profit before<span class=\"_ _2\"/> income tax<span class=\"_ _237\"> </span><span class=\"ff7d ls1d ws72\">(54.8)<span class=\"_ _76\"> </span>135.7<span class=\"_ _14\"> </span>80.9<span class=\"_ _341\"> </span></span>Ta<span class=\"_ _36\"/>x<span class=\"_ _238\"> </span><span class=\"ff7d ls1d ws72\">(7.8)<span class=\"_ _c7\"> </span>(8.3)<span class=\"_ _64\"> </span>(16.1)<span class=\"_ _341\"> </span></span>(Loss)/profit from continuing operations<span class=\"_ _239\"> </span><span class=\"ff7d ls1d ws72\">(62.6)<span class=\"_ _76\"> </span>127.4<span class=\"_ _14\"> </span>64.8<span class=\"_ _341\"> </span></span>Profit fr<span class=\"_ _2\"/>om discontinued operations<span class=\"_ _1c6\"> </span><span class=\"ff7d ls1d ws72\">11.5<span class=\"_ _74\"> </span>6.3<span class=\"_ _14\"> </span>17.8<span class=\"_ _341\"> </span></span>(Lo<span class=\"_ _3\"/>ss)<span class=\"_ _3\"/>/prof<span class=\"_ _3\"/>it fo<span class=\"_ _3\"/>r the ye<span class=\"_ _3\"/>ar<span class=\"_ _23a\"> </span><span class=\"ff7d ws72\">(51.1)<span class=\"_ _76\"> </span>133.7<span class=\"_ _14\"> </span>82.6<span class=\"_ _341\"> </span></span>Attributable<span class=\"_ _2\"/> to<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Equi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y hol<span class=\"_ _3\"/>de<span class=\"_ _3\"/>rs o<span class=\"_ _3\"/>f the pa<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt<span class=\"_ _10f\"> </span><span class=\"ff7d ws72\">(51.1)<span class=\"_ _76\"> </span>133.7<span class=\"_ _14\"> </span>82.6<span class=\"_ _341\"> </span></span>EARNINGS PER SHARE<span class=\"_ _341\"> </span>From continuing operations <span class=\"_ _3b\"> </span>Basic (los<span class=\"_ _3\"/>s)/<span class=\"_ _35\"/>e<span class=\"_ _3\"/>arnings (cents) <span class=\"_ _23b\"> </span><span class=\"ff7d ls1d ws72\">(10.7)<span class=\"_ _94\"> </span>21.8<span class=\"_ _14\"> </span>11.1</span> <span class=\"_ _3b\"> </span>Diluted (loss)/earnings (cents)<span class=\"_ _1ba\"> </span><span class=\"ff7d ls1d ws72\">(10.7)<span class=\"_ _94\"> </span>21.6<span class=\"_ _c7\"> </span>10.9<span class=\"_ _341\"> </span></span>From continuing and discontinued operations <span class=\"_ _3b\"> </span>Basic (los<span class=\"_ _3\"/>s)/<span class=\"_ _35\"/>e<span class=\"_ _3\"/>arnings (cents) <span class=\"_ _23c\"> </span><span class=\"ff7d ls1d ws72\">(8.8)<span class=\"_ _94\"> </span>23.0<span class=\"_ _14\"> </span>14.2</span> <span class=\"_ _3b\"> </span>Diluted (loss)/earnings (cents)<span class=\"_ _23d\"> </span><span class=\"ff7d ls1d ws72\">(8.8)<span class=\"_ _94\"> </span>22.7<span class=\"_ _14\"> </span>13.9<span class=\"_ _341\"> </span></span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _42\"/>0<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 P<span class=\"_ _36\"/>r<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>f<span class=\"_ _36\"/>i<span class=\"_ _36\"> </span>t a<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>d<span class=\"_ _0\"/> l<span class=\"_ _42\"> </span>o<span class=\"_ _36\"/>s<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 Adjusting<span class=\"_ _1\"/> i<span class=\"_ _36\"> </span>t<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"/>s $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 Adjusted<span class=\"_ _1\"/> p<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"/>f<span class=\"_ _36\"> </span>i<span class=\"_ _36\"> </span>t a<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>d<span class=\"_ _0\"/> l<span class=\"_ _42\"> </span>o<span class=\"_ _36\"/>s<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>Reve<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>e<span class=\"_ _231\"> </span><span class=\"ls1d ws72\">709.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>709.4<span class=\"_ _341\"> </span></span>Cos<span class=\"_ _3\"/>t of s<span class=\"_ _3\"/>ale<span class=\"_ _3\"/>s<span class=\"_ _118\"> </span><span class=\"ws72\">(420.4)<span class=\"_ _12\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _103\"> </span></span><span class=\"ws72\">(420.4)<span class=\"_ _341\"> </span></span>Gross profit<span class=\"_ _233\"> </span><span class=\"ls1d ws72\">289.0<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>289.0<span class=\"_ _341\"> </span></span>Distribution costs<span class=\"_ _23e\"> </span><span class=\"ls1d ws72\">(126.1)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _31\"> </span></span>(126.1)<span class=\"_ _341\"> </span></span>Administ<span class=\"_ _2\"/>rative<span class=\"_ _2\"/> expenses<span class=\"_ _1ae\"> </span><span class=\"ls1d ws72\">(151.0)<span class=\"_ _17a\"> </span>76.1<span class=\"_ _d8\"> </span>(74.9)<span class=\"_ _341\"> </span></span>Operating profit<span class=\"_ _1f4\"> </span><span class=\"ls1d ws72\">11.9<span class=\"_ _14\"> </span>76.1<span class=\"_ _14\"> </span>88.0<span class=\"_ _341\"> </span></span>Los<span class=\"_ _3\"/>s on d<span class=\"_ _3\"/>isp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>al<span class=\"_ _23f\"> </span><span class=\"ws72\">(1.7)<span class=\"_ _26\"> </span>1.7<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Other expenses<span class=\"_ _240\"> </span><span class=\"ls1d ws72\">(2.0)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _1fe\"> </span></span>(2.0)<span class=\"_ _341\"> </span></span>Finance income<span class=\"_ _241\"> </span><span class=\"ls1d ws72\">11.0<span class=\"_ _d8\"> </span>(10.7)<span class=\"_ _26\"> </span>0.3<span class=\"_ _341\"> </span></span>Finance<span class=\"_ _2\"/> costs<span class=\"_ _1e5\"> </span><span class=\"ls1d ws72\">(26.7)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d8\"> </span></span>(26.7)<span class=\"_ _341\"> </span></span>(Loss)/<span class=\"_ _2\"/>profit before<span class=\"_ _2\"/> income tax<span class=\"_ _23d\"> </span><span class=\"ls1d ws72\">(7.5)<span class=\"_ _17a\"> </span>67.1<span class=\"_ _c7\"> </span>59.6<span class=\"_ _341\"> </span></span>Ta<span class=\"_ _36\"/>x<span class=\"_ _242\"> </span><span class=\"ls1d ws72\">(0.4)<span class=\"_ _4b\"> </span>(10.5)<span class=\"_ _29\"> </span>(10.9)<span class=\"_ _341\"> </span></span>(Loss)/profit from continuing operations<span class=\"_ _53\"> </span><span class=\"ls1d ws72\">(7.9)<span class=\"_ _17a\"> </span>56.6<span class=\"_ _c7\"> </span>48.7<span class=\"_ _341\"> </span></span>Profit fr<span class=\"_ _2\"/>om discontinued operations<span class=\"_ _1c6\"> </span><span class=\"ls1d ws72\">10.4<span class=\"_ _74\"> </span>3.3<span class=\"_ _14\"> </span>13.7<span class=\"_ _341\"> </span></span>Prof<span class=\"_ _3\"/>it fo<span class=\"_ _3\"/>r the ye<span class=\"_ _3\"/>ar<span class=\"_ _241\"> </span><span class=\"ws72\">2.5<span class=\"_ _14\"> </span>59.9<span class=\"_ _14\"> </span>62.4<span class=\"_ _341\"> </span></span>Attributable<span class=\"_ _2\"/> to<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Equi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y hol<span class=\"_ _3\"/>de<span class=\"_ _3\"/>rs o<span class=\"_ _3\"/>f the pa<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt<span class=\"_ _243\"> </span><span class=\"ws72\">2.5<span class=\"_ _14\"> </span>59.9<span class=\"_ _14\"> </span>62.4<span class=\"_ _341\"> </span></span>EARNINGS PER SHARE<span class=\"_ _341\"> </span>From continuing operations <span class=\"_ _3b\"> </span>Basic (los<span class=\"_ _3\"/>s)/<span class=\"_ _35\"/>e<span class=\"_ _3\"/>arnings (cents)<span class=\"_ _244\"> </span><span class=\"ls1d ws72\">(1.4)<span class=\"_ _26\"> </span>9.8<span class=\"_ _74\"> </span>8.4</span> <span class=\"_ _3b\"> </span>Diluted (loss)/earnings (cents)<span class=\"_ _245\"> </span><span class=\"ls1d ws72\">(1.4)<span class=\"_ _26\"> </span>9.7<span class=\"_ _74\"> </span>8.3<span class=\"_ _341\"> </span></span>From continuing and discontinued operations <span class=\"_ _3b\"> </span>Basic ear<span class=\"_ _3\"/>nings (cents) <span class=\"_ _1d5\"> </span><span class=\"ls1d ws72\">0.4<span class=\"_ _14\"> </span>10.3<span class=\"_ _14\"> </span>10.7</span> <span class=\"_ _3b\"> </span>Diluted earnin<span class=\"_ _3\"/>gs (cents)<span class=\"_ _246\"> </span><span class=\"ls1d ws72\">0.4<span class=\"_ _14\"> </span>10.2<span class=\"_ _14\"> </span>10.6<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>o su<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>rab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y with t<span class=\"_ _3\"/>he f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>teme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s as p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>sen<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n 2022, a re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ilia<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n fro<span class=\"_ _3\"/>m op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>/(lo<span class=\"_ _3\"/>ss) to ad<span class=\"_ _3\"/>jus<span class=\"_ _3\"/>ted<span class=\"_ _3\"/> ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g pro<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>/(lo<span class=\"_ _3\"/>ss) by se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is sh<span class=\"_ _3\"/>own be<span class=\"_ _3\"/>low fo<span class=\"_ _3\"/>r ea<span class=\"_ _3\"/>ch ye<span class=\"_ _3\"/>ar<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>Personal<span class=\"_ _1\"/> Care<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Coatings<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"> </span>c $m<span class=\"_ _341\"> </span>Segment<span class=\"_ _1\"/> t<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>Central<span class=\"_ _1\"/> c<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>s<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l $m<span class=\"_ _341\"> </span>OPERA<span class=\"_ _35\"/>TING PROFI<span class=\"_ _2\"/>T<span class=\"_ _35\"/>/(L<span class=\"_ _2\"/>OSS)<span class=\"_ _bb\"> </span><span class=\"ls1d ws72\">44.4<span class=\"_ _1e\"> </span>69.2<span class=\"_ _f3\"> </span>(134.0)<span class=\"_ _87\"> </span>(20.4)<span class=\"_ _9d\"> </span>(21.4)<span class=\"_ _87\"> </span>(41.8)<span class=\"_ _341\"> </span></span>Adjusting Items<span class=\"_ _341\"> </span>Business transformation<span class=\"_ _110\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _d8\"> </span><span class=\"ls1d ws72\">2.9<span class=\"_ _84\"> </span>1.9<span class=\"_ _84\"> </span>4.8<span class=\"_ _d0\"> </span></span>\u2013<span class=\"_ _84\"> </span><span class=\"ls1d ws72\">4.8<span class=\"_ _341\"> </span></span></span>Increase in en<span class=\"_ _2\"/>vironmental prov<span class=\"_ _2\"/>isions due t<span class=\"_ _2\"/>o additional remediation work identified<span class=\"_ _247\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _84\"> </span><span class=\"ls1d ws72\">3.4<span class=\"_ _84\"> </span>3.4<span class=\"_ _341\"> </span></span></span>De<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>a<span class=\"_ _3\"/>se in e<span class=\"_ _3\"/>nvir<span class=\"_ _3\"/>onm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s due to c<span class=\"_ _3\"/>han<span class=\"_ _3\"/>ge in<span class=\"_ _3\"/> discount rate<span class=\"_ _248\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _20\"> </span><span class=\"ls1d ws72\">(7.2)<span class=\"_ _103\"> </span>(7.2)<span class=\"_ _341\"> </span></span></span>Imp<span class=\"_ _3\"/>air<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of p<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt<span class=\"_ _249\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _103\"> </span><span class=\"ls1d ws72\">23.0<span class=\"_ _103\"> </span>23.0<span class=\"_ _d0\"> </span></span>\u2013<span class=\"_ _1e\"> </span><span class=\"ls1d ws72\">23.0<span class=\"_ _341\"> </span></span></span>Impairment of goodwill<span class=\"_ _220\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _87\"> </span><span class=\"ls1d ws72\">103.4<span class=\"_ _9d\"> </span>103.4<span class=\"_ _d0\"> </span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"ls1d ws72\">103.4<span class=\"_ _341\"> </span></span></span>Amor<span class=\"_ _3\"/>tisation of intangibles arising on acquisition<span class=\"_ _15f\"> </span><span class=\"ff7d ls1d ws72\">8.4<span class=\"_ _84\"> </span>1.2<span class=\"_ _84\"> </span>5.3<span class=\"_ _103\"> </span>14.9<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _103\"> </span></span>14.9<span class=\"_ _341\"> </span></span>ADJUSTED OPERA<span class=\"_ _35\"/>TING PROF<span class=\"_ _2\"/>IT<span class=\"_ _35\"/>/(L<span class=\"_ _2\"/>OSS)<span class=\"_ _a8\"> </span><span class=\"ls1d ws72\">52.8<span class=\"_ _1e\"> </span>73.3<span class=\"_ _20\"> </span>(0.4)<span class=\"_ _101\"> </span>125.7<span class=\"_ _ce\"> </span>(25.2)<span class=\"_ _101\"> </span>100.5<span class=\"_ _341\"> </span></span>Operating<span class=\"_ _2\"/> profit from<span class=\"_ _2\"/> discontinued<span class=\"_ _2\"/> operations<span class=\"_ _194\"> </span><span class=\"ff7d ls1d ws72\">15.2<span class=\"_ _341\"> </span></span>Adjusti<span class=\"_ _2\"/>ng items<span class=\"_ _2\"/> from discont<span class=\"_ _2\"/>inued operati<span class=\"_ _2\"/>ons<span class=\"_ _1ed\"> </span><span class=\"ff7d ls1d ws72\">8.0<span class=\"_ _341\"> </span></span>ADJUSTED OPERA<span class=\"_ _35\"/>TING PROF<span class=\"_ _2\"/>IT FROM<span class=\"_ _35\"/> D<span class=\"_ _3\"/>ISCONTINUED OPERA<span class=\"_ _35\"/>TIONS<span class=\"_ _1ff\"> </span><span class=\"ls1d ws72\">23.2<span class=\"_ _341\"> </span></span>ADJUSTED OPERA<span class=\"_ _35\"/>TING PROF<span class=\"_ _2\"/>IT FROM<span class=\"_ _35\"/> TOT<span class=\"_ _35\"/>AL OPERA<span class=\"_ _35\"/>TIONS<span class=\"_ _21b\"> </span><span class=\"ls1d ws72\">123.7<span class=\"_ _341\"> </span></span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _3\"/>1<span class=\"_ _341\"> </span>5. <span class=\"_ _3a\"> </span>A<span class=\"_ _3\"/>DJ<span class=\"_ _3\"/>U<span class=\"_ _3\"/>STI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>G ITE<span class=\"_ _3\"/>M<span class=\"_ _3\"/>S CO<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>U<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>Personal<span class=\"_ _1\"/> C<span class=\"_ _36\"/>a<span class=\"_ _42\"> </span>r<span class=\"_ _36\"/>e $m<span class=\"_ _341\"> </span>Coatings<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"/>c $m<span class=\"_ _341\"> </span>S<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>g<span class=\"_ _36\"/>m<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>n<span class=\"_ _36\"/>t t<span class=\"_ _36\"/>o<span class=\"_ _36\"/>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"/>l<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>Central<span class=\"_ _1\"/> c<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>t<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>OPERA<span class=\"_ _35\"/>TING PROFI<span class=\"_ _2\"/>T<span class=\"_ _35\"/>/(L<span class=\"_ _2\"/>OSS)<span class=\"_ _b5\"> </span><span class=\"ff7c ls1d ws72\">27.9<span class=\"_ _5\"> </span>56.5<span class=\"_ _94\"> </span>(44.3)<span class=\"_ _29\"> </span>40.1<span class=\"_ _17a\"> </span>(28.2)<span class=\"_ _29\"> </span>11.9<span class=\"_ _341\"> </span></span>Adjusting Items<span class=\"_ _341\"> </span>Business transformation<span class=\"_ _24a\"> </span><span class=\"ls1d ws72\">0.1<span class=\"_ _a\"> </span>4.2<span class=\"_ _15a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _f2\"> </span></span>4.3<span class=\"_ _15a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _a\"> </span></span>4.3<span class=\"_ _341\"> </span></span>Increase in en<span class=\"_ _2\"/>vironmental prov<span class=\"_ _2\"/>isions due t<span class=\"_ _2\"/>o additional remediation work identified<span class=\"_ _21f\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15a\"> </span>\u2013<span class=\"_ _15a\"> </span>\u2013<span class=\"_ _15a\"> </span>\u2013<span class=\"_ _a\"> </span><span class=\"ls1d ws72\">5.3<span class=\"_ _f2\"> </span>5.3<span class=\"_ _341\"> </span></span></span>De<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>a<span class=\"_ _3\"/>se in e<span class=\"_ _3\"/>nvir<span class=\"_ _3\"/>onm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s due to c<span class=\"_ _3\"/>han<span class=\"_ _3\"/>ge in di<span class=\"_ _3\"/>sco<span class=\"_ _3\"/>un<span class=\"_ _3\"/>t rate<span class=\"_ _24b\"> </span><span class=\"ls3\">\u2013<span class=\"_ _15a\"> </span>\u2013<span class=\"_ _15a\"> </span>\u2013<span class=\"_ _15a\"> </span>\u2013<span class=\"_ _26\"> </span></span><span class=\"ws72\">(0.6)<span class=\"_ _2e\"> </span>(0.6)<span class=\"_ _341\"> </span></span>Impairment of goodwill<span class=\"_ _f8\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15a\"> </span>\u2013<span class=\"_ _84\"> </span><span class=\"ls1d ws72\">52.3<span class=\"_ _84\"> </span>52.3<span class=\"_ _50\"> </span></span>\u2013<span class=\"_ _84\"> </span><span class=\"ls1d ws72\">52.3<span class=\"_ _341\"> </span></span></span>Sa<span class=\"_ _3\"/>le of Mo<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>l lan<span class=\"_ _3\"/>d<span class=\"_ _fd\"> </span><span class=\"ls3\">\u2013<span class=\"_ _15a\"> </span>\u2013<span class=\"_ _50\"> </span>\u2013<span class=\"_ _15a\"> </span>\u2013<span class=\"_ _26\"> </span></span><span class=\"ws72\">(1.0)<span class=\"_ _5\"> </span>(1.0)<span class=\"_ _341\"> </span></span>Amor<span class=\"_ _3\"/>tisation of intangibles arising on acquisition<span class=\"_ _c4\"> </span><span class=\"ls1d ws72\">8.7<span class=\"_ _a\"> </span>1.1<span class=\"_ _a\"> </span>6.0<span class=\"_ _5\"> </span>15.8<span class=\"_ _15a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _5\"> </span></span>15.8<span class=\"_ _341\"> </span></span>ADJUSTED OPERA<span class=\"_ _35\"/>TING PROF<span class=\"_ _2\"/>IT<span class=\"_ _35\"/>/(L<span class=\"_ _2\"/>OSS)<span class=\"_ _150\"> </span><span class=\"ff7c ls1d ws72\">36.7<span class=\"_ _5\"> </span>61.8<span class=\"_ _5\"> </span>14.0<span class=\"_ _1e\"> </span>112.5<span class=\"_ _94\"> </span>(24.5)<span class=\"_ _20\"> </span>88.0<span class=\"_ _341\"> </span></span>Operating<span class=\"_ _2\"/> profit from<span class=\"_ _2\"/> discontinued<span class=\"_ _2\"/> operations<span class=\"_ _194\"> </span><span class=\"ls1d ws72\">14.5<span class=\"_ _341\"> </span></span>Adjusti<span class=\"_ _2\"/>ng items<span class=\"_ _2\"/> from discont<span class=\"_ _2\"/>inued operati<span class=\"_ _2\"/>ons<span class=\"_ _1ed\"> </span><span class=\"ls1d ws72\">4.1<span class=\"_ _341\"> </span></span>ADJUSTED OPERA<span class=\"_ _35\"/>TING PROF<span class=\"_ _2\"/>IT FROM<span class=\"_ _2\"/> DISCONTINUED OP<span class=\"_ _2\"/>ER<span class=\"_ _3\"/>A<span class=\"_ _35\"/>TIONS<span class=\"_ _24c\"> </span><span class=\"ff7c ls1d ws72\">18.6<span class=\"_ _341\"> </span></span>ADJUSTED OPERA<span class=\"_ _35\"/>TING PROF<span class=\"_ _2\"/>IT FROM<span class=\"_ _35\"/> TOT<span class=\"_ _35\"/>AL OPERA<span class=\"_ _35\"/>TIONS<span class=\"_ _21b\"> </span><span class=\"ff7c ls1d ws72\">106.6<span class=\"_ _341\"> </span></span>6. <span class=\"_ _3a\"> </span>I<span class=\"_ _3\"/>NC<span class=\"_ _3\"/>OM<span class=\"_ _3\"/>E T<span class=\"_ _2\"/>A<span class=\"_ _0\"/>X E<span class=\"_ _3\"/>X<span class=\"_ _3\"/>PE<span class=\"_ _3\"/>NS<span class=\"_ _3\"/>E<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>CURRENT T<span class=\"_ _1\"/>A<span class=\"_ _3\"/>X<span class=\"_ _3\"/>:<span class=\"_ _341\"> </span>UK corporati<span class=\"_ _2\"/>on tax<span class=\"_ _24d\"> </span><span class=\"ff7d ls1d ws72\">11.2<span class=\"_ _14\"> </span><span class=\"ff7c\">12.5<span class=\"_ _341\"> </span></span></span>Overseas corporation<span class=\"_ _2\"/> ta<span class=\"_ _3\"/>x<span class=\"_ _231\"> </span><span class=\"ff7d ls1d ws72\">6.5<span class=\"_ _74\"> </span><span class=\"ff7c\">4.2<span class=\"_ _341\"> </span></span></span>Adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts in r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f pr<span class=\"_ _3\"/>ior ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s: <span class=\"_ _3b\"> </span>United Kingdom<span class=\"_ _24e\"> </span><span class=\"ff7d ls1d ws72\">(0.6)<span class=\"_ _82\"> </span><span class=\"ff7c\">(1.0)</span></span> Ove<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>a<span class=\"_ _3\"/>s<span class=\"_ _24f\"> </span><span class=\"ff7d ls1d ws72\">(3.8)<span class=\"_ _82\"> </span><span class=\"ff7c\">(7.2)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>otal curren<span class=\"_ _2\"/>t tax<span class=\"_ _250\"> </span><span class=\"ff7d ls1d ws72\">13.3<span class=\"_ _74\"> </span><span class=\"ff7c\">8.5<span class=\"_ _341\"> </span></span></span>DEFERR<span class=\"_ _2\"/>ED T<span class=\"_ _1\"/>A<span class=\"_ _3\"/>X:<span class=\"_ _341\"> </span>United Kingdom<span class=\"_ _251\"> </span><span class=\"ff7d ls1d ws72\">3.1<span class=\"_ _d4\"> </span><span class=\"ff7c\">(2.8)<span class=\"_ _341\"> </span></span></span>Ove<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>a<span class=\"_ _3\"/>s<span class=\"_ _252\"> </span><span class=\"ff7d ls1d ws72\">(8.4)<span class=\"_ _82\"> </span><span class=\"ff7c\">(4.8)<span class=\"_ _341\"> </span></span></span>Adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt in re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>or yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s: <span class=\"_ _3b\"> </span>United Kingdom<span class=\"_ _253\"> </span><span class=\"ff7d ws3\">\u2013 <span class=\"_ _b\"> </span><span class=\"ff7c\">\u2013</span></span> Ove<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>a<span class=\"_ _3\"/>s<span class=\"_ _24f\"> </span><span class=\"ff7d ls1d ws72\">(0.2)<span class=\"_ _82\"> </span><span class=\"ff7c\">(0.5)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>otal de<span class=\"_ _2\"/>ferred tax<span class=\"_ _254\"> </span><span class=\"ff7d ls1d ws72\">(5.5)<span class=\"_ _82\"> </span><span class=\"ff7c\">(8.1)<span class=\"_ _341\"> </span></span></span>Inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse f<span class=\"_ _3\"/>or th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r<span class=\"_ _255\"> </span><span class=\"ff7d ws72\">7.8<span class=\"_ _74\"> </span><span class=\"ff7c\">0.4<span class=\"_ _341\"> </span></span></span>COMPRISING:<span class=\"_ _341\"> </span>Inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse f<span class=\"_ _3\"/>or th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r<span class=\"_ _255\"> </span><span class=\"ff7d ws72\">7.8<span class=\"_ _74\"> </span><span class=\"ff7c\">0.4</span></span> <span class=\"_ _3b\"> </span>Adjusting items* <span class=\"_ _3b\"> </span>Overseas ta<span class=\"_ _3\"/>xation on adjusting it<span class=\"_ _2\"/>ems<span class=\"_ _1b4\"> </span><span class=\"ff7d ls1d ws72\">(6.3)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(11.4)</span></span> <span class=\"_ _3b\"> </span>UK taxation on adjusting it<span class=\"_ _2\"/>ems<span class=\"_ _256\"> </span><span class=\"ff7d ls1d ws72\">(2.0)<span class=\"_ _26\"> </span><span class=\"ff7c\">0.9<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>axation on adjusting items<span class=\"_ _257\"> </span><span class=\"ff7d ls1d ws72\">(8.3)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(10.5)<span class=\"_ _341\"> </span></span></span>Inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse f<span class=\"_ _3\"/>or th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r af<span class=\"_ _3\"/>ter a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tems<span class=\"_ _258\"> </span><span class=\"ff7d ws72\">16.1<span class=\"_ _14\"> </span><span class=\"ff7c\">10.9<span class=\"_ _341\"> </span></span></span>* <span class=\"_ _4\"> </span>Se<span class=\"_ _3\"/>e Not<span class=\"_ _3\"/>e 5 for d<span class=\"_ _3\"/>et<span class=\"_ _3\"/>ail<span class=\"_ _3\"/>s of a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x c<span class=\"_ _3\"/>har<span class=\"_ _3\"/>ge o<span class=\"_ _3\"/>n pro<span class=\"_ _3\"/>fit<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>pre<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s an ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive r<span class=\"_ _3\"/>ate of 1<span class=\"_ _2\"/>4.<span class=\"_ _3\"/>2% (2021<span class=\"_ _35\"/>: 5.3%) and an ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ra<span class=\"_ _3\"/>te af<span class=\"_ _3\"/>te<span class=\"_ _3\"/>r adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s of 20.0% (2021<span class=\"_ _35\"/>: 18.3%<span class=\"_ _35\"/>).<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _36\"/>2<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x im<span class=\"_ _3\"/>pac<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ting i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s ou<span class=\"_ _3\"/>tlin<span class=\"_ _3\"/>ed w<span class=\"_ _3\"/>ithi<span class=\"_ _3\"/>n Note 5 a<span class=\"_ _3\"/>nd w<span class=\"_ _3\"/>ithi<span class=\"_ _3\"/>n the c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sol<span class=\"_ _3\"/>ida<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>nco<span class=\"_ _3\"/>me s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tes to th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 G<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>x i<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>p<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>c<span class=\"_ _36\"> </span>t $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 G<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"/>s<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>x impact<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Business transformation<span class=\"_ _259\"> </span><span class=\"ff7d ls1d ws72\">4.8<span class=\"_ _74\"> </span>1.1<span class=\"_ _74\"> </span><span class=\"ff7c\">4.3<span class=\"_ _74\"> </span>0.9<span class=\"_ _341\"> </span></span></span>Environmental provisions<span class=\"_ _25a\"> </span><span class=\"ff7d ls1d ws72\">(3.8)<span class=\"_ _c7\"> </span>(0.7)<span class=\"_ _26\"> </span><span class=\"ff7c\">4.7<span class=\"_ _74\"> </span>0.9<span class=\"_ _341\"> </span></span></span>M&amp;<span class=\"_ _0\"/>A an<span class=\"_ _3\"/>d dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>l cos<span class=\"_ _3\"/>ts<span class=\"_ _1c6\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">1.7<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Imp<span class=\"_ _3\"/>air<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of p<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt<span class=\"_ _128\"> </span><span class=\"ff7d ws72\">23.0<span class=\"_ _74\"> </span>4.9<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _341\"> </span></span>Impairment of goodwill<span class=\"_ _25b\"> </span><span class=\"ff7d ls1d ws72\">103.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _14\"> </span></span><span class=\"ff7c\">52.3<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span></span>Ma<span class=\"_ _3\"/>rk to ma<span class=\"_ _3\"/>rke<span class=\"_ _3\"/>t of de<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts<span class=\"_ _b7\"> </span><span class=\"ff7d ws72\">(6.6)<span class=\"_ _14\"> </span>(1.3)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(10.7)<span class=\"_ _82\"> </span>(2.0)<span class=\"_ _341\"> </span></span></span>Sa<span class=\"_ _3\"/>le of Mo<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>l lan<span class=\"_ _3\"/>d<span class=\"_ _25c\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(1.0)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Amor<span class=\"_ _3\"/>tisation of intangibles arising on acquisition<span class=\"_ _25d\"> </span><span class=\"ff7d ls1d ws72\">14.9<span class=\"_ _74\"> </span>2.9<span class=\"_ _14\"> </span><span class=\"ff7c\">15.8<span class=\"_ _74\"> </span>3.5<span class=\"_ _341\"> </span></span></span>Rever<span class=\"_ _3\"/>s<span class=\"_ _3\"/>al of u<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>in ta<span class=\"_ _3\"/>x p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>si<span class=\"_ _3\"/>on<span class=\"_ _210\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">1.4<span class=\"_ _182\"> </span></span><span class=\"ff7c\">\u2013<span class=\"_ _74\"> </span></span></span><span class=\"ws72\">7.2<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>x (cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it)/cha<span class=\"_ _3\"/>rge a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ve ta<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ate for t<span class=\"_ _3\"/>he yea<span class=\"_ _3\"/>r<span class=\"_ _ac\"> </span><span class=\"ff7d ws72\">135.7<span class=\"_ _74\"> </span>8.3<span class=\"_ _14\"> </span><span class=\"ff7c\">67.1<span class=\"_ _14\"> </span>10.5<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up i<span class=\"_ _3\"/>s inte<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l an<span class=\"_ _3\"/>d has o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns ac<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>ss a r<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>e of ju<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sdi<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s. Ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>rdi<span class=\"_ _3\"/>ngl<span class=\"_ _3\"/>y<span class=\"_ _35\"/>, t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up in f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>iod<span class=\"_ _3\"/>s wil<span class=\"_ _3\"/>l be af<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ted by th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y of op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s in dif<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ere<span class=\"_ _3\"/>nt j<span class=\"_ _3\"/>uri<span class=\"_ _3\"/>sd<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es to t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ra<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>nd re<span class=\"_ _3\"/>gu<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s in th<span class=\"_ _3\"/>e jur<span class=\"_ _3\"/>is<span class=\"_ _3\"/>dic<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n whi<span class=\"_ _3\"/>ch th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup h<span class=\"_ _3\"/>as o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x rate i<span class=\"_ _3\"/>n 2022 i<span class=\"_ _3\"/>s sli<span class=\"_ _3\"/>ghtl<span class=\"_ _3\"/>y lowe<span class=\"_ _3\"/>r tha<span class=\"_ _3\"/>n it<span class=\"_ _3\"/>s usu<span class=\"_ _3\"/>al r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge du<span class=\"_ _3\"/>e to be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>ial<span class=\"_ _3\"/> adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts i<span class=\"_ _3\"/>n res<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t of pr<span class=\"_ _3\"/>ior ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of pre<span class=\"_ _3\"/>vio<span class=\"_ _3\"/>usl<span class=\"_ _3\"/>y un<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d defe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>red t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e me<span class=\"_ _3\"/>diu<span class=\"_ _3\"/>m-te<span class=\"_ _3\"/>rm ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on for th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s adjus<span class=\"_ _3\"/>ted e<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ve ta<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ate is a<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>nd 25<span class=\"_ _3\"/>-26% due to the p<span class=\"_ _3\"/>revi<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>sly a<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>d in<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e in UK c<span class=\"_ _3\"/>or<span class=\"_ _3\"/>po<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n ta<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ates f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m Ap<span class=\"_ _3\"/>ril 20<span class=\"_ _3\"/>23.<span class=\"_ _341\"> </span>On 20 D<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2021 the O<span class=\"_ _3\"/>ECD pu<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>she<span class=\"_ _3\"/>d i<span class=\"_ _3\"/>ts Gl<span class=\"_ _3\"/>oba<span class=\"_ _3\"/>l A<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>-B<span class=\"_ _3\"/>ase E<span class=\"_ _3\"/>ros<span class=\"_ _3\"/>io<span class=\"_ _3\"/>n Mod<span class=\"_ _3\"/>el R<span class=\"_ _3\"/>ule<span class=\"_ _3\"/>s (Pi<span class=\"_ _3\"/>lla<span class=\"_ _3\"/>r T<span class=\"_ _35\"/>wo). The r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>s a mo<span class=\"_ _3\"/>del f<span class=\"_ _3\"/>or a co<span class=\"_ _3\"/>ord<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>ted sy<span class=\"_ _3\"/>stem o<span class=\"_ _3\"/>f ta<span class=\"_ _3\"/>xa<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n tha<span class=\"_ _3\"/>t imp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>es a top<span class=\"_ _3\"/>-<span class=\"_ _3\"/>up t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x on p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>its a<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g in a ju<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sdi<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on w<span class=\"_ _3\"/>hen<span class=\"_ _3\"/>ever t<span class=\"_ _3\"/>he ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x rate, d<span class=\"_ _3\"/>ete<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d on<span class=\"_ _3\"/> a jur<span class=\"_ _3\"/>is<span class=\"_ _3\"/>dic<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l bas<span class=\"_ _3\"/>is<span class=\"_ _3\"/>, is be<span class=\"_ _3\"/>low th<span class=\"_ _3\"/>e min<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m ta<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ate of 15<span class=\"_ _35\"/>%. Ea<span class=\"_ _3\"/>ch O<span class=\"_ _3\"/>ECD me<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er n<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n is im<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>ing Pil<span class=\"_ _3\"/>lar T<span class=\"_ _2\"/>wo on s<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>htly d<span class=\"_ _3\"/>if<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt time<span class=\"_ _3\"/>s<span class=\"_ _3\"/>cal<span class=\"_ _3\"/>es b<span class=\"_ _3\"/>ut c<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>in ju<span class=\"_ _3\"/>ris<span class=\"_ _3\"/>di<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s have an<span class=\"_ _3\"/>nou<span class=\"_ _3\"/>nce<span class=\"_ _3\"/>d th<span class=\"_ _3\"/>eir i<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>ntio<span class=\"_ _3\"/>ns to im<span class=\"_ _3\"/>ple<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt fo<span class=\"_ _3\"/>r ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unti<span class=\"_ _3\"/>ng p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>iod<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>gi<span class=\"_ _3\"/>nnin<span class=\"_ _3\"/>g on o<span class=\"_ _3\"/>r af<span class=\"_ _3\"/>te<span class=\"_ _3\"/>r 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>23. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p co<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>s to con<span class=\"_ _3\"/>si<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r the im<span class=\"_ _3\"/>pac<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>nou<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s on i<span class=\"_ _3\"/>ts ta<span class=\"_ _0\"/>x po<span class=\"_ _3\"/>siti<span class=\"_ _3\"/>on.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e tota<span class=\"_ _3\"/>l cha<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>e for th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r ca<span class=\"_ _3\"/>n be r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>onc<span class=\"_ _3\"/>ile<span class=\"_ _3\"/>d to th<span class=\"_ _3\"/>e acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>g pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t as fo<span class=\"_ _3\"/>llows:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 %<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 %<span class=\"_ _341\"> </span>Los<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>for<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x<span class=\"_ _25e\"> </span><span class=\"ff7d ws72\">(54.8)<span class=\"_ _175\"> </span><span class=\"ff7c\">(7.5)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>t 1<span class=\"_ _2\"/>9.0<span class=\"_ _3\"/>0% (2021<span class=\"_ _35\"/>: 19.00%<span class=\"_ _2\"/>)<span class=\"_ _1b5\"> </span><span class=\"ff7d ws72\">(10.4)<span class=\"_ _10\"> </span>(19.0)<span class=\"_ _82\"> </span><span class=\"ff7c\">(1.4)<span class=\"_ _29\"> </span>(19.0)<span class=\"_ _341\"> </span></span></span>Di<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce in ove<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>s ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x rate<span class=\"_ _3\"/>s<span class=\"_ _25f\"> </span><span class=\"ff7d ws72\">2.3<span class=\"_ _74\"> </span>4.2<span class=\"_ _74\"> </span><span class=\"ff7c\">1.5<span class=\"_ _14\"> </span>20.0<span class=\"_ _341\"> </span></span></span>Income not taxable and impact of tax efficie<span class=\"_ _3\"/>nt financing<span class=\"_ _aa\"> </span><span class=\"ff7d ls1d ws72\">(0.4)<span class=\"_ _c7\"> </span>(0.7)<span class=\"_ _82\"> </span><span class=\"ff7c\">(1.0)<span class=\"_ _29\"> </span>(13.3)<span class=\"_ _341\"> </span></span></span>Expenses not deductible<span class=\"_ _2\"/> for tax purposes<span class=\"_ _260\"> </span><span class=\"ff7d ls1d ws72\">21.8<span class=\"_ _14\"> </span>39.7<span class=\"_ _14\"> </span><span class=\"ff7c\">12.0<span class=\"_ _64\"> </span>160.0<span class=\"_ _341\"> </span></span></span>Adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts in r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f pr<span class=\"_ _3\"/>ior ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s<span class=\"_ _5b\"> </span><span class=\"ff7d ws72\">(4.6)<span class=\"_ _c7\"> </span>(8.4)<span class=\"_ _261\"> </span><span class=\"ff7c\">(8.8)<span class=\"_ _1c\"> </span>(117.2)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>ax rate changes<span class=\"_ _23b\"> </span><span class=\"ff7d ls1d ws72\">0.2<span class=\"_ _74\"> </span>0.4<span class=\"_ _1fe\"> </span><span class=\"ff7c\">(1.3)<span class=\"_ _29\"> </span>(17.2)<span class=\"_ _341\"> </span></span></span>Movement in unrecognised defer<span class=\"_ _3\"/>red ta<span class=\"_ _3\"/>x<span class=\"_ _25f\"> </span><span class=\"ff7d ls1d ws72\">(1.1)<span class=\"_ _c7\"> </span>(2.0)<span class=\"_ _261\"> </span><span class=\"ff7c\">(0.6)<span class=\"_ _82\"> </span>(8.0)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>ot<span class=\"_ _3\"/>al c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>rge a<span class=\"_ _3\"/>nd ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ra<span class=\"_ _3\"/>te for th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r<span class=\"_ _131\"> </span><span class=\"ff7d ws72\">7.8<span class=\"_ _c7\"> </span>14.2<span class=\"_ _13d\"> </span><span class=\"ff7c\">0.4<span class=\"_ _74\"> </span>5.3<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt in re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ct of p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>or yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>late<span class=\"_ _3\"/>s pr<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ly to th<span class=\"_ _3\"/>e rel<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se of u<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>er<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>n ta<span class=\"_ _3\"/>x p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns.<span class=\"_ _341\"> </span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _36\"/>3<span class=\"_ _341\"> </span>7<span class=\"_ _35\"/>. <span class=\"_ _3a\"> </span>LOS<span class=\"_ _3\"/>S F<span class=\"_ _3\"/>RO<span class=\"_ _3\"/>M CO<span class=\"_ _3\"/>NTI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>U<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>G O<span class=\"_ _3\"/>PE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>A<span class=\"_ _2\"/>TI<span class=\"_ _3\"/>O<span class=\"_ _3\"/>NS<span class=\"_ _341\"> </span>Los<span class=\"_ _3\"/>s fr<span class=\"_ _3\"/>om c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>inui<span class=\"_ _3\"/>ng op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s of $6<span class=\"_ _3\"/>2.6m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $7<span class=\"_ _1\"/>.9<span class=\"_ _3\"/>m) ha<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>en a<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ive<span class=\"_ _3\"/>d at af<span class=\"_ _3\"/>te<span class=\"_ _3\"/>r ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ging<span class=\"_ _3\"/>/(cre<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>ing):<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Emp<span class=\"_ _3\"/>loyee c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ts (se<span class=\"_ _3\"/>e N<span class=\"_ _3\"/>ote 8)<span class=\"_ _236\"> </span><span class=\"ff7d ws72\">133.1<span class=\"_ _64\"> </span><span class=\"ff7c\">131.3<span class=\"_ _341\"> </span></span></span>Net for<span class=\"_ _2\"/>eign ex<span class=\"_ _2\"/>change (losses)/<span class=\"_ _35\"/>gains<span class=\"_ _262\"> </span><span class=\"ff7d ls1d ws72\">(1.3)<span class=\"_ _26\"> </span><span class=\"ff7c\">0.9<span class=\"_ _341\"> </span></span></span>Research and de<span class=\"_ _2\"/>velopment<span class=\"_ _2\"/> costs<span class=\"_ _1cd\"> </span><span class=\"ff7d ls1d ws72\">8.1<span class=\"_ _74\"> </span><span class=\"ff7c\">7.5<span class=\"_ _341\"> </span></span></span>De<span class=\"_ _3\"/>pre<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of p<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>er<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt<span class=\"_ _18c\"> </span><span class=\"ff7d ws72\">41.2<span class=\"_ _14\"> </span><span class=\"ff7c\">41.9<span class=\"_ _341\"> </span></span></span>Amor<span class=\"_ _3\"/>tisation of intangible assets<span class=\"_ _11e\"> </span><span class=\"ff7d ls1d ws72\">15.4<span class=\"_ _14\"> </span><span class=\"ff7c\">16.4<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>otal depreciation and amor<span class=\"_ _3\"/>tisation expense<span class=\"_ _263\"> </span><span class=\"ff7d ls1d ws72\">56.6<span class=\"_ _14\"> </span><span class=\"ff7c\">58.3<span class=\"_ _341\"> </span></span></span>Loss/(profit) on<span class=\"_ _2\"/> disposal<span class=\"_ _1d4\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ls1d ws72\">1.7<span class=\"_ _341\"> </span></span>Prof<span class=\"_ _3\"/>it o<span class=\"_ _3\"/>n dis<span class=\"_ _3\"/>pos<span class=\"_ _3\"/>al o<span class=\"_ _3\"/>f pro<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pl<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t and e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ipm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t<span class=\"_ _1c6\"> </span><span class=\"ff7d ws72\">0.3<span class=\"_ _74\"> </span><span class=\"ff7c\">0.2<span class=\"_ _341\"> </span></span></span>Write of<span class=\"_ _0\"/>f of inven<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>y<span class=\"_ _20a\"> </span><span class=\"ff7d ws72\">3.0<span class=\"_ _74\"> </span><span class=\"ff7c\">1.3<span class=\"_ _341\"> </span></span></span>Cost of<span class=\"_ _2\"/> inv<span class=\"_ _2\"/>entories recognised as<span class=\"_ _2\"/> expense<span class=\"_ _264\"> </span><span class=\"ff7d ls1d ws72\">302.9<span class=\"_ _64\"> </span><span class=\"ff7c\">294.5<span class=\"_ _341\"> </span></span></span>Fee<span class=\"_ _3\"/>s paya<span class=\"_ _3\"/>ble to th<span class=\"_ _3\"/>e Co<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ny\u2019s audito<span class=\"_ _3\"/>r an<span class=\"_ _3\"/>d its a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>so<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>tes:<span class=\"_ _341\"> </span>Aud<span class=\"_ _3\"/>it of c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>any<span class=\"_ _341\"> </span>1<span class=\"_ _341\"> </span>1.4<span class=\"_ _74\"> </span><span class=\"ff7c\">1.4<span class=\"_ _341\"> </span></span>Aud<span class=\"_ _3\"/>it of su<span class=\"_ _3\"/>bs<span class=\"_ _3\"/>idi<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s<span class=\"_ _265\"> </span><span class=\"ff7d ws72\">1.0<span class=\"_ _74\"> </span><span class=\"ff7c\">1.1<span class=\"_ _341\"> </span></span></span>Aud<span class=\"_ _3\"/>it re<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>vi<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s \u2013 inte<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>m revi<span class=\"_ _3\"/>ew<span class=\"_ _266\"> </span><span class=\"ff7d ws72\">0.3<span class=\"_ _74\"> </span><span class=\"ff7c\">0.2<span class=\"_ _341\"> </span></span></span>Other advisor<span class=\"_ _3\"/>y fees<span class=\"_ _267\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span><span class=\"ff7c\">\u2013<span class=\"_ _341\"> </span></span></span>1 <span class=\"_ _4\"> </span>In 2<span class=\"_ _3\"/>021<span class=\"_ _2\"/>, th<span class=\"_ _3\"/>e $1<span class=\"_ _2\"/>.4m of a<span class=\"_ _3\"/>ud<span class=\"_ _3\"/>it of c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ny in<span class=\"_ _3\"/>cl<span class=\"_ _3\"/>ude<span class=\"_ _3\"/>s $<span class=\"_ _3\"/>0.3<span class=\"_ _3\"/>m of ex<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>a fe<span class=\"_ _3\"/>es r<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng to t<span class=\"_ _3\"/>he 20<span class=\"_ _3\"/>20 gr<span class=\"_ _3\"/>oup a<span class=\"_ _3\"/>ud<span class=\"_ _3\"/>it<span class=\"_ _341\"> </span>.<span class=\"_ _341\"> </span>GOV<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R<span class=\"_ _3\"/>NM<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT G<span class=\"_ _3\"/>R<span class=\"_ _3\"/>A<span class=\"_ _3\"/>N<span class=\"_ _3\"/>TS A<span class=\"_ _3\"/>N<span class=\"_ _3\"/>D OT<span class=\"_ _3\"/>HE<span class=\"_ _3\"/>R C<span class=\"_ _3\"/>OV<span class=\"_ _3\"/>ID<span class=\"_ _3\"/>-1<span class=\"_ _2\"/>9 AS<span class=\"_ _3\"/>S<span class=\"_ _3\"/>I<span class=\"_ _3\"/>STAN<span class=\"_ _3\"/>CE<span class=\"_ _341\"> </span>The Group has accessed various government support sche<span class=\"_ _3\"/>mes aimed at mitigating<span class=\"_ _2\"/> the impact losses resulting from CO<span class=\"_ _2\"/>VID<span class=\"_ _3\"/>-<span class=\"_ _35\"/>1<span class=\"_ _2\"/>9. During the yea<span class=\"_ _3\"/>r paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t pla<span class=\"_ _3\"/>ns we<span class=\"_ _3\"/>re ag<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ed w<span class=\"_ _3\"/>ith th<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>uth<span class=\"_ _3\"/>or<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es in C<span class=\"_ _3\"/>hin<span class=\"_ _3\"/>a an<span class=\"_ _3\"/>d T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>iwan to d<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>r paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t of inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>xe<span class=\"_ _3\"/>s and p<span class=\"_ _3\"/>ayr<span class=\"_ _3\"/>oll t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>xes, r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ulti<span class=\"_ _3\"/>ng in $1<span class=\"_ _35\"/>.6<span class=\"_ _3\"/>m of p<span class=\"_ _3\"/>ayme<span class=\"_ _3\"/>nt d<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>als<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>8. EMP<span class=\"_ _2\"/>LO<span class=\"_ _35\"/>YEES<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Emp<span class=\"_ _3\"/>loye<span class=\"_ _3\"/>e c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ts:<span class=\"_ _341\"> </span>Wages and<span class=\"_ _2\"/> sala<span class=\"_ _3\"/>ries<span class=\"_ _268\"> </span><span class=\"ff7d ls1d ws72\">113.2<span class=\"_ _64\"> </span><span class=\"ff7c\">111.2<span class=\"_ _341\"> </span></span></span>Social security costs<span class=\"_ _269\"> </span><span class=\"ff7d ls1d ws72\">9.6<span class=\"_ _74\"> </span><span class=\"ff7c\">8.8<span class=\"_ _341\"> </span></span></span>Pension costs<span class=\"_ _26a\"> </span><span class=\"ff7d ls1d ws72\">7.2<span class=\"_ _74\"> </span><span class=\"ff7c\">7.7<span class=\"_ _341\"> </span></span></span>Sha<span class=\"_ _3\"/>re b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed p<span class=\"_ _3\"/>ayme<span class=\"_ _3\"/>nt c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ts<span class=\"_ _257\"> </span><span class=\"ff7d ws72\">3.1<span class=\"_ _74\"> </span><span class=\"ff7c\">3.6<span class=\"_ _341\"> </span></span></span>133.1<span class=\"_ _64\"> </span><span class=\"ff7c\">131.3<span class=\"_ _341\"> </span></span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 Number<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 Number<span class=\"_ _341\"> </span>Averag<span class=\"_ _3\"/>e nu<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r of F<span class=\"_ _3\"/>T<span class=\"_ _3\"/>E emp<span class=\"_ _3\"/>loye<span class=\"_ _3\"/>es<span class=\"_ _341\"> </span>1<span class=\"_ _341\"> </span>:<span class=\"_ _341\"> </span>Specialty Products<span class=\"_ _24c\"> </span><span class=\"ff7d ls1d ws72\">951<span class=\"_ _15\"> </span><span class=\"ff7c\">940<span class=\"_ _341\"> </span></span></span>Ta<span class=\"_ _0\"/>l<span class=\"_ _0\"/>c<span class=\"_ _200\"> </span><span class=\"ff7d ls1d ws72\">235<span class=\"_ _15\"> </span><span class=\"ff7c\">252<span class=\"_ _341\"> </span></span></span>Central<span class=\"_ _20b\"> </span><span class=\"ff7d ls1d ws72\">17<span class=\"_ _a0\"> </span><span class=\"ff7c\">17<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>otal<span class=\"_ _26b\"> </span><span class=\"ff7d ls1d ws72\">1,203<span class=\"_ _64\"> </span><span class=\"ff7c\">1,209<span class=\"_ _341\"> </span></span></span>1 <span class=\"_ _4\"> </span>Full time<span class=\"_ _2\"/> equivalent including contractor<span class=\"_ _3\"/>s and does not include<span class=\"_ _2\"/> par<span class=\"_ _3\"/>t time employees.<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _36\"/>4<span class=\"_ _341\"> </span>The aggregate amount of<span class=\"_ _2\"/> Direc<span class=\"_ _3\"/>tors\u2019<span class=\"_ _2\"/> remuner<span class=\"_ _3\"/>ation (<span class=\"_ _2\"/>sala<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _35\"/>, bonus and benefits) is sho<span class=\"_ _2\"/>wn in the<span class=\"_ _2\"/> Remune<span class=\"_ _3\"/>ration Repor<span class=\"_ _3\"/>t on page<span class=\"_ _2\"/> 1<span class=\"_ _35\"/>4<span class=\"_ _2\"/>1<span class=\"_ _35\"/>; \u2022  <span class=\"ws3\">T<span class=\"_ _3\"/>he ag<span class=\"_ _3\"/>gr<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>ate am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t of ga<span class=\"_ _3\"/>ins m<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>e by Dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s on exe<span class=\"_ _3\"/>rci<span class=\"_ _3\"/>se of s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re op<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s was $<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>l (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>0.<span class=\"_ _35\"/>1<span class=\"_ _2\"/>m). </span>\u2022  <span class=\"ws3\">T<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>mu<span class=\"_ _3\"/>ner<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of t<span class=\"_ _3\"/>he hi<span class=\"_ _3\"/>ghe<span class=\"_ _3\"/>st p<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>d Dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor wa<span class=\"_ _3\"/>s $2.7<span class=\"_ _35\"/>m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $2.6<span class=\"_ _3\"/>m).<span class=\"_ _341\"> </span></span>\u2022  <span class=\"ws3\">Pay<span class=\"_ _3\"/>men<span class=\"_ _3\"/>ts have b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n ma<span class=\"_ _3\"/>de to a de<span class=\"_ _3\"/>fin<span class=\"_ _3\"/>ed c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tri<span class=\"_ _3\"/>bu<span class=\"_ _3\"/>tion p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>si<span class=\"_ _3\"/>on s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me o<span class=\"_ _3\"/>n be<span class=\"_ _3\"/>hal<span class=\"_ _3\"/>f of 1 D<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>cto<span class=\"_ _3\"/>r (2021<span class=\"_ _35\"/>: 1 D<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor). Fo<span class=\"_ _3\"/>r the hi<span class=\"_ _3\"/>gh<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t pai<span class=\"_ _3\"/>d </span>Dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor, pens<span class=\"_ _3\"/>ion c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tri<span class=\"_ _3\"/>but<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s of $<span class=\"_ _3\"/>0.<span class=\"_ _3\"/>2m (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>0.<span class=\"_ _3\"/>2m) were ma<span class=\"_ _3\"/>de.<span class=\"_ _341\"> </span>9. <span class=\"_ _3a\"> </span>E<span class=\"_ _3\"/>AR<span class=\"_ _3\"/>N<span class=\"_ _3\"/>I<span class=\"_ _3\"/>NG<span class=\"_ _3\"/>S PE<span class=\"_ _3\"/>R S<span class=\"_ _3\"/>H<span class=\"_ _3\"/>AR<span class=\"_ _3\"/>E<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>lcu<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on of t<span class=\"_ _3\"/>he ba<span class=\"_ _3\"/>si<span class=\"_ _3\"/>c an<span class=\"_ _3\"/>d dilu<span class=\"_ _3\"/>ted e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>gs p<span class=\"_ _3\"/>er s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re at<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ib<span class=\"_ _3\"/>uta<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e to the o<span class=\"_ _3\"/>rdi<span class=\"_ _3\"/>nar<span class=\"_ _0\"/>y eq<span class=\"_ _3\"/>uit<span class=\"_ _3\"/>y h<span class=\"_ _3\"/>old<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s of t<span class=\"_ _3\"/>he pa<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt is b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n the following<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $<span class=\"_ _42\"> </span>m 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 Discontinued<span class=\"_ _2\"/> operations<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 Discontinue<span class=\"_ _3\"/>d<span class=\"_ _35\"/> Operations<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>EARNINGS:<span class=\"_ _341\"> </span>(Lo<span class=\"_ _3\"/>ss)<span class=\"_ _3\"/>/earn<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s for t<span class=\"_ _3\"/>he pu<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>e of ba<span class=\"_ _3\"/>sic e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>ngs<span class=\"_ _3\"/> pe<span class=\"_ _3\"/>r sha<span class=\"_ _3\"/>re<span class=\"_ _1d9\"> </span><span class=\"ff7d\">(62.6)<span class=\"_ _17a\"> </span>11.5<span class=\"_ _97\"> </span>(51.1)<span class=\"_ _82\"> </span></span>(7.9)<span class=\"_ _94\"> </span>10.4<span class=\"_ _74\"> </span>2.5<span class=\"_ _341\"> </span>Adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tems n<span class=\"_ _3\"/>et of t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x<span class=\"_ _26c\"> </span><span class=\"ff7d ws72\">127.4<span class=\"_ _74\"> </span>6.3<span class=\"_ _64\"> </span>133.7<span class=\"_ _14\"> </span><span class=\"ff7c\">56.6<span class=\"_ _74\"> </span>3.3<span class=\"_ _14\"> </span>59.9<span class=\"_ _341\"> </span></span></span>Adjusted ear<span class=\"_ _3\"/>nings<span class=\"_ _52\"> </span><span class=\"ff7d ls1d ws72\">64.8<span class=\"_ _c7\"> </span>17.8<span class=\"_ _14\"> </span>82.6<span class=\"_ _14\"> </span><span class=\"ff7c\">48.7<span class=\"_ _14\"> </span>13.7<span class=\"_ _14\"> </span>62.4<span class=\"_ _341\"> </span></span></span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 m<span class=\"_ _341\"> </span>NUMBER OF<span class=\"_ _2\"/> SHARES:<span class=\"_ _341\"> </span>Weigh<span class=\"_ _3\"/>ted ave<span class=\"_ _3\"/>rag<span class=\"_ _3\"/>e nu<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r of s<span class=\"_ _3\"/>har<span class=\"_ _3\"/>es fo<span class=\"_ _3\"/>r the p<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s of ba<span class=\"_ _3\"/>si<span class=\"_ _3\"/>c ea<span class=\"_ _3\"/>rni<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s pe<span class=\"_ _3\"/>r sha<span class=\"_ _3\"/>re<span class=\"_ _1a0\"> </span><span class=\"ff7d ws72\">582.6<span class=\"_ _64\"> </span><span class=\"ff7c\">581.0<span class=\"_ _341\"> </span></span></span>Ef<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>t of di<span class=\"_ _3\"/>lut<span class=\"_ _3\"/>ive sh<span class=\"_ _3\"/>are o<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>ons<span class=\"_ _1d3\"> </span><span class=\"ff7d ws72\">9.7<span class=\"_ _13d\"> </span><span class=\"ff7c\">7.8<span class=\"_ _341\"> </span></span></span>Weigh<span class=\"_ _3\"/>ted ave<span class=\"_ _3\"/>rag<span class=\"_ _3\"/>e nu<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r of s<span class=\"_ _3\"/>har<span class=\"_ _3\"/>es fo<span class=\"_ _3\"/>r the p<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s of dil<span class=\"_ _3\"/>ute<span class=\"_ _3\"/>d ea<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s pe<span class=\"_ _3\"/>r sh<span class=\"_ _3\"/>are<span class=\"_ _fb\"> </span><span class=\"ff7d ws72\">592.3<span class=\"_ _64\"> </span><span class=\"ff7c\">588.8<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e dilu<span class=\"_ _3\"/>tive (<span class=\"_ _3\"/>los<span class=\"_ _3\"/>s)/ear<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>ngs p<span class=\"_ _3\"/>er s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>alc<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n in th<span class=\"_ _3\"/>e tab<span class=\"_ _3\"/>le b<span class=\"_ _3\"/>elow, doe<span class=\"_ _3\"/>s not i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>ude t<span class=\"_ _3\"/>he im<span class=\"_ _3\"/>pac<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e 9.7<span class=\"_ _35\"/>m di<span class=\"_ _3\"/>luti<span class=\"_ _3\"/>ve sha<span class=\"_ _3\"/>re o<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>ns<span class=\"_ _3\"/> (2021<span class=\"_ _35\"/>: 7<span class=\"_ _35\"/>.8<span class=\"_ _3\"/>m dilu<span class=\"_ _3\"/>tive s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re opt<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s), as the i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>usi<span class=\"_ _3\"/>on of t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se po<span class=\"_ _3\"/>tent<span class=\"_ _3\"/>ial s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s woul<span class=\"_ _3\"/>d have an a<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>-d<span class=\"_ _3\"/>ilu<span class=\"_ _3\"/>tive im<span class=\"_ _3\"/>pac<span class=\"_ _3\"/>t on t<span class=\"_ _3\"/>he dil<span class=\"_ _3\"/>ute<span class=\"_ _3\"/>d los<span class=\"_ _3\"/>s p<span class=\"_ _3\"/>er share from continuing oper<span class=\"_ _3\"/>ations; it w<span class=\"_ _2\"/>ould decre<span class=\"_ _3\"/>ase the diluted loss per share from continuing oper<span class=\"_ _3\"/>ations. 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 cents<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>Discontinued operations cents<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l cents<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 cents<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>Discontinue<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span>operations<span class=\"_ _1\"/> cents<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l cents<span class=\"_ _341\"> </span>EARNINGS PER SHARE:<span class=\"_ _341\"> </span>Basic (loss)/<span class=\"_ _2\"/>earnings<span class=\"_ _226\"> </span><span class=\"ff7d ls1d ws72\">(10.7)<span class=\"_ _26\"> </span>2.0<span class=\"_ _15\"> </span>(8.8)<span class=\"_ _82\"> </span><span class=\"ff7c\">(1.4)<span class=\"_ _26\"> </span>1.8<span class=\"_ _74\"> </span>0.4<span class=\"_ _341\"> </span></span></span>Diluted (loss)/earnings<span class=\"_ _155\"> </span><span class=\"ff7d ls1d ws72\">(10.7)<span class=\"_ _26\"> </span>2.0<span class=\"_ _15\"> </span>(8.8)<span class=\"_ _261\"> </span><span class=\"ff7c\">(1.4)<span class=\"_ _26\"> </span>1.8<span class=\"_ _74\"> </span>0.4<span class=\"_ _341\"> </span></span></span>Basic after adjusting items<span class=\"_ _26c\"> </span><span class=\"ff7d ls1d ws72\">11.1<span class=\"_ _74\"> </span>3.1<span class=\"_ _14\"> </span>14.2<span class=\"_ _74\"> </span><span class=\"ff7c\">8.4<span class=\"_ _13d\"> </span>2.4<span class=\"_ _c7\"> </span>10.7<span class=\"_ _341\"> </span></span></span>Di<span class=\"_ _3\"/>lute<span class=\"_ _3\"/>d a<span class=\"_ _3\"/>f<span class=\"_ _3\"/>te<span class=\"_ _3\"/>r adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ng i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s<span class=\"_ _12a\"> </span><span class=\"ff7d ls1d ws72\">10.9<span class=\"_ _74\"> </span>3.0<span class=\"_ _c7\"> </span>13.9<span class=\"_ _13d\"> </span><span class=\"ff7c\">8.3<span class=\"_ _74\"> </span>2.3<span class=\"_ _14\"> </span>10.6<span class=\"_ _341\"> </span></span></span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _36\"/>5<span class=\"_ _341\"> </span>10. <span class=\"_ _42\"> </span>GO<span class=\"_ _3\"/>OD<span class=\"_ _3\"/>WI<span class=\"_ _3\"/>LL A<span class=\"_ _3\"/>ND O<span class=\"_ _3\"/>TH<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R IN<span class=\"_ _3\"/>T<span class=\"_ _2\"/>AN<span class=\"_ _3\"/>G<span class=\"_ _3\"/>I<span class=\"_ _3\"/>BLE A<span class=\"_ _3\"/>S<span class=\"_ _3\"/>SE<span class=\"_ _3\"/>T<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>Goodw<span class=\"_ _3\"/>ill<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Brand<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Customer<span class=\"_ _1\"/> l<span class=\"_ _36\"/>i<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>t<span class=\"_ _36\"/>s $m<span class=\"_ _341\"> </span>O<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r intangible<span class=\"_ _1\"/> assets<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>C<span class=\"_ _0\"/>O<span class=\"_ _0\"/>S<span class=\"_ _0\"/>T:<span class=\"_ _341\"> </span>At 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 2021<span class=\"_ _26d\"> </span><span class=\"ws72\">728.3<span class=\"_ _14\"> </span>26.7<span class=\"_ _64\"> </span>170.5<span class=\"_ _64\"> </span>106.1<span class=\"_ _2c\"> </span>1,031.6<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _26e\"> </span><span class=\"ls1d ws72\">(2.2)<span class=\"_ _26\"> </span>0.2 <span class=\"_ _261\"> </span>(4.1)<span class=\"_ _82\"> </span>(2.0)<span class=\"_ _82\"> </span>(8.1)<span class=\"_ _341\"> </span></span>Additions<span class=\"_ _26f\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _b\"> </span>\u2013 <span class=\"_ _b\"> </span>\u2013 <span class=\"_ _15\"> </span><span class=\"ls1d ws72\">0.4 <span class=\"_ _26\"> </span>0.4 </span></span>Acquisition<span class=\"_ _270\"> </span><span class=\"ls1d ws72\">0.5<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _3e\"> </span>\u2013 <span class=\"_ _26\"> </span></span>0.1 <span class=\"_ _15\"> </span>0.6<span class=\"_ _341\"> </span></span>Disposals<span class=\"_ _271\"> </span><span class=\"ls1d ws72\">(1.0) <span class=\"_ _a0\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _b\"> </span>\u2013 <span class=\"_ _b\"> </span>\u2013<span class=\"_ _d4\"> </span></span>(1.0)<span class=\"_ _341\"> </span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>21<span class=\"_ _1b7\"> </span><span class=\"ff7d ws72\">725.6<span class=\"_ _14\"> </span>26.9<span class=\"_ _64\"> </span>166.4<span class=\"_ _4b\"> </span>104.6<span class=\"_ _2c\"> </span>1,023.5<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _272\"> </span><span class=\"ff7d ls1d ws72\">(26.2)<span class=\"_ _c7\"> </span>(1.6)<span class=\"_ _c7\"> </span>(3.2)<span class=\"_ _c7\"> </span>(3.3)<span class=\"_ _64\"> </span>(34.3)<span class=\"_ _341\"> </span></span>Additions<span class=\"_ _26f\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.2<span class=\"_ _74\"> </span>0.2<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _158\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(2.6)<span class=\"_ _c7\"> </span>(2.6)<span class=\"_ _341\"> </span></span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _15e\"> </span><span class=\"ws72\">699.4<span class=\"_ _c7\"> </span>25.3<span class=\"_ _4b\"> </span>163.2<span class=\"_ _14\"> </span>98.9<span class=\"_ _64\"> </span>986.8<span class=\"_ _341\"> </span></span>AMORTISA<span class=\"_ _35\"/>TION AND IMP<span class=\"_ _35\"/>AIRMENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>At 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 2021<span class=\"_ _fa\"> </span><span class=\"ws72\">60.3<span class=\"_ _13d\"> </span>3.2<span class=\"_ _c7\"> </span>30.1<span class=\"_ _14\"> </span>45.3<span class=\"_ _4b\"> </span>138.9<span class=\"_ _341\"> </span></span>Charge for the<span class=\"_ _2\"/> year<span class=\"_ _1bc\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _b\"> </span>\u2013 <span class=\"_ _26\"> </span><span class=\"ls1d ws72\">9.5<span class=\"_ _3\"/> <span class=\"_ _15\"> </span>7.1 <span class=\"_ _94\"> </span>16.6<span class=\"_ _3\"/> </span></span>Impairme<span class=\"_ _3\"/>nt<span class=\"_ _239\"> </span><span class=\"ls1d ws72\">52.3<span class=\"_ _93\"> </span></span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">52.3<span class=\"_ _341\"> </span></span>Disposals<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _341\"> </span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>21<span class=\"_ _1b7\"> </span><span class=\"ff7d ws72\">112.6<span class=\"_ _74\"> </span>3.2<span class=\"_ _14\"> </span>39.6<span class=\"_ _14\"> </span>52.4<span class=\"_ _4b\"> </span>207.8<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _111\"> </span><span class=\"ff7d ls1d ws72\">2.5<span class=\"_ _15\"> </span>(0.7)<span class=\"_ _c7\"> </span>(1.9)<span class=\"_ _26\"> </span>1.4<span class=\"_ _74\"> </span>1.3<span class=\"_ _341\"> </span></span>Charge for the<span class=\"_ _2\"/> year<span class=\"_ _1bc\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">8.8<span class=\"_ _74\"> </span>6.9<span class=\"_ _14\"> </span>15.7<span class=\"_ _341\"> </span></span></span>Impairme<span class=\"_ _3\"/>nt<span class=\"_ _274\"> </span><span class=\"ff7d ls1d ws72\">103.4<span class=\"_ _93\"> </span></span><span class=\"ff7d\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _64\"> </span><span class=\"ls1d ws72\">103.4<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _158\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(1.6)<span class=\"_ _c7\"> </span>(1.6)<span class=\"_ _341\"> </span></span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _15e\"> </span><span class=\"ws72\">218.5<span class=\"_ _74\"> </span>2.5<span class=\"_ _c7\"> </span>46.5<span class=\"_ _14\"> </span>59.1<span class=\"_ _4b\"> </span>326.6<span class=\"_ _341\"> </span></span>CARR<span class=\"_ _2\"/>YING AMOUNT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _15e\"> </span><span class=\"ws72\">480.9<span class=\"_ _c7\"> </span>22.8<span class=\"_ _4b\"> </span>116.7<span class=\"_ _14\"> </span>39.8<span class=\"_ _64\"> </span>660.2<span class=\"_ _341\"> </span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>21<span class=\"_ _1b7\"> </span><span class=\"ws72\">613.0<span class=\"_ _14\"> </span>23.7<span class=\"_ _64\"> </span>126.8<span class=\"_ _82\"> </span>52.2<span class=\"_ _64\"> </span>815.7<span class=\"_ _341\"> </span></span>At 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 2021<span class=\"_ _26d\"> </span><span class=\"ws72\">668.0<span class=\"_ _14\"> </span>23.5<span class=\"_ _64\"> </span>140.4<span class=\"_ _14\"> </span>60.8<span class=\"_ _64\"> </span>892.7<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e net b<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>k valu<span class=\"_ _3\"/>e of cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er l<span class=\"_ _3\"/>ist<span class=\"_ _3\"/>s inc<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>s $8<span class=\"_ _3\"/>9.3m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>94.9<span class=\"_ _3\"/>m) in re<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion to th<span class=\"_ _3\"/>e ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ion of S<span class=\"_ _3\"/>um<span class=\"_ _3\"/>mit<span class=\"_ _3\"/>Reh<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>s whi<span class=\"_ _3\"/>ch have r<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> live<span class=\"_ _3\"/>s of be<span class=\"_ _3\"/>twe<span class=\"_ _3\"/>e<span class=\"_ _3\"/>n 5 and 1<span class=\"_ _2\"/>7 yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s (2021<span class=\"_ _35\"/>: b<span class=\"_ _3\"/>et<span class=\"_ _3\"/>we<span class=\"_ _3\"/>en 6 a<span class=\"_ _3\"/>nd 18 year<span class=\"_ _3\"/>s) and $<span class=\"_ _3\"/>27<span class=\"_ _1\"/>.5<span class=\"_ _3\"/>m (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>32.<span class=\"_ _35\"/>1<span class=\"_ _2\"/>m) in re<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion to th<span class=\"_ _3\"/>e ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f Mon<span class=\"_ _3\"/>do wh<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>h have re<span class=\"_ _3\"/>mai<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>g live<span class=\"_ _3\"/>s of 1<span class=\"_ _35\"/>1 yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s (2021<span class=\"_ _35\"/>: 12 year<span class=\"_ _3\"/>s).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e br<span class=\"_ _3\"/>and i<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>es re<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t the va<span class=\"_ _3\"/>lue a<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>rib<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d to the tr<span class=\"_ _3\"/>adi<span class=\"_ _3\"/>ng na<span class=\"_ _3\"/>me a<span class=\"_ _3\"/>nd re<span class=\"_ _3\"/>pu<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of the D<span class=\"_ _3\"/>eu<span class=\"_ _3\"/>che<span class=\"_ _3\"/>m, Fan<span class=\"_ _3\"/>co<span class=\"_ _3\"/>r<span class=\"_ _2\"/>, Waterc<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>l, Hi-<span class=\"_ _3\"/>Ma<span class=\"_ _3\"/>r an<span class=\"_ _3\"/>d Sum<span class=\"_ _3\"/>mit<span class=\"_ _3\"/>Re<span class=\"_ _3\"/>hei<span class=\"_ _3\"/>s ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p, with th<span class=\"_ _3\"/>e excep<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of Su<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>tRe<span class=\"_ _3\"/>he<span class=\"_ _3\"/>is, c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e to have si<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>fic<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t an<span class=\"_ _3\"/>d ong<span class=\"_ _3\"/>oin<span class=\"_ _3\"/>g valu<span class=\"_ _3\"/>e to the<span class=\"_ _3\"/> bus<span class=\"_ _3\"/>in<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t will b<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>int<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d and i<span class=\"_ _3\"/>t is th<span class=\"_ _3\"/>er<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ide<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ap<span class=\"_ _3\"/>pro<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>iate to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n the<span class=\"_ _3\"/>se a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s an in<span class=\"_ _3\"/>def<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>te us<span class=\"_ _3\"/>efu<span class=\"_ _3\"/>l life. T<span class=\"_ _3\"/>he b<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nd<span class=\"_ _3\"/> rel<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng to Su<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>tRe<span class=\"_ _3\"/>he<span class=\"_ _3\"/>is ha<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>en a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d over a p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>iod o<span class=\"_ _3\"/>f thr<span class=\"_ _3\"/>ee ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yin<span class=\"_ _3\"/>g am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t of thi<span class=\"_ _3\"/>s int<span class=\"_ _3\"/>an<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>le is $<span class=\"_ _3\"/>nil (<span class=\"_ _3\"/>2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>nil<span class=\"_ _3\"/>). Th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yin<span class=\"_ _3\"/>g am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t of br<span class=\"_ _3\"/>an<span class=\"_ _3\"/>d int<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>es w<span class=\"_ _3\"/>ith a<span class=\"_ _3\"/>n ind<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>te use<span class=\"_ _3\"/>ful l<span class=\"_ _3\"/>ife is $<span class=\"_ _3\"/>22.8<span class=\"_ _3\"/>m (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>23.7<span class=\"_ _35\"/>m). Br<span class=\"_ _3\"/>an<span class=\"_ _3\"/>d int<span class=\"_ _3\"/>an<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>les w<span class=\"_ _3\"/>ith a<span class=\"_ _3\"/>n in<span class=\"_ _3\"/>def<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>te us<span class=\"_ _3\"/>efu<span class=\"_ _3\"/>l life a<span class=\"_ _3\"/>re te<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d ann<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>lly fo<span class=\"_ _3\"/>r imp<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ent a<span class=\"_ _3\"/>s pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>nua<span class=\"_ _3\"/>l go<span class=\"_ _3\"/>odw<span class=\"_ _3\"/>ill im<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t tes<span class=\"_ _3\"/>t an<span class=\"_ _3\"/>d have be<span class=\"_ _3\"/>en a<span class=\"_ _3\"/>llo<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>ted to th<span class=\"_ _3\"/>e Per<span class=\"_ _3\"/>so<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l Car<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d Coatings CGUs.<span class=\"_ _341\"> </span>Inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>ed w<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>in oth<span class=\"_ _3\"/>er i<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>ngi<span class=\"_ _3\"/>ble a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s ab<span class=\"_ _3\"/>ove are te<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>nol<span class=\"_ _3\"/>og<span class=\"_ _3\"/>y rel<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d int<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts of $<span class=\"_ _3\"/>30<span class=\"_ _3\"/>.<span class=\"_ _35\"/>1<span class=\"_ _2\"/>m (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>35.<span class=\"_ _35\"/>1m) aris<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>rom t<span class=\"_ _3\"/>he acq<span class=\"_ _3\"/>uis<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on of M<span class=\"_ _3\"/>on<span class=\"_ _3\"/>do wh<span class=\"_ _3\"/>ich h<span class=\"_ _3\"/>ave rem<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ning u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ful l<span class=\"_ _3\"/>ives o<span class=\"_ _3\"/>f 1<span class=\"_ _35\"/>1 year<span class=\"_ _3\"/>s (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: 12 y<span class=\"_ _2\"/>e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s), and k<span class=\"_ _3\"/>now how r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>ted in<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ngi<span class=\"_ _3\"/>ble a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s of $<span class=\"_ _3\"/>6.<span class=\"_ _3\"/>2m (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>8.<span class=\"_ _3\"/>2m) whi<span class=\"_ _3\"/>ch have r<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ing u<span class=\"_ _3\"/>sef<span class=\"_ _3\"/>ul li<span class=\"_ _3\"/>ves of b<span class=\"_ _3\"/>et<span class=\"_ _3\"/>we<span class=\"_ _3\"/>en 4 a<span class=\"_ _3\"/>nd 5 yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s (2021<span class=\"_ _35\"/>: 5 a<span class=\"_ _3\"/>nd 6 ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e rem<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ning i<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se th<span class=\"_ _3\"/>e valu<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>cr<span class=\"_ _3\"/>ibe<span class=\"_ _3\"/>d to cu<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r lis<span class=\"_ _3\"/>ts, p<span class=\"_ _3\"/>aten<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd no<span class=\"_ _3\"/>n-<span class=\"_ _3\"/>co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ete cl<span class=\"_ _3\"/>au<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s, wh<span class=\"_ _3\"/>ich a<span class=\"_ _3\"/>re b<span class=\"_ _3\"/>ein<span class=\"_ _3\"/>g am<span class=\"_ _3\"/>or<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d over p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ds of 5 to 24 year<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _36\"/>6<span class=\"_ _341\"> </span>GO<span class=\"_ _3\"/>OD<span class=\"_ _3\"/>WI<span class=\"_ _3\"/>LL A<span class=\"_ _3\"/>N<span class=\"_ _3\"/>D BR<span class=\"_ _0\"/>A<span class=\"_ _3\"/>ND I<span class=\"_ _3\"/>NTAN<span class=\"_ _3\"/>G<span class=\"_ _3\"/>IB<span class=\"_ _3\"/>LE<span class=\"_ _3\"/>S W<span class=\"_ _3\"/>ITH A<span class=\"_ _3\"/>N I<span class=\"_ _3\"/>N<span class=\"_ _3\"/>DE<span class=\"_ _3\"/>F<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>IT<span class=\"_ _3\"/>E U<span class=\"_ _3\"/>SE<span class=\"_ _3\"/>F<span class=\"_ _3\"/>UL L<span class=\"_ _3\"/>IF<span class=\"_ _3\"/>E I<span class=\"_ _3\"/>MPA<span class=\"_ _3\"/>IR<span class=\"_ _3\"/>M<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT T<span class=\"_ _3\"/>ES<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>G<span class=\"_ _341\"> </span>Go<span class=\"_ _3\"/>odw<span class=\"_ _3\"/>ill a<span class=\"_ _3\"/>nd b<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nd int<span class=\"_ _3\"/>an<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s wit<span class=\"_ _3\"/>h an in<span class=\"_ _3\"/>def<span class=\"_ _3\"/>in<span class=\"_ _3\"/>ite us<span class=\"_ _3\"/>efu<span class=\"_ _3\"/>l life a<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>llo<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>ted to th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s cash<span class=\"_ _3\"/>-<span class=\"_ _3\"/>gen<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng un<span class=\"_ _3\"/>its (<span class=\"_ _3\"/>CGU<span class=\"_ _3\"/>s) as fol<span class=\"_ _3\"/>lows:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Personal C<span class=\"_ _2\"/>are<span class=\"_ _275\"> </span><span class=\"ff7d ls1d ws72\">296.0<span class=\"_ _64\"> </span><span class=\"ff7c\">297.9<span class=\"_ _341\"> </span></span></span>Coatings<span class=\"_ _276\"> </span><span class=\"ff7d ls1d ws72\">207.7<span class=\"_ _64\"> </span><span class=\"ff7c\">208.5<span class=\"_ _341\"> </span></span></span>Ta<span class=\"_ _0\"/>l<span class=\"_ _0\"/>c<span class=\"_ _277\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ls1d ws72\">130.3<span class=\"_ _341\"> </span></span>Chromium<span class=\"_ _278\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span><span class=\"ff7c\">\u2013<span class=\"_ _341\"> </span></span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er<span class=\"_ _279\"> </span><span class=\"ff7d ws72\">503.7<span class=\"_ _64\"> </span><span class=\"ff7c\">636.7<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up te<span class=\"_ _3\"/>sts a<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>ual<span class=\"_ _3\"/>ly fo<span class=\"_ _3\"/>r imp<span class=\"_ _3\"/>air<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>t 31 Octob<span class=\"_ _3\"/>er, or more f<span class=\"_ _3\"/>re<span class=\"_ _3\"/>que<span class=\"_ _3\"/>ntl<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, if th<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e are eve<span class=\"_ _3\"/>nts o<span class=\"_ _3\"/>r ci<span class=\"_ _3\"/>rcu<span class=\"_ _3\"/>ms<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nce<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>at in<span class=\"_ _3\"/>dic<span class=\"_ _3\"/>ate th<span class=\"_ _3\"/>at th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yin<span class=\"_ _3\"/>g am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t may no<span class=\"_ _3\"/>t be re<span class=\"_ _3\"/>cove<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e.<span class=\"_ _341\"> </span>BASIS<span class=\"_ _2\"/> OF T<span class=\"_ _2\"/>HE REC<span class=\"_ _2\"/>OVERABLE<span class=\"_ _2\"/> AMOUNT<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e rec<span class=\"_ _3\"/>over<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts of t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s CGU<span class=\"_ _3\"/>s are d<span class=\"_ _3\"/>ete<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d fr<span class=\"_ _3\"/>om val<span class=\"_ _3\"/>ue in u<span class=\"_ _3\"/>se c<span class=\"_ _3\"/>al<span class=\"_ _3\"/>cul<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ons w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h us<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low pr<span class=\"_ _3\"/>oje<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on<span class=\"_ _3\"/> fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l bu<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>roved by th<span class=\"_ _3\"/>e dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s c<span class=\"_ _3\"/>overi<span class=\"_ _3\"/>ng a f<span class=\"_ _3\"/>ive yea<span class=\"_ _3\"/>r pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>od. MA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>AG<span class=\"_ _3\"/>EM<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>\u2019S J<span class=\"_ _3\"/>U<span class=\"_ _3\"/>DG<span class=\"_ _3\"/>E<span class=\"_ _3\"/>ME<span class=\"_ _3\"/>N<span class=\"_ _3\"/>T IN E<span class=\"_ _3\"/>S<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>M<span class=\"_ _3\"/>A<span class=\"_ _2\"/>TI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>G TH<span class=\"_ _3\"/>E CA<span class=\"_ _3\"/>SH F<span class=\"_ _3\"/>LOW<span class=\"_ _3\"/>S OF A C<span class=\"_ _3\"/>G<span class=\"_ _3\"/>U<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e key as<span class=\"_ _3\"/>sum<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>ns fo<span class=\"_ _3\"/>r the va<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>e in us<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>lcu<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted c<span class=\"_ _3\"/>han<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s to sa<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s volu<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s, se<span class=\"_ _3\"/>llin<span class=\"_ _3\"/>g pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ct c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ts du<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g the<span class=\"_ _3\"/> fore<span class=\"_ _3\"/>c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t pe<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>d, gr<span class=\"_ _3\"/>ow<span class=\"_ _3\"/>th r<span class=\"_ _3\"/>ates u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to ex<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>po<span class=\"_ _3\"/>late b<span class=\"_ _3\"/>eyon<span class=\"_ _3\"/>d the fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>st p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>d and t<span class=\"_ _3\"/>he di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t rate<span class=\"_ _3\"/>s ap<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>ed to t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows.<span class=\"_ _3\"/> Cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es in s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>es vo<span class=\"_ _3\"/>lum<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, sel<span class=\"_ _3\"/>lin<span class=\"_ _3\"/>g pr<span class=\"_ _3\"/>ice<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s are b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n pa<span class=\"_ _3\"/>st p<span class=\"_ _3\"/>rac<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s of fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n the m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket. A 5 yea<span class=\"_ _3\"/>r fore<span class=\"_ _3\"/>c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ting m<span class=\"_ _3\"/>od<span class=\"_ _3\"/>el i<span class=\"_ _3\"/>s use<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r all C<span class=\"_ _3\"/>GUs (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: 3 ye<span class=\"_ _3\"/>ar fo<span class=\"_ _3\"/>r all C<span class=\"_ _3\"/>GUs exc<span class=\"_ _3\"/>ept fo<span class=\"_ _3\"/>r T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>lc w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h was 5 ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s).<span class=\"_ _341\"> </span>G<span class=\"_ _3\"/>R<span class=\"_ _0\"/>O<span class=\"_ _3\"/>W<span class=\"_ _36\"> </span>T<span class=\"_ _3\"/>H<span class=\"_ _3\"/> R<span class=\"_ _0\"/>AT<span class=\"_ _0\"/>E<span class=\"_ _0\"/>S<span class=\"_ _341\"> </span>Cas<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ows for p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ds b<span class=\"_ _3\"/>eyon<span class=\"_ _3\"/>d the fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>st p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>iod a<span class=\"_ _3\"/>re ex<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ap<span class=\"_ _3\"/>ol<span class=\"_ _3\"/>ated b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d lon<span class=\"_ _3\"/>g-te<span class=\"_ _3\"/>rm g<span class=\"_ _3\"/>row<span class=\"_ _3\"/>th r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s. Th<span class=\"_ _3\"/>e ra<span class=\"_ _3\"/>tes do n<span class=\"_ _3\"/>ot exce<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d the ave<span class=\"_ _3\"/>rag<span class=\"_ _3\"/>e lo<span class=\"_ _3\"/>ng ter<span class=\"_ _3\"/>m gr<span class=\"_ _3\"/>ow<span class=\"_ _3\"/>th ra<span class=\"_ _3\"/>te for t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>levan<span class=\"_ _3\"/>t pr<span class=\"_ _3\"/>odu<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s or m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>kets.<span class=\"_ _341\"> </span>DISCOU<span class=\"_ _3\"/>NT RA<span class=\"_ _2\"/>TES<span class=\"_ _341\"> </span>Man<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>tes di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t ra<span class=\"_ _3\"/>tes u<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g pre<span class=\"_ _3\"/>-t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ra<span class=\"_ _3\"/>tes th<span class=\"_ _3\"/>at re<span class=\"_ _3\"/>fle<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s of the t<span class=\"_ _3\"/>ime va<span class=\"_ _3\"/>lue of m<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ey an<span class=\"_ _3\"/>d the risks specific to<span class=\"_ _2\"/> the CGUs.<span class=\"_ _341\"> </span>PERSONAL<span class=\"_ _2\"/> CARE<span class=\"_ _3f\"/> Th<span class=\"_ _3\"/>e rec<span class=\"_ _3\"/>over<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt of th<span class=\"_ _3\"/>e CGU wa<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>lc<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>ted u<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g for<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n bud<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>ts an<span class=\"_ _3\"/>d pl<span class=\"_ _3\"/>ans f<span class=\"_ _3\"/>or 20<span class=\"_ _3\"/>23 to 2027<span class=\"_ _1\"/>, a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>-ta<span class=\"_ _3\"/>x<span class=\"_ _3\"/> dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate of 12<span class=\"_ _2\"/>.0% (2021<span class=\"_ _35\"/>: 10.8%<span class=\"_ _35\"/>) a<span class=\"_ _3\"/>nd a l<span class=\"_ _3\"/>ong<span class=\"_ _3\"/>-ter<span class=\"_ _3\"/>m gr<span class=\"_ _3\"/>ow<span class=\"_ _3\"/>th ra<span class=\"_ _3\"/>te of 5.0% (2021<span class=\"_ _35\"/>: 5.0%) base<span class=\"_ _3\"/>d on t<span class=\"_ _3\"/>he lo<span class=\"_ _3\"/>ng te<span class=\"_ _3\"/>rm h<span class=\"_ _3\"/>isto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>l grow<span class=\"_ _3\"/>t<span class=\"_ _3\"/>h rate s<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n in thi<span class=\"_ _3\"/>s CGU. T<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>cove<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e amo<span class=\"_ _3\"/>unt exc<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d the c<span class=\"_ _3\"/>a<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing va<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>e of the C<span class=\"_ _3\"/>GU by $23<span class=\"_ _3\"/>0.9<span class=\"_ _3\"/>m (2021<span class=\"_ _35\"/>: $72.6m). Th<span class=\"_ _3\"/>e Di<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s d<span class=\"_ _3\"/>o not c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>id<span class=\"_ _3\"/>er tha<span class=\"_ _3\"/>t any re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>on<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>y po<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>e cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es to th<span class=\"_ _3\"/>e key as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>mpti<span class=\"_ _3\"/>ons wo<span class=\"_ _3\"/>uld r<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>e the re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>overa<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t to its c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing va<span class=\"_ _3\"/>lue.<span class=\"_ _341\"> </span>CO<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TINGS<span class=\"_ _3f\"/> Th<span class=\"_ _3\"/>e rec<span class=\"_ _3\"/>over<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt of th<span class=\"_ _3\"/>e CGU wa<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>lc<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>ted u<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g for<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n bud<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>ts an<span class=\"_ _3\"/>d pl<span class=\"_ _3\"/>ans f<span class=\"_ _3\"/>or 20<span class=\"_ _3\"/>23 to 2027<span class=\"_ _1\"/>, a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>-ta<span class=\"_ _3\"/>x<span class=\"_ _3\"/> dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate of 1<span class=\"_ _35\"/>1<span class=\"_ _2\"/>.9% (2021<span class=\"_ _2\"/>: 1<span class=\"_ _35\"/>1<span class=\"_ _2\"/>.2%) and a lo<span class=\"_ _3\"/>ng-te<span class=\"_ _3\"/>rm g<span class=\"_ _3\"/>row<span class=\"_ _3\"/>th r<span class=\"_ _3\"/>ate of 3<span class=\"_ _3\"/>.0% (2021<span class=\"_ _35\"/>: 3.0%)<span class=\"_ _2\"/>. T<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>cove<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ble a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt exc<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d the c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> valu<span class=\"_ _3\"/>e of the C<span class=\"_ _3\"/>GU by $<span class=\"_ _3\"/>531<span class=\"_ _35\"/>.<span class=\"_ _3\"/>8m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>454.<span class=\"_ _35\"/>1m)<span class=\"_ _2\"/>. T<span class=\"_ _3\"/>he D<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>cto<span class=\"_ _3\"/>rs d<span class=\"_ _3\"/>o not c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>er t<span class=\"_ _3\"/>hat a<span class=\"_ _3\"/>ny re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ona<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>y pos<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ble c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>nge<span class=\"_ _3\"/>s to th<span class=\"_ _3\"/>e key as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>mpti<span class=\"_ _3\"/>ons wo<span class=\"_ _3\"/>uld r<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>e the re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>overa<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t to its c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing va<span class=\"_ _3\"/>lue.<span class=\"_ _341\"> </span>T<span class=\"_ _0\"/>A<span class=\"_ _42\"> </span>L<span class=\"_ _42\"> </span>C Th<span class=\"_ _3\"/>e pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>for<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>lc bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s wa<span class=\"_ _3\"/>s adve<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>el<span class=\"_ _3\"/>y imp<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ted in t<span class=\"_ _3\"/>he se<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ond h<span class=\"_ _3\"/>al<span class=\"_ _3\"/>f of 2022 by a l<span class=\"_ _3\"/>ower d<span class=\"_ _3\"/>ema<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>nvir<span class=\"_ _3\"/>on<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t, gl<span class=\"_ _3\"/>oba<span class=\"_ _3\"/>l inf<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>y p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>es, h<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>er e<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>y co<span class=\"_ _3\"/>sts a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>he Ru<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>n invas<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f Ukr<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ne. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se fa<span class=\"_ _3\"/>cto<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>, as we<span class=\"_ _3\"/>ll a<span class=\"_ _3\"/>s a red<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n in th<span class=\"_ _3\"/>e nea<span class=\"_ _3\"/>r ter<span class=\"_ _3\"/>m fore<span class=\"_ _3\"/>c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ted p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>ita<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y of th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>lc b<span class=\"_ _3\"/>usi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ss a<span class=\"_ _3\"/>nd a r<span class=\"_ _3\"/>ise i<span class=\"_ _3\"/>n the p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>-ta<span class=\"_ _0\"/>x dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate, re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>lte<span class=\"_ _3\"/>d in an i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt ch<span class=\"_ _3\"/>arg<span class=\"_ _3\"/>e of $1<span class=\"_ _2\"/>0<span class=\"_ _3\"/>3.4m b<span class=\"_ _3\"/>ein<span class=\"_ _3\"/>g re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>52.3m). Du<span class=\"_ _3\"/>e to the c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>cy in w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h the g<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>dwi<span class=\"_ _3\"/>ll was h<span class=\"_ _3\"/>el<span class=\"_ _3\"/>d, thi<span class=\"_ _3\"/>s imp<span class=\"_ _3\"/>air<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>lso g<span class=\"_ _3\"/>ave ris<span class=\"_ _3\"/>e to a $8<span class=\"_ _3\"/>.0m (<span class=\"_ _3\"/>2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>0.8<span class=\"_ _3\"/>m) movem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t in excha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e dif<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es o<span class=\"_ _3\"/>n tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n othe<span class=\"_ _3\"/>r co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>re<span class=\"_ _3\"/>hen<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ve inc<span class=\"_ _3\"/>ome<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e rec<span class=\"_ _3\"/>over<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt of $244.6<span class=\"_ _3\"/>m (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>4<span class=\"_ _3\"/>40.7<span class=\"_ _2\"/>m) for th<span class=\"_ _3\"/>e CGU wa<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>lcu<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d us<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g fore<span class=\"_ _3\"/>c<span class=\"_ _3\"/>aste<span class=\"_ _3\"/>d c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h flow<span class=\"_ _3\"/>s bas<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d on bu<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ets a<span class=\"_ _3\"/>nd p<span class=\"_ _3\"/>lan<span class=\"_ _3\"/>s for 20<span class=\"_ _3\"/>23 to 2027<span class=\"_ _1\"/>, a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>-ta<span class=\"_ _3\"/>x d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>cou<span class=\"_ _3\"/>nt r<span class=\"_ _3\"/>ate of 12<span class=\"_ _2\"/>.0% (2021<span class=\"_ _35\"/>: 10.0%<span class=\"_ _35\"/>), a lo<span class=\"_ _3\"/>ng-te<span class=\"_ _3\"/>rm g<span class=\"_ _3\"/>row<span class=\"_ _3\"/>th r<span class=\"_ _3\"/>ate of 3<span class=\"_ _3\"/>.0% (2021<span class=\"_ _35\"/>: 3.0%)<span class=\"_ _2\"/>, an<span class=\"_ _3\"/>d reven<span class=\"_ _3\"/>ue g<span class=\"_ _3\"/>row<span class=\"_ _3\"/>th of<span class=\"_ _3\"/> bet<span class=\"_ _3\"/>we<span class=\"_ _3\"/>en 4.<span class=\"_ _35\"/>1<span class=\"_ _35\"/>% a<span class=\"_ _3\"/>nd 12<span class=\"_ _2\"/>.8% (2021<span class=\"_ _35\"/>: 5<span class=\"_ _3\"/>.0% and 8.0%). The pr<span class=\"_ _3\"/>e-t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t rate i<span class=\"_ _3\"/>s ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on th<span class=\"_ _3\"/>e ge<span class=\"_ _3\"/>og<span class=\"_ _3\"/>rap<span class=\"_ _3\"/>hi<span class=\"_ _3\"/>es in w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h the T<span class=\"_ _2\"/>al<span class=\"_ _3\"/>c CG<span class=\"_ _3\"/>U ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tes<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ase i<span class=\"_ _3\"/>n the p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>-ta<span class=\"_ _0\"/>x dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate us<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d in 2022 a<span class=\"_ _3\"/>s co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>are<span class=\"_ _3\"/>d to 2021<span class=\"_ _2\"/>, was p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ril<span class=\"_ _3\"/>y dr<span class=\"_ _3\"/>iven by th<span class=\"_ _3\"/>e in<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e in r<span class=\"_ _3\"/>isk-fre<span class=\"_ _3\"/>e ra<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e pre<span class=\"_ _3\"/>-t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x co<span class=\"_ _3\"/>st of d<span class=\"_ _3\"/>ebt<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e lon<span class=\"_ _3\"/>g-te<span class=\"_ _3\"/>rm g<span class=\"_ _3\"/>row<span class=\"_ _3\"/>th r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s are s<span class=\"_ _3\"/>up<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ted by t<span class=\"_ _3\"/>hir<span class=\"_ _3\"/>d par<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y stu<span class=\"_ _3\"/>die<span class=\"_ _3\"/>s wh<span class=\"_ _3\"/>ich c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>er t<span class=\"_ _3\"/>he lo<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>-ter<span class=\"_ _3\"/>m grow<span class=\"_ _3\"/>t<span class=\"_ _3\"/>h pro<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ts f<span class=\"_ _3\"/>or the T<span class=\"_ _2\"/>al<span class=\"_ _3\"/>c ind<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y. The reven<span class=\"_ _3\"/>ue g<span class=\"_ _3\"/>row<span class=\"_ _3\"/>th fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s ref<span class=\"_ _3\"/>le<span class=\"_ _3\"/>ct m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket an<span class=\"_ _3\"/>d ind<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>en<span class=\"_ _3\"/>de<span class=\"_ _3\"/>nt da<span class=\"_ _3\"/>ta a<span class=\"_ _3\"/>s well a<span class=\"_ _3\"/>s ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>\u2019s esti<span class=\"_ _3\"/>mate<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>rdi<span class=\"_ _3\"/>ng me<span class=\"_ _3\"/>diu<span class=\"_ _3\"/>m ter<span class=\"_ _3\"/>m grow<span class=\"_ _3\"/>t<span class=\"_ _3\"/>h in the T<span class=\"_ _2\"/>al<span class=\"_ _3\"/>c in<span class=\"_ _3\"/>dus<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>y. The move<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt in th<span class=\"_ _3\"/>e reve<span class=\"_ _3\"/>nue g<span class=\"_ _3\"/>row<span class=\"_ _3\"/>th fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s in 202<span class=\"_ _3\"/>2 as c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>are<span class=\"_ _3\"/>d to 2021 re<span class=\"_ _3\"/>fle<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ts a ste<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>y re<span class=\"_ _3\"/>cover<span class=\"_ _0\"/>y of th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>al<span class=\"_ _3\"/>c bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s fol<span class=\"_ _3\"/>lowi<span class=\"_ _3\"/>ng the l<span class=\"_ _3\"/>ower d<span class=\"_ _3\"/>em<span class=\"_ _3\"/>an<span class=\"_ _3\"/>d note<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e se<span class=\"_ _3\"/>con<span class=\"_ _3\"/>d ha<span class=\"_ _3\"/>lf of 20<span class=\"_ _3\"/>22.<span class=\"_ _341\"> </span>The high end of<span class=\"_ _2\"/> reasonab<span class=\"_ _3\"/>ly possible changes, all in isolation<span class=\"_ _2\"/>, would ha<span class=\"_ _2\"/>ve the<span class=\"_ _2\"/> following impact<span class=\"_ _2\"/>: increasing the discount rate<span class=\"_ _2\"/> by 0.5<span class=\"_ _35\"/>% would res<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>t in an i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ge $1<span class=\"_ _2\"/>3.4m to a<span class=\"_ _3\"/>mor<span class=\"_ _0\"/>tis<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts; de<span class=\"_ _3\"/>cr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g the l<span class=\"_ _3\"/>ong<span class=\"_ _3\"/>-ter<span class=\"_ _3\"/>m gr<span class=\"_ _3\"/>ow<span class=\"_ _3\"/>th ra<span class=\"_ _3\"/>te by 1<span class=\"_ _2\"/>.0% would r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ult in a<span class=\"_ _3\"/> fur<span class=\"_ _0\"/>the<span class=\"_ _3\"/>r im<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t cha<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>e of $1<span class=\"_ _35\"/>7<span class=\"_ _1\"/>.<span class=\"_ _3\"/>5m to am<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tis<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>ngi<span class=\"_ _3\"/>ble a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s; an<span class=\"_ _3\"/>d de<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d reven<span class=\"_ _3\"/>ue by 2.5%<span class=\"_ _2\"/>, yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ly over e<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>h yea<span class=\"_ _3\"/>r in the 5 ye<span class=\"_ _3\"/>ar f<span class=\"_ _3\"/>ore<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ing m<span class=\"_ _3\"/>od<span class=\"_ _3\"/>el, wou<span class=\"_ _3\"/>ld re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>lt in a f<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r impa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ge of $<span class=\"_ _3\"/>24.8m to amo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g int<span class=\"_ _3\"/>an<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>le a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _3\"/>7<span class=\"_ _341\"> </span>10. <span class=\"_ _42\"> </span>GO<span class=\"_ _3\"/>OD<span class=\"_ _3\"/>WI<span class=\"_ _3\"/>LL A<span class=\"_ _3\"/>ND O<span class=\"_ _3\"/>TH<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R IN<span class=\"_ _3\"/>T<span class=\"_ _2\"/>AN<span class=\"_ _3\"/>G<span class=\"_ _3\"/>I<span class=\"_ _3\"/>BLE A<span class=\"_ _3\"/>S<span class=\"_ _3\"/>SE<span class=\"_ _3\"/>T<span class=\"_ _3\"/>S CO<span class=\"_ _3\"/>NTI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>UE<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>GO<span class=\"_ _3\"/>OD<span class=\"_ _3\"/>WI<span class=\"_ _3\"/>LL A<span class=\"_ _3\"/>N<span class=\"_ _3\"/>D BR<span class=\"_ _0\"/>A<span class=\"_ _3\"/>ND I<span class=\"_ _3\"/>NTAN<span class=\"_ _3\"/>G<span class=\"_ _3\"/>IB<span class=\"_ _3\"/>LE<span class=\"_ _3\"/>S W<span class=\"_ _3\"/>ITH A<span class=\"_ _3\"/>N I<span class=\"_ _3\"/>N<span class=\"_ _3\"/>DE<span class=\"_ _3\"/>F<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>IT<span class=\"_ _3\"/>E U<span class=\"_ _3\"/>SE<span class=\"_ _3\"/>F<span class=\"_ _3\"/>UL L<span class=\"_ _3\"/>IF<span class=\"_ _3\"/>E I<span class=\"_ _3\"/>MPA<span class=\"_ _3\"/>IR<span class=\"_ _3\"/>M<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT T<span class=\"_ _3\"/>ES<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>G CO<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>U<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>CHROMIUM<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e rec<span class=\"_ _3\"/>over<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt of th<span class=\"_ _3\"/>e CGU, wh<span class=\"_ _3\"/>ich wa<span class=\"_ _3\"/>s cl<span class=\"_ _3\"/>as<span class=\"_ _3\"/>si<span class=\"_ _3\"/>fie<span class=\"_ _3\"/>d a<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e in N<span class=\"_ _3\"/>ovemb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 (refe<span class=\"_ _3\"/>r to No<span class=\"_ _3\"/>te 32), was cal<span class=\"_ _3\"/>cul<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d us<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> fore<span class=\"_ _3\"/>c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on b<span class=\"_ _3\"/>ud<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>ts an<span class=\"_ _3\"/>d pl<span class=\"_ _3\"/>ans f<span class=\"_ _3\"/>or 2023 to 20<span class=\"_ _3\"/>27<span class=\"_ _1\"/>, a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>-ta<span class=\"_ _3\"/>x d<span class=\"_ _3\"/>isc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt ra<span class=\"_ _3\"/>te of 1<span class=\"_ _2\"/>2.0% (2021<span class=\"_ _35\"/>: 1<span class=\"_ _35\"/>1<span class=\"_ _2\"/>.3%<span class=\"_ _2\"/>) a<span class=\"_ _3\"/>nd a lo<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>-ter<span class=\"_ _3\"/>m grow<span class=\"_ _3\"/>t<span class=\"_ _3\"/>h rate o<span class=\"_ _3\"/>f 3.0% (2021<span class=\"_ _35\"/>: 3.0%). The re<span class=\"_ _3\"/>cover<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt exce<span class=\"_ _3\"/>e<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d the c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>yi<span class=\"_ _3\"/>ng va<span class=\"_ _3\"/>lue of t<span class=\"_ _3\"/>he CG<span class=\"_ _3\"/>U by $1<span class=\"_ _35\"/>40.0<span class=\"_ _3\"/>m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $1<span class=\"_ _35\"/>3<span class=\"_ _3\"/>5.<span class=\"_ _35\"/>1<span class=\"_ _2\"/>m). The D<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s do<span class=\"_ _3\"/> not c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>id<span class=\"_ _3\"/>er th<span class=\"_ _3\"/>at a<span class=\"_ _3\"/>ny rea<span class=\"_ _3\"/>so<span class=\"_ _3\"/>na<span class=\"_ _3\"/>bly p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ble c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>nge<span class=\"_ _3\"/>s to the key a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ump<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns wou<span class=\"_ _3\"/>ld re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>ce th<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>cove<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ble a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt to it<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yi<span class=\"_ _3\"/>ng val<span class=\"_ _3\"/>ue. 1<span class=\"_ _35\"/>1. <span class=\"_ _42\"> </span>PRO<span class=\"_ _3\"/>PE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>T<span class=\"_ _3\"/>Y<span class=\"_ _2\"/>, PL<span class=\"_ _3\"/>A<span class=\"_ _3\"/>N<span class=\"_ _3\"/>T AN<span class=\"_ _3\"/>D EQ<span class=\"_ _3\"/>U<span class=\"_ _3\"/>IP<span class=\"_ _3\"/>M<span class=\"_ _3\"/>EN<span class=\"_ _3\"/>T<span class=\"_ _341\"> </span>Right<span class=\"_ _2\"/>-of-use assets<span class=\"_ _341\"> </span>Land and<span class=\"_ _1\"/> buildings<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Plant<span class=\"_ _2\"/> and<span class=\"_ _1\"/> machiner<span class=\"_ _3\"/>y<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Fixtu<span class=\"_ _3\"/>res<span class=\"_ _1\"/> f<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>t<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>n<span class=\"_ _36\"/>g<span class=\"_ _36\"> </span>s a<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>d equipment<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>d<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r construction<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Land and<span class=\"_ _1\"/> buildings<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Plant<span class=\"_ _2\"/> and<span class=\"_ _1\"/> machiner<span class=\"_ _3\"/>y<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Fixtu<span class=\"_ _3\"/>res<span class=\"_ _1\"/> f<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>t<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>n<span class=\"_ _36\"/>g<span class=\"_ _36\"> </span>s a<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>d equipment<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>C<span class=\"_ _0\"/>O<span class=\"_ _0\"/>S<span class=\"_ _0\"/>T:<span class=\"_ _341\"> </span>At 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 2021<span class=\"_ _7c\"> </span><span class=\"ws72\">128.6<span class=\"_ _87\"> </span>670.2<span class=\"_ _1e\"> </span>47.2<span class=\"_ _d4\"> </span>28.5<span class=\"_ _103\"> </span>53.3<span class=\"_ _84\"> </span>5.8<span class=\"_ _84\"> </span>3.1<span class=\"_ _9d\"> </span>936.7<span class=\"_ _341\"> </span></span>Additions<span class=\"_ _1db\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _103\"> </span><span class=\"ls1d ws72\">13.9<span class=\"_ _d0\"> </span></span>\u2013<span class=\"_ _1fe\"> </span><span class=\"ls1d ws72\">38.6<span class=\"_ _84\"> </span>1.4<span class=\"_ _84\"> </span>0.5<span class=\"_ _84\"> </span>0.1<span class=\"_ _103\"> </span>54.5<span class=\"_ _341\"> </span></span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _27a\"> </span><span class=\"ls1d ws72\">(2.0)<span class=\"_ _30\"> </span>(23.6)<span class=\"_ _ca\"> </span>(0.4)<span class=\"_ _a\"> </span>(0.5)<span class=\"_ _1e\"> </span>(1.0)<span class=\"_ _ca\"> </span>(0.3)<span class=\"_ _ca\"> </span>(0.1)<span class=\"_ _30\"> </span>(27.9)<span class=\"_ _341\"> </span></span>Disposals<span class=\"_ _149\"> </span><span class=\"ls1d ws72\">(0.4)<span class=\"_ _1e\"> </span>(1.2)<span class=\"_ _ca\"> </span>(2.6)<span class=\"_ _225\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _22\"> </span></span>(0.2)<span class=\"_ _ca\"> </span>(4.4)<span class=\"_ _341\"> </span></span>Acquisitions<span class=\"_ _2\"/> through business combinations<span class=\"_ _16f\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _84\"> </span><span class=\"ls1d ws72\">0.1<span class=\"_ _84\"> </span>0.2<span class=\"_ _43\"> </span></span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _84\"> </span><span class=\"ls1d ws72\">0.3<span class=\"_ _341\"> </span></span></span>Reclassif<span class=\"_ _3\"/>ications<span class=\"_ _d7\"> </span><span class=\"ls1d ws72\">0.9<span class=\"_ _103\"> </span>21.2<span class=\"_ _94\"> </span>(0.6)<span class=\"_ _84\"> </span>(21.5)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _341\"> </span></span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>21<span class=\"_ _40\"> </span><span class=\"ff7d ws72\">127.1<span class=\"_ _87\"> </span>680.6<span class=\"_ _103\"> </span>43.8<span class=\"_ _d4\"> </span>45.1<span class=\"_ _1e\"> </span>53.7<span class=\"_ _84\"> </span>6.0<span class=\"_ _84\"> </span>2.9<span class=\"_ _9d\"> </span>959.2<span class=\"_ _341\"> </span></span>Additions<span class=\"_ _1db\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _103\"> </span><span class=\"ls1d ws72\">13.5<span class=\"_ _d0\"> </span></span>\u2013<span class=\"_ _1fe\"> </span><span class=\"ls1d ws72\">33.4<span class=\"_ _84\"> </span>4.0<span class=\"_ _84\"> </span>0.8<span class=\"_ _84\"> </span>0.5<span class=\"_ _103\"> </span>52.2<span class=\"_ _341\"> </span></span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _47\"> </span><span class=\"ff7d ls1d ws72\">(5.0)<span class=\"_ _87\"> </span>(25.1)<span class=\"_ _103\"> </span>(1.4)<span class=\"_ _1fe\"> </span>(1.6)<span class=\"_ _103\"> </span>(0.9)<span class=\"_ _103\"> </span>(0.3)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _166\"> </span></span>(34.3)<span class=\"_ _341\"> </span></span>Disposals<span class=\"_ _aa\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _29\"> </span><span class=\"ls1d ws72\">(5.7)<span class=\"_ _103\"> </span>(0.2)<span class=\"_ _225\"> </span></span>\u2013<span class=\"_ _20\"> </span><span class=\"ls1d ws72\">(1.5)<span class=\"_ _103\"> </span>(1.5)<span class=\"_ _d4\"> </span></span>\u2013<span class=\"_ _20\"> </span><span class=\"ls1d ws72\">(8.9)<span class=\"_ _341\"> </span></span></span>Reclassif<span class=\"_ _3\"/>ications<span class=\"_ _d7\"> </span><span class=\"ff7d ls1d ws72\">1.6<span class=\"_ _103\"> </span>33.5<span class=\"_ _84\"> </span>1.6<span class=\"_ _5d\"> </span>(36.7)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _a9\"> </span><span class=\"ff7d ws72\">(34.0)<span class=\"_ _164\"> </span>(186.2)<span class=\"_ _87\"> </span>(11.7)<span class=\"_ _d4\"> </span>(7.3)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _29\"> </span></span>(0.8)<span class=\"_ _103\"> </span>(0.6)<span class=\"_ _167\"> </span>(240.6)<span class=\"_ _341\"> </span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _9f\"> </span><span class=\"ws72\">89.7<span class=\"_ _9d\"> </span>510.6<span class=\"_ _103\"> </span>32.1<span class=\"_ _d4\"> </span>32.9<span class=\"_ _1e\"> </span>55.3<span class=\"_ _84\"> </span>4.2<span class=\"_ _84\"> </span>2.8<span class=\"_ _9d\"> </span>727.6<span class=\"_ _341\"> </span></span>AC<span class=\"_ _2\"/>CUMUL<span class=\"_ _3\"/>A<span class=\"_ _35\"/>TED DEPRECIA<span class=\"_ _35\"/>TION AND IMP<span class=\"_ _35\"/>AIRMENT LO<span class=\"_ _2\"/>SSES:<span class=\"_ _341\"> </span>At 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 2021<span class=\"_ _bd\"> </span><span class=\"ws72\">65.2<span class=\"_ _9d\"> </span>295.7<span class=\"_ _1e\"> </span>36.2<span class=\"_ _43\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _103\"> </span></span><span class=\"ws72\">19.8<span class=\"_ _84\"> </span>2.0<span class=\"_ _84\"> </span>1.8<span class=\"_ _9d\"> </span>420.7<span class=\"_ _341\"> </span></span>Charge for the<span class=\"_ _2\"/> year<span class=\"_ _be\"> </span><span class=\"ls1d ws72\">2.4<span class=\"_ _103\"> </span>43.9<span class=\"_ _84\"> </span>0.4<span class=\"_ _43\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d8\"> </span></span>3.6<span class=\"_ _84\"> </span>0.9<span class=\"_ _84\"> </span>0.5<span class=\"_ _1e\"> </span>51.7<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _27a\"> </span><span class=\"ls1d ws72\">(1.0)<span class=\"_ _ca\"> </span>(7.1)<span class=\"_ _1e\"> </span>(0.6)<span class=\"_ _225\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _94\"> </span></span>(0.3)<span class=\"_ _1e\"> </span>(0.1)<span class=\"_ _ca\"> </span>(0.1)<span class=\"_ _ca\"> </span>(9.2)<span class=\"_ _341\"> </span></span>Disposals<span class=\"_ _aa\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _22\"> </span><span class=\"ls1d ws72\">(1.1)<span class=\"_ _ca\"> </span>(2.5)<span class=\"_ _182\"> </span></span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _22\"> </span><span class=\"ls1d ws72\">(0.1)<span class=\"_ _ca\"> </span>(3.7)<span class=\"_ _341\"> </span></span></span>Reclassif<span class=\"_ _3\"/>ications<span class=\"_ _f5\"> </span><span class=\"ls1d ws72\">(0.2)<span class=\"_ _1e\"> </span>(1.1)<span class=\"_ _29\"> </span>1.3<span class=\"_ _43\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _341\"> </span></span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>21<span class=\"_ _8d\"> </span><span class=\"ff7d ws72\">66.4<span class=\"_ _87\"> </span>330.3<span class=\"_ _1e\"> </span>34.8<span class=\"_ _43\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _103\"> </span></span>23.1<span class=\"_ _84\"> </span>2.8<span class=\"_ _84\"> </span>2.1<span class=\"_ _9d\"> </span>459.5<span class=\"_ _341\"> </span></span>Charge for the<span class=\"_ _2\"/> year<span class=\"_ _be\"> </span><span class=\"ff7d ls1d ws72\">2.6<span class=\"_ _103\"> </span>39.6<span class=\"_ _84\"> </span>1.6<span class=\"_ _43\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d8\"> </span></span>4.1<span class=\"_ _84\"> </span>0.9<span class=\"_ _84\"> </span>0.5<span class=\"_ _1e\"> </span>49.3<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _47\"> </span><span class=\"ff7d ls1d ws72\">(2.5)<span class=\"_ _87\"> </span>(10.9)<span class=\"_ _103\"> </span>(0.7)<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _20\"> </span></span>(0.3)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _166\"> </span></span>(14.4)<span class=\"_ _341\"> </span></span>Disposals<span class=\"_ _aa\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _29\"> </span><span class=\"ls1d ws72\">(4.9)<span class=\"_ _103\"> </span>(0.2)<span class=\"_ _225\"> </span></span>\u2013<span class=\"_ _20\"> </span><span class=\"ls1d ws72\">(0.7)<span class=\"_ _103\"> </span>(0.1)<span class=\"_ _d4\"> </span></span>\u2013<span class=\"_ _20\"> </span><span class=\"ls1d ws72\">(5.9)<span class=\"_ _341\"> </span></span></span>Impairment losses<span class=\"_ _95\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _103\"> </span><span class=\"ls1d ws72\">23.0<span class=\"_ _d0\"> </span></span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _1e\"> </span><span class=\"ls1d ws72\">23.0<span class=\"_ _341\"> </span></span></span>Reclassif<span class=\"_ _3\"/>ications<span class=\"_ _d7\"> </span><span class=\"ff7d ls1d ws72\">0.4<span class=\"_ _84\"> </span>3.2<span class=\"_ _20\"> </span>(3.6)<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _a9\"> </span><span class=\"ff7d ws72\">(26.4)<span class=\"_ _164\"> </span>(134.3)<span class=\"_ _103\"> </span>(8.6)<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _20\"> </span></span>(0.6)<span class=\"_ _103\"> </span>(0.4)<span class=\"_ _164\"> </span>(170.3)<span class=\"_ _341\"> </span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _9f\"> </span><span class=\"ws72\">40.5<span class=\"_ _9d\"> </span>246.0<span class=\"_ _103\"> </span>23.3<span class=\"_ _c\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _103\"> </span></span><span class=\"ws72\">26.2<span class=\"_ _84\"> </span>3.0<span class=\"_ _d8\"> </span>2.2<span class=\"_ _9d\"> </span>341.2<span class=\"_ _341\"> </span></span>NE<span class=\"_ _3\"/>T BO<span class=\"_ _3\"/>OK VALU<span class=\"_ _3\"/>E<span class=\"_ _3\"/>:<span class=\"_ _341\"> </span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _9f\"> </span><span class=\"ws72\">49.2<span class=\"_ _9d\"> </span>264.6<span class=\"_ _84\"> </span>8.8<span class=\"_ _d4\"> </span>32.9<span class=\"_ _103\"> </span>29.1<span class=\"_ _84\"> </span>1.2<span class=\"_ _84\"> </span>0.6<span class=\"_ _9d\"> </span>386.4<span class=\"_ _341\"> </span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>21<span class=\"_ _8d\"> </span><span class=\"ff7d ws72\">60.7<span class=\"_ _87\"> </span>350.3<span class=\"_ _84\"> </span>9.0<span class=\"_ _d4\"> </span>45.1<span class=\"_ _1e\"> </span>30.6<span class=\"_ _84\"> </span>3.2<span class=\"_ _84\"> </span>0.8<span class=\"_ _87\"> </span>499.7<span class=\"_ _341\"> </span></span>At 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 202<span class=\"_ _3\"/>2<span class=\"_ _129\"> </span><span class=\"ff7d ws72\">63.4<span class=\"_ _9d\"> </span>374.5<span class=\"_ _1e\"> </span>11.0<span class=\"_ _d4\"> </span>28.5<span class=\"_ _103\"> </span>33.5<span class=\"_ _84\"> </span>3.8<span class=\"_ _84\"> </span>1.3<span class=\"_ _9d\"> </span>516.0<span class=\"_ _341\"> </span></span>Gr<span class=\"_ _3\"/>oup c<span class=\"_ _3\"/>ap<span class=\"_ _3\"/>ita<span class=\"_ _3\"/>l exp<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ditu<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rac<span class=\"_ _3\"/>te<span class=\"_ _3\"/>d but n<span class=\"_ _3\"/>ot pr<span class=\"_ _3\"/>ovid<span class=\"_ _3\"/>ed f<span class=\"_ _3\"/>or in th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>d to $n<span class=\"_ _3\"/>il (2021<span class=\"_ _2\"/>: $n<span class=\"_ _3\"/>il).<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _36\"/>8<span class=\"_ _341\"> </span>In 202<span class=\"_ _3\"/>2, the Gr<span class=\"_ _3\"/>oup r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed a $<span class=\"_ _3\"/>23.0<span class=\"_ _3\"/>m non<span class=\"_ _3\"/>-<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>sh im<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t of the n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-<span class=\"_ _3\"/>ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l bio<span class=\"_ _3\"/>lea<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>ing p<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>er<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>cqu<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>d as pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of t<span class=\"_ _3\"/>he Mo<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>o acq<span class=\"_ _3\"/>uis<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on, i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t to a $n<span class=\"_ _3\"/>il ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yin<span class=\"_ _3\"/>g valu<span class=\"_ _3\"/>e. T<span class=\"_ _3\"/>he im<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t was a re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>lt of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g tha<span class=\"_ _3\"/>t the ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l, hea<span class=\"_ _3\"/>lt<span class=\"_ _3\"/>h and s<span class=\"_ _3\"/>afe<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>d fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l co<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>quir<span class=\"_ _3\"/>ed to o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te the e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt we<span class=\"_ _3\"/>re no<span class=\"_ _3\"/>t the b<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t us<span class=\"_ _3\"/>e of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s re<span class=\"_ _3\"/>so<span class=\"_ _3\"/>urc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>In 202<span class=\"_ _3\"/>2 and 20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>, th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>la<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s of pr<span class=\"_ _3\"/>op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y, plant a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>ipm<span class=\"_ _3\"/>ent f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m und<span class=\"_ _3\"/>er c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>str<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n to the<span class=\"_ _3\"/>ir re<span class=\"_ _3\"/>leva<span class=\"_ _3\"/>nt ca<span class=\"_ _3\"/>teg<span class=\"_ _3\"/>or<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s upo<span class=\"_ _3\"/>n the<span class=\"_ _3\"/>se a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>co<span class=\"_ _3\"/>min<span class=\"_ _3\"/>g availa<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e for u<span class=\"_ _3\"/>se.<span class=\"_ _341\"> </span>1<span class=\"_ _35\"/>2<span class=\"_ _3\"/>. INVENT<span class=\"_ _2\"/>ORIES<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Raw mat<span class=\"_ _2\"/>erials and consumables<span class=\"_ _27b\"> </span><span class=\"ff7d ls1d ws72\">55.4<span class=\"_ _14\"> </span><span class=\"ff7c\">62.5<span class=\"_ _341\"> </span></span></span>Work in p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>gre<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s<span class=\"_ _238\"> </span><span class=\"ff7d ws72\">10.7<span class=\"_ _c7\"> </span><span class=\"ff7c\">17.4<span class=\"_ _341\"> </span></span></span>Fini<span class=\"_ _3\"/>sh<span class=\"_ _3\"/>ed g<span class=\"_ _3\"/>ood<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d go<span class=\"_ _3\"/>od<span class=\"_ _3\"/>s pur<span class=\"_ _3\"/>cha<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>le<span class=\"_ _26f\"> </span><span class=\"ff7d ws72\">115.9<span class=\"_ _4b\"> </span><span class=\"ff7c\">106.2<span class=\"_ _341\"> </span></span></span>182.0<span class=\"_ _64\"> </span><span class=\"ff7c\">186.1<span class=\"_ _341\"> </span></span>Invento<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>los<span class=\"_ _3\"/>ed n<span class=\"_ _3\"/>et of p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns fo<span class=\"_ _3\"/>r ob<span class=\"_ _3\"/>sol<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e of $<span class=\"_ _3\"/>5.6m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $7<span class=\"_ _1\"/>.<span class=\"_ _3\"/>3m).<span class=\"_ _341\"> </span>1<span class=\"_ _2\"/>3<span class=\"_ _3\"/>. <span class=\"_ _3a\"> </span>TR<span class=\"_ _3\"/>A<span class=\"_ _3\"/>D<span class=\"_ _3\"/>E AN<span class=\"_ _3\"/>D OT<span class=\"_ _3\"/>HE<span class=\"_ _3\"/>R R<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>IVA<span class=\"_ _3\"/>BLE<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>rade receiv<span class=\"_ _2\"/>ables<span class=\"_ _27c\"> </span><span class=\"ff7d ls1d ws72\">77.5<span class=\"_ _64\"> </span><span class=\"ff7c\">110.6<span class=\"_ _341\"> </span></span></span>Other receivables<span class=\"_ _27c\"> </span><span class=\"ff7d ls1d ws72\">10.4<span class=\"_ _14\"> </span><span class=\"ff7c\">20.4<span class=\"_ _341\"> </span></span></span>Prepayments<span class=\"_ _27d\"> </span><span class=\"ff7d ls1d ws72\">7.0<span class=\"_ _74\"> </span><span class=\"ff7c\">7.9<span class=\"_ _341\"> </span></span></span>94.9<span class=\"_ _64\"> </span><span class=\"ff7c\">138.9<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up hi<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>cal<span class=\"_ _3\"/>ly e<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>nto an a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>ble p<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>cha<span class=\"_ _3\"/>se p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>gra<span class=\"_ _3\"/>mm<span class=\"_ _3\"/>e, the n<span class=\"_ _3\"/>et ba<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e out<span class=\"_ _3\"/>st<span class=\"_ _3\"/>an<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g in re<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on to th<span class=\"_ _3\"/>is pro<span class=\"_ _3\"/>gr<span class=\"_ _3\"/>am<span class=\"_ _3\"/>me wa<span class=\"_ _3\"/>s $22.6m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $1<span class=\"_ _2\"/>2.9m).<span class=\"_ _341\"> </span>1<span class=\"_ _2\"/>4. <span class=\"_ _3a\"> </span>T<span class=\"_ _3\"/>R<span class=\"_ _3\"/>A<span class=\"_ _3\"/>DE A<span class=\"_ _3\"/>N<span class=\"_ _3\"/>D OTH<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R PA<span class=\"_ _35\"/>YABL<span class=\"_ _3\"/>ES<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>rade payables<span class=\"_ _27e\"> </span><span class=\"ff7d ls1d ws72\">74.0<span class=\"_ _14\"> </span><span class=\"ff7c\">77.8<span class=\"_ _341\"> </span></span></span>Other payables<span class=\"_ _27e\"> </span><span class=\"ff7d ls1d ws72\">13.5<span class=\"_ _c7\"> </span><span class=\"ff7c\">22.7<span class=\"_ _341\"> </span></span></span>Accruals<span class=\"_ _252\"> </span><span class=\"ff7d ls1d ws72\">47.9<span class=\"_ _14\"> </span><span class=\"ff7c\">60.5<span class=\"_ _341\"> </span></span></span>135.4<span class=\"_ _64\"> </span><span class=\"ff7c\">161.0<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up hi<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>cal<span class=\"_ _3\"/>ly e<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>nto su<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>ier f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cin<span class=\"_ _3\"/>g ar<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s with S<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>r an<span class=\"_ _3\"/>d US B<span class=\"_ _3\"/>ank<span class=\"_ _3\"/>. At the e<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>f the p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>iod t<span class=\"_ _3\"/>he ne<span class=\"_ _3\"/>t ba<span class=\"_ _3\"/>lan<span class=\"_ _3\"/>ce<span class=\"_ _3\"/> out<span class=\"_ _3\"/>st<span class=\"_ _3\"/>an<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g on the S<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>r fa<span class=\"_ _3\"/>cil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y was $<span class=\"_ _3\"/>nil (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>6.<span class=\"_ _3\"/>2m) and t<span class=\"_ _3\"/>he ne<span class=\"_ _3\"/>t bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce o<span class=\"_ _3\"/>uts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng on t<span class=\"_ _3\"/>he US b<span class=\"_ _3\"/>ank f<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y wa<span class=\"_ _3\"/>s $0<span class=\"_ _3\"/>.5m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>0.6m).<span class=\"_ _341\"> </span>1<span class=\"_ _35\"/>5. P<span class=\"_ _2\"/>ROVISI<span class=\"_ _2\"/>ONS<span class=\"_ _341\"> </span>Environmental $m<span class=\"_ _341\"> </span>Self<span class=\"_ _1\"/> insurance<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Restructuring<span class=\"_ _2\"/> $m<span class=\"_ _341\"> </span>O<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>A<span class=\"_ _35\"/>T 1 JA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>UARY 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>2<span class=\"_ _3\"/>2<span class=\"_ _11b\"> </span><span class=\"ws72\">58.7<span class=\"_ _74\"> </span>0.7<span class=\"_ _74\"> </span>1.0<span class=\"_ _74\"> </span>1.4<span class=\"_ _14\"> </span>61.8<span class=\"_ _341\"> </span></span>(Decrease)/increase in pro<span class=\"_ _2\"/>visions<span class=\"_ _f8\"> </span><span class=\"ff7d ls1d ws72\">(1.6)<span class=\"_ _26\"> </span>0.7<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>0.6<span class=\"_ _15\"> </span>(0.3)<span class=\"_ _341\"> </span></span>Unused amou<span class=\"_ _3\"/>nts rev<span class=\"_ _2\"/>er<span class=\"_ _3\"/>sed<span class=\"_ _208\"> </span><span class=\"ff7d ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(0.1)<span class=\"_ _b\"> </span></span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(0.1)<span class=\"_ _341\"> </span></span></span>Unwinding of discount<span class=\"_ _108\"> </span><span class=\"ff7d ls1d ws72\">1.3<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _74\"> </span></span>1.3<span class=\"_ _341\"> </span></span>Util<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d du<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ng the ye<span class=\"_ _3\"/>ar<span class=\"_ _272\"> </span><span class=\"ff7d ws72\">(7.9)<span class=\"_ _c7\"> </span>(0.5)<span class=\"_ _c7\"> </span>(0.2)<span class=\"_ _14\"> </span>(0.4)<span class=\"_ _c7\"> </span>(9.0)<span class=\"_ _341\"> </span></span>Currency translation<span class=\"_ _2\"/> differences<span class=\"_ _27f\"> </span><span class=\"ff7d ls1d ws72\">(3.5)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _26\"> </span></span>(0.1)<span class=\"_ _26\"> </span>0.1<span class=\"_ _1fe\"> </span>(3.5)<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _115\"> </span><span class=\"ff7d ws72\">(19.5)<span class=\"_ _c7\"> </span>(0.4)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15\"> </span></span>(0.6)<span class=\"_ _10\"> </span>(20.5)<span class=\"_ _341\"> </span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _25f\"> </span><span class=\"ws72\">27.5<span class=\"_ _74\"> </span>0.5<span class=\"_ _13d\"> </span>0.6<span class=\"_ _74\"> </span>1.1<span class=\"_ _14\"> </span>29.7<span class=\"_ _341\"> </span></span>DU<span class=\"_ _3\"/>E WI<span class=\"_ _3\"/>TH<span class=\"_ _3\"/>IN 1 Y<span class=\"_ _3\"/>E<span class=\"_ _3\"/>A<span class=\"_ _3\"/>R<span class=\"_ _26e\"> </span><span class=\"ws72\">3.8<span class=\"_ _74\"> </span>0.3<span class=\"_ _74\"> </span>0.6<span class=\"_ _74\"> </span>1.1<span class=\"_ _74\"> </span>5.8<span class=\"_ _341\"> </span></span>DU<span class=\"_ _3\"/>E AF<span class=\"_ _3\"/>T<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 1 YE<span class=\"_ _3\"/>A<span class=\"_ _3\"/>R<span class=\"_ _280\"> </span><span class=\"ws72\">23.7<span class=\"_ _74\"> </span>0.2<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _c7\"> </span></span><span class=\"ws72\">23.9<span class=\"_ _341\"> </span></span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>18<span class=\"_ _36\"/>9<span class=\"_ _341\"> </span>15. <span class=\"_ _42\"> </span>PR<span class=\"_ _3\"/>OV<span class=\"_ _3\"/>IS<span class=\"_ _3\"/>I<span class=\"_ _3\"/>ON<span class=\"_ _3\"/>S C<span class=\"_ _3\"/>ON<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>NU<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>Envir<span class=\"_ _3\"/>onm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s rel<span class=\"_ _3\"/>ate to ma<span class=\"_ _3\"/>nuf<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/>nd d<span class=\"_ _3\"/>ist<span class=\"_ _3\"/>rib<span class=\"_ _3\"/>uti<span class=\"_ _3\"/>on s<span class=\"_ _3\"/>ites i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>ng c<span class=\"_ _3\"/>er<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>n site<span class=\"_ _3\"/>s no l<span class=\"_ _3\"/>ong<span class=\"_ _3\"/>er ow<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d by the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p. Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s have be<span class=\"_ _3\"/>en d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ive<span class=\"_ _3\"/>d us<span class=\"_ _3\"/>ing a di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ted c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow met<span class=\"_ _3\"/>hod<span class=\"_ _3\"/>olo<span class=\"_ _3\"/>gy a<span class=\"_ _3\"/>nd r<span class=\"_ _3\"/>efl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t th<span class=\"_ _3\"/>e exte<span class=\"_ _3\"/>nt to wh<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>h it is p<span class=\"_ _3\"/>rob<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le th<span class=\"_ _3\"/>at exp<span class=\"_ _3\"/>en<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>ure<span class=\"_ _3\"/> will b<span class=\"_ _3\"/>e in<span class=\"_ _3\"/>cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d over th<span class=\"_ _3\"/>e nex<span class=\"_ _3\"/>t 25 yea<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e level o<span class=\"_ _3\"/>f envi<span class=\"_ _3\"/>ron<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>l pr<span class=\"_ _3\"/>ovis<span class=\"_ _3\"/>ion i<span class=\"_ _3\"/>s ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on m<span class=\"_ _3\"/>ana<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>\u2019<span class=\"_ _2\"/>s be<span class=\"_ _3\"/>st e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>te of the m<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t likel<span class=\"_ _3\"/>y outc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e for e<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>h ind<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>dua<span class=\"_ _3\"/>l exp<span class=\"_ _3\"/>osu<span class=\"_ _3\"/>re. Env<span class=\"_ _3\"/>iro<span class=\"_ _3\"/>nme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>re di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ted u<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s whi<span class=\"_ _3\"/>ch re<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t ma<span class=\"_ _3\"/>rket a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s<span class=\"_ _3\"/>men<span class=\"_ _3\"/>ts and t<span class=\"_ _3\"/>he r<span class=\"_ _3\"/>isk<span class=\"_ _3\"/>s spe<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>c to the li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ies<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s us<span class=\"_ _3\"/>ed we<span class=\"_ _3\"/>re 4.0% in th<span class=\"_ _3\"/>e US, 4.0% in th<span class=\"_ _3\"/>e UK a<span class=\"_ _3\"/>nd 3.<span class=\"_ _3\"/>3% in Canad<span class=\"_ _3\"/>a.<span class=\"_ _3\"/> Inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>ed w<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>in env<span class=\"_ _3\"/>iro<span class=\"_ _3\"/>nme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>re am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts i<span class=\"_ _3\"/>n res<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f all a<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>cip<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d cos<span class=\"_ _3\"/>ts r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>ted to th<span class=\"_ _3\"/>e cl<span class=\"_ _3\"/>osu<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>nd re<span class=\"_ _3\"/>me<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of the C<span class=\"_ _3\"/>hro<span class=\"_ _3\"/>miu<span class=\"_ _3\"/>m UK si<span class=\"_ _3\"/>te at Ea<span class=\"_ _3\"/>gle<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>lif<span class=\"_ _0\"/>fe. Th<span class=\"_ _3\"/>e Ea<span class=\"_ _3\"/>gle<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>lif<span class=\"_ _3\"/>fe s<span class=\"_ _3\"/>ite wa<span class=\"_ _3\"/>s not i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>ude<span class=\"_ _3\"/>d wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n the $1<span class=\"_ _2\"/>9.5<span class=\"_ _3\"/>m tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d to lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es he<span class=\"_ _3\"/>ld fo<span class=\"_ _3\"/>r sa<span class=\"_ _3\"/>le.<span class=\"_ _3\"/> Th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g tab<span class=\"_ _3\"/>le s<span class=\"_ _3\"/>hows th<span class=\"_ _3\"/>e tim<span class=\"_ _3\"/>efr<span class=\"_ _3\"/>am<span class=\"_ _3\"/>es ove<span class=\"_ _3\"/>r whi<span class=\"_ _3\"/>ch u<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ted c<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>s in re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n to the e<span class=\"_ _3\"/>nviro<span class=\"_ _3\"/>nm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>al p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>re exp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d to be in<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>d:<span class=\"_ _341\"> </span>1<span class=\"_ _2\"/>-<span class=\"_ _35\"/>1<span class=\"_ _2\"/>0 years<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>1<span class=\"_ _3\"/>1<span class=\"_ _0\"/>-<span class=\"_ _36\"> </span>2<span class=\"_ _36\"> </span>0 years<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _42\"> </span>-<span class=\"_ _0\"/>2<span class=\"_ _36\"> </span>5 years<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>Environmental provisions<span class=\"_ _1c7\"> </span><span class=\"ff7d ls1d ws72\">21.1<span class=\"_ _103\"> </span>12.0<span class=\"_ _84\"> </span>6.0<span class=\"_ _103\"> </span>39.1<span class=\"_ _341\"> </span></span>Envir<span class=\"_ _3\"/>onm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s have de<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>a<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d by $1<span class=\"_ _35\"/>0.<span class=\"_ _3\"/>3m d<span class=\"_ _3\"/>ue to in<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n the d<span class=\"_ _3\"/>isc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt ra<span class=\"_ _3\"/>tes u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d of<span class=\"_ _3\"/>f<span class=\"_ _3\"/>set by a $<span class=\"_ _3\"/>8.7<span class=\"_ _2\"/>m in<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e due to ex<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ra rem<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>iat<span class=\"_ _3\"/>ion wo<span class=\"_ _3\"/>rk i<span class=\"_ _3\"/>den<span class=\"_ _3\"/>tif<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d du<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g the ye<span class=\"_ _3\"/>ar. The de<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e in p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns i<span class=\"_ _3\"/>s inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>ed w<span class=\"_ _3\"/>ithi<span class=\"_ _3\"/>n adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ting i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e Note 5). If t<span class=\"_ _3\"/>he co<span class=\"_ _3\"/>st e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>tes on wh<span class=\"_ _3\"/>ich t<span class=\"_ _3\"/>he p<span class=\"_ _3\"/>rovis<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>re ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d wer<span class=\"_ _3\"/>e to cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e by 1<span class=\"_ _2\"/>0%, whic<span class=\"_ _3\"/>h is re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>on<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>y po<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>e, the p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>si<span class=\"_ _3\"/>on re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d wou<span class=\"_ _3\"/>ld in<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e by approximat<span class=\"_ _2\"/>ely $2<span class=\"_ _2\"/>.8m. Whi<span class=\"_ _3\"/>lst a r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge of o<span class=\"_ _3\"/>utc<span class=\"_ _3\"/>ome<span class=\"_ _3\"/>s is p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>sib<span class=\"_ _3\"/>le, t<span class=\"_ _3\"/>he Di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>cto<span class=\"_ _3\"/>rs b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ieve tha<span class=\"_ _3\"/>t the r<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>son<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ly p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>sib<span class=\"_ _3\"/>le ra<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e for t<span class=\"_ _3\"/>he env<span class=\"_ _3\"/>iro<span class=\"_ _3\"/>nme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n is f<span class=\"_ _3\"/>rom<span class=\"_ _3\"/> $26.6<span class=\"_ _3\"/>m to $3<span class=\"_ _3\"/>3.8<span class=\"_ _3\"/>m.<span class=\"_ _341\"> </span>Se<span class=\"_ _3\"/>lf-in<span class=\"_ _3\"/>su<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nce p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ons r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>te to pe<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>on<span class=\"_ _3\"/>al in<span class=\"_ _3\"/>jur<span class=\"_ _0\"/>y an<span class=\"_ _3\"/>d othe<span class=\"_ _3\"/>r cl<span class=\"_ _3\"/>aim<span class=\"_ _3\"/>s fr<span class=\"_ _3\"/>om fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>er e<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>loyee<span class=\"_ _3\"/>s or t<span class=\"_ _3\"/>hir<span class=\"_ _3\"/>d par<span class=\"_ _0\"/>tie<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d re<span class=\"_ _3\"/>pre<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt th<span class=\"_ _3\"/>e ag<span class=\"_ _3\"/>gre<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>te of out<span class=\"_ _3\"/>st<span class=\"_ _3\"/>an<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g cla<span class=\"_ _3\"/>ims p<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>s a pro<span class=\"_ _3\"/>je<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on of l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s inc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d bu<span class=\"_ _3\"/>t not yet r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>te<span class=\"_ _3\"/>d wh<span class=\"_ _3\"/>ich to<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r ma<span class=\"_ _3\"/>ke up the f<span class=\"_ _3\"/>ull li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s a prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on. I<span class=\"_ _3\"/>nsu<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>cover<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>cog<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d as a s<span class=\"_ _3\"/>epa<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te rei<span class=\"_ _3\"/>mbu<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t. T<span class=\"_ _3\"/>he se<span class=\"_ _3\"/>lf-i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ura<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ovis<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted to b<span class=\"_ _3\"/>e util<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n five ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Re<span class=\"_ _3\"/>str<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>ons r<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ate to co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s of adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ting h<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>d cou<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd oth<span class=\"_ _3\"/>er c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ts of r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ing w<span class=\"_ _3\"/>her<span class=\"_ _3\"/>e a ne<span class=\"_ _3\"/>ed to d<span class=\"_ _3\"/>o so ha<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>e<span class=\"_ _3\"/>n ide<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ed<span class=\"_ _3\"/> by man<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s are ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d to be u<span class=\"_ _3\"/>tili<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d wi<span class=\"_ _3\"/>thin o<span class=\"_ _3\"/>ne ye<span class=\"_ _3\"/>ar<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>1<span class=\"_ _35\"/>6. <span class=\"_ _42\"> </span>DEFERRED T<span class=\"_ _1\"/>A<span class=\"_ _3\"/>X<span class=\"_ _341\"> </span>Retirement<span class=\"_ _1\"/> b<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>n<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>f<span class=\"_ _42\"> </span>i<span class=\"_ _36\"/>t p<span class=\"_ _36\"> </span>l<span class=\"_ _42\"> </span>a<span class=\"_ _36\"/>n<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>Accelerated<span class=\"_ _3f\"/> t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>x depreciation<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Amor<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>sation<span class=\"_ _1\"/> o<span class=\"_ _36\"/>f<span class=\"_ _36\"/> U<span class=\"_ _36\"> </span>S goodwill<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>O<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r intangible<span class=\"_ _1\"/> assets<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>O<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r temporary<span class=\"_ _1\"/> differe<span class=\"_ _3\"/>nces<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>r<span class=\"_ _36\"/>e<span class=\"_ _36\"/>l<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>v<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>d tax losses<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>A<span class=\"_ _35\"/>T 1 JA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>UARY 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>21<span class=\"_ _37\"> </span><span class=\"ff7c ws72\">2.4<span class=\"_ _21\"> </span>(44.1)<span class=\"_ _84\"> </span>(63.6)<span class=\"_ _30\"> </span>(35.4)<span class=\"_ _ca\"> </span>13.3<span class=\"_ _22\"> </span>10.6<span class=\"_ _165\"> </span>(116.8)<span class=\"_ _341\"> </span></span>Cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t<span class=\"_ _3\"/>/(char<span class=\"_ _3\"/>ge) to the i<span class=\"_ _3\"/>nco<span class=\"_ _3\"/>me s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>teme<span class=\"_ _3\"/>nt<span class=\"_ _106\"> </span><span class=\"ws72\">0.3<span class=\"_ _d0\"> </span>(1.9)<span class=\"_ _13d\"> </span>0.2<span class=\"_ _84\"> </span>2.4<span class=\"_ _21\"> </span>7.4<span class=\"_ _14\"> </span>(1.9)<span class=\"_ _4e\"> </span>6.5<span class=\"_ _341\"> </span></span>Charge to o<span class=\"_ _2\"/>ther comprehen<span class=\"_ _3\"/>sive i<span class=\"_ _2\"/>ncome<span class=\"_ _33\"> </span><span class=\"ls1d ws72\">(14.5)<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _c7\"> </span></span>(0.4)<span class=\"_ _1c5\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _8a\"> </span></span>(14.9)<span class=\"_ _341\"> </span></span>Credit to retained earnin<span class=\"_ _3\"/>gs<span class=\"_ _cc\"> </span><span class=\"ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d9\"> </span><span class=\"ls1d ws72\">1.0<span class=\"_ _12\"> </span></span>\u2013<span class=\"_ _76\"> </span><span class=\"ls1d ws72\">1.0<span class=\"_ _341\"> </span></span></span>Currency translation<span class=\"_ _2\"/> differences<span class=\"_ _27a\"> </span><span class=\"ls1d ws72\">(0.6)<span class=\"_ _13d\"> </span>3.2<span class=\"_ _43\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _84\"> </span></span>1.6<span class=\"_ _14\"> </span>(1.2)<span class=\"_ _17a\"> </span>(0.8)<span class=\"_ _30\"> </span>2.2<span class=\"_ _341\"> </span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>021<span class=\"_ _130\"> </span><span class=\"ws72\">(12.4)<span class=\"_ _d8\"> </span>(42.8)<span class=\"_ _d8\"> </span>(63.4)<span class=\"_ _87\"> </span>(31.4)<span class=\"_ _1e\"> </span>20.1<span class=\"_ _21\"> </span>7.9<span class=\"_ _c5\"> </span>(122.0)<span class=\"_ _341\"> </span></span>(Charge)/<span class=\"_ _35\"/>cre<span class=\"_ _3\"/>dit to<span class=\"_ _2\"/> the income statement<span class=\"_ _d5\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _13d\"> </span><span class=\"ls1d ws72\">(0.1)<span class=\"_ _83\"> </span>0.4<span class=\"_ _84\"> </span>2.0<span class=\"_ _d9\"> </span>0.6<span class=\"_ _26\"> </span>1.5<span class=\"_ _9b\"> </span>4.4<span class=\"_ _341\"> </span></span></span>Cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t to othe<span class=\"_ _3\"/>r co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>reh<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sive i<span class=\"_ _3\"/>nco<span class=\"_ _3\"/>me<span class=\"_ _c1\"> </span><span class=\"ff7d ws72\">5.3<span class=\"_ _43\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _21\"> </span></span>0.8<span class=\"_ _12\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _9b\"> </span></span>6.1<span class=\"_ _341\"> </span></span>Credit to retained earnin<span class=\"_ _3\"/>gs<span class=\"_ _cc\"> </span><span class=\"ff7d ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d9\"> </span><span class=\"ls1d ws72\">0.4<span class=\"_ _12\"> </span></span>\u2013<span class=\"_ _76\"> </span><span class=\"ls1d ws72\">0.4<span class=\"_ _341\"> </span></span></span>Currency translation<span class=\"_ _2\"/> differences<span class=\"_ _9c\"> </span><span class=\"ff7d ls1d ws72\">1.7<span class=\"_ _83\"> </span>(0.1)<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _84\"> </span></span>1.5<span class=\"_ _2e\"> </span>(0.2)<span class=\"_ _5\"> </span>0.2<span class=\"_ _76\"> </span>3.1<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s/(li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s) hel<span class=\"_ _3\"/>d for sa<span class=\"_ _3\"/>le (se<span class=\"_ _3\"/>e No<span class=\"_ _3\"/>te 32)<span class=\"_ _26c\"> </span><span class=\"ff7d ws72\">(0.7)<span class=\"_ _13d\"> </span>8.7<span class=\"_ _43\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _2e\"> </span></span>(6.5)<span class=\"_ _1c5\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _9b\"> </span></span>1.5<span class=\"_ _341\"> </span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _7a\"> </span><span class=\"ws72\">(6.1)<span class=\"_ _97\"> </span>(34.3)<span class=\"_ _d8\"> </span>(63.0)<span class=\"_ _87\"> </span>(27.9)<span class=\"_ _ca\"> </span>15.2<span class=\"_ _21\"> </span>9.6<span class=\"_ _c5\"> </span>(106.5)<span class=\"_ _341\"> </span></span>DEFERR<span class=\"_ _2\"/>ED T<span class=\"_ _1\"/>A<span class=\"_ _3\"/>X ASSETS<span class=\"_ _17e\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _43\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _22\"> </span><span class=\"ls1d ws72\">15.2<span class=\"_ _21\"> </span>9.6<span class=\"_ _5c\"> </span>24.8<span class=\"_ _341\"> </span></span></span>DEFERRED T<span class=\"_ _35\"/>A<span class=\"_ _3\"/>X LIABIL<span class=\"_ _2\"/>ITIES<span class=\"_ _2f\"> </span><span class=\"ls1d ws72\">(6.1)<span class=\"_ _97\"> </span>(34.3)<span class=\"_ _d8\"> </span>(63.0)<span class=\"_ _87\"> </span>(27.9)<span class=\"_ _1c5\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _140\"> </span>\u2013<span class=\"_ _c5\"> </span></span>(131.3)<span class=\"_ _341\"> </span></span>Def<span class=\"_ _3\"/>er<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s have be<span class=\"_ _3\"/>en r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed to t<span class=\"_ _3\"/>he ex<span class=\"_ _3\"/>ten<span class=\"_ _3\"/>t that i<span class=\"_ _3\"/>t is c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>id<span class=\"_ _3\"/>ere<span class=\"_ _3\"/>d m<span class=\"_ _3\"/>ore li<span class=\"_ _3\"/>kely t<span class=\"_ _3\"/>han n<span class=\"_ _3\"/>ot th<span class=\"_ _3\"/>at the<span class=\"_ _3\"/>re w<span class=\"_ _3\"/>ill b<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>xa<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e pro<span class=\"_ _3\"/>fit<span class=\"_ _3\"/>s fr<span class=\"_ _3\"/>om whi<span class=\"_ _3\"/>ch th<span class=\"_ _3\"/>e fu<span class=\"_ _3\"/>ture r<span class=\"_ _3\"/>ever<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>l of th<span class=\"_ _3\"/>e und<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ly<span class=\"_ _3\"/>ing ti<span class=\"_ _3\"/>min<span class=\"_ _3\"/>g dif<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ere<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es c<span class=\"_ _3\"/>an b<span class=\"_ _3\"/>e de<span class=\"_ _3\"/>du<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d. Wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e this i<span class=\"_ _3\"/>s not t<span class=\"_ _3\"/>he ca<span class=\"_ _3\"/>se, d<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets h<span class=\"_ _3\"/>ave not been r<span class=\"_ _2\"/>ecogni<span class=\"_ _2\"/>sed.<span class=\"_ _341\"> </span>Def<span class=\"_ _3\"/>er<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s are r<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>ed fo<span class=\"_ _3\"/>r any d<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts wh<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>h exis<span class=\"_ _3\"/>t wit<span class=\"_ _3\"/>hin a ju<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sdi<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ion w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>oli<span class=\"_ _3\"/>date<span class=\"_ _3\"/>d ta<span class=\"_ _0\"/>x retu<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e fil<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>nd<span class=\"_ _3\"/> whe<span class=\"_ _3\"/>re t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es m<span class=\"_ _3\"/>ay be n<span class=\"_ _3\"/>et<span class=\"_ _3\"/>ted<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>19<span class=\"_ _42\"/>0<span class=\"_ _341\"> </span>At the b<span class=\"_ _3\"/>ala<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e she<span class=\"_ _3\"/>e<span class=\"_ _3\"/>t date th<span class=\"_ _3\"/>e agg<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>te amo<span class=\"_ _3\"/>unt o<span class=\"_ _3\"/>f the te<span class=\"_ _3\"/>mpo<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y di<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s in re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n to the inve<span class=\"_ _3\"/>stm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t in su<span class=\"_ _3\"/>bsi<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es f<span class=\"_ _3\"/>or wh<span class=\"_ _3\"/>ich<span class=\"_ _3\"/> defe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ies h<span class=\"_ _3\"/>ave not b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d was $<span class=\"_ _3\"/>37<span class=\"_ _1\"/>.9<span class=\"_ _3\"/>m (2021<span class=\"_ _2\"/>: $37<span class=\"_ _35\"/>.8m). No li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y h<span class=\"_ _3\"/>as b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ct of th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e dif<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es b<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>au<span class=\"_ _3\"/>se th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup i<span class=\"_ _3\"/>s in a po<span class=\"_ _3\"/>si<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n to con<span class=\"_ _3\"/>tro<span class=\"_ _3\"/>l the ti<span class=\"_ _3\"/>min<span class=\"_ _3\"/>g of the r<span class=\"_ _3\"/>ever<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>l of th<span class=\"_ _3\"/>e temp<span class=\"_ _3\"/>or<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y dif<span class=\"_ _0\"/>fer<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s and t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p co<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>rs<span class=\"_ _3\"/> tha<span class=\"_ _3\"/>t it is p<span class=\"_ _3\"/>rob<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le th<span class=\"_ _3\"/>at su<span class=\"_ _3\"/>ch di<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s wil<span class=\"_ _3\"/>l not reve<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se in t<span class=\"_ _3\"/>he fo<span class=\"_ _3\"/>res<span class=\"_ _3\"/>e<span class=\"_ _3\"/>eab<span class=\"_ _3\"/>le f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re. A<span class=\"_ _3\"/>s at th<span class=\"_ _3\"/>e bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce s<span class=\"_ _3\"/>he<span class=\"_ _3\"/>et da<span class=\"_ _3\"/>te the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p had a<span class=\"_ _3\"/>n unr<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed d<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t of $<span class=\"_ _3\"/>4.5m (<span class=\"_ _3\"/>gro<span class=\"_ _3\"/>ss $<span class=\"_ _3\"/>21<span class=\"_ _35\"/>.4m) (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $8<span class=\"_ _3\"/>.9m (<span class=\"_ _3\"/>gro<span class=\"_ _3\"/>ss $<span class=\"_ _3\"/>42.4m)) in rel<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on to re<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ric<span class=\"_ _3\"/>te<span class=\"_ _3\"/>d US inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st d<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns, a<span class=\"_ _3\"/>n unr<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed d<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t of $<span class=\"_ _3\"/>3.8<span class=\"_ _3\"/>m (gr<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s $1<span class=\"_ _35\"/>8<span class=\"_ _3\"/>.9m) (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $2.4m (g<span class=\"_ _3\"/>ros<span class=\"_ _3\"/>s $1<span class=\"_ _35\"/>1<span class=\"_ _35\"/>.<span class=\"_ _3\"/>9m)) in re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tion to r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>tri<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d Fin<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>h inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st d<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns and a<span class=\"_ _3\"/>n un<span class=\"_ _3\"/>re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d def<span class=\"_ _3\"/>er<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et of $<span class=\"_ _3\"/>8.6<span class=\"_ _3\"/>m (gr<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s $26.<span class=\"_ _35\"/>1m) (2021<span class=\"_ _35\"/>: $7<span class=\"_ _1\"/>.3<span class=\"_ _3\"/>m (gro<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s $22.<span class=\"_ _35\"/>1<span class=\"_ _2\"/>m)) in res<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t of Ge<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>an n<span class=\"_ _3\"/>et op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng lo<span class=\"_ _3\"/>s<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>1<span class=\"_ _35\"/>7<span class=\"_ _1\"/>. <span class=\"_ _42\"> </span>SHARE CAP<span class=\"_ _2\"/>IT<span class=\"_ _35\"/>AL<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>At 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _281\"> </span><span class=\"ff7d ws72\">52.2<span class=\"_ _14\"> </span><span class=\"ff7c\">52.1<span class=\"_ _341\"> </span></span></span>Is<span class=\"_ _3\"/>sue o<span class=\"_ _3\"/>f sha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s<span class=\"_ _1f1\"> </span><span class=\"ff7d ws72\">0.1<span class=\"_ _74\"> </span><span class=\"ff7c\">0.1<span class=\"_ _341\"> </span></span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er<span class=\"_ _10b\"> </span><span class=\"ff7d ws72\">52.3<span class=\"_ _14\"> </span><span class=\"ff7c\">52.2<span class=\"_ _341\"> </span></span></span>1<span class=\"_ _35\"/>8. <span class=\"_ _42\"> </span>OTHER RESER<span class=\"_ _2\"/>VES<span class=\"_ _341\"> </span>Capital<span class=\"_ _1\"/> redemption<span class=\"_ _1\"/> r<span class=\"_ _36\"/>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>v<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>ranslation<span class=\"_ _1\"/> r<span class=\"_ _36\"/>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>v<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>Hedging<span class=\"_ _1\"/> r<span class=\"_ _36\"/>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>v<span class=\"_ _36\"> </span>e $<span class=\"_ _36\"> </span>m S<span class=\"_ _36\"> </span>h<span class=\"_ _42\"> </span>a<span class=\"_ _36\"/>r<span class=\"_ _36\"> </span>e options<span class=\"_ _1\"/> r<span class=\"_ _36\"/>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>v<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>A<span class=\"_ _35\"/>T 1 JA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>UARY 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>21<span class=\"_ _282\"> </span><span class=\"ff7c ws72\">158.8<span class=\"_ _d8\"> </span>(48.9)<span class=\"_ _261\"> </span>(8.9)<span class=\"_ _26\"> </span>7.6<span class=\"_ _64\"> </span>108.6<span class=\"_ _341\"> </span></span>Is<span class=\"_ _3\"/>sue o<span class=\"_ _3\"/>f sha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s<span class=\"_ _113\"> </span><span class=\"ls3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(0.2)<span class=\"_ _82\"> </span>(0.2)<span class=\"_ _341\"> </span></span>Sha<span class=\"_ _3\"/>re b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed p<span class=\"_ _3\"/>ayme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _283\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">5.1<span class=\"_ _74\"> </span>5.1<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _206\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d8\"> </span><span class=\"ls1d ws72\">(18.8)<span class=\"_ _b\"> </span></span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _84\"> </span><span class=\"ls1d ws72\">(18.8)<span class=\"_ _341\"> </span></span></span>Fair va<span class=\"_ _3\"/>lue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to th<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t<span class=\"_ _12\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">2.7<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">2.7<span class=\"_ _341\"> </span></span>Ef<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ve por<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h flow h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s<span class=\"_ _e0\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(0.1)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(0.1)<span class=\"_ _341\"> </span></span>Fair va<span class=\"_ _3\"/>lue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to n<span class=\"_ _3\"/>et as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets<span class=\"_ _be\"> </span><span class=\"ls3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(2.3)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _1fe\"> </span></span><span class=\"ws72\">(2.3)<span class=\"_ _341\"> </span></span>Tr<span class=\"_ _0\"/>a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>s<span class=\"_ _0\"/>f<span class=\"_ _0\"/>e<span class=\"_ _0\"/>r<span class=\"_ _284\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _1fe\"> </span><span class=\"ls1d ws72\">(4.3)<span class=\"_ _82\"> </span>(4.3)<span class=\"_ _341\"> </span></span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>021<span class=\"_ _15e\"> </span><span class=\"ws72\">158.8<span class=\"_ _97\"> </span>(67.7)<span class=\"_ _c7\"> </span>(8.6)<span class=\"_ _26\"> </span>8.2<span class=\"_ _82\"> </span>90.7<span class=\"_ _341\"> </span></span>Sha<span class=\"_ _3\"/>re b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed p<span class=\"_ _3\"/>ayme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _283\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">3.4<span class=\"_ _74\"> </span>3.4<span class=\"_ _341\"> </span></span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _206\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _17a\"> </span><span class=\"ls1d ws72\">(54.7)<span class=\"_ _b\"> </span></span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(0.9)<span class=\"_ _64\"> </span>(55.6)<span class=\"_ _341\"> </span></span></span>Fair va<span class=\"_ _3\"/>lue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to th<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t<span class=\"_ _12\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">1.6<span class=\"_ _182\"> </span></span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">1.6<span class=\"_ _341\"> </span></span></span>Ef<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ve por<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h flow h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s<span class=\"_ _e0\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(2.6)<span class=\"_ _b\"> </span></span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(2.6)<span class=\"_ _341\"> </span></span></span>Fair va<span class=\"_ _3\"/>lue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to n<span class=\"_ _3\"/>et as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets<span class=\"_ _be\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.8<span class=\"_ _93\"> </span></span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.8<span class=\"_ _341\"> </span></span></span>Tr<span class=\"_ _0\"/>a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>s<span class=\"_ _0\"/>f<span class=\"_ _0\"/>e<span class=\"_ _0\"/>r<span class=\"_ _284\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">7.8<span class=\"_ _15\"> </span>(4.0)<span class=\"_ _26\"> </span>3.8<span class=\"_ _341\"> </span></span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _15e\"> </span><span class=\"ws72\">158.8<span class=\"_ _f\"> </span>(122.4)<span class=\"_ _c7\"> </span>(1.0)<span class=\"_ _26\"> </span>6.7<span class=\"_ _14\"> </span>42.1<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e Com<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ny ca<span class=\"_ _3\"/>n red<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>m sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>es by re<span class=\"_ _3\"/>pay<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>rket va<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>e to the sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>eh<span class=\"_ _3\"/>old<span class=\"_ _3\"/>er<span class=\"_ _2\"/>, wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>eu<span class=\"_ _3\"/>pon t<span class=\"_ _3\"/>he sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re ca<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>el<span class=\"_ _3\"/>led<span class=\"_ _3\"/>. Re<span class=\"_ _3\"/>dem<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>on mus<span class=\"_ _3\"/>t be f<span class=\"_ _3\"/>rom d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>tri<span class=\"_ _3\"/>but<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>its<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>pit<span class=\"_ _3\"/>al r<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>emp<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n res<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ve rep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nts t<span class=\"_ _3\"/>he no<span class=\"_ _3\"/>min<span class=\"_ _3\"/>al va<span class=\"_ _3\"/>lue of t<span class=\"_ _3\"/>he sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>es r<span class=\"_ _3\"/>ede<span class=\"_ _3\"/>e<span class=\"_ _3\"/>me<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ve c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s al<span class=\"_ _3\"/>l fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy d<span class=\"_ _3\"/>if<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nce<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>ris<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g fro<span class=\"_ _3\"/>m the t<span class=\"_ _3\"/>ran<span class=\"_ _3\"/>sl<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of th<span class=\"_ _3\"/>e fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l st<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts of f<span class=\"_ _3\"/>ore<span class=\"_ _3\"/>ign<span class=\"_ _3\"/> ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>s well a<span class=\"_ _3\"/>s fr<span class=\"_ _3\"/>om th<span class=\"_ _3\"/>e tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion of l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e the C<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>any\u2019s net inve<span class=\"_ _3\"/>stm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t in a for<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>gn su<span class=\"_ _3\"/>bsi<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dgi<span class=\"_ _3\"/>ng re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ve co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ris<span class=\"_ _3\"/>e<span class=\"_ _3\"/>s the ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive p<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of the c<span class=\"_ _3\"/>umu<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ive net c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>nge i<span class=\"_ _3\"/>n the f<span class=\"_ _3\"/>air va<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>e of ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>nst<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts<span class=\"_ _3\"/> rel<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d to hed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sac<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ons t<span class=\"_ _3\"/>hat h<span class=\"_ _3\"/>ave not yet o<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d. Th<span class=\"_ _3\"/>e tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>fer f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ging r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ve to ret<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ed e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>ngs i<span class=\"_ _3\"/>s as a r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ult of<span class=\"_ _3\"/> adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ing re<span class=\"_ _3\"/>s<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ve to re<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t the b<span class=\"_ _3\"/>al<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>e of op<span class=\"_ _3\"/>en c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s at t<span class=\"_ _3\"/>he e<span class=\"_ _3\"/>nd of th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r<span class=\"_ _35\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e sha<span class=\"_ _3\"/>re o<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>ns re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ve c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts ac<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>mul<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d in eq<span class=\"_ _3\"/>uit<span class=\"_ _3\"/>y i<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>spe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t of sh<span class=\"_ _3\"/>are o<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>ons a<span class=\"_ _3\"/>nd awa<span class=\"_ _3\"/>rds g<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d to emp<span class=\"_ _3\"/>loye<span class=\"_ _3\"/>es<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>s f<span class=\"_ _3\"/>rom th<span class=\"_ _3\"/>e sh<span class=\"_ _3\"/>are o<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>ons r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ve to ret<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ed e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>gs i<span class=\"_ _3\"/>s as a re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>lt of t<span class=\"_ _3\"/>he exerc<span class=\"_ _3\"/>is<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d expi<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y of s<span class=\"_ _3\"/>har<span class=\"_ _3\"/>e opt<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d award<span class=\"_ _3\"/>s du<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g the<span class=\"_ _2\"/> year<span class=\"_ _35\"/>.<span class=\"_ _341\"> </span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>19<span class=\"_ _3\"/>1<span class=\"_ _341\"> </span>1<span class=\"_ _35\"/>9. BORRO<span class=\"_ _2\"/>WINGS<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Bank loans<span class=\"_ _1e3\"> </span><span class=\"ff7d ls1d ws72\">419.0<span class=\"_ _4b\"> </span><span class=\"ff7c\">485.6<span class=\"_ _341\"> </span></span></span>Unamor<span class=\"_ _3\"/>tised syndicate loan f<span class=\"_ _2\"/>ee<span class=\"_ _3\"/>s<span class=\"_ _1e9\"> </span><span class=\"ff7d ls1d ws72\">(4.3)<span class=\"_ _82\"> </span><span class=\"ff7c\">(3.1)<span class=\"_ _341\"> </span></span></span>Sho<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t-ter<span class=\"_ _3\"/>m bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owing<span class=\"_ _3\"/>s<span class=\"_ _285\"> </span><span class=\"ff7d ws72\">2.7<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Car<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing va<span class=\"_ _3\"/>lue o<span class=\"_ _3\"/>f bor<span class=\"_ _3\"/>row<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s at 31 De<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r<span class=\"_ _25c\"> </span><span class=\"ff7d ws72\">417.4<span class=\"_ _4b\"> </span><span class=\"ff7c\">482.5<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e bor<span class=\"_ _3\"/>row<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e rep<span class=\"_ _3\"/>ayab<span class=\"_ _3\"/>le as f<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span>Wit<span class=\"_ _3\"/>hin o<span class=\"_ _3\"/>ne yea<span class=\"_ _3\"/>r<span class=\"_ _253\"> </span><span class=\"ff7d ws72\">2.7<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Wit<span class=\"_ _3\"/>hin t<span class=\"_ _3\"/>wo to fou<span class=\"_ _3\"/>r yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s<span class=\"_ _19b\"> </span><span class=\"ff7d ws72\">419.0<span class=\"_ _64\"> </span><span class=\"ff7c\">485.6<span class=\"_ _341\"> </span></span></span>In the f<span class=\"_ _3\"/>if<span class=\"_ _3\"/>t<span class=\"_ _3\"/>h yea<span class=\"_ _3\"/>r<span class=\"_ _286\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span><span class=\"ff7c\">\u2013<span class=\"_ _341\"> </span></span></span>421.7<span class=\"_ _64\"> </span><span class=\"ff7c\">485.6<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e weig<span class=\"_ _3\"/>hte<span class=\"_ _3\"/>d avera<span class=\"_ _3\"/>ge in<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t rate<span class=\"_ _3\"/>s pa<span class=\"_ _3\"/>id we<span class=\"_ _3\"/>re as f<span class=\"_ _3\"/>ollow<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 %<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 %<span class=\"_ _341\"> </span>Bank loans<span class=\"_ _24f\"> </span><span class=\"ff7d ls1d ws72\">3.0<span class=\"_ _74\"> </span><span class=\"ff7c\">2.9<span class=\"_ _341\"> </span></span></span>Group borrowings were<span class=\"_ _2\"/> denominated as follows<span class=\"_ _2\"/>: U<span class=\"_ _36\"> </span>S dollar<span class=\"_ _26\"> </span>euro<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l B<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>n<span class=\"_ _36\"> </span>k l<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>s Bank loans<span class=\"_ _341\"> </span>31<span class=\"_ _35\"/> DECEMBER<span class=\"_ _2\"/> 2022<span class=\"_ _287\"> </span><span class=\"ls1d ws72\">233.1<span class=\"_ _21\"> </span>185.9<span class=\"_ _21\"> </span>419.0<span class=\"_ _341\"> </span></span>31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>21<span class=\"_ _1c2\"> </span><span class=\"ws72\">290.0<span class=\"_ _21\"> </span>195.6<span class=\"_ _26\"> </span>485.6<span class=\"_ _341\"> </span></span>On 1 Ju<span class=\"_ _3\"/>ly 20<span class=\"_ _3\"/>22 the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up su<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>sf<span class=\"_ _3\"/>ull<span class=\"_ _3\"/>y ref<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d its te<span class=\"_ _3\"/>rm l<span class=\"_ _3\"/>oa<span class=\"_ _3\"/>ns. A<span class=\"_ _3\"/>s pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e ref<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he tot<span class=\"_ _3\"/>al qu<span class=\"_ _3\"/>an<span class=\"_ _3\"/>tum of t<span class=\"_ _3\"/>he ter<span class=\"_ _3\"/>m lo<span class=\"_ _3\"/>an<span class=\"_ _3\"/>s was re<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>ed by $100m a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>he ma<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y ex<span class=\"_ _3\"/>ten<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d to Jun<span class=\"_ _3\"/>e 2026, w<span class=\"_ _3\"/>ith th<span class=\"_ _3\"/>e opt<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f a one ye<span class=\"_ _3\"/>ar ex<span class=\"_ _3\"/>te<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>on. T<span class=\"_ _3\"/>he te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e revolv<span class=\"_ _3\"/>ing c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit<span class=\"_ _3\"/> fac<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y (<span class=\"_ _3\"/>RCF<span class=\"_ _0\"/>) rem<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>n unc<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>nge<span class=\"_ _3\"/>d, wi<span class=\"_ _3\"/>th $71<span class=\"_ _35\"/>.6<span class=\"_ _3\"/>m mat<span class=\"_ _3\"/>uri<span class=\"_ _3\"/>ng in S<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>temb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>24 and $<span class=\"_ _3\"/>30<span class=\"_ _3\"/>3.4m in S<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>temb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>25.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e US do<span class=\"_ _3\"/>lla<span class=\"_ _3\"/>r bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owing<span class=\"_ _3\"/>s co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ris<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d of a ful<span class=\"_ _3\"/>ly dr<span class=\"_ _3\"/>awn $1<span class=\"_ _2\"/>50.0<span class=\"_ _3\"/>m te<span class=\"_ _3\"/>rm l<span class=\"_ _3\"/>oan (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $20<span class=\"_ _3\"/>0.0<span class=\"_ _3\"/>m) an<span class=\"_ _3\"/>d $8<span class=\"_ _3\"/>3.<span class=\"_ _35\"/>1m of RCF dr<span class=\"_ _3\"/>awing<span class=\"_ _3\"/>s (2021<span class=\"_ _2\"/>:$9<span class=\"_ _3\"/>0.0<span class=\"_ _3\"/>m). The<span class=\"_ _3\"/> eur<span class=\"_ _3\"/>o bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>gs c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d a ful<span class=\"_ _3\"/>ly dr<span class=\"_ _3\"/>awn \u20ac1<span class=\"_ _2\"/>42.9m te<span class=\"_ _3\"/>rm l<span class=\"_ _3\"/>oan (<span class=\"_ _3\"/>2021<span class=\"_ _35\"/>: \u20ac1<span class=\"_ _35\"/>72.0<span class=\"_ _3\"/>m) and \u20ac<span class=\"_ _3\"/>31<span class=\"_ _35\"/>.4m o<span class=\"_ _3\"/>f RCF d<span class=\"_ _3\"/>rawi<span class=\"_ _3\"/>ngs (<span class=\"_ _3\"/>2021<span class=\"_ _35\"/>: \u20acn<span class=\"_ _3\"/>il<span class=\"_ _3\"/>).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e RCF a<span class=\"_ _3\"/>nd te<span class=\"_ _3\"/>rm l<span class=\"_ _3\"/>oan<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e gover<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d by the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s ba<span class=\"_ _3\"/>nk sy<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>te fac<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ies a<span class=\"_ _3\"/>gr<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt, u<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>r wh<span class=\"_ _3\"/>ich c<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>in Gr<span class=\"_ _3\"/>oup entiti<span class=\"_ _3\"/>es act a<span class=\"_ _3\"/>s gua<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ntor<span class=\"_ _3\"/>s<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e gua<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ntor<span class=\"_ _3\"/>s to th<span class=\"_ _3\"/>e fac<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s agr<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>re re<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d to con<span class=\"_ _3\"/>st<span class=\"_ _3\"/>itu<span class=\"_ _3\"/>te at le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t 75<span class=\"_ _35\"/>% of t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s tota<span class=\"_ _3\"/>l fi<span class=\"_ _3\"/>xed as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts p<span class=\"_ _3\"/>lus c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts le<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd 75<span class=\"_ _2\"/>% of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s profi<span class=\"_ _3\"/>ts b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>e and t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x.<span class=\"_ _341\"> </span>Each guarantor<span class=\"_ _2\"/> irrevocably and<span class=\"_ _2\"/> unconditionally join<span class=\"_ _2\"/>tly and sev<span class=\"_ _2\"/>erally guarantees the<span class=\"_ _2\"/> punctual performanc<span class=\"_ _3\"/>e under t<span class=\"_ _2\"/>he Group\u2019<span class=\"_ _35\"/>s bank syndicate facil<span class=\"_ _2\"/>ities agreement. The<span class=\"_ _3\"/>re are no<span class=\"_ _2\"/> fixed or floating charges o<span class=\"_ _2\"/>ver assets.<span class=\"_ _341\"> </span>20. <span class=\"_ _3a\"> </span>CA<span class=\"_ _3\"/>S<span class=\"_ _3\"/>H AN<span class=\"_ _3\"/>D CA<span class=\"_ _3\"/>SH E<span class=\"_ _3\"/>QU<span class=\"_ _3\"/>I<span class=\"_ _3\"/>VALE<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>Cas<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>vale<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s for th<span class=\"_ _3\"/>e pu<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>e of the c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sol<span class=\"_ _3\"/>ida<span class=\"_ _3\"/>ted c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow sta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>ise t<span class=\"_ _3\"/>he fo<span class=\"_ _3\"/>llowi<span class=\"_ _3\"/>ng:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Cas<span class=\"_ _3\"/>h at ba<span class=\"_ _3\"/>nk a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>n han<span class=\"_ _3\"/>d<span class=\"_ _288\"> </span><span class=\"ff7d ws72\">54.9<span class=\"_ _14\"> </span><span class=\"ff7c\">84.6<span class=\"_ _341\"> </span></span></span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>19<span class=\"_ _36\"/>2<span class=\"_ _341\"> </span>2<span class=\"_ _2\"/>1<span class=\"_ _2\"/>. <span class=\"_ _42\"> </span>FINANCIAL INST<span class=\"_ _2\"/>RUMENTS<span class=\"_ _341\"> </span>Held at<span class=\"_ _35\"/> fair value<span class=\"_ _1a2\"> </span>Held at<span class=\"_ _2\"/> amortised cost<span class=\"_ _341\"> </span>At 31 D<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>e<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>22<span class=\"_ _3\"/>:<span class=\"_ _341\"> </span>T<span class=\"_ _36\"> </span>h<span class=\"_ _42\"> </span>r<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>u<span class=\"_ _36\"> </span>g<span class=\"_ _42\"> </span>h profit<span class=\"_ _2\"/> and<span class=\"_ _1\"/> l<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>s<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>Derivatives<span class=\"_ _1\"/> u<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>d<span class=\"_ _36\"> </span> f<span class=\"_ _42\"> </span>o<span class=\"_ _36\"> </span>r hedging<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Loans<span class=\"_ _2\"/> and<span class=\"_ _1\"/> receivables<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Liabilities<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"/> b<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>o<span class=\"_ _36\"> </span>k v<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"> </span>u<span class=\"_ _42\"> </span>e $m<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>otal fair<span class=\"_ _3f\"/> v<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l<span class=\"_ _36\"> </span>u<span class=\"_ _42\"> </span>e $m<span class=\"_ _341\"> </span>CURRENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 13)<span class=\"_ _bd\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">87.9<span class=\"_ _182\"> </span></span>\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">87.9<span class=\"_ _14\"> </span>87.9<span class=\"_ _341\"> </span></span></span>De<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts (s<span class=\"_ _3\"/>ee n<span class=\"_ _3\"/>ote 22)*<span class=\"_ _70\"> </span><span class=\"ff7d ws72\">6.9<span class=\"_ _74\"> </span>3.8<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _14\"> </span></span>10.7<span class=\"_ _14\"> </span>10.7<span class=\"_ _341\"> </span></span>Cas<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>vale<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 20)<span class=\"_ _77\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">54.9<span class=\"_ _182\"> </span></span>\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">54.9<span class=\"_ _14\"> </span>54.9<span class=\"_ _341\"> </span></span></span>NON-CURRENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>De<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts (s<span class=\"_ _3\"/>ee n<span class=\"_ _3\"/>ote 22)*<span class=\"_ _289\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">1.3<span class=\"_ _93\"> </span></span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">1.3<span class=\"_ _74\"> </span>1.3<span class=\"_ _341\"> </span></span></span>Financial assets<span class=\"_ _fc\"> </span><span class=\"ff7d ls1d ws72\">6.9<span class=\"_ _74\"> </span>5.1<span class=\"_ _64\"> </span>142.8<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>154.8<span class=\"_ _4b\"> </span>154.8<span class=\"_ _341\"> </span></span>CURRENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>Ban<span class=\"_ _3\"/>k overd<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd lo<span class=\"_ _3\"/>an<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 19)<span class=\"_ _28a\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(2.7)<span class=\"_ _2e\"> </span>(2.7)<span class=\"_ _14\"> </span>(2.7)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 1<span class=\"_ _2\"/>4)<span class=\"_ _3d\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _f\"> </span><span class=\"ls1d ws72\">(135.4)<span class=\"_ _5e\"> </span>(135.4)<span class=\"_ _4e\"> </span>(135.4)<span class=\"_ _341\"> </span></span></span>De<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts (s<span class=\"_ _3\"/>ee n<span class=\"_ _3\"/>ote 22)*<span class=\"_ _28b\"> </span><span class=\"ff7d ws72\">(0.5)<span class=\"_ _c7\"> </span>(2.8)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _15\"> </span></span>(3.3)<span class=\"_ _c7\"> </span>(3.3)<span class=\"_ _341\"> </span></span>Lea<span class=\"_ _3\"/>se l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 24)<span class=\"_ _dd\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(6.1)<span class=\"_ _c7\"> </span>(6.1)<span class=\"_ _c7\"> </span>(6.1)<span class=\"_ _341\"> </span></span></span>NON-CURRENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>Loa<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>nd b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowin<span class=\"_ _3\"/>gs*<span class=\"_ _3\"/>* (se<span class=\"_ _3\"/>e note 19)<span class=\"_ _7a\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _31\"> </span><span class=\"ls1d ws72\">(414.7)<span class=\"_ _4e\"> </span>(414.7)<span class=\"_ _5e\"> </span>(419.0)<span class=\"_ _341\"> </span></span></span>Lea<span class=\"_ _3\"/>se l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 24)<span class=\"_ _dd\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _17a\"> </span><span class=\"ls1d ws72\">(30.2)<span class=\"_ _64\"> </span>(30.2)<span class=\"_ _64\"> </span>(30.2)<span class=\"_ _341\"> </span></span></span>De<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts (s<span class=\"_ _3\"/>ee n<span class=\"_ _3\"/>ote 22)*<span class=\"_ _289\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(2.8)<span class=\"_ _12\"> </span></span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(2.8)<span class=\"_ _c7\"> </span>(2.8)<span class=\"_ _341\"> </span></span></span>Financial liabilities<span class=\"_ _69\"> </span><span class=\"ff7d ls1d ws72\">(0.5)<span class=\"_ _c7\"> </span>(5.6)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _f\"> </span></span>(589.1)<span class=\"_ _5e\"> </span>(595.2)<span class=\"_ _4e\"> </span>(599.5)<span class=\"_ _341\"> </span></span>T<span class=\"_ _3\"/>O<span class=\"_ _0\"/>TA<span class=\"_ _0\"/>L<span class=\"_ _28c\"> </span><span class=\"ls1d ws72\">6.4<span class=\"_ _c7\"> </span>(0.5)<span class=\"_ _64\"> </span>142.8<span class=\"_ _31\"> </span>(589.1)<span class=\"_ _5e\"> </span>(440.4)<span class=\"_ _4e\"> </span>(444.7)<span class=\"_ _341\"> </span></span>He<span class=\"_ _3\"/>ld at f<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>r val<span class=\"_ _3\"/>ue<span class=\"_ _8\"> </span>Hel<span class=\"_ _3\"/>d at a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>tis<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>st<span class=\"_ _341\"> </span>At 31 Dec<span class=\"_ _3\"/>e<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r 20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>Through<span class=\"_ _1\"/> profit and<span class=\"_ _1\"/> l<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>s $m<span class=\"_ _341\"> </span>Derivatives<span class=\"_ _1\"/> u<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>d<span class=\"_ _36\"/> f<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>r hedging<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Loans and<span class=\"_ _1\"/> receivables<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Liabiliti<span class=\"_ _3\"/>es<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>otal book<span class=\"_ _1\"/> v<span class=\"_ _36\"/>a<span class=\"_ _36\"> </span>l<span class=\"_ _42\"> </span>u<span class=\"_ _36\"/>e $m<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>otal fair<span class=\"_ _1\"/> v<span class=\"_ _36\"/>a<span class=\"_ _36\"> </span>l<span class=\"_ _42\"> </span>u<span class=\"_ _36\"/>e $m<span class=\"_ _341\"> </span>CURRENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 13)<span class=\"_ _bd\"> </span><span class=\"ls3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _64\"> </span></span><span class=\"ws72\">131.0<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ws72\">131.0<span class=\"_ _4b\"> </span>131.0<span class=\"_ _341\"> </span></span>De<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts (s<span class=\"_ _3\"/>ee n<span class=\"_ _3\"/>ote 22)<span class=\"_ _16a\"> </span><span class=\"ls3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">0.2<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">0.2<span class=\"_ _74\"> </span>0.2<span class=\"_ _341\"> </span></span>Cas<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>vale<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 20)<span class=\"_ _77\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _c7\"> </span></span><span class=\"ws72\">84.6<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _c7\"> </span></span><span class=\"ws72\">84.6<span class=\"_ _14\"> </span>84.6<span class=\"_ _341\"> </span></span>Financial assets<span class=\"_ _1fd\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.2<span class=\"_ _64\"> </span>215.6<span class=\"_ _93\"> </span></span>\u2013<span class=\"_ _64\"> </span><span class=\"ls1d ws72\">215.8<span class=\"_ _4b\"> </span>215.8<span class=\"_ _341\"> </span></span></span>CURRENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>Ban<span class=\"_ _3\"/>k overd<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd lo<span class=\"_ _3\"/>an<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 19)<span class=\"_ _28a\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 1<span class=\"_ _2\"/>4)<span class=\"_ _3d\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _103\"> </span></span><span class=\"ws72\">(161.0)<span class=\"_ _5e\"> </span>(161.0)<span class=\"_ _1c\"> </span>(161.0)<span class=\"_ _341\"> </span></span>De<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts (s<span class=\"_ _3\"/>ee n<span class=\"_ _3\"/>ote 22)*<span class=\"_ _289\"> </span><span class=\"ls3\">\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(1.4)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _1fe\"> </span></span><span class=\"ws72\">(1.4)<span class=\"_ _261\"> </span>(1.4)<span class=\"_ _341\"> </span></span>Lea<span class=\"_ _3\"/>se l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 24)<span class=\"_ _dd\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(6.4)<span class=\"_ _82\"> </span>(6.4)<span class=\"_ _82\"> </span>(6.4)<span class=\"_ _341\"> </span></span>NON-CURRENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>Loa<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>nd b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowin<span class=\"_ _3\"/>gs*<span class=\"_ _3\"/>* (se<span class=\"_ _3\"/>e note 19)<span class=\"_ _7a\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _103\"> </span></span><span class=\"ws72\">(482.5)<span class=\"_ _1c\"> </span>(482.5)<span class=\"_ _1c\"> </span>(485.6)<span class=\"_ _341\"> </span></span>Lea<span class=\"_ _3\"/>se l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s (se<span class=\"_ _3\"/>e note 24)<span class=\"_ _dd\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _d8\"> </span></span><span class=\"ws72\">(33.8)<span class=\"_ _29\"> </span>(33.8)<span class=\"_ _4b\"> </span>(33.8)<span class=\"_ _341\"> </span></span>De<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts (s<span class=\"_ _3\"/>ee n<span class=\"_ _3\"/>ote 22)*<span class=\"_ _17d\"> </span><span class=\"ws72\">(4.0)<span class=\"_ _12\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(4.0)<span class=\"_ _82\"> </span>(4.0)<span class=\"_ _341\"> </span></span>Financial liabilities<span class=\"_ _127\"> </span><span class=\"ls1d ws72\">(4.0)<span class=\"_ _82\"> </span>(1.4)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _103\"> </span></span>(683.7)<span class=\"_ _5e\"> </span>(689.1)<span class=\"_ _1c\"> </span>(692.2)<span class=\"_ _341\"> </span></span>T<span class=\"_ _3\"/>O<span class=\"_ _0\"/>TA<span class=\"_ _0\"/>L<span class=\"_ _111\"> </span><span class=\"ff7c ls1d ws72\">(4.0)<span class=\"_ _82\"> </span>(1.2)<span class=\"_ _76\"> </span>215.6<span class=\"_ _103\"> </span>(683.7)<span class=\"_ _1c\"> </span>(473.3)<span class=\"_ _1c\"> </span>(476.4)<span class=\"_ _341\"> </span></span>* <span class=\"_ _4\"> </span>De<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>vati<span class=\"_ _3\"/>ves i<span class=\"_ _3\"/>n an a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set a<span class=\"_ _3\"/>nd l<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on a<span class=\"_ _3\"/>t 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 20<span class=\"_ _3\"/>22 an<span class=\"_ _3\"/>d 31 De<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>21 are s<span class=\"_ _3\"/>how<span class=\"_ _3\"/>n wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t or no<span class=\"_ _3\"/>n cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t fi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd current or non<span class=\"_ _2\"/> current financial liabilities in t<span class=\"_ _2\"/>he consolidated balance sheet.<span class=\"_ _341\"> </span>**  Lo<span class=\"_ _3\"/>an<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owi<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e sho<span class=\"_ _3\"/>wn ne<span class=\"_ _3\"/>t of f<span class=\"_ _3\"/>aci<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y f<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>s of $<span class=\"_ _3\"/>4.3<span class=\"_ _3\"/>m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>3.<span class=\"_ _2\"/>1m)<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>19<span class=\"_ _36\"/>3<span class=\"_ _341\"> </span>2<span class=\"_ _2\"/>1<span class=\"_ _2\"/>. <span class=\"_ _42\"> </span>FINANCIAL INST<span class=\"_ _2\"/>RUMENTS C<span class=\"_ _2\"/>ONTINUED<span class=\"_ _341\"> </span>F<span class=\"_ _2\"/>AIR V<span class=\"_ _35\"/>ALUES MEASUREMEN<span class=\"_ _2\"/>T AND<span class=\"_ _2\"/> HIERARCHY<span class=\"_ _341\"> </span>BA<span class=\"_ _3\"/>SI<span class=\"_ _3\"/>S FO<span class=\"_ _3\"/>R D<span class=\"_ _3\"/>ET<span class=\"_ _3\"/>ER<span class=\"_ _3\"/>M<span class=\"_ _3\"/>I<span class=\"_ _3\"/>NI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>G FAI<span class=\"_ _3\"/>R VALU<span class=\"_ _3\"/>E<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up m<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>es f<span class=\"_ _3\"/>air va<span class=\"_ _3\"/>lue<span class=\"_ _3\"/>s in r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct of f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s in ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>rda<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e wit<span class=\"_ _3\"/>h IFRS 13, usi<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e hie<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>hy tha<span class=\"_ _3\"/>t ref<span class=\"_ _3\"/>le<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s the s<span class=\"_ _3\"/>ign<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e of the i<span class=\"_ _3\"/>npu<span class=\"_ _3\"/>ts u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in m<span class=\"_ _3\"/>ak<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e me<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ure<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts:<span class=\"_ _341\"> </span>Level 1: Quote<span class=\"_ _3\"/>d ma<span class=\"_ _3\"/>rket p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ce (una<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d) i<span class=\"_ _3\"/>n an a<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ve mar<span class=\"_ _3\"/>ket fo<span class=\"_ _3\"/>r an i<span class=\"_ _3\"/>den<span class=\"_ _3\"/>tic<span class=\"_ _3\"/>al i<span class=\"_ _3\"/>nst<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt.<span class=\"_ _341\"> </span>Level 2: Valua<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n tec<span class=\"_ _3\"/>hni<span class=\"_ _3\"/>que<span class=\"_ _3\"/>s ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on o<span class=\"_ _3\"/>bse<span class=\"_ _3\"/>r<span class=\"_ _3\"/>va<span class=\"_ _3\"/>ble i<span class=\"_ _3\"/>npu<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>, eit<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r dire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tly o<span class=\"_ _3\"/>r ind<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ly<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>Lev<span class=\"_ _2\"/>el 3: V<span class=\"_ _35\"/>aluation t<span class=\"_ _2\"/>echniques using significant un<span class=\"_ _2\"/>obser<span class=\"_ _3\"/>vable inputs.<span class=\"_ _2\"/> This category includes contingent considerati<span class=\"_ _2\"/>on.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g sum<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s the si<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>nt me<span class=\"_ _3\"/>tho<span class=\"_ _3\"/>ds a<span class=\"_ _3\"/>nd a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ump<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns us<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d in es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>es of f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s: Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>at the f<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>es of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>val<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s, tr<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>e and o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s, tr<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r payab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt p<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ion of f<span class=\"_ _3\"/>lo<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g ra<span class=\"_ _3\"/>te ban<span class=\"_ _3\"/>k an<span class=\"_ _3\"/>d othe<span class=\"_ _3\"/>r bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>gs, a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>roxi<span class=\"_ _3\"/>mate to b<span class=\"_ _3\"/>ook va<span class=\"_ _3\"/>lue<span class=\"_ _3\"/>s du<span class=\"_ _3\"/>e to the s<span class=\"_ _3\"/>ho<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t ma<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>od<span class=\"_ _3\"/>s of the<span class=\"_ _3\"/>se f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s. For t<span class=\"_ _3\"/>rad<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d othe<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nce<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>re ma<span class=\"_ _3\"/>de wi<span class=\"_ _3\"/>thin t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>ir bo<span class=\"_ _3\"/>ok va<span class=\"_ _3\"/>lue fo<span class=\"_ _3\"/>r cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e fai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>es of l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s app<span class=\"_ _3\"/>roxi<span class=\"_ _3\"/>mate to th<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>r bo<span class=\"_ _3\"/>ok val<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>s due to th<span class=\"_ _3\"/>e me<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ure<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>t the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s in<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowin<span class=\"_ _3\"/>g ra<span class=\"_ _3\"/>te, whi<span class=\"_ _3\"/>ch ha<span class=\"_ _3\"/>s no<span class=\"_ _3\"/>t cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>ed s<span class=\"_ _3\"/>ign<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ica<span class=\"_ _3\"/>ntl<span class=\"_ _3\"/>y sin<span class=\"_ _3\"/>ce t<span class=\"_ _3\"/>he in<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e lea<span class=\"_ _3\"/>se l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s pre<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d. Le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>lso n<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>oti<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d at ma<span class=\"_ _3\"/>rket r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s wit<span class=\"_ _3\"/>h ind<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>en<span class=\"_ _3\"/>de<span class=\"_ _3\"/>nt, unr<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>ted t<span class=\"_ _3\"/>hir<span class=\"_ _3\"/>d par<span class=\"_ _0\"/>tie<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d ar<span class=\"_ _3\"/>e sub<span class=\"_ _3\"/>je<span class=\"_ _3\"/>ct to pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>iod<span class=\"_ _3\"/>ic re<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al rev<span class=\"_ _3\"/>iews<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>DE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>VA<span class=\"_ _35\"/>T<span class=\"_ _3\"/>I<span class=\"_ _3\"/>VE<span class=\"_ _3\"/>S (<span class=\"_ _3\"/>LE<span class=\"_ _3\"/>V<span class=\"_ _3\"/>EL 2<span class=\"_ _3\"/>)<span class=\"_ _341\"> </span>Fair va<span class=\"_ _3\"/>lue i<span class=\"_ _3\"/>s es<span class=\"_ _3\"/>tima<span class=\"_ _3\"/>ted by d<span class=\"_ _3\"/>isc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>g the d<span class=\"_ _3\"/>if<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nce b<span class=\"_ _3\"/>et<span class=\"_ _3\"/>we<span class=\"_ _3\"/>en th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>l for<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ce a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt fo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>war<span class=\"_ _3\"/>d pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>e for t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>si<span class=\"_ _3\"/>dua<span class=\"_ _3\"/>l mat<span class=\"_ _3\"/>uri<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y of the c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>ct u<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g a ri<span class=\"_ _3\"/>sk f<span class=\"_ _3\"/>ree i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t ra<span class=\"_ _3\"/>te (ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on g<span class=\"_ _3\"/>over<span class=\"_ _3\"/>nme<span class=\"_ _3\"/>nt b<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ds).<span class=\"_ _341\"> </span>NO<span class=\"_ _3\"/>N<span class=\"_ _3\"/>-<span class=\"_ _3\"/>DE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>VA<span class=\"_ _2\"/>TI<span class=\"_ _3\"/>V<span class=\"_ _3\"/>E NO<span class=\"_ _3\"/>N<span class=\"_ _3\"/>-<span class=\"_ _3\"/>CU<span class=\"_ _3\"/>R<span class=\"_ _3\"/>R<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT F<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>A<span class=\"_ _3\"/>NC<span class=\"_ _3\"/>I<span class=\"_ _3\"/>AL L<span class=\"_ _3\"/>IA<span class=\"_ _3\"/>B<span class=\"_ _3\"/>I<span class=\"_ _3\"/>LIT<span class=\"_ _3\"/>IE<span class=\"_ _3\"/>S (<span class=\"_ _3\"/>LE<span class=\"_ _3\"/>V<span class=\"_ _3\"/>EL 2<span class=\"_ _3\"/>)<span class=\"_ _35\"/> Fair va<span class=\"_ _3\"/>lue i<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>lcu<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ent va<span class=\"_ _3\"/>lue o<span class=\"_ _3\"/>f fut<span class=\"_ _3\"/>ure p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>pal a<span class=\"_ _3\"/>nd i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows<span class=\"_ _3\"/>, dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>d at th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>rket r<span class=\"_ _3\"/>ate of in<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t at the reporting date.<span class=\"_ _341\"> </span>CO<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>G<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT CO<span class=\"_ _3\"/>N<span class=\"_ _3\"/>S<span class=\"_ _3\"/>ID<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ATIO<span class=\"_ _3\"/>N PA<span class=\"_ _2\"/>YABL<span class=\"_ _3\"/>E (L<span class=\"_ _3\"/>EV<span class=\"_ _3\"/>E<span class=\"_ _3\"/>L 3)<span class=\"_ _341\"> </span>Fair va<span class=\"_ _3\"/>lue h<span class=\"_ _3\"/>as b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d by cal<span class=\"_ _3\"/>cul<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e pre<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt va<span class=\"_ _3\"/>lue of t<span class=\"_ _3\"/>he fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e exp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ted c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ows. E<span class=\"_ _3\"/>xp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh in<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ows ar<span class=\"_ _3\"/>e es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ated<span class=\"_ _3\"/> bas<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d on th<span class=\"_ _3\"/>e ter<span class=\"_ _3\"/>ms of th<span class=\"_ _3\"/>e sa<span class=\"_ _3\"/>le a<span class=\"_ _3\"/>nd pu<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>has<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t, th<span class=\"_ _3\"/>e ent<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y\u2019s knowl<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge of t<span class=\"_ _3\"/>he bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>nd how th<span class=\"_ _3\"/>e cu<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>nt e<span class=\"_ _3\"/>co<span class=\"_ _3\"/>no<span class=\"_ _3\"/>mic e<span class=\"_ _3\"/>nvir<span class=\"_ _3\"/>onm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is like<span class=\"_ _3\"/>ly to im<span class=\"_ _3\"/>pac<span class=\"_ _3\"/>t it<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es in f<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e of fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es c<span class=\"_ _3\"/>la<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s leve<span class=\"_ _3\"/>l 3 in th<span class=\"_ _3\"/>e hie<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>hy are a<span class=\"_ _3\"/>s fol<span class=\"_ _3\"/>lows:<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Con<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>nt co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ide<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n at fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue th<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>gh p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>it o<span class=\"_ _3\"/>r los<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span>At 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _28d\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _5\"> </span></span><span class=\"ws72\">13.4<span class=\"_ _341\"> </span></span>Foreign<span class=\"_ _2\"/> ex<span class=\"_ _2\"/>change losses/(gai<span class=\"_ _2\"/>ns)<span class=\"_ _1e5\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _26\"> </span></span><span class=\"ls1d ws72\">(0.1)<span class=\"_ _341\"> </span></span>Cas<span class=\"_ _3\"/>h pa<span class=\"_ _3\"/>id<span class=\"_ _28e\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _17a\"> </span></span><span class=\"ws72\">(13.3)<span class=\"_ _341\"> </span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er<span class=\"_ _28f\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _50\"> </span><span class=\"ff7c\">\u2013<span class=\"_ _341\"> </span></span></span>IN<span class=\"_ _3\"/>TE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ES<span class=\"_ _3\"/>T R<span class=\"_ _3\"/>ATES U<span class=\"_ _3\"/>S<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D FOR D<span class=\"_ _3\"/>E<span class=\"_ _3\"/>TE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>MI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>I<span class=\"_ _3\"/>NG FA<span class=\"_ _3\"/>IR VA<span class=\"_ _3\"/>LU<span class=\"_ _3\"/>E<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>tes u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unt e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>ted c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h flow<span class=\"_ _3\"/>s, wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e app<span class=\"_ _3\"/>lic<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le, a<span class=\"_ _3\"/>re ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on y<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>ld cu<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ves o<span class=\"_ _3\"/>bs<span class=\"_ _3\"/>er<span class=\"_ _0\"/>vabl<span class=\"_ _3\"/>e at th<span class=\"_ _3\"/>e bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce s<span class=\"_ _3\"/>he<span class=\"_ _3\"/>et date a<span class=\"_ _3\"/>nd c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rac<span class=\"_ _3\"/>tu<span class=\"_ _3\"/>al in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he ra<span class=\"_ _3\"/>tes u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d wer<span class=\"_ _3\"/>e as fo<span class=\"_ _3\"/>llows:<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>%<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 %<span class=\"_ _341\"> </span>Borrowings<span class=\"_ _290\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _87\"> </span></span><span class=\"ls1d ws72\">2.4\u20132.7<span class=\"_ _341\"> </span></span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>19<span class=\"_ _36\"/>4<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g tab<span class=\"_ _3\"/>le s<span class=\"_ _3\"/>hows a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t or lo<span class=\"_ _3\"/>ss i<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on to f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d lia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s wi<span class=\"_ _3\"/>thin t<span class=\"_ _3\"/>he sc<span class=\"_ _3\"/>op<span class=\"_ _3\"/>e of IFR<span class=\"_ _3\"/>S 9:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>RE<span class=\"_ _3\"/>COG<span class=\"_ _3\"/>N<span class=\"_ _3\"/>IS<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D IN P<span class=\"_ _3\"/>ROF<span class=\"_ _3\"/>IT O<span class=\"_ _3\"/>R LOS<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>Reven<span class=\"_ _3\"/>ue \u2013 fa<span class=\"_ _3\"/>ir va<span class=\"_ _3\"/>lue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m equ<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y to th<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e sta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent<span class=\"_ _c9\"> </span><span class=\"ff7d ws72\">1.7<span class=\"_ _1fe\"> </span><span class=\"ff7c\">(0.3)<span class=\"_ _341\"> </span></span></span>Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me on b<span class=\"_ _3\"/>ank d<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>os<span class=\"_ _3\"/>its h<span class=\"_ _3\"/>el<span class=\"_ _3\"/>d at am<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tis<span class=\"_ _3\"/>ed c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t<span class=\"_ _11c\"> </span><span class=\"ff7d ws72\">0.2<span class=\"_ _13d\"> </span><span class=\"ff7c\">0.3<span class=\"_ _341\"> </span></span></span>Fair va<span class=\"_ _3\"/>lue m<span class=\"_ _3\"/>oveme<span class=\"_ _3\"/>nt o<span class=\"_ _3\"/>n der<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>s<span class=\"_ _22b\"> </span><span class=\"ff7d ws72\">9.1<span class=\"_ _14\"> </span><span class=\"ff7c\">10.7<span class=\"_ _341\"> </span></span></span>Financial income<span class=\"_ _291\"> </span><span class=\"ff7d ls1d ws72\">9.3<span class=\"_ _14\"> </span><span class=\"ff7c\">11.0<span class=\"_ _341\"> </span></span></span>Interest on bank loans<span class=\"_ _1b0\"> </span><span class=\"ff7d ls1d ws72\">(19.6)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(20.8)<span class=\"_ _341\"> </span></span></span>Fair va<span class=\"_ _3\"/>lue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed f<span class=\"_ _3\"/>rom e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y to the i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ome s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent<span class=\"_ _292\"> </span><span class=\"ff7d ws72\">0.1<span class=\"_ _d4\"> </span><span class=\"ff7c\">(2.4)<span class=\"_ _341\"> </span></span></span>Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st on l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s<span class=\"_ _198\"> </span><span class=\"ff7d ws72\">(1.4)<span class=\"_ _14\"> </span><span class=\"ff7c\">(1.6)<span class=\"_ _341\"> </span></span></span>Financial costs<span class=\"_ _293\"> </span><span class=\"ff7d ls1d ws72\">(20.9)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(24.8)<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g tab<span class=\"_ _3\"/>le s<span class=\"_ _3\"/>hows a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed d<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tly in e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y in r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n to fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es w<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>in the s<span class=\"_ _3\"/>co<span class=\"_ _3\"/>pe of I<span class=\"_ _3\"/>FRS 9:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>RECOGNI<span class=\"_ _3\"/>SED DIRECTL<span class=\"_ _35\"/>Y IN EQUIT<span class=\"_ _3\"/>Y<span class=\"_ _341\"> </span>Ef<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ve por<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h flow h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge (g<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>/(l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s))<span class=\"_ _294\"> </span><span class=\"ff7d ws72\">(2.6)<span class=\"_ _82\"> </span><span class=\"ff7c\">(0.1)<span class=\"_ _341\"> </span></span></span>Fair va<span class=\"_ _3\"/>lue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _295\"> </span><span class=\"ff7d ws72\">1.6<span class=\"_ _74\"> </span><span class=\"ff7c\">2.7<span class=\"_ _341\"> </span></span></span>Fair va<span class=\"_ _3\"/>lue of c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to n<span class=\"_ _3\"/>et as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets<span class=\"_ _296\"> </span><span class=\"ff7d ws72\">0.8<span class=\"_ _d4\"> </span><span class=\"ff7c\">(2.3)<span class=\"_ _341\"> </span></span></span>Ef<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ve por<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>e in fa<span class=\"_ _3\"/>ir va<span class=\"_ _3\"/>lue o<span class=\"_ _3\"/>f net i<span class=\"_ _3\"/>nvest<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e<span class=\"_ _187\"> </span><span class=\"ff7d ws72\">46.2<span class=\"_ _14\"> </span><span class=\"ff7c\">10.7<span class=\"_ _341\"> </span></span></span>Foreign currency translation differences for foreign operations<span class=\"_ _297\"> </span><span class=\"ff7d ls1d ws72\">(100.9)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(29.1)<span class=\"_ _341\"> </span></span></span>Recogni<span class=\"_ _3\"/>sed in:<span class=\"_ _341\"> </span>Hedging rese<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ve<span class=\"_ _298\"> </span><span class=\"ff7d ls1d ws72\">(0.2)<span class=\"_ _26\"> </span><span class=\"ff7c\">0.3<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>ranslation reser<span class=\"_ _3\"/>ve<span class=\"_ _269\"> </span><span class=\"ff7d ls1d ws72\">(54.7)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(18.4)<span class=\"_ _341\"> </span></span></span>22. <span class=\"_ _42\"> </span>DERIVA<span class=\"_ _1\"/>TIVE FINANCIAL<span class=\"_ _2\"/> INSTRUMENTS<span class=\"_ _2\"/> AND HEDGING<span class=\"_ _2\"/> AC<span class=\"_ _2\"/>TIVITIES<span class=\"_ _341\"> </span>Contract or u<span class=\"_ _35\"/>nd<span class=\"_ _2\"/>er<span class=\"_ _35\"/>ly<span class=\"_ _2\"/>in<span class=\"_ _35\"/>g<span class=\"_ _2\"/> principal<span class=\"_ _1\"/> amount<span class=\"_ _15c\"> </span><span class=\"ls11f ws24\">Fair V<span class=\"_ _35\"/>alue<span class=\"_ _341\"> </span></span>At 31 D<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>e<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>22<span class=\"_ _3\"/>:<span class=\"_ _299\"> </span><span class=\"ls120 ws119\">Assets<span class=\"_ _103\"> </span><span class=\"lsdf wsd6\">Liab<span class=\"_ _3\"/>ilities<span class=\"_ _341\"> </span></span></span>A<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>s<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>Liabilities<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>CURRENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>te swap<span class=\"_ _3\"/>s \u2013 ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es<span class=\"_ _c8\"> </span><span class=\"ff7d ws72\">\u20ac120m/$50m<span class=\"_ _c6\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>3.7<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span>Nic<span class=\"_ _3\"/>kel swap<span class=\"_ _3\"/>s \u2013 ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es<span class=\"_ _297\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _225\"> </span><span class=\"ls1d ws72\">288MT<span class=\"_ _182\"> </span></span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(2.6)<span class=\"_ _341\"> </span></span></span>Al<span class=\"_ _3\"/>umin<span class=\"_ _3\"/>ium swa<span class=\"_ _3\"/>ps \u2013 c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s<span class=\"_ _29a\"> </span><span class=\"ff7d ws72\">2,580MT<span class=\"_ _d0\"> </span>1,380MT<span class=\"_ _74\"> </span>0.1<span class=\"_ _15\"> </span>(0.2)<span class=\"_ _341\"> </span></span>Cro<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy swa<span class=\"_ _3\"/>ps<span class=\"_ _29b\"> </span><span class=\"ff7d ws72\">\u20ac100m/$110m<span class=\"_ _29c\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>3.1<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span>Foreign<span class=\"_ _2\"/> ex<span class=\"_ _2\"/>change forwards<span class=\"_ _29d\"> </span><span class=\"ff7d ls1d ws72\">\u20ac100m/$109m<span class=\"_ _29c\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _15\"> </span></span>(0.5)<span class=\"_ _341\"> </span></span>Swaptions<span class=\"_ _29e\"> </span><span class=\"ff7d ls1d ws72\">$150m<span class=\"_ _29c\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>3.8<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _3\"/>O<span class=\"_ _0\"/>TA<span class=\"_ _0\"/>L<span class=\"_ _29f\"> </span><span class=\"ls1d ws72\">10.7<span class=\"_ _15\"> </span>(3.3)<span class=\"_ _341\"> </span></span>NON CURRENT<span class=\"_ _1\"/>:<span class=\"_ _341\"> </span>Nic<span class=\"_ _3\"/>kel swap<span class=\"_ _3\"/>s \u2013 ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es<span class=\"_ _2a0\"> </span><span class=\"ff7d ws72\">216MT<span class=\"_ _73\"> </span>720MT<span class=\"_ _74\"> </span>1.3<span class=\"_ _15\"> </span>(2.8)<span class=\"_ _341\"> </span></span>T<span class=\"_ _3\"/>O<span class=\"_ _0\"/>TA<span class=\"_ _0\"/>L<span class=\"_ _2a1\"> </span><span class=\"ls1d ws72\">1.3<span class=\"_ _15\"> </span>(2.8)<span class=\"_ _341\"> </span></span>STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span>FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>19<span class=\"_ _36\"/>5<span class=\"_ _341\"> </span>22. <span class=\"_ _42\"> </span>DERIVA<span class=\"_ _1\"/>TIVE FINANCIAL<span class=\"_ _2\"/> INSTRUMENTS<span class=\"_ _2\"/> AND HEDGING<span class=\"_ _2\"/> AC<span class=\"_ _2\"/>TIVITIES<span class=\"_ _2\"/> CONTINUED<span class=\"_ _341\"> </span>Contract or underlying<span class=\"_ _1\"/> principal amount<span class=\"_ _2a2\"> </span><span class=\"ls66 ws19\">Fair<span class=\"_ _2\"/> Val<span class=\"_ _2\"/>ue<span class=\"_ _341\"> </span></span>At 31 Dec<span class=\"_ _3\"/>e<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r 20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>:<span class=\"_ _137\"> </span><span class=\"ls124 ws154\">Assets<span class=\"_ _89\"> </span><span class=\"ls8a ws7e\">L<span class=\"_ _3\"/>iabilitie<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span></span></span>Assets<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Liabiliti<span class=\"_ _3\"/>es<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>CURRENT<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>te swap<span class=\"_ _3\"/>s \u2013 ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es<span class=\"_ _260\"> </span><span class=\"ls3\">\u2013<span class=\"_ _2d\"> </span></span>\u20ac120m / $100m<span class=\"_ _1d\"> </span><span class=\"ls3\">\u2013<span class=\"_ _33\"> </span></span><span class=\"ws72\">(0.9)<span class=\"_ _341\"> </span></span>Nic<span class=\"_ _3\"/>kel swap<span class=\"_ _3\"/>s \u2013 ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es<span class=\"_ _5b\"> </span><span class=\"ls3\">\u2013<span class=\"_ _21\"> </span></span>504 MT<span class=\"_ _1d\"> </span><span class=\"ls3\">\u2013<span class=\"_ _18b\"> </span></span><span class=\"ws72\">(0.5)<span class=\"_ _341\"> </span></span>Al<span class=\"_ _3\"/>umin<span class=\"_ _3\"/>ium swa<span class=\"_ _3\"/>ps \u2013 c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s<span class=\"_ _292\"> </span>2,040 MT<span class=\"_ _10\"> </span>1,620 MT<span class=\"_ _3e\"> </span><span class=\"ws72\">0.2<span class=\"_ _1d\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>T<span class=\"_ _3\"/>O<span class=\"_ _0\"/>TA<span class=\"_ _0\"/>L<span class=\"_ _2a3\"> </span><span class=\"ff7c ls1d ws72\">0.2<span class=\"_ _33\"> </span>(1.4)<span class=\"_ _341\"> </span></span>NON CURRENT<span class=\"_ _1\"/>:<span class=\"_ _341\"> </span>Cro<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy swa<span class=\"_ _3\"/>ps<span class=\"_ _2a4\"> </span><span class=\"ls3\">\u2013<span class=\"_ _2d\"> </span></span>$110m / \u20ac100m<span class=\"_ _1d\"> </span><span class=\"ls3\">\u2013<span class=\"_ _33\"> </span></span><span class=\"ws72\">(4.0)<span class=\"_ _341\"> </span></span>T<span class=\"_ _3\"/>O<span class=\"_ _0\"/>TA<span class=\"_ _0\"/>L<span class=\"_ _2a5\"> </span><span class=\"ff7c ls3 ws3\">\u2013<span class=\"_ _33\"> </span><span class=\"ls1d ws72\">(4.0)<span class=\"_ _341\"> </span></span></span>HEDG<span class=\"_ _3\"/>ING ACTIVITIE<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up i<span class=\"_ _3\"/>s expo<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ain r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ks re<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>ng to it<span class=\"_ _3\"/>s on<span class=\"_ _3\"/>goi<span class=\"_ _3\"/>ng bu<span class=\"_ _3\"/>si<span class=\"_ _3\"/>nes<span class=\"_ _3\"/>s op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he pr<span class=\"_ _3\"/>im<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>y r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ks ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d usi<span class=\"_ _3\"/>ng de<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>vati<span class=\"_ _3\"/>ve ins<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts<span class=\"_ _3\"/> are f<span class=\"_ _3\"/>ore<span class=\"_ _3\"/>ign c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k, co<span class=\"_ _3\"/>mm<span class=\"_ _3\"/>odi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>e ris<span class=\"_ _3\"/>k an<span class=\"_ _3\"/>d inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ate ri<span class=\"_ _3\"/>sk<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s risk ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t str<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>gy i<span class=\"_ _3\"/>s expl<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d in Note 23<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>DERIV<span class=\"_ _2\"/>A<span class=\"_ _35\"/>TIVES<span class=\"_ _2\"/> DESIGNA<span class=\"_ _35\"/>TED A<span class=\"_ _2\"/>S HED<span class=\"_ _2\"/>GING INST<span class=\"_ _2\"/>RUMENTS<span class=\"_ _341\"> </span>COMMODITY PRICE RISK<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up e<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>s i<span class=\"_ _3\"/>nto co<span class=\"_ _3\"/>mmo<span class=\"_ _3\"/>di<span class=\"_ _3\"/>ty s<span class=\"_ _3\"/>wap co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts to re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>ce th<span class=\"_ _3\"/>e vola<span class=\"_ _3\"/>tili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y at<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ibu<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ble to p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ce f<span class=\"_ _3\"/>luc<span class=\"_ _3\"/>tu<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>ns of a<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>mini<span class=\"_ _3\"/>um a<span class=\"_ _3\"/>nd ni<span class=\"_ _3\"/>ckel. T<span class=\"_ _2\"/>o the<span class=\"_ _3\"/> exte<span class=\"_ _3\"/>nt th<span class=\"_ _3\"/>ey co<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>nue to m<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t the c<span class=\"_ _3\"/>rite<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>a for h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ting<span class=\"_ _3\"/>, the c<span class=\"_ _3\"/>omm<span class=\"_ _3\"/>od<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y for<span class=\"_ _0\"/>war<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>act<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e ac<span class=\"_ _3\"/>cou<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d for a<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e weig<span class=\"_ _3\"/>hte<span class=\"_ _3\"/>d avera<span class=\"_ _3\"/>ge s<span class=\"_ _3\"/>tri<span class=\"_ _3\"/>ke pri<span class=\"_ _3\"/>ce o<span class=\"_ _3\"/>n out<span class=\"_ _3\"/>st<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ding a<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>mini<span class=\"_ _3\"/>um he<span class=\"_ _3\"/>d<span class=\"_ _3\"/>ges wa<span class=\"_ _3\"/>s $2,61<span class=\"_ _2\"/>6.0 (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>3,577<span class=\"_ _35\"/>.0) an<span class=\"_ _3\"/>d the we<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>ted ave<span class=\"_ _3\"/>rag<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>rike p<span class=\"_ _3\"/>ric<span class=\"_ _3\"/>e on ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng ni<span class=\"_ _3\"/>ckel h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s was $2<span class=\"_ _3\"/>9,453.4 (<span class=\"_ _3\"/>2021<span class=\"_ _35\"/>: $19<span class=\"_ _2\"/>,40<span class=\"_ _3\"/>0.0<span class=\"_ _3\"/>).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>ere i<span class=\"_ _3\"/>s an e<span class=\"_ _3\"/>co<span class=\"_ _3\"/>no<span class=\"_ _3\"/>mic r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>nsh<span class=\"_ _3\"/>ip be<span class=\"_ _3\"/>t<span class=\"_ _3\"/>wee<span class=\"_ _3\"/>n the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d ite<span class=\"_ _3\"/>ms a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dgin<span class=\"_ _3\"/>g in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s as t<span class=\"_ _3\"/>he ter<span class=\"_ _3\"/>ms o<span class=\"_ _3\"/>f the c<span class=\"_ _3\"/>omm<span class=\"_ _3\"/>od<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y swap c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s matc<span class=\"_ _3\"/>h the te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted hi<span class=\"_ _3\"/>ghl<span class=\"_ _3\"/>y pr<span class=\"_ _3\"/>oba<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e fore<span class=\"_ _3\"/>c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns (<span class=\"_ _3\"/>i.e. noti<span class=\"_ _3\"/>ona<span class=\"_ _3\"/>l am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t an<span class=\"_ _3\"/>d expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted p<span class=\"_ _3\"/>ayme<span class=\"_ _3\"/>nt d<span class=\"_ _3\"/>ate). Dur<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g the ye<span class=\"_ _3\"/>ar en<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d 31 Dece<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22, the g<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d a ga<span class=\"_ _3\"/>in of $<span class=\"_ _3\"/>0.5m w<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>in reve<span class=\"_ _3\"/>nue i<span class=\"_ _3\"/>n the c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>ol<span class=\"_ _3\"/>ida<span class=\"_ _3\"/>ted in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>s a res<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>t on an<span class=\"_ _3\"/> ine<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ve nicke<span class=\"_ _3\"/>l he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>. For al<span class=\"_ _3\"/>l othe<span class=\"_ _3\"/>r co<span class=\"_ _3\"/>mm<span class=\"_ _3\"/>odi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es, a<span class=\"_ _3\"/>s al<span class=\"_ _3\"/>l cr<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>l ter<span class=\"_ _3\"/>ms ma<span class=\"_ _3\"/>tch<span class=\"_ _3\"/>ed du<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r<span class=\"_ _35\"/>, h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge in<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>nes<span class=\"_ _3\"/>s wa<span class=\"_ _3\"/>s immaterial. The hedge ratio<span class=\"_ _2\"/> is 1<span class=\"_ _35\"/>:1<span class=\"_ _35\"/>.<span class=\"_ _341\"> </span>INTERES<span class=\"_ _3\"/>T RA<span class=\"_ _35\"/>TE RIS<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up e<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>s i<span class=\"_ _3\"/>nto inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ate swap<span class=\"_ _3\"/>s to swap a p<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f the in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>s<span class=\"_ _3\"/>t ar<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>ng fr<span class=\"_ _3\"/>om th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s bank bo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>rowin<span class=\"_ _3\"/>gs f<span class=\"_ _3\"/>rom f<span class=\"_ _3\"/>lo<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g to fi<span class=\"_ _3\"/>xed. Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st pay<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts a<span class=\"_ _3\"/>re h<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>ly pr<span class=\"_ _3\"/>oba<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e, the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d ri<span class=\"_ _3\"/>sk is t<span class=\"_ _3\"/>he ch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge in th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>rket i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t ra<span class=\"_ _3\"/>te. Th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>d ite<span class=\"_ _3\"/>ms a<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>e inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ate ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows o<span class=\"_ _3\"/>n $50.<span class=\"_ _3\"/>0m of U<span class=\"_ _3\"/>SD d<span class=\"_ _3\"/>eno<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d de<span class=\"_ _3\"/>bt an<span class=\"_ _3\"/>d \u20ac1<span class=\"_ _2\"/>20.0<span class=\"_ _3\"/>m of EUR de<span class=\"_ _3\"/>no<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d deb<span class=\"_ _3\"/>t. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s to<span class=\"_ _3\"/>tal b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>row<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s are s<span class=\"_ _3\"/>how<span class=\"_ _3\"/>n in No<span class=\"_ _3\"/>te 1<span class=\"_ _2\"/>9 to the f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>inc<span class=\"_ _3\"/>ipa<span class=\"_ _3\"/>l ter<span class=\"_ _3\"/>ms (no<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>al, r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>et da<span class=\"_ _3\"/>te, ten<span class=\"_ _3\"/>or) of t<span class=\"_ _3\"/>he he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s have be<span class=\"_ _3\"/>en m<span class=\"_ _3\"/>atc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>d alo<span class=\"_ _3\"/>ng wi<span class=\"_ _3\"/>th th<span class=\"_ _3\"/>e con<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>act<span class=\"_ _3\"/>ual i<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>res<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows<span class=\"_ _3\"/>, the<span class=\"_ _3\"/>ref<span class=\"_ _3\"/>ore c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g an ex<span class=\"_ _3\"/>act o<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fs<span class=\"_ _3\"/>et fo<span class=\"_ _3\"/>r the<span class=\"_ _3\"/>se t<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>act<span class=\"_ _3\"/>ion r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ulti<span class=\"_ _3\"/>ng in a n<span class=\"_ _3\"/>et f<span class=\"_ _3\"/>ixed i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t paya<span class=\"_ _3\"/>ble. A<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>e inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>te swap<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d the he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d item<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e matc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>d (equ<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>nd op<span class=\"_ _3\"/>po<span class=\"_ _3\"/>si<span class=\"_ _3\"/>te ter<span class=\"_ _3\"/>ms of in<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t rate, d<span class=\"_ _3\"/>ate an<span class=\"_ _3\"/>d ma<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y) th<span class=\"_ _3\"/>is re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>lts i<span class=\"_ _3\"/>n a de<span class=\"_ _3\"/>sig<span class=\"_ _3\"/>nate<span class=\"_ _3\"/>d he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e ra<span class=\"_ _3\"/>tio of 1<span class=\"_ _2\"/>:1 or 1<span class=\"_ _2\"/>0<span class=\"_ _3\"/>0%.<span class=\"_ _341\"> </span>He<span class=\"_ _3\"/>dge i<span class=\"_ _3\"/>nef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>an a<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se f<span class=\"_ _3\"/>rom:<span class=\"_ _341\"> </span>\u2022  <span class=\"ws3\">Ch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s in tim<span class=\"_ _3\"/>ing o<span class=\"_ _3\"/>f the he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d item<span class=\"_ _341\"> </span></span>\u2022  <span class=\"ws3\">A re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ion i<span class=\"_ _3\"/>n the a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt of th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>tem c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>id<span class=\"_ _3\"/>ere<span class=\"_ _3\"/>d to be h<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>ly p<span class=\"_ _3\"/>rob<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>e </span>\u2022  <span class=\"ws3\">A c<span class=\"_ _3\"/>han<span class=\"_ _3\"/>ge in t<span class=\"_ _3\"/>he cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it ri<span class=\"_ _3\"/>sk of E<span class=\"_ _3\"/>lem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>tis o<span class=\"_ _3\"/>r the c<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y to the d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ivat<span class=\"_ _3\"/>ive co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t </span>\u2022  <span class=\"ls54 ws49\">Foreign currency b<span class=\"_ _2\"/>asis spreads<span class=\"_ _341\"> </span></span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>19<span class=\"_ _42\"/>6<span class=\"_ _341\"> </span><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:856.63116px;\">Th<span class=\"_ _3\"/>e ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct of c<span class=\"_ _3\"/>a<span class=\"_ _3\"/>sh fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es in t<span class=\"_ _3\"/>he co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>oli<span class=\"_ _3\"/>date<span class=\"_ _3\"/>d in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me st<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt an<span class=\"_ _3\"/>d the c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sol<span class=\"_ _3\"/>ida<span class=\"_ _3\"/>ted s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>teme<span class=\"_ _3\"/>nt of o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>reh<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sive i<span class=\"_ _3\"/>nco<span class=\"_ _3\"/>me i<span class=\"_ _3\"/>s </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 lsb5 wsad\" style=\"left:0.0031280518px; bottom:843.63116px;\">as f<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf2 ws4c\" style=\"left:346.20663px; bottom:798.83105px;\">T<span class=\"_ _35\"/>otal hedging<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls1c6 ws1cd\" style=\"left:363.3756px; bottom:787.1285px;\">(loss)/<span class=\"_ _35\"/>gain<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls15c wsa9\" style=\"left:346.20663px; bottom:775.42584px;\">recognis<span class=\"_ _3\"/>ed in<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:397.96353px; bottom:763.72327px;\">O<span class=\"_ _36\"> </span>C<span class=\"_ _42\"> </span>I </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:402.31204px; bottom:752.0207px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf3 wsec\" style=\"left:451.1754px; bottom:798.82196px;\">Amount<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsdf wsd6\" style=\"left:429.45853px; bottom:787.1194px;\">reclass<span class=\"_ _2\"/>ified<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls8f ws3\" style=\"left:431.11252px; bottom:775.41675px;\">fro<span class=\"_ _3\"/>m OC<span class=\"_ _3\"/>I to<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls8f ws3\" style=\"left:422.74103px; bottom:763.7142px;\">pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t or l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:476.3252px; bottom:752.0116px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf3 wsec\" style=\"left:524.7757px; bottom:810.51544px;\">Amount<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsdf wsd6\" style=\"left:504.836px; bottom:798.81287px;\">reclass<span class=\"_ _2\"/>ified<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls8f ws3\" style=\"left:504.836px; bottom:787.1103px;\">fro<span class=\"_ _3\"/>m OC<span class=\"_ _3\"/>I to<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf3 ws4\" style=\"left:502.85498px; bottom:775.40765px;\">the Balance<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:534.32666px; bottom:763.7051px;\">S<span class=\"_ _36\"> </span>h<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>t </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:549.9653px; bottom:752.00244px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws41\" style=\"left:591.2141px; bottom:822.1999px;\">L<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>n<span class=\"_ _36\"/>e<span class=\"_ _36\"/> i<span class=\"_ _36\"> </span>t<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls8f ws3\" style=\"left:576.9728px; bottom:810.49725px;\">in th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws41\" style=\"left:603.7931px; bottom:798.7947px;\">o<span class=\"_ _36\"> </span>r<span class=\"_ _36\"> </span> l<span class=\"_ _42\"> </span>o<span class=\"_ _36\"/>s<span class=\"_ _36\"> </span>s </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls66 ws19\" style=\"left:572.0771px; bottom:787.09204px;\">statement<span class=\"_ _2\"/> or<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf3 wsec\" style=\"left:597.12823px; bottom:775.38947px;\">Balance<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:608.1582px; bottom:763.6869px;\">S<span class=\"_ _36\"> </span>h<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>t </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:623.6286px; bottom:751.98425px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls10d ws30\" style=\"left:0.0031280518px; bottom:737.23553px;\">YEAR ENDED<span class=\"_ _35\"/> 31<span class=\"_ _2\"/> DECEMBER<span class=\"_ _2\"/> 2022<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:722.4363px;\">Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>te swap<span class=\"_ _3\"/>s \u2013 ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es<span class=\"_ _2a6\"> </span><span class=\"ff7d ws72\">3.6<span class=\"_ _18b\"> </span>(0.1)<span class=\"_ _c\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _4\"> </span><span class=\"ls1d\">Finance costs<span class=\"_ _341\"> </span></span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:707.6371px;\">Nic<span class=\"_ _3\"/>kel for<span class=\"_ _0\"/>war<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts \u2013 ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s<span class=\"_ _b7\"> </span><span class=\"ff7d ws72\">(5.4)<span class=\"_ _33\"> </span>1.7<span class=\"_ _bc\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _89\"> </span></span>Revenue<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:692.8379px;\">Al<span class=\"_ _3\"/>umin<span class=\"_ _3\"/>ium f<span class=\"_ _3\"/>or<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rac<span class=\"_ _3\"/>ts \u2013 c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s<span class=\"_ _2a7\"> </span><span class=\"ff7d ws72\">(0.8)<span class=\"_ _c\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _44\"> </span></span>0.8<span class=\"_ _8\"> </span>Inventory<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls10d ws30\" style=\"left:0.0031280518px; bottom:678.0387px;\">YEAR ENDED<span class=\"_ _35\"/> 31<span class=\"_ _2\"/> DECEMBER<span class=\"_ _2\"/> 2021<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:663.2395px;\">Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>te swap<span class=\"_ _3\"/>s \u2013 ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es<span class=\"_ _132\"> </span><span class=\"ws72\">(0.1)<span class=\"_ _33\"> </span>2.4<span class=\"_ _bc\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _14d\"> </span></span>Finance costs<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:648.4403px;\">Nic<span class=\"_ _3\"/>kel for<span class=\"_ _0\"/>war<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts \u2013 ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s<span class=\"_ _170\"> </span><span class=\"ws72\">(1.2)<span class=\"_ _23\"> </span>0.3<span class=\"_ _184\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _9d\"> </span></span><span class=\"ws72\">Revenue<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:633.6411px;\">Al<span class=\"_ _3\"/>umin<span class=\"_ _3\"/>ium f<span class=\"_ _3\"/>or<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rac<span class=\"_ _3\"/>ts \u2013 c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s<span class=\"_ _2a8\"> </span><span class=\"ws72\">1.2<span class=\"_ _bc\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _12\"> </span></span><span class=\"ws72\">(2.3)<span class=\"_ _8\"> </span>Inventory<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:605.57153px;\">Am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts re<span class=\"_ _3\"/>cl<span class=\"_ _3\"/>as<span class=\"_ _3\"/>si<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ed f<span class=\"_ _3\"/>rom o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r co<span class=\"_ _3\"/>mpr<span class=\"_ _3\"/>eh<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sive in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me to p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>it or l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e due to th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>tem af<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g pro<span class=\"_ _3\"/>fit o<span class=\"_ _3\"/>r lo<span class=\"_ _3\"/>ss i<span class=\"_ _3\"/>n the p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>d. </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:592.57153px;\">Th<span class=\"_ _3\"/>ere we<span class=\"_ _3\"/>re n<span class=\"_ _3\"/>o ins<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es of n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-o<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nce o<span class=\"_ _3\"/>f he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>d c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>hfl<span class=\"_ _3\"/>ows in e<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>er th<span class=\"_ _3\"/>e cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt o<span class=\"_ _3\"/>r co<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tive pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>iod.<span class=\"_ _3\"/> </div><div class=\"t m0 h10 ff7d fs2 fcd sc0 ls15c ws11\" style=\"left:0.0031280518px; bottom:569.8463px;\">HEDGE OF<span class=\"_ _2\"/> NET INVESTMENTS IN<span class=\"_ _2\"/> FOREIGN OPERA<span class=\"_ _35\"/>TIONS<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:556.8463px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up s<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>ks to de<span class=\"_ _3\"/>nom<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>te the c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>cy of i<span class=\"_ _3\"/>ts b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowin<span class=\"_ _3\"/>gs i<span class=\"_ _3\"/>n eur<span class=\"_ _3\"/>os a<span class=\"_ _3\"/>nd US d<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s in o<span class=\"_ _3\"/>rde<span class=\"_ _3\"/>r to ma<span class=\"_ _3\"/>tch th<span class=\"_ _3\"/>e cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy o<span class=\"_ _3\"/>f its c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ows,<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:543.8463px;\">ea<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s wh<span class=\"_ _3\"/>ich a<span class=\"_ _3\"/>re p<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>cip<span class=\"_ _3\"/>all<span class=\"_ _3\"/>y de<span class=\"_ _3\"/>no<span class=\"_ _3\"/>mina<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n tho<span class=\"_ _3\"/>se cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>cie<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:519.79114px;\">Th<span class=\"_ _3\"/>e eur<span class=\"_ _3\"/>o an<span class=\"_ _3\"/>d US do<span class=\"_ _3\"/>lla<span class=\"_ _3\"/>r bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>gs in El<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>tis H<span class=\"_ _3\"/>old<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s Lim<span class=\"_ _3\"/>ite<span class=\"_ _3\"/>d are d<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>nate<span class=\"_ _3\"/>d as n<span class=\"_ _3\"/>et inve<span class=\"_ _3\"/>stm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>s the c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pany<span class=\"_ _3\"/>\u2019<span class=\"_ _2\"/>s fu<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:506.79114px;\">cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy i<span class=\"_ _3\"/>s po<span class=\"_ _3\"/>und<span class=\"_ _3\"/>s ste<span class=\"_ _3\"/>rli<span class=\"_ _3\"/>ng. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p do<span class=\"_ _3\"/>es n<span class=\"_ _3\"/>ot un<span class=\"_ _3\"/>der<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>ke der<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>tive tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sac<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ons to h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge th<span class=\"_ _3\"/>e for<span class=\"_ _3\"/>eig<span class=\"_ _3\"/>n cu<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>y tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>es<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:482.73596px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>nal<span class=\"_ _3\"/>ys<span class=\"_ _3\"/>es th<span class=\"_ _3\"/>e eu<span class=\"_ _3\"/>ro an<span class=\"_ _3\"/>d US d<span class=\"_ _3\"/>olla<span class=\"_ _3\"/>r ne<span class=\"_ _3\"/>t as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts by su<span class=\"_ _3\"/>bs<span class=\"_ _3\"/>idi<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>y, and the f<span class=\"_ _3\"/>ore<span class=\"_ _3\"/>ign c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ngs i<span class=\"_ _3\"/>n the n<span class=\"_ _3\"/>am<span class=\"_ _3\"/>e of Ele<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>s </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:469.73593px;\">Hol<span class=\"_ _3\"/>din<span class=\"_ _3\"/>gs L<span class=\"_ _3\"/>imi<span class=\"_ _3\"/>ted a<span class=\"_ _3\"/>re al<span class=\"_ _3\"/>loc<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d ag<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>st c<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>in tr<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>s of ne<span class=\"_ _3\"/>t as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts. T<span class=\"_ _3\"/>he c<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>tic<span class=\"_ _3\"/>al te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>s of the e<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>o an<span class=\"_ _3\"/>d US do<span class=\"_ _3\"/>lla<span class=\"_ _3\"/>r bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owing<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d the<span class=\"_ _3\"/>ir </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:456.73593px;\">co<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>on<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>d ite<span class=\"_ _3\"/>ms a<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>er<span class=\"_ _3\"/>efor<span class=\"_ _3\"/>e the s<span class=\"_ _3\"/>am<span class=\"_ _3\"/>e.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:432.68073px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>f<span class=\"_ _3\"/>or<span class=\"_ _3\"/>ms a qu<span class=\"_ _3\"/>ali<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>tive a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>sm<span class=\"_ _3\"/>ent o<span class=\"_ _3\"/>f ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>iven<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d it i<span class=\"_ _3\"/>s expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted th<span class=\"_ _3\"/>at th<span class=\"_ _3\"/>e valu<span class=\"_ _3\"/>e of the e<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>o an<span class=\"_ _3\"/>d US do<span class=\"_ _3\"/>lla<span class=\"_ _3\"/>r bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owing<span class=\"_ _3\"/>s </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:419.68073px;\">in po<span class=\"_ _3\"/>und<span class=\"_ _3\"/>s ste<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>ing a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e valu<span class=\"_ _3\"/>e of the c<span class=\"_ _3\"/>or<span class=\"_ _3\"/>re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ding h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d ite<span class=\"_ _3\"/>ms in p<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nds s<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>lin<span class=\"_ _3\"/>g wil<span class=\"_ _3\"/>l syste<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tic<span class=\"_ _3\"/>all<span class=\"_ _3\"/>y move in th<span class=\"_ _3\"/>e op<span class=\"_ _3\"/>pos<span class=\"_ _3\"/>ite di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:406.68073px;\">in re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>e to move<span class=\"_ _3\"/>men<span class=\"_ _3\"/>ts in t<span class=\"_ _3\"/>he un<span class=\"_ _3\"/>de<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>yin<span class=\"_ _3\"/>g excha<span class=\"_ _3\"/>nge r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:382.62555px;\">Th<span class=\"_ _3\"/>e mai<span class=\"_ _3\"/>n so<span class=\"_ _3\"/>urc<span class=\"_ _3\"/>e of in<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>iven<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s in th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dgi<span class=\"_ _3\"/>ng re<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>sh<span class=\"_ _3\"/>ips i<span class=\"_ _3\"/>s the im<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ct of a d<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>line i<span class=\"_ _3\"/>n the c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _3\"/>ing va<span class=\"_ _3\"/>lue o<span class=\"_ _3\"/>f the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d item<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls53 ws3\" style=\"left:0.0031280518px; bottom:369.62555px;\">com<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d to the e<span class=\"_ _3\"/>uro a<span class=\"_ _3\"/>nd U<span class=\"_ _3\"/>S dol<span class=\"_ _3\"/>lar b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s, wi<span class=\"_ _3\"/>th the r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ult t<span class=\"_ _3\"/>hat th<span class=\"_ _3\"/>e valu<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>d ite<span class=\"_ _3\"/>m is l<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>n the va<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>e of he<span class=\"_ _3\"/>dgi<span class=\"_ _3\"/>ng in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:345.57034px;\">Fore<span class=\"_ _3\"/>ign c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy r<span class=\"_ _3\"/>evalu<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on on t<span class=\"_ _3\"/>he eu<span class=\"_ _3\"/>ro a<span class=\"_ _3\"/>nd US d<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ngs i<span class=\"_ _3\"/>n the n<span class=\"_ _3\"/>ame o<span class=\"_ _3\"/>f Ele<span class=\"_ _3\"/>me<span class=\"_ _3\"/>ntis H<span class=\"_ _3\"/>ol<span class=\"_ _3\"/>din<span class=\"_ _3\"/>gs Li<span class=\"_ _3\"/>mite<span class=\"_ _3\"/>d a<span class=\"_ _3\"/>re re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>rde<span class=\"_ _3\"/>d in o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:332.57034px;\">com<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>eh<span class=\"_ _3\"/>ens<span class=\"_ _3\"/>ive in<span class=\"_ _3\"/>co<span class=\"_ _3\"/>me a<span class=\"_ _3\"/>nd de<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e for<span class=\"_ _3\"/>eig<span class=\"_ _3\"/>n cu<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>y tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ve o<span class=\"_ _3\"/>n the b<span class=\"_ _3\"/>ala<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e sh<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t as lo<span class=\"_ _3\"/>ng a<span class=\"_ _3\"/>s the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge is e<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ve. </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:319.57034px;\">Any i<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ss i<span class=\"_ _3\"/>s rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n the i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ome s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>teme<span class=\"_ _3\"/>nt fo<span class=\"_ _3\"/>r tha<span class=\"_ _3\"/>t yea<span class=\"_ _3\"/>r<span class=\"_ _2\"/>. </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:295.51514px;\">Th<span class=\"_ _3\"/>e imp<span class=\"_ _3\"/>act o<span class=\"_ _3\"/>f the h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d item<span class=\"_ _3\"/>s on t<span class=\"_ _3\"/>he st<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>re<span class=\"_ _3\"/>hen<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ve inc<span class=\"_ _3\"/>ome i<span class=\"_ _3\"/>s as fo<span class=\"_ _3\"/>llow<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:547.41064px; bottom:274.11557px;\">2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:530.61346px; bottom:262.41296px;\">F<span class=\"_ _36\"> </span>o<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>g<span class=\"_ _36\"> </span>n </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls93 wseb\" style=\"left:523.4628px; bottom:250.71039px;\">currency<span class=\"_ _3f\"/> </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls19c ws1e5\" style=\"left:512.0508px; bottom:239.00778px;\">translation<span class=\"_ _1\"/> </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:530.61346px; bottom:227.30518px;\">r<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>r<span class=\"_ _42\"> </span>v<span class=\"_ _36\"> </span>e </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls159 ws15a\" style=\"left:555.8129px; bottom:215.60258px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:613.05273px; bottom:274.10648px;\">2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf3 wsec\" style=\"left:598.5191px; bottom:262.40387px;\">Foreign<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls124 ws154\" style=\"left:592.82104px; bottom:250.7013px;\">currency<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf3 wsec\" style=\"left:583.5539px; bottom:238.99869px;\">translation<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:599.98175px; bottom:227.29608px;\">r<span class=\"_ _36\"/>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>v<span class=\"_ _36\"> </span>e </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:623.6286px; bottom:215.59348px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls10d ws30\" style=\"left:0.0031280518px; bottom:200.82002px;\">YEAR ENDED<span class=\"_ _35\"/> 31<span class=\"_ _2\"/> DECEMBER<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:186.02081px;\">Net i<span class=\"_ _3\"/>nves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt in fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ign s<span class=\"_ _3\"/>ubs<span class=\"_ _3\"/>idi<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s<span class=\"_ _116\"> </span><span class=\"ff7d ws72\">(100.9)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(29.1)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m1 h14 ff76 fsa fc2 sc0 ls29 ws2b\" style=\"left:683.15704px; bottom:987.8535px;\">STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span></div><div class=\"t m1 h14 ff76 fsa fc0 sc0 ls2a ws2c\" style=\"left:683.15704px; bottom:502.22968px;\">FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span></div><div class=\"t m0 hf ff77 fs2 fc2 sc0 ls3 ws3\" style=\"left:250.9307px; bottom:1.7575188px;\">An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff76 fs2 fc2 sc0 ls22 ws24\" style=\"left:290.14258px; bottom:12.814018px;\">Elementis plc<span class=\"_ _341\"> </span></div><div class=\"t m0 h15 ff7e fsb fc2 sc0 lsa2 ws94\" style=\"left:305.0112px; bottom:1023.4347px;\">19<span class=\"_ _3\"/>7<span class=\"_ _341\"> </span></div>22. <span class=\"_ _42\"> </span>DERIVA<span class=\"_ _1\"/>TIVE FINANCIAL<span class=\"_ _2\"/> INSTRUMENTS<span class=\"_ _2\"/> AND HEDGING<span class=\"_ _2\"/> AC<span class=\"_ _2\"/>TIVITIES<span class=\"_ _2\"/> CONTINUED<span class=\"_ _341\"> </span>IM<span class=\"_ _3\"/>PACT O<span class=\"_ _3\"/>F HE<span class=\"_ _3\"/>D<span class=\"_ _3\"/>G<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>G O<span class=\"_ _3\"/>N EQ<span class=\"_ _3\"/>UI<span class=\"_ _3\"/>T<span class=\"_ _3\"/>Y<span class=\"_ _341\"> </span>Set o<span class=\"_ _3\"/>ut b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow is the r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>on<span class=\"_ _3\"/>cili<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of e<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>h com<span class=\"_ _3\"/>po<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>nt of e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y and t<span class=\"_ _3\"/>he a<span class=\"_ _3\"/>nal<span class=\"_ _3\"/>ysi<span class=\"_ _3\"/>s of oth<span class=\"_ _3\"/>er c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pre<span class=\"_ _3\"/>he<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ive inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e:<span class=\"_ _341\"> </span>C<span class=\"_ _36\"/>a<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>h<span class=\"_ _36\"/> f<span class=\"_ _36\"> </span>l<span class=\"_ _42\"> </span>o<span class=\"_ _0\"/>w hedge<span class=\"_ _1\"/> r<span class=\"_ _36\"/>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>v<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>Foreign<span class=\"_ _1\"/> currency<span class=\"_ _1\"/> translation<span class=\"_ _1\"/> r<span class=\"_ _36\"/>e<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>v<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>A<span class=\"_ _35\"/>T 1 JA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>UARY 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>21<span class=\"_ _268\"> </span><span class=\"ff7c ws72\">(8.9)<span class=\"_ _29\"> </span>(48.9)<span class=\"_ _341\"> </span></span>Ef<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ve por<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue ar<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m:<span class=\"_ _341\"> </span>De<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h flow h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>gin<span class=\"_ _3\"/>g ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _2a9\"> </span><span class=\"ws72\">(0.1)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t re<span class=\"_ _3\"/>cla<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sif<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d to pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t or lo<span class=\"_ _3\"/>ss<span class=\"_ _2aa\"> </span><span class=\"ws72\">2.7<span class=\"_ _d4\"> </span>(0.4)<span class=\"_ _341\"> </span></span>Amount reclassif<span class=\"_ _3\"/>ied to net<span class=\"_ _2\"/> asset<span class=\"_ _3\"/>s<span class=\"_ _2ab\"> </span><span class=\"ls1d ws72\">(2.3)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span>Foreign currency rev<span class=\"_ _2\"/>aluation of the<span class=\"_ _2\"/> net foreign operations<span class=\"_ _2a4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d8\"> </span><span class=\"ls1d ws72\">(29.1)<span class=\"_ _341\"> </span></span></span>Foreign currency revaluation of borrowings<span class=\"_ _1f5\"> </span><span class=\"ws3\">\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">10.7<span class=\"_ _341\"> </span></span></span>Foreign<span class=\"_ _2\"/> currency rev<span class=\"_ _2\"/>aluation of<span class=\"_ _2\"/> pension scheme actuarial mov<span class=\"_ _2\"/>ements<span class=\"_ _1d8\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _341\"> </span></span>A<span class=\"_ _35\"/>T 1 JA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>UARY 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>2<span class=\"_ _3\"/>2<span class=\"_ _2ac\"> </span><span class=\"ws72\">(8.6)<span class=\"_ _64\"> </span>(67.7)<span class=\"_ _341\"> </span></span>Ef<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ve por<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>n fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue ar<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m:<span class=\"_ _341\"> </span>De<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h flow h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>gin<span class=\"_ _3\"/>g ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _1ae\"> </span><span class=\"ff7d ws72\">(2.6)<span class=\"_ _12\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span>Am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t re<span class=\"_ _3\"/>cla<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sif<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d to pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t or lo<span class=\"_ _3\"/>ss<span class=\"_ _2aa\"> </span><span class=\"ff7d ws72\">1.6<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span>Amount reclassif<span class=\"_ _3\"/>ied to net<span class=\"_ _2\"/> asset<span class=\"_ _3\"/>s<span class=\"_ _22e\"> </span><span class=\"ff7d ls1d ws72\">0.8<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span>Tr<span class=\"_ _0\"/>a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>s<span class=\"_ _0\"/>f<span class=\"_ _0\"/>e<span class=\"_ _0\"/>r<span class=\"_ _28e\"> </span><span class=\"ff7d ls1d ws72\">7.8<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span>Foreign currency rev<span class=\"_ _2\"/>aluation of the<span class=\"_ _2\"/> net foreign operations<span class=\"_ _2a4\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _f\"> </span><span class=\"ls1d ws72\">(100.9)<span class=\"_ _341\"> </span></span></span>Foreign currency revaluation of borrowings<span class=\"_ _1f5\"> </span><span class=\"ff7d ws3\">\u2013<span class=\"_ _c7\"> </span><span class=\"ls1d ws72\">46.2<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s/(li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s) hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>ale (s<span class=\"_ _3\"/>ee N<span class=\"_ _3\"/>ote 32)<span class=\"_ _113\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _341\"> </span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _22f\"> </span><span class=\"ws72\">(1.0)<span class=\"_ _4e\"> </span>(122.4)<span class=\"_ _341\"> </span></span>23.<span class=\"_ _2\"/> <span class=\"_ _3a\"> </span>FINANCIAL<span class=\"_ _2\"/> RISK MANA<span class=\"_ _35\"/>GEMENT<span class=\"_ _341\"> </span>RISK MANA<span class=\"_ _35\"/>GEMENT OBJE<span class=\"_ _2\"/>CTIVES<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up h<span class=\"_ _3\"/>as exp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ure to t<span class=\"_ _3\"/>he fol<span class=\"_ _3\"/>lowi<span class=\"_ _3\"/>ng ri<span class=\"_ _3\"/>sks f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m its u<span class=\"_ _3\"/>se of f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span>\u2022  <span class=\"ls5f ws52\">Credit risk<span class=\"_ _341\"> </span></span>\u2022  <span class=\"ls5f ws52\">Liquidity risk<span class=\"_ _341\"> </span></span>\u2022  <span class=\"ls5f ws52\">Market risk<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e Boa<span class=\"_ _3\"/>rd of D<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s ha<span class=\"_ _3\"/>s over<span class=\"_ _3\"/>all r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pon<span class=\"_ _3\"/>sib<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y for th<span class=\"_ _3\"/>e es<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>sh<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t an<span class=\"_ _3\"/>d over<span class=\"_ _3\"/>sig<span class=\"_ _3\"/>ht of t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent f<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>mewo<span class=\"_ _3\"/>rk<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s risk ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt po<span class=\"_ _3\"/>lic<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s are e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>he<span class=\"_ _3\"/>d to ide<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>f<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>al<span class=\"_ _3\"/>yse th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>sks f<span class=\"_ _3\"/>ace<span class=\"_ _3\"/>d by th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up, to se<span class=\"_ _3\"/>t app<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>iate r<span class=\"_ _3\"/>isk l<span class=\"_ _3\"/>imi<span class=\"_ _3\"/>ts an<span class=\"_ _3\"/>d con<span class=\"_ _3\"/>tro<span class=\"_ _3\"/>ls a<span class=\"_ _3\"/>nd to mo<span class=\"_ _3\"/>nito<span class=\"_ _3\"/>r ri<span class=\"_ _3\"/>sks a<span class=\"_ _3\"/>nd ad<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nce to l<span class=\"_ _3\"/>imi<span class=\"_ _3\"/>ts. R<span class=\"_ _3\"/>isk m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt p<span class=\"_ _3\"/>oli<span class=\"_ _3\"/>cie<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d sys<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s are r<span class=\"_ _3\"/>eviewe<span class=\"_ _3\"/>d re<span class=\"_ _3\"/>gu<span class=\"_ _3\"/>la<span class=\"_ _3\"/>rly to r<span class=\"_ _3\"/>efl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t ch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s in ma<span class=\"_ _3\"/>rket c<span class=\"_ _3\"/>ond<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>ons a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s a<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s Audit Co<span class=\"_ _3\"/>mm<span class=\"_ _3\"/>it<span class=\"_ _3\"/>tee ove<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>es h<span class=\"_ _3\"/>ow man<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt m<span class=\"_ _3\"/>oni<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>lia<span class=\"_ _3\"/>nce w<span class=\"_ _3\"/>ith t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent p<span class=\"_ _3\"/>ol<span class=\"_ _3\"/>ici<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd pro<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>du<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s and r<span class=\"_ _3\"/>evie<span class=\"_ _3\"/>ws the a<span class=\"_ _3\"/>de<span class=\"_ _3\"/>qua<span class=\"_ _3\"/>cy of th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>sk ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t fr<span class=\"_ _3\"/>am<span class=\"_ _3\"/>ewor<span class=\"_ _3\"/>k in re<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on to th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>sks fa<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>d by the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up. Th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s Audit<span class=\"_ _3\"/> Com<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>tte<span class=\"_ _3\"/>e is a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n its ove<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>ht ro<span class=\"_ _3\"/>le by Inte<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al A<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>t. Inte<span class=\"_ _3\"/>r<span class=\"_ _3\"/>nal A<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>t und<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>kes bo<span class=\"_ _3\"/>th re<span class=\"_ _3\"/>gul<span class=\"_ _3\"/>ar a<span class=\"_ _3\"/>nd a<span class=\"_ _3\"/>d hoc r<span class=\"_ _3\"/>eview<span class=\"_ _3\"/>s of ri<span class=\"_ _3\"/>sk m<span class=\"_ _3\"/>ana<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt con<span class=\"_ _3\"/>tro<span class=\"_ _3\"/>ls a<span class=\"_ _3\"/>nd pr<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ure<span class=\"_ _3\"/>s, t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>ts of w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h ar<span class=\"_ _3\"/>e rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>ted to th<span class=\"_ _3\"/>e Aud<span class=\"_ _3\"/>it C<span class=\"_ _3\"/>omm<span class=\"_ _3\"/>it<span class=\"_ _3\"/>tee<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>CREDIT RISK<span class=\"_ _341\"> </span>Cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k is th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>sk of f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s to the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up if a c<span class=\"_ _3\"/>usto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r or c<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y to a fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t fai<span class=\"_ _3\"/>ls to me<span class=\"_ _3\"/>et i<span class=\"_ _3\"/>ts co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>l obligations,<span class=\"_ _2\"/> and arises principally from<span class=\"_ _2\"/> the Group<span class=\"_ _2\"/>\u2019<span class=\"_ _2\"/>s receivables from<span class=\"_ _2\"/> customers.<span class=\"_ _341\"> </span>TRADE AND<span class=\"_ _35\"/> OTHER RE<span class=\"_ _2\"/>CEIVABL<span class=\"_ _2\"/>ES<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s exposu<span class=\"_ _3\"/>re to cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it r<span class=\"_ _3\"/>isk i<span class=\"_ _3\"/>s inf<span class=\"_ _3\"/>lue<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ed m<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>nly by th<span class=\"_ _3\"/>e ind<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>dua<span class=\"_ _3\"/>l ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ist<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>s of ea<span class=\"_ _3\"/>ch cu<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r<span class=\"_ _35\"/>. T<span class=\"_ _3\"/>he d<span class=\"_ _3\"/>em<span class=\"_ _3\"/>og<span class=\"_ _3\"/>rap<span class=\"_ _3\"/>hi<span class=\"_ _3\"/>cs of t<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>oup\u2019s custom<span class=\"_ _3\"/>er b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e, inc<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>ding t<span class=\"_ _3\"/>he de<span class=\"_ _3\"/>fau<span class=\"_ _3\"/>lt r<span class=\"_ _3\"/>isk of t<span class=\"_ _3\"/>he in<span class=\"_ _3\"/>dus<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>nd c<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>y i<span class=\"_ _3\"/>n whi<span class=\"_ _3\"/>ch c<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tome<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te, ha<span class=\"_ _3\"/>s le<span class=\"_ _3\"/>ss i<span class=\"_ _3\"/>nfl<span class=\"_ _3\"/>uen<span class=\"_ _3\"/>ce o<span class=\"_ _3\"/>n cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk<span class=\"_ _3\"/>. No si<span class=\"_ _3\"/>ngl<span class=\"_ _3\"/>e cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts fo<span class=\"_ _3\"/>r a sig<span class=\"_ _3\"/>nif<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t pro<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s revenue.<span class=\"_ _341\"> </span>Eac<span class=\"_ _3\"/>h new c<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tome<span class=\"_ _3\"/>r is a<span class=\"_ _3\"/>na<span class=\"_ _3\"/>lys<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>vid<span class=\"_ _3\"/>ual<span class=\"_ _3\"/>ly fo<span class=\"_ _3\"/>r cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>two<span class=\"_ _3\"/>r<span class=\"_ _3\"/>th<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>ss b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s stan<span class=\"_ _3\"/>da<span class=\"_ _3\"/>rd pay<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd de<span class=\"_ _3\"/>live<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>s and c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s are o<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>ed. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s rev<span class=\"_ _3\"/>iew in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>s ex<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>nal r<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s, wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e availa<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e, an<span class=\"_ _3\"/>d in so<span class=\"_ _3\"/>me c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es b<span class=\"_ _3\"/>ank r<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s. Pu<span class=\"_ _3\"/>rch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e lim<span class=\"_ _3\"/>its a<span class=\"_ _3\"/>re es<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>she<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r eac<span class=\"_ _3\"/>h cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er, which r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>sen<span class=\"_ _3\"/>ts th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>x<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m op<span class=\"_ _3\"/>en a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt wi<span class=\"_ _3\"/>tho<span class=\"_ _3\"/>ut re<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>iri<span class=\"_ _3\"/>ng ap<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>oval fr<span class=\"_ _3\"/>om th<span class=\"_ _3\"/>e Bo<span class=\"_ _3\"/>ard o<span class=\"_ _3\"/>f Dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s.<span class=\"_ _3\"/> Cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t fa<span class=\"_ _3\"/>il to me<span class=\"_ _3\"/>et th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s benc<span class=\"_ _3\"/>hma<span class=\"_ _3\"/>rk c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>wo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ss m<span class=\"_ _3\"/>ay tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t wi<span class=\"_ _3\"/>th the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up on<span class=\"_ _3\"/>ly on a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t ba<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span> Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>19<span class=\"_ _36\"/>8<span class=\"_ _341\"> </span><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:856.63116px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s the IFR<span class=\"_ _3\"/>S 9 si<span class=\"_ _3\"/>mpl<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>roa<span class=\"_ _3\"/>ch in e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>hin<span class=\"_ _3\"/>g an a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e for ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es (<span class=\"_ _3\"/>ECL<span class=\"_ _3\"/>s). The G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up the<span class=\"_ _3\"/>re<span class=\"_ _3\"/>for<span class=\"_ _3\"/>e </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:843.63116px;\">doe<span class=\"_ _3\"/>s no<span class=\"_ _3\"/>t tra<span class=\"_ _3\"/>ck ch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s in cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it ri<span class=\"_ _3\"/>sk b<span class=\"_ _3\"/>ut in<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>ad re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>s a lo<span class=\"_ _3\"/>ss a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on li<span class=\"_ _3\"/>feti<span class=\"_ _3\"/>me ECL<span class=\"_ _3\"/>s at e<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>h rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tin<span class=\"_ _3\"/>g date. A p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:830.63116px;\">mat<span class=\"_ _3\"/>rix i<span class=\"_ _3\"/>s us<span class=\"_ _3\"/>ed to c<span class=\"_ _3\"/>al<span class=\"_ _3\"/>cul<span class=\"_ _3\"/>ate lif<span class=\"_ _3\"/>etim<span class=\"_ _3\"/>e ECL<span class=\"_ _3\"/>s wh<span class=\"_ _3\"/>ich t<span class=\"_ _3\"/>ake<span class=\"_ _3\"/>s into a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s his<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>al c<span class=\"_ _3\"/>red<span class=\"_ _3\"/>it lo<span class=\"_ _3\"/>ss ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d for hi<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>cal<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:817.63116px;\">con<span class=\"_ _3\"/>di<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t ar<span class=\"_ _3\"/>e not re<span class=\"_ _3\"/>leva<span class=\"_ _3\"/>nt to fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>shf<span class=\"_ _3\"/>lows a<span class=\"_ _3\"/>nd f<span class=\"_ _3\"/>or<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd lo<span class=\"_ _3\"/>ok<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>c to the d<span class=\"_ _3\"/>ebto<span class=\"_ _3\"/>r an<span class=\"_ _3\"/>d ec<span class=\"_ _3\"/>on<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>c envi<span class=\"_ _3\"/>ron<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls31 ws31\" style=\"left:0.0031280518px; bottom:794.876px;\">INVESTMENT<span class=\"_ _2\"/>S<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:781.876px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up li<span class=\"_ _3\"/>mit<span class=\"_ _3\"/>s it<span class=\"_ _3\"/>s expo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re to cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk th<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>gh a tr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>su<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y po<span class=\"_ _3\"/>lic<span class=\"_ _3\"/>y that i<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ose<span class=\"_ _3\"/>s gr<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>uate<span class=\"_ _3\"/>d lim<span class=\"_ _3\"/>its o<span class=\"_ _3\"/>n the a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt of f<span class=\"_ _3\"/>un<span class=\"_ _3\"/>ds th<span class=\"_ _3\"/>at ca<span class=\"_ _3\"/>n be<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:768.876px;\">dep<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ite<span class=\"_ _3\"/>d wit<span class=\"_ _3\"/>h cou<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>rpa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ies by r<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nce to t<span class=\"_ _3\"/>he co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>tie<span class=\"_ _3\"/>s\u2019 cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t rat<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>s def<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d by St<span class=\"_ _3\"/>an<span class=\"_ _3\"/>da<span class=\"_ _3\"/>rd &amp; Poo<span class=\"_ _3\"/>r\u2019s or Moo<span class=\"_ _3\"/>dy<span class=\"_ _3\"/>\u2019<span class=\"_ _2\"/>s.<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:755.876px;\">Man<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent d<span class=\"_ _3\"/>oe<span class=\"_ _3\"/>s not ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct a<span class=\"_ _3\"/>ny co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y to fail to m<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t it<span class=\"_ _3\"/>s obli<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 lsc6 ws3\" style=\"left:0.0031280518px; bottom:733.12085px;\">E<span class=\"_ _3\"/>XP<span class=\"_ _3\"/>OS<span class=\"_ _3\"/>U<span class=\"_ _3\"/>R<span class=\"_ _3\"/>E TO C<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ED<span class=\"_ _3\"/>IT R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:720.12085px;\">Th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>y<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g amo<span class=\"_ _3\"/>unt o<span class=\"_ _3\"/>f fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>res<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>x<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t expo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re. T<span class=\"_ _3\"/>he ma<span class=\"_ _0\"/>xim<span class=\"_ _3\"/>um exp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ure to c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k at the r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 lsb5 wsad\" style=\"left:0.0031280518px; bottom:707.12085px;\">date<span class=\"_ _3\"/> was:<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf3 ws4\" style=\"left:530.61346px; bottom:684.7926px;\">Carr<span class=\"_ _3\"/>ying amount<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:547.41064px; bottom:670.9242px;\">2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls159 ws15a\" style=\"left:555.8129px; bottom:659.2216px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:613.05273px; bottom:670.9242px;\">2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:623.6286px; bottom:659.2216px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls17 ws1c\" style=\"left:0.0031280518px; bottom:644.4297px;\">T<span class=\"_ _35\"/>rade receiv<span class=\"_ _2\"/>ables<span class=\"_ _27c\"> </span><span class=\"ff7d ls1d ws72\">77.5<span class=\"_ _64\"> </span><span class=\"ff7c\">110.6<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:629.6305px;\">Cas<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>vale<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _1b2\"> </span><span class=\"ff7d ws72\">54.9<span class=\"_ _c7\"> </span><span class=\"ff7c\">84.6<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7d fs1 fc2 sc0 ls1d ws72\" style=\"left:545.2472px; bottom:614.8313px;\">132.4<span class=\"_ _64\"> </span><span class=\"ff7c\">195.2<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:586.76166px;\">Th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>xi<span class=\"_ _3\"/>mum ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re to cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk fo<span class=\"_ _3\"/>r tra<span class=\"_ _3\"/>de re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s at t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g date by g<span class=\"_ _3\"/>eo<span class=\"_ _3\"/>gr<span class=\"_ _3\"/>ap<span class=\"_ _3\"/>hic re<span class=\"_ _3\"/>gi<span class=\"_ _3\"/>on wa<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf3 ws4\" style=\"left:530.61346px; bottom:564.44525px;\">Carr<span class=\"_ _3\"/>ying amount<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:547.41064px; bottom:550.57684px;\">2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls159 ws15a\" style=\"left:555.8129px; bottom:538.8742px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:613.05273px; bottom:550.57684px;\">2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:623.6286px; bottom:538.8742px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls5f ws52\" style=\"left:0.0031280518px; bottom:524.08234px;\">Nor<span class=\"_ _3\"/>th America<span class=\"_ _2ad\"> </span><span class=\"ff7d ls1d ws72\">25.5<span class=\"_ _14\"> </span><span class=\"ff7c\">36.3<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:509.28308px;\">Euro<span class=\"_ _3\"/>pe<span class=\"_ _2a3\"> </span><span class=\"ff7d\">27.2<span class=\"_ _14\"> </span></span>39.5<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:494.4839px;\">Re<span class=\"_ _3\"/>st of th<span class=\"_ _3\"/>e Worl<span class=\"_ _3\"/>d<span class=\"_ _279\"> </span><span class=\"ff7d ws72\">24.8<span class=\"_ _14\"> </span><span class=\"ff7c\">34.8<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7d fs1 fc2 sc0 ls1d ws72\" style=\"left:551.57074px; bottom:479.68472px;\">77.5<span class=\"_ _64\"> </span><span class=\"ff7c\">110.6<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls8a ws50\" style=\"left:0.0031280518px; bottom:452.93045px;\">EXPEC<span class=\"_ _2\"/>TED CRE<span class=\"_ _2\"/>DIT L<span class=\"_ _35\"/>OSSES<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:439.93045px;\">Set o<span class=\"_ _3\"/>ut b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow is the i<span class=\"_ _3\"/>nfo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n ab<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>t the c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit r<span class=\"_ _3\"/>isk ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>e on th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s trade r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>vabl<span class=\"_ _3\"/>es u<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g a pr<span class=\"_ _3\"/>ovis<span class=\"_ _3\"/>ion m<span class=\"_ _3\"/>atr<span class=\"_ _3\"/>ix:<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws41\" style=\"left:244.64194px; bottom:395.13037px;\">G<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls159 ws15a\" style=\"left:290.14258px; bottom:383.42776px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:322.15768px; bottom:406.82388px;\">E<span class=\"_ _42\"> </span>x<span class=\"_ _36\"> </span>p<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>d </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls94 ws88\" style=\"left:313.3988px; bottom:395.12128px;\">credit l<span class=\"_ _2\"/>oss<span class=\"_ _1\"/> </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls11 ws155\" style=\"left:350.5814px; bottom:383.41867px;\">rate<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:388.94998px; bottom:418.51736px;\">E<span class=\"_ _42\"> </span>x<span class=\"_ _36\"> </span>p<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>d </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls94 ws88\" style=\"left:379.90863px; bottom:406.81476px;\">credit l<span class=\"_ _2\"/>oss<span class=\"_ _1\"/> </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:414.19223px; bottom:395.11218px;\">2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls159 ws15a\" style=\"left:423.8186px; bottom:383.40958px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls1c6 ws5c\" style=\"left:446.38788px; bottom:395.11218px;\">Gross 202<span class=\"_ _2\"/>1<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:489.88306px; bottom:383.40958px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsdf wsd6\" style=\"left:523.4628px; bottom:406.80566px;\">Expected<span class=\"_ _3f\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls15c wsa9\" style=\"left:516.61426px; bottom:395.10306px;\">credit loss<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsf0 ws15f\" style=\"left:551.57074px; bottom:383.40048px;\">rate<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lsdf wsd6\" style=\"left:589.93634px; bottom:418.49918px;\">Expected<span class=\"_ _3f\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls15c wsa9\" style=\"left:583.5539px; bottom:406.79657px;\">credit loss<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:613.05273px; bottom:395.09396px;\">2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:623.6286px; bottom:383.39136px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:368.6348px;\">Not p<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t due<span class=\"_ _1fd\"> </span><span class=\"ff7d ws72\">67.9<span class=\"_ _29\"> </span>0.1%<span class=\"_ _15\"> </span>(0.1)<span class=\"_ _94\"> </span><span class=\"ff7c\">97.7<span class=\"_ _29\"> </span>0.1%<span class=\"_ _a\"> </span>(0.1)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:353.8356px;\">Pas<span class=\"_ _3\"/>t due 0<span class=\"_ _3\"/>-<span class=\"_ _3\"/>30 d<span class=\"_ _3\"/>ays<span class=\"_ _f8\"> </span><span class=\"ff7d ws72\">6.3<span class=\"_ _29\"> </span>0.0%<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ff7c\">9.3<span class=\"_ _29\"> </span>0.0%<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:339.0364px;\">Pas<span class=\"_ _3\"/>t due 31<span class=\"_ _2\"/>-<span class=\"_ _35\"/>120 days<span class=\"_ _25d\"> </span><span class=\"ff7d ws72\">3.2<span class=\"_ _29\"> </span>0.0%<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ff7c\">2.6<span class=\"_ _29\"> </span>0.0%<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:324.2372px;\">Pas<span class=\"_ _3\"/>t due &gt; 12<span class=\"_ _2\"/>1 day<span class=\"_ _3\"/>s<span class=\"_ _121\"> </span><span class=\"ff7d ws72\">1.6<span class=\"_ _166\"> </span>87.5%<span class=\"_ _15\"> </span>(1.4)<span class=\"_ _26\"> </span><span class=\"ff7c\">2.6<span class=\"_ _166\"> </span>62.0%<span class=\"_ _a\"> </span>(1.6)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls17 wsae\" style=\"left:0.0031280518px; bottom:309.43802px;\">T<span class=\"_ _35\"/>otal<span class=\"_ _2ae\"> </span><span class=\"ff7d ls1d ws72\">79.0<span class=\"_ _a4\"> </span>(1.5)<span class=\"_ _9b\"> </span><span class=\"ff7c\">112.2<span class=\"_ _2af\"> </span>(1.7)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:281.3684px;\">Th<span class=\"_ _3\"/>e movem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t in the a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e for ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es d<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r was a<span class=\"_ _3\"/>s fol<span class=\"_ _3\"/>lows:<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:547.41064px; bottom:259.98743px;\">2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls159 ws15a\" style=\"left:555.8129px; bottom:248.28485px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:613.05273px; bottom:259.98743px;\">2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:623.6286px; bottom:248.28485px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:233.49188px;\">Bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce at 1 J<span class=\"_ _3\"/>an<span class=\"_ _3\"/>uar<span class=\"_ _0\"/>y<span class=\"_ _2b0\"> </span><span class=\"ff7d ws72\">1.7<span class=\"_ _74\"> </span><span class=\"ff7c\">1.8<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:218.69267px;\">Rel<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t \u2013 adm<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>str<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ve expe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>es<span class=\"_ _2b1\"> </span><span class=\"ff7d ws72\">0.5<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:203.89348px;\">Am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts w<span class=\"_ _3\"/>rit<span class=\"_ _3\"/>te<span class=\"_ _3\"/>n of<span class=\"_ _3\"/>f<span class=\"_ _24d\"> </span><span class=\"ff7d ws72\">(0.5)<span class=\"_ _82\"> </span><span class=\"ff7c\">(0.1)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:189.09428px;\">T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _2b2\"> </span><span class=\"ff7d ws72\">(0.2)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:0.0031280518px; bottom:174.29507px;\">Balance at 3<span class=\"_ _2\"/>1 Decembe<span class=\"_ _3\"/>r<span class=\"_ _2b3\"> </span><span class=\"ff7d ls1d ws72\">1.5<span class=\"_ _74\"> </span><span class=\"ff7c\">1.7<span class=\"_ _341\"> </span></span></span></div><div class=\"t m1 h14 ff76 fsa fc2 sc0 ls29 ws2b\" style=\"left:683.15704px; bottom:987.8535px;\">STRA<span class=\"_ _2\"/>TEGIC REPORT<span class=\"_ _37\"> </span>CORPORA<span class=\"_ _2\"/>TE GOVERNANCE<span class=\"_ _341\"> </span></div><div class=\"t m1 h14 ff76 fsa fc0 sc0 ls2a ws2c\" style=\"left:683.15704px; bottom:502.22968px;\">FINANCIAL<span class=\"_ _2\"/> ST<span class=\"_ _2\"/>A<span class=\"_ _2\"/>TEMENTS<span class=\"_ _38\"> </span><span class=\"fc2 ls29 ws2b\">SHAREHOLDER INFORMA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span></span></div><div class=\"t m0 hf ff77 fs2 fc2 sc0 ls3 ws3\" style=\"left:250.9307px; bottom:1.7575188px;\">An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff76 fs2 fc2 sc0 ls22 ws24\" style=\"left:290.14258px; bottom:12.814018px;\">Elementis plc<span class=\"_ _341\"> </span></div><div class=\"t m0 h15 ff7e fsb fc2 sc0 lsa2 ws94\" style=\"left:305.0112px; bottom:1023.4347px;\">19<span class=\"_ _36\"/>9<span class=\"_ _341\"> </span></div>23.<span class=\"_ _2\"/> <span class=\"_ _3a\"> </span>FINANCIAL<span class=\"_ _2\"/> RISK MANA<span class=\"_ _35\"/>GEMENT CON<span class=\"_ _2\"/>TINUED<span class=\"_ _341\"> </span>LIQUIDITY RISK<span class=\"_ _341\"> </span>Liq<span class=\"_ _3\"/>uid<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y ri<span class=\"_ _3\"/>sk i<span class=\"_ _3\"/>s the r<span class=\"_ _3\"/>isk t<span class=\"_ _3\"/>hat t<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>p will n<span class=\"_ _3\"/>ot be a<span class=\"_ _3\"/>ble to m<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t it<span class=\"_ _3\"/>s fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>s they f<span class=\"_ _3\"/>all d<span class=\"_ _3\"/>ue. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s ap<span class=\"_ _3\"/>pro<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>h to man<span class=\"_ _3\"/>agi<span class=\"_ _3\"/>ng liq<span class=\"_ _3\"/>uidi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y is to e<span class=\"_ _3\"/>nsu<span class=\"_ _3\"/>re, a<span class=\"_ _3\"/>s fa<span class=\"_ _3\"/>r as p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>sib<span class=\"_ _3\"/>le, th<span class=\"_ _3\"/>at it w<span class=\"_ _3\"/>ill a<span class=\"_ _3\"/>lways have s<span class=\"_ _3\"/>uf<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>ien<span class=\"_ _3\"/>t liq<span class=\"_ _3\"/>uid<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y to me<span class=\"_ _3\"/>et i<span class=\"_ _3\"/>ts lia<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>n due, u<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>r bo<span class=\"_ _3\"/>th no<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>nd str<span class=\"_ _3\"/>es<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns, w<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>t inc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g una<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>tab<span class=\"_ _3\"/>le l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s or r<span class=\"_ _3\"/>isk<span class=\"_ _3\"/>ing d<span class=\"_ _3\"/>am<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>e to the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s rep<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s fun<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g po<span class=\"_ _3\"/>licy i<span class=\"_ _3\"/>s to have co<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ted b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ngs i<span class=\"_ _3\"/>n pla<span class=\"_ _3\"/>ce to c<span class=\"_ _3\"/>over at l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>st 125<span class=\"_ _35\"/>% of th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>x<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m for<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t net b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s for th<span class=\"_ _3\"/>e nex<span class=\"_ _3\"/>t 12 month p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>iod<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e com<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>tte<span class=\"_ _3\"/>d fa<span class=\"_ _3\"/>cili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s at 31 De<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er we<span class=\"_ _3\"/>re as f<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l committed<span class=\"_ _1\"/> facilities<span class=\"_ _1\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>Undrawn<span class=\"_ _1\"/> committed<span class=\"_ _1\"/> facilities<span class=\"_ _1\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>Drawn<span class=\"_ _3f\"/> committed<span class=\"_ _1\"/> Facilities<span class=\"_ _1\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l committed<span class=\"_ _1\"/> facilities<span class=\"_ _35\"/> 2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Undrawn<span class=\"_ _1\"/> committed<span class=\"_ _1\"/> facilitie<span class=\"_ _3\"/>s<span class=\"_ _1\"/> 2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>D<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>a<span class=\"_ _36\"/>w<span class=\"_ _36\"/>n committed<span class=\"_ _1\"/> Facilities<span class=\"_ _1\"/> 2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>US do<span class=\"_ _3\"/>lla<span class=\"_ _3\"/>r ter<span class=\"_ _3\"/>m loa<span class=\"_ _3\"/>n<span class=\"_ _58\"> </span><span class=\"ff7d ws72\">150.0<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>150.0<span class=\"_ _4b\"> </span><span class=\"ff7c\">200.0<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ws72\">200.0<span class=\"_ _341\"> </span></span>Euro te<span class=\"_ _3\"/>rm l<span class=\"_ _3\"/>oa<span class=\"_ _3\"/>n<span class=\"_ _f6\"> </span><span class=\"ff7d ws72\">152.5<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>152.5<span class=\"_ _4b\"> </span><span class=\"ff7c\">195.6<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ws72\">195.6<span class=\"_ _341\"> </span></span>RCFs<span class=\"_ _26e\"> </span><span class=\"ff7d ls1d ws72\">408.5<span class=\"_ _64\"> </span>291.9<span class=\"_ _64\"> </span>116.6<span class=\"_ _64\"> </span><span class=\"ff7c\">375.0<span class=\"_ _4b\"> </span>285.0<span class=\"_ _14\"> </span>90.0<span class=\"_ _341\"> </span></span></span>Lin<span class=\"_ _3\"/>es of c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit<span class=\"_ _132\"> </span><span class=\"ff7d ws72\">22.4<span class=\"_ _82\"> </span>22.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _14\"> </span></span><span class=\"ff7c\">45.3<span class=\"_ _14\"> </span>45.3<span class=\"_ _182\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>otal<span class=\"_ _2b4\"> </span><span class=\"ff7d ls1d ws72\">733.4<span class=\"_ _64\"> </span>314.3<span class=\"_ _64\"> </span>419.1<span class=\"_ _4b\"> </span><span class=\"ff7c\">815.9<span class=\"_ _64\"> </span>330.3<span class=\"_ _64\"> </span>485.6<span class=\"_ _341\"> </span></span></span>of whi<span class=\"_ _3\"/>ch ex<span class=\"_ _3\"/>pir<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ter m<span class=\"_ _3\"/>ore t<span class=\"_ _3\"/>han 1 ye<span class=\"_ _3\"/>ar<span class=\"_ _13f\"> </span><span class=\"ff7d ws72\">301.9<span class=\"_ _2b5\"> </span><span class=\"ff7c\">295.0<span class=\"_ _341\"> </span></span></span>In ad<span class=\"_ _3\"/>diti<span class=\"_ _3\"/>on, s<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e sup<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s have a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s to uti<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>e the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s sup<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>er f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>og<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>mme<span class=\"_ _3\"/>s, w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h are p<span class=\"_ _3\"/>rov<span class=\"_ _3\"/>ide<span class=\"_ _3\"/>d by Sa<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>and<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>nd U<span class=\"_ _3\"/>S Ban<span class=\"_ _3\"/>k. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re is n<span class=\"_ _3\"/>o co<span class=\"_ _3\"/>st to th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup fo<span class=\"_ _3\"/>r pr<span class=\"_ _3\"/>ovid<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ogr<span class=\"_ _3\"/>am<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s as t<span class=\"_ _3\"/>he co<span class=\"_ _3\"/>st i<span class=\"_ _3\"/>s bo<span class=\"_ _3\"/>rne by t<span class=\"_ _3\"/>he su<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e pro<span class=\"_ _3\"/>gr<span class=\"_ _3\"/>am<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s all<span class=\"_ _3\"/>ow sup<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s to ch<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>se wh<span class=\"_ _3\"/>eth<span class=\"_ _3\"/>er t<span class=\"_ _3\"/>hey wan<span class=\"_ _3\"/>t to ac<span class=\"_ _3\"/>cel<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ate th<span class=\"_ _3\"/>e pay<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t of the<span class=\"_ _3\"/>ir i<span class=\"_ _3\"/>nvoic<span class=\"_ _3\"/>es, by t<span class=\"_ _3\"/>he f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>ng ba<span class=\"_ _3\"/>nks<span class=\"_ _3\"/>, at a low i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t co<span class=\"_ _3\"/>st. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/> am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndin<span class=\"_ _3\"/>g to the b<span class=\"_ _3\"/>ank<span class=\"_ _3\"/>s are p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d wit<span class=\"_ _3\"/>hin tr<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>e and o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>shf<span class=\"_ _3\"/>low<span class=\"_ _3\"/>s are p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d with c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ows fr<span class=\"_ _3\"/>om ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g ac<span class=\"_ _3\"/>tivi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s. At th<span class=\"_ _3\"/>e en<span class=\"_ _3\"/>d of the p<span class=\"_ _3\"/>e<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>d, the to<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l fac<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y w<span class=\"_ _3\"/>ith S<span class=\"_ _3\"/>ant<span class=\"_ _3\"/>an<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r was $1<span class=\"_ _2\"/>5.9<span class=\"_ _3\"/>m (20<span class=\"_ _3\"/>21 $<span class=\"_ _2\"/>1<span class=\"_ _2\"/>4.9<span class=\"_ _3\"/>m) with t<span class=\"_ _3\"/>he ne<span class=\"_ _3\"/>t bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng of $n<span class=\"_ _3\"/>il (2021<span class=\"_ _2\"/>: $6<span class=\"_ _3\"/>.2m) an<span class=\"_ _3\"/>d the to<span class=\"_ _3\"/>tal f<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y w<span class=\"_ _3\"/>ith US B<span class=\"_ _3\"/>an<span class=\"_ _3\"/>k was $1<span class=\"_ _2\"/>.5m (<span class=\"_ _3\"/>2021<span class=\"_ _35\"/>: $1<span class=\"_ _2\"/>.5<span class=\"_ _3\"/>m) with th<span class=\"_ _3\"/>e ne<span class=\"_ _3\"/>t bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng of $<span class=\"_ _3\"/>0.5<span class=\"_ _3\"/>m (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>0.6<span class=\"_ _3\"/>m). E<span class=\"_ _3\"/>XP<span class=\"_ _3\"/>OS<span class=\"_ _3\"/>U<span class=\"_ _3\"/>R<span class=\"_ _3\"/>E TO LI<span class=\"_ _3\"/>Q<span class=\"_ _3\"/>UI<span class=\"_ _3\"/>D<span class=\"_ _3\"/>IT<span class=\"_ _3\"/>Y R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>The maturity analyses for financial liabilities showing<span class=\"_ _2\"/> the anticipated remaining contractual undiscount<span class=\"_ _2\"/>ed cash flows, including future inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st pay<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts<span class=\"_ _3\"/>, at cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t yea<span class=\"_ _3\"/>r excha<span class=\"_ _3\"/>nge r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>sum<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>lo<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ates r<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ain a<span class=\"_ _3\"/>t the l<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>st f<span class=\"_ _3\"/>ixi<span class=\"_ _3\"/>ng ra<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>re:<span class=\"_ _341\"> </span>31 De<span class=\"_ _3\"/>c<span class=\"_ _3\"/>em<span class=\"_ _3\"/>b<span class=\"_ _3\"/>er 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>2<span class=\"_ _3\"/>2<span class=\"_ _341\"> </span>Within 1<span class=\"_ _3f\"/> y<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>r $m<span class=\"_ _341\"> </span>1 to 2<span class=\"_ _1\"/> y<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>2 to 5<span class=\"_ _1\"/> y<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>A<span class=\"_ _36\"> </span>f<span class=\"_ _42\"> </span>t<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>r<span class=\"_ _36\"> </span> 5 y<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l $m<span class=\"_ _341\"> </span>Ba<span class=\"_ _3\"/>nk ove<span class=\"_ _3\"/>rd<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>f<span class=\"_ _3\"/>t<span class=\"_ _3\"/>s<span class=\"_ _2b6\"> </span><span class=\"ff7d ls1d ws72\">2.7<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span>2.7<span class=\"_ _341\"> </span></span>Secured bank loan<span class=\"_ _28c\"> </span><span class=\"ff7d ls1d ws72\">132.0<span class=\"_ _14\"> </span>15.2<span class=\"_ _4b\"> </span>325.2<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>472.4<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s<span class=\"_ _186\"> </span><span class=\"ff7d ws72\">135.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _64\"> </span></span>135.4<span class=\"_ _341\"> </span></span>Leas<span class=\"_ _3\"/>e liabilities<span class=\"_ _2b7\"> </span><span class=\"ff7d ls1d ws72\">6.1<span class=\"_ _74\"> </span>5.0<span class=\"_ _14\"> </span>11.7<span class=\"_ _14\"> </span>21.2<span class=\"_ _14\"> </span>44.0<span class=\"_ _341\"> </span></span>TO<span class=\"_ _2\"/>T<span class=\"_ _35\"/>AL NON-DERIV<span class=\"_ _35\"/>A<span class=\"_ _35\"/>TIVE FINANC<span class=\"_ _2\"/>IAL LIABIL<span class=\"_ _2\"/>ITIES<span class=\"_ _9c\"> </span><span class=\"ls1d ws72\">276.2<span class=\"_ _14\"> </span>20.2<span class=\"_ _64\"> </span>336.9<span class=\"_ _14\"> </span>21.2<span class=\"_ _4b\"> </span>654.5<span class=\"_ _341\"> </span></span>Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>te swap<span class=\"_ _3\"/>s<span class=\"_ _2b8\"> </span><span class=\"ff7d ws72\">1.1<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span>1.1<span class=\"_ _341\"> </span></span>Commodity swap<span class=\"_ _2\"/> contracts<span class=\"_ _205\"> </span><span class=\"ff7d ls1d ws72\">10.3<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _14\"> </span></span>10.3<span class=\"_ _341\"> </span></span>Cro<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy swa<span class=\"_ _3\"/>ps \u2013 ou<span class=\"_ _3\"/>t<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ow<span class=\"_ _2b9\"> </span><span class=\"ff7d ws72\">106.7<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _64\"> </span></span>106.7<span class=\"_ _341\"> </span></span>Cro<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy swa<span class=\"_ _3\"/>ps \u2013 in<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ow<span class=\"_ _52\"> </span><span class=\"ff7d ws72\">(109.8)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _31\"> </span></span>(109.8)<span class=\"_ _341\"> </span></span>For<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd exch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts \u2013 ou<span class=\"_ _3\"/>t<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ow<span class=\"_ _1a1\"> </span><span class=\"ff7d ws72\">106.7<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _64\"> </span></span>106.7<span class=\"_ _341\"> </span></span>For<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd exch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts \u2013 in<span class=\"_ _3\"/>flow<span class=\"_ _2a7\"> </span><span class=\"ff7d ws72\">(108.9)<span class=\"_ _12\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _f\"> </span></span>(108.9)<span class=\"_ _341\"> </span></span>TO<span class=\"_ _2\"/>T<span class=\"_ _35\"/>AL DERIV<span class=\"_ _35\"/>A<span class=\"_ _35\"/>TIVE FINANCI<span class=\"_ _2\"/>AL LIABIL<span class=\"_ _2\"/>ITIES<span class=\"_ _1df\"> </span><span class=\"ls1d ws72\">6.1<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span>6.1<span class=\"_ _341\"> </span></span>MARKET RISK<span class=\"_ _341\"> </span>Ma<span class=\"_ _3\"/>rket r<span class=\"_ _3\"/>isk i<span class=\"_ _3\"/>s the r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k tha<span class=\"_ _3\"/>t cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es in m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, su<span class=\"_ _3\"/>ch a<span class=\"_ _3\"/>s fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n excha<span class=\"_ _3\"/>nge r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>tes<span class=\"_ _3\"/>, will a<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>t th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s incom<span class=\"_ _3\"/>e or the va<span class=\"_ _3\"/>lue of i<span class=\"_ _3\"/>ts h<span class=\"_ _3\"/>old<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s of fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts. T<span class=\"_ _3\"/>he o<span class=\"_ _3\"/>bje<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ive of ma<span class=\"_ _3\"/>rke<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is to ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ol ma<span class=\"_ _3\"/>rke<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k exp<span class=\"_ _3\"/>osu<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s within acceptable parameters, whi<span class=\"_ _2\"/>lst optimising t<span class=\"_ _2\"/>he return on risk.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s de<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>s in th<span class=\"_ _3\"/>e ord<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y c<span class=\"_ _3\"/>our<span class=\"_ _3\"/>s<span class=\"_ _3\"/>e of bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>nd al<span class=\"_ _3\"/>so i<span class=\"_ _3\"/>ncu<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es, i<span class=\"_ _3\"/>n or<span class=\"_ _3\"/>der to m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket r<span class=\"_ _3\"/>isks<span class=\"_ _3\"/>. Al<span class=\"_ _3\"/>l suc<span class=\"_ _3\"/>h tr<span class=\"_ _3\"/>ans<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ons a<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>ut wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n the gu<span class=\"_ _3\"/>id<span class=\"_ _3\"/>elin<span class=\"_ _3\"/>es s<span class=\"_ _3\"/>et by th<span class=\"_ _3\"/>e Boa<span class=\"_ _3\"/>rd.<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>An<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>al R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t a<span class=\"_ _3\"/>nd A<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Elementis plc<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>0<span class=\"_ _341\"> </span>MA<span class=\"_ _3\"/>R<span class=\"_ _3\"/>K<span class=\"_ _3\"/>ET R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K \u2013 CU<span class=\"_ _3\"/>R<span class=\"_ _3\"/>RE<span class=\"_ _3\"/>N<span class=\"_ _3\"/>CY R<span class=\"_ _3\"/>IS<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up i<span class=\"_ _3\"/>s expo<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to cu<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>y ri<span class=\"_ _3\"/>sk on s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, pur<span class=\"_ _3\"/>cha<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>nd bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>gs th<span class=\"_ _3\"/>at a<span class=\"_ _3\"/>re de<span class=\"_ _3\"/>nom<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n a fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r tha<span class=\"_ _3\"/>n the<span class=\"_ _3\"/> res<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive fu<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>nal c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>es o<span class=\"_ _3\"/>f Gro<span class=\"_ _3\"/>up e<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s, pr<span class=\"_ _3\"/>im<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ily t<span class=\"_ _3\"/>he US d<span class=\"_ _3\"/>olla<span class=\"_ _3\"/>r a<span class=\"_ _3\"/>nd the e<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>o. The G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es u<span class=\"_ _3\"/>p to 1<span class=\"_ _2\"/>0<span class=\"_ _3\"/>0% of cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd fore<span class=\"_ _3\"/>c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t tra<span class=\"_ _3\"/>de re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d tr<span class=\"_ _3\"/>ade p<span class=\"_ _3\"/>ayabl<span class=\"_ _3\"/>es d<span class=\"_ _3\"/>en<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>nate<span class=\"_ _3\"/>d in a fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ign c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>cy. The Gr<span class=\"_ _3\"/>oup u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s for<span class=\"_ _0\"/>war<span class=\"_ _3\"/>d excha<span class=\"_ _3\"/>nge c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s to hed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/> its c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy r<span class=\"_ _3\"/>isk<span class=\"_ _3\"/>, wi<span class=\"_ _3\"/>th a ma<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y of le<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>n one ye<span class=\"_ _3\"/>ar f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m the re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ng da<span class=\"_ _3\"/>te.<span class=\"_ _341\"> </span>Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st on b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s is de<span class=\"_ _3\"/>no<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ated i<span class=\"_ _3\"/>n cu<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t matc<span class=\"_ _3\"/>h the c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ows ge<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ted by th<span class=\"_ _3\"/>e und<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ly<span class=\"_ _3\"/>ing o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up, pr<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ly US d<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar<span class=\"_ _2\"/>, bu<span class=\"_ _3\"/>t al<span class=\"_ _3\"/>so e<span class=\"_ _3\"/>uro a<span class=\"_ _3\"/>nd p<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ds s<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>lin<span class=\"_ _3\"/>g. Th<span class=\"_ _3\"/>is pr<span class=\"_ _3\"/>ovid<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>n ec<span class=\"_ _3\"/>on<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>c he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e in in<span class=\"_ _3\"/>sta<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ing d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ivat<span class=\"_ _3\"/>ives a<span class=\"_ _3\"/>re no<span class=\"_ _3\"/>t ente<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d into. In r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f othe<span class=\"_ _3\"/>r mo<span class=\"_ _3\"/>net<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es d<span class=\"_ _3\"/>en<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>nate<span class=\"_ _3\"/>d in fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ign c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p en<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>es t<span class=\"_ _3\"/>hat i<span class=\"_ _3\"/>ts ne<span class=\"_ _3\"/>t exp<span class=\"_ _3\"/>osu<span class=\"_ _3\"/>re is kept to a<span class=\"_ _3\"/>n ac<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>pta<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e level by b<span class=\"_ _3\"/>uy<span class=\"_ _3\"/>ing o<span class=\"_ _3\"/>r se<span class=\"_ _3\"/>llin<span class=\"_ _3\"/>g for<span class=\"_ _3\"/>eig<span class=\"_ _3\"/>n cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s at sp<span class=\"_ _3\"/>ot r<span class=\"_ _3\"/>ates w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>n ne<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y to add<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ss s<span class=\"_ _3\"/>ho<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t ter<span class=\"_ _3\"/>m im<span class=\"_ _3\"/>bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s net inves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt in ove<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>s su<span class=\"_ _3\"/>bsi<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s expo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re to for<span class=\"_ _3\"/>eig<span class=\"_ _3\"/>n excha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e flu<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>uati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he ri<span class=\"_ _3\"/>sk i<span class=\"_ _3\"/>s he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>d by US d<span class=\"_ _3\"/>olla<span class=\"_ _3\"/>r and e<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>o de<span class=\"_ _3\"/>nom<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>ted d<span class=\"_ _3\"/>rawdow<span class=\"_ _3\"/>ns un<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r the sy<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>ica<span class=\"_ _3\"/>ted f<span class=\"_ _3\"/>aci<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y de<span class=\"_ _3\"/>si<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ated a<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>d ite<span class=\"_ _3\"/>m in ne<span class=\"_ _3\"/>t inves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>sh<span class=\"_ _3\"/>ips<span class=\"_ _3\"/>. Thi<span class=\"_ _3\"/>s mi<span class=\"_ _3\"/>tiga<span class=\"_ _3\"/>tes t<span class=\"_ _3\"/>he cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>cy ri<span class=\"_ _3\"/>sk a<span class=\"_ _3\"/>ris<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m the re<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ans<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tion o<span class=\"_ _3\"/>f a sub<span class=\"_ _3\"/>si<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y\u2019s net a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets i<span class=\"_ _3\"/>nto po<span class=\"_ _3\"/>und<span class=\"_ _3\"/>s ste<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>ing, t<span class=\"_ _3\"/>he fu<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>nal c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy of<span class=\"_ _3\"/> the ultimate parent Elementis plc. CURRENC<span class=\"_ _2\"/>Y RISK<span class=\"_ _35\"/> SENSITIVITY AN<span class=\"_ _2\"/>AL<span class=\"_ _35\"/>YSIS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g tab<span class=\"_ _3\"/>le il<span class=\"_ _3\"/>lus<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ates t<span class=\"_ _3\"/>he ef<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t on th<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t and i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t are r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed d<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tly in e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y tha<span class=\"_ _3\"/>t woul<span class=\"_ _3\"/>d re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>t fr<span class=\"_ _3\"/>om a 1<span class=\"_ _2\"/>0% str<span class=\"_ _3\"/>eng<span class=\"_ _3\"/>the<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>ng of US d<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar a<span class=\"_ _3\"/>gai<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>t the fo<span class=\"_ _3\"/>llow<span class=\"_ _3\"/>ing c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>es, b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>e ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f ta<span class=\"_ _3\"/>x<span class=\"_ _3\"/>. The a<span class=\"_ _3\"/>na<span class=\"_ _3\"/>lys<span class=\"_ _3\"/>is c<span class=\"_ _3\"/>over<span class=\"_ _3\"/>s on<span class=\"_ _3\"/>ly fi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s and<span class=\"_ _3\"/> lia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s he<span class=\"_ _3\"/>ld at t<span class=\"_ _3\"/>he ba<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e she<span class=\"_ _3\"/>et d<span class=\"_ _3\"/>ate an<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t all o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r var<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s, in p<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>tic<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>r inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s, re<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>in co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nt.<span class=\"_ _341\"> </span>2022<span class=\"_ _98\"> </span><span class=\"ff7c ls15a ws15b\">20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span></span>Income<span class=\"_ _1\"/> statement<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>E<span class=\"_ _36\"> </span>q<span class=\"_ _42\"> </span>u<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>t<span class=\"_ _42\"> </span>y $m<span class=\"_ _341\"> </span>Income<span class=\"_ _1\"/> statem<span class=\"_ _2\"/>ent<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Equity<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Ga<span class=\"_ _3\"/>in fr<span class=\"_ _3\"/>om US D<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar s<span class=\"_ _3\"/>tre<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>the<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>g 10<span class=\"_ _2\"/>% aga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>st Eur<span class=\"_ _3\"/>o<span class=\"_ _155\"> </span><span class=\"ff7d ws72\">0.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ff7c\">0.3<span class=\"_ _74\"> </span>0.2<span class=\"_ _341\"> </span></span></span>Ga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>/(los<span class=\"_ _3\"/>s) fr<span class=\"_ _3\"/>om US D<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar s<span class=\"_ _3\"/>tre<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>the<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>g 1<span class=\"_ _2\"/>0% aga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>st Ste<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>ing<span class=\"_ _ae\"> </span><span class=\"ff7d ws72\">0.8<span class=\"_ _17a\"> </span>(20.3)<span class=\"_ _26\"> </span><span class=\"ff7c\">0.1<span class=\"_ _84\"> </span>(26.4)<span class=\"_ _341\"> </span></span></span>MA<span class=\"_ _3\"/>R<span class=\"_ _3\"/>K<span class=\"_ _3\"/>ET R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K \u2013 IN<span class=\"_ _3\"/>TE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ES<span class=\"_ _3\"/>T R<span class=\"_ _3\"/>ATE<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s policy i<span class=\"_ _3\"/>s to bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ow at bot<span class=\"_ _3\"/>h fi<span class=\"_ _3\"/>xed an<span class=\"_ _3\"/>d fl<span class=\"_ _3\"/>oati<span class=\"_ _3\"/>ng in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>s<span class=\"_ _3\"/>t rate<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d to us<span class=\"_ _3\"/>e inte<span class=\"_ _3\"/>res<span class=\"_ _3\"/>t ra<span class=\"_ _3\"/>te swap<span class=\"_ _3\"/>s to gen<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ate th<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>red i<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>res<span class=\"_ _3\"/>t pro<span class=\"_ _3\"/>fil<span class=\"_ _3\"/>e. Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st swa<span class=\"_ _3\"/>ps a<span class=\"_ _3\"/>re de<span class=\"_ _3\"/>si<span class=\"_ _3\"/>gna<span class=\"_ _3\"/>ted wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n ca<span class=\"_ _3\"/>shf<span class=\"_ _3\"/>low h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>gin<span class=\"_ _3\"/>g rel<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>hip<span class=\"_ _3\"/>s wit<span class=\"_ _3\"/>h the in<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts on t<span class=\"_ _3\"/>he bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>gs th<span class=\"_ _3\"/>ey ar<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dgi<span class=\"_ _3\"/>ng. T<span class=\"_ _3\"/>he ri<span class=\"_ _3\"/>sk b<span class=\"_ _3\"/>ein<span class=\"_ _3\"/>g he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>s the ex<span class=\"_ _3\"/>pos<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>e of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up to ma<span class=\"_ _3\"/>rket r<span class=\"_ _3\"/>ate vol<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y on a p<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of the c<span class=\"_ _3\"/>or<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup d<span class=\"_ _3\"/>ebt<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up pol<span class=\"_ _3\"/>icy d<span class=\"_ _3\"/>oe<span class=\"_ _3\"/>s not r<span class=\"_ _3\"/>equ<span class=\"_ _3\"/>ire t<span class=\"_ _3\"/>hat a s<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>fic p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>por<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s borr<span class=\"_ _3\"/>owing<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e at f<span class=\"_ _3\"/>ixed r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s of inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st.<span class=\"_ _341\"> </span>INTER<span class=\"_ _3\"/>EST RATE<span class=\"_ _2\"/> SE<span class=\"_ _3\"/>NSITI<span class=\"_ _3\"/>VIT<span class=\"_ _3\"/>Y ANA<span class=\"_ _3\"/>L<span class=\"_ _35\"/>YSIS<span class=\"_ _341\"> </span>A cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e of 100 ba<span class=\"_ _3\"/>sis p<span class=\"_ _3\"/>oin<span class=\"_ _3\"/>ts (1<span class=\"_ _35\"/>%<span class=\"_ _2\"/>) in i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t ra<span class=\"_ _3\"/>tes wou<span class=\"_ _3\"/>ld have i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t or lo<span class=\"_ _3\"/>ss by t<span class=\"_ _3\"/>he am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts s<span class=\"_ _3\"/>hown b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow<span class=\"_ _2\"/>. Th<span class=\"_ _3\"/>is a<span class=\"_ _3\"/>nal<span class=\"_ _3\"/>ys<span class=\"_ _3\"/>is as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t all ot<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r var<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s, in p<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>t<span class=\"_ _3\"/>icu<span class=\"_ _3\"/>la<span class=\"_ _3\"/>r fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s, re<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>in c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nt.<span class=\"_ _341\"> </span>2022<span class=\"_ _98\"> </span><span class=\"ff7c ls15a ws15b\">20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span></span>1<span class=\"_ _36\"/>0<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>b<span class=\"_ _42\"> </span>p<span class=\"_ _36\"> </span>s increase<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>1<span class=\"_ _36\"/>0<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>b<span class=\"_ _42\"> </span>p<span class=\"_ _36\"> </span>s decrease<span class=\"_ _1\"/> $m 1<span class=\"_ _0\"/>0<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>b<span class=\"_ _42\"> </span>p<span class=\"_ _36\"/>s increase<span class=\"_ _3f\"/> $m<span class=\"_ _341\"> </span>1<span class=\"_ _0\"/>0<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>b<span class=\"_ _42\"> </span>p<span class=\"_ _36\"/>s decrease<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Varia<span class=\"_ _3\"/>ble r<span class=\"_ _3\"/>ate in<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>men<span class=\"_ _3\"/>ts \u2013 g<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>/(lo<span class=\"_ _3\"/>ss)<span class=\"_ _14e\"> </span><span class=\"ff7d ws72\">2.8<span class=\"_ _1fe\"> </span>(2.0)<span class=\"_ _82\"> </span><span class=\"ff7c\">(2.1)<span class=\"_ _26\"> </span>4.9<span class=\"_ _341\"> </span></span></span>MA<span class=\"_ _3\"/>R<span class=\"_ _3\"/>K<span class=\"_ _3\"/>ET R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K \u2013 CO<span class=\"_ _3\"/>MM<span class=\"_ _3\"/>O<span class=\"_ _3\"/>DI<span class=\"_ _3\"/>T<span class=\"_ _3\"/>Y P<span class=\"_ _3\"/>RI<span class=\"_ _3\"/>CE R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e gro<span class=\"_ _3\"/>up is ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to movem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts in th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es of c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>diti<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>t pu<span class=\"_ _3\"/>rch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd s<span class=\"_ _3\"/>ell<span class=\"_ _3\"/>s suc<span class=\"_ _3\"/>h as a<span class=\"_ _3\"/>lum<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>um a<span class=\"_ _3\"/>nd ni<span class=\"_ _3\"/>ckel. T<span class=\"_ _3\"/>he vol<span class=\"_ _3\"/>atil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y in th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ice<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>mm<span class=\"_ _3\"/>odi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s ha<span class=\"_ _3\"/>s le<span class=\"_ _3\"/>d to the de<span class=\"_ _3\"/>c<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on to en<span class=\"_ _3\"/>ter i<span class=\"_ _3\"/>nto co<span class=\"_ _3\"/>mmo<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y swap co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>. The s<span class=\"_ _3\"/>wap co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts d<span class=\"_ _3\"/>o not re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>lt in p<span class=\"_ _3\"/>hysi<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>l del<span class=\"_ _3\"/>iver<span class=\"_ _0\"/>y<span class=\"_ _2\"/>, bu<span class=\"_ _3\"/>t are d<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ign<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d as c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow hed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s to of<span class=\"_ _3\"/>f<span class=\"_ _3\"/>set t<span class=\"_ _3\"/>he ef<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>e ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>COMMODITY PRICE<span class=\"_ _2\"/> SENSITIVIT<span class=\"_ _3\"/>Y ANAL<span class=\"_ _1\"/>YSIS<span class=\"_ _341\"> </span>In 202<span class=\"_ _3\"/>2 and 20<span class=\"_ _3\"/>21 the Gr<span class=\"_ _3\"/>oup\u2019s alumi<span class=\"_ _3\"/>niu<span class=\"_ _3\"/>m pur<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es we<span class=\"_ _3\"/>re fu<span class=\"_ _3\"/>lly h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>d all a<span class=\"_ _3\"/>lum<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>um swap d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ivat<span class=\"_ _3\"/>ives a<span class=\"_ _3\"/>chi<span class=\"_ _3\"/>eved h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge ac<span class=\"_ _3\"/>c<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ting;<span class=\"_ _3\"/> the<span class=\"_ _3\"/>re wa<span class=\"_ _3\"/>s no im<span class=\"_ _3\"/>pac<span class=\"_ _3\"/>t on p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>it o<span class=\"_ _3\"/>r los<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d no s<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>ty i<span class=\"_ _3\"/>s pr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ente<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span>.<span class=\"_ _341\"> </span>23.<span class=\"_ _2\"/> <span class=\"_ _3a\"> </span>FINANCIAL<span class=\"_ _2\"/> RISK MANA<span class=\"_ _35\"/>GEMENT CON<span class=\"_ _2\"/>TINUED<span class=\"_ _341\"> </span>OTH<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R M<span class=\"_ _3\"/>AR<span class=\"_ _3\"/>K<span class=\"_ _3\"/>E<span class=\"_ _3\"/>T PR<span class=\"_ _3\"/>IC<span class=\"_ _3\"/>E R<span class=\"_ _3\"/>IS<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>Equi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y pr<span class=\"_ _3\"/>ice r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k ar<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>s fr<span class=\"_ _3\"/>om e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y se<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>rit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d wit<span class=\"_ _3\"/>hin th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s defin<span class=\"_ _3\"/>ed b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>it p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n obl<span class=\"_ _3\"/>iga<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns. I<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>spe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t of the U<span class=\"_ _3\"/>S sc<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>es<span class=\"_ _3\"/>,<span class=\"_ _341\"> </span>ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent m<span class=\"_ _3\"/>oni<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>e mix of d<span class=\"_ _3\"/>eb<span class=\"_ _3\"/>t and e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y se<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s in it<span class=\"_ _3\"/>s inve<span class=\"_ _3\"/>stm<span class=\"_ _3\"/>ent p<span class=\"_ _3\"/>or<span class=\"_ _0\"/>t<span class=\"_ _3\"/>foli<span class=\"_ _3\"/>o ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on ma<span class=\"_ _3\"/>rke<span class=\"_ _3\"/>t expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he p<span class=\"_ _3\"/>rim<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y goa<span class=\"_ _3\"/>l of<span class=\"_ _341\"> </span>the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s inves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt s<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>teg<span class=\"_ _3\"/>y is to m<span class=\"_ _3\"/>a<span class=\"_ _3\"/>xim<span class=\"_ _3\"/>ise i<span class=\"_ _3\"/>nves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt re<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>, with<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>t exces<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ve ris<span class=\"_ _3\"/>k ta<span class=\"_ _3\"/>ki<span class=\"_ _3\"/>ng, in o<span class=\"_ _3\"/>rde<span class=\"_ _3\"/>r to me<span class=\"_ _3\"/>et p<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>tia<span class=\"_ _3\"/>lly th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s<span class=\"_ _341\"> </span>unf<span class=\"_ _3\"/>und<span class=\"_ _3\"/>ed b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>it ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ons; m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt is a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>ted by ex<span class=\"_ _3\"/>te<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al ad<span class=\"_ _3\"/>vis<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s i<span class=\"_ _3\"/>n this r<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>d. In re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e UK sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>me, th<span class=\"_ _3\"/>e inves<span class=\"_ _3\"/>tm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/> str<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>gy i<span class=\"_ _3\"/>s set by th<span class=\"_ _3\"/>e tr<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tee<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d the B<span class=\"_ _3\"/>oar<span class=\"_ _3\"/>d is kep<span class=\"_ _3\"/>t info<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ed.<span class=\"_ _341\"> </span>CAPI<span class=\"_ _2\"/>T<span class=\"_ _35\"/>AL MANAGEMEN<span class=\"_ _2\"/>T<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Boa<span class=\"_ _3\"/>rd\u2019s poli<span class=\"_ _3\"/>cy is to m<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>in a st<span class=\"_ _3\"/>ron<span class=\"_ _3\"/>g ca<span class=\"_ _3\"/>pit<span class=\"_ _3\"/>al b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e so a<span class=\"_ _3\"/>s to mai<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>in i<span class=\"_ _3\"/>nvesto<span class=\"_ _3\"/>r<span class=\"_ _35\"/>, c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>di<span class=\"_ _3\"/>tor an<span class=\"_ _3\"/>d ma<span class=\"_ _3\"/>rket c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>fid<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce, s<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tai<span class=\"_ _3\"/>n fu<span class=\"_ _3\"/>ture<span class=\"_ _3\"/> devel<span class=\"_ _3\"/>opm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t of the b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s and m<span class=\"_ _3\"/>a<span class=\"_ _3\"/>xi<span class=\"_ _3\"/>mis<span class=\"_ _3\"/>e sh<span class=\"_ _3\"/>are<span class=\"_ _3\"/>ho<span class=\"_ _3\"/>lde<span class=\"_ _3\"/>r val<span class=\"_ _3\"/>ue. T<span class=\"_ _3\"/>he c<span class=\"_ _3\"/>api<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l str<span class=\"_ _3\"/>u<span class=\"_ _3\"/>ctu<span class=\"_ _3\"/>re of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>ts of d<span class=\"_ _3\"/>ebt<span class=\"_ _3\"/>, ca<span class=\"_ _3\"/>sh a<span class=\"_ _3\"/>nd c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h<span class=\"_ _341\"> </span>eq<span class=\"_ _3\"/>uiva<span class=\"_ _3\"/>len<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y at<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ibu<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ble to e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y hol<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s of the p<span class=\"_ _3\"/>are<span class=\"_ _3\"/>nt c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>ng ca<span class=\"_ _3\"/>pi<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l, re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ves a<span class=\"_ _3\"/>nd re<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>gs.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up u<span class=\"_ _3\"/>tili<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s a mix o<span class=\"_ _3\"/>f deb<span class=\"_ _3\"/>t fun<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g sou<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>ng ter<span class=\"_ _3\"/>m lo<span class=\"_ _3\"/>an<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d revolv<span class=\"_ _3\"/>ing c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit f<span class=\"_ _3\"/>aci<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es (<span class=\"_ _3\"/>RC<span class=\"_ _3\"/>F<span class=\"_ _3\"/>) fro<span class=\"_ _3\"/>m the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s syn<span class=\"_ _3\"/>di<span class=\"_ _3\"/>cate<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span>bo<span class=\"_ _3\"/>rrow<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>aci<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y wi<span class=\"_ _3\"/>th di<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g matu<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s to en<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re co<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>nuit<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>nd p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de f<span class=\"_ _3\"/>lexi<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>. Th<span class=\"_ _3\"/>e gro<span class=\"_ _3\"/>up is s<span class=\"_ _3\"/>ubj<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t to t<span class=\"_ _3\"/>wo fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l cove<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nts w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h<span class=\"_ _341\"> </span>app<span class=\"_ _3\"/>ly to th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s syndi<span class=\"_ _3\"/>cate<span class=\"_ _3\"/>d bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g fac<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s. Foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g the r<span class=\"_ _3\"/>efi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>ng on 1 J<span class=\"_ _3\"/>uly 20<span class=\"_ _3\"/>22 th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up i<span class=\"_ _3\"/>s req<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ed to m<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>in a ra<span class=\"_ _3\"/>tio of<span class=\"_ _3\"/> net d<span class=\"_ _3\"/>ebt<span class=\"_ _0\"/>/EB<span class=\"_ _3\"/>IT<span class=\"_ _3\"/>DA (po<span class=\"_ _3\"/>st I<span class=\"_ _3\"/>FRS 16) of les<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>an 3.<span class=\"_ _3\"/>50x a<span class=\"_ _3\"/>nd a m<span class=\"_ _3\"/>inim<span class=\"_ _3\"/>um ne<span class=\"_ _3\"/>t inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st c<span class=\"_ _3\"/>over of 3.<span class=\"_ _35\"/>1x (in re<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on to e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>gs b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re ne<span class=\"_ _3\"/>t inte<span class=\"_ _3\"/>res<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>expe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x<span class=\"_ _3\"/>). The p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t IFRS 16 net de<span class=\"_ _3\"/>bt<span class=\"_ _3\"/>/<span class=\"_ _3\"/>EBI<span class=\"_ _3\"/>TDA ra<span class=\"_ _3\"/>tio s<span class=\"_ _3\"/>too<span class=\"_ _3\"/>d at 2.3x ti<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s at 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2022 (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: 2.8x<span class=\"_ _3\"/>) and t<span class=\"_ _3\"/>he di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ctor<span class=\"_ _3\"/>s<span class=\"_ _3\"/> ant<span class=\"_ _3\"/>ici<span class=\"_ _3\"/>pate th<span class=\"_ _3\"/>e str<span class=\"_ _3\"/>on<span class=\"_ _3\"/>g ca<span class=\"_ _3\"/>sh ge<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>nd the p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ds fr<span class=\"_ _3\"/>om th<span class=\"_ _3\"/>e Chr<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>um di<span class=\"_ _3\"/>ves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt wi<span class=\"_ _3\"/>ll dr<span class=\"_ _3\"/>ive a ma<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ial d<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ever<span class=\"_ _3\"/>agin<span class=\"_ _3\"/>g<span class=\"_ _341\"> </span>pro<span class=\"_ _3\"/>fil<span class=\"_ _3\"/>e goi<span class=\"_ _3\"/>ng fo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>war<span class=\"_ _3\"/>ds, w<span class=\"_ _3\"/>ith l<span class=\"_ _3\"/>ever<span class=\"_ _3\"/>age r<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>ing to a ne<span class=\"_ _3\"/>t de<span class=\"_ _3\"/>bt<span class=\"_ _3\"/>/<span class=\"_ _3\"/>EBI<span class=\"_ _3\"/>TDA ra<span class=\"_ _3\"/>tio of a<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>nd 1.5x in the me<span class=\"_ _3\"/>diu<span class=\"_ _3\"/>m ter<span class=\"_ _3\"/>m. Ne<span class=\"_ _3\"/>t inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st c<span class=\"_ _3\"/>over at<span class=\"_ _3\"/> 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 wa<span class=\"_ _3\"/>s 6.6x (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: 4.6x).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Boa<span class=\"_ _3\"/>rd m<span class=\"_ _3\"/>oni<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s the a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d ret<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>n on op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng c<span class=\"_ _3\"/>api<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l em<span class=\"_ _3\"/>ploye<span class=\"_ _3\"/>d (R<span class=\"_ _3\"/>OCE<span class=\"_ _3\"/>) b<span class=\"_ _3\"/>oth i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>ng an<span class=\"_ _3\"/>d exclu<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g goo<span class=\"_ _3\"/>dw<span class=\"_ _3\"/>ill, a<span class=\"_ _3\"/>s def<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d on<span class=\"_ _3\"/> pag<span class=\"_ _3\"/>e 21<span class=\"_ _35\"/>4.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e divi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>nd p<span class=\"_ _3\"/>oli<span class=\"_ _3\"/>cy is s<span class=\"_ _3\"/>et ou<span class=\"_ _3\"/>t in th<span class=\"_ _3\"/>e Cha<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>n\u2019<span class=\"_ _35\"/>s s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent o<span class=\"_ _3\"/>n pa<span class=\"_ _3\"/>ge 7<span class=\"_ _1\"/>.<span class=\"_ _341\"> </span>24. L<span class=\"_ _2\"/>EASES<span class=\"_ _341\"> </span>GR<span class=\"_ _3\"/>OU<span class=\"_ _3\"/>P A<span class=\"_ _3\"/>S LE<span class=\"_ _3\"/>S<span class=\"_ _3\"/>SE<span class=\"_ _3\"/>E<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up h<span class=\"_ _3\"/>as le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts fo<span class=\"_ _3\"/>r var<span class=\"_ _3\"/>iou<span class=\"_ _3\"/>s ite<span class=\"_ _3\"/>ms of p<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt, m<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>hin<span class=\"_ _3\"/>er<span class=\"_ _0\"/>y<span class=\"_ _35\"/>, ve<span class=\"_ _3\"/>hi<span class=\"_ _3\"/>cle<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d oth<span class=\"_ _3\"/>er e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in it<span class=\"_ _3\"/>s op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Di<span class=\"_ _3\"/>scl<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ure<span class=\"_ _3\"/>s in re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tion to R<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>ht of Us<span class=\"_ _3\"/>e As<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>re in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d wit<span class=\"_ _3\"/>hin N<span class=\"_ _3\"/>ote 1<span class=\"_ _35\"/>1 \u2013 Pro<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pl<span class=\"_ _3\"/>ant a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>lso h<span class=\"_ _3\"/>as c<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>in le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es w<span class=\"_ _3\"/>ith l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>s of 1<span class=\"_ _2\"/>2 mo<span class=\"_ _3\"/>nth<span class=\"_ _3\"/>s or l<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es of l<span class=\"_ _3\"/>ow-valu<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts to wh<span class=\"_ _3\"/>ich t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p app<span class=\"_ _3\"/>lie<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>\u2018sho<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t-ter<span class=\"_ _3\"/>m lea<span class=\"_ _3\"/>se\u2019 a<span class=\"_ _3\"/>nd \u2018le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e of low-va<span class=\"_ _3\"/>lue a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s\u2019 rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nit<span class=\"_ _3\"/>ion exe<span class=\"_ _3\"/>mpti<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e weig<span class=\"_ _3\"/>hte<span class=\"_ _3\"/>d avera<span class=\"_ _3\"/>ge in<span class=\"_ _3\"/>cr<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ng ra<span class=\"_ _3\"/>te ap<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>ed to le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e lia<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>s 3.6% (2021<span class=\"_ _35\"/>: 3%<span class=\"_ _2\"/>).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g are t<span class=\"_ _3\"/>he am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ed in p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>it o<span class=\"_ _3\"/>r lo<span class=\"_ _3\"/>ss:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>Depreciation e<span class=\"_ _2\"/>xpense on right<span class=\"_ _35\"/>-of-use assets<span class=\"_ _23c\"> </span><span class=\"ff7d ls1d ws72\">5.5<span class=\"_ _74\"> </span><span class=\"ff7c\">5.0<span class=\"_ _341\"> </span></span></span>Interest<span class=\"_ _2\"/> expense on l<span class=\"_ _2\"/>ease liabiliti<span class=\"_ _2\"/>es<span class=\"_ _23e\"> </span><span class=\"ff7d ls1d ws72\">1.4<span class=\"_ _13d\"> </span><span class=\"ff7c\">1.6<span class=\"_ _341\"> </span></span></span>Ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>e rel<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d to sho<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t-ter<span class=\"_ _3\"/>m le<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd low-va<span class=\"_ _3\"/>lue a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s<span class=\"_ _2ba\"> </span><span class=\"ff7d ws72\">0.4<span class=\"_ _74\"> </span><span class=\"ff7c\">0.8<span class=\"_ _341\"> </span></span></span>Ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>e rel<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng to var<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>ble l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se p<span class=\"_ _3\"/>ayme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s not i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>ude<span class=\"_ _3\"/>d in l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s<span class=\"_ _131\"> </span><span class=\"ff7d ws72\">1.2<span class=\"_ _13d\"> </span><span class=\"ff7c\">0.9<span class=\"_ _341\"> </span></span></span>Set o<span class=\"_ _3\"/>ut b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow are th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>yi<span class=\"_ _3\"/>ng am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts of l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s and t<span class=\"_ _3\"/>he move<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts d<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>od:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>A<span class=\"_ _2\"/>T 1 JA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>UARY<span class=\"_ _2bb\"> </span><span class=\"ls1d ws72\">40.2<span class=\"_ _14\"> </span><span class=\"ff7c\">44.4<span class=\"_ _341\"> </span></span></span>Additions<span class=\"_ _2bc\"> </span><span class=\"ff7d ls1d ws72\">5.5<span class=\"_ _74\"> </span><span class=\"ff7c\">2.0<span class=\"_ _341\"> </span></span></span>Disposals<span class=\"_ _28d\"> </span><span class=\"ff7d ls1d ws72\">(2.2)<span class=\"_ _82\"> </span><span class=\"ff7c\">(0.1)<span class=\"_ _341\"> </span></span></span>Interest<span class=\"_ _2\"/> expense<span class=\"_ _275\"> </span><span class=\"ff7d ls1d ws72\">1.4<span class=\"_ _74\"> </span><span class=\"ff7c\">1.6<span class=\"_ _341\"> </span></span></span>Paym<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s<span class=\"_ _2bd\"> </span><span class=\"ff7d ls1d ws72\">(7.1)<span class=\"_ _82\"> </span><span class=\"ff7c\">(6.7)<span class=\"_ _341\"> </span></span></span>Foreign e<span class=\"_ _2\"/>xchange mov<span class=\"_ _2\"/>ements<span class=\"_ _240\"> </span><span class=\"ff7d ls1d ws72\">(1.1)<span class=\"_ _82\"> </span><span class=\"ff7c\">(1.0)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _1c7\"> </span><span class=\"ff7d ws72\">(0.4)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R<span class=\"_ _20a\"> </span><span class=\"ws72\">36.3<span class=\"_ _14\"> </span><span class=\"ff7c\">40.2<span class=\"_ _341\"> </span></span></span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e matu<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>aly<span class=\"_ _3\"/>sis o<span class=\"_ _3\"/>f lea<span class=\"_ _3\"/>se l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s is a<span class=\"_ _3\"/>s foll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Wit<span class=\"_ _3\"/>hin o<span class=\"_ _3\"/>ne yea<span class=\"_ _3\"/>r<span class=\"_ _253\"> </span><span class=\"ff7d ws72\">6.1<span class=\"_ _74\"> </span><span class=\"ff7c\">6.4<span class=\"_ _341\"> </span></span></span>In the s<span class=\"_ _3\"/>e<span class=\"_ _3\"/>con<span class=\"_ _3\"/>d to fi<span class=\"_ _3\"/>f<span class=\"_ _3\"/>th yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s inc<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>sive<span class=\"_ _2be\"> </span><span class=\"ff7d ws72\">15.2<span class=\"_ _14\"> </span><span class=\"ff7c\">15.2<span class=\"_ _341\"> </span></span></span>After fi<span class=\"_ _2\"/>ve y<span class=\"_ _2\"/>ears<span class=\"_ _2bf\"> </span><span class=\"ff7d ls1d ws72\">15.0<span class=\"_ _14\"> </span><span class=\"ff7c\">18.6<span class=\"_ _341\"> </span></span></span>36.3<span class=\"_ _14\"> </span><span class=\"ff7c\">40.2<span class=\"_ _341\"> </span></span>25.<span class=\"_ _35\"/> <span class=\"_ _3a\"> </span>RETIREMENT<span class=\"_ _35\"/> BENEFIT<span class=\"_ _2\"/> OBLIGA<span class=\"_ _1\"/>TIONS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up h<span class=\"_ _3\"/>as a nu<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er of c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rib<span class=\"_ _3\"/>uto<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>nd no<span class=\"_ _3\"/>n-<span class=\"_ _3\"/>co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ib<span class=\"_ _3\"/>utor<span class=\"_ _0\"/>y po<span class=\"_ _3\"/>st re<span class=\"_ _3\"/>tir<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>it pl<span class=\"_ _3\"/>an<span class=\"_ _3\"/>s prov<span class=\"_ _3\"/>idi<span class=\"_ _3\"/>ng re<span class=\"_ _3\"/>tire<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt b<span class=\"_ _3\"/>ene<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ts fo<span class=\"_ _3\"/>r the m<span class=\"_ _3\"/>ajo<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y of em<span class=\"_ _3\"/>ploye<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd E<span class=\"_ _3\"/>xe<span class=\"_ _3\"/>cut<span class=\"_ _3\"/>ive Di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ctor<span class=\"_ _3\"/>s<span class=\"_ _3\"/>. At 31 Dece<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 th<span class=\"_ _3\"/>e mai<span class=\"_ _3\"/>n sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s in the U<span class=\"_ _3\"/>K an<span class=\"_ _3\"/>d US wer<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e def<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d be<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>t ty<span class=\"_ _3\"/>pe, t<span class=\"_ _3\"/>he benefit being based on number of y<span class=\"_ _2\"/>ear<span class=\"_ _3\"/>s of service and either the employ<span class=\"_ _2\"/>ee\u2019<span class=\"_ _2\"/>s final remuneration or the<span class=\"_ _2\"/> employee\u2019<span class=\"_ _35\"/>s average remuneration dur<span class=\"_ _3\"/>ing a p<span class=\"_ _3\"/>e<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>d of yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>fore r<span class=\"_ _3\"/>eti<span class=\"_ _3\"/>rem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t. T<span class=\"_ _3\"/>he as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts of t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e hel<span class=\"_ _3\"/>d in se<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te tru<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>e ad<span class=\"_ _3\"/>mini<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d fun<span class=\"_ _3\"/>ds o<span class=\"_ _3\"/>r ar<span class=\"_ _3\"/>e unf<span class=\"_ _3\"/>und<span class=\"_ _3\"/>ed<span class=\"_ _3\"/> but p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d for o<span class=\"_ _3\"/>n the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up ba<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e she<span class=\"_ _3\"/>et<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e UK de<span class=\"_ _3\"/>fin<span class=\"_ _3\"/>ed b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>it sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>me h<span class=\"_ _3\"/>ad a su<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>lus u<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>r IA<span class=\"_ _3\"/>S 1<span class=\"_ _2\"/>9 of $<span class=\"_ _3\"/>26.4m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $5<span class=\"_ _3\"/>6.6m). In a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ord<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce wi<span class=\"_ _3\"/>th th<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>quir<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts of IFR<span class=\"_ _3\"/>IC 1<span class=\"_ _35\"/>4 m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt have c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d tha<span class=\"_ _3\"/>t the u<span class=\"_ _3\"/>nco<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l rig<span class=\"_ _3\"/>ht to a re<span class=\"_ _3\"/>fun<span class=\"_ _3\"/>d of any s<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>plu<span class=\"_ _3\"/>s un<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r any wi<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng up of t<span class=\"_ _3\"/>he pl<span class=\"_ _3\"/>an p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>s suf<span class=\"_ _0\"/>fic<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>nt evid<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce th<span class=\"_ _3\"/>at a<span class=\"_ _3\"/>n as<span class=\"_ _3\"/>set c<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>lin<span class=\"_ _3\"/>g doe<span class=\"_ _3\"/>s not ex<span class=\"_ _3\"/>is<span class=\"_ _3\"/>t an<span class=\"_ _3\"/>d as su<span class=\"_ _3\"/>ch t<span class=\"_ _3\"/>he fu<span class=\"_ _3\"/>ll su<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>lus h<span class=\"_ _3\"/>as b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span>In ad<span class=\"_ _3\"/>diti<span class=\"_ _3\"/>on th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>n unf<span class=\"_ _3\"/>und<span class=\"_ _3\"/>ed p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t ret<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt me<span class=\"_ _3\"/>di<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>l be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>it (<span class=\"_ _3\"/>PRMB) s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e in the U<span class=\"_ _3\"/>S. T<span class=\"_ _3\"/>he e<span class=\"_ _3\"/>ntit<span class=\"_ _3\"/>lem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t to the<span class=\"_ _3\"/>se b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>efi<span class=\"_ _3\"/>ts is us<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>lly b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n the e<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>loyee r<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>n se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>vi<span class=\"_ _3\"/>ce un<span class=\"_ _3\"/>til re<span class=\"_ _3\"/>tir<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>ge a<span class=\"_ _3\"/>nd co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>leti<span class=\"_ _3\"/>on of a m<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>mum s<span class=\"_ _3\"/>er<span class=\"_ _0\"/>vic<span class=\"_ _3\"/>e pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>od.<span class=\"_ _341\"> </span>Ot<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r emp<span class=\"_ _3\"/>loye<span class=\"_ _3\"/>e be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>it s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>ble ove<span class=\"_ _3\"/>rle<span class=\"_ _3\"/>af r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>te to two u<span class=\"_ _3\"/>nfu<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>d p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n sc<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, a lo<span class=\"_ _3\"/>ng ter<span class=\"_ _3\"/>m se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>v<span class=\"_ _3\"/>ice awa<span class=\"_ _3\"/>rd<span class=\"_ _3\"/> sch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e in G<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ny an<span class=\"_ _3\"/>d a spe<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>efi<span class=\"_ _3\"/>ts p<span class=\"_ _3\"/>rog<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>mm<span class=\"_ _3\"/>e for a s<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ll num<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r of fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>er e<span class=\"_ _3\"/>mpl<span class=\"_ _3\"/>oyee<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e Eag<span class=\"_ _3\"/>le<span class=\"_ _3\"/>scl<span class=\"_ _3\"/>if<span class=\"_ _3\"/>fe p<span class=\"_ _3\"/>lan<span class=\"_ _3\"/>t. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p als<span class=\"_ _3\"/>o acq<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ed t<span class=\"_ _3\"/>wo fu<span class=\"_ _3\"/>r<span class=\"_ _3\"/>th<span class=\"_ _3\"/>er u<span class=\"_ _3\"/>nfu<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>d p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n sc<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>wo lo<span class=\"_ _3\"/>ng te<span class=\"_ _3\"/>rm s<span class=\"_ _3\"/>er<span class=\"_ _3\"/>v<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>e awar<span class=\"_ _3\"/>d sch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>ll in G<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ny as p<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>t of the S<span class=\"_ _3\"/>um<span class=\"_ _3\"/>mitR<span class=\"_ _3\"/>eh<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>s acq<span class=\"_ _3\"/>uis<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on in 201<span class=\"_ _35\"/>7<span class=\"_ _35\"/>. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se ar<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d with<span class=\"_ _3\"/>in th<span class=\"_ _3\"/>is ca<span class=\"_ _3\"/>teg<span class=\"_ _3\"/>or<span class=\"_ _3\"/>y.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>lso o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tes a s<span class=\"_ _3\"/>mal<span class=\"_ _3\"/>l num<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r of de<span class=\"_ _3\"/>fin<span class=\"_ _3\"/>ed c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tri<span class=\"_ _3\"/>but<span class=\"_ _3\"/>ion s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ibu<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns paya<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e dur<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he yea<span class=\"_ _3\"/>r a<span class=\"_ _3\"/>re re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d as<span class=\"_ _3\"/> inc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d. Th<span class=\"_ _3\"/>e pe<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>on c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>rge fo<span class=\"_ _3\"/>r the d<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ib<span class=\"_ _3\"/>utio<span class=\"_ _3\"/>n pe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ion s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>es fo<span class=\"_ _3\"/>r the ye<span class=\"_ _3\"/>ar i<span class=\"_ _3\"/>s $6<span class=\"_ _3\"/>.0m (<span class=\"_ _3\"/>2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>6.<span class=\"_ _3\"/>2m).<span class=\"_ _341\"> </span>NET<span class=\"_ _2\"/> DEFINED BENEFI<span class=\"_ _2\"/>T L<span class=\"_ _2\"/>IABILITY<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e net li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>ty wa<span class=\"_ _3\"/>s as f<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span>UK pen<span class=\"_ _2\"/>sion<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _42\"> </span>R<span class=\"_ _36\"/>M<span class=\"_ _36\"> </span>B s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>O<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>r $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l $m<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>ot<span class=\"_ _3\"/>al m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket valu<span class=\"_ _3\"/>e of a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets<span class=\"_ _2c0\"> </span><span class=\"ff7d ws72\">462.8<span class=\"_ _14\"> </span>91.6<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _64\"> </span></span>554.4<span class=\"_ _341\"> </span></span>Pre<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt val<span class=\"_ _3\"/>ue of s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s<span class=\"_ _226\"> </span><span class=\"ff7d ws72\">(436.4)<span class=\"_ _10\"> </span>(91.6)<span class=\"_ _c7\"> </span>(3.5)<span class=\"_ _14\"> </span>(5.4)<span class=\"_ _5e\"> </span>(536.9)<span class=\"_ _341\"> </span></span>Net a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _0\"/>/(lia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y) re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e ba<span class=\"_ _3\"/>lan<span class=\"_ _3\"/>ce s<span class=\"_ _3\"/>he<span class=\"_ _3\"/>et<span class=\"_ _48\"> </span><span class=\"ff7d ws72\">26.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15\"> </span></span>(3.5)<span class=\"_ _c7\"> </span>(5.4)<span class=\"_ _94\"> </span>17.5<span class=\"_ _341\"> </span></span>UK pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e $m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>s $m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _36\"> </span>R<span class=\"_ _42\"> </span>M<span class=\"_ _36\"/>B s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e $m<span class=\"_ _341\"> </span>O<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>ot<span class=\"_ _3\"/>al m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket valu<span class=\"_ _3\"/>e of a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets<span class=\"_ _2c0\"> </span><span class=\"ws72\">774.9<span class=\"_ _64\"> </span>130.1<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _64\"> </span></span><span class=\"ws72\">905.0<span class=\"_ _341\"> </span></span>Pre<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt val<span class=\"_ _3\"/>ue of s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s<span class=\"_ _16e\"> </span><span class=\"ws72\">(718.3)<span class=\"_ _5e\"> </span>(131.8)<span class=\"_ _82\"> </span>(6.6)<span class=\"_ _82\"> </span>(9.0)<span class=\"_ _1c\"> </span>(865.7)<span class=\"_ _341\"> </span></span>Net a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _0\"/>/(lia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y) re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e ba<span class=\"_ _3\"/>lan<span class=\"_ _3\"/>ce s<span class=\"_ _3\"/>he<span class=\"_ _3\"/>et<span class=\"_ _48\"> </span><span class=\"ws72\">56.6<span class=\"_ _d4\"> </span>(1.7)<span class=\"_ _82\"> </span>(6.6)<span class=\"_ _82\"> </span>(9.0)<span class=\"_ _94\"> </span>39.3<span class=\"_ _341\"> </span></span>Emp<span class=\"_ _3\"/>loyer c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tri<span class=\"_ _3\"/>but<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s in 202<span class=\"_ _3\"/>2 were $<span class=\"_ _3\"/>0.<span class=\"_ _3\"/>5m (2021<span class=\"_ _2\"/>: $0<span class=\"_ _3\"/>.7<span class=\"_ _35\"/>m) to the U<span class=\"_ _3\"/>K sc<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d $1<span class=\"_ _35\"/>.<span class=\"_ _3\"/>2m (2021<span class=\"_ _2\"/>: $1<span class=\"_ _35\"/>.0<span class=\"_ _3\"/>m) to US sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s. T<span class=\"_ _2\"/>op up c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rib<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s to the UK s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e in 2023 w<span class=\"_ _3\"/>ill b<span class=\"_ _3\"/>e $0.7<span class=\"_ _2\"/>m ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on th<span class=\"_ _3\"/>e 2020 t<span class=\"_ _3\"/>rie<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>ial va<span class=\"_ _3\"/>lua<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n. 25.<span class=\"_ _35\"/> <span class=\"_ _3a\"> </span>RETIREMENT<span class=\"_ _35\"/> BENEFIT<span class=\"_ _2\"/> OBLIGA<span class=\"_ _1\"/>TIONS<span class=\"_ _2\"/> CONT<span class=\"_ _2\"/>INUED<span class=\"_ _341\"> </span>MOVEMEN<span class=\"_ _2\"/>T IN<span class=\"_ _2\"/> NET DEF<span class=\"_ _2\"/>INED BENEFIT<span class=\"_ _35\"/> LIABILITY<span class=\"_ _341\"> </span>The following<span class=\"_ _2\"/> table shows a<span class=\"_ _2\"/> recon<span class=\"_ _3\"/>ciliation from<span class=\"_ _2\"/> the opening balances to the<span class=\"_ _2\"/> closing balances for the net defined benefit liability and<span class=\"_ _341\"> </span>its components.<span class=\"_ _341\"> </span>UK pen<span class=\"_ _2\"/>sion<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>s<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _42\"> </span>R<span class=\"_ _36\"/>M<span class=\"_ _36\"> </span>B<span class=\"_ _341\"> </span>s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>O<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>r<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>Bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce at 1 J<span class=\"_ _3\"/>an<span class=\"_ _3\"/>uar<span class=\"_ _0\"/>y<span class=\"_ _2c1\"> </span><span class=\"ff7d ws72\">56.6<span class=\"_ _15\"> </span>(1.7)<span class=\"_ _c7\"> </span>(6.6)<span class=\"_ _c7\"> </span>(9.0)<span class=\"_ _17a\"> </span>39.3<span class=\"_ _341\"> </span></span>IN<span class=\"_ _3\"/>CLU<span class=\"_ _3\"/>DE<span class=\"_ _3\"/>D I<span class=\"_ _3\"/>N PRO<span class=\"_ _3\"/>FIT O<span class=\"_ _3\"/>R LO<span class=\"_ _3\"/>SS<span class=\"_ _341\"> </span>Current ser<span class=\"_ _3\"/>vi<span class=\"_ _3\"/>ce cost<span class=\"_ _2c2\"> </span><span class=\"ff7d ls1d ws72\">(0.5)<span class=\"_ _c7\"> </span>(0.6)<span class=\"_ _c7\"> </span>(0.1)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15\"> </span></span>(1.2)<span class=\"_ _341\"> </span></span>Past service cost<span class=\"_ _2c3\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _341\"> </span></span>Running costs<span class=\"_ _203\"> </span><span class=\"ff7d ls1d ws72\">(1.0)<span class=\"_ _14\"> </span>(0.4)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _15\"> </span></span>(1.4)<span class=\"_ _341\"> </span></span>Net int<span class=\"_ _2\"/>erest income/<span class=\"_ _2\"/>(e<span class=\"_ _2\"/>xpense)<span class=\"_ _2c4\"> </span><span class=\"ff7d ls1d ws72\">1.0<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15\"> </span></span>(0.3)<span class=\"_ _c7\"> </span>(0.1)<span class=\"_ _26\"> </span>0.6<span class=\"_ _341\"> </span></span>(0.5)<span class=\"_ _c7\"> </span>(1.0)<span class=\"_ _c7\"> </span>(0.4)<span class=\"_ _c7\"> </span>(0.1)<span class=\"_ _14\"> </span>(2.0)<span class=\"_ _341\"> </span>INCLUDED IN<span class=\"_ _2\"/> OTHER C<span class=\"_ _2\"/>OMPREHENS<span class=\"_ _3\"/>IVE INCOME<span class=\"_ _341\"> </span>Re-measurements:<span class=\"_ _341\"> </span>Retu<span class=\"_ _3\"/>rn o<span class=\"_ _3\"/>n pl<span class=\"_ _3\"/>an a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets exc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>ing in<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e<span class=\"_ _d7\"> </span><span class=\"ff7d ws72\">(200.4)<span class=\"_ _64\"> </span>(26.1)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>0.1<span class=\"_ _f\"> </span>(226.4)<span class=\"_ _341\"> </span></span>Actuarial gains arising<span class=\"_ _2\"/> from demographic assumptions<span class=\"_ _175\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.1<span class=\"_ _182\"> </span></span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.1<span class=\"_ _341\"> </span></span></span>Actuarial losses arising from financial assu<span class=\"_ _3\"/>mptions<span class=\"_ _d6\"> </span><span class=\"ff7d ls1d ws72\">191.3<span class=\"_ _14\"> </span>26.1<span class=\"_ _74\"> </span>1.2<span class=\"_ _74\"> </span>2.8<span class=\"_ _64\"> </span>221.4<span class=\"_ _341\"> </span></span>Actuarial (losse<span class=\"_ _3\"/>s)/<span class=\"_ _35\"/>gains arising from experience adjustment<span class=\"_ _c2\"> </span><span class=\"ff7d ls1d ws72\">(14.5)<span class=\"_ _26\"> </span>1.3<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15\"> </span></span>(0.1)<span class=\"_ _10\"> </span>(13.3)<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _108\"> </span><span class=\"ff7d ls1d ws72\">(6.6)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span>0.6<span class=\"_ _15\"> </span>(6.0)<span class=\"_ _341\"> </span></span>(30.2)<span class=\"_ _26\"> </span>1.4<span class=\"_ _74\"> </span>1.2<span class=\"_ _74\"> </span>3.4<span class=\"_ _97\"> </span>(24.2)<span class=\"_ _341\"> </span>Contributions<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Employ<span class=\"_ _2\"/>er<span class=\"_ _3\"/>s<span class=\"_ _1f2\"> </span><span class=\"ff7d ls1d ws72\">0.5<span class=\"_ _74\"> </span>0.6<span class=\"_ _74\"> </span>0.6<span class=\"_ _74\"> </span>0.3<span class=\"_ _74\"> </span>2.0<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s/(li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s) hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>ale (s<span class=\"_ _3\"/>ee N<span class=\"_ _3\"/>ote 32)<span class=\"_ _14b\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.7<span class=\"_ _74\"> </span>1.7<span class=\"_ _93\"> </span></span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">2.4<span class=\"_ _341\"> </span></span></span>SU<span class=\"_ _3\"/>RP<span class=\"_ _3\"/>LUS / (<span class=\"_ _3\"/>DE<span class=\"_ _3\"/>FI<span class=\"_ _3\"/>CI<span class=\"_ _3\"/>T<span class=\"_ _3\"/>) I<span class=\"_ _3\"/>N SC<span class=\"_ _3\"/>HE<span class=\"_ _3\"/>M<span class=\"_ _3\"/>ES AT 3<span class=\"_ _2\"/>1 D<span class=\"_ _3\"/>ECE<span class=\"_ _3\"/>M<span class=\"_ _3\"/>BE<span class=\"_ _3\"/>R<span class=\"_ _162\"> </span><span class=\"ws72\">26.4<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _15\"> </span></span><span class=\"ws72\">(3.5)<span class=\"_ _c7\"> </span>(5.4)<span class=\"_ _94\"> </span>17.5<span class=\"_ _341\"> </span></span>UK pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>s<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _36\"> </span>R<span class=\"_ _42\"> </span>M<span class=\"_ _36\"/>B<span class=\"_ _341\"> </span>s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>O<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>2<span class=\"_ _3\"/>021<span class=\"_ _341\"> </span>Bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce at 1 J<span class=\"_ _3\"/>an<span class=\"_ _3\"/>uar<span class=\"_ _0\"/>y<span class=\"_ _2c5\"> </span><span class=\"ws72\">7.9<span class=\"_ _d8\"> </span>(11.8)<span class=\"_ _261\"> </span>(6.5)<span class=\"_ _82\"> </span>(9.8)<span class=\"_ _4b\"> </span>(20.2)<span class=\"_ _341\"> </span></span>Liabilities assumed as par<span class=\"_ _3\"/>t of the<span class=\"_ _2\"/> acquisition of ICL Laboratories<span class=\"_ _184\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _d4\"> </span><span class=\"ls1d ws72\">(0.7)<span class=\"_ _82\"> </span>(0.7)<span class=\"_ _341\"> </span></span></span>IN<span class=\"_ _3\"/>CLU<span class=\"_ _3\"/>DE<span class=\"_ _3\"/>D I<span class=\"_ _3\"/>N PRO<span class=\"_ _3\"/>FIT O<span class=\"_ _3\"/>R LO<span class=\"_ _3\"/>SS<span class=\"_ _341\"> </span>Current ser<span class=\"_ _3\"/>vi<span class=\"_ _3\"/>ce cost<span class=\"_ _137\"> </span><span class=\"ls1d ws72\">(0.7)<span class=\"_ _82\"> </span>(0.8)<span class=\"_ _261\"> </span>(0.1)<span class=\"_ _82\"> </span>(0.3)<span class=\"_ _82\"> </span>(1.9)<span class=\"_ _341\"> </span></span>Past service cost<span class=\"_ _2c3\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _341\"> </span></span>Running costs<span class=\"_ _2c6\"> </span><span class=\"ls1d ws72\">(1.7)<span class=\"_ _82\"> </span>(0.4)<span class=\"_ _b\"> </span></span><span class=\"ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _d4\"> </span><span class=\"ls1d ws72\">(2.1)<span class=\"_ _341\"> </span></span></span>Net int<span class=\"_ _2\"/>erest income/<span class=\"_ _2\"/>(e<span class=\"_ _2\"/>xpense)<span class=\"_ _2c4\"> </span><span class=\"ls1d ws72\">0.1<span class=\"_ _d4\"> </span>(0.2)<span class=\"_ _82\"> </span>(0.2)<span class=\"_ _82\"> </span>(0.1)<span class=\"_ _82\"> </span>(0.4)<span class=\"_ _341\"> </span></span>(2.3)<span class=\"_ _82\"> </span>(1.4)<span class=\"_ _82\"> </span>(0.3)<span class=\"_ _82\"> </span>(0.4)<span class=\"_ _82\"> </span>(4.4)<span class=\"_ _341\"> </span>INCLUDED IN<span class=\"_ _2\"/> OTHER C<span class=\"_ _2\"/>OMPREHENS<span class=\"_ _3\"/>IVE INCOME<span class=\"_ _341\"> </span>Re-measurements:<span class=\"_ _341\"> </span>Retu<span class=\"_ _3\"/>rn o<span class=\"_ _3\"/>n pl<span class=\"_ _3\"/>an a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets exc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>ing in<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e<span class=\"_ _249\"> </span><span class=\"ws72\">24.9<span class=\"_ _74\"> </span>4.4<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _c7\"> </span></span><span class=\"ws72\">29.3<span class=\"_ _341\"> </span></span>Actuarial gains arising<span class=\"_ _2\"/> from demographic assumptions<span class=\"_ _2c7\"> </span><span class=\"ls1d ws72\">11.1<span class=\"_ _d4\"> </span>(0.4)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _c7\"> </span></span>10.7<span class=\"_ _341\"> </span></span>Actuarial losses arising from financial assu<span class=\"_ _3\"/>mptions<span class=\"_ _130\"> </span><span class=\"ls1d ws72\">2.0<span class=\"_ _74\"> </span>5.9<span class=\"_ _d4\"> </span>(0.5)<span class=\"_ _26\"> </span>1.1<span class=\"_ _74\"> </span>8.5<span class=\"_ _341\"> </span></span>Actuarial (losse<span class=\"_ _3\"/>s)/<span class=\"_ _35\"/>gains arising from experience adjustment<span class=\"_ _171\"> </span><span class=\"ls1d ws72\">14.0<span class=\"_ _74\"> </span>1.1<span class=\"_ _13d\"> </span>0.2<span class=\"_ _d4\"> </span>(0.2)<span class=\"_ _94\"> </span>15.1<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _26e\"> </span><span class=\"ls1d ws72\">(1.6)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span>0.7<span class=\"_ _d4\"> </span>(0.9)<span class=\"_ _341\"> </span></span>50.4<span class=\"_ _14\"> </span>11.0<span class=\"_ _d4\"> </span>(0.3)<span class=\"_ _26\"> </span>1.6<span class=\"_ _14\"> </span>62.7<span class=\"_ _341\"> </span>Contributions<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Employ<span class=\"_ _2\"/>er<span class=\"_ _3\"/>s<span class=\"_ _1f2\"> </span><span class=\"ls1d ws72\">0.6<span class=\"_ _74\"> </span>0.5<span class=\"_ _74\"> </span>0.5<span class=\"_ _74\"> </span>0.3<span class=\"_ _74\"> </span>1.9<span class=\"_ _341\"> </span></span>SU<span class=\"_ _3\"/>RP<span class=\"_ _3\"/>LUS / (<span class=\"_ _3\"/>DE<span class=\"_ _3\"/>FI<span class=\"_ _3\"/>CI<span class=\"_ _3\"/>T<span class=\"_ _3\"/>) I<span class=\"_ _3\"/>N SC<span class=\"_ _3\"/>HE<span class=\"_ _3\"/>M<span class=\"_ _3\"/>ES AT 3<span class=\"_ _2\"/>1 D<span class=\"_ _3\"/>ECE<span class=\"_ _3\"/>M<span class=\"_ _3\"/>BE<span class=\"_ _3\"/>R<span class=\"_ _162\"> </span><span class=\"ff7c ws72\">56.6<span class=\"_ _a\"> </span>(1.7)<span class=\"_ _82\"> </span>(6.6)<span class=\"_ _82\"> </span>(9.0)<span class=\"_ _94\"> </span>39.3<span class=\"_ _341\"> </span></span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>PLAN A<span class=\"_ _2\"/>SSETS<span class=\"_ _341\"> </span>Plan<span class=\"_ _2\"/> assets comprise<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>UK pen<span class=\"_ _2\"/>sion<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _42\"> </span>R<span class=\"_ _36\"/>M<span class=\"_ _36\"> </span>B s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l $m<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>Equit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s<span class=\"_ _266\"> </span><span class=\"ff7d ls1d ws72\">80.2<span class=\"_ _c7\"> </span>26.4<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>106.6<span class=\"_ _341\"> </span></span>Bonds<span class=\"_ _341\"> </span>1<span class=\"_ _341\"> </span>316.3<span class=\"_ _14\"> </span>53.2<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>369.5<span class=\"_ _341\"> </span>Cash/liquidit<span class=\"_ _3\"/>y funds<span class=\"_ _10d\"> </span><span class=\"ff7d ls1d ws72\">66.3<span class=\"_ _c7\"> </span>12.0<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _c7\"> </span></span>78.3<span class=\"_ _341\"> </span></span>462.8<span class=\"_ _14\"> </span>91.6<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>554.4<span class=\"_ _341\"> </span>UK pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e $m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>s $m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _36\"> </span>R<span class=\"_ _42\"> </span>M<span class=\"_ _36\"/>B s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l $m<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>Equit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s<span class=\"_ _1c2\"> </span><span class=\"ls1d ws72\">231.7<span class=\"_ _82\"> </span>45.8<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>277.5<span class=\"_ _341\"> </span></span>Bonds<span class=\"_ _341\"> </span>1<span class=\"_ _341\"> </span>466.0<span class=\"_ _14\"> </span>14.0<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>480.0<span class=\"_ _341\"> </span>Cash/liquidit<span class=\"_ _3\"/>y funds<span class=\"_ _10d\"> </span><span class=\"ls1d ws72\">77.2<span class=\"_ _c7\"> </span>70.3<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>147.5<span class=\"_ _341\"> </span></span>774.9<span class=\"_ _64\"> </span>130.1<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>905.0<span class=\"_ _341\"> </span>1 <span class=\"_ _139\"> </span>Including LDI repurchase agreement liabilities.<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>o re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>ce vol<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y r<span class=\"_ _3\"/>isk a l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>ty d<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ven inve<span class=\"_ _3\"/>stm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t (LD<span class=\"_ _3\"/>I) s<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>teg<span class=\"_ _3\"/>y for<span class=\"_ _3\"/>ms p<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>t o<span class=\"_ _3\"/>f the T<span class=\"_ _2\"/>r<span class=\"_ _3\"/>uste<span class=\"_ _3\"/>e<span class=\"_ _3\"/>s\u2019 man<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of t<span class=\"_ _3\"/>he UK d<span class=\"_ _3\"/>efi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>it<span class=\"_ _3\"/> sch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e\u2019<span class=\"_ _2\"/>s as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>, inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>ing g<span class=\"_ _3\"/>over<span class=\"_ _3\"/>nme<span class=\"_ _3\"/>nt b<span class=\"_ _3\"/>ond<span class=\"_ _3\"/>s, c<span class=\"_ _3\"/>or<span class=\"_ _3\"/>por<span class=\"_ _3\"/>ate b<span class=\"_ _3\"/>ond<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d de<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>vative<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he b<span class=\"_ _3\"/>ond a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s cate<span class=\"_ _3\"/>go<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y in t<span class=\"_ _3\"/>he t<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>e ab<span class=\"_ _3\"/>ove inc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>es gro<span class=\"_ _3\"/>ss a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s of $5<span class=\"_ _3\"/>66<span class=\"_ _3\"/>.8<span class=\"_ _3\"/>m (2021<span class=\"_ _35\"/>: $778.<span class=\"_ _3\"/>2m) an<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>so<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>ted r<span class=\"_ _3\"/>epu<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>has<span class=\"_ _3\"/>e ag<span class=\"_ _3\"/>re<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s of $250.<span class=\"_ _3\"/>5m (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $31<span class=\"_ _2\"/>2.2m). Re<span class=\"_ _3\"/>pur<span class=\"_ _3\"/>cha<span class=\"_ _3\"/>se<span class=\"_ _3\"/> agreeme<span class=\"_ _3\"/>nts are entered into with counterpar<span class=\"_ _3\"/>ties to better off<span class=\"_ _3\"/>set the scheme\u2019<span class=\"_ _35\"/>s exposure to interest and inflation rates, whilst remaining inves<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n as<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s of a si<span class=\"_ _3\"/>mil<span class=\"_ _3\"/>ar r<span class=\"_ _3\"/>isk p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>ile<span class=\"_ _3\"/>. Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>te an<span class=\"_ _3\"/>d inf<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion r<span class=\"_ _3\"/>ate de<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>vati<span class=\"_ _3\"/>ves a<span class=\"_ _3\"/>re al<span class=\"_ _3\"/>so e<span class=\"_ _3\"/>mpl<span class=\"_ _3\"/>oyed to c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>le<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt the u<span class=\"_ _3\"/>se o<span class=\"_ _3\"/>f fixe<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>d ind<span class=\"_ _3\"/>exed lin<span class=\"_ _3\"/>ked b<span class=\"_ _3\"/>ond<span class=\"_ _3\"/>s in ma<span class=\"_ _3\"/>tch<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ofil<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e sch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e\u2019<span class=\"_ _2\"/>s lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es.<span class=\"_ _341\"> </span>All e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, bon<span class=\"_ _3\"/>ds a<span class=\"_ _3\"/>nd li<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>y f<span class=\"_ _3\"/>und<span class=\"_ _3\"/>s have qu<span class=\"_ _3\"/>ote<span class=\"_ _3\"/>d pri<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s in a<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ve mar<span class=\"_ _3\"/>ket<span class=\"_ _3\"/>s. O<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de i<span class=\"_ _3\"/>nsu<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>nuit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s, an i<span class=\"_ _3\"/>nsu<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e fu<span class=\"_ _3\"/>nd an<span class=\"_ _3\"/>d var<span class=\"_ _3\"/>iou<span class=\"_ _3\"/>s swap p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Wit<span class=\"_ _3\"/>hin th<span class=\"_ _3\"/>e UK p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n sc<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>e, th<span class=\"_ _3\"/>e cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et al<span class=\"_ _3\"/>loc<span class=\"_ _3\"/>at<span class=\"_ _3\"/>ion i<span class=\"_ _3\"/>s app<span class=\"_ _3\"/>roxi<span class=\"_ _3\"/>mate<span class=\"_ _3\"/>ly 4<span class=\"_ _3\"/>8% in a liab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y m<span class=\"_ _3\"/>atc<span class=\"_ _3\"/>hing f<span class=\"_ _3\"/>un<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>ng of gi<span class=\"_ _3\"/>lts (<span class=\"_ _3\"/>fixe<span class=\"_ _3\"/>d inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st an<span class=\"_ _3\"/>d in<span class=\"_ _3\"/>dex lin<span class=\"_ _3\"/>ked<span class=\"_ _3\"/>), bond<span class=\"_ _3\"/>s, c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d swaps<span class=\"_ _3\"/>, 24<span class=\"_ _35\"/>% in a b<span class=\"_ _3\"/>uy a<span class=\"_ _3\"/>nd ma<span class=\"_ _3\"/>in<span class=\"_ _3\"/>tai<span class=\"_ _3\"/>n fu<span class=\"_ _3\"/>nd an<span class=\"_ _3\"/>d 28% in an inves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt f<span class=\"_ _3\"/>und t<span class=\"_ _3\"/>hat i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>ude<span class=\"_ _3\"/>s va<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>us eq<span class=\"_ _3\"/>uit<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y like fu<span class=\"_ _3\"/>nds<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e aim o<span class=\"_ _3\"/>f the tr<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tee<span class=\"_ _3\"/>s is to m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age t<span class=\"_ _3\"/>he ri<span class=\"_ _3\"/>sk re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tive to the l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s as<span class=\"_ _3\"/>so<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>ated w<span class=\"_ _3\"/>ith t<span class=\"_ _3\"/>he sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>me\u2019s inv<span class=\"_ _2\"/>estments through a combination of d<span class=\"_ _2\"/>iversific<span class=\"_ _3\"/>ation, inflation<span class=\"_ _2\"/> protection and hedging of risk<span class=\"_ _2\"/> (currency<span class=\"_ _35\"/>, interest rate and in<span class=\"_ _2\"/>flation risk). The US sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>me cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>tly h<span class=\"_ _3\"/>as a<span class=\"_ _3\"/>ppr<span class=\"_ _3\"/>oxim<span class=\"_ _3\"/>atel<span class=\"_ _3\"/>y 29% of its a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et va<span class=\"_ _3\"/>lue i<span class=\"_ _3\"/>nveste<span class=\"_ _3\"/>d in a r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge of e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y fu<span class=\"_ _3\"/>nds d<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ign<span class=\"_ _3\"/>ed to t<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>get h<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>er r<span class=\"_ _3\"/>etu<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>s and<span class=\"_ _3\"/> thu<span class=\"_ _3\"/>s red<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>e the p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n de<span class=\"_ _3\"/>fic<span class=\"_ _3\"/>it, w<span class=\"_ _3\"/>ith t<span class=\"_ _3\"/>he ba<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e inves<span class=\"_ _3\"/>ted in f<span class=\"_ _3\"/>ixe<span class=\"_ _3\"/>d inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e bon<span class=\"_ _3\"/>ds a<span class=\"_ _3\"/>nd c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h. Th<span class=\"_ _3\"/>e str<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>gy i<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t as th<span class=\"_ _3\"/>e def<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>it re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s, a gre<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>r pro<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>on of inve<span class=\"_ _3\"/>stm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts wi<span class=\"_ _3\"/>ll be m<span class=\"_ _3\"/>ade i<span class=\"_ _3\"/>nto lia<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y ma<span class=\"_ _3\"/>tchi<span class=\"_ _3\"/>ng f<span class=\"_ _3\"/>und<span class=\"_ _3\"/>s. Ch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s in the f<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>r valu<span class=\"_ _3\"/>e of pl<span class=\"_ _3\"/>an a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets f<span class=\"_ _3\"/>or th<span class=\"_ _3\"/>e maj<span class=\"_ _3\"/>or s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s are a<span class=\"_ _3\"/>s fol<span class=\"_ _3\"/>lows:<span class=\"_ _341\"> </span>UK pen<span class=\"_ _2\"/>sion<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _42\"> </span>R<span class=\"_ _36\"/>M<span class=\"_ _36\"> </span>B s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l $m<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>Op<span class=\"_ _3\"/>eni<span class=\"_ _3\"/>ng fa<span class=\"_ _3\"/>ir va<span class=\"_ _3\"/>lue of p<span class=\"_ _3\"/>la<span class=\"_ _3\"/>n as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts<span class=\"_ _137\"> </span><span class=\"ff7d ws72\">774.9<span class=\"_ _64\"> </span>130.1<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>905.0<span class=\"_ _341\"> </span></span>Expected<span class=\"_ _2\"/> return<span class=\"_ _1af\"> </span><span class=\"ff7d ls1d ws72\">12.6<span class=\"_ _74\"> </span>3.3<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _14\"> </span></span>15.9<span class=\"_ _341\"> </span></span>Running costs<span class=\"_ _2c8\"> </span><span class=\"ff7d ls1d ws72\">(1.0)<span class=\"_ _c7\"> </span>(0.4)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _15\"> </span></span>(1.4)<span class=\"_ _341\"> </span></span>Actuarial gains<span class=\"_ _1ba\"> </span><span class=\"ff7d ls1d ws72\">(200.4)<span class=\"_ _64\"> </span>(26.1)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _f\"> </span></span>(226.5)<span class=\"_ _341\"> </span></span>Contributions b<span class=\"_ _2\"/>y employ<span class=\"_ _2\"/>er<span class=\"_ _2c9\"> </span><span class=\"ff7d ls1d ws72\">0.5<span class=\"_ _74\"> </span>0.6<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>1.1<span class=\"_ _341\"> </span></span>Contributions b<span class=\"_ _2\"/>y employ<span class=\"_ _2\"/>ees<span class=\"_ _2ca\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _341\"> </span></span>Benefits paid<span class=\"_ _2cb\"> </span><span class=\"ff7d ls1d ws72\">(34.7)<span class=\"_ _c7\"> </span>(7.7)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _17a\"> </span></span>(42.4)<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _1f0\"> </span><span class=\"ff7d ls1d ws72\">(89.1)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _17a\"> </span></span>(89.1)<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _2cc\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(8.2)<span class=\"_ _12\"> </span></span>\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(8.2)<span class=\"_ _341\"> </span></span></span>Clo<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue of pl<span class=\"_ _3\"/>an a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s<span class=\"_ _206\"> </span><span class=\"ff7d ws72\">462.8<span class=\"_ _14\"> </span>91.6<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>554.4<span class=\"_ _341\"> </span></span>25.<span class=\"_ _35\"/> <span class=\"_ _3a\"> </span>RETIREMENT<span class=\"_ _35\"/> BENEFIT<span class=\"_ _2\"/> OBLIGA<span class=\"_ _1\"/>TIONS<span class=\"_ _2\"/> CONT<span class=\"_ _2\"/>INUED<span class=\"_ _341\"> </span>PLA<span class=\"_ _3\"/>N ASSETS CONTI<span class=\"_ _3\"/>NUE<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>UK pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>s<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _36\"> </span>R<span class=\"_ _42\"> </span>M<span class=\"_ _36\"/>B<span class=\"_ _341\"> </span>s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>Op<span class=\"_ _3\"/>eni<span class=\"_ _3\"/>ng fa<span class=\"_ _3\"/>ir va<span class=\"_ _3\"/>lue of p<span class=\"_ _3\"/>la<span class=\"_ _3\"/>n as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts<span class=\"_ _137\"> </span><span class=\"ws72\">788.9<span class=\"_ _64\"> </span>130.7<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ws72\">919.6<span class=\"_ _341\"> </span></span>Expected<span class=\"_ _2\"/> return<span class=\"_ _1af\"> </span><span class=\"ls1d ws72\">10.1<span class=\"_ _74\"> </span>2.8<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _14\"> </span></span>12.9<span class=\"_ _341\"> </span></span>Running costs<span class=\"_ _2cd\"> </span><span class=\"ls1d ws72\">(1.7)<span class=\"_ _82\"> </span>(0.4)<span class=\"_ _b\"> </span></span><span class=\"ws3\">\u2013<span class=\"_ _1fe\"> </span><span class=\"ls1d ws72\">(2.1<span class=\"_ _341\"> </span></span></span>Actuarial gains<span class=\"_ _2ce\"> </span><span class=\"ls1d ws72\">24.9<span class=\"_ _74\"> </span>4.4<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _c7\"> </span></span>29.3<span class=\"_ _341\"> </span></span>Contributions b<span class=\"_ _2\"/>y employ<span class=\"_ _2\"/>er<span class=\"_ _2c9\"> </span><span class=\"ls1d ws72\">0.6<span class=\"_ _74\"> </span>0.5<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>1.1<span class=\"_ _341\"> </span></span>Contributions b<span class=\"_ _2\"/>y employ<span class=\"_ _2\"/>ees<span class=\"_ _2cf\"> </span><span class=\"ls1d ws72\">0.1<span class=\"_ _74\"> </span>0.1<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span>0.2<span class=\"_ _341\"> </span></span>Benefits paid<span class=\"_ _2d0\"> </span><span class=\"ls1d ws72\">(40.7)<span class=\"_ _82\"> </span>(8.0)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d8\"> </span></span>(48.7<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _273\"> </span><span class=\"ls1d ws72\">(7.3)<span class=\"_ _12\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _d4\"> </span></span>(7.3<span class=\"_ _341\"> </span></span>Clo<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue of pl<span class=\"_ _3\"/>an a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s<span class=\"_ _206\"> </span><span class=\"ws72\">774.9<span class=\"_ _64\"> </span>130.1<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ws72\">905.0<span class=\"_ _341\"> </span></span>DEFINED<span class=\"_ _2\"/> BENEFIT<span class=\"_ _35\"/> OBLIGA<span class=\"_ _35\"/>TION<span class=\"_ _341\"> </span>Cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es in t<span class=\"_ _3\"/>he pr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t valu<span class=\"_ _3\"/>e of the d<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d be<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>t obli<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n for th<span class=\"_ _3\"/>e maj<span class=\"_ _3\"/>or s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>re as f<span class=\"_ _3\"/>ollow<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span>UK pen<span class=\"_ _2\"/>sion<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>s<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _42\"> </span>R<span class=\"_ _36\"/>M<span class=\"_ _36\"> </span>B<span class=\"_ _341\"> </span>s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>m<span class=\"_ _36\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>2022<span class=\"_ _341\"> </span>Opening defined benefit obligation<span class=\"_ _2d1\"> </span><span class=\"ff7d ls1d ws72\">(718.3)<span class=\"_ _4e\"> </span>(131.8)<span class=\"_ _14\"> </span>(6.6)<span class=\"_ _5e\"> </span>(856.7<span class=\"_ _341\"> </span></span>Ser<span class=\"_ _3\"/>vice cost<span class=\"_ _1f7\"> </span><span class=\"ff7d ls1d ws72\">(0.5)<span class=\"_ _14\"> </span>(0.6)<span class=\"_ _c7\"> </span>(0.1)<span class=\"_ _c7\"> </span>(1.2)<span class=\"_ _341\"> </span></span>Past service cost<span class=\"_ _2d2\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _341\"> </span></span>Interest cost<span class=\"_ _1c3\"> </span><span class=\"ff7d ls1d ws72\">(11.6)<span class=\"_ _c7\"> </span>(3.3)<span class=\"_ _c7\"> </span>(0.3)<span class=\"_ _64\"> </span>(15.2<span class=\"_ _341\"> </span></span>Contributions b<span class=\"_ _2\"/>y employ<span class=\"_ _2\"/>ees<span class=\"_ _2ca\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _341\"> </span></span>Actuarial gains/<span class=\"_ _35\"/>(los<span class=\"_ _3\"/>ses)<span class=\"_ _341\"> </span>\u2013 demographic assumptions<span class=\"_ _296\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.1<span class=\"_ _93\"> </span></span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.1<span class=\"_ _341\"> </span></span></span>\u2013 financial assumptions<span class=\"_ _2d3\"> </span><span class=\"ff7d ls1d ws72\">191.3<span class=\"_ _14\"> </span>26.1<span class=\"_ _74\"> </span>1.2<span class=\"_ _64\"> </span>218.6<span class=\"_ _341\"> </span></span>\u2013 experience adjustments<span class=\"_ _113\"> </span><span class=\"ff7d ls1d ws72\">(14.5)<span class=\"_ _26\"> </span>1.3<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _97\"> </span></span>(13.2<span class=\"_ _341\"> </span></span>Benefits paid<span class=\"_ _1f8\"> </span><span class=\"ff7d ls1d ws72\">34.7<span class=\"_ _74\"> </span>7.7<span class=\"_ _74\"> </span>0.6<span class=\"_ _14\"> </span>43.0<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _2d4\"> </span><span class=\"ff7d ls1d ws72\">82.5<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _c7\"> </span></span>82.5<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _153\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _45\"> </span><span class=\"ls1d ws72\">8.9<span class=\"_ _13d\"> </span>1.7<span class=\"_ _c7\"> </span>10.6<span class=\"_ _341\"> </span></span></span>Closing defined benefit obligation<span class=\"_ _108\"> </span><span class=\"ff7d ls1d ws72\">(436.4)<span class=\"_ _64\"> </span>(91.6)<span class=\"_ _c7\"> </span>(3.5)<span class=\"_ _5e\"> </span>(531.5<span class=\"_ _341\"> </span></span>UK pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>US pension<span class=\"_ _1\"/> s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>s<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S<span class=\"_ _36\"> </span> P<span class=\"_ _36\"> </span>R<span class=\"_ _42\"> </span>M<span class=\"_ _36\"/>B<span class=\"_ _341\"> </span>s<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>h<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>e<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>Opening defined benefit obligation<span class=\"_ _5b\"> </span><span class=\"ls1d ws72\">(781.0)<span class=\"_ _5e\"> </span>(142.5)<span class=\"_ _82\"> </span>(6.5)<span class=\"_ _1c\"> </span>(930.0<span class=\"_ _341\"> </span></span>Ser<span class=\"_ _3\"/>vice cost<span class=\"_ _2a9\"> </span><span class=\"ls1d ws72\">(0.7)<span class=\"_ _82\"> </span>(0.8)<span class=\"_ _82\"> </span>(0.1)<span class=\"_ _82\"> </span>(1.6<span class=\"_ _341\"> </span></span>Past service cost<span class=\"_ _2d2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _341\"> </span></span>Interest cost<span class=\"_ _2d5\"> </span><span class=\"ls1d ws72\">(10.0)<span class=\"_ _82\"> </span>(3.0)<span class=\"_ _82\"> </span>(0.2)<span class=\"_ _29\"> </span>(13.2<span class=\"_ _341\"> </span></span>Contributions b<span class=\"_ _2\"/>y employ<span class=\"_ _2\"/>ees<span class=\"_ _2d6\"> </span><span class=\"ls1d ws72\">(0.1)<span class=\"_ _82\"> </span>(0.1)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _1fe\"> </span></span>(0.2<span class=\"_ _341\"> </span></span>Actuarial gains/<span class=\"_ _35\"/>(los<span class=\"_ _3\"/>ses)<span class=\"_ _341\"> </span>\u2013 demographic assumptions<span class=\"_ _1d2\"> </span><span class=\"ls1d ws72\">11.1<span class=\"_ _d4\"> </span>(0.4)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _c7\"> </span></span>10.7<span class=\"_ _341\"> </span></span>\u2013 financial assumptions<span class=\"_ _2d7\"> </span><span class=\"ls1d ws72\">2.0<span class=\"_ _74\"> </span>5.9<span class=\"_ _d4\"> </span>(0.5)<span class=\"_ _26\"> </span>7.4<span class=\"_ _341\"> </span></span>\u2013 experience adjustments<span class=\"_ _239\"> </span><span class=\"ls1d ws72\">14.0<span class=\"_ _74\"> </span>1.1<span class=\"_ _74\"> </span>0.2<span class=\"_ _14\"> </span>15.3<span class=\"_ _341\"> </span></span>Benefits paid<span class=\"_ _1f8\"> </span><span class=\"ls1d ws72\">40.7<span class=\"_ _74\"> </span>8.0<span class=\"_ _74\"> </span>0.5<span class=\"_ _14\"> </span>49.2<span class=\"_ _341\"> </span></span>Exchange difference<span class=\"_ _3\"/>s<span class=\"_ _26f\"> </span><span class=\"ls1d ws72\">5.7<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span>5.7<span class=\"_ _341\"> </span></span>Closing defined benefit obligation<span class=\"_ _26e\"> </span><span class=\"ls1d ws72\">(718.3)<span class=\"_ _5e\"> </span>(131.8)<span class=\"_ _82\"> </span>(6.6)<span class=\"_ _1c\"> </span>(856.7<span class=\"_ _341\"> </span></span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>AC<span class=\"_ _2\"/>TUARIAL<span class=\"_ _2\"/> ASSUMPTIONS<span class=\"_ _341\"> </span>A ful<span class=\"_ _3\"/>l act<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>ria<span class=\"_ _3\"/>l val<span class=\"_ _3\"/>uati<span class=\"_ _3\"/>on wa<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d ou<span class=\"_ _3\"/>t on 3<span class=\"_ _3\"/>0 Sep<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2020 fo<span class=\"_ _3\"/>r the U<span class=\"_ _3\"/>K sch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d at 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 201<span class=\"_ _2\"/>5 for th<span class=\"_ _3\"/>e US s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>inc<span class=\"_ _3\"/>ipa<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>mpti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s use<span class=\"_ _3\"/>d by th<span class=\"_ _3\"/>e act<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>rie<span class=\"_ _3\"/>s fo<span class=\"_ _3\"/>r the m<span class=\"_ _3\"/>ajo<span class=\"_ _3\"/>r sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>mes h<span class=\"_ _3\"/>ave be<span class=\"_ _3\"/>en u<span class=\"_ _3\"/>pda<span class=\"_ _3\"/>ted by th<span class=\"_ _3\"/>e ac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>t the b<span class=\"_ _3\"/>ala<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e sh<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t date a<span class=\"_ _3\"/>nd wer<span class=\"_ _3\"/>e as f<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>K %<span class=\"_ _341\"> </span>U<span class=\"_ _36\"> </span>S % 2022<span class=\"_ _341\"> </span>Rate of i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>rea<span class=\"_ _3\"/>se i<span class=\"_ _3\"/>n sa<span class=\"_ _3\"/>la<span class=\"_ _3\"/>rie<span class=\"_ _3\"/>s<span class=\"_ _2d8\"> </span><span class=\"ff7d ws72\">4.5<span class=\"_ _74\"> </span>3.0<span class=\"_ _341\"> </span></span>Rate of i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>rea<span class=\"_ _3\"/>se i<span class=\"_ _3\"/>n pe<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s in pay<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _23a\"> </span><span class=\"ff7d ws72\">3.3<span class=\"_ _5d\"> </span>N/A<span class=\"_ _341\"> </span></span>Discount rate<span class=\"_ _19c\"> </span><span class=\"ff7d ls1d ws72\">4.8<span class=\"_ _13d\"> </span>5.1<span class=\"_ _341\"> </span></span>Inflation<span class=\"_ _28e\"> </span><span class=\"ff7d ls1d ws72\">3.5<span class=\"_ _74\"> </span>2.4<span class=\"_ _341\"> </span></span>20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span>Rate of i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>rea<span class=\"_ _3\"/>se i<span class=\"_ _3\"/>n sa<span class=\"_ _3\"/>la<span class=\"_ _3\"/>rie<span class=\"_ _3\"/>s<span class=\"_ _2d8\"> </span><span class=\"ws72\">4.6<span class=\"_ _74\"> </span>3.0<span class=\"_ _341\"> </span></span>Rate of i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>rea<span class=\"_ _3\"/>se i<span class=\"_ _3\"/>n pe<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s in pay<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _23a\"> </span><span class=\"ws72\">3.4<span class=\"_ _21\"> </span>N/A<span class=\"_ _341\"> </span></span>Discount rate<span class=\"_ _19c\"> </span><span class=\"ls1d ws72\">1.8<span class=\"_ _13d\"> </span>2.6<span class=\"_ _341\"> </span></span>Inflation<span class=\"_ _28e\"> </span><span class=\"ls1d ws72\">3.6<span class=\"_ _74\"> </span>2.3<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>sum<span class=\"_ _3\"/>ed l<span class=\"_ _3\"/>ife ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cie<span class=\"_ _3\"/>s on r<span class=\"_ _3\"/>etir<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t are:<span class=\"_ _341\"> </span>UK<span class=\"_ _9a\"> </span><span class=\"ls1e4 ws1f8\">US<span class=\"_ _341\"> </span></span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 year<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 years<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 year<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 years<span class=\"_ _341\"> </span>Retiring at 3<span class=\"_ _35\"/>1 Dece<span class=\"_ _3\"/>mber<span class=\"_ _341\"> </span>Males<span class=\"_ _11e\"> </span><span class=\"ff7d ls1d ws72\">22<span class=\"_ _79\"> </span><span class=\"ff7c\">22<span class=\"_ _1c5\"> </span></span>21<span class=\"_ _79\"> </span><span class=\"ff7c\">21<span class=\"_ _341\"> </span></span></span>Fem<span class=\"_ _3\"/>al<span class=\"_ _3\"/>es<span class=\"_ _2d9\"> </span><span class=\"ff7d ls1d ws72\">24<span class=\"_ _a0\"> </span><span class=\"ff7c\">24<span class=\"_ _a0\"> </span></span>22<span class=\"_ _a0\"> </span><span class=\"ff7c\">22<span class=\"_ _341\"> </span></span></span>Ret<span class=\"_ _3\"/>iri<span class=\"_ _3\"/>ng in 20 ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>Males<span class=\"_ _11e\"> </span><span class=\"ff7d ls1d ws72\">23<span class=\"_ _79\"> </span><span class=\"ff7c\">23<span class=\"_ _1c5\"> </span></span>21<span class=\"_ _79\"> </span><span class=\"ff7c\">21<span class=\"_ _341\"> </span></span></span>Fem<span class=\"_ _3\"/>al<span class=\"_ _3\"/>es<span class=\"_ _2d9\"> </span><span class=\"ff7d ls1d ws72\">26<span class=\"_ _a0\"> </span><span class=\"ff7c\">26<span class=\"_ _a0\"> </span></span>23<span class=\"_ _a0\"> </span><span class=\"ff7c\">23<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e mai<span class=\"_ _3\"/>n as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>mpti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s for th<span class=\"_ _3\"/>e PRM<span class=\"_ _3\"/>B sch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e are a d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>cou<span class=\"_ _3\"/>nt r<span class=\"_ _3\"/>ate of 5.<span class=\"_ _35\"/>1<span class=\"_ _35\"/>% (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: 2.6%<span class=\"_ _35\"/>) p<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>um an<span class=\"_ _3\"/>d a he<span class=\"_ _3\"/>alt<span class=\"_ _3\"/>h ca<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>ost t<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>d of 6.7% (2021<span class=\"_ _35\"/>: 5.7%<span class=\"_ _35\"/>) p<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>um fo<span class=\"_ _3\"/>r cla<span class=\"_ _3\"/>im<span class=\"_ _3\"/>s pre a<span class=\"_ _3\"/>ge 6<span class=\"_ _3\"/>5, red<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>ing to 4.<span class=\"_ _3\"/>2% per a<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>um by 203<span class=\"_ _3\"/>2 (2021<span class=\"_ _35\"/>: 4.4%<span class=\"_ _2\"/>). Actu<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l valu<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ons o<span class=\"_ _3\"/>f reti<span class=\"_ _3\"/>re<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>it<span class=\"_ _3\"/> pla<span class=\"_ _3\"/>ns i<span class=\"_ _3\"/>n othe<span class=\"_ _3\"/>r ju<span class=\"_ _3\"/>ris<span class=\"_ _3\"/>di<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ons h<span class=\"_ _3\"/>ave eit<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r not b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n up<span class=\"_ _3\"/>date<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r IAS 19 purp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>es o<span class=\"_ _3\"/>r dis<span class=\"_ _3\"/>cl<span class=\"_ _3\"/>ose<span class=\"_ _3\"/>d s<span class=\"_ _3\"/>epa<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tel<span class=\"_ _3\"/>y be<span class=\"_ _3\"/>cau<span class=\"_ _3\"/>se of t<span class=\"_ _3\"/>he c<span class=\"_ _3\"/>ost<span class=\"_ _3\"/>s invol<span class=\"_ _3\"/>ved a<span class=\"_ _3\"/>nd the c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>id<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ly sm<span class=\"_ _3\"/>all<span class=\"_ _3\"/>er s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e size<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d num<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s of em<span class=\"_ _3\"/>ploye<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>nvolve<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22, the we<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>ted ave<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ge du<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f the de<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>it o<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>gati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s for th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>jor s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>s wa<span class=\"_ _3\"/>s as fo<span class=\"_ _3\"/>llows:<span class=\"_ _341\"> </span>UK: 10 year<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>US: 8 yea<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>SENSITIVI<span class=\"_ _2\"/>T<span class=\"_ _3\"/>Y ANAL<span class=\"_ _1\"/>YSIS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e se<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>tiv<span class=\"_ _3\"/>itie<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>rd<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>inc<span class=\"_ _3\"/>ipa<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>mpt<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s us<span class=\"_ _3\"/>ed to m<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>e the s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>eme l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e set o<span class=\"_ _3\"/>ut b<span class=\"_ _3\"/>elow<span class=\"_ _3\"/>:<span class=\"_ _341\"> </span>Assumption<span class=\"_ _7c\"> </span><span class=\"ff7d ls43 ws44\">Change in<span class=\"_ _2\"/> assumption<span class=\"_ _5d\"> </span><span class=\"ls1d ws3\">I<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t o<span class=\"_ _3\"/>n UK s<span class=\"_ _3\"/>c<span class=\"_ _3\"/>he<span class=\"_ _3\"/>m<span class=\"_ _3\"/>e<span class=\"_ _15\"> </span>Im<span class=\"_ _3\"/>p<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t o<span class=\"_ _3\"/>n US s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>e<span class=\"_ _3\"/>me<span class=\"_ _341\"> </span></span></span>Discount rate<span class=\"_ _14b\"> </span><span class=\"ls3 ws2e\">Increase<span class=\"_ _3\"/>d/decrease<span class=\"_ _3\"/>d by<span class=\"_ _2\"/> 0.5<span class=\"_ _2\"/>%<span class=\"_ _ee\"> </span>Decre<span class=\"_ _3\"/>ased<span class=\"_ _3\"/>/incre<span class=\"_ _3\"/>ased by 5<span class=\"_ _35\"/>%<span class=\"_ _b3\"> </span>Dec<span class=\"_ _3\"/>reased<span class=\"_ _3\"/>/in<span class=\"_ _3\"/>crease<span class=\"_ _3\"/>d by 4<span class=\"_ _35\"/>%<span class=\"_ _341\"> </span></span>Rate of<span class=\"_ _2\"/> inflation<span class=\"_ _40\"> </span><span class=\"ls3 ws2e\">Incre<span class=\"_ _3\"/>ased<span class=\"_ _3\"/>/<span class=\"_ _2\"/>de<span class=\"_ _3\"/>crease<span class=\"_ _3\"/>d by 0<span class=\"_ _2\"/>.5<span class=\"_ _2\"/>%<span class=\"_ _ee\"> </span>Increas<span class=\"_ _3\"/>ed/decreas<span class=\"_ _3\"/>ed by 3<span class=\"_ _35\"/>%<span class=\"_ _4d\"> </span>Incre<span class=\"_ _3\"/>ased<span class=\"_ _3\"/>/<span class=\"_ _2\"/>de<span class=\"_ _3\"/>crease<span class=\"_ _3\"/>d by 0<span class=\"_ _35\"/>%<span class=\"_ _341\"> </span></span>Rate of s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y grow<span class=\"_ _0\"/>th<span class=\"_ _182\"> </span><span class=\"ls3 ws2e\">Increase<span class=\"_ _3\"/>d/decrease<span class=\"_ _3\"/>d by 0<span class=\"_ _2\"/>.5<span class=\"_ _2\"/>%<span class=\"_ _ee\"> </span>Increas<span class=\"_ _3\"/>ed/decreas<span class=\"_ _3\"/>ed by 0<span class=\"_ _2\"/>%<span class=\"_ _4d\"> </span>Increased<span class=\"_ _3\"/>/decreased by 0%<span class=\"_ _341\"> </span></span>Rate<span class=\"_ _2\"/> of mortality<span class=\"_ _162\"> </span><span class=\"ls1d ws3\">Incr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d by 1 yea<span class=\"_ _3\"/>r<span class=\"_ _c1\"> </span>In<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>a<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d by 5<span class=\"_ _2\"/>%<span class=\"_ _70\"> </span>Inc<span class=\"_ _3\"/>re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed by 3%<span class=\"_ _341\"> </span></span>The sensitivity analyse<span class=\"_ _3\"/>s abov<span class=\"_ _2\"/>e have<span class=\"_ _2\"/> been determined base<span class=\"_ _3\"/>d on a<span class=\"_ _2\"/> method that extrapolates the<span class=\"_ _2\"/> impact on the defined benefit obligation as a res<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>t of re<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ona<span class=\"_ _3\"/>ble c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>nge<span class=\"_ _3\"/>s in key a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ump<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns o<span class=\"_ _3\"/>ccu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g at the e<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>f the re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ng pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>iod. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se s<span class=\"_ _3\"/>en<span class=\"_ _3\"/>si<span class=\"_ _3\"/>tivi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s have b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n ca<span class=\"_ _3\"/>lcu<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d to show the<span class=\"_ _2\"/> movement of<span class=\"_ _2\"/> the defined obligation follo<span class=\"_ _2\"/>wing a change in<span class=\"_ _2\"/> a par<span class=\"_ _3\"/>ticular assumption in isolation,<span class=\"_ _2\"/> assuming no other changes in market condit<span class=\"_ _2\"/>ions.<span class=\"_ _341\"> </span>26. <span class=\"_ _3a\"> </span>S<span class=\"_ _3\"/>H<span class=\"_ _3\"/>A<span class=\"_ _3\"/>R<span class=\"_ _3\"/>E BAS<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D PA<span class=\"_ _35\"/>Y<span class=\"_ _3\"/>M<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up m<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ins a n<span class=\"_ _3\"/>umb<span class=\"_ _3\"/>er of a<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ive sh<span class=\"_ _3\"/>are o<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>on an<span class=\"_ _3\"/>d awar<span class=\"_ _3\"/>d pla<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>nd s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s fo<span class=\"_ _3\"/>r its e<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>loyee<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se a<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>s foll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span>SA<span class=\"_ _2\"/>VINGS-RELA<span class=\"_ _2\"/>TED<span class=\"_ _2\"/> OPTIONS<span class=\"_ _341\"> </span>Opt<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e gra<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d un<span class=\"_ _3\"/>der t<span class=\"_ _3\"/>he t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x-advan<span class=\"_ _3\"/>tag<span class=\"_ _3\"/>ed S<span class=\"_ _3\"/>ave As Y<span class=\"_ _2\"/>ou E<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>n (SA<span class=\"_ _2\"/>YE<span class=\"_ _3\"/>) s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re opt<span class=\"_ _3\"/>ion s<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>em<span class=\"_ _3\"/>e in the U<span class=\"_ _3\"/>K<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e SA<span class=\"_ _35\"/>Y<span class=\"_ _3\"/>E all<span class=\"_ _3\"/>ows UK-ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span>eli<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>le em<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>oyee<span class=\"_ _3\"/>s to acq<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>e opti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s over the C<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ny\u2019s share<span class=\"_ _3\"/>s at a d<span class=\"_ _3\"/>isc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt of up to 20% of th<span class=\"_ _3\"/>eir m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket val<span class=\"_ _3\"/>ue at t<span class=\"_ _3\"/>he da<span class=\"_ _3\"/>te of gr<span class=\"_ _3\"/>ant<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Opt<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e nor<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>lly exe<span class=\"_ _3\"/>rci<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>ble d<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ing t<span class=\"_ _3\"/>he si<span class=\"_ _3\"/>x mon<span class=\"_ _3\"/>th pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>iod f<span class=\"_ _3\"/>ollow<span class=\"_ _3\"/>ing e<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>er t<span class=\"_ _3\"/>he thi<span class=\"_ _3\"/>rd o<span class=\"_ _3\"/>r fif<span class=\"_ _0\"/>th an<span class=\"_ _3\"/>nive<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>a<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y of th<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>t o<span class=\"_ _3\"/>f the re<span class=\"_ _3\"/>leva<span class=\"_ _3\"/>nt<span class=\"_ _341\"> </span>savi<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s con<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>. Savi<span class=\"_ _3\"/>ngs c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e sub<span class=\"_ _3\"/>jec<span class=\"_ _3\"/>t to th<span class=\"_ _3\"/>e sta<span class=\"_ _3\"/>tuto<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y s<span class=\"_ _3\"/>avin<span class=\"_ _3\"/>gs lim<span class=\"_ _3\"/>it of \u00a35<span class=\"_ _3\"/>0<span class=\"_ _3\"/>0 pe<span class=\"_ _3\"/>r mon<span class=\"_ _3\"/>th.<span class=\"_ _341\"> </span>US<span class=\"_ _3\"/>-ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d e<span class=\"_ _3\"/>mpl<span class=\"_ _3\"/>oyee<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>n en<span class=\"_ _3\"/>ter in<span class=\"_ _3\"/>to a sim<span class=\"_ _3\"/>ila<span class=\"_ _3\"/>r sh<span class=\"_ _3\"/>are s<span class=\"_ _3\"/>ave sc<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>e (Sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>e Save). Empl<span class=\"_ _3\"/>oyee<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>n en<span class=\"_ _3\"/>ter in<span class=\"_ _3\"/>to t<span class=\"_ _3\"/>wo year s<span class=\"_ _3\"/>avi<span class=\"_ _3\"/>ngs c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>savi<span class=\"_ _3\"/>ng up to a m<span class=\"_ _3\"/>a<span class=\"_ _3\"/>xi<span class=\"_ _3\"/>mum of $<span class=\"_ _3\"/>2,00<span class=\"_ _3\"/>0 p<span class=\"_ _3\"/>er m<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>h, all<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g eli<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>le em<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>oyee<span class=\"_ _3\"/>s to acq<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>e opti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s over the C<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ny\u2019s share<span class=\"_ _3\"/>s at a d<span class=\"_ _3\"/>isc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nt<span class=\"_ _341\"> </span>of up to 15<span class=\"_ _35\"/>% of th<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>r ma<span class=\"_ _3\"/>rket va<span class=\"_ _3\"/>lue a<span class=\"_ _3\"/>t the da<span class=\"_ _3\"/>te of gr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t.<span class=\"_ _341\"> </span>LONG-TERM INCENTI<span class=\"_ _3\"/>VE PLAN (L<span class=\"_ _2\"/>TIP) AW<span class=\"_ _35\"/>A<span class=\"_ _3\"/>RDS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e L<span class=\"_ _35\"/>TI<span class=\"_ _3\"/>P is a di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>reti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>y e<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>loye<span class=\"_ _3\"/>e sha<span class=\"_ _3\"/>re s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me fo<span class=\"_ _3\"/>r E<span class=\"_ _3\"/>xecu<span class=\"_ _3\"/>tive D<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d se<span class=\"_ _3\"/>nio<span class=\"_ _3\"/>r ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he ve<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>ng of th<span class=\"_ _3\"/>e awar<span class=\"_ _3\"/>ds a<span class=\"_ _3\"/>re su<span class=\"_ _3\"/>bje<span class=\"_ _3\"/>ct<span class=\"_ _3\"/> to pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>for<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns over a t<span class=\"_ _3\"/>hre<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>iod a<span class=\"_ _3\"/>t the di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>ret<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f the Re<span class=\"_ _3\"/>mu<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion C<span class=\"_ _3\"/>om<span class=\"_ _3\"/>mit<span class=\"_ _3\"/>te<span class=\"_ _3\"/>e. T<span class=\"_ _3\"/>he pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce c<span class=\"_ _3\"/>ond<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>ons o<span class=\"_ _3\"/>f<span class=\"_ _341\"> </span>the L<span class=\"_ _2\"/>TIP a<span class=\"_ _3\"/>re d<span class=\"_ _3\"/>eta<span class=\"_ _3\"/>ile<span class=\"_ _3\"/>d in t<span class=\"_ _3\"/>he Re<span class=\"_ _3\"/>mu<span class=\"_ _3\"/>ner<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on R<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t o<span class=\"_ _3\"/>n pag<span class=\"_ _3\"/>es 144 and 1<span class=\"_ _2\"/>45<span class=\"_ _3\"/>. As a<span class=\"_ _3\"/>ppr<span class=\"_ _3\"/>oved at t<span class=\"_ _3\"/>he 201<span class=\"_ _2\"/>8 AGM, r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>tri<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>es (<span class=\"_ _3\"/>i.e. sha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>ves<span class=\"_ _3\"/>t bas<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n tim<span class=\"_ _3\"/>e onl<span class=\"_ _3\"/>y) a<span class=\"_ _3\"/>re awar<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d to par<span class=\"_ _0\"/>tic<span class=\"_ _3\"/>ipa<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s bel<span class=\"_ _3\"/>ow Bo<span class=\"_ _3\"/>ard l<span class=\"_ _3\"/>evel. S<span class=\"_ _3\"/>had<span class=\"_ _3\"/>ow L<span class=\"_ _35\"/>T<span class=\"_ _3\"/>IPs a<span class=\"_ _3\"/>re in p<span class=\"_ _3\"/>lac<span class=\"_ _3\"/>e for s<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ior m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in Ch<span class=\"_ _3\"/>ina<span class=\"_ _341\"> </span>and Malaysia.<span class=\"_ _341\"> </span>DEFERRED<span class=\"_ _2\"/> SHARE B<span class=\"_ _2\"/>ONUS P<span class=\"_ _2\"/>LAN (DSBP<span class=\"_ _2\"/>) A<span class=\"_ _35\"/>WARDS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e DSB<span class=\"_ _3\"/>P op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ates exc<span class=\"_ _3\"/>lus<span class=\"_ _3\"/>ivel<span class=\"_ _3\"/>y for t<span class=\"_ _3\"/>he E<span class=\"_ _3\"/>xecu<span class=\"_ _3\"/>tive D<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s. Un<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r thi<span class=\"_ _3\"/>s sc<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>e, 50% of any c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h bo<span class=\"_ _3\"/>nus p<span class=\"_ _3\"/>ayab<span class=\"_ _3\"/>le is awa<span class=\"_ _3\"/>rd<span class=\"_ _3\"/>ed in s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span>defe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d for t<span class=\"_ _3\"/>wo yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>her<span class=\"_ _3\"/>e ar<span class=\"_ _3\"/>e no oth<span class=\"_ _3\"/>er p<span class=\"_ _3\"/>er<span class=\"_ _0\"/>for<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns oth<span class=\"_ _3\"/>er t<span class=\"_ _3\"/>han c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tinu<span class=\"_ _3\"/>ed e<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>loym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t.<span class=\"_ _341\"> </span>LEGA<span class=\"_ _2\"/>CY<span class=\"_ _2\"/> SCHEMES<span class=\"_ _341\"> </span>Pri<span class=\"_ _3\"/>or to th<span class=\"_ _3\"/>e intr<span class=\"_ _3\"/>odu<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f the L<span class=\"_ _2\"/>TIP f<span class=\"_ _3\"/>or se<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>or ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>, ce<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ain e<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>loyee<span class=\"_ _3\"/>s pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>cip<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d in the E<span class=\"_ _3\"/>xe<span class=\"_ _3\"/>cut<span class=\"_ _3\"/>ive Sh<span class=\"_ _3\"/>are O<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>on S<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me (\u2018<span class=\"_ _3\"/>ESOS\u2019<span class=\"_ _3\"/>).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e ESOS w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h, excep<span class=\"_ _3\"/>t for o<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>sta<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>ing awa<span class=\"_ _3\"/>rd<span class=\"_ _3\"/>s whi<span class=\"_ _3\"/>ch wi<span class=\"_ _3\"/>ll ru<span class=\"_ _3\"/>n the<span class=\"_ _3\"/>ir c<span class=\"_ _3\"/>our<span class=\"_ _3\"/>se<span class=\"_ _3\"/>, has b<span class=\"_ _3\"/>e<span class=\"_ _3\"/>en di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>inu<span class=\"_ _3\"/>ed. T<span class=\"_ _3\"/>he C<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>any o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rate<span class=\"_ _3\"/>d sh<span class=\"_ _3\"/>adow<span class=\"_ _3\"/> ESOS fo<span class=\"_ _3\"/>r a nu<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r of s<span class=\"_ _3\"/>eni<span class=\"_ _3\"/>or m<span class=\"_ _3\"/>ana<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>, wh<span class=\"_ _3\"/>o were e<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>loyed o<span class=\"_ _3\"/>r ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in Ch<span class=\"_ _3\"/>ina o<span class=\"_ _3\"/>r Ma<span class=\"_ _3\"/>lays<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Sha<span class=\"_ _3\"/>re<span class=\"_ _3\"/>-<span class=\"_ _3\"/>bas<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t award<span class=\"_ _3\"/>s wer<span class=\"_ _3\"/>e valu<span class=\"_ _3\"/>ed (a<span class=\"_ _3\"/>s show<span class=\"_ _3\"/>n in th<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>ble b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow) usi<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e bin<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>al o<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>ing m<span class=\"_ _3\"/>ode<span class=\"_ _3\"/>l. T<span class=\"_ _3\"/>he wei<span class=\"_ _3\"/>ghte<span class=\"_ _3\"/>d fa<span class=\"_ _3\"/>ir val<span class=\"_ _3\"/>ue<span class=\"_ _341\"> </span>pe<span class=\"_ _3\"/>r award g<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>d the we<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>ted ave<span class=\"_ _3\"/>rag<span class=\"_ _3\"/>e as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>mpti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s us<span class=\"_ _3\"/>ed in t<span class=\"_ _3\"/>he c<span class=\"_ _3\"/>alc<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>re as f<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span>2022<span class=\"_ _29\"> </span><span class=\"ff7c ls15a ws15b\">2021<span class=\"_ _341\"> </span></span>Fair va<span class=\"_ _3\"/>lue p<span class=\"_ _3\"/>er o<span class=\"_ _3\"/>ptio<span class=\"_ _3\"/>n (p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce)<span class=\"_ _2da\"> </span><span class=\"ff7d ws72\">95.2<span class=\"_ _64\"> </span><span class=\"ff7c\">114.6<span class=\"_ _341\"> </span></span></span>Ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted vol<span class=\"_ _3\"/>atil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y (%<span class=\"_ _2\"/>)<span class=\"_ _22c\"> </span><span class=\"ff7d ws72\">44.0<span class=\"_ _14\"> </span><span class=\"ff7c\">64.0<span class=\"_ _341\"> </span></span></span>Ris<span class=\"_ _3\"/>k fr<span class=\"_ _3\"/>ee r<span class=\"_ _3\"/>ate (%<span class=\"_ _2\"/>)<span class=\"_ _2bb\"> </span><span class=\"ff7d ws72\">3.3<span class=\"_ _74\"> </span><span class=\"ff7c\">0.2<span class=\"_ _341\"> </span></span></span>Ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted di<span class=\"_ _3\"/>vid<span class=\"_ _3\"/>en<span class=\"_ _3\"/>d yie<span class=\"_ _3\"/>ld (%<span class=\"_ _2\"/>)<span class=\"_ _6d\"> </span><span class=\"ff7d ws72\">3.0<span class=\"_ _74\"> </span><span class=\"ff7c\">4.3<span class=\"_ _341\"> </span></span></span>Ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted vol<span class=\"_ _3\"/>atil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y was d<span class=\"_ _3\"/>ete<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d by ca<span class=\"_ _3\"/>lc<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>ting t<span class=\"_ _3\"/>he hi<span class=\"_ _3\"/>stor<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>al vol<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y of th<span class=\"_ _3\"/>e Co<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ny\u2019s shar<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>e over the p<span class=\"_ _3\"/>rev<span class=\"_ _3\"/>iou<span class=\"_ _3\"/>s fi<span class=\"_ _3\"/>ve year<span class=\"_ _3\"/>s<span class=\"_ _3\"/>. The<span class=\"_ _3\"/> expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted li<span class=\"_ _3\"/>fe us<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n the m<span class=\"_ _3\"/>od<span class=\"_ _3\"/>el ha<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>e<span class=\"_ _3\"/>n adju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d, ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>\u2019<span class=\"_ _2\"/>s b<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ate, for t<span class=\"_ _3\"/>he ef<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ts of n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y, ex<span class=\"_ _2\"/>e<span class=\"_ _3\"/>rci<span class=\"_ _3\"/>se<span class=\"_ _341\"> </span>restrictions and behavioural considerations.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ed tot<span class=\"_ _3\"/>al ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse<span class=\"_ _3\"/>s of $<span class=\"_ _3\"/>3.<span class=\"_ _35\"/>1m for con<span class=\"_ _3\"/>tinu<span class=\"_ _3\"/>ing o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s (2021<span class=\"_ _2\"/>: $3<span class=\"_ _3\"/>.6m) wi<span class=\"_ _3\"/>th $3<span class=\"_ _3\"/>.4m re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d for to<span class=\"_ _3\"/>tal o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>:<span class=\"_ _341\"> </span>$5.<span class=\"_ _35\"/>1m) relate<span class=\"_ _3\"/>d to sha<span class=\"_ _3\"/>re b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed p<span class=\"_ _3\"/>ayme<span class=\"_ _3\"/>nt tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s dur<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g the ye<span class=\"_ _3\"/>ar<span class=\"_ _2\"/>.<span class=\"_ _341\"> </span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g opti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s/award<span class=\"_ _3\"/>s to sub<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>rib<span class=\"_ _3\"/>e fo<span class=\"_ _3\"/>r ord<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y s<span class=\"_ _3\"/>har<span class=\"_ _3\"/>es we<span class=\"_ _3\"/>re ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng:<span class=\"_ _341\"> </span>Exercisable<span class=\"_ _341\"> </span>Y<span class=\"_ _35\"/>e<span class=\"_ _3\"/>a<span class=\"_ _3\"/>r of gr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>E<span class=\"_ _36\"> </span>x<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>r<span class=\"_ _36\"/>c<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>e<span class=\"_ _341\"> </span>price<span class=\"_ _1\"/> (p)<span class=\"_ _341\"> </span>1<span class=\"_ _341\"> </span>Fro<span class=\"_ _3\"/>m<span class=\"_ _82\"> </span><span class=\"ls156 ws156\">To<span class=\"_ _341\"> </span></span>A<span class=\"_ _36\"/>t<span class=\"_ _36\"/> 1<span class=\"_ _341\"> </span>J<span class=\"_ _36\"/>a<span class=\"_ _42\"> </span>n<span class=\"_ _36\"/>u<span class=\"_ _36\"/>a<span class=\"_ _42\"> </span>r<span class=\"_ _36\"> </span>y<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2<span class=\"_ _341\"> </span>\u2019000<span class=\"_ _341\"> </span>Granted<span class=\"_ _1\"/> \u2019000<span class=\"_ _341\"> </span>E<span class=\"_ _36\"> </span>x<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>r<span class=\"_ _36\"/>c<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>e<span class=\"_ _42\"> </span>d<span class=\"_ _341\"> </span>\u2019000<span class=\"_ _341\"> </span>E<span class=\"_ _36\"> </span>x<span class=\"_ _42\"> </span>p<span class=\"_ _36\"> </span>i<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>d<span class=\"_ _341\"> </span>\u2019000<span class=\"_ _341\"> </span>A<span class=\"_ _36\"/>t<span class=\"_ _36\"/> 3<span class=\"_ _0\"/>1<span class=\"_ _341\"> </span>December<span class=\"_ _1\"/> 2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2<span class=\"_ _341\"> </span>\u2019000<span class=\"_ _341\"> </span>UK S<span class=\"_ _3\"/>AVIN<span class=\"_ _3\"/>G<span class=\"_ _3\"/>S RE<span class=\"_ _3\"/>L<span class=\"_ _3\"/>ATED S<span class=\"_ _3\"/>HA<span class=\"_ _3\"/>RE<span class=\"_ _3\"/> OPTION SCHEME<span class=\"_ _341\"> </span>2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>18<span class=\"_ _ac\"> </span><span class=\"ls1d ws72\">163.91<span class=\"_ _13a\"> </span>01/01/22<span class=\"_ _13a\"> </span>01/07/22<span class=\"_ _84\"> </span><span class=\"ff7d ws3\"> 21 <span class=\"_ _f2\"> </span><span class=\"ls3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _84\"> </span></span><span class=\"ws72\">(21)<span class=\"_ _a\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span></span></span>2<span class=\"_ _3\"/>019<span class=\"_ _2db\"> </span><span class=\"ls1d ws72\">121.33<span class=\"_ _13a\"> </span>01/11/22<span class=\"_ _13a\"> </span>01/05/23<span class=\"_ _84\"> </span><span class=\"ff7d ws3\"> 18 <span class=\"_ _f2\"> </span><span class=\"ls3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(6)<span class=\"_ _d8\"> </span>12<span class=\"_ _341\"> </span></span></span></span>2020<span class=\"_ _2dc\"> </span>58.00<span class=\"_ _13a\"> </span>01/11/23<span class=\"_ _13a\"> </span>01/05/24<span class=\"_ _1e\"> </span><span class=\"ff7d ws3\"> 904 <span class=\"_ _f2\"> </span><span class=\"ls3\">\u2013<span class=\"_ _84\"> </span></span><span class=\"ws72\">(72)<span class=\"_ _29\"> </span>(43)<span class=\"_ _31\"> </span>789<span class=\"_ _341\"> </span></span></span>20<span class=\"_ _3\"/>21<span class=\"_ _c8\"> </span><span class=\"ls1d ws72\">117.00<span class=\"_ _13a\"> </span>01/11/24<span class=\"_ _13a\"> </span>01/05/25<span class=\"_ _84\"> </span><span class=\"ff7d ws3\"> 70 <span class=\"_ _f2\"> </span><span class=\"ls3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _84\"> </span></span><span class=\"ws72\">(24)<span class=\"_ _d8\"> </span>46<span class=\"_ _341\"> </span></span></span></span>2022<span class=\"_ _2dc\"> </span>88.00<span class=\"_ _13a\"> </span>01/11/25<span class=\"_ _13a\"> </span>01/05/26<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _29\"> </span></span><span class=\"ff7d\">166<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _29\"> </span></span>166<span class=\"_ _341\"> </span></span>2022<span class=\"_ _2dc\"> </span>88.00<span class=\"_ _13a\"> </span>01/11/27<span class=\"_ _13a\"> </span>01/15/28<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _261\"> </span></span><span class=\"ff7d\">34<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _5d\"> </span></span>34</span> 1,013 <span class=\"_ _103\"> </span><span class=\"ws72\">200<span class=\"_ _84\"> </span>(72)<span class=\"_ _29\"> </span>(94)<span class=\"_ _2a\"> </span>1,047<span class=\"_ _341\"> </span></span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:810.10504px;\">US S<span class=\"_ _3\"/>AVIN<span class=\"_ _3\"/>G<span class=\"_ _3\"/>S RE<span class=\"_ _3\"/>L<span class=\"_ _3\"/>A<span class=\"_ _2\"/>TE<span class=\"_ _3\"/>D S<span class=\"_ _3\"/>H<span class=\"_ _3\"/>AR<span class=\"_ _3\"/>E </div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 lsf ws9c\" style=\"left:0.0031280518px; bottom:797.10504px;\">OPTION SCHEME<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:782.30585px;\">2020<span class=\"_ _2dc\"> </span>63.11<span class=\"_ _13a\"> </span>16/09/22<span class=\"_ _13a\"> </span>16/12/22<span class=\"_ _9d\"> </span><span class=\"ff7d\">1,280<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _1e\"> </span></span>(948)<span class=\"_ _1c\"> </span>(176)<span class=\"_ _103\"> </span>156<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1b6 ws1b5\" style=\"left:0.0031280518px; bottom:767.50665px;\">20<span class=\"_ _3\"/>21<span class=\"_ _c8\"> </span><span class=\"ls1d ws72\">133.71<span class=\"_ _13a\"> </span>15/09/23<span class=\"_ _13a\"> </span>15/12/23<span class=\"_ _20\"> </span><span class=\"ff7d\">118<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _84\"> </span></span>(35)<span class=\"_ _d8\"> </span>83<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:752.70746px;\">2022<span class=\"_ _2dc\"> </span>92.31<span class=\"_ _13a\"> </span>15/09/24<span class=\"_ _13a\"> </span>15/12/24<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _29\"> </span></span><span class=\"ff7d\">921<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _84\"> </span></span>(12)<span class=\"_ _103\"> </span>909</span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls1d ws3\" style=\"left:372.3937px; bottom:737.90826px;\"> 1,398 <span class=\"_ _103\"> </span><span class=\"ws72\">921<span class=\"_ _1e\"> </span>(948)<span class=\"_ _166\"> </span>(223)<span class=\"_ _101\"> </span>1,148<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 lsf ws9c\" style=\"left:0.0031280518px; bottom:723.1091px;\">EXECUTIVE SHARE OPTION </div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls43 ws44\" style=\"left:0.0031280518px; bottom:710.1091px;\">SCHEMES/<span class=\"_ _35\"/>A<span class=\"_ _2\"/>WARD<span class=\"_ _2\"/>S GRANTED </div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls84 ws11\" style=\"left:0.0031280518px; bottom:697.1091px;\">UNDER THE<span class=\"_ _2\"/> L<span class=\"_ _35\"/>TIP*<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1e6 ws1fa\" style=\"left:0.0031280518px; bottom:682.3099px;\">2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>12</div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:21.619392px; bottom:685.79474px;\">+<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:193.35406px; bottom:682.33154px;\">177.81<span class=\"_ _13a\"> </span>27/06/15<span class=\"_ _13a\"> </span>27/06/22<span class=\"_ _29\"> </span><span class=\"ff7d\">238<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _1e\"> </span></span>(238)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1e7 ws1fb\" style=\"left:0.0031280518px; bottom:667.53235px;\">2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>15<span class=\"_ _ac\"> </span><span class=\"ls1d ws72\">290.20<span class=\"_ _13a\"> </span>01/04/18<span class=\"_ _13a\"> </span>01/04/25<span class=\"_ _5d\"> </span><span class=\"ff7d\">16<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>16<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1e7 ws1fb\" style=\"left:0.0031280518px; bottom:652.73315px;\">2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>15<span class=\"_ _58\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>27/04/18<span class=\"_ _13a\"> </span>27/04/25<span class=\"_ _d\"> </span><span class=\"ff7d ls3 ws3\">7<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>7<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1e8 ws1fc\" style=\"left:0.0031280518px; bottom:637.93396px;\">2<span class=\"_ _3\"/>016<span class=\"_ _2db\"> </span><span class=\"ls1d ws72\">218.17<span class=\"_ _13a\"> </span>04/04/19<span class=\"_ _13a\"> </span>04/04/26<span class=\"_ _5d\"> </span><span class=\"ff7d\">21<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _5d\"> </span></span>21<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls140 ws1fd\" style=\"left:0.0031280518px; bottom:623.13477px;\">2<span class=\"_ _3\"/>0<span class=\"_ _0\"/>17<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:21.619392px; bottom:626.61255px;\">\u2206<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:623.14935px;\">Nil<span class=\"_ _13a\"> </span>07/03/17<span class=\"_ _13a\"> </span>07/03/27<span class=\"_ _5d\"> </span><span class=\"ff7d\">92<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _5d\"> </span></span>92<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls140 ws1fd\" style=\"left:0.0031280518px; bottom:608.3501px;\">2<span class=\"_ _3\"/>0<span class=\"_ _0\"/>17<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:21.619392px; bottom:611.81696px;\">#<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:608.35376px;\">Nil<span class=\"_ _13a\"> </span>07/03/19<span class=\"_ _13a\"> </span>07/03/27<span class=\"_ _d\"> </span><span class=\"ff7d ls3 ws3\">7<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _d\"> </span>7<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls140 ws1fd\" style=\"left:0.0031280518px; bottom:593.55457px;\">2<span class=\"_ _3\"/>0<span class=\"_ _0\"/>17<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:21.619392px; bottom:597.0214px;\">~<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:593.5582px;\">Nil<span class=\"_ _13a\"> </span>07/03/20<span class=\"_ _13a\"> </span>07/03/27<span class=\"_ _5d\"> </span><span class=\"ff7d\">17<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _5d\"> </span></span>17<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls140 ws1fd\" style=\"left:0.0031280518px; bottom:578.75903px;\">2<span class=\"_ _3\"/>0<span class=\"_ _0\"/>17<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:21.619392px; bottom:582.2258px;\">+<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:193.35406px; bottom:578.76263px;\">264.66<span class=\"_ _13a\"> </span>03/04/20<span class=\"_ _13a\"> </span>03/04/27<span class=\"_ _5d\"> </span><span class=\"ff7d\">31<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _5d\"> </span></span>31<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:563.88025px;\">2018<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:22.747795px; bottom:567.34485px;\">#<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:563.88165px;\">Nil<span class=\"_ _13a\"> </span>05/03/20<span class=\"_ _13a\"> </span>05/03/28<span class=\"_ _5d\"> </span><span class=\"ff7d\">73<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _5d\"> </span></span>73<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 lsea wse2\" style=\"left:0.0031280518px; bottom:549.08246px;\">2<span class=\"_ _3\"/>019<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:21.619392px; bottom:552.5493px;\">#<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:549.0861px;\">Nil<span class=\"_ _13a\"> </span>06/03/21<span class=\"_ _13a\"> </span>06/03/29<span class=\"_ _5d\"> </span><span class=\"ff7d\">49<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _5d\"> </span></span>49<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 lsea wse2\" style=\"left:0.0031280518px; bottom:534.2869px;\">2<span class=\"_ _3\"/>019<span class=\"_ _0\"/>*<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:25.688263px; bottom:537.7538px;\">?<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:534.2905px;\">Nil<span class=\"_ _13a\"> </span>01/04/22<span class=\"_ _13a\"> </span>01/04/29<span class=\"_ _9d\"> </span><span class=\"ff7d\">2,237<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _2a\"> </span></span>(2,237)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 lsea wse2\" style=\"left:0.0031280518px; bottom:519.49133px;\">2<span class=\"_ _3\"/>019<span class=\"_ _0\"/>*<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:25.688263px; bottom:522.9582px;\">?<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:519.495px;\">Nil<span class=\"_ _13a\"> </span>01/04/22<span class=\"_ _13a\"> </span>01/04/22<span class=\"_ _9d\"> </span><span class=\"ff7d\">1,009<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _1e\"> </span></span>(953)<span class=\"_ _29\"> </span>(30)<span class=\"_ _97\"> </span>26<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 lsea wse2\" style=\"left:0.0031280518px; bottom:504.6958px;\">2<span class=\"_ _3\"/>019<span class=\"_ _58\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>01/04/22<span class=\"_ _13a\"> </span>01/04/22<span class=\"_ _d\"> </span><span class=\"ff7d ls3 ws3\">3<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ff7d\">(3)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 lsea wse2\" style=\"left:0.0031280518px; bottom:489.8966px;\">2<span class=\"_ _3\"/>019<span class=\"_ _58\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>19/10/22<span class=\"_ _13a\"> </span>19/10/22<span class=\"_ _5d\"> </span><span class=\"ff7d\">16<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _84\"> </span></span>(16)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _341\"> </span></span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:475.0974px;\">2020<span class=\"_ _229\"> </span>Nil<span class=\"_ _177\"> </span>04/01/23<span class=\"_ _13a\"> </span>04/01/23<span class=\"_ _5d\"> </span><span class=\"ff7d\">20<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _84\"> </span></span>(20)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:460.29822px;\">2020<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:460.31274px;\">Nil<span class=\"_ _13a\"> </span>05/03/23<span class=\"_ _13a\"> </span>05/03/23<span class=\"_ _29\"> </span><span class=\"ff7d\">188<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _1e\"> </span></span>(188)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:445.51355px;\">2020<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:22.747795px; bottom:448.9804px;\">#<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:445.5172px;\">Nil<span class=\"_ _13a\"> </span>05/03/23<span class=\"_ _13a\"> </span>05/03/30<span class=\"_ _5d\"> </span><span class=\"ff7d\">76<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _5d\"> </span></span>76<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:430.718px;\">2020*<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:27.356293px; bottom:434.18484px;\">?<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:430.72165px;\">Nil<span class=\"_ _13a\"> </span>07/04/23<span class=\"_ _13a\"> </span>07/04/30<span class=\"_ _9d\"> </span><span class=\"ff7d\">4,856<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _84\"> </span></span>(58)<span class=\"_ _101\"> </span>4,798<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:415.92242px;\">2020<span class=\"_ _229\"> </span>Nil<span class=\"_ _177\"> </span>07/04/22<span class=\"_ _13a\"> </span>07/04/22<span class=\"_ _20\"> </span><span class=\"ff7d\">106<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _20\"> </span></span>106<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:401.12323px;\">2020*<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:27.356293px; bottom:404.59372px;\">?<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:401.13052px;\">Nil<span class=\"_ _13a\"> </span>07/04/23<span class=\"_ _13a\"> </span>07/04/23<span class=\"_ _9d\"> </span><span class=\"ff7d\">2,460<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _103\"> </span></span>(151)<span class=\"_ _2a\"> </span>2,309<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:386.33133px;\">2020*<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:27.356293px; bottom:389.79803px;\">?<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:386.33484px;\">Nil<span class=\"_ _13a\"> </span>03/08/23<span class=\"_ _13a\"> </span>03/08/23<span class=\"_ _29\"> </span><span class=\"ff7d\">160<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _84\"> </span></span>(30)<span class=\"_ _261\"> </span>(9)<span class=\"_ _103\"> </span>121<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:371.5356px;\">2020<span class=\"_ _229\"> </span>Nil<span class=\"_ _177\"> </span>11/09/23<span class=\"_ _13a\"> </span>11/09/23<span class=\"_ _5d\"> </span><span class=\"ff7d\">16<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>16<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:356.73642px;\">2020*<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:27.356293px; bottom:360.20703px;\">?<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:356.74384px;\">Nil<span class=\"_ _13a\"> </span>30/12/23<span class=\"_ _13a\"> </span>30/12/23<span class=\"_ _29\"> </span><span class=\"ff7d\">137<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _84\"> </span></span>(10)<span class=\"_ _103\"> </span>127<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1e6 ws1fa\" style=\"left:0.0031280518px; bottom:341.94464px;\">2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>2<span class=\"_ _3\"/>1*<span class=\"_ _226\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>06/04/24<span class=\"_ _13a\"> </span>06/04/31<span class=\"_ _9d\"> </span><span class=\"ff7d\">2,696<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _84\"> </span></span>(75)<span class=\"_ _101\"> </span>2,621<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1e6 ws1fa\" style=\"left:0.0031280518px; bottom:327.14545px;\">2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>2<span class=\"_ _3\"/>1*<span class=\"_ _226\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>06/04/24<span class=\"_ _13a\"> </span>06/04/31<span class=\"_ _9d\"> </span><span class=\"ff7d\">1,545<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _84\"> </span></span>(84)<span class=\"_ _101\"> </span>1,461<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1b6 ws1b5\" style=\"left:0.0031280518px; bottom:312.34622px;\">20<span class=\"_ _3\"/>21<span class=\"_ _229\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>07/04/24<span class=\"_ _2b\"> </span>24/05/31<span class=\"_ _261\"> </span><span class=\"ff7d\">13<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>13<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1b6 ws1b5\" style=\"left:0.0031280518px; bottom:297.54703px;\">20<span class=\"_ _3\"/>21<span class=\"_ _229\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>06/04/24<span class=\"_ _2b\"> </span>16/08/31<span class=\"_ _261\"> </span><span class=\"ff7d\">20<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>20<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1b6 ws1b5\" style=\"left:0.0031280518px; bottom:282.74783px;\">20<span class=\"_ _3\"/>21<span class=\"_ _229\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>06/04/24<span class=\"_ _2b\"> </span>01/09/31<span class=\"_ _83\"> </span><span class=\"ff7d ls3 ws3\">9<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _83\"> </span>9<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1b6 ws1b5\" style=\"left:0.0031280518px; bottom:267.94864px;\">20<span class=\"_ _3\"/>21<span class=\"_ _229\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>06/04/24<span class=\"_ _2b\"> </span>13/09/31<span class=\"_ _261\"> </span><span class=\"ff7d\">23<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>23<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1e6 ws1fa\" style=\"left:0.0031280518px; bottom:253.14944px;\">2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>2<span class=\"_ _3\"/>1*<span class=\"_ _226\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>06/04/24<span class=\"_ _13a\"> </span>01/10/31<span class=\"_ _20\"> </span><span class=\"ff7d\">159<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d4\"> </span></span>(8)<span class=\"_ _103\"> </span>151<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1b6 ws1b5\" style=\"left:0.0031280518px; bottom:238.35025px;\">20<span class=\"_ _3\"/>21<span class=\"_ _229\"> </span><span class=\"ls1d ws72\">Nil<span class=\"_ _13a\"> </span>06/04/24<span class=\"_ _2b\"> </span>13/12/31<span class=\"_ _261\"> </span><span class=\"ff7d\">84<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>84<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:223.55103px;\">2022<span class=\"_ _3\"/>*<span class=\"_ _2dd\"> </span>Nil<span class=\"_ _13a\"> </span>05/03/25<span class=\"_ _13a\"> </span>05/03/32<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _29\"> </span></span><span class=\"ff7d\">213<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _29\"> </span></span>213<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:207.43103px;\">2022<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:22.747795px; bottom:210.92816px;\">#<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:207.46497px;\">Nil<span class=\"_ _13a\"> </span>05/03/25<span class=\"_ _13a\"> </span>05/03/32<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _29\"> </span></span><span class=\"ff7d\">490<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _29\"> </span></span>490<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:192.66577px;\">2022</div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:21.619392px; bottom:196.1326px;\">~<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:192.6694px;\">Nil<span class=\"_ _13a\"> </span>01/04/22<span class=\"_ _13a\"> </span>01/04/22<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _261\"> </span></span><span class=\"ff7d\">52<span class=\"_ _5\"> </span>(52)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d\"> </span>\u2013<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:177.87021px;\">2022<span class=\"_ _3\"/>*<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:27.356293px; bottom:181.33705px;\">?<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:177.87384px;\">Nil<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _13a\"> </span>04/04/32<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _9d\"> </span></span><span class=\"ff7d\">3,082<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _87\"> </span></span>3,082<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:163.07465px;\">2022<span class=\"_ _3\"/>*<span class=\"_ _341\"> </span></div><div class=\"t m0 h28 ff7c fse fc2 sc0 ls3 ws3\" style=\"left:27.356293px; bottom:166.54149px;\">?<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:213.58923px; bottom:163.0783px;\">Nil<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _9d\"> </span></span><span class=\"ff7d\">1,286<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _87\"> </span></span>1,286<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:148.27908px;\">2022<span class=\"_ _3\"/>*<span class=\"_ _2dd\"> </span>Nil<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _29\"> </span></span><span class=\"ff7d\">450<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _29\"> </span></span>450<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:133.47989px;\">2022<span class=\"_ _229\"> </span>Nil<span class=\"_ _177\"> </span>11/04/22<span class=\"_ _13a\"> </span>11/04/22<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _d\"> </span>1<span class=\"_ _a\"> </span></span><span class=\"ff7d\">(1)<span class=\"_ _a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:118.68068px;\">2022<span class=\"_ _3\"/>*<span class=\"_ _2dd\"> </span>Nil<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _29\"> </span></span><span class=\"ff7d\">133<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _29\"> </span></span>133<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:103.881485px;\">2022<span class=\"_ _229\"> </span>Nil<span class=\"_ _177\"> </span>06/04/24<span class=\"_ _13a\"> </span>06/04/24<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _5d\"> </span></span><span class=\"ff7d\">16<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>16<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:89.08229px;\">2022<span class=\"_ _229\"> </span>Nil<span class=\"_ _177\"> </span>04/04/25<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _5d\"> </span></span><span class=\"ff7d\">12<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>12<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:74.28308px;\">2022<span class=\"_ _229\"> </span>Nil<span class=\"_ _177\"> </span>06/04/24<span class=\"_ _13a\"> </span>06/04/24<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _5d\"> </span></span><span class=\"ff7d\">13<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>13<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:59.483887px;\">2022<span class=\"_ _229\"> </span>Nil<span class=\"_ _177\"> </span>04/04/25<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _5d\"> </span></span><span class=\"ff7d\">13<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>13<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:44.684685px;\">2022<span class=\"_ _229\"> </span>Nil<span class=\"_ _177\"> </span>04/04/25<span class=\"_ _13a\"> </span>04/04/25<span class=\"_ _d0\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _5d\"> </span></span><span class=\"ff7d\">18<span class=\"_ _d0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _d0\"> </span>\u2013<span class=\"_ _261\"> </span></span>18<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls1d ws72\" style=\"left:369.27307px; bottom:29.885483px;\">16,384<span class=\"_ _9d\"> </span>5,779<span class=\"_ _f3\"> </span>(1,260)<span class=\"_ _8c\"> </span>(2,903)<span class=\"_ _167\"> </span>18,000<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:1.9822845px;\">Footn<span class=\"_ _3\"/>ote<span class=\"_ _3\"/>s to tab<span class=\"_ _3\"/>le o<span class=\"_ _3\"/>n pag<span class=\"_ _3\"/>e 21<span class=\"_ _35\"/>0<span class=\"_ _341\"> </span></div>26. <span class=\"_ _3a\"> </span>S<span class=\"_ _3\"/>H<span class=\"_ _3\"/>A<span class=\"_ _3\"/>R<span class=\"_ _3\"/>E BAS<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D PA<span class=\"_ _35\"/>Y<span class=\"_ _3\"/>M<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>S CO<span class=\"_ _3\"/>NTI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>U<span class=\"_ _3\"/>ED<span class=\"_ _341\"> </span>1 <span class=\"_ _49\"> </span>Wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e ne<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>a<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y op<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es we<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>dj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ted f<span class=\"_ _3\"/>or by a f<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tor of 1.09<span class=\"_ _3\"/>271<span class=\"_ _35\"/>5 to r<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>le<span class=\"_ _3\"/>ct t<span class=\"_ _3\"/>he d<span class=\"_ _3\"/>ilu<span class=\"_ _3\"/>tive e<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e 2018 Righ<span class=\"_ _3\"/>ts Is<span class=\"_ _3\"/>su<span class=\"_ _3\"/>e.<span class=\"_ _341\"> </span>+ <span class=\"_ _139\"> </span>Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e opt<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ns in<span class=\"_ _3\"/>cl<span class=\"_ _3\"/>ud<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>sh s<span class=\"_ _3\"/>et<span class=\"_ _3\"/>tl<span class=\"_ _3\"/>ed s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>dow exe<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>tive o<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s gr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ted to a n<span class=\"_ _3\"/>um<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r of exe<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>s on t<span class=\"_ _3\"/>he s<span class=\"_ _3\"/>am<span class=\"_ _3\"/>e ba<span class=\"_ _3\"/>si<span class=\"_ _3\"/>s as th<span class=\"_ _3\"/>e exec<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>ive op<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns (<span class=\"_ _3\"/>wit<span class=\"_ _3\"/>h the s<span class=\"_ _3\"/>a<span class=\"_ _3\"/>me<span class=\"_ _341\"> </span>pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>di<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>nd exe<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>ise p<span class=\"_ _3\"/>rov<span class=\"_ _3\"/>is<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ns). T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>se s<span class=\"_ _3\"/>had<span class=\"_ _3\"/>ow op<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>re i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>n th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>lcu<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e tot<span class=\"_ _3\"/>al ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>es r<span class=\"_ _3\"/>e<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d by th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>p<span class=\"_ _341\"> </span>rel<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d to s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d pa<span class=\"_ _3\"/>ym<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he c<span class=\"_ _3\"/>lo<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ng ba<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e of th<span class=\"_ _3\"/>e 201<span class=\"_ _35\"/>1, 201<span class=\"_ _35\"/>2 a<span class=\"_ _3\"/>nd 2017 optio<span class=\"_ _3\"/>ns s<span class=\"_ _3\"/>how<span class=\"_ _3\"/>n ab<span class=\"_ _3\"/>ove inc<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>de n<span class=\"_ _3\"/>o sha<span class=\"_ _3\"/>dow o<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>\u2206 <span class=\"_ _60\"> </span>Awar<span class=\"_ _3\"/>ds m<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>s on<span class=\"_ _3\"/>e<span class=\"_ _3\"/>-<span class=\"_ _3\"/>of<span class=\"_ _3\"/>f ag<span class=\"_ _3\"/>re<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts th<span class=\"_ _3\"/>at b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>row f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m th<span class=\"_ _3\"/>e ter<span class=\"_ _3\"/>ms o<span class=\"_ _3\"/>f the LTIP<span class=\"_ _1\"/>.<span class=\"_ _341\"> </span>? <span class=\"_ _49\"> </span>Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e op<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>ud<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>sh s<span class=\"_ _3\"/>et<span class=\"_ _3\"/>tl<span class=\"_ _3\"/>ed s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>dow LTIPs gr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>te<span class=\"_ _3\"/>d to a num<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r of exe<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>s on t<span class=\"_ _3\"/>he s<span class=\"_ _3\"/>am<span class=\"_ _3\"/>e ba<span class=\"_ _3\"/>si<span class=\"_ _3\"/>s as t<span class=\"_ _3\"/>he L<span class=\"_ _2\"/>TI<span class=\"_ _3\"/>P (wi<span class=\"_ _3\"/>th th<span class=\"_ _3\"/>e sa<span class=\"_ _3\"/>me p<span class=\"_ _3\"/>er<span class=\"_ _0\"/>for<span class=\"_ _3\"/>m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>io<span class=\"_ _3\"/>ns<span class=\"_ _341\"> </span>an<span class=\"_ _3\"/>d exer<span class=\"_ _3\"/>cis<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ovi<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ons). T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>s<span class=\"_ _3\"/>e sha<span class=\"_ _3\"/>dow LTIPs a<span class=\"_ _3\"/>re in<span class=\"_ _3\"/>cl<span class=\"_ _3\"/>ude<span class=\"_ _3\"/>d in t<span class=\"_ _3\"/>he c<span class=\"_ _3\"/>al<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>io<span class=\"_ _3\"/>n of the t<span class=\"_ _3\"/>ota<span class=\"_ _3\"/>l exp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>es re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d by the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up r<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d to sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>e ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span>payments.<span class=\"_ _341\"> </span># <span class=\"_ _49\"> </span>Co<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ona<span class=\"_ _3\"/>l sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>e awar<span class=\"_ _3\"/>d un<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r th<span class=\"_ _3\"/>e De<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d S<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re Bo<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>s Pla<span class=\"_ _3\"/>n.<span class=\"_ _341\"> </span>~ <span class=\"_ _139\"> </span>Awar<span class=\"_ _3\"/>ds m<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>s on<span class=\"_ _3\"/>e<span class=\"_ _3\"/>-o<span class=\"_ _3\"/>f<span class=\"_ _3\"/>f ag<span class=\"_ _3\"/>re<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts u<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>r th<span class=\"_ _3\"/>e De<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed S<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re B<span class=\"_ _3\"/>onu<span class=\"_ _3\"/>s Pl<span class=\"_ _3\"/>an (ni<span class=\"_ _3\"/>l co<span class=\"_ _3\"/>st o<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s).<span class=\"_ _341\"> </span>* <span class=\"_ _4\"> </span>Th<span class=\"_ _3\"/>e clo<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ng b<span class=\"_ _3\"/>al<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce of 2019, 2020, 20<span class=\"_ _3\"/>21 and 2<span class=\"_ _3\"/>022 LTIPs sh<span class=\"_ _3\"/>own a<span class=\"_ _3\"/>bove i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>de a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>roxi<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tel<span class=\"_ _3\"/>y 26,3<span class=\"_ _3\"/>8<span class=\"_ _3\"/>6, 195,8<span class=\"_ _3\"/>56, 130,9<span class=\"_ _3\"/>95 a<span class=\"_ _3\"/>nd 28<span class=\"_ _3\"/>2,<span class=\"_ _35\"/>1<span class=\"_ _2\"/>7<span class=\"_ _35\"/>4 s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>dow LTIPs<span class=\"_ _341\"> </span>respectively<span class=\"_ _35\"/>. <span class=\"_ _67\"> </span>C<span class=\"_ _3\"/>on<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>io<span class=\"_ _3\"/>nal s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re awa<span class=\"_ _3\"/>rd u<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>er t<span class=\"_ _3\"/>he D<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d Sh<span class=\"_ _3\"/>are B<span class=\"_ _3\"/>on<span class=\"_ _3\"/>us Pl<span class=\"_ _3\"/>an (n<span class=\"_ _3\"/>il c<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t awar<span class=\"_ _3\"/>d, st<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>e un<span class=\"_ _3\"/>its).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e weig<span class=\"_ _3\"/>hte<span class=\"_ _3\"/>d avera<span class=\"_ _3\"/>ge re<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>ng c<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>rac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>l lif<span class=\"_ _3\"/>e of the a<span class=\"_ _3\"/>bove sh<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>es o<span class=\"_ _3\"/>uts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng at 31 De<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 wa<span class=\"_ _3\"/>s 5.2 ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: 5.8 ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e weig<span class=\"_ _3\"/>hte<span class=\"_ _3\"/>d avera<span class=\"_ _3\"/>ge exer<span class=\"_ _3\"/>cis<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es of o<span class=\"_ _3\"/>pti<span class=\"_ _3\"/>ons d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>clo<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e prev<span class=\"_ _3\"/>iou<span class=\"_ _3\"/>s ta<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e were a<span class=\"_ _3\"/>s fol<span class=\"_ _3\"/>lows:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2<span class=\"_ _341\"> </span>A<span class=\"_ _36\"/>v<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>r<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>g<span class=\"_ _36\"> </span>e<span class=\"_ _341\"> </span>ex<span class=\"_ _2\"/>ercise<span class=\"_ _1\"/> pr<span class=\"_ _3\"/>i<span class=\"_ _3\"/>ce (<span class=\"_ _3\"/>p)<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1<span class=\"_ _341\"> </span>A<span class=\"_ _0\"/>v<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>r<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>g<span class=\"_ _36\"/>e<span class=\"_ _341\"> </span>e<span class=\"_ _36\"/>x<span class=\"_ _36\"/>e<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>c<span class=\"_ _36\"/>i<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>e<span class=\"_ _341\"> </span>price (p<span class=\"_ _2\"/>)<span class=\"_ _341\"> </span>At 1 Jan<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _281\"> </span><span class=\"ff7d ws72\">11.9<span class=\"_ _14\"> </span><span class=\"ff7c\">17.6<span class=\"_ _341\"> </span></span></span>Gr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>te<span class=\"_ _3\"/>d<span class=\"_ _2bc\"> </span><span class=\"ff7d ls1d ws72\">14.9<span class=\"_ _182\"> </span></span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span>Exercised<span class=\"_ _24f\"> </span><span class=\"ff7d ls1d ws72\">30.6<span class=\"_ _74\"> </span><span class=\"ff7c\">9.4<span class=\"_ _341\"> </span></span></span>Expire<span class=\"_ _3\"/>d<span class=\"_ _2de\"> </span><span class=\"ff7d ls1d ws72\">20.4<span class=\"_ _14\"> </span><span class=\"ff7c\">31.4<span class=\"_ _341\"> </span></span></span>At 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er<span class=\"_ _2bf\"> </span><span class=\"ff7d ws72\">9.6<span class=\"_ _c7\"> </span><span class=\"ff7c\">11.9<span class=\"_ _341\"> </span></span></span>Exercisable at 3<span class=\"_ _2\"/>1 Decembe<span class=\"_ _3\"/>r<span class=\"_ _2df\"> </span><span class=\"ff7d ls1d ws72\">49.3<span class=\"_ _64\"> </span><span class=\"ff7c\">111.1<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e weig<span class=\"_ _3\"/>hte<span class=\"_ _3\"/>d avera<span class=\"_ _3\"/>ge s<span class=\"_ _3\"/>har<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>e at th<span class=\"_ _3\"/>e date of exer<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>se of s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re opt<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s exerc<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>d du<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ng th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r was 31<span class=\"_ _35\"/>.<span class=\"_ _3\"/>5 pe<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e (2021<span class=\"_ _35\"/>: <span class=\"_ _1\"/>1<span class=\"_ _35\"/>18.9 pe<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e).<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e num<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r of exerc<span class=\"_ _3\"/>is<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>e opt<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s ou<span class=\"_ _3\"/>tst<span class=\"_ _3\"/>an<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g as a<span class=\"_ _3\"/>t 31 Dece<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 wa<span class=\"_ _3\"/>s 61<span class=\"_ _35\"/>3,<span class=\"_ _3\"/>28<span class=\"_ _3\"/>8 (2021<span class=\"_ _35\"/>: 5<span class=\"_ _3\"/>5<span class=\"_ _2\"/>1<span class=\"_ _2\"/>,8<span class=\"_ _3\"/>57).<span class=\"_ _341\"> </span>27<span class=\"_ _35\"/>. <span class=\"_ _3a\"> </span>RE<span class=\"_ _3\"/>L<span class=\"_ _3\"/>ATED PAR<span class=\"_ _3\"/>T<span class=\"_ _3\"/>Y T<span class=\"_ _3\"/>R<span class=\"_ _3\"/>A<span class=\"_ _3\"/>N<span class=\"_ _3\"/>SACT<span class=\"_ _3\"/>IO<span class=\"_ _3\"/>N<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Com<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>ny is a gu<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>anto<span class=\"_ _3\"/>r to the U<span class=\"_ _3\"/>K pe<span class=\"_ _3\"/>nsi<span class=\"_ _3\"/>on s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me u<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>er wh<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>h it gu<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ante<span class=\"_ _3\"/>e<span class=\"_ _3\"/>s all c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt an<span class=\"_ _3\"/>d fu<span class=\"_ _3\"/>ture o<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>gat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s of UK s<span class=\"_ _3\"/>ub<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>iar<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s<span class=\"_ _341\"> </span>cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ntl<span class=\"_ _3\"/>y pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>tic<span class=\"_ _3\"/>ipa<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g in the p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>si<span class=\"_ _3\"/>on s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me to m<span class=\"_ _3\"/>ake pay<span class=\"_ _3\"/>men<span class=\"_ _3\"/>ts to th<span class=\"_ _3\"/>e sc<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>e, up to a s<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cif<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d ma<span class=\"_ _3\"/>x<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t. T<span class=\"_ _3\"/>he ma<span class=\"_ _0\"/>xim<span class=\"_ _3\"/>um<span class=\"_ _341\"> </span>am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t of the g<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ntee i<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t whi<span class=\"_ _3\"/>ch is n<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d (at th<span class=\"_ _3\"/>e tim<span class=\"_ _3\"/>e the g<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>ran<span class=\"_ _3\"/>tee i<span class=\"_ _3\"/>s ca<span class=\"_ _3\"/>lle<span class=\"_ _3\"/>d on) to br<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g the s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me\u2019s fundi<span class=\"_ _3\"/>ng leve<span class=\"_ _3\"/>l up to 105<span class=\"_ _2\"/>% of<span class=\"_ _341\"> </span>its l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s, c<span class=\"_ _3\"/>alc<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n acc<span class=\"_ _3\"/>or<span class=\"_ _3\"/>da<span class=\"_ _3\"/>nce w<span class=\"_ _3\"/>ith s<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>on 1<span class=\"_ _35\"/>79 of t<span class=\"_ _3\"/>he Pen<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ons A<span class=\"_ _3\"/>ct 20<span class=\"_ _3\"/>0<span class=\"_ _3\"/>4. Th<span class=\"_ _3\"/>is is a<span class=\"_ _3\"/>ls<span class=\"_ _3\"/>o som<span class=\"_ _3\"/>eti<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s kn<span class=\"_ _3\"/>own as a Pe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ion P<span class=\"_ _3\"/>rote<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on<span class=\"_ _341\"> </span>Fund (PPF<span class=\"_ _3\"/>) g<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ntee, a<span class=\"_ _3\"/>s hav<span class=\"_ _3\"/>ing s<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>h a gua<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>e in pl<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>e red<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>es th<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>nua<span class=\"_ _3\"/>l PPF lev<span class=\"_ _3\"/>y o<span class=\"_ _3\"/>n the s<span class=\"_ _3\"/>che<span class=\"_ _3\"/>me.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ts of th<span class=\"_ _3\"/>e Par<span class=\"_ _3\"/>ent C<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pany, Eleme<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>s pl<span class=\"_ _3\"/>c, inc<span class=\"_ _3\"/>or<span class=\"_ _3\"/>po<span class=\"_ _3\"/>rate<span class=\"_ _3\"/>d in t<span class=\"_ _3\"/>he Un<span class=\"_ _3\"/>ited K<span class=\"_ _3\"/>in<span class=\"_ _3\"/>gdo<span class=\"_ _3\"/>m an<span class=\"_ _3\"/>d it<span class=\"_ _3\"/>s sub<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>rie<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>nd as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>oci<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s. In<span class=\"_ _341\"> </span>acc<span class=\"_ _3\"/>or<span class=\"_ _3\"/>da<span class=\"_ _3\"/>nce w<span class=\"_ _3\"/>ith S<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>on 40<span class=\"_ _3\"/>9 of th<span class=\"_ _3\"/>e Co<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>nie<span class=\"_ _3\"/>s Ac<span class=\"_ _3\"/>t 20<span class=\"_ _3\"/>0<span class=\"_ _3\"/>6 a full l<span class=\"_ _3\"/>is<span class=\"_ _3\"/>t of rel<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d und<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>kin<span class=\"_ _3\"/>gs<span class=\"_ _3\"/>, the c<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>y of i<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>or<span class=\"_ _3\"/>po<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ive<span class=\"_ _341\"> </span>pe<span class=\"_ _3\"/>rce<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>e of eq<span class=\"_ _3\"/>uit<span class=\"_ _3\"/>y ow<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d as at 31 De<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 is d<span class=\"_ _3\"/>isc<span class=\"_ _3\"/>lo<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in No<span class=\"_ _3\"/>te 1<span class=\"_ _1\"/>1 to t<span class=\"_ _3\"/>he pa<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>any fi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e rem<span class=\"_ _3\"/>une<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of key ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t pe<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>on<span class=\"_ _3\"/>nel o<span class=\"_ _3\"/>f the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p, whic<span class=\"_ _3\"/>h is d<span class=\"_ _3\"/>efi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d as th<span class=\"_ _3\"/>e Bo<span class=\"_ _3\"/>ard o<span class=\"_ _3\"/>f Di<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s, i<span class=\"_ _3\"/>s sh<span class=\"_ _3\"/>own be<span class=\"_ _3\"/>low:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>Salaries and shor<span class=\"_ _3\"/>t term employee benefits<span class=\"_ _2e0\"> </span><span class=\"ff7d ls1d ws72\">3.7<span class=\"_ _74\"> </span><span class=\"ff7c\">4.2<span class=\"_ _341\"> </span></span></span>Other long term benefits<span class=\"_ _2e1\"> </span><span class=\"ff7d ls1d ws72\">0.4<span class=\"_ _74\"> </span><span class=\"ff7c\">0.3<span class=\"_ _341\"> </span></span></span>Sha<span class=\"_ _3\"/>re b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>ed p<span class=\"_ _3\"/>ayme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _10c\"> </span><span class=\"ff7d ws72\">0.4<span class=\"_ _74\"> </span><span class=\"ff7c\">1.1<span class=\"_ _341\"> </span></span></span>4.5<span class=\"_ _74\"> </span><span class=\"ff7c\">5.6<span class=\"_ _341\"> </span></span>Full det<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ls of a<span class=\"_ _3\"/>ll el<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e rem<span class=\"_ _3\"/>une<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of Di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>cto<span class=\"_ _3\"/>rs i<span class=\"_ _3\"/>s se<span class=\"_ _3\"/>t out i<span class=\"_ _3\"/>n the D<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s\u2019 Rem<span class=\"_ _3\"/>une<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>por<span class=\"_ _0\"/>t on p<span class=\"_ _3\"/>age<span class=\"_ _3\"/>s 1<span class=\"_ _2\"/>24 to 1<span class=\"_ _35\"/>51<span class=\"_ _35\"/>.<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span>28<span class=\"_ _3\"/>. <span class=\"_ _3a\"> </span>MOV<span class=\"_ _3\"/>E<span class=\"_ _3\"/>M<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT I<span class=\"_ _3\"/>N NE<span class=\"_ _3\"/>T BO<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ROW<span class=\"_ _3\"/>IN<span class=\"_ _3\"/>G<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e in ne<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>sh re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>ltin<span class=\"_ _3\"/>g fr<span class=\"_ _3\"/>om ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>low<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span>(Decre<span class=\"_ _3\"/>ase)/incre<span class=\"_ _3\"/>ase in cash and cash eq<span class=\"_ _3\"/>uivalents<span class=\"_ _2e2\"> </span><span class=\"ff7d ls1d ws72\">(27.8)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(23.6)<span class=\"_ _341\"> </span></span></span>(Increas<span class=\"_ _3\"/>e)/<span class=\"_ _35\"/>d<span class=\"_ _3\"/>ecrea<span class=\"_ _3\"/>se in borrowings repayable within one y<span class=\"_ _2\"/>ear<span class=\"_ _248\"> </span><span class=\"ff7d ls1d ws72\">(3.0)<span class=\"_ _21\"> </span><span class=\"ff7c\">3.7<span class=\"_ _341\"> </span></span></span>De<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>a<span class=\"_ _3\"/>se in b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ngs r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>ayabl<span class=\"_ _3\"/>e af<span class=\"_ _3\"/>te<span class=\"_ _3\"/>r one ye<span class=\"_ _3\"/>ar<span class=\"_ _2e3\"> </span><span class=\"ff7d ws72\">54.6<span class=\"_ _14\"> </span><span class=\"ff7c\">15.0<span class=\"_ _341\"> </span></span></span>23.8<span class=\"_ _d4\"> </span><span class=\"ff7c\">(4.9)<span class=\"_ _341\"> </span></span>Currency translation<span class=\"_ _2\"/> differences<span class=\"_ _22e\"> </span><span class=\"ff7d ls1d ws72\">10.4<span class=\"_ _82\"> </span><span class=\"ff7c\">12.0<span class=\"_ _341\"> </span></span></span>De<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>a<span class=\"_ _3\"/>se in n<span class=\"_ _3\"/>et bo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>rowin<span class=\"_ _3\"/>gs<span class=\"_ _2e4\"> </span><span class=\"ff7d ws72\">34.2<span class=\"_ _74\"> </span><span class=\"ff7c\">7.1<span class=\"_ _341\"> </span></span></span>Net b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s at be<span class=\"_ _3\"/>gi<span class=\"_ _3\"/>nni<span class=\"_ _3\"/>ng of ye<span class=\"_ _3\"/>ar<span class=\"_ _1b4\"> </span><span class=\"ff7d ws72\">(401.0)<span class=\"_ _5e\"> </span><span class=\"ff7c\">(408.1)<span class=\"_ _341\"> </span></span></span>NE<span class=\"_ _3\"/>T BO<span class=\"_ _3\"/>RR<span class=\"_ _3\"/>OWI<span class=\"_ _3\"/>NG<span class=\"_ _3\"/>S A<span class=\"_ _2\"/>T E<span class=\"_ _3\"/>ND O<span class=\"_ _3\"/>F Y<span class=\"_ _3\"/>E<span class=\"_ _3\"/>AR<span class=\"_ _2cd\"> </span><span class=\"ws72\">(366.8)<span class=\"_ _1c\"> </span><span class=\"ff7c\">(401.0)<span class=\"_ _341\"> </span></span></span>Bank and<span class=\"_ _3f\"/> other<span class=\"_ _1\"/> borrowings<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Lease<span class=\"_ _1\"/> liabilitie<span class=\"_ _3\"/>s<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l financing<span class=\"_ _1\"/> liabilitie<span class=\"_ _3\"/>s<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>C<span class=\"_ _36\"/>a<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>h<span class=\"_ _36\"/> a<span class=\"_ _36\"> </span>n<span class=\"_ _42\"> </span>d c<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/>h equivalents<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>N<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>t<span class=\"_ _0\"/> d<span class=\"_ _42\"> </span>e<span class=\"_ _36\"/>b<span class=\"_ _36\"> </span>t and l<span class=\"_ _2\"/>ease<span class=\"_ _1\"/> liabilitie<span class=\"_ _3\"/>s<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>A<span class=\"_ _35\"/>T 1 JA<span class=\"_ _3\"/>N<span class=\"_ _3\"/>UARY 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>21<span class=\"_ _20f\"> </span><span class=\"ff7c ws72\">(519.1)<span class=\"_ _4b\"> </span>(44.4)<span class=\"_ _1c\"> </span>(563.5)<span class=\"_ _9b\"> </span>111.0<span class=\"_ _1e\"> </span>(452.5)<span class=\"_ _341\"> </span></span>Exchange rate adjustments<span class=\"_ _2e5\"> </span><span class=\"ls1d ws72\">14.8<span class=\"_ _74\"> </span>1.0<span class=\"_ _14\"> </span>15.8<span class=\"_ _d4\"> </span>(2.8)<span class=\"_ _17a\"> </span>13.0<span class=\"_ _341\"> </span></span>Bus<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _1dd\"> </span><span class=\"ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">0.5<span class=\"_ _74\"> </span>0.5<span class=\"_ _341\"> </span></span>Cash flows from<span class=\"_ _2\"/> financing activities<span class=\"_ _16e\"> </span><span class=\"ls1d ws72\">18.7<span class=\"_ _74\"> </span>5.1<span class=\"_ _c7\"> </span>23.8<span class=\"_ _84\"> </span>(25.3)<span class=\"_ _82\"> </span>(1.5)<span class=\"_ _341\"> </span></span>Ot<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r m<span class=\"_ _3\"/>ovem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts<span class=\"_ _2b6\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _1fe\"> </span><span class=\"ls1d ws72\">(1.9)<span class=\"_ _261\"> </span>(1.9)<span class=\"_ _26\"> </span>1.2<span class=\"_ _d4\"> </span>(0.7)<span class=\"_ _341\"> </span></span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>021<span class=\"_ _2a0\"> </span><span class=\"ws72\">(485.6)<span class=\"_ _64\"> </span>(40.2)<span class=\"_ _4e\"> </span>(525.8)<span class=\"_ _94\"> </span>84.6<span class=\"_ _31\"> </span>(441.2)<span class=\"_ _341\"> </span></span>Exchange rate adjustments<span class=\"_ _2e5\"> </span><span class=\"ff7d ls1d ws72\">12.3<span class=\"_ _74\"> </span>1.1<span class=\"_ _14\"> </span>13.4<span class=\"_ _15\"> </span>(2.0)<span class=\"_ _94\"> </span>11.4<span class=\"_ _341\"> </span></span>Bus<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _1dd\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _341\"> </span></span>Cash flows from<span class=\"_ _2\"/> financing activities<span class=\"_ _16e\"> </span><span class=\"ff7d ls1d ws72\">51.6<span class=\"_ _74\"> </span>7.1<span class=\"_ _c7\"> </span>58.7<span class=\"_ _97\"> </span>(57.8)<span class=\"_ _26\"> </span>0.9<span class=\"_ _341\"> </span></span>Ot<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r m<span class=\"_ _3\"/>ovem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts<span class=\"_ _2b6\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _15\"> </span><span class=\"ls1d ws72\">(4.7)<span class=\"_ _c7\"> </span>(4.7)<span class=\"_ _94\"> </span>30.1<span class=\"_ _14\"> </span>25.4<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _2e6\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.4<span class=\"_ _74\"> </span>0.4<span class=\"_ _93\"> </span></span>\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.4<span class=\"_ _341\"> </span></span></span>A<span class=\"_ _35\"/>T 31 D<span class=\"_ _3\"/>EC<span class=\"_ _3\"/>E<span class=\"_ _3\"/>MB<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R 2<span class=\"_ _3\"/>02<span class=\"_ _3\"/>2<span class=\"_ _211\"> </span><span class=\"ws72\">(421.7)<span class=\"_ _64\"> </span>(36.3)<span class=\"_ _4e\"> </span>(458.0)<span class=\"_ _17a\"> </span>54.9<span class=\"_ _31\"> </span>(403.1)<span class=\"_ _341\"> </span></span>29. D<span class=\"_ _3\"/>I<span class=\"_ _3\"/>VI<span class=\"_ _3\"/>D<span class=\"_ _3\"/>EN<span class=\"_ _3\"/>D<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>An i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>im di<span class=\"_ _3\"/>vid<span class=\"_ _3\"/>en<span class=\"_ _3\"/>d was n<span class=\"_ _3\"/>ot pa<span class=\"_ _3\"/>id in 20<span class=\"_ _3\"/>22 (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: <span class=\"_ _1\"/>$n<span class=\"_ _3\"/>il) a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p is not p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g a fin<span class=\"_ _3\"/>al di<span class=\"_ _3\"/>vid<span class=\"_ _3\"/>en<span class=\"_ _3\"/>d (2021<span class=\"_ _2\"/>: <span class=\"_ _1\"/>$n<span class=\"_ _3\"/>il) f<span class=\"_ _3\"/>or th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r end<span class=\"_ _3\"/>ed<span class=\"_ _3\"/> 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22. Th<span class=\"_ _3\"/>e tota<span class=\"_ _3\"/>l div<span class=\"_ _3\"/>ide<span class=\"_ _3\"/>nd fo<span class=\"_ _3\"/>r th<span class=\"_ _3\"/>e year i<span class=\"_ _3\"/>s nil c<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts p<span class=\"_ _3\"/>er s<span class=\"_ _3\"/>har<span class=\"_ _3\"/>e (2021<span class=\"_ _35\"/>: <span class=\"_ _35\"/>$ni<span class=\"_ _3\"/>l).<span class=\"_ _341\"> </span>30.<span class=\"_ _2\"/> <span class=\"_ _3a\"> </span>CONTINGENT<span class=\"_ _35\"/> LIABILITIES<span class=\"_ _341\"> </span>As is the<span class=\"_ _2\"/> cas<span class=\"_ _3\"/>e with o<span class=\"_ _2\"/>ther chemical companies, the Group occasionally receives notice of lit<span class=\"_ _2\"/>igation relating t<span class=\"_ _2\"/>o regulator<span class=\"_ _3\"/>y and legal matters. A prov<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on i<span class=\"_ _3\"/>s rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>n the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up be<span class=\"_ _3\"/>lieve<span class=\"_ _3\"/>s it h<span class=\"_ _3\"/>as a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt le<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>l or c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>tive ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on a<span class=\"_ _3\"/>s a res<span class=\"_ _3\"/>ul<span class=\"_ _3\"/>t of a pa<span class=\"_ _3\"/>st eve<span class=\"_ _3\"/>nt, a<span class=\"_ _3\"/>nd it i<span class=\"_ _3\"/>s pro<span class=\"_ _3\"/>ba<span class=\"_ _3\"/>ble t<span class=\"_ _3\"/>hat a<span class=\"_ _3\"/>n ou<span class=\"_ _3\"/>tf<span class=\"_ _3\"/>low of e<span class=\"_ _3\"/>co<span class=\"_ _3\"/>no<span class=\"_ _3\"/>mic b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>its w<span class=\"_ _3\"/>ill b<span class=\"_ _3\"/>e req<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ed to s<span class=\"_ _3\"/>et<span class=\"_ _3\"/>tle t<span class=\"_ _3\"/>he ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on. W<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re it i<span class=\"_ _3\"/>s de<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>d th<span class=\"_ _3\"/>at a<span class=\"_ _3\"/>n obli<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n is me<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ly po<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ibl<span class=\"_ _3\"/>e and t<span class=\"_ _3\"/>hat t<span class=\"_ _3\"/>he pr<span class=\"_ _3\"/>oba<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y of a m<span class=\"_ _3\"/>ater<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l ou<span class=\"_ _3\"/>tf<span class=\"_ _3\"/>low i<span class=\"_ _3\"/>s not re<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>te, the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p woul<span class=\"_ _3\"/>d dis<span class=\"_ _3\"/>cl<span class=\"_ _3\"/>ose a c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>ting<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y<span class=\"_ _2\"/>. Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up h<span class=\"_ _3\"/>as no<span class=\"_ _3\"/>t re<span class=\"_ _3\"/>cei<span class=\"_ _3\"/>ved a<span class=\"_ _3\"/>ny not<span class=\"_ _3\"/>ice o<span class=\"_ _3\"/>f liti<span class=\"_ _3\"/>gat<span class=\"_ _3\"/>ion r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g to event<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>ng p<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>r to the b<span class=\"_ _3\"/>al<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>e sh<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t date t<span class=\"_ _3\"/>hat i<span class=\"_ _3\"/>s expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ted to le<span class=\"_ _3\"/>ad to a<span class=\"_ _3\"/> material e<span class=\"_ _2\"/>xposure.<span class=\"_ _341\"> </span>In 201<span class=\"_ _2\"/>3 the U<span class=\"_ _3\"/>K Gove<span class=\"_ _3\"/>rnm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t (th<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>gh HM<span class=\"_ _3\"/>RC) in<span class=\"_ _3\"/>tro<span class=\"_ _3\"/>duc<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d the U<span class=\"_ _3\"/>K Fina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e Co<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ny E<span class=\"_ _3\"/>xempti<span class=\"_ _3\"/>on (\u2018FC<span class=\"_ _3\"/>E\u2019) re<span class=\"_ _3\"/>gim<span class=\"_ _3\"/>e. Ele<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>s en<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>d in<span class=\"_ _3\"/>to the FCE re<span class=\"_ _3\"/>gim<span class=\"_ _3\"/>e dur<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g 201<span class=\"_ _35\"/>4. In O<span class=\"_ _3\"/>cto<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 201<span class=\"_ _35\"/>7 the Eu<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>n Co<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>d a St<span class=\"_ _3\"/>ate A<span class=\"_ _3\"/>id inve<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>gat<span class=\"_ _3\"/>ion i<span class=\"_ _3\"/>nto the r<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>ime. I<span class=\"_ _3\"/>n Ap<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>l 201<span class=\"_ _35\"/>9 t<span class=\"_ _3\"/>he Euro<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>an C<span class=\"_ _3\"/>omm<span class=\"_ _3\"/>is<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n co<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>lud<span class=\"_ _3\"/>ed th<span class=\"_ _3\"/>at th<span class=\"_ _3\"/>e FCE re<span class=\"_ _3\"/>gim<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>titu<span class=\"_ _3\"/>ted S<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>te Ai<span class=\"_ _3\"/>d in ci<span class=\"_ _3\"/>rcu<span class=\"_ _3\"/>ms<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nce<span class=\"_ _3\"/>s wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup<span class=\"_ _3\"/>s had a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d th<span class=\"_ _3\"/>e reg<span class=\"_ _3\"/>ime<span class=\"_ _3\"/> usi<span class=\"_ _3\"/>ng a f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ing c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>any w<span class=\"_ _3\"/>ith UK s<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>nif<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>ant p<span class=\"_ _3\"/>e<span class=\"_ _3\"/>opl<span class=\"_ _3\"/>e fun<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s; the Eu<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>n Co<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ion t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>refo<span class=\"_ _3\"/>re in<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d the U<span class=\"_ _3\"/>K Gove<span class=\"_ _3\"/>rnm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t to collect any relev<span class=\"_ _2\"/>ant State Aid amounts. The UK<span class=\"_ _2\"/> government and other UK<span class=\"_ _2\"/> base<span class=\"_ _3\"/>d int<span class=\"_ _2\"/>er<span class=\"_ _3\"/>national companies, including Elementis,<span class=\"_ _2\"/> appe<span class=\"_ _3\"/>aled to the G<span class=\"_ _3\"/>en<span class=\"_ _3\"/>er<span class=\"_ _3\"/>al C<span class=\"_ _3\"/>our<span class=\"_ _0\"/>t of the Eu<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>an Un<span class=\"_ _3\"/>ion a<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>ins<span class=\"_ _3\"/>t the d<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on in 2019.<span class=\"_ _341\"> </span>In Sp<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ng 2020 H<span class=\"_ _3\"/>MRC r<span class=\"_ _3\"/>eq<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d tha<span class=\"_ _3\"/>t af<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d Gr<span class=\"_ _3\"/>oup<span class=\"_ _3\"/>s su<span class=\"_ _3\"/>bmi<span class=\"_ _3\"/>t the<span class=\"_ _3\"/>ir UK s<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>nif<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>ant p<span class=\"_ _3\"/>eo<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>e fun<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on a<span class=\"_ _3\"/>na<span class=\"_ _3\"/>lys<span class=\"_ _3\"/>is. T<span class=\"_ _3\"/>he d<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>dlin<span class=\"_ _3\"/>e for s<span class=\"_ _3\"/>ubm<span class=\"_ _3\"/>is<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n of the<span class=\"_ _3\"/>se a<span class=\"_ _3\"/>na<span class=\"_ _3\"/>lys<span class=\"_ _3\"/>es wa<span class=\"_ _3\"/>s de<span class=\"_ _3\"/>layed d<span class=\"_ _3\"/>ue to th<span class=\"_ _3\"/>e imp<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t of COVI<span class=\"_ _3\"/>D<span class=\"_ _3\"/>-<span class=\"_ _35\"/>19 and Ele<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>s su<span class=\"_ _3\"/>bmi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ted it<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>al<span class=\"_ _3\"/>ysi<span class=\"_ _3\"/>s to HMR<span class=\"_ _3\"/>C in Ju<span class=\"_ _3\"/>ly 2020. I<span class=\"_ _3\"/>n De<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>20 the UK go<span class=\"_ _2\"/>vernment introduced legislation to commence collection proceedings.<span class=\"_ _341\"> </span>30.<span class=\"_ _2\"/> <span class=\"_ _3a\"> </span>CONTINGENT<span class=\"_ _35\"/> LIABILITIES<span class=\"_ _2\"/> CONTINUED<span class=\"_ _341\"> </span>Ele<span class=\"_ _3\"/>me<span class=\"_ _3\"/>ntis r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>ved a c<span class=\"_ _3\"/>har<span class=\"_ _3\"/>gin<span class=\"_ _3\"/>g noti<span class=\"_ _3\"/>ce f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m HMR<span class=\"_ _3\"/>C on 5 Feb<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y 2021 whi<span class=\"_ _3\"/>ch a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r the m<span class=\"_ _3\"/>a<span class=\"_ _3\"/>xim<span class=\"_ _3\"/>um exp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ure o<span class=\"_ _3\"/>f $1<span class=\"_ _35\"/>9<span class=\"_ _3\"/>m (exclu<span class=\"_ _3\"/>ding<span class=\"_ _3\"/> inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st). Th<span class=\"_ _3\"/>is was p<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>d to HMR<span class=\"_ _3\"/>C on 5 Ma<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>h 2021<span class=\"_ _2\"/>. A cha<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>ing n<span class=\"_ _3\"/>otic<span class=\"_ _3\"/>e for a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>so<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>ted in<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t of $1<span class=\"_ _35\"/>m wa<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ive<span class=\"_ _3\"/>d on 24 June 20<span class=\"_ _3\"/>21 and<span class=\"_ _341\"> </span>pai<span class=\"_ _3\"/>d on 7 J<span class=\"_ _3\"/>uly 20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>. W<span class=\"_ _3\"/>hils<span class=\"_ _3\"/>t Ele<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>s lod<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d an a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>l aga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>st th<span class=\"_ _3\"/>e cha<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>ing n<span class=\"_ _3\"/>otic<span class=\"_ _3\"/>es t<span class=\"_ _3\"/>hat d<span class=\"_ _3\"/>id no<span class=\"_ _3\"/>t defe<span class=\"_ _3\"/>r th<span class=\"_ _3\"/>e paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t of the t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>es<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e UK Gove<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>\u2019<span class=\"_ _2\"/>s ap<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>gai<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>t the Eu<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>n Co<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ion\u2019s deci<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n was h<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>rd by th<span class=\"_ _3\"/>e Ge<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>l Cou<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of t<span class=\"_ _3\"/>he Eur<span class=\"_ _3\"/>op<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>n Unio<span class=\"_ _3\"/>n du<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g<span class=\"_ _341\"> </span>Oc<span class=\"_ _3\"/>tobe<span class=\"_ _3\"/>r 2021 an<span class=\"_ _3\"/>d on 8 J<span class=\"_ _3\"/>une 20<span class=\"_ _3\"/>22 the G<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ral C<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e Euro<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>an U<span class=\"_ _3\"/>nio<span class=\"_ _3\"/>n ru<span class=\"_ _3\"/>led a<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>ins<span class=\"_ _3\"/>t the U<span class=\"_ _3\"/>K Gove<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt. T<span class=\"_ _3\"/>he UK G<span class=\"_ _3\"/>over<span class=\"_ _3\"/>nm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span>lod<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d a fu<span class=\"_ _3\"/>r<span class=\"_ _3\"/>th<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>ppe<span class=\"_ _3\"/>al to t<span class=\"_ _3\"/>he Eur<span class=\"_ _3\"/>ope<span class=\"_ _3\"/>an C<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of Ju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ice d<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ing Q<span class=\"_ _3\"/>3 2022. A<span class=\"_ _3\"/>s Ele<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>s con<span class=\"_ _3\"/>tinu<span class=\"_ _3\"/>es to c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sid<span class=\"_ _3\"/>er t<span class=\"_ _3\"/>hat t<span class=\"_ _3\"/>he ap<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>al p<span class=\"_ _3\"/>roc<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ss wi<span class=\"_ _3\"/>ll<span class=\"_ _341\"> </span>ulti<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>tely b<span class=\"_ _3\"/>e su<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>sf<span class=\"_ _3\"/>ul, at 31 De<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 an a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et h<span class=\"_ _3\"/>as b<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>rde<span class=\"_ _3\"/>d wi<span class=\"_ _3\"/>thin n<span class=\"_ _3\"/>on<span class=\"_ _3\"/>-c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets i<span class=\"_ _3\"/>n the ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on th<span class=\"_ _3\"/>at the c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>e<span class=\"_ _341\"> </span>will b<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>pai<span class=\"_ _3\"/>d in du<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>se.<span class=\"_ _341\"> </span>As p<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>t o<span class=\"_ _3\"/>f an ag<span class=\"_ _3\"/>re<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent e<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d into in 20<span class=\"_ _3\"/>0<span class=\"_ _3\"/>2 on th<span class=\"_ _3\"/>e ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ion of t<span class=\"_ _3\"/>he Ch<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>mium o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns at C<span class=\"_ _3\"/>as<span class=\"_ _3\"/>tle H<span class=\"_ _3\"/>ayne, t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p woul<span class=\"_ _3\"/>d be li<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le for<span class=\"_ _3\"/> par<span class=\"_ _0\"/>t of th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>st of th<span class=\"_ _3\"/>e clo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re of a qu<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h is c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>tly u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d for t<span class=\"_ _3\"/>he de<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sit o<span class=\"_ _3\"/>f sol<span class=\"_ _3\"/>id, n<span class=\"_ _3\"/>on-toxi<span class=\"_ _3\"/>c, was<span class=\"_ _3\"/>te ma<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ial<span class=\"_ _3\"/>s fro<span class=\"_ _3\"/>m it<span class=\"_ _3\"/>s ma<span class=\"_ _3\"/>nuf<span class=\"_ _3\"/>act<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ing<span class=\"_ _341\"> </span>ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns in t<span class=\"_ _3\"/>he eve<span class=\"_ _3\"/>nt of su<span class=\"_ _3\"/>ch a c<span class=\"_ _3\"/>los<span class=\"_ _3\"/>ure<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>ere a<span class=\"_ _3\"/>re a n<span class=\"_ _3\"/>umb<span class=\"_ _3\"/>er of p<span class=\"_ _3\"/>ote<span class=\"_ _3\"/>ntia<span class=\"_ _3\"/>l opt<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s avail<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le to ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>gem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t to eit<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r exte<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>he cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ent l<span class=\"_ _3\"/>ife<span class=\"_ _341\"> </span>of the q<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>rr<span class=\"_ _0\"/>y or to ef<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t clo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re of th<span class=\"_ _3\"/>e qua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _2\"/>. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p ente<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d into a s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re pu<span class=\"_ _3\"/>rch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e ag<span class=\"_ _3\"/>ree<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt w<span class=\"_ _3\"/>ith Y<span class=\"_ _3\"/>ildi<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>m Gr<span class=\"_ _3\"/>oup d<span class=\"_ _3\"/>uri<span class=\"_ _3\"/>ng Nove<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er<span class=\"_ _341\"> </span>2022 to di<span class=\"_ _3\"/>ves<span class=\"_ _3\"/>t its C<span class=\"_ _3\"/>hro<span class=\"_ _3\"/>miu<span class=\"_ _3\"/>m op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ons; a<span class=\"_ _3\"/>s pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>at s<span class=\"_ _3\"/>har<span class=\"_ _3\"/>e pu<span class=\"_ _3\"/>rch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e agr<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt th<span class=\"_ _3\"/>e Yil<span class=\"_ _3\"/>dir<span class=\"_ _3\"/>im G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p will t<span class=\"_ _3\"/>ake o<span class=\"_ _3\"/>n any fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y<span class=\"_ _341\"> </span>as<span class=\"_ _3\"/>so<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>ted w<span class=\"_ _3\"/>ith th<span class=\"_ _3\"/>e cl<span class=\"_ _3\"/>osu<span class=\"_ _3\"/>re of th<span class=\"_ _3\"/>e qua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _2\"/>. T<span class=\"_ _3\"/>he tr<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on to di<span class=\"_ _3\"/>vest t<span class=\"_ _3\"/>he Ch<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>mium o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns cl<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n 31 Janua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y 20<span class=\"_ _3\"/>23. Ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>gem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t\u2019s<span class=\"_ _341\"> </span>as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt is t<span class=\"_ _3\"/>he<span class=\"_ _3\"/>refo<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>at a<span class=\"_ _3\"/>s at 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2022 w<span class=\"_ _3\"/>hil<span class=\"_ _3\"/>e the<span class=\"_ _3\"/>re is a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on, th<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e is no<span class=\"_ _3\"/>t a pro<span class=\"_ _3\"/>bab<span class=\"_ _3\"/>le o<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ow of re<span class=\"_ _3\"/>so<span class=\"_ _3\"/>urc<span class=\"_ _3\"/>es<span class=\"_ _3\"/> as<span class=\"_ _3\"/>so<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>ted w<span class=\"_ _3\"/>ith th<span class=\"_ _3\"/>e cl<span class=\"_ _3\"/>osu<span class=\"_ _3\"/>re of th<span class=\"_ _3\"/>e qua<span class=\"_ _3\"/>r<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>d even i<span class=\"_ _3\"/>n the eve<span class=\"_ _3\"/>nt of a p<span class=\"_ _3\"/>rob<span class=\"_ _3\"/>abl<span class=\"_ _3\"/>e ou<span class=\"_ _3\"/>tf<span class=\"_ _3\"/>low i<span class=\"_ _3\"/>t is no<span class=\"_ _3\"/>t pos<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ible to d<span class=\"_ _3\"/>ete<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ine a re<span class=\"_ _3\"/>lia<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e es<span class=\"_ _3\"/>tim<span class=\"_ _3\"/>ate.<span class=\"_ _341\"> </span>In Au<span class=\"_ _3\"/>gus<span class=\"_ _3\"/>t 2022 t<span class=\"_ _3\"/>he Br<span class=\"_ _3\"/>a<span class=\"_ _3\"/>zil<span class=\"_ _3\"/>ian t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x au<span class=\"_ _3\"/>tho<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s op<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ed a t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x aud<span class=\"_ _3\"/>it in<span class=\"_ _3\"/>to the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s Br<span class=\"_ _3\"/>a<span class=\"_ _3\"/>zili<span class=\"_ _3\"/>an e<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>ty. The au<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t is fo<span class=\"_ _3\"/>cus<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>n the c<span class=\"_ _3\"/>us<span class=\"_ _3\"/>toms<span class=\"_ _3\"/> cla<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n co<span class=\"_ _3\"/>de u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d sin<span class=\"_ _3\"/>ce 201<span class=\"_ _35\"/>7 f<span class=\"_ _3\"/>or on<span class=\"_ _3\"/>e of the e<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y\u2019s impo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ted r<span class=\"_ _3\"/>aw ma<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ial<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he p<span class=\"_ _3\"/>otent<span class=\"_ _3\"/>ial ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re is $<span class=\"_ _3\"/>3.<span class=\"_ _35\"/>1m. Manag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t have<span class=\"_ _341\"> </span>obtained legal advice on the matter and,<span class=\"_ _2\"/> based on the advice received, management believ<span class=\"_ _2\"/>es that the cust<span class=\"_ _2\"/>oms classif<span class=\"_ _3\"/>ication coding used<span class=\"_ _341\"> </span>is co<span class=\"_ _3\"/>r<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>t. M<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt th<span class=\"_ _3\"/>ere<span class=\"_ _3\"/>for<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>ude<span class=\"_ _3\"/>d th<span class=\"_ _3\"/>at a<span class=\"_ _3\"/>s at 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2022 i<span class=\"_ _3\"/>t is no<span class=\"_ _3\"/>t pro<span class=\"_ _3\"/>ba<span class=\"_ _3\"/>ble t<span class=\"_ _3\"/>hat a<span class=\"_ _3\"/>n ou<span class=\"_ _3\"/>tf<span class=\"_ _3\"/>low of e<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ono<span class=\"_ _3\"/>mic r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>rce<span class=\"_ _3\"/>s wil<span class=\"_ _3\"/>l be<span class=\"_ _341\"> </span>re<span class=\"_ _3\"/>quir<span class=\"_ _3\"/>ed to s<span class=\"_ _3\"/>et<span class=\"_ _3\"/>tl<span class=\"_ _3\"/>e the m<span class=\"_ _3\"/>at<span class=\"_ _3\"/>ter<span class=\"_ _341\"> </span>.<span class=\"_ _341\"> </span>31<span class=\"_ _35\"/>. <span class=\"_ _3a\"> </span>E<span class=\"_ _3\"/>V<span class=\"_ _3\"/>E<span class=\"_ _3\"/>NT<span class=\"_ _3\"/>S AF<span class=\"_ _3\"/>T<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R TH<span class=\"_ _3\"/>E BA<span class=\"_ _3\"/>L<span class=\"_ _3\"/>A<span class=\"_ _3\"/>NC<span class=\"_ _3\"/>E S<span class=\"_ _3\"/>HE<span class=\"_ _3\"/>E<span class=\"_ _3\"/>T DA<span class=\"_ _35\"/>T<span class=\"_ _3\"/>E<span class=\"_ _341\"> </span>On 1 Ja<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>y 20<span class=\"_ _3\"/>23 th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>al<span class=\"_ _3\"/>c an<span class=\"_ _3\"/>d Co<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>gs s<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts m<span class=\"_ _3\"/>erg<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d to for<span class=\"_ _3\"/>m a new se<span class=\"_ _3\"/>gm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>lle<span class=\"_ _3\"/>d Per<span class=\"_ _0\"/>for<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e Sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ial<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es.<span class=\"_ _3\"/> On 31 Jan<span class=\"_ _3\"/>uar<span class=\"_ _0\"/>y 2023 t<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>oup c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>ple<span class=\"_ _3\"/>ted t<span class=\"_ _3\"/>he s<span class=\"_ _3\"/>ale o<span class=\"_ _3\"/>f its C<span class=\"_ _3\"/>hro<span class=\"_ _3\"/>miu<span class=\"_ _3\"/>m bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s to the Y<span class=\"_ _3\"/>ild<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>im Gr<span class=\"_ _3\"/>oup f<span class=\"_ _3\"/>or a<span class=\"_ _3\"/>n ente<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se va<span class=\"_ _3\"/>lue of $1<span class=\"_ _35\"/>70<span class=\"_ _3\"/>m, of<span class=\"_ _341\"> </span>whi<span class=\"_ _3\"/>ch tot<span class=\"_ _3\"/>al c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h pro<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ds of $1<span class=\"_ _35\"/>1<span class=\"_ _2\"/>9<span class=\"_ _3\"/>m were r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>ved.<span class=\"_ _341\"> </span>On 31 Jan<span class=\"_ _3\"/>uar<span class=\"_ _0\"/>y 2023 t<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>oup r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>aid $<span class=\"_ _3\"/>8<span class=\"_ _3\"/>3m of i<span class=\"_ _3\"/>ts US d<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar RC<span class=\"_ _3\"/>F bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>gs an<span class=\"_ _3\"/>d \u20ac<span class=\"_ _3\"/>31<span class=\"_ _35\"/>.4m of it<span class=\"_ _3\"/>s eu<span class=\"_ _3\"/>ro RC<span class=\"_ _3\"/>F bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>gs.<span class=\"_ _341\"> </span>Du<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g Feb<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>y 20<span class=\"_ _3\"/>23 the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up wa<span class=\"_ _3\"/>s noti<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ed th<span class=\"_ _3\"/>at th<span class=\"_ _3\"/>e Adm<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>str<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ve Cou<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t in Fi<span class=\"_ _3\"/>nla<span class=\"_ _3\"/>nd h<span class=\"_ _3\"/>ad revoke<span class=\"_ _3\"/>d it<span class=\"_ _3\"/>s pe<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>it fo<span class=\"_ _3\"/>r the ex<span class=\"_ _3\"/>pan<span class=\"_ _3\"/>si<span class=\"_ _3\"/>on of mi<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>g<span class=\"_ _341\"> </span>ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>t the Uu<span class=\"_ _3\"/>tel<span class=\"_ _3\"/>a min<span class=\"_ _3\"/>e loc<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d in S<span class=\"_ _3\"/>otka<span class=\"_ _3\"/>mo, Fin<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nd. T<span class=\"_ _3\"/>he pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>mit wa<span class=\"_ _3\"/>s pr<span class=\"_ _3\"/>evio<span class=\"_ _3\"/>usl<span class=\"_ _3\"/>y is<span class=\"_ _3\"/>su<span class=\"_ _3\"/>ed by th<span class=\"_ _3\"/>e Fin<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>h Saf<span class=\"_ _3\"/>et<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>d Che<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>ls Ag<span class=\"_ _3\"/>en<span class=\"_ _3\"/>cy;<span class=\"_ _341\"> </span>the b<span class=\"_ _3\"/>od<span class=\"_ _3\"/>y emp<span class=\"_ _3\"/>ower<span class=\"_ _3\"/>ed to i<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ue su<span class=\"_ _3\"/>ch p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>ts. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p inte<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>s to app<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>l the d<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ion. I<span class=\"_ _3\"/>f the a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>l were to b<span class=\"_ _3\"/>e un<span class=\"_ _3\"/>suc<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sfu<span class=\"_ _3\"/>l the i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>ct<span class=\"_ _341\"> </span>woul<span class=\"_ _3\"/>d be to re<span class=\"_ _3\"/>du<span class=\"_ _3\"/>ce th<span class=\"_ _3\"/>e T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>lc or<span class=\"_ _3\"/>e avail<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le to the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up by ap<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>oxima<span class=\"_ _3\"/>tel<span class=\"_ _3\"/>y 6%.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>ere we<span class=\"_ _3\"/>re n<span class=\"_ _3\"/>o othe<span class=\"_ _3\"/>r si<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>fi<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>nt even<span class=\"_ _3\"/>ts af<span class=\"_ _3\"/>te<span class=\"_ _3\"/>r th<span class=\"_ _3\"/>e bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce sh<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t da<span class=\"_ _3\"/>te.<span class=\"_ _341\"> </span>32<span class=\"_ _3\"/>. <span class=\"_ _3a\"> </span>BU<span class=\"_ _3\"/>S<span class=\"_ _3\"/>I<span class=\"_ _3\"/>NE<span class=\"_ _3\"/>S<span class=\"_ _3\"/>S E<span class=\"_ _3\"/>X<span class=\"_ _3\"/>ITS<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>22 B<span class=\"_ _3\"/>US<span class=\"_ _3\"/>I<span class=\"_ _3\"/>N<span class=\"_ _3\"/>ES<span class=\"_ _3\"/>S E<span class=\"_ _3\"/>X<span class=\"_ _3\"/>IT<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span>Du<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g the p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>io<span class=\"_ _3\"/>d, the B<span class=\"_ _3\"/>oa<span class=\"_ _3\"/>rd fo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>all<span class=\"_ _3\"/>y co<span class=\"_ _3\"/>mme<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ed a s<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ateg<span class=\"_ _3\"/>ic rev<span class=\"_ _3\"/>iew of t<span class=\"_ _3\"/>he Ch<span class=\"_ _3\"/>rom<span class=\"_ _3\"/>ium b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>ss a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>n 29 Nove<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r 202<span class=\"_ _3\"/>2 the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up<span class=\"_ _341\"> </span>ente<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d into a s<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>re pu<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>has<span class=\"_ _3\"/>e ag<span class=\"_ _3\"/>re<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt to s<span class=\"_ _3\"/>ell t<span class=\"_ _3\"/>he Ch<span class=\"_ _3\"/>rom<span class=\"_ _3\"/>ium b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>ss to Y<span class=\"_ _3\"/>ild<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>im Gr<span class=\"_ _3\"/>oup f<span class=\"_ _3\"/>or a<span class=\"_ _3\"/>n ente<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>se va<span class=\"_ _3\"/>lue of $1<span class=\"_ _35\"/>70<span class=\"_ _3\"/>m. T<span class=\"_ _3\"/>he sa<span class=\"_ _3\"/>le<span class=\"_ _3\"/> com<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>ete<span class=\"_ _3\"/>d on 31 Janu<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y 2023. At 3<span class=\"_ _3\"/>0 Nove<span class=\"_ _3\"/>mbe<span class=\"_ _3\"/>r 202<span class=\"_ _3\"/>2 the c<span class=\"_ _3\"/>omp<span class=\"_ _3\"/>let<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f the s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e with<span class=\"_ _3\"/>in th<span class=\"_ _3\"/>e nex<span class=\"_ _3\"/>t 1<span class=\"_ _2\"/>2 mo<span class=\"_ _3\"/>nth<span class=\"_ _3\"/>s was d<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>me<span class=\"_ _3\"/>d to be h<span class=\"_ _3\"/>igh<span class=\"_ _3\"/>ly<span class=\"_ _341\"> </span>pro<span class=\"_ _3\"/>ba<span class=\"_ _3\"/>ble a<span class=\"_ _3\"/>nd a<span class=\"_ _3\"/>s su<span class=\"_ _3\"/>ch th<span class=\"_ _3\"/>e Chr<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>um bu<span class=\"_ _3\"/>si<span class=\"_ _3\"/>nes<span class=\"_ _3\"/>s me<span class=\"_ _3\"/>t the c<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ia to b<span class=\"_ _3\"/>e cla<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>if<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d as a h<span class=\"_ _3\"/>eld f<span class=\"_ _3\"/>or s<span class=\"_ _3\"/>ale a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et a<span class=\"_ _3\"/>nd a di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>inu<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e res<span class=\"_ _3\"/>ult<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e dis<span class=\"_ _3\"/>co<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>d op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n, wh<span class=\"_ _3\"/>ich h<span class=\"_ _3\"/>ave be<span class=\"_ _3\"/>en i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>ude<span class=\"_ _3\"/>d in t<span class=\"_ _3\"/>he co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>oli<span class=\"_ _3\"/>date<span class=\"_ _3\"/>d in<span class=\"_ _3\"/>com<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt wit<span class=\"_ _3\"/>hin \u2018P<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>it fr<span class=\"_ _3\"/>om di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>ont<span class=\"_ _3\"/>inu<span class=\"_ _3\"/>ed<span class=\"_ _3\"/> ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns\u2019<span class=\"_ _35\"/>, we<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>s foll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>Reve<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>e<span class=\"_ _24f\"> </span><span class=\"ff7d ls1d ws72\">185.0<span class=\"_ _64\"> </span><span class=\"ff7c\">170.7<span class=\"_ _341\"> </span></span></span>Expenses<span class=\"_ _286\"> </span><span class=\"ff7d ls1d ws72\">(170.6)<span class=\"_ _1c\"> </span><span class=\"ff7c\">(157.4)<span class=\"_ _341\"> </span></span></span>Prof<span class=\"_ _3\"/>it b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re in<span class=\"_ _3\"/>com<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x<span class=\"_ _1ab\"> </span><span class=\"ff7d ws72\">14.4<span class=\"_ _14\"> </span><span class=\"ff7c\">13.3<span class=\"_ _341\"> </span></span></span>Ta<span class=\"_ _36\"/>x<span class=\"_ _2e7\"> </span><span class=\"ff7d ls1d ws72\">(2.9)<span class=\"_ _82\"> </span><span class=\"ff7c\">(2.9)<span class=\"_ _341\"> </span></span></span>Profit fr<span class=\"_ _2\"/>om discontinued operations<span class=\"_ _2e8\"> </span><span class=\"ff7d ls1d ws72\">11.5<span class=\"_ _14\"> </span><span class=\"ff7c\">10.4<span class=\"_ _341\"> </span></span></span>Reven<span class=\"_ _3\"/>ue in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>s $n<span class=\"_ _3\"/>il (2021<span class=\"_ _2\"/>: $n<span class=\"_ _3\"/>il) r<span class=\"_ _3\"/>ela<span class=\"_ _3\"/>ted to in<span class=\"_ _3\"/>ter-se<span class=\"_ _3\"/>gme<span class=\"_ _3\"/>nt s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>es<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22<span class=\"_ _341\"> </span><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:795.662px;\">Net a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s cla<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sif<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>d as h<span class=\"_ _3\"/>el<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e at 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2022 we<span class=\"_ _3\"/>re a<span class=\"_ _3\"/>s foll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:613.05273px; bottom:774.2619px;\">2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls159 ws15a\" style=\"left:623.6286px; bottom:762.55927px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls83 ws9e\" style=\"left:0.0031280518px; bottom:747.76636px;\">Good<span class=\"_ _3\"/>will<span class=\"_ _2e9\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:732.9671px;\">Intangible ass<span class=\"_ _3\"/>ets<span class=\"_ _2ea\"> </span><span class=\"ff7d ls1d ws72\">1.0<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:718.1679px;\">Prop<span class=\"_ _3\"/>er<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt<span class=\"_ _10b\"> </span><span class=\"ff7d ws72\">70.3<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls51 ws133\" style=\"left:0.0031280518px; bottom:703.3687px;\">Inve<span class=\"_ _3\"/>nto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es<span class=\"_ _2eb\"> </span><span class=\"ff7d ls1d ws72\">68.6<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:688.5695px;\">T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s<span class=\"_ _2ec\"> </span><span class=\"ff7d ws72\">21.0<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls32 ws33\" style=\"left:0.0031280518px; bottom:673.7703px;\">Cash and<span class=\"_ _2\"/> bank b<span class=\"_ _2\"/>alances<span class=\"_ _278\"> </span><span class=\"ff7d ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 lse ws32\" style=\"left:0.0031280518px; bottom:658.9711px;\">T<span class=\"_ _35\"/>otal assets<span class=\"_ _2ed\"> </span><span class=\"ls1d ws72\">160.9<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:644.17194px;\">T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s<span class=\"_ _286\"> </span><span class=\"ff7d ws72\">(32.1)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls5e ws9d\" style=\"left:0.0031280518px; bottom:629.37274px;\">Provisions<span class=\"_ _2ee\"> </span><span class=\"ff7d ls1d ws72\">(20.5)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls54 ws5a\" style=\"left:0.0031280518px; bottom:614.57355px;\">Pensions<span class=\"_ _2ef\"> </span><span class=\"ff7d ls1d ws72\">(2.4)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls83 wsce\" style=\"left:0.0031280518px; bottom:599.77435px;\">T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>x liabilitie<span class=\"_ _3\"/>s<span class=\"_ _2f0\"> </span><span class=\"ff7d ls1d ws72\">(2.4)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls83 wsce\" style=\"left:0.0031280518px; bottom:584.97516px;\">Leas<span class=\"_ _3\"/>e liabilities<span class=\"_ _2f1\"> </span><span class=\"ff7d ls1d ws72\">(0.4)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:570.1759px;\">Ban<span class=\"_ _3\"/>k overd<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>f<span class=\"_ _3\"/>t an<span class=\"_ _3\"/>d loa<span class=\"_ _3\"/>ns<span class=\"_ _2f2\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls84 ws11\" style=\"left:0.0031280518px; bottom:555.3767px;\">T<span class=\"_ _35\"/>otal liabilities<span class=\"_ _2f3\"> </span><span class=\"ls1d ws72\">(57.8)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls44 ws12\" style=\"left:0.0031280518px; bottom:540.5775px;\">Net assets<span class=\"_ _2f4\"> </span><span class=\"ls1d ws72\">103.1<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:512.50793px;\">Du<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g 2022 t<span class=\"_ _3\"/>he di<span class=\"_ _3\"/>sc<span class=\"_ _3\"/>onti<span class=\"_ _3\"/>nue<span class=\"_ _3\"/>d Ch<span class=\"_ _3\"/>rom<span class=\"_ _3\"/>ium b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s con<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ibu<span class=\"_ _3\"/>ted $<span class=\"_ _3\"/>6.4m to th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s net op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g ca<span class=\"_ _3\"/>sh f<span class=\"_ _3\"/>lows (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: $21<span class=\"_ _2\"/>.4m), pai<span class=\"_ _3\"/>d $1<span class=\"_ _35\"/>4.<span class=\"_ _3\"/>2m </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:499.50793px;\">in re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of inve<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>ng ac<span class=\"_ _3\"/>tiv<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tivi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s (2021<span class=\"_ _2\"/>: $8<span class=\"_ _3\"/>.7<span class=\"_ _35\"/>m) an<span class=\"_ _3\"/>d pa<span class=\"_ _3\"/>id $<span class=\"_ _3\"/>nil in r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct of f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cin<span class=\"_ _3\"/>g act<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s (2021<span class=\"_ _2\"/>: $0.<span class=\"_ _3\"/>2m).<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 lsc6 ws3\" style=\"left:0.0031280518px; bottom:476.8081px;\">20<span class=\"_ _3\"/>21 BUS<span class=\"_ _3\"/>I<span class=\"_ _3\"/>N<span class=\"_ _3\"/>ES<span class=\"_ _3\"/>S E<span class=\"_ _3\"/>X<span class=\"_ _3\"/>IT<span class=\"_ _3\"/>S<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:463.8081px;\">On 21 Jun<span class=\"_ _3\"/>e 2021 the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d of Eis<span class=\"_ _3\"/>en<span class=\"_ _3\"/>bac<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r De<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>alwa<span class=\"_ _3\"/>re<span class=\"_ _3\"/>n ED Gm<span class=\"_ _3\"/>bH a<span class=\"_ _3\"/>nd Ad<span class=\"_ _3\"/>en<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>c Gm<span class=\"_ _3\"/>bH<span class=\"_ _3\"/>, the de<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>lloy<span class=\"_ _3\"/>s bus<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s loc<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:450.8081px;\">in W\u00f6r<span class=\"_ _3\"/>th a<span class=\"_ _3\"/>m Ma<span class=\"_ _3\"/>in, G<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ny for c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>si<span class=\"_ _3\"/>der<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on of \u20ac<span class=\"_ _3\"/>4.6m (<span class=\"_ _3\"/>$5.7<span class=\"_ _2\"/>m). </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:426.75293px;\">Th<span class=\"_ _3\"/>e res<span class=\"_ _3\"/>ult<span class=\"_ _3\"/>s of Ei<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nba<span class=\"_ _3\"/>che<span class=\"_ _3\"/>r De<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>al<span class=\"_ _3\"/>ware<span class=\"_ _3\"/>n ED G<span class=\"_ _3\"/>mbH a<span class=\"_ _3\"/>nd Ad<span class=\"_ _3\"/>en<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>c G<span class=\"_ _3\"/>mbH<span class=\"_ _3\"/>, whi<span class=\"_ _3\"/>ch h<span class=\"_ _3\"/>ave bee<span class=\"_ _3\"/>n in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d in th<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>nso<span class=\"_ _3\"/>lid<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:413.7529px;\">st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t were a<span class=\"_ _3\"/>s fol<span class=\"_ _3\"/>lows:<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lse0 ws1c5\" style=\"left:581.1683px; bottom:392.3531px;\">Y<span class=\"_ _35\"/>ear ended<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls15b ws120\" style=\"left:569.7332px; bottom:380.65048px;\">3<span class=\"_ _2\"/>1 December<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:613.05273px; bottom:368.9479px;\">2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:623.6286px; bottom:357.2453px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls51 ws133\" style=\"left:0.0031280518px; bottom:342.45752px;\">Reve<span class=\"_ _3\"/>nu<span class=\"_ _3\"/>e<span class=\"_ _2f5\"> </span><span class=\"ls1d ws72\">3.1<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:327.65833px;\">Cos<span class=\"_ _3\"/>t of s<span class=\"_ _3\"/>ale<span class=\"_ _3\"/>s<span class=\"_ _2f6\"> </span><span class=\"ws72\">(2.0)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls5e ws51\" style=\"left:0.0031280518px; bottom:312.85913px;\">Gross profit<span class=\"_ _2f7\"> </span><span class=\"ls1d ws72\">1.1<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls54 ws49\" style=\"left:0.0031280518px; bottom:298.05994px;\">Distribution costs<span class=\"_ _2f1\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls20 wsd\" style=\"left:0.0031280518px; bottom:283.26074px;\">Administ<span class=\"_ _2\"/>rative<span class=\"_ _2\"/> expenses<span class=\"_ _2f8\"> </span><span class=\"ls1d ws72\">(0.8)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:0.0031280518px; bottom:268.46152px;\">Operating profit<span class=\"_ _2f9\"> </span><span class=\"ls1d ws72\">0.3<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls32 ws33\" style=\"left:0.0031280518px; bottom:253.66232px;\">Finance<span class=\"_ _2\"/> costs<span class=\"_ _2eb\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:238.86313px;\">Prof<span class=\"_ _3\"/>it b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re ta<span class=\"_ _3\"/>x<span class=\"_ _2fa\"> </span><span class=\"ws72\">0.3<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls17 ws1c\" style=\"left:0.0031280518px; bottom:224.06393px;\">Attributable<span class=\"_ _2\"/> ta<span class=\"_ _3\"/>x e<span class=\"_ _2\"/>xpense<span class=\"_ _2fb\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls5f ws52\" style=\"left:0.0031280518px; bottom:209.26474px;\">Net profit <span class=\"_ _2fc\"> </span><span class=\"ls1d ws72\">0.3<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:181.19513px;\">Reven<span class=\"_ _3\"/>ue in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>s $n<span class=\"_ _3\"/>il re<span class=\"_ _3\"/>late<span class=\"_ _3\"/>d to inte<span class=\"_ _3\"/>r-seg<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt sa<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s in 20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>. Ne<span class=\"_ _3\"/>t ca<span class=\"_ _3\"/>sh o<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ow on di<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>al of $<span class=\"_ _3\"/>0.7<span class=\"_ _35\"/>m c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ed c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>id<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ive<span class=\"_ _3\"/>d of </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:168.19513px;\">$5.7<span class=\"_ _2\"/>m le<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h di<span class=\"_ _3\"/>spo<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d of $<span class=\"_ _3\"/>3.4m a<span class=\"_ _3\"/>nd di<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>al co<span class=\"_ _3\"/>st<span class=\"_ _3\"/>s of $1<span class=\"_ _35\"/>.6<span class=\"_ _3\"/>m.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:144.13994px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up re<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ogn<span class=\"_ _3\"/>is<span class=\"_ _3\"/>ed a tot<span class=\"_ _3\"/>al l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s on di<span class=\"_ _3\"/>spo<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>l of:<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 lse0 ws1c5\" style=\"left:581.1683px; bottom:122.77716px;\">Y<span class=\"_ _35\"/>ear ended<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:626.9514px; bottom:111.074554px;\">3<span class=\"_ _0\"/>1 </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls15b ws15c\" style=\"left:585.8745px; bottom:99.37196px;\">December<span class=\"_ _1\"/> </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:613.05273px; bottom:87.66936px;\">2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:623.6286px; bottom:75.96677px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls54 ws49\" style=\"left:0.0031280518px; bottom:61.181595px;\">Consideration received<span class=\"_ _2de\"> </span><span class=\"ls1d ws72\">5.7<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:46.3824px;\">Net a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d of (se<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e bel<span class=\"_ _3\"/>ow)<span class=\"_ _2fd\"> </span><span class=\"ws72\">(6.2)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls20 wsd\" style=\"left:0.0031280518px; bottom:31.583199px;\">Disposal costs<span class=\"_ _2fe\"> </span><span class=\"ls1d ws72\">(1.6)<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:0.0031280518px; bottom:16.784004px;\">Recycling o<span class=\"_ _2\"/>f deferred foreign ex<span class=\"_ _2\"/>change gains<span class=\"_ _236\"> </span><span class=\"ls1d ws72\">0.4<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:1.9848022px;\">Los<span class=\"_ _3\"/>s on d<span class=\"_ _3\"/>isp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>al<span class=\"_ _219\"> </span><span class=\"ws72\">(1.7)<span class=\"_ _341\"> </span></span></div>32<span class=\"_ _3\"/>. <span class=\"_ _3a\"> </span>BU<span class=\"_ _3\"/>S<span class=\"_ _3\"/>I<span class=\"_ _3\"/>NE<span class=\"_ _3\"/>S<span class=\"_ _3\"/>S E<span class=\"_ _3\"/>X<span class=\"_ _3\"/>ITS C<span class=\"_ _3\"/>O<span class=\"_ _3\"/>NTI<span class=\"_ _3\"/>N<span class=\"_ _3\"/>UE<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>20<span class=\"_ _3\"/>21 BUS<span class=\"_ _3\"/>I<span class=\"_ _3\"/>N<span class=\"_ _3\"/>ES<span class=\"_ _3\"/>S E<span class=\"_ _3\"/>X<span class=\"_ _3\"/>IT<span class=\"_ _3\"/>S CO<span class=\"_ _3\"/>N<span class=\"_ _3\"/>TI<span class=\"_ _3\"/>NU<span class=\"_ _3\"/>E<span class=\"_ _3\"/>D<span class=\"_ _341\"> </span>Det<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>ls of a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s and l<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s at th<span class=\"_ _3\"/>e date of d<span class=\"_ _3\"/>is<span class=\"_ _3\"/>pos<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>re p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d in the f<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>owing t<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>le:<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1<span class=\"_ _341\"> </span>$m<span class=\"_ _341\"> </span>Good<span class=\"_ _3\"/>will<span class=\"_ _2ff\"> </span><span class=\"ls1d ws72\">1.0<span class=\"_ _341\"> </span></span>Prop<span class=\"_ _3\"/>er<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt<span class=\"_ _2bf\"> </span><span class=\"ws72\">0.1<span class=\"_ _341\"> </span></span>Inve<span class=\"_ _3\"/>nto<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y<span class=\"_ _300\"> </span><span class=\"ls1d ws72\">1.5<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ivab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s<span class=\"_ _19c\"> </span><span class=\"ws72\">0.5<span class=\"_ _341\"> </span></span>Cash and<span class=\"_ _2\"/> bank b<span class=\"_ _2\"/>alances<span class=\"_ _2f8\"> </span><span class=\"ls1d ws72\">3.4<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s<span class=\"_ _276\"> </span><span class=\"ws72\">(0.1)<span class=\"_ _341\"> </span></span>Inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x paya<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e<span class=\"_ _301\"> </span><span class=\"ws72\">(0.2)<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>ot<span class=\"_ _3\"/>al n<span class=\"_ _3\"/>et as<span class=\"_ _3\"/>s<span class=\"_ _3\"/>ets d<span class=\"_ _3\"/>isp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ed<span class=\"_ _3\"/> <span class=\"_ _302\"> </span><span class=\"ws72\">6.2<span class=\"_ _341\"> </span></span>33. A<span class=\"_ _35\"/>CQUISITIONS<span class=\"_ _341\"> </span>On 1 O<span class=\"_ _3\"/>cto<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2021 the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p ac<span class=\"_ _3\"/>quir<span class=\"_ _3\"/>ed a q<span class=\"_ _3\"/>ua<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ura<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>so<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d lab<span class=\"_ _3\"/>or<span class=\"_ _3\"/>ator<span class=\"_ _0\"/>y ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d in Lu<span class=\"_ _3\"/>dw<span class=\"_ _3\"/>igs<span class=\"_ _3\"/>haf<span class=\"_ _3\"/>en, G<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ny for<span class=\"_ _3\"/> con<span class=\"_ _3\"/>si<span class=\"_ _3\"/>de<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion o<span class=\"_ _3\"/>f \u20ac0.<span class=\"_ _35\"/>15m. The a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>set<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d lia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s ac<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d were a<span class=\"_ _3\"/>s fo<span class=\"_ _3\"/>llows:<span class=\"_ _341\"> </span>Note<span class=\"_ _341\"> </span>B<span class=\"_ _36\"> </span>o<span class=\"_ _42\"> </span>o<span class=\"_ _36\"/>k<span class=\"_ _341\"> </span>v<span class=\"_ _36\"/>a<span class=\"_ _36\"> </span>l<span class=\"_ _42\"> </span>u<span class=\"_ _36\"/>e<span class=\"_ _36\"/> a<span class=\"_ _36\"> </span>t<span class=\"_ _341\"> </span>acquisition<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>F<span class=\"_ _36\"/>a<span class=\"_ _36\"> </span>i<span class=\"_ _36\"> </span>r<span class=\"_ _341\"> </span>v<span class=\"_ _36\"/>a<span class=\"_ _36\"> </span>l<span class=\"_ _42\"> </span>u<span class=\"_ _36\"/>e<span class=\"_ _341\"> </span>adjustments<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Fair<span class=\"_ _2\"/> value<span class=\"_ _1\"/> of assets/<span class=\"_ _341\"> </span>(liabiliti<span class=\"_ _3\"/>es)<span class=\"_ _1\"/> acquired<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Intangible ass<span class=\"_ _3\"/>ets<span class=\"_ _264\"> </span><span class=\"ls1d ws72\">10<span class=\"_ _13d\"> </span>0.1<span class=\"_ _93\"> </span></span><span class=\"ws3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">0.1<span class=\"_ _341\"> </span></span></span>Prop<span class=\"_ _3\"/>er<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt<span class=\"_ _303\"> </span><span class=\"ws72\">11<span class=\"_ _74\"> </span>0.3<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">0.3<span class=\"_ _341\"> </span></span>Retirement benefit obligations<span class=\"_ _2b7\"> </span><span class=\"ls1d ws72\">25<span class=\"_ _1fe\"> </span>(0.7)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _1fe\"> </span></span>(0.7)<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>otal identifiable net liabilities acquired<span class=\"_ _1f2\"> </span><span class=\"ls1d ws72\">(0.3)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _1fe\"> </span></span>(0.3)<span class=\"_ _341\"> </span></span>Good<span class=\"_ _3\"/>will<span class=\"_ _2ff\"> </span><span class=\"ls1d ws72\">0.5<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>otal consideration<span class=\"_ _304\"> </span><span class=\"ls1d ws72\">0.2<span class=\"_ _341\"> </span></span>of which<span class=\"_ _2\"/>:<span class=\"_ _341\"> </span>Consideration paid, satisfied in cash<span class=\"_ _2ac\"> </span><span class=\"ls1d ws72\">0.2<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e con<span class=\"_ _3\"/>si<span class=\"_ _3\"/>de<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion f<span class=\"_ _3\"/>or th<span class=\"_ _3\"/>e acq<span class=\"_ _3\"/>uis<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>on ha<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>e<span class=\"_ _3\"/>n all<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ated a<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>ins<span class=\"_ _3\"/>t id<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ed n<span class=\"_ _3\"/>et a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s with t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>ng ba<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nce r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>or<span class=\"_ _3\"/>de<span class=\"_ _3\"/>d as g<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>dwil<span class=\"_ _3\"/>l.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e goo<span class=\"_ _3\"/>dw<span class=\"_ _3\"/>ill re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on a<span class=\"_ _3\"/>cqu<span class=\"_ _3\"/>is<span class=\"_ _3\"/>itio<span class=\"_ _3\"/>n ref<span class=\"_ _3\"/>le<span class=\"_ _3\"/>c<span class=\"_ _3\"/>ts bo<span class=\"_ _3\"/>th the c<span class=\"_ _3\"/>ap<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ies o<span class=\"_ _3\"/>f the a<span class=\"_ _3\"/>cqu<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>d en<span class=\"_ _3\"/>tit<span class=\"_ _3\"/>y<span class=\"_ _3\"/>\u2019<span class=\"_ _2\"/>s pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>so<span class=\"_ _3\"/>nne<span class=\"_ _3\"/>l an<span class=\"_ _3\"/>d the sy<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>rgi<span class=\"_ _3\"/>sti<span class=\"_ _3\"/>c opp<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tun<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es<span class=\"_ _341\"> </span>goi<span class=\"_ _3\"/>ng fo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>war<span class=\"_ _3\"/>d, ne<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>er of w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h ca<span class=\"_ _3\"/>n be a<span class=\"_ _3\"/>llo<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>ted to a<span class=\"_ _3\"/>n ide<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>fia<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e int<span class=\"_ _3\"/>an<span class=\"_ _3\"/>gib<span class=\"_ _3\"/>le as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>t.<span class=\"_ _341\"> </span>Notes to the consolidated financial st<span class=\"_ _3\"/>atements continued<span class=\"_ _341\"> </span>For the yea<span class=\"_ _3\"/>r en<span class=\"_ _3\"/>ded 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ber 20<span class=\"_ _3\"/>22",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-497": {
   "value": "1.  ACCOUNTING POLICIES Elementis plc is a public company limited by shares incorporated and domiciled in England and is the parent company of the Group. The address of its registered office is The Bindery, 5th Floor, 51-53 Hatton Garden, London, EC1N 8HN. The Group financial statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The Company has elected to prepare its parent company financial statements in accordance with FRS 101. These are presented on pages 215 to 221. BASIS OF PREPARATION The financial statements have been prepared in accordance with UK adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as adopted by the UK. These financial statements also comply with IFRS as issued by the IASB. The financial statements have been prepared on the historical cost basis except that derivative financial instruments are stated at their fair value. The preparation of financial statements requires the application of estimates and judgements that affect the reported amounts of assets and liabilities, revenues and costs and related disclosures at the balance sheet date. The financial statements have been prepared on a going concern basis. The rationale for adopting this basis is discussed in the Directors\u2019 report on page 154. REPORTING CURRENCY As a consequence of the majority of the Group\u2019s sales and earnings originating in US dollars or US dollar linked currencies, the Group has chosen the US dollar as its presentational currency. This aligns the Group\u2019s external reporting with the profile of the Group, as well as with internal management reporting. The functional currency of the parent is pounds sterling. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY When applying the Group\u2019s accounting policies, management must make a number of key judgements on the application of applicable accounting standards and estimates and assumptions concerning the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgements are based on factors considered to be relevant, including historical experience, which may differ significantly from the actual outcome. The key assumptions concerning the future and other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the amounts recognised in the financial statements within the next year are discussed below. The development of the estimates and disclosures related to each of these matters has been discussed by the Audit Committee. Climate change risks and opportunities, as detailed in climate strategy on pages 42 to 56, were considered as part of our five year financial plan. The five year financial plan has been utilised in the assessment of the carrying value of assets, impairment of goodwill, and the going concern and viability assessment. CRITICAL ACCOUNTING JUDGEMENTS The following is the sole critical judgement, as opposed to those involving estimations which are dealt with separately below, that the Directors have made in the process of applying the Group\u2019s accounting policies that has significant effect on the amounts recognised in the financial statements. Where relevant and practicable, sensitivity analyses are disclosed in the relevant notes to demonstrate the impact of changes in estimates or assumptions used. REVENUE RECOGNITION Judgement is exercised over how to determine the timing of revenue recognition for orders where the agreed terms are delivery to the destination point. The Group has compiled shipping estimates based on the destination country which are used to inform the timing of revenue recognition. In compiling these estimates management have used past experience and carrier standard shipping estimates to inform their decision making. KEY SOURCES OF ESTIMATION UNCERTAINTY The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next financial year, are discussed below. A.  ENVIRONMENTAL PROVISIONS Provisions for environmental restoration are recognised where: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be estimated reliably. Environmental provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Due to the long time horizons over which costs are anticipated, small changes in recurring annual cash outflows can have a significant cumulative impact on the total provision required. At 31 December 2022 the carrying value of environmental provisions was $27.5m. Further details of these provisions and a sensitivity assessment are given in Note 15. B.  VALUATION OF A DEFINED BENEFIT PENSION OBLIGATION The key estimates made in relation to defined benefit pensions relate to the discount rate used to determine the present value of future benefit, the rate of inflation applied to plan assets, mortality rates and rates of salary growth. At 31 December 2022 the UK scheme, the largest of the Group\u2019s retirement plans, had a surplus of $26.4m whilst the US and other schemes were in a net deficit position of $8.9m in aggregate. Further details of pensions and a sensitivity analysis are given in Note 25. C.  IMPAIRMENT TESTING OF GOODWILL IN TALC CASH GENERATING UNIT (CGU) Each year the Group carries out impairment tests of goodwill which require estimates to be made of the value in use of the cash generating units to which it is allocated. These value in use calculations are dependent on estimates of future cash flows, long-term growth rates and appropriate discount rates to be applied to future cash flows. During the year ended 31 December 2022, a full impairment review was performed and an impairment charge of $103.4 million was recorded in respect of the goodwill held in the Talc CGU. At 31 October 2022 the Talc CGU had a carrying value of $244.6 million and no further impairment charge was required. Should the business experience further unforeseen deterioration of results, were there to be an increase in the pre-tax discount rate, or a reduction in the long-term growth rate, a future impairment may be required for these assets. Further details and sensitivity disclosures are included in Note 10 . BASIS OF CONSOLIDATION The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on which that control ceases. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. Acquisition costs are accounted for as an expense in the period incurred. Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. A full list of the Group\u2019s subsidiaries is shown in Note 6 of the parent company financial statements. CHANGES IN ACCOUNTING POLICIES The accounting policies adopted are consistent with those of the previous financial year. FOREIGN CURRENCY A.  FOREIGN CURRENCY TRANSACTIONS Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at exchange rates ruling at the dates the fair value was determined. B.  FINANCIAL STATEMENTS OF FOREIGN OPERATIONS The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated at exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at the average rates of exchange ruling for the relevant period. Exchange differences arising since 1 January 2004 on translation are taken to the translation reserve. They are recognised in the income statement upon disposal of the foreign operation. The Group may hedge a portion of the translation of its overseas net assets through US dollar and euro borrowings. From 1 January 2005, the Group has elected to apply net investment hedge accounting for these transactions where possible. Where hedging is applied, the effective portion of the gain or loss on an instrument used to hedge a net investment is recognised in equity. Any ineffective portion of the hedge is recognised in the income statement. PROPERTY, PLANT AND EQUIPMENT Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Freehold land is not depreciated. Leasehold property is depreciated over the period of the lease. Freehold buildings, plant and machinery, fixtures, fittings and equipment are depreciated over their estimated useful lives on a straight line basis. Depreciation methods, useful lives and residual values are assessed at the reporting date. No depreciation is charged on assets under construction until the asset is available for use. Depreciation is charged on a straight-line basis over the estimated useful economic lives of the assets as follows: Buildings 10 \u2013 50 years Plant and machinery 2 \u2013 20 years Fixtures, fittings and equipment 2 \u2013 20 years Right of use assets Shorter of the useful economic life of the asset and the lease term The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within it will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in the income statement as incurred. Management regularly considers whether there are any indications of impairment to carrying values of property, plant and equipment. Impairment reviews are based on risk adjusted discounted cash flow projections. Significant judgement is applied to the assumptions underlying these projections which include estimated discount rates, growth rates, future selling prices and direct costs. Changes to these assumptions could have a material impact on the financial position of the Group and on the result for the year. 1.  ACCOUNTING POLICIES CONTINUED INTANGIBLE ASSETS A. GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any  non-controlling interest in the acquiree and the acquisition-date  fair value of any previous equity interest in the acquiree over the  fair value of the identifiable net assets acquired. If the total of  consideration transferred, non-controlling interest recognised and  previously held interest measured at fair value is less than the fair  value of the net assets of the subsidiary acquired, in the case of  a bargain purchase, the difference is recognised directly in the income statement. INTANGIBLE ASSETS CONTINUED B.  RESEARCH AND DEVELOPMENT Expenditure on pure research is recognised in the income  statement as an expense as incurred. Under IAS 38, expenditure  on development where research findings are applied to a plan  or design for the production of new or substantially improved  products and processes is capitalised if the product or process  will give rise to future economic benefits and where the cost  of the capitalised asset can be measured reliably. Expenditure  capitalised is stated as the cost of materials, direct labour  and an appropriate proportion of overheads less accumulated  amortisation. The length of development lifecycles, broad nature  of much of the research undertaken and uncertainty until a late  stage as to the ultimate commercial viability of a potential product can mean that the measurement criteria of IAS 38 regarding the probability of future economic benefits and the reliability of  allocating costs may not be met, in which case expenditure  is expensed as incurred. C.  CUSTOMER RELATIONSHIPS, BRANDS AND OTHER INTANGIBLE ASSETS Customer relationships, brands and other intangible assets are  stated at cost or when arising in a business combination, estimated fair value, less accumulated amortisation. D. AMORTISATION Amortisation is charged to the income statement on a straight line basis over the estimated useful lives of intangible assets  through the administrative expenses line item, unless such lives are indefinite. Goodwill is systematically tested for impairment  each year. Other intangible assets, comprising customer lists,  customer relationships, manufacturing processes and procedures,  trademarks, non-compete clauses and patents are amortised over their estimated useful lives which range from 5 to 24 years. IMPAIRMENT OF NON-CURRENT NON-FINANCIAL ASSETS The carrying amount of non-current assets other than deferred tax is compared to the asset\u2019s recoverable amount at each balance  sheet date where there is an indication of impairment. For goodwill,  assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated  at each balance sheet date. Each year the Group carries out impairment tests of its goodwill  and other indefinite life intangible assets which requires an  estimate to be made of the value in use of its CGUs. These value in  use calculations are dependent on estimates of future cash flows and long term growth rates of the CGUs. Further details of these  estimates are given in Note 10. An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment  losses are recognised in the income statement. Impairment losses  recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a  pro-rata basis. A CGU is the smallest identifiable group of assets  that generates cash inflows that are largely independent of the  cash inflows from other assets or groups of assets. The recoverable amount is the greater of their fair value less costs  to sell and value in use. In assessing value in use, the estimated  future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset(s). For  an asset that does not generate largely independent cash inflows,  the recoverable amount is determined for the CGU to which the  asset belongs. IMPAIRMENT OF FINANCIAL ASSETS \u2013 EXPECTED CREDIT LOSSES The Group applies the IFRS 9 simplified approach to measuring  expected credit losses which uses a lifetime expected loss  allowance for all trade receivables. To measure the expected credit losses, trade receivables  have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted to reflect  current and forward looking information in relation to  macroeconomic factors that could affect the ability of customers to settle receivables. The Group usually considers a financial asset in default when  contractual payments are 120 days past due. In certain cases, the  Group may also consider a financial asset to be in default when  internal or external information indicates that the Group is unlikely  to receive the outstanding contractual amounts in full before taking  into account any credit enhancements held by the Group. A  financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. INVENTORIES Inventories are stated at the lower of cost and net realisable value.  Net realisable value is the estimated selling price, less estimated  costs of completion and selling expenses. Cost, which is based  on a weighted average, includes expenditure incurred in acquiring  stock and bringing it to its existing location and condition. In the  case of manufactured inventories and work in progress, cost  includes an appropriate share of overheads attributable to  manufacture, based on normal operating capacity. TRADE AND OTHER RECEIVABLES Trade receivables and other receivables are due for payment within  one year and are thus classified as current. They are non-interest bearing and are stated at their nominal amount which is the original  invoiced amount, less allowance for expected future credit losses. Estimates of future expected credit losses are informed by  historical experience and management\u2019s expectations of  future economic factors, further information on expected credit  loss impairment is given in the impairment of financial assets  accounting policy. Individual trade receivables are written  off when management deem them to be no longer collectable.  CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. LEASES A lease liability is recognised when the Group obtains control of the right-of-use asset that is the subject of the lease. The lease liability is subsequently measured using the effective interest method, with interest charged to finance costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. At inception, the Group evaluates whether it is reasonably certain that any option to extend a lease term will be exercised or likewise whether any option to terminate the lease will be exercised. The Group continues to evaluate the likelihood of exercising such options throughout the initial lease term. When the Group is committed to extending or terminating the lease, having considered the alternative options available, and where appropriate lessor consent to the extension or termination has been obtained, the Group will consider the option to be reasonably certain to be exercised. When an option is reasonably certain to be exercised, the right-of-use asset and lease liabilities recognised are adjusted to reflect the extended or curtailed lease term. Leases, which at inception have a term of less than 12 months or relate to low-value assets, are not recognised on balance sheet. Payments made under such leases are recognised as an expense in the income statement on a straight-line basis over the period of the lease. BORROWINGS Borrowings are initially measured at cost, which is equal to the fair value at inception, and are subsequently measured at amortised cost using the effective interest rate method. Any difference between the proceeds, net of transaction costs and the settlement or redemption of borrowings is recognised over the terms of the borrowings using the effective interest rate method. TRADE AND OTHER PAYABLES Trade payables are non-interest bearing borrowings and are initially measured at fair value and subsequently carried at amortised cost. PROVISIONS A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or has been announced publicly. In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of contaminated land is recognised when the land is contaminated. Provisions for environmental issues are judgemental by their nature, particularly when considering the size and timing of remediation spending, and are more difficult to estimate when they relate to sites no longer directly controlled by the Group. Self-insurance provisions relate to personal injury and other claims from former employees or third parties and represent the aggregate of outstanding claims plus a projection of losses incurred but not yet reported which together make up the full liability recognised as a provision. Insurance recoveries are recognised as a separate reimbursement asset. PENSION AND OTHER POST RETIREMENT BENEFITS In respect of the Group\u2019s defined benefit schemes, the Group\u2019s net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods, that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The liability discount rate is the yield at the balance sheet date on AA credit rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. Pension and post retirement liabilities are calculated by qualified actuaries using the projected unit credit method. Following the introduction of the revised IAS 19 Employee Benefits standard, the net interest on the defined benefit liability consists of the interest cost on the defined benefit obligation and the interest income on plan assets, both calculated by reference to the discount rate used to measure the defined benefit obligation at the start of the period. The Group recognises actuarial gains and losses in the period in which they occur through the statement of comprehensive income. The Group also operates a small number of defined contribution schemes and the contributions payable during the year are recognised as incurred. Due to the size of the Group\u2019s pension scheme assets and liabilities, relatively small changes in the assumptions can have a significant impact on the expense recorded in the income statement and on the pension liability recorded in the balance sheet. SHARE CAPITAL Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity. When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Shares repurchased by the Company are classified as treasury shares and are presented as a deduction from total equity. DERIVATIVE FINANCIAL INSTRUMENTS The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. The Group does not hold or issue derivative financial instruments for speculative trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Due to the requirement to assess the effectiveness of hedging instruments, changes in market conditions can result in the recognition of unrealised gains or losses on hedging instruments in the income statement. 1.  ACCOUNTING POLICIES CONTINUED DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED Derivative financial instruments are recognised initially at fair value and are shown within derivatives if they are in an asset position or within financial liabilities if they are in a liability position. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. A.  CASH FLOW HEDGES Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit and loss in the periods when the hedged item is recognised in profit or loss, in the same line of the income statement as the recognised hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset the gains or losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset. B.  FAIR VALUE HEDGES Where a derivative financial instrument is designated as a hedge of the variability in a fair value of a recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on remeasurement are recognised immediately in the income statement, even if those gains would normally be recognised directly in reserves. C.  HEDGES OF A NET INVESTMENT IN A FOREIGN OPERATION The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro and US dollar denominated borrowings as a hedge of the Group\u2019s net investment in foreign operations. As such the foreign exchange gain or loss on those borrowings is recognised in other comprehensive income and accumulated in equity until such time as the operations are disposed of at which point the corresponding amounts are recycled to profit or loss. TERMINATION BENEFITS Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date. Termination benefits for voluntary redundancies are recognised if the Group has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. REVENUE Revenue is recognised upon transfer of promised goods to customers (the performance obligation) in an amount that reflects the consideration the Company expects to receive in exchange for those goods. This may occur, depending on the individual customer relationship, when the product has been transferred to a freight carrier, when the customer has received the product or, for consignment stock held at customers\u2019 premises, when usage reports for the relevant period have been compiled. All revenue is from contracts with customers and pertains to the sale of specialty chemicals products. Selling prices are agreed in advance and hence are directly observable. The Group\u2019s payment terms offered to customers are within a certain number of days of receipt of invoice and standard contracts do not include a significant financing component. The Group does not expect to have any contracts where the period between the transfer of the promised goods to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. Provisions for returns, trade discounts and rebates are recognised as a reduction in revenue at the later of when revenue is recognised for the transfer of the related goods and the entity pays or promises to pay the consideration. The promise to pay rebates is contractually agreed in advance and thus the point of transferring the goods to the customer is deemed to be the later of the two circumstances. Rebates and discounts are estimated using historical data and experiences with the customers. Returns from customers are negligible. OPERATING PROFIT Operating profit includes net profits realised on the sale of tangible fixed assets, current and long term assets and liabilities but excludes gains and losses on the disposal of businesses. OTHER EXPENSES Other expenses are administration costs incurred and paid by the Group\u2019s pension schemes, which relate primarily to former employees of legacy businesses. FINANCE INCOME AND FINANCE COSTS Finance income comprises interest income on funds invested and changes in the fair value of financial instruments at fair value taken to the income statement. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the discount on provisions, dividends on preference shares classified as debt, foreign currency gains/losses and changes in the value of financial instruments at fair value taken to the income statement. All borrowing costs are recognised in the income statement using the effective interest method. TAX ATION Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The Group is required to estimate the income tax in each of the jurisdictions in which it operates. This requires an estimation of current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. The Group operates in a number of countries in the world and is subject to many tax jurisdictions and rules. As a consequence the Group is subject to tax audits, which by their nature are often complex and can require several years to conclude. Management\u2019s judgement is required to determine the total provision for income tax. Amounts are accrued based on management\u2019s interpretation of country specific tax law and likelihood of settlement. However, the actual tax liabilities could differ from the position and in such events an adjustment would be required in the subsequent period which could have a material impact. Tax benefits are not recognised unless it is probable that the tax positions are sustainable. Once considered to be probable, management reviews each material tax benefit to assess whether a provision should be taken against full recognition of the benefit on the basis of potential settlement through negotiation. This evaluation requires judgements to be made including the forecast of future taxable income. SHARE BASED PAYMENTS The fair value of equity settled share options, cash settled shadow options and LTIP awards granted to employees is recognised as an expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options/ awards. The fair value of the options/awards granted is measured using a binomial model, taking into account the terms and conditions upon which the options/awards were granted. The amount recognised as an employee expense is adjusted to reflect the actual number of share options/awards that vest except where forfeiture is only due to share prices not achieving the threshold for vesting. SHORT-TERM EMPLOYEE BENEFITS Short-term employee benefits, such as salaries, paid absences, and other benefits including any related payroll taxes are accounted for on an accrual basis over the period which employees have provided services. Bonuses are recognised to the extent that the Group has a present obligation to its employees that can be measured reliably and are accounted for in accordance with the requirements of IAS 19, \u2018Employee benefits\u2019. All expenses relating to employee benefits (other than pension costs) are recognised in the income statement within wages and salaries, or social security costs. OWN SHARES HELD BY EMPLOYEE SHARE OWNERSHIP TRUST (ESOT) Transactions of the Group sponsored ESOT are included in the consolidated financial statements. In particular, the ESOT\u2019s purchases of shares in the Company are charged directly to equity. GOVERNMENT GRANTS Government grants are recognised at fair value when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants compensating for expenses incurred are recognised as a deduction of the related expenses in the consolidated income statement on a systematic basis in the same periods in which the expenses are incurred. NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS A non-current asset or a group of assets containing a non-current asset (a disposal group), is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale within one year is highly probable. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent remeasurement. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographic area of operations or is a subsidiary acquired exclusively with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria to be classified as held for sale. ALTERNATIVE PERFORMANCE MEASURES In the analysis of the Group\u2019s operating results, earnings per share and cash flows, information is presented to provide readers with additional performance indicators that are prepared on a non- statutory basis. This presentation is regularly reviewed by management to identify items that are unusual and other items relevant to an understanding of the Group\u2019s performance and long term trends with reference to their materiality and nature. This additional information is not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures by other organisations. The non-statutory disclosures should not be viewed in isolation or as an alternative to the equivalent statutory measure. Information for separate presentation is considered as follows: \u2022  Material costs or reversals arising from a significant restructuring of the Group\u2019s operations are presented separately \u2022  Disposal of entities or investments in associates or joint ventures or impairment of related assets are presented separately \u2022  Other matters arising due to the Group\u2019s acquisition, such as adjustments to contingent consideration, payment of retention bonuses, acquisition costs and fair value adjustments for acquired assets made in accordance with IFRS 13 are separately disclosed in aggregate \u2022  If a change in an accounting estimate for provisions, including environmental provisions, results in a material gain or loss, that is presented separately \u2022  Other items the Directors may deem to be unusual as a result of their size and/or nature. 1.  ACCOUNTING POLICIES CONTINUED ADOPTION OF NEW AND REVISED STANDARDS In the current year, the Group has applied a number of  amendments to IFRSs issued by the International Accounting  Standards Board (IASB) that are mandatorily effective for  accounting periods that began on or after 1 January 2022. Their  adoption has not had any material impact on the disclosures or on  the amounts reported in these financial statements: International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs): U K  Endorsement status Effective date Amendments to IFRS 3:  Reference to the  Conceptual Framework Endorsed 1 January 2022 Amendments to IAS 16:  Property, Plant and  Equipment\u2014Proceeds  before Intended Use Endorsed 1 January 2022 Amendments to IAS 37:  Onerous Contracts \u2013 Cost  of Fulfilling a Contract Endorsed 1 January 2022 Annual Improvements to IFRS  Standards 2018-2020 Cycle: Amendments to IFRS 1 First-time Adoption of  International Financial  Reporting Standards, IFRS 9  Financial Instruments, IFRS 16  Leases, and IAS 41 Agriculture Endorsed 1 January 2022 NEW AND REVISED IFRSS IN ISSUE BUT NOT YET EFFECTIVE At the date of authorisation of these financial statements, the  Group has not applied the following new and revised international  accounting standards (IAS/IFRSs) and interpretations (IFRICs) that  have been issued but are not effective for periods starting on  1 January 2022 but will be effective for later periods: International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs) not yet endorsed for use in the EU or UK: U K  Endorsement status Ef fe c ti v e  for annual re po r t i ng  periods beginning on or after IFRS 17 Insurance Contracts Endorsed 1 January 2023 Amendments to IFRS 17:  Initial Application of IFRS 17  and IFRS 9 \u2013 Comparative  Information Endorsed 1 January 2023 Amendments to IAS 1 and  IFRS Practice Statement 2:  Disclosure of Accounting  Policies Endorsed 1 January 2023 Amendments to IAS 8:  Definition of Accounting  Estimates Endorsed 1 January 2023 Amendments to IAS 12:  Deferred Tax related to  Assets and Liabilities arising  from a Single Transaction Endorsed 1 January 2023 Amendments to IAS 1:  Classification of Liabilities  as Current or Non-current Not yet  endorsed 1 January 2024 Amendments to IFRS 16  Leases: Lease Liability in a Sale and Leaseback Not yet  endorsed 1 January 2024 Amendments to IAS 1:  Non-Current Liabilities  with Covenants Not yet  endorsed 1 January 2024 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-494": {
   "value": "Elementis plc is a public company limited by shares incorporated  ",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-498": {
   "value": "Elementis plc is a public company limited by shares incorporated  and domiciled in England and is the parent company of the Group.  The address of its registered office is The Bindery, 5th Floor, 51-53 Hatton Garden, London, EC1N 8HN. The Group financial  statements have been prepared and approved by the Directors in  accordance with UK adopted international accounting standards.  The Company has elected to prepare its parent company financial  statements in accordance with FRS 101. These are presented on pages 215 to 221. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-2": {
   "value": "Elementis plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "public company limited",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-495": {
   "value": "and domiciled in England and is the parent company of the Group.  ",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "England",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "The Bindery, 5th Floor, 51-53 Hatton Garden, London, EC1N 8HN",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-499": {
   "value": "BASIS OF PREPARATION The financial statements have been prepared in accordance with  UK adopted international accounting standards in conformity with  the requirements of the Companies Act 2006 and International  Financial Reporting Standards (IFRS) as adopted by the UK. These  financial statements also comply with IFRS as issued by the IASB. The financial statements have been prepared on the historical cost  basis except that derivative financial instruments are stated at their  fair value. The preparation of financial statements requires the  application of estimates and judgements that affect the reported amounts of assets and liabilities, revenues and costs and related  disclosures at the balance sheet date.  The financial statements have been prepared on a going concern  basis. The rationale for adopting this basis is discussed in the  Directors\u2019 report on page 154. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "The financial statements have been prepared in accordance with  UK adopted international accounting standards in conformity with  the requirements of the Companies Act 2006 and International  Financial Reporting Standards (IFRS) as adopted by the UK. These  financial statements also comply with IFRS as issued by the IASB. ",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-562": {
   "value": "The financial statements have been prepared on a going concern  basis. The rationale for adopting this basis is discussed in the  Directors\u2019 report on page 154. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-500": {
   "value": "REPORTING CURRENCY As a consequence of the majority of the Group\u2019s sales and  earnings originating in US dollars or US dollar linked currencies,  the Group has chosen the US dollar as its presentational currency.  This aligns the Group\u2019s external reporting with the profile of the  Group, as well as with internal management reporting. The  functional currency of the parent is pounds sterling. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-501": {
   "value": "CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY When applying the Group\u2019s accounting policies, management  must make a number of key judgements on the application of  applicable accounting standards and estimates and assumptions  concerning the carrying amounts of assets and liabilities that are  not readily apparent from other sources. These estimates and  judgements are based on factors considered to be relevant, including historical experience, which may differ significantly from the actual outcome. The key assumptions concerning the future  and other key sources of estimation uncertainty that have a  significant risk of causing a material adjustment to the amounts  recognised in the financial statements within the next year are  discussed below. The development of the estimates and disclosures related to each of these matters has been discussed  by the Audit Committee. Climate change risks and opportunities, as detailed in climate strategy on pages 42 to 56, were considered as part of our five  year financial plan. The five year financial plan has been utilised in  the assessment of the carrying value of assets, impairment of  goodwill, and the going concern and viability assessment. CRITICAL ACCOUNTING JUDGEMENTS The following is the sole critical judgement, as opposed to those  involving estimations which are dealt with separately below, that  the Directors have made in the process of applying the Group\u2019s  accounting policies that has significant effect on the amounts  recognised in the financial statements. Where relevant and  practicable, sensitivity analyses are disclosed in the relevant  notes to demonstrate the impact of changes in estimates or  assumptions used. REVENUE RECOGNITION Judgement is exercised over how to determine the timing  of revenue recognition for orders where the agreed terms are  delivery to the destination point. The Group has compiled shipping estimates based on the destination country which are used to  inform the timing of revenue recognition. In compiling these  estimates management have used past experience and carrier  standard shipping estimates to inform their decision making. KEY SOURCES OF ESTIMATION UNCERTAINTY The key assumptions concerning the future, and other key sources  of estimation uncertainty at the reporting period that may have a  significant risk of causing a material misstatement to the carrying  amounts of assets and liabilities within the next financial year, are  discussed below. A.  ENVIRONMENTAL PROVISIONS Provisions for environmental restoration are recognised where: the Group has a present legal or constructive obligation as a result of  past events; it is probable that an outflow of resources will be  required to settle the obligation; and the amount can be  estimated reliably. Environmental provisions are measured at the present value of the  expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments  of the time value of money and the risks specific to the obligation. Due to the long time horizons over which costs are anticipated,  small changes in recurring annual cash outflows can have a  significant cumulative impact on the total provision required. At 31 December 2022 the carrying value of environmental provisions was $27.5m. Further details of these provisions and a sensitivity  assessment are given in Note 15. B.  VALUATION OF A DEFINED BENEFIT PENSION OBLIGATION The key estimates made in relation to defined benefit pensions  relate to the discount rate used to determine the present value of future benefit, the rate of inflation applied to plan assets, mortality rates and rates of salary growth. At 31 December 2022 the UK  scheme, the largest of the Group\u2019s retirement plans, had a surplus of $26.4m whilst the US and other schemes were in a net deficit position of $8.9m in aggregate. Further details of pensions and  a sensitivity analysis are given in Note 25. C.  IMPAIRMENT TESTING OF GOODWILL IN TALC CASH GENERATING UNIT (CGU) Each year the Group carries out impairment tests of goodwill which require estimates to be made of the value in use of the cash generating units to which it is allocated. These value in use calculations are dependent on estimates of future cash flows,  long-term growth rates and appropriate discount rates to be applied to future cash flows. During the year ended 31 December 2022, a full impairment  review was performed and an impairment charge of $103.4 million was recorded in respect of the goodwill held in the Talc CGU.  At 31 October 2022 the Talc CGU had a carrying value of $244.6 million and no further impairment charge was required.  Should the business experience further unforeseen deterioration  of results, were there to be an increase in the pre-tax discount rate, or a reduction in the long-term growth rate, a future impairment may be required for these assets. Further details and sensitivity disclosures are included in Note 10 ",
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    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-502": {
   "value": "BASIS OF CONSOLIDATION The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on which that control ceases. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. Acquisition costs are accounted for as an expense in the period incurred. Intragroup balances and any unrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. A full list of the Group\u2019s subsidiaries is shown in Note 6 of the parent company financial statements. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-503": {
   "value": "CHANGES IN ACCOUNTING POLICIES The accounting policies adopted are consistent with those of the previous financial year. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-505": {
   "value": "FOREIGN CURRENCY A.  FOREIGN CURRENCY TRANSACTIONS Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at exchange rates ruling at the dates the fair value was determined. B.  FINANCIAL STATEMENTS OF FOREIGN OPERATIONS The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated at exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at the average rates of exchange ruling for the relevant period. Exchange differences arising since 1 January 2004 on translation are taken to the translation reserve. They are recognised in the income statement upon disposal of the foreign operation. The Group may hedge a portion of the translation of its overseas net assets through US dollar and euro borrowings. From 1 January 2005, the Group has elected to apply net investment hedge accounting for these transactions where possible. Where hedging is applied, the effective portion of the gain or loss on an instrument used to hedge a net investment is recognised in equity. Any ineffective portion of the hedge is recognised in the income statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-504": {
   "value": "PROPERTY, PLANT AND EQUIPMENT Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Freehold land is not depreciated. Leasehold property is depreciated over the period of the lease. Freehold buildings, plant and machinery, fixtures, fittings and equipment are depreciated over their estimated useful lives on a straight line basis. Depreciation methods, useful lives and residual values are assessed at the reporting date. No depreciation is charged on assets under construction until the asset is available for use. Depreciation is charged on a straight-line basis over the estimated useful economic lives of the assets as follows: Buildings 10 \u2013 50 years Plant and machinery 2 \u2013 20 years Fixtures, fittings and equipment 2 \u2013 20 years Right of use assets Shorter of the useful economic life of the asset and the lease term The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within it will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in the income statement as incurred. Management regularly considers whether there are any indications of impairment to carrying values of property, plant and equipment. Impairment reviews are based on risk adjusted discounted cash flow projections. Significant judgement is applied to the assumptions underlying these projections which include estimated discount rates, growth rates, future selling prices and direct costs. Changes to these assumptions could have a material impact on the financial position of the Group and on the result for the year. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "INTANGIBLE ASSETS A. GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any  non-controlling interest in the acquiree and the acquisition-date  fair value of any previous equity interest in the acquiree over the  fair value of the identifiable net assets acquired. If the total of  consideration transferred, non-controlling interest recognised and  previously held interest measured at fair value is less than the fair  value of the net assets of the subsidiary acquired, in the case of  a bargain purchase, the difference is recognised directly in the income statement. INTANGIBLE ASSETS CONTINUED B.  RESEARCH AND DEVELOPMENT Expenditure on pure research is recognised in the income  statement as an expense as incurred. Under IAS 38, expenditure  on development where research findings are applied to a plan  or design for the production of new or substantially improved  products and processes is capitalised if the product or process  will give rise to future economic benefits and where the cost  of the capitalised asset can be measured reliably. Expenditure  capitalised is stated as the cost of materials, direct labour  and an appropriate proportion of overheads less accumulated  amortisation. The length of development lifecycles, broad nature  of much of the research undertaken and uncertainty until a late  stage as to the ultimate commercial viability of a potential product can mean that the measurement criteria of IAS 38 regarding the probability of future economic benefits and the reliability of  allocating costs may not be met, in which case expenditure  is expensed as incurred. C.  CUSTOMER RELATIONSHIPS, BRANDS AND OTHER INTANGIBLE ASSETS Customer relationships, brands and other intangible assets are  stated at cost or when arising in a business combination, estimated fair value, less accumulated amortisation. D. AMORTISATION Amortisation is charged to the income statement on a straight line basis over the estimated useful lives of intangible assets  through the administrative expenses line item, unless such lives are indefinite. Goodwill is systematically tested for impairment  each year. Other intangible assets, comprising customer lists,  customer relationships, manufacturing processes and procedures,  trademarks, non-compete clauses and patents are amortised over their estimated useful lives which range from 5 to 24 years.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-586": {
   "value": "INTANGIBLE ASSETS A. GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any  non-controlling interest in the acquiree and the acquisition-date  fair value of any previous equity interest in the acquiree over the  fair value of the identifiable net assets acquired. If the total of  consideration transferred, non-controlling interest recognised and  previously held interest measured at fair value is less than the fair  value of the net assets of the subsidiary acquired, in the case of  a bargain purchase, the difference is recognised directly in the income statement. INTANGIBLE ASSETS CONTINUED B.  RESEARCH AND DEVELOPMENT Expenditure on pure research is recognised in the income  statement as an expense as incurred. Under IAS 38, expenditure  on development where research findings are applied to a plan  or design for the production of new or substantially improved  products and processes is capitalised if the product or process  will give rise to future economic benefits and where the cost  of the capitalised asset can be measured reliably. Expenditure  capitalised is stated as the cost of materials, direct labour  and an appropriate proportion of overheads less accumulated  amortisation. The length of development lifecycles, broad nature  of much of the research undertaken and uncertainty until a late  stage as to the ultimate commercial viability of a potential product can mean that the measurement criteria of IAS 38 regarding the probability of future economic benefits and the reliability of  allocating costs may not be met, in which case expenditure  is expensed as incurred. C.  CUSTOMER RELATIONSHIPS, BRANDS AND OTHER INTANGIBLE ASSETS Customer relationships, brands and other intangible assets are  stated at cost or when arising in a business combination, estimated fair value, less accumulated amortisation. D. AMORTISATION Amortisation is charged to the income statement on a straight line basis over the estimated useful lives of intangible assets  through the administrative expenses line item, unless such lives are indefinite. Goodwill is systematically tested for impairment  each year. Other intangible assets, comprising customer lists,  customer relationships, manufacturing processes and procedures,  trademarks, non-compete clauses and patents are amortised over their estimated useful lives which range from 5 to 24 years.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-509": {
   "value": "INTANGIBLE ASSETS A. GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any  non-controlling interest in the acquiree and the acquisition-date  fair value of any previous equity interest in the acquiree over the  fair value of the identifiable net assets acquired. If the total of  consideration transferred, non-controlling interest recognised and  previously held interest measured at fair value is less than the fair  value of the net assets of the subsidiary acquired, in the case of  a bargain purchase, the difference is recognised directly in the income statement. INTANGIBLE ASSETS CONTINUED B.  RESEARCH AND DEVELOPMENT Expenditure on pure research is recognised in the income  statement as an expense as incurred. Under IAS 38, expenditure  on development where research findings are applied to a plan  or design for the production of new or substantially improved  products and processes is capitalised if the product or process  will give rise to future economic benefits and where the cost  of the capitalised asset can be measured reliably. Expenditure  capitalised is stated as the cost of materials, direct labour  and an appropriate proportion of overheads less accumulated  amortisation. The length of development lifecycles, broad nature  of much of the research undertaken and uncertainty until a late  stage as to the ultimate commercial viability of a potential product can mean that the measurement criteria of IAS 38 regarding the probability of future economic benefits and the reliability of  allocating costs may not be met, in which case expenditure  is expensed as incurred. C.  CUSTOMER RELATIONSHIPS, BRANDS AND OTHER INTANGIBLE ASSETS Customer relationships, brands and other intangible assets are  stated at cost or when arising in a business combination, estimated fair value, less accumulated amortisation. D. AMORTISATION Amortisation is charged to the income statement on a straight line basis over the estimated useful lives of intangible assets  through the administrative expenses line item, unless such lives are indefinite. Goodwill is systematically tested for impairment  each year. Other intangible assets, comprising customer lists,  customer relationships, manufacturing processes and procedures,  trademarks, non-compete clauses and patents are amortised over their estimated useful lives which range from 5 to 24 years. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-591": {
   "value": "B.  RESEARCH AND DEVELOPMENT Expenditure on pure research is recognised in the income  statement as an expense as incurred. Under IAS 38, expenditure  on development where research findings are applied to a plan  or design for the production of new or substantially improved  products and processes is capitalised if the product or process  will give rise to future economic benefits and where the cost  of the capitalised asset can be measured reliably. Expenditure  capitalised is stated as the cost of materials, direct labour  and an appropriate proportion of overheads less accumulated  amortisation. The length of development lifecycles, broad nature  of much of the research undertaken and uncertainty until a late  stage as to the ultimate commercial viability of a potential product can mean that the measurement criteria of IAS 38 regarding the probability of future economic benefits and the reliability of  allocating costs may not be met, in which case expenditure  is expensed as incurred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-510": {
   "value": "IMPAIRMENT OF NON-CURRENT NON-FINANCIAL ASSETS The carrying amount of non-current assets other than deferred tax is compared to the asset\u2019s recoverable amount at each balance  sheet date where there is an indication of impairment. For goodwill,  assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated  at each balance sheet date. Each year the Group carries out impairment tests of its goodwill  and other indefinite life intangible assets which requires an  estimate to be made of the value in use of its CGUs. These value in  use calculations are dependent on estimates of future cash flows and long term growth rates of the CGUs. Further details of these  estimates are given in Note 10. An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment  losses are recognised in the income statement. Impairment losses  recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a  pro-rata basis. A CGU is the smallest identifiable group of assets  that generates cash inflows that are largely independent of the  cash inflows from other assets or groups of assets. The recoverable amount is the greater of their fair value less costs  to sell and value in use. In assessing value in use, the estimated  future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset(s). For  an asset that does not generate largely independent cash inflows,  the recoverable amount is determined for the CGU to which the  asset belongs. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-506": {
   "value": "IMPAIRMENT OF FINANCIAL ASSETS \u2013 EXPECTED CREDIT LOSSES The Group applies the IFRS 9 simplified approach to measuring  expected credit losses which uses a lifetime expected loss  allowance for all trade receivables. To measure the expected credit losses, trade receivables  have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on payment profiles and the corresponding historical credit losses experienced. The historical loss rates are adjusted to reflect  current and forward looking information in relation to  macroeconomic factors that could affect the ability of customers to settle receivables. The Group usually considers a financial asset in default when  contractual payments are 120 days past due. In certain cases, the  Group may also consider a financial asset to be in default when  internal or external information indicates that the Group is unlikely  to receive the outstanding contractual amounts in full before taking  into account any credit enhancements held by the Group. A  financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-507": {
   "value": "INVENTORIES Inventories are stated at the lower of cost and net realisable value.  Net realisable value is the estimated selling price, less estimated  costs of completion and selling expenses. Cost, which is based  on a weighted average, includes expenditure incurred in acquiring  stock and bringing it to its existing location and condition. In the  case of manufactured inventories and work in progress, cost  includes an appropriate share of overheads attributable to  manufacture, based on normal operating capacity. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-508": {
   "value": "TRADE AND OTHER RECEIVABLES Trade receivables and other receivables are due for payment within  one year and are thus classified as current. They are non-interest bearing and are stated at their nominal amount which is the original  invoiced amount, less allowance for expected future credit losses. Estimates of future expected credit losses are informed by  historical experience and management\u2019s expectations of  future economic factors, further information on expected credit  loss impairment is given in the impairment of financial assets  accounting policy. Individual trade receivables are written  off when management deem them to be no longer collectable.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-511": {
   "value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-517": {
   "value": "LEASES A lease liability is recognised when the Group obtains control of the right-of-use asset that is the subject of the lease. The lease liability is subsequently measured using the effective interest method, with interest charged to finance costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. At inception, the Group evaluates whether it is reasonably certain that any option to extend a lease term will be exercised or likewise whether any option to terminate the lease will be exercised. The Group continues to evaluate the likelihood of exercising such options throughout the initial lease term. When the Group is committed to extending or terminating the lease, having considered the alternative options available, and where appropriate lessor consent to the extension or termination has been obtained, the Group will consider the option to be reasonably certain to be exercised. When an option is reasonably certain to be exercised, the right-of-use asset and lease liabilities recognised are adjusted to reflect the extended or curtailed lease term. Leases, which at inception have a term of less than 12 months or relate to low-value assets, are not recognised on balance sheet. Payments made under such leases are recognised as an expense in the income statement on a straight-line basis over the period of the lease. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-512": {
   "value": "BORROWINGS Borrowings are initially measured at cost, which is equal to the fair value at inception, and are subsequently measured at amortised cost using the effective interest rate method. Any difference between the proceeds, net of transaction costs and the settlement or redemption of borrowings is recognised over the terms of the borrowings using the effective interest rate method. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-513": {
   "value": "TRADE AND OTHER PAYABLES Trade payables are non-interest bearing borrowings and are initially measured at fair value and subsequently carried at amortised cost. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-518": {
   "value": "PROVISIONS A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring has either commenced or has been announced publicly. In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of contaminated land is recognised when the land is contaminated. Provisions for environmental issues are judgemental by their nature, particularly when considering the size and timing of remediation spending, and are more difficult to estimate when they relate to sites no longer directly controlled by the Group. Self-insurance provisions relate to personal injury and other claims from former employees or third parties and represent the aggregate of outstanding claims plus a projection of losses incurred but not yet reported which together make up the full liability recognised as a provision. Insurance recoveries are recognised as a separate reimbursement asset. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-514": {
   "value": "PENSION AND OTHER POST RETIREMENT BENEFITS In respect of the Group\u2019s defined benefit schemes, the Group\u2019s net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods, that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The liability discount rate is the yield at the balance sheet date on AA credit rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. Pension and post retirement liabilities are calculated by qualified actuaries using the projected unit credit method. Following the introduction of the revised IAS 19 Employee Benefits standard, the net interest on the defined benefit liability consists of the interest cost on the defined benefit obligation and the interest income on plan assets, both calculated by reference to the discount rate used to measure the defined benefit obligation at the start of the period. The Group recognises actuarial gains and losses in the period in which they occur through the statement of comprehensive income. The Group also operates a small number of defined contribution schemes and the contributions payable during the year are recognised as incurred. Due to the size of the Group\u2019s pension scheme assets and liabilities, relatively small changes in the assumptions can have a significant impact on the expense recorded in the income statement and on the pension liability recorded in the balance sheet. SHORT-TERM EMPLOYEE BENEFITS Short-term employee benefits, such as salaries, paid absences, and other benefits including any related payroll taxes are accounted for on an accrual basis over the period which employees have provided services. Bonuses are recognised to the extent that the Group has a present obligation to its employees that can be measured reliably and are accounted for in accordance with the requirements of IAS 19, \u2018Employee benefits\u2019. All expenses relating to employee benefits (other than pension costs) are recognised in the income statement within wages and salaries, or social security costs. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-515": {
   "value": "SHARE CAPITAL Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity. When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Shares repurchased by the Company are classified as treasury shares and are presented as a deduction from total equity. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-516": {
   "value": "DERIVATIVE FINANCIAL INSTRUMENTS The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. The Group does not hold or issue derivative financial instruments for speculative trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Due to the requirement to assess the effectiveness of hedging instruments, changes in market conditions can result in the recognition of unrealised gains or losses on hedging instruments in the income statement. DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED Derivative financial instruments are recognised initially at fair value and are shown within derivatives if they are in an asset position or within financial liabilities if they are in a liability position. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. A.  CASH FLOW HEDGES Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit and loss in the periods when the hedged item is recognised in profit or loss, in the same line of the income statement as the recognised hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset the gains or losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset. B.  FAIR VALUE HEDGES Where a derivative financial instrument is designated as a hedge of the variability in a fair value of a recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on remeasurement are recognised immediately in the income statement, even if those gains would normally be recognised directly in reserves. C.  HEDGES OF A NET INVESTMENT IN A FOREIGN OPERATION The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro and US dollar denominated borrowings as a hedge of the Group\u2019s net investment in foreign operations. As such the foreign exchange gain or loss on those borrowings is recognised in other comprehensive income and accumulated in equity until such time as the operations are disposed of at which point the corresponding amounts are recycled to profit or loss. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-587": {
   "value": "DERIVATIVE FINANCIAL INSTRUMENTS The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. The Group does not hold or issue derivative financial instruments for speculative trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Due to the requirement to assess the effectiveness of hedging instruments, changes in market conditions can result in the recognition of unrealised gains or losses on hedging instruments in the income statement. DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED Derivative financial instruments are recognised initially at fair value and are shown within derivatives if they are in an asset position or within financial liabilities if they are in a liability position. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. A.  CASH FLOW HEDGES Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit and loss in the periods when the hedged item is recognised in profit or loss, in the same line of the income statement as the recognised hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset the gains or losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset. B.  FAIR VALUE HEDGES Where a derivative financial instrument is designated as a hedge of the variability in a fair value of a recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on remeasurement are recognised immediately in the income statement, even if those gains would normally be recognised directly in reserves. C.  HEDGES OF A NET INVESTMENT IN A FOREIGN OPERATION The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro and US dollar denominated borrowings as a hedge of the Group\u2019s net investment in foreign operations. As such the foreign exchange gain or loss on those borrowings is recognised in other comprehensive income and accumulated in equity until such time as the operations are disposed of at which point the corresponding amounts are recycled to profit or loss. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "DERIVATIVE FINANCIAL INSTRUMENTS The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. The Group does not hold or issue derivative financial instruments for speculative trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Due to the requirement to assess the effectiveness of hedging instruments, changes in market conditions can result in the recognition of unrealised gains or losses on hedging instruments in the income statement. DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED Derivative financial instruments are recognised initially at fair value and are shown within derivatives if they are in an asset position or within financial liabilities if they are in a liability position. The gain or loss on remeasurement to fair value is recognised immediately in the income statement. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. A.  CASH FLOW HEDGES Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit and loss in the periods when the hedged item is recognised in profit or loss, in the same line of the income statement as the recognised hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset the gains or losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset. B.  FAIR VALUE HEDGES Where a derivative financial instrument is designated as a hedge of the variability in a fair value of a recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the derivative are recognised immediately in the income statement. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on remeasurement are recognised immediately in the income statement, even if those gains would normally be recognised directly in reserves. C.  HEDGES OF A NET INVESTMENT IN A FOREIGN OPERATION The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro and US dollar denominated borrowings as a hedge of the Group\u2019s net investment in foreign operations. As such the foreign exchange gain or loss on those borrowings is recognised in other comprehensive income and accumulated in equity until such time as the operations are disposed of at which point the corresponding amounts are recycled to profit or loss. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-519": {
   "value": "TERMINATION BENEFITS Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date. Termination benefits for voluntary redundancies are recognised if the Group has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-524": {
   "value": "REVENUE Revenue is recognised upon transfer of promised goods to customers (the performance obligation) in an amount that reflects the consideration the Company expects to receive in exchange for those goods. This may occur, depending on the individual customer relationship, when the product has been transferred to a freight carrier, when the customer has received the product or, for consignment stock held at customers\u2019 premises, when usage reports for the relevant period have been compiled. All revenue is from contracts with customers and pertains to the sale of specialty chemicals products. Selling prices are agreed in advance and hence are directly observable. The Group\u2019s payment terms offered to customers are within a certain number of days of receipt of invoice and standard contracts do not include a significant financing component. The Group does not expect to have any contracts where the period between the transfer of the promised goods to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. Provisions for returns, trade discounts and rebates are recognised as a reduction in revenue at the later of when revenue is recognised for the transfer of the related goods and the entity pays or promises to pay the consideration. The promise to pay rebates is contractually agreed in advance and thus the point of transferring the goods to the customer is deemed to be the later of the two circumstances. Rebates and discounts are estimated using historical data and experiences with the customers. Returns from customers are negligible. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-520": {
   "value": "OPERATING PROFIT Operating profit includes net profits realised on the sale of tangible fixed assets, current and long term assets and liabilities but excludes gains and losses on the disposal of businesses.",
   "dimensions": {
    "concept": "elementisplc:DescriptionOfAccountingPolicyForOperatingProfit",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-521": {
   "value": "OTHER EXPENSES Other expenses are administration costs incurred and paid by the Group\u2019s pension schemes, which relate primarily to former employees of legacy businesses. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "FINANCE INCOME AND FINANCE COSTS Finance income comprises interest income on funds invested and changes in the fair value of financial instruments at fair value taken to the income statement. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the discount on provisions, dividends on preference shares classified as debt, foreign currency gains/losses and changes in the value of financial instruments at fair value taken to the income statement. All borrowing costs are recognised in the income statement using the effective interest method. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-522": {
   "value": "FINANCE INCOME AND FINANCE COSTS Finance income comprises interest income on funds invested and changes in the fair value of financial instruments at fair value taken to the income statement. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the discount on provisions, dividends on preference shares classified as debt, foreign currency gains/losses and changes in the value of financial instruments at fair value taken to the income statement. All borrowing costs are recognised in the income statement using the effective interest method. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "TAX ATION Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The Group is required to estimate the income tax in each of the jurisdictions in which it operates. This requires an estimation of current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. The Group operates in a number of countries in the world and is subject to many tax jurisdictions and rules. As a consequence the Group is subject to tax audits, which by their nature are often complex and can require several years to conclude. Management\u2019s judgement is required to determine the total provision for income tax. Amounts are accrued based on management\u2019s interpretation of country specific tax law and likelihood of settlement. However, the actual tax liabilities could differ from the position and in such events an adjustment would be required in the subsequent period which could have a material impact. Tax benefits are not recognised unless it is probable that the tax positions are sustainable. Once considered to be probable, management reviews each material tax benefit to assess whether a provision should be taken against full recognition of the benefit on the basis of potential settlement through negotiation. This evaluation requires judgements to be made including the forecast of future taxable income. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-523": {
   "value": "TAX ATION Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The Group is required to estimate the income tax in each of the jurisdictions in which it operates. This requires an estimation of current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. The Group operates in a number of countries in the world and is subject to many tax jurisdictions and rules. As a consequence the Group is subject to tax audits, which by their nature are often complex and can require several years to conclude. Management\u2019s judgement is required to determine the total provision for income tax. Amounts are accrued based on management\u2019s interpretation of country specific tax law and likelihood of settlement. However, the actual tax liabilities could differ from the position and in such events an adjustment would be required in the subsequent period which could have a material impact. Tax benefits are not recognised unless it is probable that the tax positions are sustainable. Once considered to be probable, management reviews each material tax benefit to assess whether a provision should be taken against full recognition of the benefit on the basis of potential settlement through negotiation. This evaluation requires judgements to be made including the forecast of future taxable income. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-525": {
   "value": "SHARE BASED PAYMENTS The fair value of equity settled share options, cash settled shadow options and LTIP awards granted to employees is recognised as an expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the employees become unconditionally entitled to the options/ awards. The fair value of the options/awards granted is measured using a binomial model, taking into account the terms and conditions upon which the options/awards were granted. The amount recognised as an employee expense is adjusted to reflect the actual number of share options/awards that vest except where forfeiture is only due to share prices not achieving the threshold for vesting. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-526": {
   "value": "OWN SHARES HELD BY EMPLOYEE SHARE OWNERSHIP TRUST (ESOT) Transactions of the Group sponsored ESOT are included in the consolidated financial statements. In particular, the ESOT\u2019s purchases of shares in the Company are charged directly to equity. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-527": {
   "value": "GOVERNMENT GRANTS Government grants are recognised at fair value when there is reasonable assurance that the conditions associated with the grants have been complied with and the grants will be received. Grants compensating for expenses incurred are recognised as a deduction of the related expenses in the consolidated income statement on a systematic basis in the same periods in which the expenses are incurred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-528": {
   "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS A non-current asset or a group of assets containing a non-current asset (a disposal group), is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale within one year is highly probable. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent remeasurement. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographic area of operations or is a subsidiary acquired exclusively with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria to be classified as held for sale. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-588": {
   "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS A non-current asset or a group of assets containing a non-current asset (a disposal group), is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale within one year is highly probable. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent remeasurement. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographic area of operations or is a subsidiary acquired exclusively with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria to be classified as held for sale. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS A non-current asset or a group of assets containing a non-current asset (a disposal group), is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale within one year is highly probable. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of previous carrying amount and fair value less costs to sell with any adjustments taken to profit or loss. The same applies to gains and losses on subsequent remeasurement. A discontinued operation is a component of the Group\u2019s business that represents a separate major line of business or geographic area of operations or is a subsidiary acquired exclusively with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria to be classified as held for sale. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-529": {
   "value": "ALTERNATIVE PERFORMANCE MEASURES In the analysis of the Group\u2019s operating results, earnings per share and cash flows, information is presented to provide readers with additional performance indicators that are prepared on a non- statutory basis. This presentation is regularly reviewed by management to identify items that are unusual and other items relevant to an understanding of the Group\u2019s performance and long term trends with reference to their materiality and nature. This additional information is not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures by other organisations. The non-statutory disclosures should not be viewed in isolation or as an alternative to the equivalent statutory measure. Information for separate presentation is considered as follows: \u2022  Material costs or reversals arising from a significant restructuring of the Group\u2019s operations are presented separately \u2022  Disposal of entities or investments in associates or joint ventures or impairment of related assets are presented separately \u2022  Other matters arising due to the Group\u2019s acquisition, such as adjustments to contingent consideration, payment of retention bonuses, acquisition costs and fair value adjustments for acquired assets made in accordance with IFRS 13 are separately disclosed in aggregate \u2022  If a change in an accounting estimate for provisions, including environmental provisions, results in a material gain or loss, that is presented separately \u2022  Other items the Directors may deem to be unusual as a result of their size and/or nature. ",
   "dimensions": {
    "concept": "elementisplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-531": {
   "value": "ADOPTION OF NEW AND REVISED STANDARDS In the current year, the Group has applied a number of  amendments to IFRSs issued by the International Accounting  Standards Board (IASB) that are mandatorily effective for  accounting periods that began on or after 1 January 2022. Their  adoption has not had any material impact on the disclosures or on  the amounts reported in these financial statements: International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs): U K  Endorsement status Effective date Amendments to IFRS 3:  Reference to the  Conceptual Framework Endorsed 1 January 2022 Amendments to IAS 16:  Property, Plant and  Equipment\u2014Proceeds  before Intended Use Endorsed 1 January 2022 Amendments to IAS 37:  Onerous Contracts \u2013 Cost  of Fulfilling a Contract Endorsed 1 January 2022 Annual Improvements to IFRS  Standards 2018-2020 Cycle: Amendments to IFRS 1 First-time Adoption of  International Financial  Reporting Standards, IFRS 9  Financial Instruments, IFRS 16  Leases, and IAS 41 Agriculture Endorsed 1 January 2022 ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-530": {
   "value": "NEW AND REVISED IFRSS IN ISSUE BUT NOT YET EFFECTIVE At the date of authorisation of these financial statements, the  Group has not applied the following new and revised international  accounting standards (IAS/IFRSs) and interpretations (IFRICs) that  have been issued but are not effective for periods starting on  1 January 2022 but will be effective for later periods: International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs) not yet endorsed for use in the EU or UK: U K  Endorsement status Ef fe c ti v e  for annual re po r t i ng  periods beginning on or after IFRS 17 Insurance Contracts Endorsed 1 January 2023 Amendments to IFRS 17:  Initial Application of IFRS 17  and IFRS 9 \u2013 Comparative  Information Endorsed 1 January 2023 Amendments to IAS 1 and  IFRS Practice Statement 2:  Disclosure of Accounting  Policies Endorsed 1 January 2023 Amendments to IAS 8:  Definition of Accounting  Estimates Endorsed 1 January 2023 Amendments to IAS 12:  Deferred Tax related to  Assets and Liabilities arising  from a Single Transaction Endorsed 1 January 2023 Amendments to IAS 1:  Classification of Liabilities  as Current or Non-current Not yet  endorsed 1 January 2024 Amendments to IFRS 16  Leases: Lease Liability in a Sale and Leaseback Not yet  endorsed 1 January 2024 Amendments to IAS 1:  Non-Current Liabilities  with Covenants Not yet  endorsed 1 January 2024 ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-532": {
   "value": "2.  OPERATING SEGMENTS BUSINESS SEGMENTS The Group has determined its operating segments on the basis of those used for management, internal reporting purposes and the allocation of strategic resources. The key measure used for review of the performance of the operating segments is adjusted operating profit. In accordance with the provisions of IFRS 8, the Group\u2019s chief operating decision maker is the Board of Directors. The three reportable segments, Personal Care, Coatings and Talc each have distinct product groupings and separate management structures. Segment results, assets and liabilities include items directly attributable to a segment and those that may be reasonably allocated from corporate activities. Presentation of the segmental results is on a basis consistent with those used for reporting Group results. The principal activities of the reportable segments are as follows: PERSONAL CARE Production of rheological modifiers and compounded products, including active ingredients for AP deodorants, for supply to personal care manufacturers. COATINGS Production of rheological modifiers and additives for decorative and industrial coatings. TALC Production and supply of talc for use in plastics, coatings, technical ceramics and the paper sectors. Effective from 1 January 2023 the results of the Coatings and Talc segments will be merged and reported under a new segment called Performance Specialties, which reflects a change in the internal organisation structure used for management, internal reporting purposes and the allocation of strategic resources. SEGMENTAL ANALYSIS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 Personal Care $m Coatings $m Ta l c $m Segment t o t a l s $m Central c o s t s $m To t a l $m Revenue 211.5 389.1 135.8 736.4 \u2013 736.4 Internal revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Revenue from external customers 211.5 389.1 135.8 736.4 \u2013 736.4 Adjusted operating profit/(loss) 52.8 73.3 (0.4) 125.7 (25.2) 100.5 Adjusting items (see Note 5) (8.4) (4.1) (133.6) (146.1) 3.8 (142.3) Operating profit/(loss) 44.4 69.2 (134.0) (20.4) (21.4) (41.8) Other expenses (1.3) Finance income 9.9 Finance expense (21.6) Tax (7.8) Profit from discontinued operations 11.5 LOSS FOR THE YEAR (51.1) 2.  OPERATING SEGMENTS CONTINUED 2022 Personal Care and Coatings 1 $m Ta l c $m Segment t o t a l s $m Central c o s t s $m To t a l $m Fixed assets 637.7 259.4 897.1 149.5 1,046.6 Inventories 151.6 30.3 181.9 0.1 182.0 Trade and other receivables 70.9 17.2 88.1 6.8 94.9 Other tax recoverable \u2013 \u2013 \u2013 17.5 17.5 Derivatives \u2013 \u2013 \u2013 12.0 12.0 Tax assets \u2013 \u2013 \u2013 31.8 31.8 Retirement benefit surplus \u2013 \u2013 \u2013 26.4 26.4 Cash and cash equivalents \u2013 \u2013 \u2013 54.9 54.9 SEGMENT ASSETS 860.2 306.9 1,167.1 299.0 1,466.1 Assets classified as held for sale 160.9 TOTAL ASSETS 1,627.0 Trade and other payables (83.6) (27.3) (110.9) (24.5) (135.4 Operating provisions (0.8) (4.6) (5.4) (24.3) (29.7 Lease liabilities (26.1) (9.6) (35.7) (0.6) (36.3 Bank overdrafts and loans \u2013 \u2013 \u2013 (417.4) (417.4 Current tax liabilities \u2013 \u2013 \u2013 (20.2) (20.2 Retirement benefit obligations \u2013 \u2013 \u2013 (8.9) (8.9 Deferred tax liabilities \u2013 \u2013 \u2013 (131.3) (131.3 Financial liabilities \u2013 \u2013 \u2013 (6.1) (6.1 SEGMENT LIABILITIES (110.5) (41.5) (152.0) (633.3) (785.3 Liabilities classified as held for sale (57.8 TOTAL LIABILITIES (843.1 NET ASSETS 749.7 265.4 1,015.1 (334.3) 783.9 Capital additions 18.3 17.1 35.4 3.2 38.6 Depreciation and amortisation (28.6) (24.8) (53.4) (3.2) (56.6 1  Due to the shared nature of the production facilities for the Personal Care and Coatings segments a split of assets and liabilities by segment is not available and the cost to determine such a split would be prohibitive therefore assets and liabilities are shown in aggregate for these segments. ANALYSIS BY GEOGRAPHY 2022 N o r t h America $m U n i te d Kingdom $m R e st o f Eu r op e $m R e st o f th e  W o rl d $m To t a l $m Revenue from external customers 234.6 23.2 250.3 228.3 736.4 Fixed assets 666.9 26.4 280.9 72.4 1,046.6 Capital additions 20.1 6.0 5.3 7.2 38.6 Depreciation and amortisation (24.0) (1.5) (27.9) (3.2) (56.6 Revenue is based on the location of the customer. The Group\u2019s largest customer accounts for 7.5% of revenue ($55.5m). SEGMENTAL ANALYSIS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 Personal Ca re $m Coatings $m Ta lc $m S e gm e nt tot al s $m Central costs $m To t a l $m Revenue 174.7 384.3 150.4 709.4 \u2013 709.4 Internal revenue \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Revenue from external customers 174.7 384.3 150.4 709.4 \u2013 709.4 Adjusted operating profit/(loss) 36.7 61.8 14.0 112.5 (24.5) 88.0 Adjusting items (see Note 5) (8.8) (5.3) (58.3) (72.4) (3.7) (76.1) Operating profit/(loss) 27.9 56.5 (44.3) 40.1 (28.2) 11.9 Loss on disposal (1.7) Other expenses (2.0) Finance income 11.0 Finance expense (26.7) Tax (0.4) Profit from discontinued operations 10.4 PROFIT FOR THE YEAR 2.5 2021 Personal Ca re, a n d Coatings 1 $m Ta lc $m S e gm e nt tot al s $m Central costs 2 $m Discontinued segments 2 $m To t a l $m Fixed assets 659.1 310.5 969.6 268.4 77.4 1,315.4 Inventories 109.0 23.0 132.0 (0.1) 54.2 186.1 Trade and other receivables 90.0 23.2 113.2 5.5 20.2 138.9 Other tax recoverable \u2013 \u2013 \u2013 19.7 \u2013 19.7 Derivatives \u2013 \u2013 \u2013 0.2 \u2013 0.2 Tax assets \u2013 \u2013 \u2013 34.9 0.2 35.1 Retirement benefit surplus \u2013 \u2013 \u2013 56.6 \u2013 56.6 Cash and cash equivalents \u2013 \u2013 \u2013 84.6 \u2013 84.6 SEGMENT ASSETS 858.1 356.7 1,214.8 469.8 152.0 1,836.6 Trade and other payables (86.2) (21.6) (107.8) (22.3) (30.9) (161.0) Operating provisions (1.0) (4.4) (5.4) (34.8) (21.6) (61.8) Lease liabilities (27.9) (11.0) (38.9) (0.8) (0.5) (40.2) Bank overdrafts and loans \u2013 \u2013 \u2013 (482.5) \u2013 (482.5) Current tax liabilities \u2013 \u2013 \u2013 (17.4) \u2013 (17.4) Retirement benefit obligations \u2013 \u2013 \u2013 (14.5) (2.8) (17.3) Deferred tax liabilities \u2013 \u2013 \u2013 (149.2) (0.8) (150.0) Financial liabilities \u2013 \u2013 \u2013 (5.4) \u2013 (5.4) SEGMENT LIABILITIES (115.1) (37.0) (152.1) (726.9) (56.6) (935.6) NET ASSETS 743.0 319.7 1,062.7 (257.1) 95.4 901.0 Capital additions 28.9 14.3 43.2 4.4 8.7 56.3 Depreciation and amortisation (28.3) (27.4) (55.7) (2.6) (10.0) (68.3) 1  Due to the shared nature of the production facilities for the Personal Care and Coatings segments a split of assets and liabilities by segment is not available and the cost to determine such a split would be prohibitive. Assets and liabilities are therefore shown in aggregate for these segments. 2  The results of the Chromium business, which has been classified as held for sale as of 30 November 2022, have been represented within the central costs and discontinued segments above. 2.  OPERATING SEGMENTS CONTINUED ANALYSIS BY GEOGRAPHY 2021 N o r t h America $m U n i te d Kingdom $m R e st o f Eu r op e $m Rest of the Wo r l d $m To t a l $m Revenue from external customers 180.1 21.0 272.3 236.0 709.4 Fixed assets 750.9 155.2 335.0 74.3 1,315.4 Capital additions 19.9 1.5 16.3 9.9 47.6 Depreciation and amortisation (23.3) (1.6) (30.3) (3.1) (58.3) Revenue is based on the location of the customer. The Group\u2019s largest customer accounts for 7.5% of revenue ($43.3m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-533": {
   "value": "3.  FINANCE INCOME 2 0 2 2 $m 20 21 $m Interest on bank deposits 0.2 0.3 Pension and other post retirement liabilities 0.6 \u2013 Fair value movement on derivatives 9.1 10.7 9.9 11.0 4.  FINANCE COSTS 2 0 2 2 $m 20 21 $m Interest on bank loans 19.5 23.2 Pension and other post retirement liabilities \u2013 0.2 Unwind of discount on provisions 0.7 1.7 Interest on lease liabilities 1.4 1.6 21.6 26.7 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "3.  FINANCE INCOME 2 0 2 2 $m 20 21 $m Interest on bank deposits 0.2 0.3 Pension and other post retirement liabilities 0.6 \u2013 Fair value movement on derivatives 9.1 10.7 9.9 11.0 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "4.  FINANCE COSTS 2 0 2 2 $m 20 21 $m Interest on bank loans 19.5 23.2 Pension and other post retirement liabilities \u2013 0.2 Unwind of discount on provisions 0.7 1.7 Interest on lease liabilities 1.4 1.6 21.6 26.7 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-534": {
   "value": "5.  ADJUSTING ITEMS 2 0 2 2 $m 2 0 2 2 Discontinued operations $m 2 0 2 2 To t a l $m 20 21 $m 2021 Discontinued operations $m 20 21 To t a l $m Business transformation 4.8 \u2013 4.8 4.3 0.3 4.6 Environmental provisions   Increase in provisions due to additional remediation work identified 3.4 5.3 8.7 5.3 4.3 9.6   Decrease in provisions due to change in discount rate (7.2) (3.1) (10.3) (0.6) (0.7) (1.3) Impairment of property, plant and equipment 23.0 \u2013 23.0 \u2013 \u2013 \u2013 Impairment of goodwill 103.4 \u2013 103.4 52.3 \u2013 52.3 Sale of Montreal land \u2013 \u2013 \u2013 (1.0) \u2013 (1.0) Costs associated with Chromium disposal \u2013 5.6 5.6 Amortisation of intangibles arising on acquisition 14.9 0.2 15.1 15.8 0.2 16.0 142.3 8.0 150.3 76.1 4.1 80.2 Sale of Business \u2013 \u2013 \u2013 1.7 \u2013 1.7 Unrealised mark to market of derivative financial instruments (6.6) \u2013 (6.6) (10.7) \u2013 (10.7) Tax credit in relation to adjusting items (8.3) (1.7) (10.0) (10.5) (0.8) (11.3) 127.4 6.3 133.7 56.6 3.3 59.9 A number of items have been recorded under \u2018adjusting items\u2019 by virtue of their size and/or one time nature, in line with our accounting policy in Note 1, in order to provide additional useful analysis of the Group\u2019s results. The Group considers the adjusted results to be an important measure used to monitor how the businesses are performing as they achieve consistency and comparability between reporting periods. The net impact of these items on the Group profit before tax for the year is a debit of $135.7m (2021: $67.1m). The items fall into a number of categories, as summarised below: Business transformation \u2013 In November 2020, the closure of the Charleston plant was announced. Costs of $2.9m ($4.2m in 2021) (including $0.4m of depreciation ($0.4m in 2021)) associated with the closure of the site are classified as an adjusting item and the site is planned to be disposed of in the future. Since November 2020, costs of $22.7m have been incurred in relation to the closure of the site. In addition to this, costs of $1.9m have been incurred in relation to the Talc integration and synergy projects. These projects were completed in 2022. Environmental provisions \u2013 The Group\u2019s environmental provision is calculated on a discounted cash flow basis, reflecting the time period over which spending is estimated to take place. The movement in the provision relates to a change in discount rates that has decreased the liability by $7.2m in the year (2021: $0.6m) and extra remediation work identified in the year which has resulted in a $3.4m increase to the liability (2021: $5.3m). As these costs relate to non-operational facilities they are classified as adjusting items. Impairment of property, plant and equipment \u2013 In 2022 the Group recognised a non-cash $23.0m impairment in respect of non- operational bioleaching property, plant and equipment in the Talc business. The Group determined that the operational, health and safety and financial commitments required to operate the equipment were not the best use of the Group\u2019s resources. Impairment of goodwill \u2013 The performance of the Talc business was adversely impacted by a lower demand environment, global inflationary pressures, higher energy costs and the Russia invasion of Ukraine. These factors, as well as a reduction in the near term forecasted profitability of the Talc business and a rise in the pre-tax discount rate resulted in an impairment charge of $103.4m being recognised (2021: $52.3m). Due to the currency in which the goodwill was held, this impairment also gave rise to a $8.0m (2021: $0.8m) movement in exchange differences on translation of foreign operations within other comprehensive income. Costs associated with Chromium disposal \u2013 As announced in November 2022, the Group signed a sale and purchase agreement for the divestment of its Chromium business. The transaction completed in January 2023. Costs totalling $5.6m were incurred during 2022 as part of the divestiture process. Sale of Montreal land \u2013 In 2021 the Group disposed of a non-core parcel of land in Montreal, Canada. The profit on disposal has been treated as an adjusting item. Amortisation of intangibles arising on acquisition \u2013 Amortisation of $14.9m (2021: $15.8m) represents the charge in respect of the Group\u2019s acquired intangible assets. As in previous years, these are included in adjusting items as they are a non-cash charge arising from historical investment activities. Sale of Business \u2013 In 2021, the $1.7m loss on disposal of two non-core dental businesses, Eisenbacher Dentalwaren ED GmbH and Adentatec GmbH, was treated as an adjusting item. Unrealised mark to market of derivatives \u2013 The unrealised movements in the mark to market valuation of financial instruments that are not in hedging relationships are treated as adjusting items as they are unrealised non-cash fair value adjustments that will not affect the cash flows of the Group. Tax on adjusting items \u2013 this is the net impact of tax relating to the adjusting items listed above. 5.  ADJUSTING ITEMS CONTINUED To support comparability with the financial statements as presented in 2022, a reconciliation to the adjusted consolidated income statement is shown below. 2 0 2 2 P r o f i t and loss $m 2 0 2 2 A d j u s t i n g items $m 2 0 2 2 A d j u s t e d profit and l o s s $m Revenue 736.4 \u2013 736.4 Cost of sales (437.5) \u2013 (437.5) Gross profit 298.9 \u2013 298.9 Distribution costs (125.0) \u2013 (125.0) Administrative expenses (215.7) 142.3 (73.4) Operating (loss)/profit (41.8) 142.3 100.5 Other expenses (1.3) \u2013 (1.3) Finance income 9.9 (6.6) 3.3 Finance costs (21.6) \u2013 (21.6) (Loss)/profit before income tax (54.8) 135.7 80.9 Tax (7.8) (8.3) (16.1) (Loss)/profit from continuing operations (62.6) 127.4 64.8 Profit from discontinued operations 11.5 6.3 17.8 (Loss)/profit for the year (51.1) 133.7 82.6 Attributable to: Equity holders of the parent (51.1) 133.7 82.6 EARNINGS PER SHARE From continuing operations  Basic (loss)/earnings (cents)  (10.7) 21.8 11.1  Diluted (loss)/earnings (cents) (10.7) 21.6 10.9 From continuing and discontinued operations  Basic (loss)/earnings (cents)  (8.8) 23.0 14.2  Diluted (loss)/earnings (cents) (8.8) 22.7 13.9 20 21 Pr o fi t a n d l os s $m 20 21 Adjusting i t e ms $m 20 21 Adjusted p r of i t a n d l os s $m Revenue 709.4 \u2013 709.4 Cost of sales (420.4) \u2013 (420.4) Gross profit 289.0 \u2013 289.0 Distribution costs (126.1) \u2013 (126.1) Administrative expenses (151.0) 76.1 (74.9) Operating profit 11.9 76.1 88.0 Loss on disposal (1.7) 1.7 \u2013 Other expenses (2.0) \u2013 (2.0) Finance income 11.0 (10.7) 0.3 Finance costs (26.7) \u2013 (26.7) (Loss)/profit before income tax (7.5) 67.1 59.6 Tax (0.4) (10.5) (10.9) (Loss)/profit from continuing operations (7.9) 56.6 48.7 Profit from discontinued operations 10.4 3.3 13.7 Profit for the year 2.5 59.9 62.4 Attributable to: Equity holders of the parent 2.5 59.9 62.4 EARNINGS PER SHARE From continuing operations  Basic (loss)/earnings (cents) (1.4) 9.8 8.4  Diluted (loss)/earnings (cents) (1.4) 9.7 8.3 From continuing and discontinued operations  Basic earnings (cents)  0.4 10.3 10.7  Diluted earnings (cents) 0.4 10.2 10.6 To support comparability with the financial statements as presented in 2022, a reconciliation from operating profit/(loss) to adjusted operating profit/(loss) by segment is shown below for each year. 2022 Personal Care $m Coatings $m Ta l c $m Segment t o t a l s $m Central c o s t s $m To t a l $m OPERATING PROFIT/(LOSS) 44.4 69.2 (134.0) (20.4) (21.4) (41.8) Adjusting Items Business transformation \u2013 2.9 1.9 4.8 \u2013 4.8 Increase in environmental provisions due to additional remediation work identified \u2013 \u2013 \u2013 \u2013 3.4 3.4 Decrease in environmental provisions due to change in discount rate \u2013 \u2013 \u2013 \u2013 (7.2) (7.2) Impairment of property, plant and equipment \u2013 \u2013 23.0 23.0 \u2013 23.0 Impairment of goodwill \u2013 \u2013 103.4 103.4 \u2013 103.4 Amortisation of intangibles arising on acquisition 8.4 1.2 5.3 14.9 \u2013 14.9 ADJUSTED OPERATING PROFIT/(LOSS) 52.8 73.3 (0.4) 125.7 (25.2) 100.5 Operating profit from discontinued operations 15.2 Adjusting items from discontinued operations 8.0 ADJUSTED OPERATING PROFIT FROM DISCONTINUED OPERATIONS 23.2 ADJUSTED OPERATING PROFIT FROM TOTAL OPERATIONS 123.7 5.  ADJUSTING ITEMS CONTINUED 2021 Personal Ca re $m Coatings $m Ta lc $m S e gm e nt tot al s $m Central c o st s $m To t a l $m OPERATING PROFIT/(LOSS) 27.9 56.5 (44.3) 40.1 (28.2) 11.9 Adjusting Items Business transformation 0.1 4.2 \u2013 4.3 \u2013 4.3 Increase in environmental provisions due to additional remediation work identified \u2013 \u2013 \u2013 \u2013 5.3 5.3 Decrease in environmental provisions due to change in discount rate \u2013 \u2013 \u2013 \u2013 (0.6) (0.6) Impairment of goodwill \u2013 \u2013 52.3 52.3 \u2013 52.3 Sale of Montreal land \u2013 \u2013 \u2013 \u2013 (1.0) (1.0) Amortisation of intangibles arising on acquisition 8.7 1.1 6.0 15.8 \u2013 15.8 ADJUSTED OPERATING PROFIT/(LOSS) 36.7 61.8 14.0 112.5 (24.5) 88.0 Operating profit from discontinued operations 14.5 Adjusting items from discontinued operations 4.1 ADJUSTED OPERATING PROFIT FROM DISCONTINUED OPERATIONS 18.6 ADJUSTED OPERATING PROFIT FROM TOTAL OPERATIONS 106.6 ",
   "dimensions": {
    "concept": "elementisplc:DisclosureOfAdjustingItems",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-535": {
   "value": "<div class=\"t m0 h8 ff7b fs1 fcc sc0 ls13 ws3\" style=\"left:0.0031280518px; bottom:417.62463px;\">6. <span class=\"_ _3a\"> </span>I<span class=\"_ _3\"/>NC<span class=\"_ _3\"/>OM<span class=\"_ _3\"/>E T<span class=\"_ _2\"/>A<span class=\"_ _0\"/>X E<span class=\"_ _3\"/>X<span class=\"_ _3\"/>PE<span class=\"_ _3\"/>NS<span class=\"_ _3\"/>E<span class=\"_ _341\"> </span></div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls3 ws3\" style=\"left:547.41064px; bottom:403.6427px;\">2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 </div><div class=\"t m0 h10 ff7d fs2 fc2 sc0 ls159 ws15a\" style=\"left:555.8129px; bottom:391.94012px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls3 ws3\" style=\"left:613.05273px; bottom:403.6427px;\">2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 </div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls11 ws155\" style=\"left:623.6286px; bottom:391.94012px;\">$m<span class=\"_ _341\"> </span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 lsf ws9c\" style=\"left:0.0031280518px; bottom:377.14716px;\">CURRENT T<span class=\"_ _1\"/>A<span class=\"_ _3\"/>X<span class=\"_ _3\"/>:<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls17 ws1c\" style=\"left:0.0031280518px; bottom:362.34796px;\">UK corporati<span class=\"_ _2\"/>on tax<span class=\"_ _24d\"> </span><span class=\"ff7d ls1d ws72\">11.2<span class=\"_ _14\"> </span><span class=\"ff7c\">12.5<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls20 wsd\" style=\"left:0.0031280518px; bottom:347.54877px;\">Overseas corporation<span class=\"_ _2\"/> ta<span class=\"_ _3\"/>x<span class=\"_ _231\"> </span><span class=\"ff7d ls1d ws72\">6.5<span class=\"_ _74\"> </span><span class=\"ff7c\">4.2<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:332.11517px;\">Adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts in r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f pr<span class=\"_ _3\"/>ior ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s:</div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:317.31595px;\"> <span class=\"_ _3b\"> </span>United Kingdom<span class=\"_ _24e\"> </span><span class=\"ff7d ls1d ws72\">(0.6)<span class=\"_ _82\"> </span><span class=\"ff7c\">(1.0)</span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls51 ws1e8\" style=\"left:0.0031280518px; bottom:302.51675px;\"> Ove<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>a<span class=\"_ _3\"/>s<span class=\"_ _24f\"> </span><span class=\"ff7d ls1d ws72\">(3.8)<span class=\"_ _82\"> </span><span class=\"ff7c\">(7.2)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls17 ws1c\" style=\"left:0.0031280518px; bottom:287.71756px;\">T<span class=\"_ _35\"/>otal curren<span class=\"_ _2\"/>t tax<span class=\"_ _250\"> </span><span class=\"ff7d ls1d ws72\">13.3<span class=\"_ _74\"> </span><span class=\"ff7c\">8.5<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 ls10d ws30\" style=\"left:0.0031280518px; bottom:272.91837px;\">DEFERR<span class=\"_ _2\"/>ED T<span class=\"_ _1\"/>A<span class=\"_ _3\"/>X:<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:258.11917px;\">United Kingdom<span class=\"_ _251\"> </span><span class=\"ff7d ls1d ws72\">3.1<span class=\"_ _d4\"> </span><span class=\"ff7c\">(2.8)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls51 ws133\" style=\"left:0.0031280518px; bottom:243.31998px;\">Ove<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>a<span class=\"_ _3\"/>s<span class=\"_ _252\"> </span><span class=\"ff7d ls1d ws72\">(8.4)<span class=\"_ _82\"> </span><span class=\"ff7c\">(4.8)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:228.52075px;\">Adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt in re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>or yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s:</div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls3 ws2e\" style=\"left:0.0031280518px; bottom:213.72156px;\"> <span class=\"_ _3b\"> </span>United Kingdom<span class=\"_ _253\"> </span><span class=\"ff7d ws3\">\u2013 <span class=\"_ _b\"> </span><span class=\"ff7c\">\u2013</span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls51 ws1e8\" style=\"left:0.0031280518px; bottom:198.92236px;\"> Ove<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>a<span class=\"_ _3\"/>s<span class=\"_ _24f\"> </span><span class=\"ff7d ls1d ws72\">(0.2)<span class=\"_ _82\"> </span><span class=\"ff7c\">(0.5)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls17 ws1c\" style=\"left:0.0031280518px; bottom:184.12317px;\">T<span class=\"_ _35\"/>otal de<span class=\"_ _2\"/>ferred tax<span class=\"_ _254\"> </span><span class=\"ff7d ls1d ws72\">(5.5)<span class=\"_ _82\"> </span><span class=\"ff7c\">(8.1)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:169.32397px;\">Inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse f<span class=\"_ _3\"/>or th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r<span class=\"_ _255\"> </span><span class=\"ff7d ws72\">7.8<span class=\"_ _74\"> </span><span class=\"ff7c\">0.4<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h1b ff7d fs1 fc2 sc0 lsf ws98\" style=\"left:0.0031280518px; bottom:154.52475px;\">COMPRISING:<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:139.72556px;\">Inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse f<span class=\"_ _3\"/>or th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r<span class=\"_ _255\"> </span><span class=\"ff7d ws72\">7.8<span class=\"_ _74\"> </span><span class=\"ff7c\">0.4</span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 lsaa ws98\" style=\"left:0.0031280518px; bottom:124.92636px;\"> <span class=\"_ _3b\"> </span>Adjusting items*</div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:0.0031280518px; bottom:110.12717px;\"> <span class=\"_ _3b\"> </span>Overseas ta<span class=\"_ _3\"/>xation on adjusting it<span class=\"_ _2\"/>ems<span class=\"_ _1b4\"> </span><span class=\"ff7d ls1d ws72\">(6.3)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(11.4)</span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:0.0031280518px; bottom:95.32796px;\"> <span class=\"_ _3b\"> </span>UK taxation on adjusting it<span class=\"_ _2\"/>ems<span class=\"_ _256\"> </span><span class=\"ff7d ls1d ws72\">(2.0)<span class=\"_ _26\"> </span><span class=\"ff7c\">0.9<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls52 ws1b\" style=\"left:0.0031280518px; bottom:80.52876px;\">T<span class=\"_ _35\"/>axation on adjusting items<span class=\"_ _257\"> </span><span class=\"ff7d ls1d ws72\">(8.3)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(10.5)<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:65.72957px;\">Inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>nse f<span class=\"_ _3\"/>or th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r af<span class=\"_ _3\"/>ter a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tems<span class=\"_ _258\"> </span><span class=\"ff7d ws72\">16.1<span class=\"_ _14\"> </span><span class=\"ff7c\">10.9<span class=\"_ _341\"> </span></span></span></div><div class=\"t m0 h19 ff7c fs2 fc2 sc0 ls2f ws3\" style=\"left:0.0031280518px; bottom:39.04004px;\">* <span class=\"_ _4\"> </span>Se<span class=\"_ _3\"/>e Not<span class=\"_ _3\"/>e 5 for d<span class=\"_ _3\"/>et<span class=\"_ _3\"/>ail<span class=\"_ _3\"/>s of a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:14.98497px;\">Th<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x c<span class=\"_ _3\"/>har<span class=\"_ _3\"/>ge o<span class=\"_ _3\"/>n pro<span class=\"_ _3\"/>fit<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>pre<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s an ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive r<span class=\"_ _3\"/>ate of 1<span class=\"_ _2\"/>4.<span class=\"_ _3\"/>2% (2021<span class=\"_ _35\"/>: 5.3%) and an ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ra<span class=\"_ _3\"/>te af<span class=\"_ _3\"/>te<span class=\"_ _3\"/>r adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>ing i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s of 20.0% </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:1.9849701px;\">(2021<span class=\"_ _35\"/>: 18.3%<span class=\"_ _35\"/>).<span class=\"_ _341\"> </span></div>Th<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x im<span class=\"_ _3\"/>pac<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e adj<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ting i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s ou<span class=\"_ _3\"/>tlin<span class=\"_ _3\"/>ed w<span class=\"_ _3\"/>ithi<span class=\"_ _3\"/>n Note 5 a<span class=\"_ _3\"/>nd w<span class=\"_ _3\"/>ithi<span class=\"_ _3\"/>n the c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sol<span class=\"_ _3\"/>ida<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>nco<span class=\"_ _3\"/>me s<span class=\"_ _3\"/>tate<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tes to th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 G<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>x i<span class=\"_ _36\"> </span>m<span class=\"_ _42\"> </span>p<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>c<span class=\"_ _36\"> </span>t $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 G<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"/>s<span class=\"_ _36\"> </span>s $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 T<span class=\"_ _3\"/>a<span class=\"_ _42\"> </span>x impact<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Business transformation<span class=\"_ _259\"> </span><span class=\"ff7d ls1d ws72\">4.8<span class=\"_ _74\"> </span>1.1<span class=\"_ _74\"> </span><span class=\"ff7c\">4.3<span class=\"_ _74\"> </span>0.9<span class=\"_ _341\"> </span></span></span>Environmental provisions<span class=\"_ _25a\"> </span><span class=\"ff7d ls1d ws72\">(3.8)<span class=\"_ _c7\"> </span>(0.7)<span class=\"_ _26\"> </span><span class=\"ff7c\">4.7<span class=\"_ _74\"> </span>0.9<span class=\"_ _341\"> </span></span></span>M&amp;<span class=\"_ _0\"/>A an<span class=\"_ _3\"/>d dis<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sa<span class=\"_ _3\"/>l cos<span class=\"_ _3\"/>ts<span class=\"_ _1c6\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span><span class=\"ws72\">1.7<span class=\"_ _182\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Imp<span class=\"_ _3\"/>air<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt of p<span class=\"_ _3\"/>rop<span class=\"_ _3\"/>e<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>, pla<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>pme<span class=\"_ _3\"/>nt<span class=\"_ _128\"> </span><span class=\"ff7d ws72\">23.0<span class=\"_ _74\"> </span>4.9<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _341\"> </span></span>Impairment of goodwill<span class=\"_ _25b\"> </span><span class=\"ff7d ls1d ws72\">103.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _14\"> </span></span><span class=\"ff7c\">52.3<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _341\"> </span></span></span></span>Ma<span class=\"_ _3\"/>rk to ma<span class=\"_ _3\"/>rke<span class=\"_ _3\"/>t of de<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial i<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>tru<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts<span class=\"_ _b7\"> </span><span class=\"ff7d ws72\">(6.6)<span class=\"_ _14\"> </span>(1.3)<span class=\"_ _4b\"> </span><span class=\"ff7c\">(10.7)<span class=\"_ _82\"> </span>(2.0)<span class=\"_ _341\"> </span></span></span>Sa<span class=\"_ _3\"/>le of Mo<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>l lan<span class=\"_ _3\"/>d<span class=\"_ _25c\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _d4\"> </span></span><span class=\"ws72\">(1.0)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Amor<span class=\"_ _3\"/>tisation of intangibles arising on acquisition<span class=\"_ _25d\"> </span><span class=\"ff7d ls1d ws72\">14.9<span class=\"_ _74\"> </span>2.9<span class=\"_ _14\"> </span><span class=\"ff7c\">15.8<span class=\"_ _74\"> </span>3.5<span class=\"_ _341\"> </span></span></span>Rever<span class=\"_ _3\"/>s<span class=\"_ _3\"/>al of u<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>in ta<span class=\"_ _3\"/>x p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>si<span class=\"_ _3\"/>on<span class=\"_ _210\"> </span><span class=\"ff7d ls3\">\u2013<span class=\"_ _74\"> </span><span class=\"ls1d ws72\">1.4<span class=\"_ _182\"> </span></span><span class=\"ff7c\">\u2013<span class=\"_ _74\"> </span></span></span><span class=\"ws72\">7.2<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>x (cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it)/cha<span class=\"_ _3\"/>rge a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ve ta<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ate for t<span class=\"_ _3\"/>he yea<span class=\"_ _3\"/>r<span class=\"_ _ac\"> </span><span class=\"ff7d ws72\">135.7<span class=\"_ _74\"> </span>8.3<span class=\"_ _14\"> </span><span class=\"ff7c\">67.1<span class=\"_ _14\"> </span>10.5<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up i<span class=\"_ _3\"/>s inte<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l an<span class=\"_ _3\"/>d has o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns ac<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>ss a r<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>e of ju<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sdi<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s. Ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>rdi<span class=\"_ _3\"/>ngl<span class=\"_ _3\"/>y<span class=\"_ _35\"/>, t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up in f<span class=\"_ _3\"/>utu<span class=\"_ _3\"/>re pe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>iod<span class=\"_ _3\"/>s wil<span class=\"_ _3\"/>l be af<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ted by th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y of op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s in dif<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ere<span class=\"_ _3\"/>nt j<span class=\"_ _3\"/>uri<span class=\"_ _3\"/>sd<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es to t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ra<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>nd re<span class=\"_ _3\"/>gu<span class=\"_ _3\"/>lat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s in th<span class=\"_ _3\"/>e jur<span class=\"_ _3\"/>is<span class=\"_ _3\"/>dic<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n whi<span class=\"_ _3\"/>ch th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup h<span class=\"_ _3\"/>as o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x rate i<span class=\"_ _3\"/>n 2022 i<span class=\"_ _3\"/>s sli<span class=\"_ _3\"/>ghtl<span class=\"_ _3\"/>y lowe<span class=\"_ _3\"/>r tha<span class=\"_ _3\"/>n it<span class=\"_ _3\"/>s usu<span class=\"_ _3\"/>al r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge du<span class=\"_ _3\"/>e to be<span class=\"_ _3\"/>nef<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>ial<span class=\"_ _3\"/> adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts i<span class=\"_ _3\"/>n res<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t of pr<span class=\"_ _3\"/>ior ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gni<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of pre<span class=\"_ _3\"/>vio<span class=\"_ _3\"/>usl<span class=\"_ _3\"/>y un<span class=\"_ _3\"/>rec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>e<span class=\"_ _3\"/>d defe<span class=\"_ _3\"/>r<span class=\"_ _3\"/>red t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e me<span class=\"_ _3\"/>diu<span class=\"_ _3\"/>m-te<span class=\"_ _3\"/>rm ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on for th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s adjus<span class=\"_ _3\"/>ted e<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>ve ta<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ate is a<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>nd 25<span class=\"_ _3\"/>-26% due to the p<span class=\"_ _3\"/>revi<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>sly a<span class=\"_ _3\"/>nn<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>d in<span class=\"_ _3\"/>cre<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e in UK c<span class=\"_ _3\"/>or<span class=\"_ _3\"/>po<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n ta<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ates f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m Ap<span class=\"_ _3\"/>ril 20<span class=\"_ _3\"/>23.<span class=\"_ _341\"> </span>On 20 D<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2021 the O<span class=\"_ _3\"/>ECD pu<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>she<span class=\"_ _3\"/>d i<span class=\"_ _3\"/>ts Gl<span class=\"_ _3\"/>oba<span class=\"_ _3\"/>l A<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>-B<span class=\"_ _3\"/>ase E<span class=\"_ _3\"/>ros<span class=\"_ _3\"/>io<span class=\"_ _3\"/>n Mod<span class=\"_ _3\"/>el R<span class=\"_ _3\"/>ule<span class=\"_ _3\"/>s (Pi<span class=\"_ _3\"/>lla<span class=\"_ _3\"/>r T<span class=\"_ _35\"/>wo). The r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>s a mo<span class=\"_ _3\"/>del f<span class=\"_ _3\"/>or a co<span class=\"_ _3\"/>ord<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>ted sy<span class=\"_ _3\"/>stem o<span class=\"_ _3\"/>f ta<span class=\"_ _3\"/>xa<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n tha<span class=\"_ _3\"/>t imp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>es a top<span class=\"_ _3\"/>-<span class=\"_ _3\"/>up t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x on p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>its a<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g in a ju<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>sdi<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on w<span class=\"_ _3\"/>hen<span class=\"_ _3\"/>ever t<span class=\"_ _3\"/>he ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x rate, d<span class=\"_ _3\"/>ete<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d on<span class=\"_ _3\"/> a jur<span class=\"_ _3\"/>is<span class=\"_ _3\"/>dic<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>na<span class=\"_ _3\"/>l bas<span class=\"_ _3\"/>is<span class=\"_ _3\"/>, is be<span class=\"_ _3\"/>low th<span class=\"_ _3\"/>e min<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m ta<span class=\"_ _3\"/>x r<span class=\"_ _3\"/>ate of 15<span class=\"_ _35\"/>%. Ea<span class=\"_ _3\"/>ch O<span class=\"_ _3\"/>ECD me<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er n<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n is im<span class=\"_ _3\"/>pl<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>ing Pil<span class=\"_ _3\"/>lar T<span class=\"_ _2\"/>wo on s<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>htly d<span class=\"_ _3\"/>if<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt time<span class=\"_ _3\"/>s<span class=\"_ _3\"/>cal<span class=\"_ _3\"/>es b<span class=\"_ _3\"/>ut c<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>in ju<span class=\"_ _3\"/>ris<span class=\"_ _3\"/>di<span class=\"_ _3\"/>cti<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s have an<span class=\"_ _3\"/>nou<span class=\"_ _3\"/>nce<span class=\"_ _3\"/>d th<span class=\"_ _3\"/>eir i<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>ntio<span class=\"_ _3\"/>ns to im<span class=\"_ _3\"/>ple<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt fo<span class=\"_ _3\"/>r ac<span class=\"_ _3\"/>co<span class=\"_ _3\"/>unti<span class=\"_ _3\"/>ng p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>iod<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>gi<span class=\"_ _3\"/>nnin<span class=\"_ _3\"/>g on o<span class=\"_ _3\"/>r af<span class=\"_ _3\"/>te<span class=\"_ _3\"/>r 31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>23. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p co<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>ue<span class=\"_ _3\"/>s to con<span class=\"_ _3\"/>si<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r the im<span class=\"_ _3\"/>pac<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>nou<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent<span class=\"_ _3\"/>s on i<span class=\"_ _3\"/>ts ta<span class=\"_ _0\"/>x po<span class=\"_ _3\"/>siti<span class=\"_ _3\"/>on.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e tota<span class=\"_ _3\"/>l cha<span class=\"_ _3\"/>rg<span class=\"_ _3\"/>e for th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r ca<span class=\"_ _3\"/>n be r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>onc<span class=\"_ _3\"/>ile<span class=\"_ _3\"/>d to th<span class=\"_ _3\"/>e acc<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntin<span class=\"_ _3\"/>g pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t as fo<span class=\"_ _3\"/>llows:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 %<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 %<span class=\"_ _341\"> </span>Los<span class=\"_ _3\"/>s be<span class=\"_ _3\"/>for<span class=\"_ _3\"/>e ta<span class=\"_ _3\"/>x<span class=\"_ _25e\"> </span><span class=\"ff7d ws72\">(54.8)<span class=\"_ _175\"> </span><span class=\"ff7c\">(7.5)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>a<span class=\"_ _3\"/>x a<span class=\"_ _3\"/>t 1<span class=\"_ _2\"/>9.0<span class=\"_ _3\"/>0% (2021<span class=\"_ _35\"/>: 19.00%<span class=\"_ _2\"/>)<span class=\"_ _1b5\"> </span><span class=\"ff7d ws72\">(10.4)<span class=\"_ _10\"> </span>(19.0)<span class=\"_ _82\"> </span><span class=\"ff7c\">(1.4)<span class=\"_ _29\"> </span>(19.0)<span class=\"_ _341\"> </span></span></span>Di<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce in ove<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>s ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x rate<span class=\"_ _3\"/>s<span class=\"_ _25f\"> </span><span class=\"ff7d ws72\">2.3<span class=\"_ _74\"> </span>4.2<span class=\"_ _74\"> </span><span class=\"ff7c\">1.5<span class=\"_ _14\"> </span>20.0<span class=\"_ _341\"> </span></span></span>Income not taxable and impact of tax efficie<span class=\"_ _3\"/>nt financing<span class=\"_ _aa\"> </span><span class=\"ff7d ls1d ws72\">(0.4)<span class=\"_ _c7\"> </span>(0.7)<span class=\"_ _82\"> </span><span class=\"ff7c\">(1.0)<span class=\"_ _29\"> </span>(13.3)<span class=\"_ _341\"> </span></span></span>Expenses not deductible<span class=\"_ _2\"/> for tax purposes<span class=\"_ _260\"> </span><span class=\"ff7d ls1d ws72\">21.8<span class=\"_ _14\"> </span>39.7<span class=\"_ _14\"> </span><span class=\"ff7c\">12.0<span class=\"_ _64\"> </span>160.0<span class=\"_ _341\"> </span></span></span>Adju<span class=\"_ _3\"/>st<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts in r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f pr<span class=\"_ _3\"/>ior ye<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>s<span class=\"_ _5b\"> </span><span class=\"ff7d ws72\">(4.6)<span class=\"_ _c7\"> </span>(8.4)<span class=\"_ _261\"> </span><span class=\"ff7c\">(8.8)<span class=\"_ _1c\"> </span>(117.2)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>ax rate changes<span class=\"_ _23b\"> </span><span class=\"ff7d ls1d ws72\">0.2<span class=\"_ _74\"> </span>0.4<span class=\"_ _1fe\"> </span><span class=\"ff7c\">(1.3)<span class=\"_ _29\"> </span>(17.2)<span class=\"_ _341\"> </span></span></span>Movement in unrecognised defer<span class=\"_ _3\"/>red ta<span class=\"_ _3\"/>x<span class=\"_ _25f\"> </span><span class=\"ff7d ls1d ws72\">(1.1)<span class=\"_ _c7\"> </span>(2.0)<span class=\"_ _261\"> </span><span class=\"ff7c\">(0.6)<span class=\"_ _82\"> </span>(8.0)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>ot<span class=\"_ _3\"/>al c<span class=\"_ _3\"/>ha<span class=\"_ _3\"/>rge a<span class=\"_ _3\"/>nd ef<span class=\"_ _0\"/>fec<span class=\"_ _3\"/>tive t<span class=\"_ _3\"/>a<span class=\"_ _3\"/>x ra<span class=\"_ _3\"/>te for th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r<span class=\"_ _131\"> </span><span class=\"ff7d ws72\">7.8<span class=\"_ _c7\"> </span>14.2<span class=\"_ _13d\"> </span><span class=\"ff7c\">0.4<span class=\"_ _74\"> </span>5.3<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e adj<span class=\"_ _3\"/>ust<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt in re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ct of p<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>or yea<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s re<span class=\"_ _3\"/>late<span class=\"_ _3\"/>s pr<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ly to th<span class=\"_ _3\"/>e rel<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se of u<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>er<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>n ta<span class=\"_ _3\"/>x p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>ns.<span class=\"_ _341\"> </span>S",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-570": {
   "value": "7.  LOSS FROM CONTINUING OPERATIONS Loss from continuing operations of $62.6m (2021: $7.9m) has been arrived at after charging/(crediting): 2 0 2 2 $m 20 21 $m Employee costs (see Note 8) 133.1 131.3 Net foreign exchange (losses)/gains (1.3) 0.9 Research and development costs 8.1 7.5 Depreciation of property, plant and equipment 41.2 41.9 Amortisation of intangible assets 15.4 16.4 Total depreciation and amortisation expense 56.6 58.3 Loss/(profit) on disposal \u2013 1.7 Profit on disposal of property, plant and equipment 0.3 0.2 Write off of inventory 3.0 1.3 Cost of inventories recognised as expense 302.9 294.5 Fees payable to the Company\u2019s auditor and its associates: Audit of company 1 1.4 1.4 Audit of subsidiaries 1.0 1.1 Audit related services \u2013 interim review 0.3 0.2 Other advisory fees \u2013 \u2013 1  In 2021, the $1.4m of audit of company includes $0.3m of extra fees relating to the 2020 group audit ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-536": {
   "value": "7.  LOSS FROM CONTINUING OPERATIONS Loss from continuing operations of $62.6m (2021: $7.9m) has been arrived at after charging/(crediting): 2 0 2 2 $m 20 21 $m Employee costs (see Note 8) 133.1 131.3 Net foreign exchange (losses)/gains (1.3) 0.9 Research and development costs 8.1 7.5 Depreciation of property, plant and equipment 41.2 41.9 Amortisation of intangible assets 15.4 16.4 Total depreciation and amortisation expense 56.6 58.3 Loss/(profit) on disposal \u2013 1.7 Profit on disposal of property, plant and equipment 0.3 0.2 Write off of inventory 3.0 1.3 Cost of inventories recognised as expense 302.9 294.5 Fees payable to the Company\u2019s auditor and its associates: Audit of company 1 1.4 1.4 Audit of subsidiaries 1.0 1.1 Audit related services \u2013 interim review 0.3 0.2 Other advisory fees \u2013 \u2013 1  In 2021, the $1.4m of audit of company includes $0.3m of extra fees relating to the 2020 group audit . GOVERNMENT GRANTS AND OTHER COVID-19 ASSISTANCE The Group has accessed various government support schemes aimed at mitigating the impact losses resulting from COVID-19. During the year payment plans were agreed with the tax authorities in China and Taiwan to defer payment of income taxes and payroll taxes, resulting in $1.6m of payment deferrals. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "GOVERNMENT GRANTS AND OTHER COVID-19 ASSISTANCE The Group has accessed various government support schemes aimed at mitigating the impact losses resulting from COVID-19. During the year payment plans were agreed with the tax authorities in China and Taiwan to defer payment of income taxes and payroll taxes, resulting in $1.6m of payment deferrals. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-537": {
   "value": "8. EMPLOYEES 2 0 2 2 $m 20 21 $m Employee costs: Wages and salaries 113.2 111.2 Social security costs 9.6 8.8 Pension costs 7.2 7.7 Share based payment costs 3.1 3.6 133.1 131.3 2 0 2 2 Number 20 21 Number Average number of FTE employees 1 : Specialty Products 951 940 Talc 235 252 Central 17 17 Total 1,203 1,209 1  Full time equivalent including contractors and does not include part time employees. The aggregate amount of Directors\u2019 remuneration (salary, bonus and benefits) is shown in the Remuneration Report on page 141; \u2022  The aggregate amount of gains made by Directors on exercise of share options was $nil (2021: $0.1m). \u2022  The remuneration of the highest paid Director was $2.7m (2021: $2.6m). \u2022  Payments have been made to a defined contribution pension scheme on behalf of 1 Director (2021: 1 Director). For the highest paid Director, pension contributions of $0.2m (2021: $0.2m) were made. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "9.  EARNINGS PER SHARE The calculation of the basic and diluted earnings per share attributable to the ordinary equity holders of the parent is based on the following: 2 0 2 2 $ m 2 0 2 2 Discontinued operations $m 2 0 2 2 To t a l $m 20 21 $m 20 21 Discontinued Operations $m 20 21 To t a l $m EARNINGS: (Loss)/earnings for the purpose of basic earnings per share (62.6) 11.5 (51.1) (7.9) 10.4 2.5 Adjusting items net of tax 127.4 6.3 133.7 56.6 3.3 59.9 Adjusted earnings 64.8 17.8 82.6 48.7 13.7 62.4 2 0 2 2 m 20 21 m NUMBER OF SHARES: Weighted average number of shares for the purposes of basic earnings per share 582.6 581.0 Effect of dilutive share options 9.7 7.8 Weighted average number of shares for the purposes of diluted earnings per share 592.3 588.8 The dilutive (loss)/earnings per share calculation in the table below, does not include the impact of the 9.7m dilutive share options (2021: 7.8m dilutive share options), as the inclusion of these potential shares would have an anti-dilutive impact on the diluted loss per share from continuing operations; it would decrease the diluted loss per share from continuing operations. 2 0 2 2 cents 2022 Discontinued operations cents 2 0 2 2 To t a l cents 20 21 cents 2021 Discontinued operations cents 20 21 To t a l cents EARNINGS PER SHARE: Basic (loss)/earnings (10.7) 2.0 (8.8) (1.4) 1.8 0.4 Diluted (loss)/earnings (10.7) 2.0 (8.8) (1.4) 1.8 0.4 Basic after adjusting items 11.1 3.1 14.2 8.4 2.4 10.7 Diluted after adjusting items 10.9 3.0 13.9 8.3 2.3 10.6 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-539": {
   "value": "10.  GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill $m Brand $m Customer li s ts $m O t he r intangible assets $m To t a l $m COST: At 1 January 2021 728.3 26.7 170.5 106.1 1,031.6 Exchange differences (2.2) 0.2  (4.1) (2.0) (8.1) Additions \u2013  \u2013  \u2013  0.4  0.4 Acquisition 0.5 \u2013  \u2013  0.1  0.6 Disposals (1.0)  \u2013  \u2013  \u2013 (1.0) At 31 December 2021 725.6 26.9 166.4 104.6 1,023.5 Exchange differences (26.2) (1.6) (3.2) (3.3) (34.3) Additions \u2013 \u2013 \u2013 0.2 0.2 Transferred to assets held for sale (see Note 32) \u2013 \u2013 \u2013 (2.6) (2.6) AT 31 DECEMBER 2022 699.4 25.3 163.2 98.9 986.8 AMORTISATION AND IMPAIRMENT: At 1 January 2021 60.3 3.2 30.1 45.3 138.9 Charge for the year \u2013  \u2013  9.5  7.1  16.6 Impairment 52.3 \u2013 \u2013 \u2013 52.3 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 2021 112.6 3.2 39.6 52.4 207.8 Exchange differences 2.5 (0.7) (1.9) 1.4 1.3 Charge for the year \u2013 \u2013 8.8 6.9 15.7 Impairment 103.4 \u2013 \u2013 \u2013 103.4 Transferred to assets held for sale (see Note 32) \u2013 \u2013 \u2013 (1.6) (1.6) AT 31 DECEMBER 2022 218.5 2.5 46.5 59.1 326.6 CARRYING AMOUNT: AT 31 DECEMBER 2022 480.9 22.8 116.7 39.8 660.2 At 31 December 2021 613.0 23.7 126.8 52.2 815.7 At 1 January 2021 668.0 23.5 140.4 60.8 892.7 The net book value of customer lists includes $89.3m (2021: $94.9m) in relation to the acquisition of SummitReheis which have remaining lives of between 5 and 17 years (2021: between 6 and 18 years) and $27.5m (2021: $32.1m) in relation to the acquisition of Mondo which have remaining lives of 11 years (2021: 12 years). The brand intangibles represent the value ascribed to the trading name and reputation of the Deuchem, Fancor, Watercryl, Hi-Mar and SummitReheis acquisitions. The Group, with the exception of SummitReheis, considers these to have significant and ongoing value to the business that will be maintained and it is therefore considered appropriate to assign these assets an indefinite useful life. The brand relating to SummitReheis has been amortised over a period of three years, and the carrying amount of this intangible is $nil (2021: $nil). The carrying amount of brand intangibles with an indefinite useful life is $22.8m (2021: $23.7m). Brand intangibles with an indefinite useful life are tested annually for impairment as part of the annual goodwill impairment test and have been allocated to the Personal Care and Coatings CGUs. Included within other intangible assets above are technology related intangible assets of $30.1m (2021: $35.1m) arising from the acquisition of Mondo which have remaining useful lives of 11 years (2021: 12 years), and know how related intangible assets of $6.2m (2021: $8.2m) which have remaining useful lives of between 4 and 5 years (2021: 5 and 6 years). The remaining intangible assets comprise the value ascribed to customer lists, patents and non-compete clauses, which are being amortised over periods of 5 to 24 years. GOODWILL AND BRAND INTANGIBLES WITH AN INDEFINITE USEFUL LIFE IMPAIRMENT TESTING Goodwill and brand intangibles with an indefinite useful life are allocated to the Group\u2019s cash-generating units (CGUs) as follows: 2 0 2 2 $m 20 21 $m Personal Care 296.0 297.9 Coatings 207.7 208.5 Talc \u2013 130.3 Chromium \u2013 \u2013 At 31 December 503.7 636.7 The Group tests annually for impairment at 31 October, or more frequently, if there are events or circumstances that indicate that the carrying amount may not be recoverable. BASIS OF THE RECOVERABLE AMOUNT The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations which use cash flow projections based on financial budgets approved by the directors covering a five year period. MANAGEMENT\u2019S JUDGEMENT IN ESTIMATING THE CASH FLOWS OF A CGU The key assumptions for the value in use calculations are expected changes to sales volumes, selling prices and direct costs during the forecast period, growth rates used to extrapolate beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in sales volumes, selling prices and direct costs are based on past practices and expectations of future changes in the market. A 5 year forecasting model is used for all CGUs (2021: 3 year for all CGUs except for Talc which was 5 years). GROW TH RATES Cash flows for periods beyond the forecast period are extrapolated based on estimated long-term growth rates. The rates do not exceed the average long term growth rate for the relevant products or markets. DISCOUNT RATES Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. PERSONAL CARE The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 12.0% (2021: 10.8%) and a long-term growth rate of 5.0% (2021: 5.0%) based on the long term historical growth rate seen in this CGU. The recoverable amount exceeded the carrying value of the CGU by $230.9m (2021: $72.6m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. COATINGS The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 11.9% (2021: 11.2%) and a long-term growth rate of 3.0% (2021: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $531.8m (2021: $454.1m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. TA L C The performance of the Talc business was adversely impacted in the second half of 2022 by a lower demand environment, global inflationary pressures, higher energy costs and the Russian invasion of Ukraine. These factors, as well as a reduction in the near term forecasted profitability of the Talc business and a rise in the pre-tax discount rate, resulted in an impairment charge of $103.4m being recognised (2021: $52.3m). Due to the currency in which the goodwill was held, this impairment also gave rise to a $8.0m (2021: $0.8m) movement in exchange differences on translation of foreign operations within other comprehensive income. The recoverable amount of $244.6m (2021: $440.7m) for the CGU was calculated using forecasted cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 12.0% (2021: 10.0%), a long-term growth rate of 3.0% (2021: 3.0%), and revenue growth of between 4.1% and 12.8% (2021: 5.0% and 8.0%). The pre-tax discount rate is based on the geographies in which the Talc CGU operates. The increase in the pre-tax discount rate used in 2022 as compared to 2021, was primarily driven by the increase in risk-free rates and the pre-tax cost of debt. The long-term growth rates are supported by third party studies which consider the long-term growth prospects for the Talc industry. The revenue growth forecasts reflect market and independent data as well as management\u2019s estimates regarding medium term growth in the Talc industry. The movement in the revenue growth forecasts in 2022 as compared to 2021 reflects a steady recovery of the Talc business following the lower demand noted in the second half of 2022. The high end of reasonably possible changes, all in isolation, would have the following impact: increasing the discount rate by 0.5% would result in an impairment charge $13.4m to amortising intangible assets; decreasing the long-term growth rate by 1.0% would result in a further impairment charge of $17.5m to amortising intangible assets; and decreasing the forecasted revenue by 2.5%, yearly over each year in the 5 year forecasting model, would result in a further impairment charge of $24.8m to amortising intangible assets. GOODWILL AND BRAND INTANGIBLES WITH AN INDEFINITE USEFUL LIFE IMPAIRMENT TESTING CONTINUED CHROMIUM The recoverable amount of the CGU, which was classified as held for sale in November 2022 (refer to Note 32), was calculated using forecast cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 12.0% (2021: 11.3%) and a long-term growth rate of 3.0% (2021: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $140.0m (2021: $135.1m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-589": {
   "value": "10.  GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill $m Brand $m Customer li s ts $m O t he r intangible assets $m To t a l $m COST: At 1 January 2021 728.3 26.7 170.5 106.1 1,031.6 Exchange differences (2.2) 0.2  (4.1) (2.0) (8.1) Additions \u2013  \u2013  \u2013  0.4  0.4 Acquisition 0.5 \u2013  \u2013  0.1  0.6 Disposals (1.0)  \u2013  \u2013  \u2013 (1.0) At 31 December 2021 725.6 26.9 166.4 104.6 1,023.5 Exchange differences (26.2) (1.6) (3.2) (3.3) (34.3) Additions \u2013 \u2013 \u2013 0.2 0.2 Transferred to assets held for sale (see Note 32) \u2013 \u2013 \u2013 (2.6) (2.6) AT 31 DECEMBER 2022 699.4 25.3 163.2 98.9 986.8 AMORTISATION AND IMPAIRMENT: At 1 January 2021 60.3 3.2 30.1 45.3 138.9 Charge for the year \u2013  \u2013  9.5  7.1  16.6 Impairment 52.3 \u2013 \u2013 \u2013 52.3 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 2021 112.6 3.2 39.6 52.4 207.8 Exchange differences 2.5 (0.7) (1.9) 1.4 1.3 Charge for the year \u2013 \u2013 8.8 6.9 15.7 Impairment 103.4 \u2013 \u2013 \u2013 103.4 Transferred to assets held for sale (see Note 32) \u2013 \u2013 \u2013 (1.6) (1.6) AT 31 DECEMBER 2022 218.5 2.5 46.5 59.1 326.6 CARRYING AMOUNT: AT 31 DECEMBER 2022 480.9 22.8 116.7 39.8 660.2 At 31 December 2021 613.0 23.7 126.8 52.2 815.7 At 1 January 2021 668.0 23.5 140.4 60.8 892.7 The net book value of customer lists includes $89.3m (2021: $94.9m) in relation to the acquisition of SummitReheis which have remaining lives of between 5 and 17 years (2021: between 6 and 18 years) and $27.5m (2021: $32.1m) in relation to the acquisition of Mondo which have remaining lives of 11 years (2021: 12 years). The brand intangibles represent the value ascribed to the trading name and reputation of the Deuchem, Fancor, Watercryl, Hi-Mar and SummitReheis acquisitions. The Group, with the exception of SummitReheis, considers these to have significant and ongoing value to the business that will be maintained and it is therefore considered appropriate to assign these assets an indefinite useful life. The brand relating to SummitReheis has been amortised over a period of three years, and the carrying amount of this intangible is $nil (2021: $nil). The carrying amount of brand intangibles with an indefinite useful life is $22.8m (2021: $23.7m). Brand intangibles with an indefinite useful life are tested annually for impairment as part of the annual goodwill impairment test and have been allocated to the Personal Care and Coatings CGUs. Included within other intangible assets above are technology related intangible assets of $30.1m (2021: $35.1m) arising from the acquisition of Mondo which have remaining useful lives of 11 years (2021: 12 years), and know how related intangible assets of $6.2m (2021: $8.2m) which have remaining useful lives of between 4 and 5 years (2021: 5 and 6 years). The remaining intangible assets comprise the value ascribed to customer lists, patents and non-compete clauses, which are being amortised over periods of 5 to 24 years. GOODWILL AND BRAND INTANGIBLES WITH AN INDEFINITE USEFUL LIFE IMPAIRMENT TESTING Goodwill and brand intangibles with an indefinite useful life are allocated to the Group\u2019s cash-generating units (CGUs) as follows: 2 0 2 2 $m 20 21 $m Personal Care 296.0 297.9 Coatings 207.7 208.5 Talc \u2013 130.3 Chromium \u2013 \u2013 At 31 December 503.7 636.7 The Group tests annually for impairment at 31 October, or more frequently, if there are events or circumstances that indicate that the carrying amount may not be recoverable. BASIS OF THE RECOVERABLE AMOUNT The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations which use cash flow projections based on financial budgets approved by the directors covering a five year period. MANAGEMENT\u2019S JUDGEMENT IN ESTIMATING THE CASH FLOWS OF A CGU The key assumptions for the value in use calculations are expected changes to sales volumes, selling prices and direct costs during the forecast period, growth rates used to extrapolate beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in sales volumes, selling prices and direct costs are based on past practices and expectations of future changes in the market. A 5 year forecasting model is used for all CGUs (2021: 3 year for all CGUs except for Talc which was 5 years). GROW TH RATES Cash flows for periods beyond the forecast period are extrapolated based on estimated long-term growth rates. The rates do not exceed the average long term growth rate for the relevant products or markets. DISCOUNT RATES Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. PERSONAL CARE The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 12.0% (2021: 10.8%) and a long-term growth rate of 5.0% (2021: 5.0%) based on the long term historical growth rate seen in this CGU. The recoverable amount exceeded the carrying value of the CGU by $230.9m (2021: $72.6m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. COATINGS The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 11.9% (2021: 11.2%) and a long-term growth rate of 3.0% (2021: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $531.8m (2021: $454.1m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. TA L C The performance of the Talc business was adversely impacted in the second half of 2022 by a lower demand environment, global inflationary pressures, higher energy costs and the Russian invasion of Ukraine. These factors, as well as a reduction in the near term forecasted profitability of the Talc business and a rise in the pre-tax discount rate, resulted in an impairment charge of $103.4m being recognised (2021: $52.3m). Due to the currency in which the goodwill was held, this impairment also gave rise to a $8.0m (2021: $0.8m) movement in exchange differences on translation of foreign operations within other comprehensive income. The recoverable amount of $244.6m (2021: $440.7m) for the CGU was calculated using forecasted cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 12.0% (2021: 10.0%), a long-term growth rate of 3.0% (2021: 3.0%), and revenue growth of between 4.1% and 12.8% (2021: 5.0% and 8.0%). The pre-tax discount rate is based on the geographies in which the Talc CGU operates. The increase in the pre-tax discount rate used in 2022 as compared to 2021, was primarily driven by the increase in risk-free rates and the pre-tax cost of debt. The long-term growth rates are supported by third party studies which consider the long-term growth prospects for the Talc industry. The revenue growth forecasts reflect market and independent data as well as management\u2019s estimates regarding medium term growth in the Talc industry. The movement in the revenue growth forecasts in 2022 as compared to 2021 reflects a steady recovery of the Talc business following the lower demand noted in the second half of 2022. The high end of reasonably possible changes, all in isolation, would have the following impact: increasing the discount rate by 0.5% would result in an impairment charge $13.4m to amortising intangible assets; decreasing the long-term growth rate by 1.0% would result in a further impairment charge of $17.5m to amortising intangible assets; and decreasing the forecasted revenue by 2.5%, yearly over each year in the 5 year forecasting model, would result in a further impairment charge of $24.8m to amortising intangible assets. GOODWILL AND BRAND INTANGIBLES WITH AN INDEFINITE USEFUL LIFE IMPAIRMENT TESTING CONTINUED CHROMIUM The recoverable amount of the CGU, which was classified as held for sale in November 2022 (refer to Note 32), was calculated using forecast cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 12.0% (2021: 11.3%) and a long-term growth rate of 3.0% (2021: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $140.0m (2021: $135.1m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-572": {
   "value": "10.  GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill $m Brand $m Customer li s ts $m O t he r intangible assets $m To t a l $m COST: At 1 January 2021 728.3 26.7 170.5 106.1 1,031.6 Exchange differences (2.2) 0.2  (4.1) (2.0) (8.1) Additions \u2013  \u2013  \u2013  0.4  0.4 Acquisition 0.5 \u2013  \u2013  0.1  0.6 Disposals (1.0)  \u2013  \u2013  \u2013 (1.0) At 31 December 2021 725.6 26.9 166.4 104.6 1,023.5 Exchange differences (26.2) (1.6) (3.2) (3.3) (34.3) Additions \u2013 \u2013 \u2013 0.2 0.2 Transferred to assets held for sale (see Note 32) \u2013 \u2013 \u2013 (2.6) (2.6) AT 31 DECEMBER 2022 699.4 25.3 163.2 98.9 986.8 AMORTISATION AND IMPAIRMENT: At 1 January 2021 60.3 3.2 30.1 45.3 138.9 Charge for the year \u2013  \u2013  9.5  7.1  16.6 Impairment 52.3 \u2013 \u2013 \u2013 52.3 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 2021 112.6 3.2 39.6 52.4 207.8 Exchange differences 2.5 (0.7) (1.9) 1.4 1.3 Charge for the year \u2013 \u2013 8.8 6.9 15.7 Impairment 103.4 \u2013 \u2013 \u2013 103.4 Transferred to assets held for sale (see Note 32) \u2013 \u2013 \u2013 (1.6) (1.6) AT 31 DECEMBER 2022 218.5 2.5 46.5 59.1 326.6 CARRYING AMOUNT: AT 31 DECEMBER 2022 480.9 22.8 116.7 39.8 660.2 At 31 December 2021 613.0 23.7 126.8 52.2 815.7 At 1 January 2021 668.0 23.5 140.4 60.8 892.7 The net book value of customer lists includes $89.3m (2021: $94.9m) in relation to the acquisition of SummitReheis which have remaining lives of between 5 and 17 years (2021: between 6 and 18 years) and $27.5m (2021: $32.1m) in relation to the acquisition of Mondo which have remaining lives of 11 years (2021: 12 years). The brand intangibles represent the value ascribed to the trading name and reputation of the Deuchem, Fancor, Watercryl, Hi-Mar and SummitReheis acquisitions. The Group, with the exception of SummitReheis, considers these to have significant and ongoing value to the business that will be maintained and it is therefore considered appropriate to assign these assets an indefinite useful life. The brand relating to SummitReheis has been amortised over a period of three years, and the carrying amount of this intangible is $nil (2021: $nil). The carrying amount of brand intangibles with an indefinite useful life is $22.8m (2021: $23.7m). Brand intangibles with an indefinite useful life are tested annually for impairment as part of the annual goodwill impairment test and have been allocated to the Personal Care and Coatings CGUs. Included within other intangible assets above are technology related intangible assets of $30.1m (2021: $35.1m) arising from the acquisition of Mondo which have remaining useful lives of 11 years (2021: 12 years), and know how related intangible assets of $6.2m (2021: $8.2m) which have remaining useful lives of between 4 and 5 years (2021: 5 and 6 years). The remaining intangible assets comprise the value ascribed to customer lists, patents and non-compete clauses, which are being amortised over periods of 5 to 24 years. GOODWILL AND BRAND INTANGIBLES WITH AN INDEFINITE USEFUL LIFE IMPAIRMENT TESTING Goodwill and brand intangibles with an indefinite useful life are allocated to the Group\u2019s cash-generating units (CGUs) as follows: 2 0 2 2 $m 20 21 $m Personal Care 296.0 297.9 Coatings 207.7 208.5 Talc \u2013 130.3 Chromium \u2013 \u2013 At 31 December 503.7 636.7 The Group tests annually for impairment at 31 October, or more frequently, if there are events or circumstances that indicate that the carrying amount may not be recoverable. BASIS OF THE RECOVERABLE AMOUNT The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations which use cash flow projections based on financial budgets approved by the directors covering a five year period. MANAGEMENT\u2019S JUDGEMENT IN ESTIMATING THE CASH FLOWS OF A CGU The key assumptions for the value in use calculations are expected changes to sales volumes, selling prices and direct costs during the forecast period, growth rates used to extrapolate beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in sales volumes, selling prices and direct costs are based on past practices and expectations of future changes in the market. A 5 year forecasting model is used for all CGUs (2021: 3 year for all CGUs except for Talc which was 5 years). GROW TH RATES Cash flows for periods beyond the forecast period are extrapolated based on estimated long-term growth rates. The rates do not exceed the average long term growth rate for the relevant products or markets. DISCOUNT RATES Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. PERSONAL CARE The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 12.0% (2021: 10.8%) and a long-term growth rate of 5.0% (2021: 5.0%) based on the long term historical growth rate seen in this CGU. The recoverable amount exceeded the carrying value of the CGU by $230.9m (2021: $72.6m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. COATINGS The recoverable amount of the CGU was calculated using forecast cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 11.9% (2021: 11.2%) and a long-term growth rate of 3.0% (2021: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $531.8m (2021: $454.1m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. TA L C The performance of the Talc business was adversely impacted in the second half of 2022 by a lower demand environment, global inflationary pressures, higher energy costs and the Russian invasion of Ukraine. These factors, as well as a reduction in the near term forecasted profitability of the Talc business and a rise in the pre-tax discount rate, resulted in an impairment charge of $103.4m being recognised (2021: $52.3m). Due to the currency in which the goodwill was held, this impairment also gave rise to a $8.0m (2021: $0.8m) movement in exchange differences on translation of foreign operations within other comprehensive income. The recoverable amount of $244.6m (2021: $440.7m) for the CGU was calculated using forecasted cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 12.0% (2021: 10.0%), a long-term growth rate of 3.0% (2021: 3.0%), and revenue growth of between 4.1% and 12.8% (2021: 5.0% and 8.0%). The pre-tax discount rate is based on the geographies in which the Talc CGU operates. The increase in the pre-tax discount rate used in 2022 as compared to 2021, was primarily driven by the increase in risk-free rates and the pre-tax cost of debt. The long-term growth rates are supported by third party studies which consider the long-term growth prospects for the Talc industry. The revenue growth forecasts reflect market and independent data as well as management\u2019s estimates regarding medium term growth in the Talc industry. The movement in the revenue growth forecasts in 2022 as compared to 2021 reflects a steady recovery of the Talc business following the lower demand noted in the second half of 2022. The high end of reasonably possible changes, all in isolation, would have the following impact: increasing the discount rate by 0.5% would result in an impairment charge $13.4m to amortising intangible assets; decreasing the long-term growth rate by 1.0% would result in a further impairment charge of $17.5m to amortising intangible assets; and decreasing the forecasted revenue by 2.5%, yearly over each year in the 5 year forecasting model, would result in a further impairment charge of $24.8m to amortising intangible assets. GOODWILL AND BRAND INTANGIBLES WITH AN INDEFINITE USEFUL LIFE IMPAIRMENT TESTING CONTINUED CHROMIUM The recoverable amount of the CGU, which was classified as held for sale in November 2022 (refer to Note 32), was calculated using forecast cash flows based on budgets and plans for 2023 to 2027, a pre-tax discount rate of 12.0% (2021: 11.3%) and a long-term growth rate of 3.0% (2021: 3.0%). The recoverable amount exceeded the carrying value of the CGU by $140.0m (2021: $135.1m). The Directors do not consider that any reasonably possible changes to the key assumptions would reduce the recoverable amount to its carrying value. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-540": {
   "value": "11.  PROPERTY, PLANT AND EQUIPMENT Right-of-use assets Land and buildings $m Plant and machinery $m Fixtures f i t t i ng s a n d equipment $m U n de r construction $m Land and buildings $m Plant and machinery $m Fixtures f i t t i ng s a n d equipment $m To t a l $m COST: At 1 January 2021 128.6 670.2 47.2 28.5 53.3 5.8 3.1 936.7 Additions \u2013 13.9 \u2013 38.6 1.4 0.5 0.1 54.5 Exchange differences (2.0) (23.6) (0.4) (0.5) (1.0) (0.3) (0.1) (27.9) Disposals (0.4) (1.2) (2.6) \u2013 \u2013 \u2013 (0.2) (4.4) Acquisitions through business combinations \u2013 0.1 0.2 \u2013 \u2013 \u2013 \u2013 0.3 Reclassifications 0.9 21.2 (0.6) (21.5) \u2013 \u2013 \u2013 \u2013 At 31 December 2021 127.1 680.6 43.8 45.1 53.7 6.0 2.9 959.2 Additions \u2013 13.5 \u2013 33.4 4.0 0.8 0.5 52.2 Exchange differences (5.0) (25.1) (1.4) (1.6) (0.9) (0.3) \u2013 (34.3) Disposals \u2013 (5.7) (0.2) \u2013 (1.5) (1.5) \u2013 (8.9) Reclassifications 1.6 33.5 1.6 (36.7) \u2013 \u2013 \u2013 \u2013 Transferred to assets held for sale (see Note 32) (34.0) (186.2) (11.7) (7.3) \u2013 (0.8) (0.6) (240.6) AT 31 DECEMBER 2022 89.7 510.6 32.1 32.9 55.3 4.2 2.8 727.6 ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES: At 1 January 2021 65.2 295.7 36.2 \u2013 19.8 2.0 1.8 420.7 Charge for the year 2.4 43.9 0.4 \u2013 3.6 0.9 0.5 51.7 Exchange differences (1.0) (7.1) (0.6) \u2013 (0.3) (0.1) (0.1) (9.2) Disposals \u2013 (1.1) (2.5) \u2013 \u2013 \u2013 (0.1) (3.7) Reclassifications (0.2) (1.1) 1.3 \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 2021 66.4 330.3 34.8 \u2013 23.1 2.8 2.1 459.5 Charge for the year 2.6 39.6 1.6 \u2013 4.1 0.9 0.5 49.3 Exchange differences (2.5) (10.9) (0.7) \u2013 (0.3) \u2013 \u2013 (14.4) Disposals \u2013 (4.9) (0.2) \u2013 (0.7) (0.1) \u2013 (5.9) Impairment losses \u2013 23.0 \u2013 \u2013 \u2013 \u2013 \u2013 23.0 Reclassifications 0.4 3.2 (3.6) \u2013 \u2013 \u2013 \u2013 \u2013 Transferred to assets held for sale (see Note 32) (26.4) (134.3) (8.6) \u2013 \u2013 (0.6) (0.4) (170.3) AT 31 DECEMBER 2022 40.5 246.0 23.3 \u2013 26.2 3.0 2.2 341.2 NET BOOK VALUE: AT 31 DECEMBER 2022 49.2 264.6 8.8 32.9 29.1 1.2 0.6 386.4 At 31 December 2021 60.7 350.3 9.0 45.1 30.6 3.2 0.8 499.7 At 1 January 2022 63.4 374.5 11.0 28.5 33.5 3.8 1.3 516.0 Group capital expenditure contracted but not provided for in these financial statements amounted to $nil (2021: $nil). In 2022, the Group recognised a $23.0m non-cash impairment of the non-operational bioleaching property, plant and equipment acquired as part of the Mondo acquisition, impairing the asset to a $nil carrying value. The impairment was a result of the Group concluding that the operational, health and safety and financial commitments required to operate the equipment were not the best use of the Group\u2019s resources. In 2022 and 2021, the Group reclassified items of property, plant and equipment from under construction to their relevant categories upon these assets becoming available for use. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-541": {
   "value": "12. INVENTORIES 2 0 2 2 $m 20 21 $m Raw materials and consumables 55.4 62.5 Work in progress 10.7 17.4 Finished goods and goods purchased for resale 115.9 106.2 182.0 186.1 Inventories are disclosed net of provisions for obsolescence of $5.6m (2021: $7.3m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "13.  TRADE AND OTHER RECEIVABLES 2 0 2 2 $m 20 21 $m Trade receivables 77.5 110.6 Other receivables 10.4 20.4 Prepayments 7.0 7.9 94.9 138.9 The Group historically entered into an accounts receivable purchase programme, the net balance outstanding in relation to this programme was $22.6m (2021: $12.9m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "14.  TRADE AND OTHER PAYABLES 2 0 2 2 $m 20 21 $m Trade payables 74.0 77.8 Other payables 13.5 22.7 Accruals 47.9 60.5 135.4 161.0 The Group historically entered into supplier financing arrangements with Santander and US Bank. At the end of the period the net balance outstanding on the Santander facility was $nil (2021: $6.2m) and the net balance outstanding on the US bank facility was $0.5m (2021: $0.6m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "15. PROVISIONS Environmental $m Self insurance $m Restructuring $m O t he r $m To t a l $m AT 1 JANUARY 2022 58.7 0.7 1.0 1.4 61.8 (Decrease)/increase in provisions (1.6) 0.7 \u2013 0.6 (0.3) Unused amounts reversed \u2013 \u2013 (0.1) \u2013 (0.1) Unwinding of discount 1.3 \u2013 \u2013 \u2013 1.3 Utilised during the year (7.9) (0.5) (0.2) (0.4) (9.0) Currency translation differences (3.5) \u2013 (0.1) 0.1 (3.5) Transferred to liabilities held for sale (see Note 32) (19.5) (0.4) \u2013 (0.6) (20.5) AT 31 DECEMBER 2022 27.5 0.5 0.6 1.1 29.7 DUE WITHIN 1 YEAR 3.8 0.3 0.6 1.1 5.8 DUE AFTER 1 YEAR 23.7 0.2 \u2013 \u2013 23.9 15.  PROVISIONS CONTINUED Environmental provisions relate to manufacturing and distribution sites including certain sites no longer owned by the Group. These provisions have been derived using a discounted cash flow methodology and reflect the extent to which it is probable that expenditure will be incurred over the next 25 years. The level of environmental provision is based on management\u2019s best estimate of the most likely outcome for each individual exposure. Environmental provisions are discounted using discount rates which reflect market assessments and the risks specific to the liabilities. The discount rates used were 4.0% in the US, 4.0% in the UK and 3.3% in Canada. Included within environmental provisions are amounts in respect of all anticipated costs related to the closure and remediation of the Chromium UK site at Eaglescliffe. The Eaglescliffe site was not included within the $19.5m transferred to liabilities held for sale. The following table shows the timeframes over which undiscounted costs in relation to the environmental provisions are expected to be incurred: 1-10 years $m 11- 2 0 years $m 20 -2 5 years $m To t a l $m Environmental provisions 21.1 12.0 6.0 39.1 Environmental provisions have decreased by $10.3m due to increases in the discount rates used offset by a $8.7m increase due to extra remediation work identified during the year. The decrease in provisions is included within adjusting items (see Note 5). If the cost estimates on which the provisions are based were to change by 10%, which is reasonably possible, the provision recognised would increase by approximately $2.8m. Whilst a range of outcomes is possible, the Directors believe that the reasonably possible range for the environmental provision is from $26.6m to $33.8m. Self-insurance provisions relate to personal injury and other claims from former employees or third parties and represent the aggregate of outstanding claims plus a projection of losses incurred but not yet reported which together make up the full liability recognised as a provision. Insurance recoveries are recognised as a separate reimbursement asset. The self-insurance provisions are expected to be utilised within five years. Restructuring provisions relate to costs of adjusting head count and other costs of restructuring where a need to do so has been identified by management. These provisions are expected to be utilised within one year. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "16.  DEFERRED TAX Retirement b e ne f it p l an s $m Accelerated t a x depreciation $m Amortisation of U S goodwill $m O t he r intangible assets $m O t he r temporary differences $m U n rel i eve d tax losses $m To t a l $m AT 1 JANUARY 2021 2.4 (44.1) (63.6) (35.4) 13.3 10.6 (116.8) Credit/(charge) to the income statement 0.3 (1.9) 0.2 2.4 7.4 (1.9) 6.5 Charge to other comprehensive income (14.5) \u2013 \u2013 \u2013 (0.4) \u2013 (14.9) Credit to retained earnings \u2013 \u2013 \u2013 \u2013 1.0 \u2013 1.0 Currency translation differences (0.6) 3.2 \u2013 1.6 (1.2) (0.8) 2.2 AT 31 DECEMBER 2021 (12.4) (42.8) (63.4) (31.4) 20.1 7.9 (122.0) (Charge)/credit to the income statement \u2013 (0.1) 0.4 2.0 0.6 1.5 4.4 Credit to other comprehensive income 5.3 \u2013 \u2013 \u2013 0.8 \u2013 6.1 Credit to retained earnings \u2013 \u2013 \u2013 \u2013 0.4 \u2013 0.4 Currency translation differences 1.7 (0.1) \u2013 1.5 (0.2) 0.2 3.1 Transferred to assets/(liabilities) held for sale (see Note 32) (0.7) 8.7 \u2013 \u2013 (6.5) \u2013 1.5 AT 31 DECEMBER 2022 (6.1) (34.3) (63.0) (27.9) 15.2 9.6 (106.5) DEFERRED TAX ASSETS \u2013 \u2013 \u2013 \u2013 15.2 9.6 24.8 DEFERRED TAX LIABILITIES (6.1) (34.3) (63.0) (27.9) \u2013 \u2013 (131.3) Deferred tax assets have been recognised to the extent that it is considered more likely than not that there will be taxable profits from which the future reversal of the underlying timing differences can be deducted. Where this is not the case, deferred tax assets have not been recognised. Deferred tax liabilities are reduced for any deferred tax assets which exist within a jurisdiction where consolidated tax returns are filed and where tax assets and liabilities may be netted. At the balance sheet date the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was $37.9m (2021: $37.8m). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group considers that it is probable that such differences will not reverse in the foreseeable future. As at the balance sheet date the Group had an unrecognised deferred tax asset of $4.5m (gross $21.4m) (2021: $8.9m (gross $42.4m)) in relation to restricted US interest deductions, an unrecognised deferred tax asset of $3.8m (gross $18.9m) (2021: $2.4m (gross $11.9m)) in relation to restricted Finnish interest deductions and an unrecognised deferred tax asset of $8.6m (gross $26.1m) (2021: $7.3m (gross $22.1m)) in respect of German net operating losses. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-573": {
   "value": "17.  SHARE CAPITAL 2 0 2 2 $m 20 21 $m At 1 January 52.2 52.1 Issue of shares 0.1 0.1 At 31 December 52.3 52.2 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "17.  SHARE CAPITAL 2 0 2 2 $m 20 21 $m At 1 January 52.2 52.1 Issue of shares 0.1 0.1 At 31 December 52.3 52.2 18.  OTHER RESERVES Capital redemption re se r v e $m Translation re se r v e $m Hedging re se r v e $ m S h ar e options re se r v e $m To t a l $m AT 1 JANUARY 2021 158.8 (48.9) (8.9) 7.6 108.6 Issue of shares \u2013 \u2013 \u2013 (0.2) (0.2) Share based payments \u2013 \u2013 \u2013 5.1 5.1 Exchange differences \u2013 (18.8) \u2013 \u2013 (18.8) Fair value of cash flow hedges transferred to the income statement \u2013 \u2013 2.7 \u2013 2.7 Effective portion of changes in fair value of cash flow hedges \u2013 \u2013 (0.1) \u2013 (0.1) Fair value of cash flow hedges transferred to net assets \u2013 \u2013 (2.3) \u2013 (2.3) Transfer \u2013 \u2013 \u2013 (4.3) (4.3) AT 31 DECEMBER 2021 158.8 (67.7) (8.6) 8.2 90.7 Share based payments \u2013 \u2013 \u2013 3.4 3.4 Exchange differences \u2013 (54.7) \u2013 (0.9) (55.6) Fair value of cash flow hedges transferred to the income statement \u2013 \u2013 1.6 \u2013 1.6 Effective portion of changes in fair value of cash flow hedges \u2013 \u2013 (2.6) \u2013 (2.6) Fair value of cash flow hedges transferred to net assets \u2013 \u2013 0.8 \u2013 0.8 Transfer \u2013 \u2013 7.8 (4.0) 3.8 AT 31 DECEMBER 2022 158.8 (122.4) (1.0) 6.7 42.1 The Company can redeem shares by repaying the market value to the shareholder, whereupon the shares are cancelled. Redemption must be from distributable profits. The capital redemption reserve represents the nominal value of the shares redeemed. The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations as well as from the translation of liabilities that hedge the Company\u2019s net investment in a foreign subsidiary. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. The transfer from the hedging reserve to retained earnings is as a result of adjusting the hedging reserve to reflect the balance of open cash flow hedges at the end of the year. The share options reserve comprises amounts accumulated in equity in respect of share options and awards granted to employees. The transfers from the share options reserve to retained earnings is as a result of the exercise and expiry of share options and awards during the year. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-574": {
   "value": "18.  OTHER RESERVES Capital redemption re se r v e $m Translation re se r v e $m Hedging re se r v e $ m S h ar e options re se r v e $m To t a l $m AT 1 JANUARY 2021 158.8 (48.9) (8.9) 7.6 108.6 Issue of shares \u2013 \u2013 \u2013 (0.2) (0.2) Share based payments \u2013 \u2013 \u2013 5.1 5.1 Exchange differences \u2013 (18.8) \u2013 \u2013 (18.8) Fair value of cash flow hedges transferred to the income statement \u2013 \u2013 2.7 \u2013 2.7 Effective portion of changes in fair value of cash flow hedges \u2013 \u2013 (0.1) \u2013 (0.1) Fair value of cash flow hedges transferred to net assets \u2013 \u2013 (2.3) \u2013 (2.3) Transfer \u2013 \u2013 \u2013 (4.3) (4.3) AT 31 DECEMBER 2021 158.8 (67.7) (8.6) 8.2 90.7 Share based payments \u2013 \u2013 \u2013 3.4 3.4 Exchange differences \u2013 (54.7) \u2013 (0.9) (55.6) Fair value of cash flow hedges transferred to the income statement \u2013 \u2013 1.6 \u2013 1.6 Effective portion of changes in fair value of cash flow hedges \u2013 \u2013 (2.6) \u2013 (2.6) Fair value of cash flow hedges transferred to net assets \u2013 \u2013 0.8 \u2013 0.8 Transfer \u2013 \u2013 7.8 (4.0) 3.8 AT 31 DECEMBER 2022 158.8 (122.4) (1.0) 6.7 42.1 The Company can redeem shares by repaying the market value to the shareholder, whereupon the shares are cancelled. Redemption must be from distributable profits. The capital redemption reserve represents the nominal value of the shares redeemed. The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations as well as from the translation of liabilities that hedge the Company\u2019s net investment in a foreign subsidiary. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. The transfer from the hedging reserve to retained earnings is as a result of adjusting the hedging reserve to reflect the balance of open cash flow hedges at the end of the year. The share options reserve comprises amounts accumulated in equity in respect of share options and awards granted to employees. The transfers from the share options reserve to retained earnings is as a result of the exercise and expiry of share options and awards during the year. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "19. BORROWINGS 2 0 2 2 $m 20 21 $m Bank loans 419.0 485.6 Unamortised syndicate loan fees (4.3) (3.1) Short-term borrowings 2.7 \u2013 Carrying value of borrowings at 31 December 417.4 482.5 The borrowings are repayable as follows: Within one year 2.7 \u2013 Within two to four years 419.0 485.6 In the fifth year \u2013 \u2013 421.7 485.6 The weighted average interest rates paid were as follows: 2 0 2 2 % 20 21 % Bank loans 3.0 2.9 Group borrowings were denominated as follows: U S dollar euro To t a l B a n k l o a n s Bank loans 31 DECEMBER 2022 233.1 185.9 419.0 31 December 2021 290.0 195.6 485.6 On 1 July 2022 the Group successfully refinanced its term loans. As part of the refinancing the total quantum of the term loans was reduced by $100m and the maturity extended to June 2026, with the option of a one year extension. The terms of the revolving credit facility (RCF) remain unchanged, with $71.6m maturing in September 2024 and $303.4m in September 2025. The US dollar borrowings comprised of a fully drawn $150.0m term loan (2021: $200.0m) and $83.1m of RCF drawings (2021:$90.0m). The euro borrowings comprised a fully drawn \u20ac142.9m term loan (2021: \u20ac172.0m) and \u20ac31.4m of RCF drawings (2021: \u20acnil). The RCF and term loans are governed by the Group\u2019s bank syndicate facilities agreement, under which certain Group entities act as guarantors. The guarantors to the facilities agreement are required to constitute at least 75% of the Group\u2019s total fixed assets plus current assets less current liabilities and 75% of the Group\u2019s profits before interest expense and tax. Each guarantor irrevocably and unconditionally jointly and severally guarantees the punctual performance under the Group\u2019s bank syndicate facilities agreement. There are no fixed or floating charges over assets. 28.  MOVEMENT IN NET BORROWINGS 2 0 2 2 $m 20 21 $m Change in net cash resulting from cash flows: (Decrease)/increase in cash and cash equivalents (27.8) (23.6) (Increase)/decrease in borrowings repayable within one year (3.0) 3.7 Decrease in borrowings repayable after one year 54.6 15.0 23.8 (4.9) Currency translation differences 10.4 12.0 Decrease in net borrowings 34.2 7.1 Net borrowings at beginning of year (401.0) (408.1) NET BORROWINGS AT END OF YEAR (366.8) (401.0) Bank and other borrowings $m Lease liabilities $m To t a l financing liabilities $m Ca sh a n d c a sh equivalents $m N e t d eb t and lease liabilities $m AT 1 JANUARY 2021 (519.1) (44.4) (563.5) 111.0 (452.5) Exchange rate adjustments 14.8 1.0 15.8 (2.8) 13.0 Business disposed (see Note 32) \u2013 \u2013 \u2013 0.5 0.5 Cash flows from financing activities 18.7 5.1 23.8 (25.3) (1.5) Other movements \u2013 (1.9) (1.9) 1.2 (0.7) AT 31 DECEMBER 2021 (485.6) (40.2) (525.8) 84.6 (441.2) Exchange rate adjustments 12.3 1.1 13.4 (2.0) 11.4 Business disposed (see Note 32) \u2013 \u2013 \u2013 \u2013 \u2013 Cash flows from financing activities 51.6 7.1 58.7 (57.8) 0.9 Other movements \u2013 (4.7) (4.7) 30.1 25.4 Transferred to liabilities held for sale (see Note 32) \u2013 0.4 0.4 \u2013 0.4 AT 31 DECEMBER 2022 (421.7) (36.3) (458.0) 54.9 (403.1) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "20.  CASH AND CASH EQUIVALENTS Cash and cash equivalents for the purpose of the consolidated cash flow statement comprise the following: 2 0 2 2 $m 20 21 $m Cash at bank and on hand 54.9 84.6 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-549": {
   "value": "21.  FINANCIAL INSTRUMENTS Held at fair value Held at amortised cost At 31 December 2022: T h r o u g h profit and l o s s $m Derivatives u s e d  f o r hedging $m Loans and receivables $m Liabilities $m To t a l b o o k v a l u e $m Total fair v a l u e $m CURRENT: Trade and other receivables (see note 13) \u2013 \u2013 87.9 \u2013 87.9 87.9 Derivative financial instruments (see note 22)* 6.9 3.8 \u2013 \u2013 10.7 10.7 Cash and cash equivalents (see note 20) \u2013 \u2013 54.9 \u2013 54.9 54.9 NON-CURRENT: Derivative financial instruments (see note 22)* \u2013 1.3 \u2013 \u2013 1.3 1.3 Financial assets 6.9 5.1 142.8 \u2013 154.8 154.8 CURRENT: Bank overdrafts and loans (see note 19) \u2013 \u2013 \u2013 (2.7) (2.7) (2.7) Trade and other payables (see note 14) \u2013 \u2013 \u2013 (135.4) (135.4) (135.4) Derivative financial instruments (see note 22)* (0.5) (2.8) \u2013 \u2013 (3.3) (3.3) Lease liabilities (see note 24) \u2013 \u2013 \u2013 (6.1) (6.1) (6.1) NON-CURRENT: Loans and borrowings** (see note 19) \u2013 \u2013 \u2013 (414.7) (414.7) (419.0) Lease liabilities (see note 24) \u2013 \u2013 \u2013 (30.2) (30.2) (30.2) Derivative financial instruments (see note 22)* \u2013 (2.8) \u2013 \u2013 (2.8) (2.8) Financial liabilities (0.5) (5.6) \u2013 (589.1) (595.2) (599.5) TOTAL 6.4 (0.5) 142.8 (589.1) (440.4) (444.7) Held at fair value Held at amortised cost At 31 December 2021: Through profit and l o ss $m Derivatives u s ed f o r hedging $m Loans and receivables $m Liabilities $m Total book va l ue $m Total fair va l ue $m CURRENT: Trade and other receivables (see note 13) \u2013 \u2013 131.0 \u2013 131.0 131.0 Derivative financial instruments (see note 22) \u2013 0.2 \u2013 \u2013 0.2 0.2 Cash and cash equivalents (see note 20) \u2013 \u2013 84.6 \u2013 84.6 84.6 Financial assets \u2013 0.2 215.6 \u2013 215.8 215.8 CURRENT: Bank overdrafts and loans (see note 19) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Trade and other payables (see note 14) \u2013 \u2013 \u2013 (161.0) (161.0) (161.0) Derivative financial instruments (see note 22)* \u2013 (1.4) \u2013 \u2013 (1.4) (1.4) Lease liabilities (see note 24) \u2013 \u2013 \u2013 (6.4) (6.4) (6.4) NON-CURRENT: Loans and borrowings** (see note 19) \u2013 \u2013 \u2013 (482.5) (482.5) (485.6) Lease liabilities (see note 24) \u2013 \u2013 \u2013 (33.8) (33.8) (33.8) Derivative financial instruments (see note 22)* (4.0) \u2013 \u2013 \u2013 (4.0) (4.0) Financial liabilities (4.0) (1.4) \u2013 (683.7) (689.1) (692.2) TOTAL (4.0) (1.2) 215.6 (683.7) (473.3) (476.4) *  Derivatives in an asset and liability position at 31 December 2022 and 31 December 2021 are shown within current or non current financial assets and current or non current financial liabilities in the consolidated balance sheet. **  Loans and borrowings are shown net of facility fees of $4.3m (2021: $3.1m). 21.  FINANCIAL INSTRUMENTS CONTINUED FAIR VALUES MEASUREMENT AND HIERARCHY BASIS FOR DETERMINING FAIR VALUES The Group measures fair values in respect of financial instruments in accordance with IFRS 13, using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Valuation techniques based on observable inputs, either directly or indirectly. Level 3: Valuation techniques using significant unobservable inputs. This category includes contingent consideration. The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments: The Group assesses that the fair values of cash and cash equivalents, trade and other receivables, trade and other payables, and the current portion of floating rate bank and other borrowings, approximate to book values due to the short maturity periods of these financial instruments. For trade and other receivables, allowances are made within their book value for credit risk. The fair values of lease liabilities approximate to their book values due to the measurement of lease liabilities at the Group\u2019s incremental borrowing rate, which has not changed significantly since the inception of the lease liabilities presented. Leases are also negotiated at market rates with independent, unrelated third parties and are subject to periodic rental reviews. DERIVATIVES (LEVEL 2) Fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk free interest rate (based on government bonds). NON-DERIVATIVE NON-CURRENT FINANCIAL LIABILITIES (LEVEL 2) Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. CONTINGENT CONSIDERATION PAYABLE (LEVEL 3) Fair value has been estimated by calculating the present value of the future expected cash flows. Expected cash inflows are estimated based on the terms of the sale and purchase contract, the entity\u2019s knowledge of the business and how the current economic environment is likely to impact it. Changes in fair value of financial liabilities classified as level 3 in the hierarchy are as follows: 2022 $m 20 21 $m Contingent consideration at fair value through profit or loss: At 1 January \u2013 13.4 Foreign exchange losses/(gains) \u2013 (0.1) Cash paid \u2013 (13.3) At 31 December \u2013 \u2013 INTEREST RATES USED FOR DETERMINING FAIR VALUE The interest rates used to discount estimated cash flows, where applicable, are based on yield curves observable at the balance sheet date and contractual interest rates. The rates used were as follows: 2022 % 20 21 % Borrowings \u2013 2.4\u20132.7 The following table shows amounts recognised in profit or loss in relation to financial assets and liabilities within the scope of IFRS 9: 2 0 2 2 $m 20 21 $m RECOGNISED IN PROFIT OR LOSS Revenue \u2013 fair value of cash flow hedges transferred from equity to the income statement 1.7 (0.3) Interest income on bank deposits held at amortised cost 0.2 0.3 Fair value movement on derivatives 9.1 10.7 Financial income 9.3 11.0 Interest on bank loans (19.6) (20.8) Fair value of cash flow hedges transferred from equity to the income statement 0.1 (2.4) Interest on lease liabilities (1.4) (1.6) Financial costs (20.9) (24.8) The following table shows amounts recognised directly in equity in relation to financial assets and liabilities within the scope of IFRS 9: 2 0 2 2 $m 20 21 $m RECOGNISED DIRECTLY IN EQUITY Effective portion of changes in fair value of cash flow hedge (gain/(loss)) (2.6) (0.1) Fair value of cash flow hedges transferred to income statement 1.6 2.7 Fair value of cash flow hedges transferred to net assets 0.8 (2.3) Effective portion of change in fair value of net investment hedge 46.2 10.7 Foreign currency translation differences for foreign operations (100.9) (29.1) Recognised in: Hedging reserve (0.2) 0.3 Translation reserve (54.7) (18.4) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-590": {
   "value": "FAIR VALUES MEASUREMENT AND HIERARCHY BASIS FOR DETERMINING FAIR VALUES The Group measures fair values in respect of financial instruments in accordance with IFRS 13, using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Valuation techniques based on observable inputs, either directly or indirectly. Level 3: Valuation techniques using significant unobservable inputs. This category includes contingent consideration. The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments: The Group assesses that the fair values of cash and cash equivalents, trade and other receivables, trade and other payables, and the current portion of floating rate bank and other borrowings, approximate to book values due to the short maturity periods of these financial instruments. For trade and other receivables, allowances are made within their book value for credit risk. The fair values of lease liabilities approximate to their book values due to the measurement of lease liabilities at the Group\u2019s incremental borrowing rate, which has not changed significantly since the inception of the lease liabilities presented. Leases are also negotiated at market rates with independent, unrelated third parties and are subject to periodic rental reviews. DERIVATIVES (LEVEL 2) Fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk free interest rate (based on government bonds). NON-DERIVATIVE NON-CURRENT FINANCIAL LIABILITIES (LEVEL 2) Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. CONTINGENT CONSIDERATION PAYABLE (LEVEL 3) Fair value has been estimated by calculating the present value of the future expected cash flows. Expected cash inflows are estimated based on the terms of the sale and purchase contract, the entity\u2019s knowledge of the business and how the current economic environment is likely to impact it. Changes in fair value of financial liabilities classified as level 3 in the hierarchy are as follows: 2022 $m 20 21 $m Contingent consideration at fair value through profit or loss: At 1 January \u2013 13.4 Foreign exchange losses/(gains) \u2013 (0.1) Cash paid \u2013 (13.3) At 31 December \u2013 \u2013 INTEREST RATES USED FOR DETERMINING FAIR VALUE The interest rates used to discount estimated cash flows, where applicable, are based on yield curves observable at the balance sheet date and contractual interest rates. The rates used were as follows: 2022 % 20 21 % Borrowings \u2013 2.4\u20132.7 The following table shows amounts recognised in profit or loss in relation to financial assets and liabilities within the scope of IFRS 9: 2 0 2 2 $m 20 21 $m RECOGNISED IN PROFIT OR LOSS Revenue \u2013 fair value of cash flow hedges transferred from equity to the income statement 1.7 (0.3) Interest income on bank deposits held at amortised cost 0.2 0.3 Fair value movement on derivatives 9.1 10.7 Financial income 9.3 11.0 Interest on bank loans (19.6) (20.8) Fair value of cash flow hedges transferred from equity to the income statement 0.1 (2.4) Interest on lease liabilities (1.4) (1.6) Financial costs (20.9) (24.8) The following table shows amounts recognised directly in equity in relation to financial assets and liabilities within the scope of IFRS 9: 2 0 2 2 $m 20 21 $m RECOGNISED DIRECTLY IN EQUITY Effective portion of changes in fair value of cash flow hedge (gain/(loss)) (2.6) (0.1) Fair value of cash flow hedges transferred to income statement 1.6 2.7 Fair value of cash flow hedges transferred to net assets 0.8 (2.3) Effective portion of change in fair value of net investment hedge 46.2 10.7 Foreign currency translation differences for foreign operations (100.9) (29.1) Recognised in: Hedging reserve (0.2) 0.3 Translation reserve (54.7) (18.4) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-575": {
   "value": "FAIR VALUES MEASUREMENT AND HIERARCHY BASIS FOR DETERMINING FAIR VALUES The Group measures fair values in respect of financial instruments in accordance with IFRS 13, using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Quoted market price (unadjusted) in an active market for an identical instrument. Level 2: Valuation techniques based on observable inputs, either directly or indirectly. Level 3: Valuation techniques using significant unobservable inputs. This category includes contingent consideration. The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments: The Group assesses that the fair values of cash and cash equivalents, trade and other receivables, trade and other payables, and the current portion of floating rate bank and other borrowings, approximate to book values due to the short maturity periods of these financial instruments. For trade and other receivables, allowances are made within their book value for credit risk. The fair values of lease liabilities approximate to their book values due to the measurement of lease liabilities at the Group\u2019s incremental borrowing rate, which has not changed significantly since the inception of the lease liabilities presented. Leases are also negotiated at market rates with independent, unrelated third parties and are subject to periodic rental reviews. DERIVATIVES (LEVEL 2) Fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk free interest rate (based on government bonds). NON-DERIVATIVE NON-CURRENT FINANCIAL LIABILITIES (LEVEL 2) Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. CONTINGENT CONSIDERATION PAYABLE (LEVEL 3) Fair value has been estimated by calculating the present value of the future expected cash flows. Expected cash inflows are estimated based on the terms of the sale and purchase contract, the entity\u2019s knowledge of the business and how the current economic environment is likely to impact it. Changes in fair value of financial liabilities classified as level 3 in the hierarchy are as follows: 2022 $m 20 21 $m Contingent consideration at fair value through profit or loss: At 1 January \u2013 13.4 Foreign exchange losses/(gains) \u2013 (0.1) Cash paid \u2013 (13.3) At 31 December \u2013 \u2013 INTEREST RATES USED FOR DETERMINING FAIR VALUE The interest rates used to discount estimated cash flows, where applicable, are based on yield curves observable at the balance sheet date and contractual interest rates. The rates used were as follows: 2022 % 20 21 % Borrowings \u2013 2.4\u20132.7 The following table shows amounts recognised in profit or loss in relation to financial assets and liabilities within the scope of IFRS 9: 2 0 2 2 $m 20 21 $m RECOGNISED IN PROFIT OR LOSS Revenue \u2013 fair value of cash flow hedges transferred from equity to the income statement 1.7 (0.3) Interest income on bank deposits held at amortised cost 0.2 0.3 Fair value movement on derivatives 9.1 10.7 Financial income 9.3 11.0 Interest on bank loans (19.6) (20.8) Fair value of cash flow hedges transferred from equity to the income statement 0.1 (2.4) Interest on lease liabilities (1.4) (1.6) Financial costs (20.9) (24.8) The following table shows amounts recognised directly in equity in relation to financial assets and liabilities within the scope of IFRS 9: 2 0 2 2 $m 20 21 $m RECOGNISED DIRECTLY IN EQUITY Effective portion of changes in fair value of cash flow hedge (gain/(loss)) (2.6) (0.1) Fair value of cash flow hedges transferred to income statement 1.6 2.7 Fair value of cash flow hedges transferred to net assets 0.8 (2.3) Effective portion of change in fair value of net investment hedge 46.2 10.7 Foreign currency translation differences for foreign operations (100.9) (29.1) Recognised in: Hedging reserve (0.2) 0.3 Translation reserve (54.7) (18.4) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "22.  DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Contract or underlying principal amount Fair Value At 31 December 2022: Assets Liabilities A s s e t s $m Liabilities $m CURRENT: Interest rate swaps \u2013 cash flow hedges \u20ac120m/$50m \u2013 3.7 \u2013 Nickel swaps \u2013 cash flow hedges \u2013 288MT \u2013 (2.6) Aluminium swaps \u2013 cash flow hedges 2,580MT 1,380MT 0.1 (0.2) Cross currency swaps \u20ac100m/$110m \u2013 3.1 \u2013 Foreign exchange forwards \u20ac100m/$109m \u2013 \u2013 (0.5) Swaptions $150m \u2013 3.8 \u2013 TOTAL 10.7 (3.3) NON CURRENT: Nickel swaps \u2013 cash flow hedges 216MT 720MT 1.3 (2.8) TOTAL 1.3 (2.8) 22.  DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES CONTINUED Contract or underlying principal amount Fair Value At 31 December 2021: Assets Liabilities Assets $m Liabilities $m CURRENT: Interest rate swaps \u2013 cash flow hedges \u2013 \u20ac120m / $100m \u2013 (0.9) Nickel swaps \u2013 cash flow hedges \u2013 504 MT \u2013 (0.5) Aluminium swaps \u2013 cash flow hedges 2,040 MT 1,620 MT 0.2 \u2013 TOTAL 0.2 (1.4) NON CURRENT: Cross currency swaps \u2013 $110m / \u20ac100m \u2013 (4.0) TOTAL \u2013 (4.0) HEDGING ACTIVITIES The Group is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk, commodity price risk and interest rate risk. The Group\u2019s risk management strategy is explained in Note 23. DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS COMMODITY PRICE RISK The Group enters into commodity swap contracts to reduce the volatility attributable to price fluctuations of aluminium and nickel. To the extent they continue to meet the criteria for hedge accounting, the commodity forward contracts are accounted for as cash flow hedges. The weighted average strike price on outstanding aluminium hedges was $2,616.0 (2021: $3,577.0) and the weighted average strike price on outstanding nickel hedges was $29,453.4 (2021: $19,400.0). There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity swap contracts match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). During the year ended 31 December 2022, the group recognised a gain of $0.5m within revenue in the consolidated income statement as a result on an ineffective nickel hedge. For all other commodity hedges, as all critical terms matched during the year, hedge ineffectiveness was immaterial. The hedge ratio is 1:1. INTEREST RATE RISK The Group enters into interest rate swaps to swap a portion of the interest arising from the Group\u2019s bank borrowings from floating to fixed. Interest payments are highly probable, the hedged risk is the change in the market interest rate. The hedged items are the interest rate cash flows on $50.0m of USD denominated debt and \u20ac120.0m of EUR denominated debt. The Group\u2019s total borrowings are shown in Note 19 to the financial statements. The principal terms (notional, reset date, tenor) of the hedged items and the hedged instruments have been matched along with the contractual interest cash flows, therefore creating an exact offset for these transaction resulting in a net fixed interest payable. As the interest rate swaps and the hedged items are matched (equal and opposite terms of interest rate, date and maturity) this results in a designated hedge ratio of 1:1 or 100%. Hedge ineffectiveness can arise from: \u2022  Changes in timing of the hedged item \u2022  A reduction in the amount of the hedged item considered to be highly probable \u2022  A change in the credit risk of Elementis or the counterparty to the derivative contract \u2022  Foreign currency basis spreads The effect of cash flow hedges in the consolidated income statement and the consolidated statement of other comprehensive income is as follows: Total hedging (loss)/gain recognised in O C I $m Amount reclassified from OCI to profit or loss $m Amount reclassified from OCI to the Balance S h ee t $m L i ne i t e m in the profit o r  l os s statement or Balance S h ee t $m YEAR ENDED 31 DECEMBER 2022 Interest rate swaps \u2013 cash flow hedges 3.6 (0.1) \u2013 Finance costs Nickel forward contracts \u2013 cash flow hedges (5.4) 1.7 \u2013 Revenue Aluminium forward contracts \u2013 cash flow hedges (0.8) \u2013 0.8 Inventory YEAR ENDED 31 DECEMBER 2021 Interest rate swaps \u2013 cash flow hedges (0.1) 2.4 \u2013 Finance costs Nickel forward contracts \u2013 cash flow hedges (1.2) 0.3 \u2013 Revenue Aluminium forward contracts \u2013 cash flow hedges 1.2 \u2013 (2.3) Inventory Amounts reclassified from other comprehensive income to profit or loss are due to the hedged item affecting profit or loss in the period. There were no instances of non-occurrence of hedged cashflows in either the current or comparative period. HEDGE OF NET INVESTMENTS IN FOREIGN OPERATIONS The Group seeks to denominate the currency of its borrowings in euros and US dollars in order to match the currency of its cash flows, earnings and assets which are principally denominated in those currencies. The euro and US dollar borrowings in Elementis Holdings Limited are designated as net investment hedges, as the company\u2019s functional currency is pounds sterling. The Group does not undertake derivative transactions to hedge the foreign currency translation exposures. The Group analyses the euro and US dollar net assets by subsidiary, and the foreign currency borrowings in the name of Elementis Holdings Limited are allocated against certain tranches of net assets. The critical terms of the euro and US dollar borrowings and their corresponding hedged items are therefore the same. The Group performs a qualitative assessment of effectiveness and it is expected that the value of the euro and US dollar borrowings in pounds sterling and the value of the corresponding hedged items in pounds sterling will systematically move in the opposite direction in response to movements in the underlying exchange rates. The main source of ineffectiveness in these hedging relationships is the impact of a decline in the carrying value of the hedged item compared to the euro and US dollar borrowings, with the result that the value of the hedged item is less than the value of hedging instrument. Foreign currency revaluation on the euro and US dollar borrowings in the name of Elementis Holdings Limited are recorded in other comprehensive income and deferred in the foreign currency translation reserve on the balance sheet as long as the hedge is effective. Any ineffectiveness is recognised in the income statement for that year. The impact of the hedged items on the statement of comprehensive income is as follows: 2 0 2 2 F o r e i g n currency translation r e s e r v e $m 20 21 Foreign currency translation re se r v e $m YEAR ENDED 31 DECEMBER Net investment in foreign subsidiaries (100.9) (29.1) 22.  DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES CONTINUED IMPACT OF HEDGING ON EQUITY Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: Ca sh f l ow hedge re se r v e $m Foreign currency translation re se r v e $m AT 1 JANUARY 2021 (8.9) (48.9) Effective portion of changes in fair value arising from: Derivative cash flow hedging instruments (0.1) \u2013 Amount reclassified to profit or loss 2.7 (0.4) Amount reclassified to net assets (2.3) \u2013 Foreign currency revaluation of the net foreign operations \u2013 (29.1) Foreign currency revaluation of borrowings \u2013 10.7 Foreign currency revaluation of pension scheme actuarial movements \u2013 \u2013 AT 1 JANUARY 2022 (8.6) (67.7) Effective portion of changes in fair value arising from: Derivative cash flow hedging instruments (2.6) \u2013 Amount reclassified to profit or loss 1.6 \u2013 Amount reclassified to net assets 0.8 \u2013 Transfer 7.8 \u2013 Foreign currency revaluation of the net foreign operations \u2013 (100.9) Foreign currency revaluation of borrowings \u2013 46.2 Transferred to assets/(liabilities) held for sale (see Note 32) \u2013 \u2013 AT 31 DECEMBER 2022 (1.0) (122.4) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-576": {
   "value": "22.  DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Contract or underlying principal amount Fair Value At 31 December 2022: Assets Liabilities A s s e t s $m Liabilities $m CURRENT: Interest rate swaps \u2013 cash flow hedges \u20ac120m/$50m \u2013 3.7 \u2013 Nickel swaps \u2013 cash flow hedges \u2013 288MT \u2013 (2.6) Aluminium swaps \u2013 cash flow hedges 2,580MT 1,380MT 0.1 (0.2) Cross currency swaps \u20ac100m/$110m \u2013 3.1 \u2013 Foreign exchange forwards \u20ac100m/$109m \u2013 \u2013 (0.5) Swaptions $150m \u2013 3.8 \u2013 TOTAL 10.7 (3.3) NON CURRENT: Nickel swaps \u2013 cash flow hedges 216MT 720MT 1.3 (2.8) TOTAL 1.3 (2.8) 22.  DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES CONTINUED Contract or underlying principal amount Fair Value At 31 December 2021: Assets Liabilities Assets $m Liabilities $m CURRENT: Interest rate swaps \u2013 cash flow hedges \u2013 \u20ac120m / $100m \u2013 (0.9) Nickel swaps \u2013 cash flow hedges \u2013 504 MT \u2013 (0.5) Aluminium swaps \u2013 cash flow hedges 2,040 MT 1,620 MT 0.2 \u2013 TOTAL 0.2 (1.4) NON CURRENT: Cross currency swaps \u2013 $110m / \u20ac100m \u2013 (4.0) TOTAL \u2013 (4.0) HEDGING ACTIVITIES The Group is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk, commodity price risk and interest rate risk. The Group\u2019s risk management strategy is explained in Note 23. DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS COMMODITY PRICE RISK The Group enters into commodity swap contracts to reduce the volatility attributable to price fluctuations of aluminium and nickel. To the extent they continue to meet the criteria for hedge accounting, the commodity forward contracts are accounted for as cash flow hedges. The weighted average strike price on outstanding aluminium hedges was $2,616.0 (2021: $3,577.0) and the weighted average strike price on outstanding nickel hedges was $29,453.4 (2021: $19,400.0). There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity swap contracts match the terms of the expected highly probable forecast transactions (i.e. notional amount and expected payment date). During the year ended 31 December 2022, the group recognised a gain of $0.5m within revenue in the consolidated income statement as a result on an ineffective nickel hedge. For all other commodity hedges, as all critical terms matched during the year, hedge ineffectiveness was immaterial. The hedge ratio is 1:1. INTEREST RATE RISK The Group enters into interest rate swaps to swap a portion of the interest arising from the Group\u2019s bank borrowings from floating to fixed. Interest payments are highly probable, the hedged risk is the change in the market interest rate. The hedged items are the interest rate cash flows on $50.0m of USD denominated debt and \u20ac120.0m of EUR denominated debt. The Group\u2019s total borrowings are shown in Note 19 to the financial statements. The principal terms (notional, reset date, tenor) of the hedged items and the hedged instruments have been matched along with the contractual interest cash flows, therefore creating an exact offset for these transaction resulting in a net fixed interest payable. As the interest rate swaps and the hedged items are matched (equal and opposite terms of interest rate, date and maturity) this results in a designated hedge ratio of 1:1 or 100%. Hedge ineffectiveness can arise from: \u2022  Changes in timing of the hedged item \u2022  A reduction in the amount of the hedged item considered to be highly probable \u2022  A change in the credit risk of Elementis or the counterparty to the derivative contract \u2022  Foreign currency basis spreads The effect of cash flow hedges in the consolidated income statement and the consolidated statement of other comprehensive income is as follows: Total hedging (loss)/gain recognised in O C I $m Amount reclassified from OCI to profit or loss $m Amount reclassified from OCI to the Balance S h ee t $m L i ne i t e m in the profit o r  l os s statement or Balance S h ee t $m YEAR ENDED 31 DECEMBER 2022 Interest rate swaps \u2013 cash flow hedges 3.6 (0.1) \u2013 Finance costs Nickel forward contracts \u2013 cash flow hedges (5.4) 1.7 \u2013 Revenue Aluminium forward contracts \u2013 cash flow hedges (0.8) \u2013 0.8 Inventory YEAR ENDED 31 DECEMBER 2021 Interest rate swaps \u2013 cash flow hedges (0.1) 2.4 \u2013 Finance costs Nickel forward contracts \u2013 cash flow hedges (1.2) 0.3 \u2013 Revenue Aluminium forward contracts \u2013 cash flow hedges 1.2 \u2013 (2.3) Inventory Amounts reclassified from other comprehensive income to profit or loss are due to the hedged item affecting profit or loss in the period. There were no instances of non-occurrence of hedged cashflows in either the current or comparative period. HEDGE OF NET INVESTMENTS IN FOREIGN OPERATIONS The Group seeks to denominate the currency of its borrowings in euros and US dollars in order to match the currency of its cash flows, earnings and assets which are principally denominated in those currencies. The euro and US dollar borrowings in Elementis Holdings Limited are designated as net investment hedges, as the company\u2019s functional currency is pounds sterling. The Group does not undertake derivative transactions to hedge the foreign currency translation exposures. The Group analyses the euro and US dollar net assets by subsidiary, and the foreign currency borrowings in the name of Elementis Holdings Limited are allocated against certain tranches of net assets. The critical terms of the euro and US dollar borrowings and their corresponding hedged items are therefore the same. The Group performs a qualitative assessment of effectiveness and it is expected that the value of the euro and US dollar borrowings in pounds sterling and the value of the corresponding hedged items in pounds sterling will systematically move in the opposite direction in response to movements in the underlying exchange rates. The main source of ineffectiveness in these hedging relationships is the impact of a decline in the carrying value of the hedged item compared to the euro and US dollar borrowings, with the result that the value of the hedged item is less than the value of hedging instrument. Foreign currency revaluation on the euro and US dollar borrowings in the name of Elementis Holdings Limited are recorded in other comprehensive income and deferred in the foreign currency translation reserve on the balance sheet as long as the hedge is effective. Any ineffectiveness is recognised in the income statement for that year. The impact of the hedged items on the statement of comprehensive income is as follows: 2 0 2 2 F o r e i g n currency translation r e s e r v e $m 20 21 Foreign currency translation re se r v e $m YEAR ENDED 31 DECEMBER Net investment in foreign subsidiaries (100.9) (29.1) 22.  DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES CONTINUED IMPACT OF HEDGING ON EQUITY Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income: Ca sh f l ow hedge re se r v e $m Foreign currency translation re se r v e $m AT 1 JANUARY 2021 (8.9) (48.9) Effective portion of changes in fair value arising from: Derivative cash flow hedging instruments (0.1) \u2013 Amount reclassified to profit or loss 2.7 (0.4) Amount reclassified to net assets (2.3) \u2013 Foreign currency revaluation of the net foreign operations \u2013 (29.1) Foreign currency revaluation of borrowings \u2013 10.7 Foreign currency revaluation of pension scheme actuarial movements \u2013 \u2013 AT 1 JANUARY 2022 (8.6) (67.7) Effective portion of changes in fair value arising from: Derivative cash flow hedging instruments (2.6) \u2013 Amount reclassified to profit or loss 1.6 \u2013 Amount reclassified to net assets 0.8 \u2013 Transfer 7.8 \u2013 Foreign currency revaluation of the net foreign operations \u2013 (100.9) Foreign currency revaluation of borrowings \u2013 46.2 Transferred to assets/(liabilities) held for sale (see Note 32) \u2013 \u2013 AT 31 DECEMBER 2022 (1.0) (122.4) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-551": {
   "value": "<div class=\"t m0 h8 ff7b fs1 fcc sc0 ls30 ws30\" style=\"left:0.0031280518px; bottom:376.33847px;\">23.<span class=\"_ _2\"/> <span class=\"_ _3a\"> </span>FINANCIAL<span class=\"_ _2\"/> RISK MANA<span class=\"_ _35\"/>GEMENT<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 lsd6 wse8\" style=\"left:0.0031280518px; bottom:364.70474px;\">RISK MANA<span class=\"_ _35\"/>GEMENT OBJE<span class=\"_ _2\"/>CTIVES<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:351.70474px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up h<span class=\"_ _3\"/>as exp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ure to t<span class=\"_ _3\"/>he fol<span class=\"_ _3\"/>lowi<span class=\"_ _3\"/>ng ri<span class=\"_ _3\"/>sks f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m its u<span class=\"_ _3\"/>se of f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>l ins<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ume<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:327.64957px;\">\u2022  <span class=\"ls5f ws52\">Credit risk<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:314.64957px;\">\u2022  <span class=\"ls5f ws52\">Liquidity risk<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:301.64957px;\">\u2022  <span class=\"ls5f ws52\">Market risk<span class=\"_ _341\"> </span></span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:277.59436px;\">Th<span class=\"_ _3\"/>e Boa<span class=\"_ _3\"/>rd of D<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s ha<span class=\"_ _3\"/>s over<span class=\"_ _3\"/>all r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pon<span class=\"_ _3\"/>sib<span class=\"_ _3\"/>ili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y for th<span class=\"_ _3\"/>e es<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>sh<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t an<span class=\"_ _3\"/>d over<span class=\"_ _3\"/>sig<span class=\"_ _3\"/>ht of t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent f<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>mewo<span class=\"_ _3\"/>rk<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:264.59436px;\">Gr<span class=\"_ _3\"/>oup\u2019s risk ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt po<span class=\"_ _3\"/>lic<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s are e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>he<span class=\"_ _3\"/>d to ide<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>f<span class=\"_ _3\"/>y an<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>al<span class=\"_ _3\"/>yse th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>sks f<span class=\"_ _3\"/>ace<span class=\"_ _3\"/>d by th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up, to se<span class=\"_ _3\"/>t app<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>iate r<span class=\"_ _3\"/>isk l<span class=\"_ _3\"/>imi<span class=\"_ _3\"/>ts an<span class=\"_ _3\"/>d </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:251.59436px;\">con<span class=\"_ _3\"/>tro<span class=\"_ _3\"/>ls a<span class=\"_ _3\"/>nd to mo<span class=\"_ _3\"/>nito<span class=\"_ _3\"/>r ri<span class=\"_ _3\"/>sks a<span class=\"_ _3\"/>nd ad<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nce to l<span class=\"_ _3\"/>imi<span class=\"_ _3\"/>ts. R<span class=\"_ _3\"/>isk m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt p<span class=\"_ _3\"/>oli<span class=\"_ _3\"/>cie<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d sys<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s are r<span class=\"_ _3\"/>eviewe<span class=\"_ _3\"/>d re<span class=\"_ _3\"/>gu<span class=\"_ _3\"/>la<span class=\"_ _3\"/>rly to r<span class=\"_ _3\"/>efl<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t ch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s in </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:238.59436px;\">ma<span class=\"_ _3\"/>rket c<span class=\"_ _3\"/>ond<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>ons a<span class=\"_ _3\"/>nd t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s a<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:214.53915px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s Audit Co<span class=\"_ _3\"/>mm<span class=\"_ _3\"/>it<span class=\"_ _3\"/>tee ove<span class=\"_ _3\"/>r<span class=\"_ _3\"/>se<span class=\"_ _3\"/>es h<span class=\"_ _3\"/>ow man<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>eme<span class=\"_ _3\"/>nt m<span class=\"_ _3\"/>oni<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s co<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>lia<span class=\"_ _3\"/>nce w<span class=\"_ _3\"/>ith t<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _35\"/>s r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent p<span class=\"_ _3\"/>ol<span class=\"_ _3\"/>ici<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:201.53915px;\">pro<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>du<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s and r<span class=\"_ _3\"/>evie<span class=\"_ _3\"/>ws the a<span class=\"_ _3\"/>de<span class=\"_ _3\"/>qua<span class=\"_ _3\"/>cy of th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>sk ma<span class=\"_ _3\"/>na<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t fr<span class=\"_ _3\"/>am<span class=\"_ _3\"/>ewor<span class=\"_ _3\"/>k in re<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on to th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>sks fa<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>d by the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up. Th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s Audit<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:188.53915px;\">Com<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>tte<span class=\"_ _3\"/>e is a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n its ove<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>ht ro<span class=\"_ _3\"/>le by Inte<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al A<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>t. Inte<span class=\"_ _3\"/>r<span class=\"_ _3\"/>nal A<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>t und<span class=\"_ _3\"/>er<span class=\"_ _0\"/>ta<span class=\"_ _3\"/>kes bo<span class=\"_ _3\"/>th re<span class=\"_ _3\"/>gul<span class=\"_ _3\"/>ar a<span class=\"_ _3\"/>nd a<span class=\"_ _3\"/>d hoc r<span class=\"_ _3\"/>eview<span class=\"_ _3\"/>s of ri<span class=\"_ _3\"/>sk m<span class=\"_ _3\"/>ana<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:175.53915px;\">con<span class=\"_ _3\"/>tro<span class=\"_ _3\"/>ls a<span class=\"_ _3\"/>nd pr<span class=\"_ _3\"/>oc<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ure<span class=\"_ _3\"/>s, t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>ts of w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h ar<span class=\"_ _3\"/>e rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>ted to th<span class=\"_ _3\"/>e Aud<span class=\"_ _3\"/>it C<span class=\"_ _3\"/>omm<span class=\"_ _3\"/>it<span class=\"_ _3\"/>tee<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 lsd1 ws61\" style=\"left:0.0031280518px; bottom:152.78421px;\">CREDIT RISK<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:139.78421px;\">Cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k is th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>sk of f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s to the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up if a c<span class=\"_ _3\"/>usto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r or c<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y to a fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t fai<span class=\"_ _3\"/>ls to me<span class=\"_ _3\"/>et i<span class=\"_ _3\"/>ts co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>l </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls54 ws49\" style=\"left:0.0031280518px; bottom:126.78421px;\">obligations,<span class=\"_ _2\"/> and arises principally from<span class=\"_ _2\"/> the Group<span class=\"_ _2\"/>\u2019<span class=\"_ _2\"/>s receivables from<span class=\"_ _2\"/> customers.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls31 ws87\" style=\"left:0.0031280518px; bottom:104.02902px;\">TRADE AND<span class=\"_ _35\"/> OTHER RE<span class=\"_ _2\"/>CEIVABL<span class=\"_ _2\"/>ES<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:91.02902px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s exposu<span class=\"_ _3\"/>re to cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it r<span class=\"_ _3\"/>isk i<span class=\"_ _3\"/>s inf<span class=\"_ _3\"/>lue<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ed m<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>nly by th<span class=\"_ _3\"/>e ind<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>dua<span class=\"_ _3\"/>l ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ist<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>s of ea<span class=\"_ _3\"/>ch cu<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r<span class=\"_ _35\"/>. T<span class=\"_ _3\"/>he d<span class=\"_ _3\"/>em<span class=\"_ _3\"/>og<span class=\"_ _3\"/>rap<span class=\"_ _3\"/>hi<span class=\"_ _3\"/>cs of t<span class=\"_ _3\"/>he </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:78.02902px;\">Gr<span class=\"_ _3\"/>oup\u2019s custom<span class=\"_ _3\"/>er b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e, inc<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>ding t<span class=\"_ _3\"/>he de<span class=\"_ _3\"/>fau<span class=\"_ _3\"/>lt r<span class=\"_ _3\"/>isk of t<span class=\"_ _3\"/>he in<span class=\"_ _3\"/>dus<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>nd c<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>y i<span class=\"_ _3\"/>n whi<span class=\"_ _3\"/>ch c<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tome<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te, ha<span class=\"_ _3\"/>s le<span class=\"_ _3\"/>ss i<span class=\"_ _3\"/>nfl<span class=\"_ _3\"/>uen<span class=\"_ _3\"/>ce o<span class=\"_ _3\"/>n cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk<span class=\"_ _3\"/>. </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:65.02902px;\">No si<span class=\"_ _3\"/>ngl<span class=\"_ _3\"/>e cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts fo<span class=\"_ _3\"/>r a sig<span class=\"_ _3\"/>nif<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t pro<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s revenue.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:40.973816px;\">Eac<span class=\"_ _3\"/>h new c<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tome<span class=\"_ _3\"/>r is a<span class=\"_ _3\"/>na<span class=\"_ _3\"/>lys<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>vid<span class=\"_ _3\"/>ual<span class=\"_ _3\"/>ly fo<span class=\"_ _3\"/>r cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>two<span class=\"_ _3\"/>r<span class=\"_ _3\"/>th<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>ss b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s stan<span class=\"_ _3\"/>da<span class=\"_ _3\"/>rd pay<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd de<span class=\"_ _3\"/>live<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>s and c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:27.973816px;\">are o<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>ed. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s rev<span class=\"_ _3\"/>iew in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>s ex<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>nal r<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s, wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e availa<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e, an<span class=\"_ _3\"/>d in so<span class=\"_ _3\"/>me c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es b<span class=\"_ _3\"/>ank r<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s. Pu<span class=\"_ _3\"/>rch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e lim<span class=\"_ _3\"/>its a<span class=\"_ _3\"/>re </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:14.973816px;\">es<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>she<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r eac<span class=\"_ _3\"/>h cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er, which r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>sen<span class=\"_ _3\"/>ts th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>x<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m op<span class=\"_ _3\"/>en a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt wi<span class=\"_ _3\"/>tho<span class=\"_ _3\"/>ut re<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>iri<span class=\"_ _3\"/>ng ap<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>oval fr<span class=\"_ _3\"/>om th<span class=\"_ _3\"/>e Bo<span class=\"_ _3\"/>ard o<span class=\"_ _3\"/>f Dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s.<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:1.9738159px;\">Cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t fa<span class=\"_ _3\"/>il to me<span class=\"_ _3\"/>et th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s benc<span class=\"_ _3\"/>hma<span class=\"_ _3\"/>rk c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>wo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ss m<span class=\"_ _3\"/>ay tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t wi<span class=\"_ _3\"/>th the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up on<span class=\"_ _3\"/>ly on a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t ba<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span> </div>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s the IFR<span class=\"_ _3\"/>S 9 si<span class=\"_ _3\"/>mpl<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>roa<span class=\"_ _3\"/>ch in e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>hin<span class=\"_ _3\"/>g an a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e for ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es (<span class=\"_ _3\"/>ECL<span class=\"_ _3\"/>s). The G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up the<span class=\"_ _3\"/>re<span class=\"_ _3\"/>for<span class=\"_ _3\"/>e doe<span class=\"_ _3\"/>s no<span class=\"_ _3\"/>t tra<span class=\"_ _3\"/>ck ch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s in cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it ri<span class=\"_ _3\"/>sk b<span class=\"_ _3\"/>ut in<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>ad re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>s a lo<span class=\"_ _3\"/>ss a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on li<span class=\"_ _3\"/>feti<span class=\"_ _3\"/>me ECL<span class=\"_ _3\"/>s at e<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>h rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tin<span class=\"_ _3\"/>g date. A p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n mat<span class=\"_ _3\"/>rix i<span class=\"_ _3\"/>s us<span class=\"_ _3\"/>ed to c<span class=\"_ _3\"/>al<span class=\"_ _3\"/>cul<span class=\"_ _3\"/>ate lif<span class=\"_ _3\"/>etim<span class=\"_ _3\"/>e ECL<span class=\"_ _3\"/>s wh<span class=\"_ _3\"/>ich t<span class=\"_ _3\"/>ake<span class=\"_ _3\"/>s into a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s his<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>al c<span class=\"_ _3\"/>red<span class=\"_ _3\"/>it lo<span class=\"_ _3\"/>ss ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d for hi<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>cal<span class=\"_ _3\"/> con<span class=\"_ _3\"/>di<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t ar<span class=\"_ _3\"/>e not re<span class=\"_ _3\"/>leva<span class=\"_ _3\"/>nt to fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>shf<span class=\"_ _3\"/>lows a<span class=\"_ _3\"/>nd f<span class=\"_ _3\"/>or<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd lo<span class=\"_ _3\"/>ok<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>c to the d<span class=\"_ _3\"/>ebto<span class=\"_ _3\"/>r an<span class=\"_ _3\"/>d ec<span class=\"_ _3\"/>on<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>c envi<span class=\"_ _3\"/>ron<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt.<span class=\"_ _341\"> </span>INVESTMENT<span class=\"_ _2\"/>S<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up li<span class=\"_ _3\"/>mit<span class=\"_ _3\"/>s it<span class=\"_ _3\"/>s expo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re to cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk th<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>gh a tr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>su<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y po<span class=\"_ _3\"/>lic<span class=\"_ _3\"/>y that i<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ose<span class=\"_ _3\"/>s gr<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>uate<span class=\"_ _3\"/>d lim<span class=\"_ _3\"/>its o<span class=\"_ _3\"/>n the a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt of f<span class=\"_ _3\"/>un<span class=\"_ _3\"/>ds th<span class=\"_ _3\"/>at ca<span class=\"_ _3\"/>n be<span class=\"_ _3\"/> dep<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ite<span class=\"_ _3\"/>d wit<span class=\"_ _3\"/>h cou<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>rpa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ies by r<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nce to t<span class=\"_ _3\"/>he co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>tie<span class=\"_ _3\"/>s\u2019 cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t rat<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>s def<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d by St<span class=\"_ _3\"/>an<span class=\"_ _3\"/>da<span class=\"_ _3\"/>rd &amp; Poo<span class=\"_ _3\"/>r\u2019s or Moo<span class=\"_ _3\"/>dy<span class=\"_ _3\"/>\u2019<span class=\"_ _2\"/>s.<span class=\"_ _3\"/> Man<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent d<span class=\"_ _3\"/>oe<span class=\"_ _3\"/>s not ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct a<span class=\"_ _3\"/>ny co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y to fail to m<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t it<span class=\"_ _3\"/>s obli<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns.<span class=\"_ _341\"> </span>E<span class=\"_ _3\"/>XP<span class=\"_ _3\"/>OS<span class=\"_ _3\"/>U<span class=\"_ _3\"/>R<span class=\"_ _3\"/>E TO C<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ED<span class=\"_ _3\"/>IT R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>y<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g amo<span class=\"_ _3\"/>unt o<span class=\"_ _3\"/>f fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>res<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>x<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t expo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re. T<span class=\"_ _3\"/>he ma<span class=\"_ _0\"/>xim<span class=\"_ _3\"/>um exp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ure to c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k at the r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> date<span class=\"_ _3\"/> was:<span class=\"_ _341\"> </span>Carr<span class=\"_ _3\"/>ying amount<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>rade receiv<span class=\"_ _2\"/>ables<span class=\"_ _27c\"> </span><span class=\"ff7d ls1d ws72\">77.5<span class=\"_ _64\"> </span><span class=\"ff7c\">110.6<span class=\"_ _341\"> </span></span></span>Cas<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>vale<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _1b2\"> </span><span class=\"ff7d ws72\">54.9<span class=\"_ _c7\"> </span><span class=\"ff7c\">84.6<span class=\"_ _341\"> </span></span></span>132.4<span class=\"_ _64\"> </span><span class=\"ff7c\">195.2<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>xi<span class=\"_ _3\"/>mum ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re to cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk fo<span class=\"_ _3\"/>r tra<span class=\"_ _3\"/>de re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s at t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g date by g<span class=\"_ _3\"/>eo<span class=\"_ _3\"/>gr<span class=\"_ _3\"/>ap<span class=\"_ _3\"/>hic re<span class=\"_ _3\"/>gi<span class=\"_ _3\"/>on wa<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span>Carr<span class=\"_ _3\"/>ying amount<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Nor<span class=\"_ _3\"/>th America<span class=\"_ _2ad\"> </span><span class=\"ff7d ls1d ws72\">25.5<span class=\"_ _14\"> </span><span class=\"ff7c\">36.3<span class=\"_ _341\"> </span></span></span>Euro<span class=\"_ _3\"/>pe<span class=\"_ _2a3\"> </span><span class=\"ff7d\">27.2<span class=\"_ _14\"> </span></span>39.5<span class=\"_ _341\"> </span>Re<span class=\"_ _3\"/>st of th<span class=\"_ _3\"/>e Worl<span class=\"_ _3\"/>d<span class=\"_ _279\"> </span><span class=\"ff7d ws72\">24.8<span class=\"_ _14\"> </span><span class=\"ff7c\">34.8<span class=\"_ _341\"> </span></span></span>77.5<span class=\"_ _64\"> </span><span class=\"ff7c\">110.6<span class=\"_ _341\"> </span></span>EXPEC<span class=\"_ _2\"/>TED CRE<span class=\"_ _2\"/>DIT L<span class=\"_ _35\"/>OSSES<span class=\"_ _341\"> </span>Set o<span class=\"_ _3\"/>ut b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow is the i<span class=\"_ _3\"/>nfo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n ab<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>t the c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit r<span class=\"_ _3\"/>isk ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>e on th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s trade r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>vabl<span class=\"_ _3\"/>es u<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g a pr<span class=\"_ _3\"/>ovis<span class=\"_ _3\"/>ion m<span class=\"_ _3\"/>atr<span class=\"_ _3\"/>ix:<span class=\"_ _341\"> </span>G<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>E<span class=\"_ _42\"> </span>x<span class=\"_ _36\"> </span>p<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>d credit l<span class=\"_ _2\"/>oss<span class=\"_ _1\"/> rate<span class=\"_ _341\"> </span>E<span class=\"_ _42\"> </span>x<span class=\"_ _36\"> </span>p<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>d credit l<span class=\"_ _2\"/>oss<span class=\"_ _1\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>Gross 202<span class=\"_ _2\"/>1<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Expected<span class=\"_ _3f\"/> credit loss<span class=\"_ _1\"/> rate<span class=\"_ _341\"> </span>Expected<span class=\"_ _3f\"/> credit loss<span class=\"_ _1\"/> 2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Not p<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t due<span class=\"_ _1fd\"> </span><span class=\"ff7d ws72\">67.9<span class=\"_ _29\"> </span>0.1%<span class=\"_ _15\"> </span>(0.1)<span class=\"_ _94\"> </span><span class=\"ff7c\">97.7<span class=\"_ _29\"> </span>0.1%<span class=\"_ _a\"> </span>(0.1)<span class=\"_ _341\"> </span></span></span>Pas<span class=\"_ _3\"/>t due 0<span class=\"_ _3\"/>-<span class=\"_ _3\"/>30 d<span class=\"_ _3\"/>ays<span class=\"_ _f8\"> </span><span class=\"ff7d ws72\">6.3<span class=\"_ _29\"> </span>0.0%<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ff7c\">9.3<span class=\"_ _29\"> </span>0.0%<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Pas<span class=\"_ _3\"/>t due 31<span class=\"_ _2\"/>-<span class=\"_ _35\"/>120 days<span class=\"_ _25d\"> </span><span class=\"ff7d ws72\">3.2<span class=\"_ _29\"> </span>0.0%<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ff7c\">2.6<span class=\"_ _29\"> </span>0.0%<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Pas<span class=\"_ _3\"/>t due &gt; 12<span class=\"_ _2\"/>1 day<span class=\"_ _3\"/>s<span class=\"_ _121\"> </span><span class=\"ff7d ws72\">1.6<span class=\"_ _166\"> </span>87.5%<span class=\"_ _15\"> </span>(1.4)<span class=\"_ _26\"> </span><span class=\"ff7c\">2.6<span class=\"_ _166\"> </span>62.0%<span class=\"_ _a\"> </span>(1.6)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>otal<span class=\"_ _2ae\"> </span><span class=\"ff7d ls1d ws72\">79.0<span class=\"_ _a4\"> </span>(1.5)<span class=\"_ _9b\"> </span><span class=\"ff7c\">112.2<span class=\"_ _2af\"> </span>(1.7)<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e movem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t in the a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e for ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es d<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r was a<span class=\"_ _3\"/>s fol<span class=\"_ _3\"/>lows:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce at 1 J<span class=\"_ _3\"/>an<span class=\"_ _3\"/>uar<span class=\"_ _0\"/>y<span class=\"_ _2b0\"> </span><span class=\"ff7d ws72\">1.7<span class=\"_ _74\"> </span><span class=\"ff7c\">1.8<span class=\"_ _341\"> </span></span></span>Rel<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t \u2013 adm<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>str<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ve expe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>es<span class=\"_ _2b1\"> </span><span class=\"ff7d ws72\">0.5<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts w<span class=\"_ _3\"/>rit<span class=\"_ _3\"/>te<span class=\"_ _3\"/>n of<span class=\"_ _3\"/>f<span class=\"_ _24d\"> </span><span class=\"ff7d ws72\">(0.5)<span class=\"_ _82\"> </span><span class=\"ff7c\">(0.1)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _2b2\"> </span><span class=\"ff7d ws72\">(0.2)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Balance at 3<span class=\"_ _2\"/>1 Decembe<span class=\"_ _3\"/>r<span class=\"_ _2b3\"> </span><span class=\"ff7d ls1d ws72\">1.5<span class=\"_ _74\"> </span><span class=\"ff7c\">1.7<span class=\"_ _341\"> </span></span></span>23.<span class=\"_ _2\"/> <span class=\"_ _3a\"> </span>FINANCIAL<span class=\"_ _2\"/> RISK MANA<span class=\"_ _35\"/>GEMENT CON<span class=\"_ _2\"/>TINUED<span class=\"_ _341\"> </span>LIQUIDITY RISK<span class=\"_ _341\"> </span>Liq<span class=\"_ _3\"/>uid<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y ri<span class=\"_ _3\"/>sk i<span class=\"_ _3\"/>s the r<span class=\"_ _3\"/>isk t<span class=\"_ _3\"/>hat t<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>p will n<span class=\"_ _3\"/>ot be a<span class=\"_ _3\"/>ble to m<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t it<span class=\"_ _3\"/>s fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>ns a<span class=\"_ _3\"/>s they f<span class=\"_ _3\"/>all d<span class=\"_ _3\"/>ue. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s ap<span class=\"_ _3\"/>pro<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>h to man<span class=\"_ _3\"/>agi<span class=\"_ _3\"/>ng liq<span class=\"_ _3\"/>uidi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y is to e<span class=\"_ _3\"/>nsu<span class=\"_ _3\"/>re, a<span class=\"_ _3\"/>s fa<span class=\"_ _3\"/>r as p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>sib<span class=\"_ _3\"/>le, th<span class=\"_ _3\"/>at it w<span class=\"_ _3\"/>ill a<span class=\"_ _3\"/>lways have s<span class=\"_ _3\"/>uf<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>ien<span class=\"_ _3\"/>t liq<span class=\"_ _3\"/>uid<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y to me<span class=\"_ _3\"/>et i<span class=\"_ _3\"/>ts lia<span class=\"_ _3\"/>bi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>n due, u<span class=\"_ _3\"/>nde<span class=\"_ _3\"/>r bo<span class=\"_ _3\"/>th no<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>nd str<span class=\"_ _3\"/>es<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns, w<span class=\"_ _3\"/>ith<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>t inc<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>rin<span class=\"_ _3\"/>g una<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>tab<span class=\"_ _3\"/>le l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s or r<span class=\"_ _3\"/>isk<span class=\"_ _3\"/>ing d<span class=\"_ _3\"/>am<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>e to the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s rep<span class=\"_ _3\"/>ut<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>on. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s fun<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g po<span class=\"_ _3\"/>licy i<span class=\"_ _3\"/>s to have co<span class=\"_ _3\"/>mmi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ted b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ngs i<span class=\"_ _3\"/>n pla<span class=\"_ _3\"/>ce to c<span class=\"_ _3\"/>over at l<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>st 125<span class=\"_ _35\"/>% of th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>x<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m for<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t net b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s for th<span class=\"_ _3\"/>e nex<span class=\"_ _3\"/>t 12 month p<span class=\"_ _3\"/>er<span class=\"_ _3\"/>iod<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e com<span class=\"_ _3\"/>mi<span class=\"_ _3\"/>tte<span class=\"_ _3\"/>d fa<span class=\"_ _3\"/>cili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s at 31 De<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>mb<span class=\"_ _3\"/>er we<span class=\"_ _3\"/>re as f<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ows:<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l committed<span class=\"_ _1\"/> facilities<span class=\"_ _1\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>Undrawn<span class=\"_ _1\"/> committed<span class=\"_ _1\"/> facilities<span class=\"_ _1\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>Drawn<span class=\"_ _3f\"/> committed<span class=\"_ _1\"/> Facilities<span class=\"_ _1\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _36\"> </span>t<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>l committed<span class=\"_ _1\"/> facilities<span class=\"_ _35\"/> 2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Undrawn<span class=\"_ _1\"/> committed<span class=\"_ _1\"/> facilitie<span class=\"_ _3\"/>s<span class=\"_ _1\"/> 2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>D<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>a<span class=\"_ _36\"/>w<span class=\"_ _36\"/>n committed<span class=\"_ _1\"/> Facilities<span class=\"_ _1\"/> 2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>US do<span class=\"_ _3\"/>lla<span class=\"_ _3\"/>r ter<span class=\"_ _3\"/>m loa<span class=\"_ _3\"/>n<span class=\"_ _58\"> </span><span class=\"ff7d ws72\">150.0<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>150.0<span class=\"_ _4b\"> </span><span class=\"ff7c\">200.0<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ws72\">200.0<span class=\"_ _341\"> </span></span>Euro te<span class=\"_ _3\"/>rm l<span class=\"_ _3\"/>oa<span class=\"_ _3\"/>n<span class=\"_ _f6\"> </span><span class=\"ff7d ws72\">152.5<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>152.5<span class=\"_ _4b\"> </span><span class=\"ff7c\">195.6<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _64\"> </span></span><span class=\"ws72\">195.6<span class=\"_ _341\"> </span></span>RCFs<span class=\"_ _26e\"> </span><span class=\"ff7d ls1d ws72\">408.5<span class=\"_ _64\"> </span>291.9<span class=\"_ _64\"> </span>116.6<span class=\"_ _64\"> </span><span class=\"ff7c\">375.0<span class=\"_ _4b\"> </span>285.0<span class=\"_ _14\"> </span>90.0<span class=\"_ _341\"> </span></span></span>Lin<span class=\"_ _3\"/>es of c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit<span class=\"_ _132\"> </span><span class=\"ff7d ws72\">22.4<span class=\"_ _82\"> </span>22.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _14\"> </span></span><span class=\"ff7c\">45.3<span class=\"_ _14\"> </span>45.3<span class=\"_ _182\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>otal<span class=\"_ _2b4\"> </span><span class=\"ff7d ls1d ws72\">733.4<span class=\"_ _64\"> </span>314.3<span class=\"_ _64\"> </span>419.1<span class=\"_ _4b\"> </span><span class=\"ff7c\">815.9<span class=\"_ _64\"> </span>330.3<span class=\"_ _64\"> </span>485.6<span class=\"_ _341\"> </span></span></span>of whi<span class=\"_ _3\"/>ch ex<span class=\"_ _3\"/>pir<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ter m<span class=\"_ _3\"/>ore t<span class=\"_ _3\"/>han 1 ye<span class=\"_ _3\"/>ar<span class=\"_ _13f\"> </span><span class=\"ff7d ws72\">301.9<span class=\"_ _2b5\"> </span><span class=\"ff7c\">295.0<span class=\"_ _341\"> </span></span></span>In ad<span class=\"_ _3\"/>diti<span class=\"_ _3\"/>on, s<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e sup<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s have a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s to uti<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>e the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s sup<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>er f<span class=\"_ _3\"/>in<span class=\"_ _3\"/>anc<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>og<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>mme<span class=\"_ _3\"/>s, w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h are p<span class=\"_ _3\"/>rov<span class=\"_ _3\"/>ide<span class=\"_ _3\"/>d by Sa<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>and<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>nd U<span class=\"_ _3\"/>S Ban<span class=\"_ _3\"/>k. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re is n<span class=\"_ _3\"/>o co<span class=\"_ _3\"/>st to th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup fo<span class=\"_ _3\"/>r pr<span class=\"_ _3\"/>ovid<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ogr<span class=\"_ _3\"/>am<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s as t<span class=\"_ _3\"/>he co<span class=\"_ _3\"/>st i<span class=\"_ _3\"/>s bo<span class=\"_ _3\"/>rne by t<span class=\"_ _3\"/>he su<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e pro<span class=\"_ _3\"/>gr<span class=\"_ _3\"/>am<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s all<span class=\"_ _3\"/>ow sup<span class=\"_ _3\"/>pli<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s to ch<span class=\"_ _3\"/>oo<span class=\"_ _3\"/>se wh<span class=\"_ _3\"/>eth<span class=\"_ _3\"/>er t<span class=\"_ _3\"/>hey wan<span class=\"_ _3\"/>t to ac<span class=\"_ _3\"/>cel<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ate th<span class=\"_ _3\"/>e pay<span class=\"_ _3\"/>men<span class=\"_ _3\"/>t of the<span class=\"_ _3\"/>ir i<span class=\"_ _3\"/>nvoic<span class=\"_ _3\"/>es, by t<span class=\"_ _3\"/>he f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>ng ba<span class=\"_ _3\"/>nks<span class=\"_ _3\"/>, at a low i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t co<span class=\"_ _3\"/>st. T<span class=\"_ _3\"/>he<span class=\"_ _3\"/> am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndin<span class=\"_ _3\"/>g to the b<span class=\"_ _3\"/>ank<span class=\"_ _3\"/>s are p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d wit<span class=\"_ _3\"/>hin tr<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>e and o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>nd th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>shf<span class=\"_ _3\"/>low<span class=\"_ _3\"/>s are p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>d with c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ows fr<span class=\"_ _3\"/>om ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g ac<span class=\"_ _3\"/>tivi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s. At th<span class=\"_ _3\"/>e en<span class=\"_ _3\"/>d of the p<span class=\"_ _3\"/>e<span class=\"_ _3\"/>rio<span class=\"_ _3\"/>d, the to<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l fac<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y w<span class=\"_ _3\"/>ith S<span class=\"_ _3\"/>ant<span class=\"_ _3\"/>an<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r was $1<span class=\"_ _2\"/>5.9<span class=\"_ _3\"/>m (20<span class=\"_ _3\"/>21 $<span class=\"_ _2\"/>1<span class=\"_ _2\"/>4.9<span class=\"_ _3\"/>m) with t<span class=\"_ _3\"/>he ne<span class=\"_ _3\"/>t bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng of $n<span class=\"_ _3\"/>il (2021<span class=\"_ _2\"/>: $6<span class=\"_ _3\"/>.2m) an<span class=\"_ _3\"/>d the to<span class=\"_ _3\"/>tal f<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>y w<span class=\"_ _3\"/>ith US B<span class=\"_ _3\"/>an<span class=\"_ _3\"/>k was $1<span class=\"_ _2\"/>.5m (<span class=\"_ _3\"/>2021<span class=\"_ _35\"/>: $1<span class=\"_ _2\"/>.5<span class=\"_ _3\"/>m) with th<span class=\"_ _3\"/>e ne<span class=\"_ _3\"/>t bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce ou<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>ng of $<span class=\"_ _3\"/>0.5<span class=\"_ _3\"/>m (2021<span class=\"_ _35\"/>: $<span class=\"_ _3\"/>0.6<span class=\"_ _3\"/>m). E<span class=\"_ _3\"/>XP<span class=\"_ _3\"/>OS<span class=\"_ _3\"/>U<span class=\"_ _3\"/>R<span class=\"_ _3\"/>E TO LI<span class=\"_ _3\"/>Q<span class=\"_ _3\"/>UI<span class=\"_ _3\"/>D<span class=\"_ _3\"/>IT<span class=\"_ _3\"/>Y R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>The maturity analyses for financial liabilities showing<span class=\"_ _2\"/> the anticipated remaining contractual undiscount<span class=\"_ _2\"/>ed cash flows, including future inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st pay<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nts<span class=\"_ _3\"/>, at cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t yea<span class=\"_ _3\"/>r excha<span class=\"_ _3\"/>nge r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>sum<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>lo<span class=\"_ _3\"/>atin<span class=\"_ _3\"/>g inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ates r<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ain a<span class=\"_ _3\"/>t the l<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>st f<span class=\"_ _3\"/>ixi<span class=\"_ _3\"/>ng ra<span class=\"_ _3\"/>tes a<span class=\"_ _3\"/>re:<span class=\"_ _341\"> </span>31 De<span class=\"_ _3\"/>c<span class=\"_ _3\"/>em<span class=\"_ _3\"/>b<span class=\"_ _3\"/>er 2<span class=\"_ _3\"/>0<span class=\"_ _3\"/>2<span class=\"_ _3\"/>2<span class=\"_ _341\"> </span>Within 1<span class=\"_ _3f\"/> y<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>r $m<span class=\"_ _341\"> </span>1 to 2<span class=\"_ _1\"/> y<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>2 to 5<span class=\"_ _1\"/> y<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>A<span class=\"_ _36\"> </span>f<span class=\"_ _42\"> </span>t<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>r<span class=\"_ _36\"> </span> 5 y<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>a<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>s $m<span class=\"_ _341\"> </span>T<span class=\"_ _3\"/>o<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>a<span class=\"_ _42\"> </span>l $m<span class=\"_ _341\"> </span>Ba<span class=\"_ _3\"/>nk ove<span class=\"_ _3\"/>rd<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>f<span class=\"_ _3\"/>t<span class=\"_ _3\"/>s<span class=\"_ _2b6\"> </span><span class=\"ff7d ls1d ws72\">2.7<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span>2.7<span class=\"_ _341\"> </span></span>Secured bank loan<span class=\"_ _28c\"> </span><span class=\"ff7d ls1d ws72\">132.0<span class=\"_ _14\"> </span>15.2<span class=\"_ _4b\"> </span>325.2<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span></span>472.4<span class=\"_ _341\"> </span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>ade a<span class=\"_ _3\"/>nd o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r paya<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s<span class=\"_ _186\"> </span><span class=\"ff7d ws72\">135.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _64\"> </span></span>135.4<span class=\"_ _341\"> </span></span>Leas<span class=\"_ _3\"/>e liabilities<span class=\"_ _2b7\"> </span><span class=\"ff7d ls1d ws72\">6.1<span class=\"_ _74\"> </span>5.0<span class=\"_ _14\"> </span>11.7<span class=\"_ _14\"> </span>21.2<span class=\"_ _14\"> </span>44.0<span class=\"_ _341\"> </span></span>TO<span class=\"_ _2\"/>T<span class=\"_ _35\"/>AL NON-DERIV<span class=\"_ _35\"/>A<span class=\"_ _35\"/>TIVE FINANC<span class=\"_ _2\"/>IAL LIABIL<span class=\"_ _2\"/>ITIES<span class=\"_ _9c\"> </span><span class=\"ls1d ws72\">276.2<span class=\"_ _14\"> </span>20.2<span class=\"_ _64\"> </span>336.9<span class=\"_ _14\"> </span>21.2<span class=\"_ _4b\"> </span>654.5<span class=\"_ _341\"> </span></span>Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>te swap<span class=\"_ _3\"/>s<span class=\"_ _2b8\"> </span><span class=\"ff7d ws72\">1.1<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span>1.1<span class=\"_ _341\"> </span></span>Commodity swap<span class=\"_ _2\"/> contracts<span class=\"_ _205\"> </span><span class=\"ff7d ls1d ws72\">10.3<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _14\"> </span></span>10.3<span class=\"_ _341\"> </span></span>Cro<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy swa<span class=\"_ _3\"/>ps \u2013 ou<span class=\"_ _3\"/>t<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ow<span class=\"_ _2b9\"> </span><span class=\"ff7d ws72\">106.7<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _64\"> </span></span>106.7<span class=\"_ _341\"> </span></span>Cro<span class=\"_ _3\"/>ss c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy swa<span class=\"_ _3\"/>ps \u2013 in<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ow<span class=\"_ _52\"> </span><span class=\"ff7d ws72\">(109.8)<span class=\"_ _b\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _31\"> </span></span>(109.8)<span class=\"_ _341\"> </span></span>For<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd exch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts \u2013 ou<span class=\"_ _3\"/>t<span class=\"_ _3\"/>fl<span class=\"_ _3\"/>ow<span class=\"_ _1a1\"> </span><span class=\"ff7d ws72\">106.7<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _64\"> </span></span>106.7<span class=\"_ _341\"> </span></span>For<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd exch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts \u2013 in<span class=\"_ _3\"/>flow<span class=\"_ _2a7\"> </span><span class=\"ff7d ws72\">(108.9)<span class=\"_ _12\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _182\"> </span>\u2013<span class=\"_ _f\"> </span></span>(108.9)<span class=\"_ _341\"> </span></span>TO<span class=\"_ _2\"/>T<span class=\"_ _35\"/>AL DERIV<span class=\"_ _35\"/>A<span class=\"_ _35\"/>TIVE FINANCI<span class=\"_ _2\"/>AL LIABIL<span class=\"_ _2\"/>ITIES<span class=\"_ _1df\"> </span><span class=\"ls1d ws72\">6.1<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _93\"> </span>\u2013<span class=\"_ _74\"> </span></span>6.1<span class=\"_ _341\"> </span></span>MARKET RISK<span class=\"_ _341\"> </span>Ma<span class=\"_ _3\"/>rket r<span class=\"_ _3\"/>isk i<span class=\"_ _3\"/>s the r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k tha<span class=\"_ _3\"/>t cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>es in m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, su<span class=\"_ _3\"/>ch a<span class=\"_ _3\"/>s fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n excha<span class=\"_ _3\"/>nge r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st ra<span class=\"_ _3\"/>tes<span class=\"_ _3\"/>, will a<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fec<span class=\"_ _3\"/>t th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s incom<span class=\"_ _3\"/>e or the va<span class=\"_ _3\"/>lue of i<span class=\"_ _3\"/>ts h<span class=\"_ _3\"/>old<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s of fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts. T<span class=\"_ _3\"/>he o<span class=\"_ _3\"/>bje<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>ive of ma<span class=\"_ _3\"/>rke<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t is to ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ol ma<span class=\"_ _3\"/>rke<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k exp<span class=\"_ _3\"/>osu<span class=\"_ _3\"/>re<span class=\"_ _3\"/>s within acceptable parameters, whi<span class=\"_ _2\"/>lst optimising t<span class=\"_ _2\"/>he return on risk.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s de<span class=\"_ _3\"/>riva<span class=\"_ _3\"/>tive<span class=\"_ _3\"/>s in th<span class=\"_ _3\"/>e ord<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y c<span class=\"_ _3\"/>our<span class=\"_ _3\"/>s<span class=\"_ _3\"/>e of bu<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>es<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>nd al<span class=\"_ _3\"/>so i<span class=\"_ _3\"/>ncu<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l lia<span class=\"_ _3\"/>bil<span class=\"_ _3\"/>iti<span class=\"_ _3\"/>es, i<span class=\"_ _3\"/>n or<span class=\"_ _3\"/>der to m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age m<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ket r<span class=\"_ _3\"/>isks<span class=\"_ _3\"/>. Al<span class=\"_ _3\"/>l suc<span class=\"_ _3\"/>h tr<span class=\"_ _3\"/>ans<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ons a<span class=\"_ _3\"/>re c<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ed o<span class=\"_ _3\"/>ut wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n the gu<span class=\"_ _3\"/>id<span class=\"_ _3\"/>elin<span class=\"_ _3\"/>es s<span class=\"_ _3\"/>et by th<span class=\"_ _3\"/>e Boa<span class=\"_ _3\"/>rd.<span class=\"_ _341\"> </span>MA<span class=\"_ _3\"/>R<span class=\"_ _3\"/>K<span class=\"_ _3\"/>ET R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K \u2013 CU<span class=\"_ _3\"/>R<span class=\"_ _3\"/>RE<span class=\"_ _3\"/>N<span class=\"_ _3\"/>CY R<span class=\"_ _3\"/>IS<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up i<span class=\"_ _3\"/>s expo<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to cu<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>y ri<span class=\"_ _3\"/>sk on s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, pur<span class=\"_ _3\"/>cha<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s a<span class=\"_ _3\"/>nd bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>gs th<span class=\"_ _3\"/>at a<span class=\"_ _3\"/>re de<span class=\"_ _3\"/>nom<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>ted i<span class=\"_ _3\"/>n a fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r tha<span class=\"_ _3\"/>n the<span class=\"_ _3\"/> res<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tive fu<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>nal c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>es o<span class=\"_ _3\"/>f Gro<span class=\"_ _3\"/>up e<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s, pr<span class=\"_ _3\"/>im<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ily t<span class=\"_ _3\"/>he US d<span class=\"_ _3\"/>olla<span class=\"_ _3\"/>r a<span class=\"_ _3\"/>nd the e<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>o. The G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>es u<span class=\"_ _3\"/>p to 1<span class=\"_ _2\"/>0<span class=\"_ _3\"/>0% of cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd fore<span class=\"_ _3\"/>c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t tra<span class=\"_ _3\"/>de re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d tr<span class=\"_ _3\"/>ade p<span class=\"_ _3\"/>ayabl<span class=\"_ _3\"/>es d<span class=\"_ _3\"/>en<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>nate<span class=\"_ _3\"/>d in a fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ign c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>cy. The Gr<span class=\"_ _3\"/>oup u<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s for<span class=\"_ _0\"/>war<span class=\"_ _3\"/>d excha<span class=\"_ _3\"/>nge c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>s to hed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/> its c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy r<span class=\"_ _3\"/>isk<span class=\"_ _3\"/>, wi<span class=\"_ _3\"/>th a ma<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y of le<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>n one ye<span class=\"_ _3\"/>ar f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m the re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ti<span class=\"_ _3\"/>ng da<span class=\"_ _3\"/>te.<span class=\"_ _341\"> </span>Inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st on b<span class=\"_ _3\"/>or<span class=\"_ _3\"/>rowi<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s is de<span class=\"_ _3\"/>no<span class=\"_ _3\"/>min<span class=\"_ _3\"/>ated i<span class=\"_ _3\"/>n cu<span class=\"_ _3\"/>rre<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t matc<span class=\"_ _3\"/>h the c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ows ge<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>ted by th<span class=\"_ _3\"/>e und<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ly<span class=\"_ _3\"/>ing o<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>rat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up, pr<span class=\"_ _3\"/>ima<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>ly US d<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar<span class=\"_ _2\"/>, bu<span class=\"_ _3\"/>t al<span class=\"_ _3\"/>so e<span class=\"_ _3\"/>uro a<span class=\"_ _3\"/>nd p<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ds s<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>lin<span class=\"_ _3\"/>g. Th<span class=\"_ _3\"/>is pr<span class=\"_ _3\"/>ovid<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>n ec<span class=\"_ _3\"/>on<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>c he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>e in in<span class=\"_ _3\"/>sta<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>es w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>re he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ing d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ivat<span class=\"_ _3\"/>ives a<span class=\"_ _3\"/>re no<span class=\"_ _3\"/>t ente<span class=\"_ _3\"/>re<span class=\"_ _3\"/>d into. In r<span class=\"_ _3\"/>es<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f othe<span class=\"_ _3\"/>r mo<span class=\"_ _3\"/>net<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd li<span class=\"_ _3\"/>abi<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es d<span class=\"_ _3\"/>en<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>nate<span class=\"_ _3\"/>d in fo<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ign c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>es<span class=\"_ _3\"/>, the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p en<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>es t<span class=\"_ _3\"/>hat i<span class=\"_ _3\"/>ts ne<span class=\"_ _3\"/>t exp<span class=\"_ _3\"/>osu<span class=\"_ _3\"/>re is kept to a<span class=\"_ _3\"/>n ac<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>pta<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e level by b<span class=\"_ _3\"/>uy<span class=\"_ _3\"/>ing o<span class=\"_ _3\"/>r se<span class=\"_ _3\"/>llin<span class=\"_ _3\"/>g for<span class=\"_ _3\"/>eig<span class=\"_ _3\"/>n cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s at sp<span class=\"_ _3\"/>ot r<span class=\"_ _3\"/>ates w<span class=\"_ _3\"/>he<span class=\"_ _3\"/>n ne<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y to add<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ss s<span class=\"_ _3\"/>ho<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t ter<span class=\"_ _3\"/>m im<span class=\"_ _3\"/>bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s net inves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt in ove<span class=\"_ _3\"/>rs<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>s su<span class=\"_ _3\"/>bsi<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>es c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s expo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re to for<span class=\"_ _3\"/>eig<span class=\"_ _3\"/>n excha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e flu<span class=\"_ _3\"/>ct<span class=\"_ _3\"/>uati<span class=\"_ _3\"/>on<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he ri<span class=\"_ _3\"/>sk i<span class=\"_ _3\"/>s he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>d by US d<span class=\"_ _3\"/>olla<span class=\"_ _3\"/>r and e<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>o de<span class=\"_ _3\"/>nom<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>ted d<span class=\"_ _3\"/>rawdow<span class=\"_ _3\"/>ns un<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r the sy<span class=\"_ _3\"/>nd<span class=\"_ _3\"/>ica<span class=\"_ _3\"/>ted f<span class=\"_ _3\"/>aci<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y de<span class=\"_ _3\"/>si<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ated a<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dge<span class=\"_ _3\"/>d ite<span class=\"_ _3\"/>m in ne<span class=\"_ _3\"/>t inves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge re<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>sh<span class=\"_ _3\"/>ips<span class=\"_ _3\"/>. Thi<span class=\"_ _3\"/>s mi<span class=\"_ _3\"/>tiga<span class=\"_ _3\"/>tes t<span class=\"_ _3\"/>he cu<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>en<span class=\"_ _3\"/>cy ri<span class=\"_ _3\"/>sk a<span class=\"_ _3\"/>ris<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>m the re<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ans<span class=\"_ _3\"/>la<span class=\"_ _3\"/>tion o<span class=\"_ _3\"/>f a sub<span class=\"_ _3\"/>si<span class=\"_ _3\"/>dia<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y\u2019s net a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>ets i<span class=\"_ _3\"/>nto po<span class=\"_ _3\"/>und<span class=\"_ _3\"/>s ste<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>ing, t<span class=\"_ _3\"/>he fu<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>nal c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy of<span class=\"_ _3\"/> the ultimate parent Elementis plc. CURRENC<span class=\"_ _2\"/>Y RISK<span class=\"_ _35\"/> SENSITIVITY AN<span class=\"_ _2\"/>AL<span class=\"_ _35\"/>YSIS<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g tab<span class=\"_ _3\"/>le il<span class=\"_ _3\"/>lus<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ates t<span class=\"_ _3\"/>he ef<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t on th<span class=\"_ _3\"/>e inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t and i<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t are r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>og<span class=\"_ _3\"/>nis<span class=\"_ _3\"/>ed d<span class=\"_ _3\"/>ire<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tly in e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y tha<span class=\"_ _3\"/>t woul<span class=\"_ _3\"/>d re<span class=\"_ _3\"/>sul<span class=\"_ _3\"/>t fr<span class=\"_ _3\"/>om a 1<span class=\"_ _2\"/>0% str<span class=\"_ _3\"/>eng<span class=\"_ _3\"/>the<span class=\"_ _3\"/>ni<span class=\"_ _3\"/>ng of US d<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar a<span class=\"_ _3\"/>gai<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>t the fo<span class=\"_ _3\"/>llow<span class=\"_ _3\"/>ing c<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>es, b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>e ef<span class=\"_ _3\"/>fe<span class=\"_ _3\"/>ct o<span class=\"_ _3\"/>f ta<span class=\"_ _3\"/>x<span class=\"_ _3\"/>. The a<span class=\"_ _3\"/>na<span class=\"_ _3\"/>lys<span class=\"_ _3\"/>is c<span class=\"_ _3\"/>over<span class=\"_ _3\"/>s on<span class=\"_ _3\"/>ly fi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>al a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s and<span class=\"_ _3\"/> lia<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s he<span class=\"_ _3\"/>ld at t<span class=\"_ _3\"/>he ba<span class=\"_ _3\"/>la<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e she<span class=\"_ _3\"/>et d<span class=\"_ _3\"/>ate an<span class=\"_ _3\"/>d as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t all o<span class=\"_ _3\"/>the<span class=\"_ _3\"/>r var<span class=\"_ _3\"/>ia<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s, in p<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>tic<span class=\"_ _3\"/>ula<span class=\"_ _3\"/>r inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s, re<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>in co<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nt.<span class=\"_ _341\"> </span>2022<span class=\"_ _98\"> </span><span class=\"ff7c ls15a ws15b\">20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span></span>Income<span class=\"_ _1\"/> statement<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>E<span class=\"_ _36\"> </span>q<span class=\"_ _42\"> </span>u<span class=\"_ _36\"> </span>i<span class=\"_ _42\"> </span>t<span class=\"_ _42\"> </span>y $m<span class=\"_ _341\"> </span>Income<span class=\"_ _1\"/> statem<span class=\"_ _2\"/>ent<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Equity<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Ga<span class=\"_ _3\"/>in fr<span class=\"_ _3\"/>om US D<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar s<span class=\"_ _3\"/>tre<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>the<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>g 10<span class=\"_ _2\"/>% aga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>st Eur<span class=\"_ _3\"/>o<span class=\"_ _155\"> </span><span class=\"ff7d ws72\">0.4<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ff7c\">0.3<span class=\"_ _74\"> </span>0.2<span class=\"_ _341\"> </span></span></span>Ga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>/(los<span class=\"_ _3\"/>s) fr<span class=\"_ _3\"/>om US D<span class=\"_ _3\"/>oll<span class=\"_ _3\"/>ar s<span class=\"_ _3\"/>tre<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>the<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>g 1<span class=\"_ _2\"/>0% aga<span class=\"_ _3\"/>in<span class=\"_ _3\"/>st Ste<span class=\"_ _3\"/>rl<span class=\"_ _3\"/>ing<span class=\"_ _ae\"> </span><span class=\"ff7d ws72\">0.8<span class=\"_ _17a\"> </span>(20.3)<span class=\"_ _26\"> </span><span class=\"ff7c\">0.1<span class=\"_ _84\"> </span>(26.4)<span class=\"_ _341\"> </span></span></span>MA<span class=\"_ _3\"/>R<span class=\"_ _3\"/>K<span class=\"_ _3\"/>ET R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K \u2013 IN<span class=\"_ _3\"/>TE<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ES<span class=\"_ _3\"/>T R<span class=\"_ _3\"/>ATE<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s policy i<span class=\"_ _3\"/>s to bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ow at bot<span class=\"_ _3\"/>h fi<span class=\"_ _3\"/>xed an<span class=\"_ _3\"/>d fl<span class=\"_ _3\"/>oati<span class=\"_ _3\"/>ng in<span class=\"_ _3\"/>tere<span class=\"_ _3\"/>s<span class=\"_ _3\"/>t rate<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d to us<span class=\"_ _3\"/>e inte<span class=\"_ _3\"/>res<span class=\"_ _3\"/>t ra<span class=\"_ _3\"/>te swap<span class=\"_ _3\"/>s to gen<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ate th<span class=\"_ _3\"/>e re<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>red i<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>res<span class=\"_ _3\"/>t pro<span class=\"_ _3\"/>fil<span class=\"_ _3\"/>e. Th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st swa<span class=\"_ _3\"/>ps a<span class=\"_ _3\"/>re de<span class=\"_ _3\"/>si<span class=\"_ _3\"/>gna<span class=\"_ _3\"/>ted wi<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>n ca<span class=\"_ _3\"/>shf<span class=\"_ _3\"/>low h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>gin<span class=\"_ _3\"/>g rel<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>hip<span class=\"_ _3\"/>s wit<span class=\"_ _3\"/>h the in<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts on t<span class=\"_ _3\"/>he bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>gs th<span class=\"_ _3\"/>ey ar<span class=\"_ _3\"/>e he<span class=\"_ _3\"/>dgi<span class=\"_ _3\"/>ng. T<span class=\"_ _3\"/>he ri<span class=\"_ _3\"/>sk b<span class=\"_ _3\"/>ein<span class=\"_ _3\"/>g he<span class=\"_ _3\"/>dg<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>s the ex<span class=\"_ _3\"/>pos<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>e of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up to ma<span class=\"_ _3\"/>rket r<span class=\"_ _3\"/>ate vol<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y on a p<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of the c<span class=\"_ _3\"/>or<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup d<span class=\"_ _3\"/>ebt<span class=\"_ _3\"/>. Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up pol<span class=\"_ _3\"/>icy d<span class=\"_ _3\"/>oe<span class=\"_ _3\"/>s not r<span class=\"_ _3\"/>equ<span class=\"_ _3\"/>ire t<span class=\"_ _3\"/>hat a s<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>fic p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>por<span class=\"_ _0\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s borr<span class=\"_ _3\"/>owing<span class=\"_ _3\"/>s ar<span class=\"_ _3\"/>e at f<span class=\"_ _3\"/>ixed r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s of inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st.<span class=\"_ _341\"> </span>INTER<span class=\"_ _3\"/>EST RATE<span class=\"_ _2\"/> SE<span class=\"_ _3\"/>NSITI<span class=\"_ _3\"/>VIT<span class=\"_ _3\"/>Y ANA<span class=\"_ _3\"/>L<span class=\"_ _35\"/>YSIS<span class=\"_ _341\"> </span>A cha<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>e of 100 ba<span class=\"_ _3\"/>sis p<span class=\"_ _3\"/>oin<span class=\"_ _3\"/>ts (1<span class=\"_ _35\"/>%<span class=\"_ _2\"/>) in i<span class=\"_ _3\"/>nter<span class=\"_ _3\"/>es<span class=\"_ _3\"/>t ra<span class=\"_ _3\"/>tes wou<span class=\"_ _3\"/>ld have i<span class=\"_ _3\"/>mpa<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d pr<span class=\"_ _3\"/>ofi<span class=\"_ _3\"/>t or lo<span class=\"_ _3\"/>ss by t<span class=\"_ _3\"/>he am<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>nts s<span class=\"_ _3\"/>hown b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow<span class=\"_ _2\"/>. Th<span class=\"_ _3\"/>is a<span class=\"_ _3\"/>nal<span class=\"_ _3\"/>ys<span class=\"_ _3\"/>is as<span class=\"_ _3\"/>su<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t all ot<span class=\"_ _3\"/>he<span class=\"_ _3\"/>r var<span class=\"_ _3\"/>iab<span class=\"_ _3\"/>le<span class=\"_ _3\"/>s, in p<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>t<span class=\"_ _3\"/>icu<span class=\"_ _3\"/>la<span class=\"_ _3\"/>r fore<span class=\"_ _3\"/>ig<span class=\"_ _3\"/>n cur<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ncy r<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>s, re<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>in c<span class=\"_ _3\"/>ons<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>nt.<span class=\"_ _341\"> </span>2022<span class=\"_ _98\"> </span><span class=\"ff7c ls15a ws15b\">20<span class=\"_ _3\"/>21<span class=\"_ _341\"> </span></span>1<span class=\"_ _36\"/>0<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>b<span class=\"_ _42\"> </span>p<span class=\"_ _36\"> </span>s increase<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>1<span class=\"_ _36\"/>0<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>b<span class=\"_ _42\"> </span>p<span class=\"_ _36\"> </span>s decrease<span class=\"_ _1\"/> $m 1<span class=\"_ _0\"/>0<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>b<span class=\"_ _42\"> </span>p<span class=\"_ _36\"/>s increase<span class=\"_ _3f\"/> $m<span class=\"_ _341\"> </span>1<span class=\"_ _0\"/>0<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>b<span class=\"_ _42\"> </span>p<span class=\"_ _36\"/>s decrease<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Varia<span class=\"_ _3\"/>ble r<span class=\"_ _3\"/>ate in<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ru<span class=\"_ _3\"/>men<span class=\"_ _3\"/>ts \u2013 g<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>/(lo<span class=\"_ _3\"/>ss)<span class=\"_ _14e\"> </span><span class=\"ff7d ws72\">2.8<span class=\"_ _1fe\"> </span>(2.0)<span class=\"_ _82\"> </span><span class=\"ff7c\">(2.1)<span class=\"_ _26\"> </span>4.9<span class=\"_ _341\"> </span></span></span>MA<span class=\"_ _3\"/>R<span class=\"_ _3\"/>K<span class=\"_ _3\"/>ET R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K \u2013 CO<span class=\"_ _3\"/>MM<span class=\"_ _3\"/>O<span class=\"_ _3\"/>DI<span class=\"_ _3\"/>T<span class=\"_ _3\"/>Y P<span class=\"_ _3\"/>RI<span class=\"_ _3\"/>CE R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e gro<span class=\"_ _3\"/>up is ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to movem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts in th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>es of c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>diti<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>t pu<span class=\"_ _3\"/>rch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es a<span class=\"_ _3\"/>nd s<span class=\"_ _3\"/>ell<span class=\"_ _3\"/>s suc<span class=\"_ _3\"/>h as a<span class=\"_ _3\"/>lum<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>um a<span class=\"_ _3\"/>nd ni<span class=\"_ _3\"/>ckel. T<span class=\"_ _3\"/>he vol<span class=\"_ _3\"/>atil<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y in th<span class=\"_ _3\"/>e pr<span class=\"_ _3\"/>ice<span class=\"_ _3\"/>s of th<span class=\"_ _3\"/>es<span class=\"_ _3\"/>e co<span class=\"_ _3\"/>mm<span class=\"_ _3\"/>odi<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s ha<span class=\"_ _3\"/>s le<span class=\"_ _3\"/>d to the de<span class=\"_ _3\"/>c<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>on to en<span class=\"_ _3\"/>ter i<span class=\"_ _3\"/>nto co<span class=\"_ _3\"/>mmo<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y swap co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts<span class=\"_ _3\"/>. The s<span class=\"_ _3\"/>wap co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ts d<span class=\"_ _3\"/>o not re<span class=\"_ _3\"/>su<span class=\"_ _3\"/>lt in p<span class=\"_ _3\"/>hysi<span class=\"_ _3\"/>ca<span class=\"_ _3\"/>l del<span class=\"_ _3\"/>iver<span class=\"_ _0\"/>y<span class=\"_ _2\"/>, bu<span class=\"_ _3\"/>t are d<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ign<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>d as c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h fl<span class=\"_ _3\"/>ow hed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s to of<span class=\"_ _3\"/>f<span class=\"_ _3\"/>set t<span class=\"_ _3\"/>he ef<span class=\"_ _3\"/>f<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of pr<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>e ch<span class=\"_ _3\"/>ang<span class=\"_ _3\"/>es<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>COMMODITY PRICE<span class=\"_ _2\"/> SENSITIVIT<span class=\"_ _3\"/>Y ANAL<span class=\"_ _1\"/>YSIS<span class=\"_ _341\"> </span>In 202<span class=\"_ _3\"/>2 and 20<span class=\"_ _3\"/>21 the Gr<span class=\"_ _3\"/>oup\u2019s alumi<span class=\"_ _3\"/>niu<span class=\"_ _3\"/>m pur<span class=\"_ _3\"/>ch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es we<span class=\"_ _3\"/>re fu<span class=\"_ _3\"/>lly h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>d an<span class=\"_ _3\"/>d all a<span class=\"_ _3\"/>lum<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>um swap d<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ivat<span class=\"_ _3\"/>ives a<span class=\"_ _3\"/>chi<span class=\"_ _3\"/>eved h<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>ge ac<span class=\"_ _3\"/>c<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ting;<span class=\"_ _3\"/> the<span class=\"_ _3\"/>re wa<span class=\"_ _3\"/>s no im<span class=\"_ _3\"/>pac<span class=\"_ _3\"/>t on p<span class=\"_ _3\"/>rof<span class=\"_ _3\"/>it o<span class=\"_ _3\"/>r los<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d no s<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sit<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>ty i<span class=\"_ _3\"/>s pr<span class=\"_ _3\"/>es<span class=\"_ _3\"/>ente<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span><div class=\"t m0 h8 ff7b fs1 fcc sc0 ls30 ws30\" style=\"left:0.0031280518px; bottom:316.5995px;\">23.<span class=\"_ _2\"/> <span class=\"_ _3a\"> </span>FINANCIAL<span class=\"_ _2\"/> RISK MANA<span class=\"_ _35\"/>GEMENT CON<span class=\"_ _2\"/>TINUED<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 lsc6 ws3\" style=\"left:0.0031280518px; bottom:304.89948px;\">OTH<span class=\"_ _3\"/>E<span class=\"_ _3\"/>R M<span class=\"_ _3\"/>AR<span class=\"_ _3\"/>K<span class=\"_ _3\"/>E<span class=\"_ _3\"/>T PR<span class=\"_ _3\"/>IC<span class=\"_ _3\"/>E R<span class=\"_ _3\"/>IS<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:291.89948px;\">Equi<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y pr<span class=\"_ _3\"/>ice r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k ar<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>s fr<span class=\"_ _3\"/>om e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y se<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>rit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d wit<span class=\"_ _3\"/>hin th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s defin<span class=\"_ _3\"/>ed b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>it p<span class=\"_ _3\"/>en<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n obl<span class=\"_ _3\"/>iga<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns. I<span class=\"_ _3\"/>n re<span class=\"_ _3\"/>spe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>t of the U<span class=\"_ _3\"/>S sc<span class=\"_ _3\"/>hem<span class=\"_ _3\"/>es<span class=\"_ _3\"/>,<span class=\"_ _341\"> </span> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:278.89948px;\">ma<span class=\"_ _3\"/>nag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent m<span class=\"_ _3\"/>oni<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>e mix of d<span class=\"_ _3\"/>eb<span class=\"_ _3\"/>t and e<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>it<span class=\"_ _3\"/>y se<span class=\"_ _3\"/>cu<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s in it<span class=\"_ _3\"/>s inve<span class=\"_ _3\"/>stm<span class=\"_ _3\"/>ent p<span class=\"_ _3\"/>or<span class=\"_ _0\"/>t<span class=\"_ _3\"/>foli<span class=\"_ _3\"/>o ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on ma<span class=\"_ _3\"/>rke<span class=\"_ _3\"/>t expe<span class=\"_ _3\"/>c<span class=\"_ _3\"/>tat<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s. T<span class=\"_ _3\"/>he p<span class=\"_ _3\"/>rim<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>y goa<span class=\"_ _3\"/>l of<span class=\"_ _341\"> </span> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:265.89948px;\">the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s inves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt s<span class=\"_ _3\"/>tra<span class=\"_ _3\"/>teg<span class=\"_ _3\"/>y is to m<span class=\"_ _3\"/>a<span class=\"_ _3\"/>xim<span class=\"_ _3\"/>ise i<span class=\"_ _3\"/>nves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt re<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>, with<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>t exces<span class=\"_ _3\"/>si<span class=\"_ _3\"/>ve ris<span class=\"_ _3\"/>k ta<span class=\"_ _3\"/>ki<span class=\"_ _3\"/>ng, in o<span class=\"_ _3\"/>rde<span class=\"_ _3\"/>r to me<span class=\"_ _3\"/>et p<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>tia<span class=\"_ _3\"/>lly th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s<span class=\"_ _341\"> </span> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:252.89948px;\">unf<span class=\"_ _3\"/>und<span class=\"_ _3\"/>ed b<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ef<span class=\"_ _3\"/>it ob<span class=\"_ _3\"/>lig<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ons; m<span class=\"_ _3\"/>an<span class=\"_ _3\"/>age<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt is a<span class=\"_ _3\"/>s<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>ted by ex<span class=\"_ _3\"/>te<span class=\"_ _3\"/>rn<span class=\"_ _3\"/>al ad<span class=\"_ _3\"/>vis<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s i<span class=\"_ _3\"/>n this r<span class=\"_ _3\"/>eg<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>d. In re<span class=\"_ _3\"/>sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t of th<span class=\"_ _3\"/>e UK sc<span class=\"_ _3\"/>he<span class=\"_ _3\"/>me, th<span class=\"_ _3\"/>e inves<span class=\"_ _3\"/>tm<span class=\"_ _3\"/>ent<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:239.89948px;\">str<span class=\"_ _3\"/>ate<span class=\"_ _3\"/>gy i<span class=\"_ _3\"/>s set by th<span class=\"_ _3\"/>e tr<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tee<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d the B<span class=\"_ _3\"/>oar<span class=\"_ _3\"/>d is kep<span class=\"_ _3\"/>t info<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>ed.<span class=\"_ _341\"> </span></div><div class=\"t m0 h5 ff7b fs2 fcc sc0 ls31 ws87\" style=\"left:0.0031280518px; bottom:217.14429px;\">CAPI<span class=\"_ _2\"/>T<span class=\"_ _35\"/>AL MANAGEMEN<span class=\"_ _2\"/>T<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:204.14429px;\">Th<span class=\"_ _3\"/>e Boa<span class=\"_ _3\"/>rd\u2019s poli<span class=\"_ _3\"/>cy is to m<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>in a st<span class=\"_ _3\"/>ron<span class=\"_ _3\"/>g ca<span class=\"_ _3\"/>pit<span class=\"_ _3\"/>al b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e so a<span class=\"_ _3\"/>s to mai<span class=\"_ _3\"/>nta<span class=\"_ _3\"/>in i<span class=\"_ _3\"/>nvesto<span class=\"_ _3\"/>r<span class=\"_ _35\"/>, c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>di<span class=\"_ _3\"/>tor an<span class=\"_ _3\"/>d ma<span class=\"_ _3\"/>rket c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>fid<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce, s<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tai<span class=\"_ _3\"/>n fu<span class=\"_ _3\"/>ture<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:191.14429px;\">devel<span class=\"_ _3\"/>opm<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t of the b<span class=\"_ _3\"/>us<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>s<span class=\"_ _3\"/>s and m<span class=\"_ _3\"/>a<span class=\"_ _3\"/>xi<span class=\"_ _3\"/>mis<span class=\"_ _3\"/>e sh<span class=\"_ _3\"/>are<span class=\"_ _3\"/>ho<span class=\"_ _3\"/>lde<span class=\"_ _3\"/>r val<span class=\"_ _3\"/>ue. T<span class=\"_ _3\"/>he c<span class=\"_ _3\"/>api<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l str<span class=\"_ _3\"/>u<span class=\"_ _3\"/>ctu<span class=\"_ _3\"/>re of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>ts of d<span class=\"_ _3\"/>ebt<span class=\"_ _3\"/>, ca<span class=\"_ _3\"/>sh a<span class=\"_ _3\"/>nd c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>h<span class=\"_ _341\"> </span> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:178.14429px;\">eq<span class=\"_ _3\"/>uiva<span class=\"_ _3\"/>len<span class=\"_ _3\"/>ts a<span class=\"_ _3\"/>nd e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y at<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>ibu<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ble to e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y hol<span class=\"_ _3\"/>de<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s of the p<span class=\"_ _3\"/>are<span class=\"_ _3\"/>nt c<span class=\"_ _3\"/>om<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>isi<span class=\"_ _3\"/>ng ca<span class=\"_ _3\"/>pi<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l, re<span class=\"_ _3\"/>se<span class=\"_ _3\"/>r<span class=\"_ _3\"/>ves a<span class=\"_ _3\"/>nd re<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>gs.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:154.08905px;\">Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up u<span class=\"_ _3\"/>tili<span class=\"_ _3\"/>se<span class=\"_ _3\"/>s a mix o<span class=\"_ _3\"/>f deb<span class=\"_ _3\"/>t fun<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g sou<span class=\"_ _3\"/>rc<span class=\"_ _3\"/>es i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>ng ter<span class=\"_ _3\"/>m lo<span class=\"_ _3\"/>an<span class=\"_ _3\"/>s an<span class=\"_ _3\"/>d revolv<span class=\"_ _3\"/>ing c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit f<span class=\"_ _3\"/>aci<span class=\"_ _3\"/>liti<span class=\"_ _3\"/>es (<span class=\"_ _3\"/>RC<span class=\"_ _3\"/>F<span class=\"_ _3\"/>) fro<span class=\"_ _3\"/>m the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s syn<span class=\"_ _3\"/>di<span class=\"_ _3\"/>cate<span class=\"_ _3\"/>d<span class=\"_ _341\"> </span> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:141.08905px;\">bo<span class=\"_ _3\"/>rrow<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>aci<span class=\"_ _3\"/>lit<span class=\"_ _3\"/>y wi<span class=\"_ _3\"/>th di<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g matu<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>tie<span class=\"_ _3\"/>s to en<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re co<span class=\"_ _3\"/>nti<span class=\"_ _3\"/>nuit<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>nd p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>de f<span class=\"_ _3\"/>lexi<span class=\"_ _3\"/>bili<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y<span class=\"_ _2\"/>. Th<span class=\"_ _3\"/>e gro<span class=\"_ _3\"/>up is s<span class=\"_ _3\"/>ubj<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>t to t<span class=\"_ _3\"/>wo fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l cove<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nts w<span class=\"_ _3\"/>hic<span class=\"_ _3\"/>h<span class=\"_ _341\"> </span> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:128.08905px;\">app<span class=\"_ _3\"/>ly to th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s syndi<span class=\"_ _3\"/>cate<span class=\"_ _3\"/>d bo<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g fac<span class=\"_ _3\"/>ilit<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s. Foll<span class=\"_ _3\"/>owin<span class=\"_ _3\"/>g the r<span class=\"_ _3\"/>efi<span class=\"_ _3\"/>na<span class=\"_ _3\"/>nci<span class=\"_ _3\"/>ng on 1 J<span class=\"_ _3\"/>uly 20<span class=\"_ _3\"/>22 th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up i<span class=\"_ _3\"/>s req<span class=\"_ _3\"/>uir<span class=\"_ _3\"/>ed to m<span class=\"_ _3\"/>ain<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>in a ra<span class=\"_ _3\"/>tio of<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:115.08905px;\">net d<span class=\"_ _3\"/>ebt<span class=\"_ _0\"/>/EB<span class=\"_ _3\"/>IT<span class=\"_ _3\"/>DA (po<span class=\"_ _3\"/>st I<span class=\"_ _3\"/>FRS 16) of les<span class=\"_ _3\"/>s th<span class=\"_ _3\"/>an 3.<span class=\"_ _3\"/>50x a<span class=\"_ _3\"/>nd a m<span class=\"_ _3\"/>inim<span class=\"_ _3\"/>um ne<span class=\"_ _3\"/>t inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st c<span class=\"_ _3\"/>over of 3.<span class=\"_ _35\"/>1x (in re<span class=\"_ _3\"/>lati<span class=\"_ _3\"/>on to e<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>nin<span class=\"_ _3\"/>gs b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re ne<span class=\"_ _3\"/>t inte<span class=\"_ _3\"/>res<span class=\"_ _3\"/>t<span class=\"_ _341\"> </span> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:102.08905px;\">expe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>e an<span class=\"_ _3\"/>d ta<span class=\"_ _3\"/>x<span class=\"_ _3\"/>). The p<span class=\"_ _3\"/>os<span class=\"_ _3\"/>t IFRS 16 net de<span class=\"_ _3\"/>bt<span class=\"_ _3\"/>/<span class=\"_ _3\"/>EBI<span class=\"_ _3\"/>TDA ra<span class=\"_ _3\"/>tio s<span class=\"_ _3\"/>too<span class=\"_ _3\"/>d at 2.3x ti<span class=\"_ _3\"/>me<span class=\"_ _3\"/>s at 31 Dec<span class=\"_ _3\"/>em<span class=\"_ _3\"/>be<span class=\"_ _3\"/>r 2022 (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: 2.8x<span class=\"_ _3\"/>) and t<span class=\"_ _3\"/>he di<span class=\"_ _3\"/>re<span class=\"_ _3\"/>ctor<span class=\"_ _3\"/>s<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:89.08905px;\">ant<span class=\"_ _3\"/>ici<span class=\"_ _3\"/>pate th<span class=\"_ _3\"/>e str<span class=\"_ _3\"/>on<span class=\"_ _3\"/>g ca<span class=\"_ _3\"/>sh ge<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>nd the p<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>e<span class=\"_ _3\"/>ds fr<span class=\"_ _3\"/>om th<span class=\"_ _3\"/>e Chr<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>um di<span class=\"_ _3\"/>ves<span class=\"_ _3\"/>tme<span class=\"_ _3\"/>nt wi<span class=\"_ _3\"/>ll dr<span class=\"_ _3\"/>ive a ma<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ial d<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ever<span class=\"_ _3\"/>agin<span class=\"_ _3\"/>g<span class=\"_ _341\"> </span> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:76.08905px;\">pro<span class=\"_ _3\"/>fil<span class=\"_ _3\"/>e goi<span class=\"_ _3\"/>ng fo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>war<span class=\"_ _3\"/>ds, w<span class=\"_ _3\"/>ith l<span class=\"_ _3\"/>ever<span class=\"_ _3\"/>age r<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>uc<span class=\"_ _3\"/>ing to a ne<span class=\"_ _3\"/>t de<span class=\"_ _3\"/>bt<span class=\"_ _3\"/>/<span class=\"_ _3\"/>EBI<span class=\"_ _3\"/>TDA ra<span class=\"_ _3\"/>tio of a<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>nd 1.5x in the me<span class=\"_ _3\"/>diu<span class=\"_ _3\"/>m ter<span class=\"_ _3\"/>m. Ne<span class=\"_ _3\"/>t inte<span class=\"_ _3\"/>re<span class=\"_ _3\"/>st c<span class=\"_ _3\"/>over at<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:63.08905px;\">31 Dec<span class=\"_ _3\"/>emb<span class=\"_ _3\"/>er 20<span class=\"_ _3\"/>22 wa<span class=\"_ _3\"/>s 6.6x (20<span class=\"_ _3\"/>21<span class=\"_ _35\"/>: 4.6x).<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:39.033875px;\">Th<span class=\"_ _3\"/>e Boa<span class=\"_ _3\"/>rd m<span class=\"_ _3\"/>oni<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s the a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d ret<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>n on op<span class=\"_ _3\"/>er<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng c<span class=\"_ _3\"/>api<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>l em<span class=\"_ _3\"/>ploye<span class=\"_ _3\"/>d (R<span class=\"_ _3\"/>OCE<span class=\"_ _3\"/>) b<span class=\"_ _3\"/>oth i<span class=\"_ _3\"/>ncl<span class=\"_ _3\"/>udi<span class=\"_ _3\"/>ng an<span class=\"_ _3\"/>d exclu<span class=\"_ _3\"/>din<span class=\"_ _3\"/>g goo<span class=\"_ _3\"/>dw<span class=\"_ _3\"/>ill, a<span class=\"_ _3\"/>s def<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d on<span class=\"_ _3\"/> </div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws72\" style=\"left:0.0031280518px; bottom:26.033875px;\">pag<span class=\"_ _3\"/>e 21<span class=\"_ _35\"/>4.<span class=\"_ _341\"> </span></div><div class=\"t m0 h3 ff7c fs1 fc2 sc0 ls1d ws3\" style=\"left:0.0031280518px; bottom:1.9786987px;\">Th<span class=\"_ _3\"/>e divi<span class=\"_ _3\"/>de<span class=\"_ _3\"/>nd p<span class=\"_ _3\"/>oli<span class=\"_ _3\"/>cy is s<span class=\"_ _3\"/>et ou<span class=\"_ _3\"/>t in th<span class=\"_ _3\"/>e Cha<span class=\"_ _3\"/>ir<span class=\"_ _3\"/>ma<span class=\"_ _3\"/>n\u2019<span class=\"_ _35\"/>s s<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>tem<span class=\"_ _3\"/>ent o<span class=\"_ _3\"/>n pa<span class=\"_ _3\"/>ge 7<span class=\"_ _1\"/>.<span class=\"_ _341\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-577": {
   "value": "CREDIT RISK<span class=\"_ _341\"> </span>Cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t ris<span class=\"_ _3\"/>k is th<span class=\"_ _3\"/>e ri<span class=\"_ _3\"/>sk of f<span class=\"_ _3\"/>ina<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ial l<span class=\"_ _3\"/>os<span class=\"_ _3\"/>s to the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up if a c<span class=\"_ _3\"/>usto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r or c<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>pa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>y to a fi<span class=\"_ _3\"/>nan<span class=\"_ _3\"/>ci<span class=\"_ _3\"/>al in<span class=\"_ _3\"/>str<span class=\"_ _3\"/>um<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t fai<span class=\"_ _3\"/>ls to me<span class=\"_ _3\"/>et i<span class=\"_ _3\"/>ts co<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tua<span class=\"_ _3\"/>l obligations,<span class=\"_ _2\"/> and arises principally from<span class=\"_ _2\"/> the Group<span class=\"_ _2\"/>\u2019<span class=\"_ _2\"/>s receivables from<span class=\"_ _2\"/> customers.<span class=\"_ _341\"> </span>TRADE AND<span class=\"_ _35\"/> OTHER RE<span class=\"_ _2\"/>CEIVABL<span class=\"_ _2\"/>ES<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up\u2019s exposu<span class=\"_ _3\"/>re to cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it r<span class=\"_ _3\"/>isk i<span class=\"_ _3\"/>s inf<span class=\"_ _3\"/>lue<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>ed m<span class=\"_ _3\"/>ai<span class=\"_ _3\"/>nly by th<span class=\"_ _3\"/>e ind<span class=\"_ _3\"/>ivi<span class=\"_ _3\"/>dua<span class=\"_ _3\"/>l ch<span class=\"_ _3\"/>ar<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>ist<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>s of ea<span class=\"_ _3\"/>ch cu<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>me<span class=\"_ _3\"/>r<span class=\"_ _35\"/>. T<span class=\"_ _3\"/>he d<span class=\"_ _3\"/>em<span class=\"_ _3\"/>og<span class=\"_ _3\"/>rap<span class=\"_ _3\"/>hi<span class=\"_ _3\"/>cs of t<span class=\"_ _3\"/>he Gr<span class=\"_ _3\"/>oup\u2019s custom<span class=\"_ _3\"/>er b<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e, inc<span class=\"_ _3\"/>lu<span class=\"_ _3\"/>ding t<span class=\"_ _3\"/>he de<span class=\"_ _3\"/>fau<span class=\"_ _3\"/>lt r<span class=\"_ _3\"/>isk of t<span class=\"_ _3\"/>he in<span class=\"_ _3\"/>dus<span class=\"_ _3\"/>tr<span class=\"_ _3\"/>y a<span class=\"_ _3\"/>nd c<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>ntr<span class=\"_ _3\"/>y i<span class=\"_ _3\"/>n whi<span class=\"_ _3\"/>ch c<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tome<span class=\"_ _3\"/>r<span class=\"_ _3\"/>s ope<span class=\"_ _3\"/>ra<span class=\"_ _3\"/>te, ha<span class=\"_ _3\"/>s le<span class=\"_ _3\"/>ss i<span class=\"_ _3\"/>nfl<span class=\"_ _3\"/>uen<span class=\"_ _3\"/>ce o<span class=\"_ _3\"/>n cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk<span class=\"_ _3\"/>. No si<span class=\"_ _3\"/>ngl<span class=\"_ _3\"/>e cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts fo<span class=\"_ _3\"/>r a sig<span class=\"_ _3\"/>nif<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>an<span class=\"_ _3\"/>t pro<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>n of th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s revenue.<span class=\"_ _341\"> </span>Eac<span class=\"_ _3\"/>h new c<span class=\"_ _3\"/>us<span class=\"_ _3\"/>tome<span class=\"_ _3\"/>r is a<span class=\"_ _3\"/>na<span class=\"_ _3\"/>lys<span class=\"_ _3\"/>ed i<span class=\"_ _3\"/>ndi<span class=\"_ _3\"/>vid<span class=\"_ _3\"/>ual<span class=\"_ _3\"/>ly fo<span class=\"_ _3\"/>r cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>two<span class=\"_ _3\"/>r<span class=\"_ _3\"/>th<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>ss b<span class=\"_ _3\"/>efo<span class=\"_ _3\"/>re th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s stan<span class=\"_ _3\"/>da<span class=\"_ _3\"/>rd pay<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt a<span class=\"_ _3\"/>nd de<span class=\"_ _3\"/>live<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y te<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>s and c<span class=\"_ _3\"/>on<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>ion<span class=\"_ _3\"/>s are o<span class=\"_ _3\"/>f<span class=\"_ _3\"/>fer<span class=\"_ _3\"/>ed. T<span class=\"_ _3\"/>he G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up\u2019<span class=\"_ _2\"/>s rev<span class=\"_ _3\"/>iew in<span class=\"_ _3\"/>clu<span class=\"_ _3\"/>de<span class=\"_ _3\"/>s ex<span class=\"_ _3\"/>ter<span class=\"_ _3\"/>nal r<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ng<span class=\"_ _3\"/>s, wh<span class=\"_ _3\"/>er<span class=\"_ _3\"/>e availa<span class=\"_ _3\"/>bl<span class=\"_ _3\"/>e, an<span class=\"_ _3\"/>d in so<span class=\"_ _3\"/>me c<span class=\"_ _3\"/>as<span class=\"_ _3\"/>es b<span class=\"_ _3\"/>ank r<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>ren<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>s. Pu<span class=\"_ _3\"/>rch<span class=\"_ _3\"/>as<span class=\"_ _3\"/>e lim<span class=\"_ _3\"/>its a<span class=\"_ _3\"/>re es<span class=\"_ _3\"/>ta<span class=\"_ _3\"/>bli<span class=\"_ _3\"/>she<span class=\"_ _3\"/>d fo<span class=\"_ _3\"/>r eac<span class=\"_ _3\"/>h cu<span class=\"_ _3\"/>stom<span class=\"_ _3\"/>er, which r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>re<span class=\"_ _3\"/>sen<span class=\"_ _3\"/>ts th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>x<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m op<span class=\"_ _3\"/>en a<span class=\"_ _3\"/>mou<span class=\"_ _3\"/>nt wi<span class=\"_ _3\"/>tho<span class=\"_ _3\"/>ut re<span class=\"_ _3\"/>qu<span class=\"_ _3\"/>iri<span class=\"_ _3\"/>ng ap<span class=\"_ _3\"/>pr<span class=\"_ _3\"/>oval fr<span class=\"_ _3\"/>om th<span class=\"_ _3\"/>e Bo<span class=\"_ _3\"/>ard o<span class=\"_ _3\"/>f Dir<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s.<span class=\"_ _3\"/> Cus<span class=\"_ _3\"/>tom<span class=\"_ _3\"/>er<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t fa<span class=\"_ _3\"/>il to me<span class=\"_ _3\"/>et th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s benc<span class=\"_ _3\"/>hma<span class=\"_ _3\"/>rk c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit<span class=\"_ _3\"/>wo<span class=\"_ _3\"/>r<span class=\"_ _3\"/>thi<span class=\"_ _3\"/>ne<span class=\"_ _3\"/>ss m<span class=\"_ _3\"/>ay tra<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>t wi<span class=\"_ _3\"/>th the G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up on<span class=\"_ _3\"/>ly on a p<span class=\"_ _3\"/>re<span class=\"_ _3\"/>paym<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t ba<span class=\"_ _3\"/>sis<span class=\"_ _3\"/>.<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up a<span class=\"_ _3\"/>ppl<span class=\"_ _3\"/>ie<span class=\"_ _3\"/>s the IFR<span class=\"_ _3\"/>S 9 si<span class=\"_ _3\"/>mpl<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>ed a<span class=\"_ _3\"/>pp<span class=\"_ _3\"/>roa<span class=\"_ _3\"/>ch in e<span class=\"_ _3\"/>st<span class=\"_ _3\"/>ab<span class=\"_ _3\"/>lis<span class=\"_ _3\"/>hin<span class=\"_ _3\"/>g an a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e for ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es (<span class=\"_ _3\"/>ECL<span class=\"_ _3\"/>s). The G<span class=\"_ _3\"/>ro<span class=\"_ _3\"/>up the<span class=\"_ _3\"/>re<span class=\"_ _3\"/>for<span class=\"_ _3\"/>e doe<span class=\"_ _3\"/>s no<span class=\"_ _3\"/>t tra<span class=\"_ _3\"/>ck ch<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ge<span class=\"_ _3\"/>s in cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it ri<span class=\"_ _3\"/>sk b<span class=\"_ _3\"/>ut in<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>ad re<span class=\"_ _3\"/>co<span class=\"_ _3\"/>gn<span class=\"_ _3\"/>ise<span class=\"_ _3\"/>s a lo<span class=\"_ _3\"/>ss a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e ba<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d on li<span class=\"_ _3\"/>feti<span class=\"_ _3\"/>me ECL<span class=\"_ _3\"/>s at e<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>h rep<span class=\"_ _3\"/>or<span class=\"_ _0\"/>tin<span class=\"_ _3\"/>g date. A p<span class=\"_ _3\"/>rovi<span class=\"_ _3\"/>sio<span class=\"_ _3\"/>n mat<span class=\"_ _3\"/>rix i<span class=\"_ _3\"/>s us<span class=\"_ _3\"/>ed to c<span class=\"_ _3\"/>al<span class=\"_ _3\"/>cul<span class=\"_ _3\"/>ate lif<span class=\"_ _3\"/>etim<span class=\"_ _3\"/>e ECL<span class=\"_ _3\"/>s wh<span class=\"_ _3\"/>ich t<span class=\"_ _3\"/>ake<span class=\"_ _3\"/>s into a<span class=\"_ _3\"/>cc<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>t the G<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>p\u2019<span class=\"_ _2\"/>s his<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>ic<span class=\"_ _3\"/>al c<span class=\"_ _3\"/>red<span class=\"_ _3\"/>it lo<span class=\"_ _3\"/>ss ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ce a<span class=\"_ _3\"/>dju<span class=\"_ _3\"/>ste<span class=\"_ _3\"/>d for hi<span class=\"_ _3\"/>sto<span class=\"_ _3\"/>ri<span class=\"_ _3\"/>cal<span class=\"_ _3\"/> con<span class=\"_ _3\"/>di<span class=\"_ _3\"/>tion<span class=\"_ _3\"/>s tha<span class=\"_ _3\"/>t ar<span class=\"_ _3\"/>e not re<span class=\"_ _3\"/>leva<span class=\"_ _3\"/>nt to fu<span class=\"_ _3\"/>tur<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>shf<span class=\"_ _3\"/>lows a<span class=\"_ _3\"/>nd f<span class=\"_ _3\"/>or<span class=\"_ _3\"/>wa<span class=\"_ _3\"/>rd lo<span class=\"_ _3\"/>ok<span class=\"_ _3\"/>ing f<span class=\"_ _3\"/>ac<span class=\"_ _3\"/>tor<span class=\"_ _3\"/>s sp<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ifi<span class=\"_ _3\"/>c to the d<span class=\"_ _3\"/>ebto<span class=\"_ _3\"/>r an<span class=\"_ _3\"/>d ec<span class=\"_ _3\"/>on<span class=\"_ _3\"/>omi<span class=\"_ _3\"/>c envi<span class=\"_ _3\"/>ron<span class=\"_ _3\"/>me<span class=\"_ _3\"/>nt.<span class=\"_ _341\"> </span>INVESTMENT<span class=\"_ _2\"/>S<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e Gro<span class=\"_ _3\"/>up li<span class=\"_ _3\"/>mit<span class=\"_ _3\"/>s it<span class=\"_ _3\"/>s expo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re to cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk th<span class=\"_ _3\"/>rou<span class=\"_ _3\"/>gh a tr<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>su<span class=\"_ _3\"/>r<span class=\"_ _3\"/>y po<span class=\"_ _3\"/>lic<span class=\"_ _3\"/>y that i<span class=\"_ _3\"/>mp<span class=\"_ _3\"/>ose<span class=\"_ _3\"/>s gr<span class=\"_ _3\"/>ad<span class=\"_ _3\"/>uate<span class=\"_ _3\"/>d lim<span class=\"_ _3\"/>its o<span class=\"_ _3\"/>n the a<span class=\"_ _3\"/>mo<span class=\"_ _3\"/>unt of f<span class=\"_ _3\"/>un<span class=\"_ _3\"/>ds th<span class=\"_ _3\"/>at ca<span class=\"_ _3\"/>n be<span class=\"_ _3\"/> dep<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ite<span class=\"_ _3\"/>d wit<span class=\"_ _3\"/>h cou<span class=\"_ _3\"/>nte<span class=\"_ _3\"/>rpa<span class=\"_ _3\"/>r<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ies by r<span class=\"_ _3\"/>efe<span class=\"_ _3\"/>re<span class=\"_ _3\"/>nce to t<span class=\"_ _3\"/>he co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>tie<span class=\"_ _3\"/>s\u2019 cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t rat<span class=\"_ _3\"/>ing<span class=\"_ _3\"/>s, a<span class=\"_ _3\"/>s def<span class=\"_ _3\"/>ine<span class=\"_ _3\"/>d by St<span class=\"_ _3\"/>an<span class=\"_ _3\"/>da<span class=\"_ _3\"/>rd &amp; Poo<span class=\"_ _3\"/>r\u2019s or Moo<span class=\"_ _3\"/>dy<span class=\"_ _3\"/>\u2019<span class=\"_ _2\"/>s.<span class=\"_ _3\"/> Man<span class=\"_ _3\"/>ag<span class=\"_ _3\"/>em<span class=\"_ _3\"/>ent d<span class=\"_ _3\"/>oe<span class=\"_ _3\"/>s not ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>ct a<span class=\"_ _3\"/>ny co<span class=\"_ _3\"/>unte<span class=\"_ _3\"/>rp<span class=\"_ _3\"/>ar<span class=\"_ _0\"/>t<span class=\"_ _3\"/>y to fail to m<span class=\"_ _3\"/>ee<span class=\"_ _3\"/>t it<span class=\"_ _3\"/>s obli<span class=\"_ _3\"/>ga<span class=\"_ _3\"/>tio<span class=\"_ _3\"/>ns.<span class=\"_ _341\"> </span>E<span class=\"_ _3\"/>XP<span class=\"_ _3\"/>OS<span class=\"_ _3\"/>U<span class=\"_ _3\"/>R<span class=\"_ _3\"/>E TO C<span class=\"_ _3\"/>R<span class=\"_ _3\"/>ED<span class=\"_ _3\"/>IT R<span class=\"_ _3\"/>I<span class=\"_ _3\"/>S<span class=\"_ _3\"/>K<span class=\"_ _341\"> </span>Th<span class=\"_ _3\"/>e ca<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>y<span class=\"_ _3\"/>in<span class=\"_ _3\"/>g amo<span class=\"_ _3\"/>unt o<span class=\"_ _3\"/>f fin<span class=\"_ _3\"/>an<span class=\"_ _3\"/>cia<span class=\"_ _3\"/>l as<span class=\"_ _3\"/>se<span class=\"_ _3\"/>ts r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>res<span class=\"_ _3\"/>en<span class=\"_ _3\"/>ts th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>x<span class=\"_ _3\"/>imu<span class=\"_ _3\"/>m cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t expo<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re. T<span class=\"_ _3\"/>he ma<span class=\"_ _0\"/>xim<span class=\"_ _3\"/>um exp<span class=\"_ _3\"/>os<span class=\"_ _3\"/>ure to c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit r<span class=\"_ _3\"/>is<span class=\"_ _3\"/>k at the r<span class=\"_ _3\"/>ep<span class=\"_ _3\"/>or<span class=\"_ _3\"/>t<span class=\"_ _3\"/>ing<span class=\"_ _3\"/> date<span class=\"_ _3\"/> was:<span class=\"_ _341\"> </span>Carr<span class=\"_ _3\"/>ying amount<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>T<span class=\"_ _35\"/>rade receiv<span class=\"_ _2\"/>ables<span class=\"_ _27c\"> </span><span class=\"ff7d ls1d ws72\">77.5<span class=\"_ _64\"> </span><span class=\"ff7c\">110.6<span class=\"_ _341\"> </span></span></span>Cas<span class=\"_ _3\"/>h an<span class=\"_ _3\"/>d ca<span class=\"_ _3\"/>sh e<span class=\"_ _3\"/>qui<span class=\"_ _3\"/>vale<span class=\"_ _3\"/>nt<span class=\"_ _3\"/>s<span class=\"_ _1b2\"> </span><span class=\"ff7d ws72\">54.9<span class=\"_ _c7\"> </span><span class=\"ff7c\">84.6<span class=\"_ _341\"> </span></span></span>132.4<span class=\"_ _64\"> </span><span class=\"ff7c\">195.2<span class=\"_ _341\"> </span></span>Th<span class=\"_ _3\"/>e ma<span class=\"_ _3\"/>xi<span class=\"_ _3\"/>mum ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>su<span class=\"_ _3\"/>re to cr<span class=\"_ _3\"/>edi<span class=\"_ _3\"/>t ri<span class=\"_ _3\"/>sk fo<span class=\"_ _3\"/>r tra<span class=\"_ _3\"/>de re<span class=\"_ _3\"/>ce<span class=\"_ _3\"/>iva<span class=\"_ _3\"/>ble<span class=\"_ _3\"/>s at t<span class=\"_ _3\"/>he re<span class=\"_ _3\"/>po<span class=\"_ _3\"/>r<span class=\"_ _3\"/>tin<span class=\"_ _3\"/>g date by g<span class=\"_ _3\"/>eo<span class=\"_ _3\"/>gr<span class=\"_ _3\"/>ap<span class=\"_ _3\"/>hic re<span class=\"_ _3\"/>gi<span class=\"_ _3\"/>on wa<span class=\"_ _3\"/>s:<span class=\"_ _341\"> </span>Carr<span class=\"_ _3\"/>ying amount<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Nor<span class=\"_ _3\"/>th America<span class=\"_ _2ad\"> </span><span class=\"ff7d ls1d ws72\">25.5<span class=\"_ _14\"> </span><span class=\"ff7c\">36.3<span class=\"_ _341\"> </span></span></span>Euro<span class=\"_ _3\"/>pe<span class=\"_ _2a3\"> </span><span class=\"ff7d\">27.2<span class=\"_ _14\"> </span></span>39.5<span class=\"_ _341\"> </span>Re<span class=\"_ _3\"/>st of th<span class=\"_ _3\"/>e Worl<span class=\"_ _3\"/>d<span class=\"_ _279\"> </span><span class=\"ff7d ws72\">24.8<span class=\"_ _14\"> </span><span class=\"ff7c\">34.8<span class=\"_ _341\"> </span></span></span>77.5<span class=\"_ _64\"> </span><span class=\"ff7c\">110.6<span class=\"_ _341\"> </span></span>EXPEC<span class=\"_ _2\"/>TED CRE<span class=\"_ _2\"/>DIT L<span class=\"_ _35\"/>OSSES<span class=\"_ _341\"> </span>Set o<span class=\"_ _3\"/>ut b<span class=\"_ _3\"/>el<span class=\"_ _3\"/>ow is the i<span class=\"_ _3\"/>nfo<span class=\"_ _3\"/>rm<span class=\"_ _3\"/>atio<span class=\"_ _3\"/>n ab<span class=\"_ _3\"/>ou<span class=\"_ _3\"/>t the c<span class=\"_ _3\"/>re<span class=\"_ _3\"/>dit r<span class=\"_ _3\"/>isk ex<span class=\"_ _3\"/>po<span class=\"_ _3\"/>sur<span class=\"_ _3\"/>e on th<span class=\"_ _3\"/>e Gr<span class=\"_ _3\"/>oup\u2019s trade r<span class=\"_ _3\"/>ec<span class=\"_ _3\"/>ei<span class=\"_ _3\"/>vabl<span class=\"_ _3\"/>es u<span class=\"_ _3\"/>sin<span class=\"_ _3\"/>g a pr<span class=\"_ _3\"/>ovis<span class=\"_ _3\"/>ion m<span class=\"_ _3\"/>atr<span class=\"_ _3\"/>ix:<span class=\"_ _341\"> </span>G<span class=\"_ _36\"> </span>r<span class=\"_ _42\"> </span>o<span class=\"_ _36\"> </span>s<span class=\"_ _42\"> </span>s<span class=\"_ _36\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>E<span class=\"_ _42\"> </span>x<span class=\"_ _36\"> </span>p<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>d credit l<span class=\"_ _2\"/>oss<span class=\"_ _1\"/> rate<span class=\"_ _341\"> </span>E<span class=\"_ _42\"> </span>x<span class=\"_ _36\"> </span>p<span class=\"_ _42\"> </span>e<span class=\"_ _36\"> </span>c<span class=\"_ _42\"> </span>t<span class=\"_ _36\"> </span>e<span class=\"_ _42\"> </span>d credit l<span class=\"_ _2\"/>oss<span class=\"_ _1\"/> 2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>Gross 202<span class=\"_ _2\"/>1<span class=\"_ _1\"/> $m<span class=\"_ _341\"> </span>Expected<span class=\"_ _3f\"/> credit loss<span class=\"_ _1\"/> rate<span class=\"_ _341\"> </span>Expected<span class=\"_ _3f\"/> credit loss<span class=\"_ _1\"/> 2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Not p<span class=\"_ _3\"/>as<span class=\"_ _3\"/>t due<span class=\"_ _1fd\"> </span><span class=\"ff7d ws72\">67.9<span class=\"_ _29\"> </span>0.1%<span class=\"_ _15\"> </span>(0.1)<span class=\"_ _94\"> </span><span class=\"ff7c\">97.7<span class=\"_ _29\"> </span>0.1%<span class=\"_ _a\"> </span>(0.1)<span class=\"_ _341\"> </span></span></span>Pas<span class=\"_ _3\"/>t due 0<span class=\"_ _3\"/>-<span class=\"_ _3\"/>30 d<span class=\"_ _3\"/>ays<span class=\"_ _f8\"> </span><span class=\"ff7d ws72\">6.3<span class=\"_ _29\"> </span>0.0%<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ff7c\">9.3<span class=\"_ _29\"> </span>0.0%<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Pas<span class=\"_ _3\"/>t due 31<span class=\"_ _2\"/>-<span class=\"_ _35\"/>120 days<span class=\"_ _25d\"> </span><span class=\"ff7d ws72\">3.2<span class=\"_ _29\"> </span>0.0%<span class=\"_ _182\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _74\"> </span></span><span class=\"ff7c\">2.6<span class=\"_ _29\"> </span>0.0%<span class=\"_ _93\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Pas<span class=\"_ _3\"/>t due &gt; 12<span class=\"_ _2\"/>1 day<span class=\"_ _3\"/>s<span class=\"_ _121\"> </span><span class=\"ff7d ws72\">1.6<span class=\"_ _166\"> </span>87.5%<span class=\"_ _15\"> </span>(1.4)<span class=\"_ _26\"> </span><span class=\"ff7c\">2.6<span class=\"_ _166\"> </span>62.0%<span class=\"_ _a\"> </span>(1.6)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>otal<span class=\"_ _2ae\"> </span><span class=\"ff7d ls1d ws72\">79.0<span class=\"_ _a4\"> </span>(1.5)<span class=\"_ _9b\"> </span><span class=\"ff7c\">112.2<span class=\"_ _2af\"> </span>(1.7)<span class=\"_ _341\"> </span></span></span>Th<span class=\"_ _3\"/>e movem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t in the a<span class=\"_ _3\"/>llowa<span class=\"_ _3\"/>nc<span class=\"_ _3\"/>e for ex<span class=\"_ _3\"/>pe<span class=\"_ _3\"/>cte<span class=\"_ _3\"/>d cr<span class=\"_ _3\"/>ed<span class=\"_ _3\"/>it lo<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>es d<span class=\"_ _3\"/>ur<span class=\"_ _3\"/>ing th<span class=\"_ _3\"/>e yea<span class=\"_ _3\"/>r was a<span class=\"_ _3\"/>s fol<span class=\"_ _3\"/>lows:<span class=\"_ _341\"> </span>2<span class=\"_ _42\"> </span>0<span class=\"_ _36\"> </span>2<span class=\"_ _42\"> </span>2 $m<span class=\"_ _341\"> </span>2<span class=\"_ _36\"/>0<span class=\"_ _36\"> </span>2<span class=\"_ _36\"/>1 $m<span class=\"_ _341\"> </span>Bal<span class=\"_ _3\"/>an<span class=\"_ _3\"/>ce at 1 J<span class=\"_ _3\"/>an<span class=\"_ _3\"/>uar<span class=\"_ _0\"/>y<span class=\"_ _2b0\"> </span><span class=\"ff7d ws72\">1.7<span class=\"_ _74\"> </span><span class=\"ff7c\">1.8<span class=\"_ _341\"> </span></span></span>Rel<span class=\"_ _3\"/>ea<span class=\"_ _3\"/>se<span class=\"_ _3\"/>d to inc<span class=\"_ _3\"/>om<span class=\"_ _3\"/>e st<span class=\"_ _3\"/>atem<span class=\"_ _3\"/>en<span class=\"_ _3\"/>t \u2013 adm<span class=\"_ _3\"/>ini<span class=\"_ _3\"/>str<span class=\"_ _3\"/>ati<span class=\"_ _3\"/>ve expe<span class=\"_ _3\"/>ns<span class=\"_ _3\"/>es<span class=\"_ _2b1\"> </span><span class=\"ff7d ws72\">0.5<span class=\"_ _93\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Am<span class=\"_ _3\"/>oun<span class=\"_ _3\"/>ts w<span class=\"_ _3\"/>rit<span class=\"_ _3\"/>te<span class=\"_ _3\"/>n of<span class=\"_ _3\"/>f<span class=\"_ _24d\"> </span><span class=\"ff7d ws72\">(0.5)<span class=\"_ _82\"> </span><span class=\"ff7c\">(0.1)<span class=\"_ _341\"> </span></span></span>T<span class=\"_ _35\"/>r<span class=\"_ _3\"/>an<span class=\"_ _3\"/>sfe<span class=\"_ _3\"/>rr<span class=\"_ _3\"/>ed to a<span class=\"_ _3\"/>ss<span class=\"_ _3\"/>et<span class=\"_ _3\"/>s hel<span class=\"_ _3\"/>d for s<span class=\"_ _3\"/>al<span class=\"_ _3\"/>e (se<span class=\"_ _3\"/>e Note 32)<span class=\"_ _2b2\"> </span><span class=\"ff7d ws72\">(0.2)<span class=\"_ _b\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _341\"> </span></span>Balance at 3<span class=\"_ _2\"/>1 Decembe<span class=\"_ _3\"/>r<span class=\"_ _2b3\"> </span><span class=\"ff7d ls1d ws72\">1.5<span class=\"_ _74\"> </span><span class=\"ff7c\">1.7<span class=\"_ _341\"> </span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-579": {
   "value": "LIQUIDITY RISK Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group\u2019s funding policy is to have committed borrowings in place to cover at least 125% of the maximum forecast net borrowings for the next 12 month period. The committed facilities at 31 December were as follows: To t a l committed facilities 2 0 2 2 $m Undrawn committed facilities 2 0 2 2 $m Drawn committed Facilities 2 0 2 2 $m To t a l committed facilities 20 21 $m Undrawn committed facilities 20 21 $m D r awn committed Facilities 20 21 $m US dollar term loan 150.0 \u2013 150.0 200.0 \u2013 200.0 Euro term loan 152.5 \u2013 152.5 195.6 \u2013 195.6 RCFs 408.5 291.9 116.6 375.0 285.0 90.0 Lines of credit 22.4 22.4 \u2013 45.3 45.3 \u2013 Total 733.4 314.3 419.1 815.9 330.3 485.6 of which expires after more than 1 year 301.9 295.0 In addition, some suppliers have access to utilise the Group\u2019s supplier finance programmes, which are provided by Santander and US Bank. There is no cost to the Group for providing these programmes as the cost is borne by the suppliers. These programmes allow suppliers to choose whether they want to accelerate the payment of their invoices, by the financing banks, at a low interest cost. The amounts outstanding to the banks are presented within trade and other payables, and the cashflows are presented with cash flows from operating activities. At the end of the period, the total facility with Santander was $15.9m (2021 $14.9m) with the net balance outstanding of $nil (2021: $6.2m) and the total facility with US Bank was $1.5m (2021: $1.5m) with the net balance outstanding of $0.5m (2021: $0.6m). EXPOSURE TO LIQUIDITY RISK The maturity analyses for financial liabilities showing the anticipated remaining contractual undiscounted cash flows, including future interest payments, at current year exchange rates and assuming floating interest rates remain at the latest fixing rates are: 31 December 2022 Within 1 y e a r $m 1 to 2 y e a r s $m 2 to 5 y e a r s $m A f t e r  5 y e a r s $m To t a l $m Bank overdrafts 2.7 \u2013 \u2013 \u2013 2.7 Secured bank loan 132.0 15.2 325.2 \u2013 472.4 Trade and other payables 135.4 \u2013 \u2013 \u2013 135.4 Lease liabilities 6.1 5.0 11.7 21.2 44.0 TOTAL NON-DERIVATIVE FINANCIAL LIABILITIES 276.2 20.2 336.9 21.2 654.5 Interest rate swaps 1.1 \u2013 \u2013 \u2013 1.1 Commodity swap contracts 10.3 \u2013 \u2013 \u2013 10.3 Cross currency swaps \u2013 outflow 106.7 \u2013 \u2013 \u2013 106.7 Cross currency swaps \u2013 inflow (109.8) \u2013 \u2013 \u2013 (109.8) Forward exchange contracts \u2013 outflow 106.7 \u2013 \u2013 \u2013 106.7 Forward exchange contracts \u2013 inflow (108.9) \u2013 \u2013 \u2013 (108.9) TOTAL DERIVATIVE FINANCIAL LIABILITIES 6.1 \u2013 \u2013 \u2013 6.1 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-578": {
   "value": "MARKET RISK Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, whilst optimising the return on risk. The Group uses derivatives in the ordinary course of business, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Board. MARKET RISK \u2013 CURRENCY RISK The Group is exposed to currency risk on sales, purchases and borrowings that are denominated in a foreign currency other than the respective functional currencies of Group entities, primarily the US dollar and the euro. The Group hedges up to 100% of current and forecast trade receivables and trade payables denominated in a foreign currency. The Group uses forward exchange contracts to hedge its currency risk, with a maturity of less than one year from the reporting date. Interest on borrowings is denominated in currencies that match the cash flows generated by the underlying operations of the Group, primarily US dollar, but also euro and pounds sterling. This provides an economic hedge in instances where hedging derivatives are not entered into. In respect of other monetary assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary to address short term imbalances. The Group\u2019s net investment in overseas subsidiaries creates exposure to foreign exchange fluctuations. The risk is hedged by US dollar and euro denominated drawdowns under the syndicated facility designated as the hedged item in net investment hedge relationships. This mitigates the currency risk arising from the retranslation of a subsidiary\u2019s net assets into pounds sterling, the functional currency of the ultimate parent Elementis plc. CURRENCY RISK SENSITIVITY ANALYSIS The following table illustrates the effect on the income statement and items that are recognised directly in equity that would result from a 10% strengthening of US dollar against the following currencies, before the effect of tax. The analysis covers only financial assets and liabilities held at the balance sheet date and assumes that all other variables, in particular interest rates, remain constant. 2022 2021 Income statement $m E q u i t y $m Income statement $m Equity $m Gain from US Dollar strengthening 10% against Euro 0.4 \u2013 0.3 0.2 Gain/(loss) from US Dollar strengthening 10% against Sterling 0.8 (20.3) 0.1 (26.4) MARKET RISK \u2013 INTEREST RATE The Group\u2019s policy is to borrow at both fixed and floating interest rates and to use interest rate swaps to generate the required interest profile. These interest swaps are designated within cashflow hedging relationships with the interest payments on the borrowings they are hedging. The risk being hedged is the exposure of the Group to market rate volatility on a portion of the core Group debt. The Group policy does not require that a specific proportion of the Group\u2019s borrowings are at fixed rates of interest. INTEREST RATE SENSITIVITY ANALYSIS A change of 100 basis points (1%) in interest rates would have impacted profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. 2022 2021 10 0 b p s increase $m 10 0 b p s decrease $m 10 0 b ps increase $m 10 0 b ps decrease $m Variable rate instruments \u2013 gain/(loss) 2.8 (2.0) (2.1) 4.9 MARKET RISK \u2013 COMMODITY PRICE RISK The group is exposed to movements in the prices of commodities it purchases and sells such as aluminium and nickel. The volatility in the prices of these commodities has led to the decision to enter into commodity swap contracts. The swap contracts do not result in physical delivery, but are designated as cash flow hedges to offset the effect of price changes. COMMODITY PRICE SENSITIVITY ANALYSIS In 2022 and 2021 the Group\u2019s aluminium purchases were fully hedged and all aluminium swap derivatives achieved hedge accounting; there was no impact on profit or loss and no sensitivity is presented . OTHER MARKET PRICE RISK Equity price risk arises from equity securities held within the Group\u2019s defined benefit pension obligations. In respect of the US schemes,  management monitors the mix of debt and equity securities in its investment portfolio based on market expectations. The primary goal of  the Group\u2019s investment strategy is to maximise investment returns, without excessive risk taking, in order to meet partially the Group\u2019s  unfunded benefit obligations; management is assisted by external advisers in this regard. In respect of the UK scheme, the investment strategy is set by the trustees and the Board is kept informed. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-580": {
   "value": "CAPITAL MANAGEMENT The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence, sustain future development of the business and maximise shareholder value. The capital structure of the Group consists of debt, cash and cash  equivalents and equity attributable to equity holders of the parent comprising capital, reserves and retained earnings. The Group utilises a mix of debt funding sources including term loans and revolving credit facilities (RCF) from the Group\u2019s syndicated  borrowing facility with differing maturities to ensure continuity and provide flexibility. The group is subject to two financial covenants which  apply to the Group\u2019s syndicated borrowing facilities. Following the refinancing on 1 July 2022 the Group is required to maintain a ratio of net debt/EBITDA (post IFRS 16) of less than 3.50x and a minimum net interest cover of 3.1x (in relation to earnings before net interest  expense and tax). The post IFRS 16 net debt/EBITDA ratio stood at 2.3x times at 31 December 2022 (2021: 2.8x) and the directors anticipate the strong cash generation of the Group and the proceeds from the Chromium divestment will drive a material deleveraging  profile going forwards, with leverage reducing to a net debt/EBITDA ratio of around 1.5x in the medium term. Net interest cover at 31 December 2022 was 6.6x (2021: 4.6x). The Board monitors the adjusted return on operating capital employed (ROCE) both including and excluding goodwill, as defined on page 214. The dividend policy is set out in the Chairman\u2019s statement on page 7. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "24. LEASES GROUP AS LESSEE The Group has lease contracts for various items of property, plant, machinery, vehicles and other equipment used in its operations.  Disclosures in relation to Right of Use Assets are included within Note 11 \u2013 Property, plant and equipment.  The Group also has certain leases with lease terms of 12 months or less and leases of low-value assets to which the Group applies the  \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions. The weighted average incremental borrowing rate applied to lease liabilities is 3.6% (2021: 3%). The following are the amounts recognised in profit or loss: 2 0 2 2  $m 20 21  $m Depreciation expense on right-of-use assets 5.5 5.0 Interest expense on lease liabilities 1.4 1.6 Expense related to short-term leases and low-value assets 0.4 0.8 Expense relating to variable lease payments not included in lease liabilities 1.2 0.9 Set out below are the carrying amounts of lease liabilities and the movements during the period: 2 0 2 2  $m 20 21  $m AT 1 JANUARY 40.2 44.4 Additions 5.5 2.0 Disposals (2.2) (0.1) Interest expense 1.4 1.6 Payments (7.1) (6.7) Foreign exchange movements (1.1) (1.0) Transferred to liabilities held for sale (see Note 32) (0.4) \u2013 AT 31 DECEMBER 36.3 40.2 The maturity analysis of lease liabilities is as follows: 2 0 2 2 $m 20 21 $m Within one year 6.1 6.4 In the second to fifth years inclusive 15.2 15.2 After five years 15.0 18.6 36.3 40.2 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-553": {
   "value": "25.  RETIREMENT BENEFIT OBLIGATIONS The Group has a number of contributory and non-contributory post retirement benefit plans providing retirement benefits for the majority of employees and Executive Directors. At 31 December 2022 the main schemes in the UK and US were of the defined benefit type, the benefit being based on number of years of service and either the employee\u2019s final remuneration or the employee\u2019s average remuneration during a period of years before retirement. The assets of these schemes are held in separate trustee administered funds or are unfunded but provided for on the Group balance sheet. The UK defined benefit scheme had a surplus under IAS 19 of $26.4m (2021: $56.6m). In accordance with the requirements of IFRIC 14 management have concluded that the unconditional right to a refund of any surplus under any winding up of the plan provides sufficient evidence that an asset ceiling does not exist and as such the full surplus has been recognised. In addition the Group operates an unfunded post retirement medical benefit (PRMB) scheme in the US. The entitlement to these benefits is usually based on the employee remaining in service until retirement age and completion of a minimum service period. Other employee benefit schemes included in the table overleaf relate to two unfunded pension schemes, a long term service award scheme in Germany and a special benefits programme for a small number of former employees of the Eaglescliffe plant. The Group also acquired two further unfunded pension schemes and two long term service award schemes all in Germany as part of the SummitReheis acquisition in 2017. These are included within this category. The Group also operates a small number of defined contribution schemes and the contributions payable during the year are recognised as incurred. The pension charge for the defined contribution pension schemes for the year is $6.0m (2021: $6.2m). NET DEFINED BENEFIT LIABILITY The net liability was as follows: UK pension s c h e m e $m US pension s c h e m e s $m U S  P RM B s c h e m e $m O t h e r $m To t a l $m 2022 Total market value of assets 462.8 91.6 \u2013 \u2013 554.4 Present value of scheme liabilities (436.4) (91.6) (3.5) (5.4) (536.9) Net asset/(liability) recognised in the balance sheet 26.4 \u2013 (3.5) (5.4) 17.5 UK pension s c he m e $m US pension s c he m es $m U S  P R MB s c he m e $m O t he r $m To t a l $m 2021 Total market value of assets 774.9 130.1 \u2013 \u2013 905.0 Present value of scheme liabilities (718.3) (131.8) (6.6) (9.0) (865.7) Net asset/(liability) recognised in the balance sheet 56.6 (1.7) (6.6) (9.0) 39.3 Employer contributions in 2022 were $0.5m (2021: $0.7m) to the UK scheme and $1.2m (2021: $1.0m) to US schemes. Top up contributions to the UK scheme in 2023 will be $0.7m based on the 2020 triennial valuation. The following table shows a reconciliation from the opening balances to the closing balances for the net defined benefit liability and  its components. UK pension s c h e m e  $m US pension s c h e m e s  $m U S  P RM B  s c h e m e  $m O t h e r  $m To t a l  $m 2022 Balance at 1 January 56.6 (1.7) (6.6) (9.0) 39.3 INCLUDED IN PROFIT OR LOSS Current service cost (0.5) (0.6) (0.1) \u2013 (1.2) Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 Running costs (1.0) (0.4) \u2013 \u2013 (1.4) Net interest income/(expense) 1.0 \u2013 (0.3) (0.1) 0.6 (0.5) (1.0) (0.4) (0.1) (2.0) INCLUDED IN OTHER COMPREHENSIVE INCOME Re-measurements: Return on plan assets excluding interest income (200.4) (26.1) \u2013 0.1 (226.4) Actuarial gains arising from demographic assumptions \u2013 0.1 \u2013 \u2013 0.1 Actuarial losses arising from financial assumptions 191.3 26.1 1.2 2.8 221.4 Actuarial (losses)/gains arising from experience adjustment (14.5) 1.3 \u2013 (0.1) (13.3) Exchange differences (6.6) \u2013 \u2013 0.6 (6.0) (30.2) 1.4 1.2 3.4 (24.2) Contributions: Employers 0.5 0.6 0.6 0.3 2.0 Transferred to assets/(liabilities) held for sale (see Note 32) \u2013 0.7 1.7 \u2013 2.4 SURPLUS / (DEFICIT) IN SCHEMES AT 31 DECEMBER 26.4 \u2013 (3.5) (5.4) 17.5 UK pension s c he m e  $m US pension s c he m es  $m U S  P R MB  s c he m e  $m O t he r  $m To t a l  $m 2021 Balance at 1 January 7.9 (11.8) (6.5) (9.8) (20.2) Liabilities assumed as part of the acquisition of ICL Laboratories \u2013 \u2013 \u2013 (0.7) (0.7) INCLUDED IN PROFIT OR LOSS Current service cost (0.7) (0.8) (0.1) (0.3) (1.9) Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 Running costs (1.7) (0.4) \u2013 \u2013 (2.1) Net interest income/(expense) 0.1 (0.2) (0.2) (0.1) (0.4) (2.3) (1.4) (0.3) (0.4) (4.4) INCLUDED IN OTHER COMPREHENSIVE INCOME Re-measurements: Return on plan assets excluding interest income 24.9 4.4 \u2013 \u2013 29.3 Actuarial gains arising from demographic assumptions 11.1 (0.4) \u2013 \u2013 10.7 Actuarial losses arising from financial assumptions 2.0 5.9 (0.5) 1.1 8.5 Actuarial (losses)/gains arising from experience adjustment 14.0 1.1 0.2 (0.2) 15.1 Exchange differences (1.6) \u2013 \u2013 0.7 (0.9) 50.4 11.0 (0.3) 1.6 62.7 Contributions: Employers 0.6 0.5 0.5 0.3 1.9 SURPLUS / (DEFICIT) IN SCHEMES AT 31 DECEMBER 56.6 (1.7) (6.6) (9.0) 39.3 PLAN ASSETS Plan assets comprise: UK pension s c h e m e $m US pension s c h e m e s $m U S  P RM B s c h e m e $m To t a l $m 2022 Equities 80.2 26.4 \u2013 106.6 Bonds 1 316.3 53.2 \u2013 369.5 Cash/liquidity funds 66.3 12.0 \u2013 78.3 462.8 91.6 \u2013 554.4 UK pension s c he m e $m US pension s c he m es $m U S  P R MB s c he m e $m To t a l $m 2021 Equities 231.7 45.8 \u2013 277.5 Bonds 1 466.0 14.0 \u2013 480.0 Cash/liquidity funds 77.2 70.3 \u2013 147.5 774.9 130.1 \u2013 905.0 1  Including LDI repurchase agreement liabilities. To reduce volatility risk a liability driven investment (LDI) strategy forms part of the Trustees\u2019 management of the UK defined benefit scheme\u2019s assets, including government bonds, corporate bonds and derivatives. The bond assets category in the table above includes gross assets of $566.8m (2021: $778.2m) and associated repurchase agreement liabilities of $250.5m (2021: $312.2m). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to complement the use of fixed and indexed linked bonds in matching the profile of the scheme\u2019s liabilities. All equities, bonds and liquidity funds have quoted prices in active markets. Other assets include insured annuities, an insurance fund and various swap products. Within the UK pension scheme, the current asset allocation is approximately 48% in a liability matching fund consisting of gilts (fixed interest and index linked), bonds, cash and swaps, 24% in a buy and maintain fund and 28% in an investment fund that includes various equity and equity like funds. The aim of the trustees is to manage the risk relative to the liabilities associated with the scheme\u2019s investments through a combination of diversification, inflation protection and hedging of risk (currency, interest rate and inflation risk). The US scheme currently has approximately 29% of its asset value invested in a range of equity funds designed to target higher returns and thus reduce the pension deficit, with the balance invested in fixed income bonds and cash. The strategy is that as the deficit reduces, a greater proportion of investments will be made into liability matching funds. Changes in the fair value of plan assets for the major schemes are as follows: UK pension s c h e m e $m US pension s c h e m e s $m U S  P RM B s c h e m e $m To t a l $m 2022 Opening fair value of plan assets 774.9 130.1 \u2013 905.0 Expected return 12.6 3.3 \u2013 15.9 Running costs (1.0) (0.4) \u2013 (1.4) Actuarial gains (200.4) (26.1) \u2013 (226.5) Contributions by employer 0.5 0.6 \u2013 1.1 Contributions by employees \u2013 \u2013 \u2013 \u2013 Benefits paid (34.7) (7.7) \u2013 (42.4) Exchange differences (89.1) \u2013 \u2013 (89.1) Transferred to assets held for sale (see Note 32) \u2013 (8.2) \u2013 (8.2) Closing fair value of plan assets 462.8 91.6 \u2013 554.4 25.  RETIREMENT BENEFIT OBLIGATIONS CONTINUED PLAN ASSETS CONTINUED UK pension s c he m e  $m US pension s c he m es  $m U S  P R MB  s c he m e  $m To t a l  $m 2021 Opening fair value of plan assets 788.9 130.7 \u2013 919.6 Expected return 10.1 2.8 \u2013 12.9 Running costs (1.7) (0.4) \u2013 (2.1 ) Actuarial gains 24.9 4.4 \u2013 29.3 Contributions by employer 0.6 0.5 \u2013 1.1 Contributions by employees 0.1 0.1 \u2013 0.2 Benefits paid (40.7) (8.0) \u2013 (48.7 ) Exchange differences (7.3) \u2013 \u2013 (7.3 ) Closing fair value of plan assets 774.9 130.1 \u2013 905.0 DEFINED BENEFIT OBLIGATION Changes in the present value of the defined benefit obligation for the major schemes are as follows: UK pension s c h e m e  $m US pension s c h e m e s  $m U S  P RM B  s c h e m e  $m To t a l  $m 2022 Opening defined benefit obligation (718.3) (131.8) (6.6) (856.7 ) Service cost (0.5) (0.6) (0.1) (1.2) Past service cost \u2013 \u2013 \u2013 \u2013 Interest cost (11.6) (3.3) (0.3) (15.2 ) Contributions by employees \u2013 \u2013 \u2013 \u2013 Actuarial gains/(losses) \u2013 demographic assumptions \u2013 0.1 \u2013 0.1 \u2013 financial assumptions 191.3 26.1 1.2 218.6 \u2013 experience adjustments (14.5) 1.3 \u2013 (13.2 ) Benefits paid 34.7 7.7 0.6 43.0 Exchange differences 82.5 \u2013 \u2013 82.5 Transferred to liabilities held for sale (see Note 32) \u2013 8.9 1.7 10.6 Closing defined benefit obligation (436.4) (91.6) (3.5) (531.5 ) UK pension s c he m e  $m US pension s c he m es  $m U S  P R MB  s c he m e  $m To t a l  $m 2021 Opening defined benefit obligation (781.0) (142.5) (6.5) (930.0 ) Service cost (0.7) (0.8) (0.1) (1.6 ) Past service cost \u2013 \u2013 \u2013 \u2013 Interest cost (10.0) (3.0) (0.2) (13.2 ) Contributions by employees (0.1) (0.1) \u2013 (0.2 ) Actuarial gains/(losses) \u2013 demographic assumptions 11.1 (0.4) \u2013 10.7 \u2013 financial assumptions 2.0 5.9 (0.5) 7.4 \u2013 experience adjustments 14.0 1.1 0.2 15.3 Benefits paid 40.7 8.0 0.5 49.2 Exchange differences 5.7 \u2013 \u2013 5.7 Closing defined benefit obligation (718.3) (131.8) (6.6) (856.7 ) ACTUARIAL ASSUMPTIONS A full actuarial valuation was carried out on 30 September 2020 for the UK scheme and at 31 December 2015 for the US schemes. The principal assumptions used by the actuaries for the major schemes have been updated by the actuaries at the balance sheet date and were as follows: U K % U S % 2022 Rate of increase in salaries 4.5 3.0 Rate of increase in pensions in payment 3.3 N/A Discount rate 4.8 5.1 Inflation 3.5 2.4 2021 Rate of increase in salaries 4.6 3.0 Rate of increase in pensions in payment 3.4 N/A Discount rate 1.8 2.6 Inflation 3.6 2.3 The assumed life expectancies on retirement are: UK US 2 0 2 2 years 20 21 years 2 0 2 2 years 20 21 years Retiring at 31 December Males 22 22 21 21 Females 24 24 22 22 Retiring in 20 years Males 23 23 21 21 Females 26 26 23 23 The main assumptions for the PRMB scheme are a discount rate of 5.1% (2021: 2.6%) per annum and a health care cost trend of 6.7% (2021: 5.7%) per annum for claims pre age 65, reducing to 4.2% per annum by 2032 (2021: 4.4%). Actuarial valuations of retirement benefit plans in other jurisdictions have either not been updated for IAS 19 purposes or disclosed separately because of the costs involved and the considerably smaller scheme sizes and numbers of employees involved. At 31 December 2022, the weighted average duration of the defined benefit obligations for the major schemes was as follows: UK: 10 years US: 8 years. SENSITIVITY ANALYSIS The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below: Assumption Change in assumption Impact on UK scheme Impact on US scheme Discount rate Increased/decreased by 0.5% Decreased/increased by 5% Decreased/increased by 4% Rate of inflation Increased/decreased by 0.5% Increased/decreased by 3% Increased/decreased by 0% Rate of salary growth Increased/decreased by 0.5% Increased/decreased by 0% Increased/decreased by 0% Rate of mortality Increased by 1 year Increased by 5% Increased by 3% The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. These sensitivities have been calculated to show the movement of the defined obligation following a change in a particular assumption in isolation, assuming no other changes in market conditions. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-581": {
   "value": "NET DEFINED BENEFIT LIABILITY The net liability was as follows: UK pension s c h e m e $m US pension s c h e m e s $m U S  P RM B s c h e m e $m O t h e r $m To t a l $m 2022 Total market value of assets 462.8 91.6 \u2013 \u2013 554.4 Present value of scheme liabilities (436.4) (91.6) (3.5) (5.4) (536.9) Net asset/(liability) recognised in the balance sheet 26.4 \u2013 (3.5) (5.4) 17.5 UK pension s c he m e $m US pension s c he m es $m U S  P R MB s c he m e $m O t he r $m To t a l $m 2021 Total market value of assets 774.9 130.1 \u2013 \u2013 905.0 Present value of scheme liabilities (718.3) (131.8) (6.6) (9.0) (865.7) Net asset/(liability) recognised in the balance sheet 56.6 (1.7) (6.6) (9.0) 39.3 Employer contributions in 2022 were $0.5m (2021: $0.7m) to the UK scheme and $1.2m (2021: $1.0m) to US schemes. Top up contributions to the UK scheme in 2023 will be $0.7m based on the 2020 triennial valuation. MOVEMENT IN NET DEFINED BENEFIT LIABILITY The following table shows a reconciliation from the opening balances to the closing balances for the net defined benefit liability and  its components. UK pension s c h e m e  $m US pension s c h e m e s  $m U S  P RM B  s c h e m e  $m O t h e r  $m To t a l  $m 2022 Balance at 1 January 56.6 (1.7) (6.6) (9.0) 39.3 INCLUDED IN PROFIT OR LOSS Current service cost (0.5) (0.6) (0.1) \u2013 (1.2) Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 Running costs (1.0) (0.4) \u2013 \u2013 (1.4) Net interest income/(expense) 1.0 \u2013 (0.3) (0.1) 0.6 (0.5) (1.0) (0.4) (0.1) (2.0) INCLUDED IN OTHER COMPREHENSIVE INCOME Re-measurements: Return on plan assets excluding interest income (200.4) (26.1) \u2013 0.1 (226.4) Actuarial gains arising from demographic assumptions \u2013 0.1 \u2013 \u2013 0.1 Actuarial losses arising from financial assumptions 191.3 26.1 1.2 2.8 221.4 Actuarial (losses)/gains arising from experience adjustment (14.5) 1.3 \u2013 (0.1) (13.3) Exchange differences (6.6) \u2013 \u2013 0.6 (6.0) (30.2) 1.4 1.2 3.4 (24.2) Contributions: Employers 0.5 0.6 0.6 0.3 2.0 Transferred to assets/(liabilities) held for sale (see Note 32) \u2013 0.7 1.7 \u2013 2.4 SURPLUS / (DEFICIT) IN SCHEMES AT 31 DECEMBER 26.4 \u2013 (3.5) (5.4) 17.5 UK pension s c he m e  $m US pension s c he m es  $m U S  P R MB  s c he m e  $m O t he r  $m To t a l  $m 2021 Balance at 1 January 7.9 (11.8) (6.5) (9.8) (20.2) Liabilities assumed as part of the acquisition of ICL Laboratories \u2013 \u2013 \u2013 (0.7) (0.7) INCLUDED IN PROFIT OR LOSS Current service cost (0.7) (0.8) (0.1) (0.3) (1.9) Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 Running costs (1.7) (0.4) \u2013 \u2013 (2.1) Net interest income/(expense) 0.1 (0.2) (0.2) (0.1) (0.4) (2.3) (1.4) (0.3) (0.4) (4.4) INCLUDED IN OTHER COMPREHENSIVE INCOME Re-measurements: Return on plan assets excluding interest income 24.9 4.4 \u2013 \u2013 29.3 Actuarial gains arising from demographic assumptions 11.1 (0.4) \u2013 \u2013 10.7 Actuarial losses arising from financial assumptions 2.0 5.9 (0.5) 1.1 8.5 Actuarial (losses)/gains arising from experience adjustment 14.0 1.1 0.2 (0.2) 15.1 Exchange differences (1.6) \u2013 \u2013 0.7 (0.9) 50.4 11.0 (0.3) 1.6 62.7 Contributions: Employers 0.6 0.5 0.5 0.3 1.9 SURPLUS / (DEFICIT) IN SCHEMES AT 31 DECEMBER 56.6 (1.7) (6.6) (9.0) 39.3 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-582": {
   "value": "PLAN ASSETS Plan assets comprise: UK pension s c h e m e $m US pension s c h e m e s $m U S  P RM B s c h e m e $m To t a l $m 2022 Equities 80.2 26.4 \u2013 106.6 Bonds 1 316.3 53.2 \u2013 369.5 Cash/liquidity funds 66.3 12.0 \u2013 78.3 462.8 91.6 \u2013 554.4 UK pension s c he m e $m US pension s c he m es $m U S  P R MB s c he m e $m To t a l $m 2021 Equities 231.7 45.8 \u2013 277.5 Bonds 1 466.0 14.0 \u2013 480.0 Cash/liquidity funds 77.2 70.3 \u2013 147.5 774.9 130.1 \u2013 905.0 1  Including LDI repurchase agreement liabilities. To reduce volatility risk a liability driven investment (LDI) strategy forms part of the Trustees\u2019 management of the UK defined benefit scheme\u2019s assets, including government bonds, corporate bonds and derivatives. The bond assets category in the table above includes gross assets of $566.8m (2021: $778.2m) and associated repurchase agreement liabilities of $250.5m (2021: $312.2m). Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s exposure to interest and inflation rates, whilst remaining invested in assets of a similar risk profile. Interest rate and inflation rate derivatives are also employed to complement the use of fixed and indexed linked bonds in matching the profile of the scheme\u2019s liabilities. All equities, bonds and liquidity funds have quoted prices in active markets. Other assets include insured annuities, an insurance fund and various swap products. Within the UK pension scheme, the current asset allocation is approximately 48% in a liability matching fund consisting of gilts (fixed interest and index linked), bonds, cash and swaps, 24% in a buy and maintain fund and 28% in an investment fund that includes various equity and equity like funds. The aim of the trustees is to manage the risk relative to the liabilities associated with the scheme\u2019s investments through a combination of diversification, inflation protection and hedging of risk (currency, interest rate and inflation risk). The US scheme currently has approximately 29% of its asset value invested in a range of equity funds designed to target higher returns and thus reduce the pension deficit, with the balance invested in fixed income bonds and cash. The strategy is that as the deficit reduces, a greater proportion of investments will be made into liability matching funds. Changes in the fair value of plan assets for the major schemes are as follows: UK pension s c h e m e $m US pension s c h e m e s $m U S  P RM B s c h e m e $m To t a l $m 2022 Opening fair value of plan assets 774.9 130.1 \u2013 905.0 Expected return 12.6 3.3 \u2013 15.9 Running costs (1.0) (0.4) \u2013 (1.4) Actuarial gains (200.4) (26.1) \u2013 (226.5) Contributions by employer 0.5 0.6 \u2013 1.1 Contributions by employees \u2013 \u2013 \u2013 \u2013 Benefits paid (34.7) (7.7) \u2013 (42.4) Exchange differences (89.1) \u2013 \u2013 (89.1) Transferred to assets held for sale (see Note 32) \u2013 (8.2) \u2013 (8.2) Closing fair value of plan assets 462.8 91.6 \u2013 554.4 UK pension s c he m e  $m US pension s c he m es  $m U S  P R MB  s c he m e  $m To t a l  $m 2021 Opening fair value of plan assets 788.9 130.7 \u2013 919.6 Expected return 10.1 2.8 \u2013 12.9 Running costs (1.7) (0.4) \u2013 (2.1 ) Actuarial gains 24.9 4.4 \u2013 29.3 Contributions by employer 0.6 0.5 \u2013 1.1 Contributions by employees 0.1 0.1 \u2013 0.2 Benefits paid (40.7) (8.0) \u2013 (48.7 ) Exchange differences (7.3) \u2013 \u2013 (7.3 ) Closing fair value of plan assets 774.9 130.1 \u2013 905.0 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-583": {
   "value": "DEFINED BENEFIT OBLIGATION Changes in the present value of the defined benefit obligation for the major schemes are as follows: UK pension s c h e m e  $m US pension s c h e m e s  $m U S  P RM B  s c h e m e  $m To t a l  $m 2022 Opening defined benefit obligation (718.3) (131.8) (6.6) (856.7 ) Service cost (0.5) (0.6) (0.1) (1.2) Past service cost \u2013 \u2013 \u2013 \u2013 Interest cost (11.6) (3.3) (0.3) (15.2 ) Contributions by employees \u2013 \u2013 \u2013 \u2013 Actuarial gains/(losses) \u2013 demographic assumptions \u2013 0.1 \u2013 0.1 \u2013 financial assumptions 191.3 26.1 1.2 218.6 \u2013 experience adjustments (14.5) 1.3 \u2013 (13.2 ) Benefits paid 34.7 7.7 0.6 43.0 Exchange differences 82.5 \u2013 \u2013 82.5 Transferred to liabilities held for sale (see Note 32) \u2013 8.9 1.7 10.6 Closing defined benefit obligation (436.4) (91.6) (3.5) (531.5 ) UK pension s c he m e  $m US pension s c he m es  $m U S  P R MB  s c he m e  $m To t a l  $m 2021 Opening defined benefit obligation (781.0) (142.5) (6.5) (930.0 ) Service cost (0.7) (0.8) (0.1) (1.6 ) Past service cost \u2013 \u2013 \u2013 \u2013 Interest cost (10.0) (3.0) (0.2) (13.2 ) Contributions by employees (0.1) (0.1) \u2013 (0.2 ) Actuarial gains/(losses) \u2013 demographic assumptions 11.1 (0.4) \u2013 10.7 \u2013 financial assumptions 2.0 5.9 (0.5) 7.4 \u2013 experience adjustments 14.0 1.1 0.2 15.3 Benefits paid 40.7 8.0 0.5 49.2 Exchange differences 5.7 \u2013 \u2013 5.7 Closing defined benefit obligation (718.3) (131.8) (6.6) (856.7 ) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-584": {
   "value": "ACTUARIAL ASSUMPTIONS A full actuarial valuation was carried out on 30 September 2020 for the UK scheme and at 31 December 2015 for the US schemes. The principal assumptions used by the actuaries for the major schemes have been updated by the actuaries at the balance sheet date and were as follows: U K % U S % 2022 Rate of increase in salaries 4.5 3.0 Rate of increase in pensions in payment 3.3 N/A Discount rate 4.8 5.1 Inflation 3.5 2.4 2021 Rate of increase in salaries 4.6 3.0 Rate of increase in pensions in payment 3.4 N/A Discount rate 1.8 2.6 Inflation 3.6 2.3 The assumed life expectancies on retirement are: UK US 2 0 2 2 years 20 21 years 2 0 2 2 years 20 21 years Retiring at 31 December Males 22 22 21 21 Females 24 24 22 22 Retiring in 20 years Males 23 23 21 21 Females 26 26 23 23 The main assumptions for the PRMB scheme are a discount rate of 5.1% (2021: 2.6%) per annum and a health care cost trend of 6.7% (2021: 5.7%) per annum for claims pre age 65, reducing to 4.2% per annum by 2032 (2021: 4.4%). Actuarial valuations of retirement benefit plans in other jurisdictions have either not been updated for IAS 19 purposes or disclosed separately because of the costs involved and the considerably smaller scheme sizes and numbers of employees involved. At 31 December 2022, the weighted average duration of the defined benefit obligations for the major schemes was as follows: UK: 10 years US: 8 years. SENSITIVITY ANALYSIS The sensitivities regarding the principal assumptions used to measure the scheme liabilities are set out below: Assumption Change in assumption Impact on UK scheme Impact on US scheme Discount rate Increased/decreased by 0.5% Decreased/increased by 5% Decreased/increased by 4% Rate of inflation Increased/decreased by 0.5% Increased/decreased by 3% Increased/decreased by 0% Rate of salary growth Increased/decreased by 0.5% Increased/decreased by 0% Increased/decreased by 0% Rate of mortality Increased by 1 year Increased by 5% Increased by 3% The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. These sensitivities have been calculated to show the movement of the defined obligation following a change in a particular assumption in isolation, assuming no other changes in market conditions. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-554": {
   "value": "26.  SHARE BASED PAYMENTS The Group maintains a number of active share option and award plans and schemes for its employees. These are as follows: SAVINGS-RELATED OPTIONS Options are granted under the tax-advantaged Save As You Earn (SAYE) share option scheme in the UK. The SAYE allows UK-based  eligible employees to acquire options over the Company\u2019s shares at a discount of up to 20% of their market value at the date of grant.  Options are normally exercisable during the six month period following either the third or fifth anniversary of the start of the relevant  savings contract. Savings contracts are subject to the statutory savings limit of \u00a3500 per month. US-based employees can enter into a similar share save scheme (Share Save). Employees can enter into two year savings contracts  saving up to a maximum of $2,000 per month, allowing eligible employees to acquire options over the Company\u2019s shares at a discount  of up to 15% of their market value at the date of grant.  LONG-TERM INCENTIVE PLAN (LTIP) AWARDS The LTIP is a discretionary employee share scheme for Executive Directors and senior managers. The vesting of the awards are subject to performance conditions over a three year period at the discretion of the Remuneration Committee. The performance conditions of  the LTIP are detailed in the Remuneration Report on pages 144 and 145. As approved at the 2018 AGM, restricted shares (i.e. shares that  vest based on time only) are awarded to participants below Board level. Shadow LTIPs are in place for senior managers based in China  and Malaysia. DEFERRED SHARE BONUS PLAN (DSBP) AWARDS The DSBP operates exclusively for the Executive Directors. Under this scheme, 50% of any cash bonus payable is awarded in shares and  deferred for two years. There are no other performance conditions other than continued employment. LEGACY SCHEMES Prior to the introduction of the LTIP for senior managers, certain employees participated in the Executive Share Option Scheme (\u2018ESOS\u2019).  The ESOS which, except for outstanding awards which will run their course, has been discontinued. The Company operated shadow ESOS for a number of senior managers, who were employed or based in China or Malaysia. Share-based payment awards were valued (as shown in the table below) using the binomial option pricing model. The weighted fair value  per award granted and the weighted average assumptions used in the calculations are as follows: 2022 2021 Fair value per option (pence) 95.2 114.6 Expected volatility (%) 44.0 64.0 Risk free rate (%) 3.3 0.2 Expected dividend yield (%) 3.0 4.3 Expected volatility was determined by calculating the historical volatility of the Company\u2019s share price over the previous five years. The expected life used in the model has been adjusted, based on management\u2019s best estimate, for the effects of non-transferability, exercise  restrictions and behavioural considerations.  The Group recognised total expenses of $3.1m for continuing operations (2021: $3.6m) with $3.4m recognised for total operations (2021:  $5.1m) related to share based payment transactions during the year. At 31 December 2022 the following options/awards to subscribe for ordinary shares were outstanding: Exercisable Year of grant E x e rc i se  price (p) 1 From To At 1  Ja nua r y  20 2 2  \u2019000 Granted \u2019000 E x e rc i se d  \u2019000 E x p i r e d  \u2019000 At 31  December 20 2 2  \u2019000 UK SAVINGS RELATED SHARE OPTION SCHEME 2018 163.91 01/01/22 01/07/22  21  \u2013 \u2013 (21) \u2013 2019 121.33 01/11/22 01/05/23  18  \u2013 \u2013 (6) 12 2020 58.00 01/11/23 01/05/24  904  \u2013 (72) (43) 789 2021 117.00 01/11/24 01/05/25  70  \u2013 \u2013 (24) 46 2022 88.00 01/11/25 01/05/26 \u2013 166 \u2013 \u2013 166 2022 88.00 01/11/27 01/15/28 \u2013 34 \u2013 \u2013 34 1,013  200 (72) (94) 1,047 US SAVINGS RELATED SHARE OPTION SCHEME 2020 63.11 16/09/22 16/12/22 1,280 \u2013 (948) (176) 156 2021 133.71 15/09/23 15/12/23 118 \u2013 \u2013 (35) 83 2022 92.31 15/09/24 15/12/24 \u2013 921 \u2013 (12) 909 1,398  921 (948) (223) 1,148 EXECUTIVE SHARE OPTION SCHEMES/AWARDS GRANTED UNDER THE LTIP* 2012+ 177.81 27/06/15 27/06/22 238 \u2013 \u2013 (238) \u2013 2015 290.20 01/04/18 01/04/25 16 \u2013 \u2013 \u2013 16 2015 Nil 27/04/18 27/04/25 7 \u2013 \u2013 \u2013 7 2016 218.17 04/04/19 04/04/26 21 \u2013 \u2013 \u2013 21 2017 \u2206 Nil 07/03/17 07/03/27 92 \u2013 \u2013 \u2013 92 2017 # Nil 07/03/19 07/03/27 7 \u2013 \u2013 \u2013 7 2017 ~ Nil 07/03/20 07/03/27 17 \u2013 \u2013 \u2013 17 2017 + 264.66 03/04/20 03/04/27 31 \u2013 \u2013 \u2013 31 2018 # Nil 05/03/20 05/03/28 73 \u2013 \u2013 \u2013 73 2019 # Nil 06/03/21 06/03/29 49 \u2013 \u2013 \u2013 49 2019* ? Nil 01/04/22 01/04/29 2,237 \u2013 \u2013 (2,237) \u2013 2019* ? Nil 01/04/22 01/04/22 1,009 \u2013 (953) (30) 26 2019 Nil 01/04/22 01/04/22 3 \u2013 \u2013 (3) \u2013 2019 Nil 19/10/22 19/10/22 16 \u2013 (16) \u2013 \u2013 2020 Nil 04/01/23 04/01/23 20 \u2013 (20) \u2013 \u2013 2020 Nil 05/03/23 05/03/23 188 \u2013 (188) \u2013 \u2013 2020 # Nil 05/03/23 05/03/30 76 \u2013 \u2013 \u2013 76 2020* ? Nil 07/04/23 07/04/30 4,856 \u2013 \u2013 (58) 4,798 2020 Nil 07/04/22 07/04/22 106 \u2013 \u2013 \u2013 106 2020* ? Nil 07/04/23 07/04/23 2,460 \u2013 \u2013 (151) 2,309 2020* ? Nil 03/08/23 03/08/23 160 \u2013 (30) (9) 121 2020 Nil 11/09/23 11/09/23 16 \u2013 \u2013 \u2013 16 2020* ? Nil 30/12/23 30/12/23 137 \u2013 \u2013 (10) 127 2021* Nil 06/04/24 06/04/31 2,696 \u2013 \u2013 (75) 2,621 2021* Nil 06/04/24 06/04/31 1,545 \u2013 \u2013 (84) 1,461 2021 Nil 07/04/24 24/05/31 13 \u2013 \u2013 \u2013 13 2021 Nil 06/04/24 16/08/31 20 \u2013 \u2013 \u2013 20 2021 Nil 06/04/24 01/09/31 9 \u2013 \u2013 \u2013 9 2021 Nil 06/04/24 13/09/31 23 \u2013 \u2013 \u2013 23 2021* Nil 06/04/24 01/10/31 159 \u2013 \u2013 (8) 151 2021 Nil 06/04/24 13/12/31 84 \u2013 \u2013 \u2013 84 2022* Nil 05/03/25 05/03/32 \u2013 213 \u2013 \u2013 213 2022 # Nil 05/03/25 05/03/32 \u2013 490 \u2013 \u2013 490 2022~ Nil 01/04/22 01/04/22 \u2013 52 (52) \u2013 \u2013 2022* ? Nil 04/04/25 04/04/32 \u2013 3,082 \u2013 \u2013 3,082 2022* ? Nil 04/04/25 04/04/25 \u2013 1,286 \u2013 \u2013 1,286 2022* Nil 04/04/25 04/04/25 \u2013 450 \u2013 \u2013 450 2022 Nil 11/04/22 11/04/22 \u2013 1 (1) \u2013 \u2013 2022* Nil 04/04/25 04/04/25 \u2013 133 \u2013 \u2013 133 2022 Nil 06/04/24 06/04/24 \u2013 16 \u2013 \u2013 16 2022 Nil 04/04/25 04/04/25 \u2013 12 \u2013 \u2013 12 2022 Nil 06/04/24 06/04/24 \u2013 13 \u2013 \u2013 13 2022 Nil 04/04/25 04/04/25 \u2013 13 \u2013 \u2013 13 2022 Nil 04/04/25 04/04/25 \u2013 18 \u2013 \u2013 18 16,384 5,779 (1,260) (2,903) 18,000 Footnotes to table on page 210 26.  SHARE BASED PAYMENTS CONTINUED 1  Where necessary option prices were adjusted for by a factor of 1.092715 to reflect the dilutive effects of the 2018 Rights Issue. +  These options include cash settled shadow executive options granted to a number of executives on the same basis as the executive options (with the same  performance conditions and exercise provisions). These shadow options are included in the calculation of the total expenses recognised by the Group  related to share based payments. The closing balance of the 2011, 2012 and 2017 options shown above include no shadow options. \u2206  Awards made as one-off agreements that borrow from the terms of the LTIP. ?  These options include cash settled shadow LTIPs granted to a number of executives on the same basis as the LTIP (with the same performance conditions  and exercise provisions). These shadow LTIPs are included in the calculation of the total expenses recognised by the Group related to share based  payments.  #  Conditional share award under the Deferred Share Bonus Plan. ~  Awards made as one-off agreements under the Deferred Share Bonus Plan (nil cost options). *  The closing balance of 2019, 2020, 2021 and 2022 LTIPs shown above include approximately 26,386, 195,856, 130,995 and 282,174 shadow LTIPs  respectively.  Conditional share award under the Deferred Share Bonus Plan (nil cost award, structured as restricted share units). The weighted average remaining contractual life of the above shares outstanding at 31 December 2022 was 5.2 years (2021: 5.8 years). The weighted average exercise prices of options disclosed in the previous table were as follows: 2 0 2 2  Av e r a g e  exercise price (p) 20 21  Av er a ge  exe r ci s e  price (p) At 1 January 11.9 17.6 Granted 14.9 \u2013 Exercised 30.6 9.4 Expired 20.4 31.4 At 31 December 9.6 11.9 Exercisable at 31 December 49.3 111.1 The weighted average share price at the date of exercise of share options exercised during the year was 31.5 pence (2021: 118.9 pence).  The number of exercisable options outstanding as at 31 December 2022 was 613,288 (2021: 551,857). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "27.  RELATED PARTY TRANSACTIONS The Company is a guarantor to the UK pension scheme under which it guarantees all current and future obligations of UK subsidiaries  currently participating in the pension scheme to make payments to the scheme, up to a specified maximum amount. The maximum  amount of the guarantee is that which is needed (at the time the guarantee is called on) to bring the scheme\u2019s funding level up to 105% of  its liabilities, calculated in accordance with section 179 of the Pensions Act 2004. This is also sometimes known as a Pension Protection  Fund (PPF) guarantee, as having such a guarantee in place reduces the annual PPF levy on the scheme. The Group consists of the Parent Company, Elementis plc, incorporated in the United Kingdom and its subsidiaries and associates. In  accordance with Section 409 of the Companies Act 2006 a full list of related undertakings, the country of incorporation and the effective  percentage of equity owned as at 31 December 2022 is disclosed in Note 11 to the parent company financial statements. The remuneration of key management personnel of the Group, which is defined as the Board of Directors, is shown below: 2 0 2 2  $m 20 21  $m Salaries and short term employee benefits 3.7 4.2 Other long term benefits 0.4 0.3 Share based payments 0.4 1.1 4.5 5.6 Full details of all elements of the remuneration of Directors is set out in the Directors\u2019 Remuneration report on pages 124 to 151. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "29. DIVIDENDS An interim dividend was not paid in 2022 (2021: $nil) and the Group is not proposing a final dividend (2021: $nil) for the year ended 31 December 2022. The total dividend for the year is nil cents per share (2021: $nil). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "30.  CONTINGENT LIABILITIES As is the case with other chemical companies, the Group occasionally receives notice of litigation relating to regulatory and legal matters. A provision is recognised when the Group believes it has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where it is deemed that an obligation is merely possible and that the probability of a material outflow is not remote, the Group would disclose a contingent liability. The Group has not received any notice of litigation relating to events arising prior to the balance sheet date that is expected to lead to a material exposure. In 2013 the UK Government (through HMRC) introduced the UK Finance Company Exemption (\u2018FCE\u2019) regime. Elementis entered into the FCE regime during 2014. In October 2017 the European Commission opened a State Aid investigation into the regime. In April 2019 the European Commission concluded that the FCE regime constituted State Aid in circumstances where Groups had accessed the regime using a financing company with UK significant people functions; the European Commission therefore instructed the UK Government to collect any relevant State Aid amounts. The UK government and other UK based international companies, including Elementis, appealed to the General Court of the European Union against the decision in 2019. In Spring 2020 HMRC requested that affected Groups submit their UK significant people function analysis. The deadline for submission of these analyses was delayed due to the impact of COVID-19 and Elementis submitted its analysis to HMRC in July 2020. In December 2020 the UK government introduced legislation to commence collection proceedings.  30.  CONTINGENT LIABILITIES CONTINUED Elementis received a charging notice from HMRC on 5 February 2021 which assessed for the maximum exposure of $19m (excluding interest). This was paid to HMRC on 5 March 2021. A charging notice for associated interest of $1m was received on 24 June 2021 and  paid on 7 July 2021. Whilst Elementis lodged an appeal against the charging notices that did not defer the payment of the tax assessed.  The UK Government\u2019s appeal against the European Commission\u2019s decision was heard by the General Court of the European Union during  October 2021 and on 8 June 2022 the General Court of the European Union ruled against the UK Government. The UK Government  lodged a further appeal to the European Court of Justice during Q3 2022. As Elementis continues to consider that the appeal process will  ultimately be successful, at 31 December 2022 an asset has been recorded within non-current assets in the expectation that the charge  will be repaid in due course. As part of an agreement entered into in 2002 on the acquisition of the Chromium operations at Castle Hayne, the Group would be liable for part of the cost of the closure of a quarry which is currently used for the deposit of solid, non-toxic, waste materials from its manufacturing  operations in the event of such a closure. There are a number of potential options available to management to either extend the current life  of the quarry or to effect closure of the quarry. The Group entered into a share purchase agreement with Yildirim Group during November  2022 to divest its Chromium operations; as part of that share purchase agreement the Yildirim Group will take on any future liability  associated with the closure of the quarry. The transaction to divest the Chromium operations closed on 31 January 2023. Management\u2019s  assessment is therefore that as at 31 December 2022 while there is a present obligation, there is not a probable outflow of resources associated with the closure of the quarry and even in the event of a probable outflow it is not possible to determine a reliable estimate. In August 2022 the Brazilian tax authorities opened a tax audit into the Group\u2019s Brazilian entity. The audit is focused on the customs classification code used since 2017 for one of the entity\u2019s imported raw materials. The potential exposure is $3.1m. Management have  obtained legal advice on the matter and, based on the advice received, management believes that the customs classification coding used  is correct. Management therefore concluded that as at 31 December 2022 it is not probable that an outflow of economic resources will be  required to settle the matter . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-585": {
   "value": "30.  CONTINGENT LIABILITIES As is the case with other chemical companies, the Group occasionally receives notice of litigation relating to regulatory and legal matters. A provision is recognised when the Group believes it has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Where it is deemed that an obligation is merely possible and that the probability of a material outflow is not remote, the Group would disclose a contingent liability. The Group has not received any notice of litigation relating to events arising prior to the balance sheet date that is expected to lead to a material exposure. In 2013 the UK Government (through HMRC) introduced the UK Finance Company Exemption (\u2018FCE\u2019) regime. Elementis entered into the FCE regime during 2014. In October 2017 the European Commission opened a State Aid investigation into the regime. In April 2019 the European Commission concluded that the FCE regime constituted State Aid in circumstances where Groups had accessed the regime using a financing company with UK significant people functions; the European Commission therefore instructed the UK Government to collect any relevant State Aid amounts. The UK government and other UK based international companies, including Elementis, appealed to the General Court of the European Union against the decision in 2019. In Spring 2020 HMRC requested that affected Groups submit their UK significant people function analysis. The deadline for submission of these analyses was delayed due to the impact of COVID-19 and Elementis submitted its analysis to HMRC in July 2020. In December 2020 the UK government introduced legislation to commence collection proceedings. 30.  CONTINGENT LIABILITIES CONTINUED Elementis received a charging notice from HMRC on 5 February 2021 which assessed for the maximum exposure of $19m (excluding interest). This was paid to HMRC on 5 March 2021. A charging notice for associated interest of $1m was received on 24 June 2021 and  paid on 7 July 2021. Whilst Elementis lodged an appeal against the charging notices that did not defer the payment of the tax assessed.  The UK Government\u2019s appeal against the European Commission\u2019s decision was heard by the General Court of the European Union during  October 2021 and on 8 June 2022 the General Court of the European Union ruled against the UK Government. The UK Government  lodged a further appeal to the European Court of Justice during Q3 2022. As Elementis continues to consider that the appeal process will  ultimately be successful, at 31 December 2022 an asset has been recorded within non-current assets in the expectation that the charge  will be repaid in due course. As part of an agreement entered into in 2002 on the acquisition of the Chromium operations at Castle Hayne, the Group would be liable for part of the cost of the closure of a quarry which is currently used for the deposit of solid, non-toxic, waste materials from its manufacturing  operations in the event of such a closure. There are a number of potential options available to management to either extend the current life  of the quarry or to effect closure of the quarry. The Group entered into a share purchase agreement with Yildirim Group during November  2022 to divest its Chromium operations; as part of that share purchase agreement the Yildirim Group will take on any future liability  associated with the closure of the quarry. The transaction to divest the Chromium operations closed on 31 January 2023. Management\u2019s  assessment is therefore that as at 31 December 2022 while there is a present obligation, there is not a probable outflow of resources associated with the closure of the quarry and even in the event of a probable outflow it is not possible to determine a reliable estimate. In August 2022 the Brazilian tax authorities opened a tax audit into the Group\u2019s Brazilian entity. The audit is focused on the customs classification code used since 2017 for one of the entity\u2019s imported raw materials. The potential exposure is $3.1m. Management have  obtained legal advice on the matter and, based on the advice received, management believes that the customs classification coding used  is correct. Management therefore concluded that as at 31 December 2022 it is not probable that an outflow of economic resources will be  required to settle the matter ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-558": {
   "value": "31.  EVENTS AFTER THE BALANCE SHEET DATE On 1 January 2023 the Talc and Coatings segments merged to form a new segment called Performance Specialities. On 31 January 2023 the Group completed the sale of its Chromium business to the Yildirim Group for an enterprise value of $170m, of  which total cash proceeds of $119m were received. On 31 January 2023 the Group repaid $83m of its US dollar RCF borrowings and \u20ac31.4m of its euro RCF borrowings. During February 2023 the Group was notified that the Administrative Court in Finland had revoked its permit for the expansion of mining  operations at the Uutela mine located in Sotkamo, Finland. The permit was previously issued by the Finnish Safety and Chemicals Agency;  the body empowered to issue such permits. The Group intends to appeal the decision. If the appeal were to be unsuccessful the impact  would be to reduce the Talc ore available to the Group by approximately 6%. There were no other significant events after the balance sheet date. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-559": {
   "value": "32.  BUSINESS EXITS 2022 BUSINESS EXITS During the period, the Board formally commenced a strategic review of the Chromium business and on 29 November 2022 the Group  entered into a share purchase agreement to sell the Chromium business to Yildirim Group for an enterprise value of $170m. The sale completed on 31 January 2023. At 30 November 2022 the completion of the sale within the next 12 months was deemed to be highly  probable and as such the Chromium business met the criteria to be classified as a held for sale asset and a discontinued operation. The results of the discontinued operation, which have been included in the consolidated income statement within \u2018Profit from discontinued operations\u2019, were as follows: 2 0 2 2  $m 20 21  $m Revenue 185.0 170.7 Expenses (170.6) (157.4) Profit before income tax 14.4 13.3 Tax (2.9) (2.9) Profit from discontinued operations 11.5 10.4 Revenue includes $nil (2021: $nil) related to inter-segment sales. Net assets classified as held for sale at 31 December 2022 were as follows: 2 0 2 2 $m Goodwill \u2013 Intangible assets 1.0 Property, plant and equipment 70.3 Inventories 68.6 Trade and other receivables 21.0 Cash and bank balances \u2013 Total assets 160.9 Trade and other payables (32.1) Provisions (20.5) Pensions (2.4) Tax liabilities (2.4) Lease liabilities (0.4) Bank overdraft and loans \u2013 Total liabilities (57.8) Net assets 103.1 During 2022 the discontinued Chromium business contributed $6.4m to the Group\u2019s net operating cash flows (2021: $21.4m), paid $14.2m in respect of investing activitiesactivities (2021: $8.7m) and paid $nil in respect of financing activities (2021: $0.2m). 2021 BUSINESS EXITS On 21 June 2021 the Group disposed of Eisenbacher Dentalwaren ED GmbH and Adentatec GmbH, the dental alloys businesses located in W\u00f6rth am Main, Germany for consideration of \u20ac4.6m ($5.7m). The results of Eisenbacher Dentalwaren ED GmbH and Adentatec GmbH, which have been included in the consolidated income statement were as follows: Year ended 31 December 20 21 $m Revenue 3.1 Cost of sales (2.0) Gross profit 1.1 Distribution costs \u2013 Administrative expenses (0.8) Operating profit 0.3 Finance costs \u2013 Profit before tax 0.3 Attributable tax expense \u2013 Net profit  0.3 Revenue includes $nil related to inter-segment sales in 2021. Net cash outflow on disposal of $0.7m comprised consideration received of $5.7m less cash disposed of $3.4m and disposal costs of $1.6m. The Group recognised a total loss on disposal of: Year ended 31 December 20 21 $m Consideration received 5.7 Net assets disposed of (see table below) (6.2) Disposal costs (1.6) Recycling of deferred foreign exchange gains 0.4 Loss on disposal (1.7) 32.  BUSINESS EXITS CONTINUED 2021 BUSINESS EXITS CONTINUED Details of assets and liabilities at the date of disposal are provided in the following table: 20 21  $m Goodwill 1.0 Property, plant and equipment 0.1 Inventory 1.5 Trade and other receivables 0.5 Cash and bank balances 3.4 Trade and other payables (0.1) Income tax payable (0.2) Total net assets disposed  6.2 ",
   "dimensions": {
    "concept": "elementisplc:DisclosureOfBusinessExists",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "33. ACQUISITIONS On 1 October 2021 the Group acquired a quality assurance business and associated laboratory based in Ludwigshafen, Germany for consideration of \u20ac0.15m. The assets and liabilities acquired were as follows: Note B o ok  va l ue a t  acquisition $m Fa i r  va l ue  adjustments $m Fair value of assets/ (liabilities) acquired $m Intangible assets 10 0.1 \u2013 0.1 Property, plant and equipment 11 0.3 \u2013 0.3 Retirement benefit obligations 25 (0.7) \u2013 (0.7) Total identifiable net liabilities acquired (0.3) \u2013 (0.3) Goodwill 0.5 Total consideration 0.2 of which: Consideration paid, satisfied in cash 0.2 The consideration for the acquisition has been allocated against identified net assets with the remaining balance recorded as goodwill.  The goodwill recognised on acquisition reflects both the capabilities of the acquired entity\u2019s personnel and the synergistic opportunities  going forward, neither of which can be allocated to an identifiable intangible asset. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:549300LQIH685LI2ML36",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}